Restaurant Brands International
QSR NYSE Restaurants Financials FY2016–FY2025
Restaurant Brands International's revenue rose 12.2% to $9.4 billion in fiscal 2025. Its operating margin was 23.3%, down from 28.8% a year earlier. Free cash flow was $1.4 billion, up 11.3%. It paid out $1.1 billion in dividends and buybacks, 76% of free cash flow. The diluted share count rose 0.7%.
What Restaurant Brands International does
Restaurant Brands International owns four fast-food chains: Tim Hortons, which sells coffee and baked goods; Burger King; Popeyes, which sells fried chicken; and Firehouse Subs. At the end of 2025 it had over 33,000 restaurants in more than 120 countries and territories. Together they had nearly $47 billion in system-wide sales, meaning the sales of all its restaurants, including those owned by franchisees.
Franchisees, independent owners who pay the company fees, run over 95% of its restaurants. In the U.S. and Canada, royalties for standard restaurants typically range from 3.0% to 6.0% of sales. The company also leases or subleases about 4,700 properties, mostly to Tim Hortons and Burger King franchisees, who usually pay rent of 8.5% to 10.0% of monthly sales. Tim Hortons also roasts coffee and supplies its Canadian restaurants. The company reports six segments: one for each brand in the U.S. and Canada, one for International, and Restaurant Holdings, mainly for restaurants it runs itself. It says it competes with local restaurants, other chains, casual dining, convenience and grocery stores, and delivery services.
It had about 53,500 employees at the end of 2025, about 48,900 of them in its own restaurants. Most of its own restaurants came with its purchase of Carrols, and it plans to hand most of them to franchisees. In January 2026 it closed a joint venture for Burger King in China, in which a fund managed by CPE owns about 83% and the company about 17%.
- Legal name
- RESTAURANT BRANDS INTERNATIONAL INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001618756-26-000017
0001618756
Revenue and margins
Restaurant Brands International had $9.4B of revenue in fiscal 2025, up 12.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 5.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.4B in fiscal 2025, 15.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Restaurant Brands International returned $1.1B to shareholders in fiscal 2025, 76% of free cash flow. The diluted share count rose 0.7%.
Value Restaurant Brands International yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$12.4B and divides by 457.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 20.3x · peers 19.8x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Restaurant Brands International can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $1.2B | $1.1B | $1.3B | $1.2B |
| Debt incl. finance leases | $13.3B | $13.3B | $13.3B | $14.0B | $13.6B |
| Net debt / EBITDA | 5.9x | 5.8x | 5.4x | 4.7x | 5.0x |
| Debt / equity | 6.0x | 5.3x | 4.6x | 4.5x | 3.7x |
| Interest coverage | 4.7x | 3.9x | 2.7x | 3.1x | 3.1x |
| Current ratio | 1.0x | 1.0x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 0.9x | 0.9x | 0.9x | 0.9x | 0.9x |
| Total assets | $23.2B | $22.7B | $23.4B | $24.6B | $25.6B |
| Total liabilities | $19.4B | $18.5B | $18.7B | $19.8B | $20.5B |
| Shareholders' equity | $2.2B | $2.5B | $2.9B | $3.1B | $3.6B |
| Net debt (− = net cash) | $12.3B | $12.1B | $12.1B | $12.6B | $12.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$42.4M
8 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 4, 2026 | Axel SchwanPres., Tim Hortons US & Canada | Sold | 57,574 | $81.14 | $4.7M | Form 4 |
| Aug 21, 2026 | Thomas Benjamin CurtisPres., Bk US & Ca | Sold | 64,000 | $80.72 | $5.2M | Form 4 |
| Mar 20, 2026 | Jeffrey HousmanSee Remarks | Sold | 20,000 | $73.48 | $1.5M | Form 4 |
| Mar 18, 2026 | Jill GranatSee Remarks | Sold | 25,000 | $75.09 | $1.9M | Form 4 |
| Mar 18, 2026 | Joshua KobzaChief Executive Officer | Sold | 200,000 | $75.05 | $15.0M | Form 4 |
| Mar 17, 2026 | Sami A. SiddiquiChief Financial Officer | Sold | 40,000 | $75.28 | $3.0M | Form 4 |
| Mar 17, 2026 | Thiago T SantelmoPresident, International | Sold | 10,000 | $75.41 | $0.8M | Form 4 |
| Mar 16, 2026 | Jacqueline FriesnerSee Remarks | Sold | 30,000 | $74.61 | $2.2M | Form 4 |
| Mar 16, 2026 | Jill GranatSee Remarks | Sold | 25,000 | $74.76 | $1.9M | Form 4 |
| Mar 16, 2026 | Sami A. SiddiquiChief Financial Officer | Sold | 40,000 | $74.51 | $3.0M | Form 4 |
| Feb 23, 2026 | Axel SchwanPres., Tim Hortons Americas | Sold | 34,939 | $67.51 | $2.4M | Form 4 |
| Feb 23, 2026 | Thomas Benjamin CurtisPres., Bk US & Ca | Sold | 15,410 | $67.51 | $1.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✓ | ✕ |
| Gross margin rose | ✓ | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 7 / 9 | 5 / 8 | 6 / 8 |
| Accruals ratio | 1.7% | −0.2% | −2.5% |
| Altman Z'' | 1.09 | 1.14 | 1.06 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Restaurant Brands International QSR | $34.7B | 12.2% | 23.3% | 15.4% | 9.0% | 20.3x | 6 | |
| Yum! Brands YUM | $41.5B | 8.8% | 31.3% | 20.0% | 54.8% | 18.8x | 6 | Compare → |
| Yum China YUMC | $15.5B | 4.4% | 10.9% | 7.1% | — | 16.3x | — | Compare → |
| Chipotle Mexican Grill CMG | $35.2B | 5.4% | 16.2% | 12.1% | 73.7% | 25.3x | 4 | Compare → |
| Darden Restaurants DRI | $24.3B | 9.4% | 12.0% | 8.5% | 24.8% | 20.8x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.1B | $4.6B | $5.4B | $5.6B | $5.0B | $5.7B | $6.5B | $7.0B | $8.4B | $9.4B |
| Gross profit | $2.4B | $2.7B | $3.5B | $3.8B | $3.4B | $3.8B | $4.2B | $4.6B | — | — |
| Operating income | $1.7B | $1.7B | $1.9B | $2.0B | $1.4B | $1.9B | $1.9B | $2.1B | $2.4B | $2.2B |
| Interest expense | $407M | $447M | $561M | $584M | $463M | $404M | $487M | $761M | $785M | $714M |
| Pretax income | $1.2B | $1.1B | $1.4B | $1.5B | $816M | $1.4B | $1.4B | $1.5B | $1.8B | $1.7B |
| Income tax | $244M | −$134M | $238M | $341M | $66.0M | $110M | −$117M | −$265M | $364M | $483M |
| Net income | $956M | $1.2B | $1.1B | $1.1B | $750M | $1.3B | $1.5B | $1.7B | $1.4B | $1.1B |
| Diluted EPS | $1.45 | $2.54 | $2.42 | $2.37 | $1.60 | $2.69 | $3.25 | $3.76 | $3.18 | $2.35 |
| Diluted shares | 0.47B | 0.48B | 0.47B | 0.47B | 0.47B | 0.46B | 0.46B | 0.46B | 0.45B | 0.46B |
| Cash flow | ||||||||||
| Cash from operations | $1.3B | $1.4B | $1.2B | $1.5B | $921M | $1.7B | $1.5B | $1.3B | $1.5B | $1.7B |
| Capital expenditure | $34.0M | $37.0M | $86.0M | $62.0M | $117M | $106M | $100M | $120M | $201M | $265M |
| Free cash flow | $1.2B | $1.4B | $1.1B | $1.4B | $804M | $1.6B | $1.4B | $1.2B | $1.3B | $1.4B |
| Depreciation and amortization | $172M | $182M | $180M | $185M | $189M | $201M | $190M | $191M | $264M | $301M |
| Stock-based compensation | $35.0M | $48.0M | $48.0M | $74.0M | $84.0M | $102M | $136M | $194M | $172M | $151M |
| Acquisitions | $0.0M | $1.6B | $0.0M | $0.0M | $0.0M | $1.0B | $0.0M | $17.0M | $540M | $152M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $551M | $326M | $500M | $0.0M | $0.0M |
| Dividends paid | $538M | $664M | $728M | $901M | $959M | $974M | $971M | $990M | $1.0B | $1.1B |
| Dividends and buybacks | $538M | $664M | $728M | $901M | $959M | $1.5B | $1.3B | $1.5B | $1.0B | $1.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.5B | $1.1B | $913M | $1.5B | $1.6B | $1.1B | $1.2B | $1.1B | $1.3B | $1.2B |
| Total debt | $8.5B | $11.9B | $11.9B | $11.8B | $12.5B | $13.0B | $12.9B | $12.9B | $13.6B | $13.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $315M | $347M | $367M | $343M | $346M | $321M | $297M |
| Current assets | $2.1B | $1.8B | $1.5B | $2.2B | $2.3B | $1.8B | $2.0B | $2.2B | $2.3B | $2.8B |
| Current liabilities | $1.2B | $1.7B | $1.4B | $1.7B | $1.6B | $1.9B | $2.1B | $2.1B | $2.4B | $2.9B |
| Inventory | $71.8M | $78.0M | $75.0M | $84.0M | $96.0M | $96.0M | $133M | $166M | $142M | $205M |
| Property and equipment, net | $2.1B | $2.1B | $2.0B | $2.0B | $1.5B | $1.5B | $1.4B | $1.3B | $1.2B | $1.2B |
| Total assets | $19.1B | $21.2B | $20.1B | $22.4B | $22.8B | $23.2B | $22.7B | $23.4B | $24.6B | $25.6B |
| Total liabilities | $12.3B | $16.7B | $16.5B | $18.1B | $19.1B | $19.4B | $18.5B | $18.7B | $19.8B | $20.5B |
| Shareholders' equity | $1.7B | $2.2B | $1.6B | $2.5B | $2.2B | $2.2B | $2.5B | $2.9B | $3.1B | $3.6B |
| Margins | ||||||||||
| Gross margin | 58.4% | 59.6% | 66.1% | 67.6% | 67.6% | 67.1% | 64.5% | 65.3% | — | — |
| Operating margin | 40.2% | 37.9% | 35.8% | 35.8% | 28.6% | 32.7% | 29.2% | 29.2% | 28.8% | 23.3% |
| EBITDA margin | 44.4% | 41.9% | 39.2% | 39.1% | 32.4% | 36.2% | 32.1% | 31.9% | 31.9% | 26.5% |
| Net margin | 23.1% | 27.0% | 21.4% | 19.8% | 15.1% | 21.8% | 22.8% | 24.5% | 17.2% | 11.4% |
| FCF margin | 29.3% | 29.6% | 20.1% | 25.2% | 16.2% | 28.2% | 21.4% | 17.1% | 15.5% | 15.4% |
| Returns | ||||||||||
| Return on capital | 12.6% | 13.4% | 10.6% | 10.4% | 8.8% | 11.1% | 11.7% | 12.4% | 11.3% | 9.0% |
| Return on capital employed | 9.5% | 9.3% | 10.0% | 10.2% | 6.8% | 8.8% | 9.0% | 9.8% | 11.1% | 9.8% |
| Return on equity | 62.9% | 62.9% | 59.6% | 54.2% | 32.2% | 56.9% | 62.6% | 64.0% | 48.4% | 31.9% |
| Return on assets | 5.1% | 6.1% | 5.5% | 5.2% | 3.3% | 5.5% | 6.4% | 7.5% | 6.0% | 4.3% |
| Growth | ||||||||||
| Revenue growth | 2.3% | 10.4% | 17.1% | 4.6% | −11.3% | 15.5% | 13.4% | 8.0% | 19.7% | 12.2% |
| Net income growth | 86.8% | 29.2% | −7.4% | −2.9% | −32.5% | 67.1% | 18.3% | 15.9% | −15.9% | −25.6% |
| EPS growth | 190.0% | 75.2% | −4.7% | −2.1% | −32.5% | 68.1% | 20.8% | 15.7% | −15.4% | −26.1% |
| FCF growth | 11.6% | 11.4% | −20.3% | 31.1% | −43.1% | 101.5% | −14.2% | −13.5% | 8.2% | 11.3% |
| Share count change | −1.3% | 1.5% | −0.8% | −0.9% | −0.2% | −0.9% | −1.9% | 0.2% | −0.4% | 0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.8x | 5.6x | 5.2x | 4.8x | 7.0x | 5.9x | 5.8x | 5.4x | 4.7x | 5.0x |
| Debt / equity | 5.0x | 5.3x | 7.4x | 4.9x | 5.9x | 6.0x | 5.3x | 4.6x | 4.5x | 3.7x |
| Interest coverage | 4.1x | 3.9x | 3.4x | 3.4x | 3.1x | 4.7x | 3.9x | 2.7x | 3.1x | 3.1x |
| Current ratio | 1.7x | 1.1x | 1.1x | 1.3x | 1.4x | 1.0x | 1.0x | 1.0x | 1.0x | 1.0x |
| Quick ratio | 1.7x | 1.0x | 1.0x | 1.2x | 1.4x | 0.9x | 0.9x | 0.9x | 0.9x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.8% | 0.8% | 1.6% | 1.1% | 2.4% | 1.9% | 1.5% | 1.7% | 2.4% | 2.8% |
| Stock comp / revenue | 0.8% | 1.1% | 0.9% | 1.3% | 1.7% | 1.8% | 2.1% | 2.8% | 2.1% | 1.6% |
| Payouts / FCF | 44.2% | 49.0% | 67.5% | 63.7% | 119.3% | 94.1% | 93.3% | 123.9% | 79.0% | 76.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 8.0 | 6.0 | 8.0 | 9.0 | 6.0 | 6.0 | 8.0 | 7.0 | 5.0 | 6.0 |
| Altman Z'' | 1.3 | 1.0 | 1.0 | 1.1 | 0.9 | 0.9 | 0.9 | 1.1 | 1.1 | 1.1 |
| Accruals ratio | −1.6% | −0.8% | −0.1% | −1.7% | −0.8% | −2.1% | −0.0% | 1.7% | −0.2% | −2.5% |
Source: SEC EDGAR XBRL filings (CIK 0001618756). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.