Restaurant Brands International (QSR) financial statements

Consumer Cyclical · Restaurants · Market cap $32.1B

Restaurant Brands International reported revenue of $9.4B in fiscal 2025, up 9.6% a year over 9 years.

Net income was $776M and the operating margin 23.3%, against 40.2% in 2016.

Free cash flow was $1.4B, and the company returned $1.1B in dividends.

Revenue and free cash flow

Fiscal years, $ billions.

02.557.5102016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Restaurant Brands International's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$4.1B$4.6B$5.4B$5.6B$5.0B$5.7B$6.5B$7.0B$8.4B$9.4B
Cost of revenue$1.7B$1.9B$1.8B$1.8B$1.6B$1.9B$2.3B$2.4B——
Gross profit$2.4B$2.7B$3.5B$3.8B$3.4B$3.8B$4.2B$4.6B——
Selling, general and admin$319M$416M$1.2B$1.3B$1.3B$484M$631M$704M$733M$741M
Operating income$1.7B$1.7B$1.9B$2.0B$1.4B$1.9B$1.9B$2.1B$2.4B$2.2B
Pre-tax 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$66M$110M-$117M-$265M$364M$483M
Net income$346M$626M$612M$643M$486M$838M$1.0B$1.2B$1.0B$776M
EPS (diluted)$1.45$2.54$2.42$2.37$1.60$2.69$3.25$3.76$3.18$2.35
Diluted shares470M477M473M469M468M464M455M456M454M457M
Gross margin58.3%59.6%66.1%67.6%67.6%67.1%64.5%65.3%——
Operating margin40.2%37.9%35.8%35.8%28.6%32.7%29.2%29.2%28.8%23.3%
Net margin8.3%13.7%11.4%11.5%9.8%14.6%15.5%16.9%12.1%8.2%

Balance sheet

Fiscal years, from Restaurant Brands International's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$1.5B$1.1B$913M$1.5B$1.6B$1.1B$1.2B$1.1B$1.3B$1.2B
Inventory$72M$78M$75M$84M$96M$96M$133M$166M$142M$205M
Total current assets$2.1B$1.8B$1.5B$2.2B$2.3B$1.8B$2.0B$2.2B$2.3B$2.8B
Property, plant and equipment$2.1B$2.1B$2.0B$2.0B$2.0B$2.0B$1.9B$2.0B$2.2B$2.3B
Goodwill$4.7B$5.8B$5.5B$5.7B$5.7B$6.0B$5.7B$5.8B$6.0B$6.3B
Total assets$19.1B$21.2B$20.1B$22.4B$22.8B$23.2B$22.7B$23.4B$24.6B$25.6B
Total current liabilities$1.2B$1.7B$1.4B$1.7B$1.6B$1.9B$2.1B$2.1B$2.4B$2.9B
Long-term debt$8.4B$11.8B$11.8B$11.8B$12.4B$12.9B$12.8B$12.9B$13.5B$13.2B
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
Net debt$7.0B$10.8B$11.0B$10.3B$10.9B$11.9B$11.8B$11.8B$12.3B$12.1B

Cash flow

Fiscal years, from Restaurant Brands International's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$1.2B$1.4B$1.2B$1.5B$921M$1.7B$1.5B$1.3B$1.5B$1.7B
Capital spending$34M$37M$86M$62M$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
Stock-based compensation$35M$48M$48M$74M$84M$102M$136M$194M$172M$151M
Dividends paid$538M$664M$728M$901M$959M$974M$971M$990M$1.0B$1.1B
Share buybacks (net)———$0$0-$551M-$326M-$500M$0$0
Net borrowing-$70M$3.1B$1M-$16M$527M$1.3B$2M$55M$2.5B$0
Free cash flow margin29.3%29.6%20.1%25.2%16.2%28.2%21.4%17.1%15.5%15.4%
Dividends per share$1.14$1.39$1.54$1.92$2.05$2.10$2.13$2.17$2.27$2.42
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Questions

What was Restaurant Brands International's revenue in 2025?

$9.4B in fiscal 2025, from its 10-K filing.

How much free cash flow does Restaurant Brands International generate?

$1.4B in fiscal 2025 (operating cash flow minus capital spending).

From Restaurant Brands International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.