Restaurant Brands International
QSR · NYSERetail-Eating Places · Fiscal year ends Dec 31
Restaurant Brands International reported revenue of $9.4B in the fiscal year ended Dec 2025, up 12.2% from the year before. Operating income was $2.2B, an operating margin of 23.3%, and net income was $1.1B. Operating cash flow of $1.7B less capital expenditure of $265M left free cash flow of $1.4B. Net debt was $12.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.7B | $6.5B | $7B | $8.4B | $9.4B |
| Cost of revenue | $1.9B | $2.3B | $2.4B | – | – |
| Gross profit | $3.8B | $4.2B | $4.6B | – | – |
| Operating income | $1.9B | $1.9B | $2.1B | $2.4B | $2.2B |
| Pre-tax income | $1.4B | $1.4B | $1.5B | $1.8B | $1.7B |
| Income tax | $110M | −$117M | −$265M | $364M | $483M |
| Net income | $1.3B | $1.5B | $1.7B | $1.4B | $1.1B |
| Diluted EPS | 2.69 | 3.25 | 3.76 | 3.18 | 2.35 |
| Diluted shares | 464M | 455M | 456M | 454M | 457M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $1.2B | $1.1B | $1.3B | $1.2B |
| Inventory | $96M | $133M | $166M | $142M | $205M |
| Current assets | $1.8B | $2B | $2.2B | $2.3B | $2.8B |
| Net PP&E | $1.5B | $1.4B | $1.3B | $1.2B | $2.3B |
| Goodwill | $6B | $5.7B | $5.8B | $6B | $6.3B |
| Total assets | $23.2B | $22.7B | $23.4B | $24.6B | $25.6B |
| Payables | $614M | $758M | $790M | $765M | $866M |
| Deferred revenue | $531M | $540M | $555M | $517M | $517M |
| Current liabilities | $1.9B | $2.1B | $2.1B | $2.4B | $2.9B |
| Short-term debt | $62M | $95M | $67M | $187M | $32M |
| Long-term debt | $12.9B | $12.8B | $12.9B | $13.5B | $13.3B |
| Total liabilities | $19.4B | $18.5B | $18.7B | $19.8B | $20.5B |
| Shareholders' equity | $2.2B | $2.5B | $2.9B | $3.1B | $3.6B |
| Backlog (remaining obligations) | $531M | $540M | $555M | $517M | $517M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.5B | $1.3B | $1.5B | $1.7B |
| Capital expenditure | $106M | $100M | $120M | $201M | $265M |
| Free cash flow | $1.6B | $1.4B | $1.2B | $1.3B | $1.4B |
| Depreciation & amortisation | $201M | $190M | $191M | $264M | $301M |
| Stock-based compensation | $102M | $136M | $194M | $172M | $151M |
| Acquisitions | $1B | $0 | $17M | $540M | $152M |
| Share buybacks | $551M | $326M | $500M | $0 | $0 |
| Dividends paid | $974M | $971M | $990M | $1B | $1.1B |
| Dividend per share | 2.12 | 2.16 | 2.20 | 2.32 | 2.48 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 7.9% | 19.7% | 12.2% |
| Operating income growth (YoY) | – | 1.0% | 8.1% | 17.9% | −9.0% |
| EPS growth (YoY) | – | 20.8% | 15.7% | −15.4% | −26.1% |
| Gross margin | 67.1% | 64.5% | 65.3% | – | – |
| Operating margin | 32.7% | 29.2% | 29.2% | 28.8% | 23.3% |
| Net margin | 21.8% | 22.8% | 24.5% | 17.2% | 11.4% |
| Return on equityBlank when equity is negative | 56.0% | 59.3% | 59.9% | 46.5% | 29.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.8% | 9.2% | 9.7% | 10.9% | 9.7% |
| Free cash flow margin | 28.2% | 21.4% | 17.1% | 15.5% | 15.4% |
| Cash conversion (CFO ÷ net income) | 1.38x | 1.01x | 0.77x | 1.04x | 1.59x |
| Inventory days | 19 | 21 | 25 | – | – |
| Payable days | 119 | 120 | 118 | – | – |
| Debt ÷ equity | 5.80x | 5.18x | 4.51x | 4.39x | 3.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.9B | $11.8B | $11.8B | $12.3B | $12.1B |
| Current ratio | 0.97x | 0.97x | 1.01x | 0.97x | 0.98x |
Recent filings
More in Retail-Eating Places
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.