Detailed financial statements for Restaurant Brands International Inc. (QSR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Restaurant Brands International Inc. (RBI), a prominent quick-service restaurant enterprise, maintains its headquarters in Toronto, Canada. Established in 1954, the company operates globally, managing and franchising four distinct and widely recognized brands: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). Through its Tim Hortons segment, RBI offers a diverse menu at its coffee, tea, and donut establishments.
Analysis Summary
Restaurant Brands International Inc. reported revenue of $9.43B in the most recent fiscal year, growing at a 5-year CAGR of 13.7%. Net income reached $776.0M, with a 9.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.5%, operating margin 27.1%, net margin 15.3%. Free cash flow grew at 12.5% CAGR over 5 years.
At $72.41 (closing price, October 30, 2026), QSR trades at a P/E of 18.19 and an ROE of 39.56%. Market capitalisation stands at $25.3B, placing it among large-cap names.
Balance sheet quality for QSR: debt-to-equity ratio of 3.92, current ratio of 0.96 over the last 12 months, net debt of $16.42B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.45B represents 187% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.15B | $4.58B | $5.36B | $5.60B | $4.97B | $5.74B | $6.50B | $7.02B | $8.41B | $9.43B |
| Cost of Revenue | $2.18B | $2.33B | $2.24B | $3.21B | $3.00B | $3.37B | $3.91B | $4.22B | $5.38B | $5.56B |
| Gross Profit | $1.97B | $2.25B | $3.12B | $2.39B | $1.97B | $2.37B | $2.60B | $2.80B | $3.02B | $3.88B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $281.0M | $329.0M | $1.14B | $387.0M | $388.0M | $450.0M | $561.0M | $647.0M | $691.0M | $713.0M |
| Operating Expenses | $298.0M | $513.0M | $1.20B | $385.0M | $551.0M | $495.0M | $700.0M | $751.0M | $605.0M | $1.64B |
| Operating Income | $1.67B | $1.74B | $1.92B | $2.01B | $1.42B | $1.88B | $1.90B | $2.05B | $2.42B | $2.24B |
| EBITDA | $1.80B | $1.79B | $2.08B | $2.16B | $1.50B | $2.04B | $2.07B | $2.24B | $2.66B | $2.50B |
| Interest Expense | $449.7M | $507.6M | $591.0M | $596.0M | $484.0M | $428.0M | $542.0M | $766.0M | $804.0M | $516.0M |
| Pre-tax Income | $1.20B | $1.10B | $1.38B | $1.45B | $816.0M | $1.36B | $1.36B | $1.45B | $1.81B | $1.68B |
| Income Tax | $244.0M | -$134.0M | $238.0M | $341.0M | $66.0M | $110.0M | -$117.0M | -$265.0M | $364.0M | $483.0M |
| Net Income | $616.0M | $648.0M | $612.0M | $643.0M | $486.0M | $838.0M | $1.01B | $1.19B | $1.02B | $776.0M |
| EPS | $1.48 | $2.64 | $2.46 | $2.40 | $1.61 | $2.71 | $3.28 | $3.82 | $3.21 | $2.36 |
| EPS (Diluted) | $1.45 | $2.54 | $2.42 | $2.37 | $1.60 | $2.69 | $3.25 | $3.76 | $3.18 | $2.35 |
| Shares Outstanding (Diluted) | 470.0 M | 477.4 M | 473.0 M | 469.0 M | 468.0 M | 464.0 M | 455.0 M | 456.0 M | 454.0 M | 457.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.47B | $2.26B | $2.52B | $2.52B |
| Gross Profit | $1.17B | $1.12B | $869.0M | $893.0M |
| Operating Income | $647.0M | $611.0M | $699.0M | $696.0M |
| EBITDA | $695.0M | $684.0M | $792.0M | $770.0M |
| Net Income | $113.0M | $338.0M | $507.0M | $542.0M |
| EPS | $0.34 | $0.97 | $1.46 | $1.55 |
| EPS (Diluted) | $0.25 | $0.74 | $1.45 | $1.54 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.46B | $1.10B | $913.0M | $1.53B | $1.56B | $1.09B | $1.18B | $1.14B | $1.33B | $1.16B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $403.5M | $489.0M | $452.0M | $527.0M | $536.0M | $547.0M | $614.0M | $749.0M | $698.0M | $794.0M |
| Inventory | $71.8M | $78.0M | $75.0M | $84.0M | $96.0M | $96.0M | $133.0M | $166.0M | $142.0M | $205.0M |
| Total Current Assets | $2.10B | $1.75B | $1.50B | $2.20B | $2.26B | $1.82B | $2.05B | $2.17B | $2.28B | $2.83B |
| Property, Plant & Equipment | $2.05B | $2.13B | $2.00B | $3.18B | $3.18B | $3.17B | $3.03B | $3.07B | $4.09B | $4.26B |
| Goodwill | $4.68B | $5.78B | $5.49B | $5.65B | $5.74B | $6.01B | $5.69B | $5.78B | $5.99B | $6.31B |
| Intangible Assets | $9.23B | $11.06B | $10.46B | $10.56B | $10.70B | $11.42B | $10.99B | $11.11B | $10.92B | $11.19B |
| Total Assets | $19.12B | $21.22B | $20.14B | $22.36B | $22.78B | $23.25B | $22.75B | $23.39B | $24.63B | $25.61B |
| Accounts Payable | $369.8M | $496.0M | $513.0M | $644.0M | $464.0M | $614.0M | $758.0M | $790.0M | $765.0M | $866.0M |
| Short-term Debt | $93.9M | $78.0M | $91.0M | $101.0M | $79.0M | $96.0M | $127.0M | $101.0M | $222.0M | $268.0M |
| Total Current Liabilities | $1.21B | $1.66B | $1.41B | $1.70B | $1.60B | $1.88B | $2.12B | $2.14B | $2.36B | $2.89B |
| Long-term Debt | $8.41B | $11.80B | $11.82B | $11.76B | $12.40B | $12.92B | $12.84B | $12.85B | $13.46B | $15.15B |
| Total Liabilities | $12.34B | $16.66B | $16.52B | $18.10B | $19.06B | $19.39B | $18.48B | $18.66B | $19.79B | $20.46B |
| Retained Earnings | $445.7M | $651.0M | $674.0M | $775.0M | $622.0M | $791.0M | $1.12B | $1.60B | $1.86B | $1.79B |
| Total Equity | $5.00B | $2.23B | $1.61B | $2.49B | $2.17B | $2.24B | $2.50B | $2.87B | $3.11B | $3.63B |
| Total Debt | $9.00B | $12.38B | $12.33B | $13.47B | $14.12B | $14.62B | $14.49B | $14.52B | $15.96B | $17.58B |
| Net Debt | $7.54B | $11.28B | $11.42B | $11.93B | $12.56B | $13.53B | $13.31B | $13.38B | $14.62B | $16.42B |
| Working Capital | $886.3M | $95.0M | $92.0M | $493.0M | $663.0M | -$62.0M | -$68.0M | $29.0M | -$82.0M | -$61.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.16B | $1.01B | $1.06B | $974.0M |
| Total Assets | $25.61B | $24.88B | $25.02B | $25.26B |
| Total Liabilities | $20.46B | $19.59B | $19.63B | $19.73B |
| Total Equity | $3.63B | $3.74B | $3.85B | $3.94B |
| Total Debt | $17.58B | $15.68B | $15.65B | $15.46B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $955.9M | $1.24B | $1.14B | $1.11B | $750.0M | $1.25B | $1.48B | $1.19B | $1.02B | $1.07B |
| Depreciation & Amortization | $172.0M | $182.0M | $180.0M | $185.0M | $189.0M | $201.0M | $190.0M | $191.0M | $264.0M | $301.0M |
| Stock-based Compensation | $35.1M | $48.3M | $48.0M | $68.0M | $84.0M | $102.0M | $136.0M | $194.0M | $172.0M | $151.0M |
| Change in Working Capital | $2.4M | $394.0M | -$123.0M | $131.0M | -$194.0M | $158.0M | -$310.0M | -$269.0M | -$109.0M | -$112.0M |
| Operating Cash Flow | $1.27B | $1.38B | $1.17B | $1.48B | $921.0M | $1.73B | $1.49B | $1.32B | $1.50B | $1.71B |
| Capital Expenditure | -$33.7M | -$36.7M | -$86.0M | -$62.0M | -$117.0M | -$106.0M | -$100.0M | -$120.0M | -$201.0M | -$265.0M |
| Acquisitions | $30.0M | -$1.64B | $8.0M | 0 | 0 | -$1.00B | -$12.0M | -$17.0M | -$540.0M | -$152.0M |
| Stock Repurchased | 0 | -$330.2M | -$621.0M | 0 | -$380.0M | -$551.0M | -$326.0M | -$500.0M | 0 | 0 |
| Dividends Paid | -$538.1M | -$663.5M | -$728.0M | -$901.0M | -$1.01B | -$974.0M | -$971.0M | -$990.0M | -$1.03B | -$1.11B |
| Free Cash Flow | $1.24B | $1.35B | $1.08B | $1.41B | $804.0M | $1.62B | $1.39B | $1.20B | $1.30B | $1.45B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $541.0M | $227.0M | $530.0M | $551.0M |
| Capital Expenditure | -$100.1M | -$58.0M | -$51.0M | -$72.0M |
| Free Cash Flow | $440.9M | $169.0M | $479.0M | $479.0M |
| Dividends Paid | -$271.8M | -$283.0M | -$296.0M | -$296.0M |
| Stock-based Compensation | $38.0M | 0 | $35.0M | $34.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.4% | +17.1% | +4.6% | -11.3% | +15.5% | +13.3% | +7.9% | +19.7% | +12.2% | |
| Net Income Growth (YoY) | +5.2% | -5.6% | +5.1% | -24.4% | +72.4% | +20.3% | +18.1% | -14.2% | -24.0% | |
| EPS Growth (YoY) | +78.4% | -6.8% | -2.4% | -32.9% | +68.3% | +21.0% | +16.5% | -16.0% | -26.5% | |
| Shares Change (YoY) | +1.6% | -0.9% | -0.8% | -0.2% | -0.9% | -1.9% | +0.2% | -0.4% | +0.7% | |
| FCF Growth (YoY) | +8.9% | -19.8% | +31.0% | -43.1% | +101.5% | -14.2% | -13.5% | +8.2% | +11.3% | |
| Gross Margin | 47.4% | 49.1% | 58.2% | 42.7% | 39.7% | 41.4% | 39.9% | 39.9% | 36.0% | 41.1% |
| Operating Margin | 40.2% | 37.9% | 35.8% | 35.8% | 28.6% | 32.7% | 29.2% | 29.2% | 28.8% | 23.7% |
| EBITDA Margin | 43.5% | 39.1% | 38.9% | 38.6% | 30.1% | 35.6% | 31.8% | 31.9% | 31.7% | 26.5% |
| Net Margin | 14.9% | 14.2% | 11.4% | 11.5% | 9.8% | 14.6% | 15.5% | 16.9% | 12.1% | 8.2% |
| FCF Margin | 29.8% | 29.4% | 20.1% | 25.2% | 16.2% | 28.2% | 21.4% | 17.1% | 15.5% | 15.4% |
| Effective Tax Rate | 20.3% | -12.2% | 17.2% | 23.5% | 8.1% | 8.1% | -8.6% | -18.2% | 20.1% | 28.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.63 | $2.82 | $2.28 | $3.01 | $1.72 | $3.49 | $3.05 | $2.64 | $2.87 | $3.17 |
| Dividends Per Share | $1.14 | $1.39 | $1.54 | $1.92 | $2.16 | $2.10 | $2.13 | $2.17 | $2.27 | $2.42 |
| Shares Outstanding (Basic) | 232.9 M | 237.0 M | 249.0 M | 268.0 M | 302.0 M | 310.0 M | 307.0 M | 312.0 M | 319.0 M | 334.0 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 39.56% |
| Return on Invested Capital | 11.29% |
| Return on Assets | 5.94% |
| Gross Margin | 41.51% |
| Operating Margin | 27.14% |
| Net Margin | 15.35% |
Financial Health
| Debt / Equity | 3.92 |
| Current Ratio | 0.96 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.42 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 32.20 | 23.29 | 21.26 | 26.57 | 37.96 | 22.39 | 19.72 | 20.45 | 20.31 | 28.91 |
| P/B | 2.22 | 6.54 | 8.08 | 6.86 | 8.52 | 8.41 | 7.94 | 8.51 | 6.69 | 6.27 |
| P/S | 2.68 | 3.18 | 2.43 | 3.05 | 3.71 | 3.28 | 3.05 | 3.47 | 2.47 | 2.42 |
| Gross Margin | 47.4% | 49.1% | 58.2% | 42.7% | 39.7% | 41.4% | 39.9% | 39.9% | 36.0% | 41.1% |
| Operating Margin | 40.2% | 37.9% | 35.8% | 35.8% | 28.6% | 32.7% | 29.2% | 29.2% | 28.8% | 23.7% |
| Net Margin | 14.9% | 14.2% | 11.4% | 11.5% | 9.8% | 14.6% | 15.5% | 16.9% | 12.1% | 8.2% |
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Explore sector: Consumer Cyclical · Restaurants
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