Restaurant Brands International Inc. (QSR)
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. This includes a selection of hot and cold specialty beverages like espresso-based drinks, a variety of freshly baked goods such as donuts, Timbits, bagels, muffins, cookies, and pastries, alongside savory options like grilled paninis, classic sandwiches, wraps, and soups. Burger King, a renowned fast-food hamburger chain within RBI's portfolio, provides patrons with its signature flame-grilled hamburgers, an array of chicken and other specialized sandwiches, French fries, and various soft drinks. The company's Popeyes Louisiana Kitchen outlets are celebrated for their distinctive Louisiana-style fried chicken, chicken tenders, and fried shrimp and other seafood options, complemented by regional specialties like red beans and rice. Furthermore, RBI's Firehouse Subs restaurants serve a range of submarine sandwiches, beverages, and local culinary delights. Demonstrating significant international reach, RBI had approximately 29,000 restaurants spread across 100 countries under its four brands as of February 15, 2022.
Sector: Retail-Eating Places
Industry: Restaurants
Restaurant Brands International Inc.
NYSE:QSRConsumer Cyclical · Restaurants
-1.40%$75.34
AH Close$75.34+0.00%vs close
AH Close$75.34+0.00%vs close
Mkt Cap$26.28B
Float325.66M
O/S348.76M
Inst Own92.8%
SI5.6%
Div Yield3.41%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$9.43B
Net Income$776M
Total Assets$25.61B
Free Cash Flow$1.45B
Debt & Equity
Debt 83%
Equity 17%
Total Debt$17.58B
Total Equity$3.63B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in QSR's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$25.61B
Liabilities$20.46B
Accounts Receivable$794M
Accounts Payable$866M
Inventory$205M
PP&E (Net)$4.26B
Goodwill$6.31B
Intangible Assets$11.19B
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $9.43B | $8.41B | $7.02B | $6.5B | $5.74B | $4.97B | $5.6B | $5.36B | $4.58B | $4.15B | $4.05B | $1.2B | $1.15B | $1.97B |
| YoY Growth | 12.2% | 19.7% | 7.9% | 13.3% | 15.5% | -11.3% | 4.6% | 17.1% | 10.4% | 2.3% | 238.0% | 4.6% | -41.8% | - |
| Cost of Revenue | $5.56B | $5.38B | $4.22B | $3.91B | $3.37B | $3B | $3.21B | $2.24B | $2.33B | $2.18B | $2.31B | $335.4M | $347.7M | $1.15B |
| Gross Profit | $3.88B | $3.02B | $2.8B | $2.6B | $2.37B | $1.97B | $2.39B | $3.12B | $2.25B | $1.97B | $1.74B | $863.4M | $798.6M | $818.6M |
| Gross Margin | 41.1% | 36.0% | 39.9% | 39.9% | 41.4% | 39.7% | 42.7% | 58.2% | 49.1% | 47.4% | 42.9% | 72.0% | 69.7% | 41.5% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $713M | $691M | $647M | $561M | $450M | $388M | $387M | $1.14B | $329M | $281M | $304M | $206.4M | $204.8M | $272.8M |
| Other | $925M | -$86M | $104M | $139M | $45M | $163M | -$2M | $61M | $184M | $17M | $243.3M | $475.9M | $71.6M | $128.1M |
| Total Operating Expenses | $1.64B | $605M | $751M | $700M | $495M | $551M | $385M | $1.2B | $513M | $298M | $547.3M | $682.3M | $276.4M | $400.9M |
| Operating Income (EBIT) | $2.24B | $2.42B | $2.05B | $1.9B | $1.88B | $1.42B | $2.01B | $1.92B | $1.74B | $1.67B | $1.19B | $181.1M | $522.2M | $417.7M |
| Operating Margin | 23.7% | 28.8% | 29.2% | 29.2% | 32.7% | 28.6% | 35.8% | 35.8% | 37.9% | 40.2% | 29.4% | 15.1% | 45.6% | 21.2% |
| Interest Expense | $516M | $804M | $766M | $542M | $428M | $484M | $596M | $591M | $507.6M | $449.7M | $470.5M | $276.8M | $196.5M | $221.7M |
| Interest Income | $28M | $39M | $40M | $7M | $3M | $9M | $20M | $15M | $26.4M | $4.1M | $4.2M | $3.7M | $2.6M | $1.1M |
| Other Income (Expense) | -$554M | -$610M | -$598M | -$533M | -$516M | -$606M | -$555M | -$535M | -$634M | -$467M | -$518.3M | -$435.1M | -$200M | -$258M |
| Income Before Tax (EBT) | $1.68B | $1.81B | $1.45B | $1.36B | $1.36B | $816M | $1.45B | $1.38B | $1.1B | $1.2B | $673.9M | -$254M | $322.2M | $159.7M |
| Income Tax Expense | $483M | $364M | -$265M | -$117M | $110M | $66M | $341M | $238M | -$134M | $244M | $162.2M | $15.3M | $88.5M | $42M |
| Net Income | $776M | $1.02B | $1.19B | $1.01B | $838M | $486M | $643M | $612M | $648M | $616M | $375.1M | $161.4M | $233.7M | $117.7M |
| Net Income Margin | 8.2% | 12.1% | 16.9% | 15.5% | 14.6% | 9.8% | 11.5% | 11.4% | 14.2% | 14.9% | 9.3% | 13.5% | 20.4% | 6.0% |
| Supplementary Data | ||||||||||||||
| EPS | 2.36 | 3.21 | 3.82 | 3.28 | 2.71 | 1.61 | 2.40 | 2.46 | 2.64 | 1.48 | 0.51 | -1.16 | 0.67 | 0.34 |
| Diluted EPS | 2.35 | 3.18 | 3.76 | 3.25 | 2.69 | 1.60 | 2.37 | 2.42 | 2.54 | 1.45 | 0.50 | -2.32 | 0.65 | 0.33 |
| Weighted Average OS | 334.00M | 319.00M | 312.00M | 307.00M | 310.00M | 302.00M | 268.00M | 249.00M | 237.00M | 232.90M | 203.50M | 343.70M | 351.00M | 349.70M |
| EBITDA | $2.5B | $2.66B | $2.24B | $2.07B | $2.04B | $1.5B | $2.16B | $2.08B | $1.79B | $1.8B | $1.3B | $86.5M | $578.6M | $482.9M |
| EBITDA Margin | 26.5% | 31.7% | 31.9% | 31.8% | 35.6% | 30.1% | 38.6% | 38.9% | 39.1% | 43.5% | 32.2% | 7.2% | 50.5% | 24.5% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $1.16B | $1.33B | $1.14B | $1.18B | $1.09B | $1.56B | $1.53B | $913M | $1.1B | $1.46B | $757.8M | $1.8B | $786.9M | $546.7M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $1.16B | $1.33B | $1.14B | $1.18B | $1.09B | $1.56B | $1.53B | $913M | $1.1B | $1.46B | $757.8M | $1.8B | $786.9M | $546.7M |
| Accounts Receivable | $794M | $698M | $749M | $614M | $547M | $536M | $527M | $452M | $489M | $403.5M | $422M | $441.2M | $179.7M | $175.9M |
| Inventory | $205M | $142M | $166M | $133M | $96M | $96M | $84M | $75M | $78M | $71.8M | $81.3M | $97.8M | $1.2M | $6.7M |
| Other Current Assets | $668M | $108M | $119M | $123M | $2M | $0 | $0 | $0 | $0 | $57.7M | $57.5M | $224.1M | $47.1M | $161.2M |
| Total Current Assets | $2.83B | $2.28B | $2.17B | $2.05B | $1.82B | $2.26B | $2.2B | $1.5B | $1.75B | $2.1B | $1.37B | $2.64B | $1.07B | $890.5M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $4.26B | $4.09B | $3.07B | $3.03B | $3.17B | $3.18B | $3.18B | $2B | $2.13B | $2.05B | $2.15B | $2.44B | $801.5M | $885.2M |
| Goodwill | $6.31B | $5.99B | $5.78B | $5.69B | $6.01B | $5.74B | $5.65B | $5.49B | $5.78B | $4.68B | $4.57B | $5.23B | $630M | $619.2M |
| Intangible Assets | $11.19B | $10.92B | $11.11B | $10.99B | $11.42B | $10.7B | $10.56B | $10.46B | $11.06B | $9.23B | $9.15B | $10.45B | $2.8B | $2.81B |
| Long-Term Investments | $169M | $390M | $360M | $607M | $324M | $271M | $0 | $0 | $0 | $0 | $139M | $169.7M | $102M | $102.4M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $856M | $964M | $902M | $380M | $518M | $619M | $767M | $696M | $497M | $1.07B | $1.03B | $415.2M | $424.6M | -$4.42B |
| Total Long-Term Assets | $22.79B | $22.35B | $21.22B | $20.7B | $21.43B | $20.51B | $20.16B | $18.64B | $19.47B | $17.03B | $17.04B | $18.7B | $4.75B | $4.42B |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $255.5M |
| Total Assets | $25.61B | $24.63B | $23.39B | $22.75B | $23.25B | $22.78B | $22.36B | $20.14B | $21.22B | $19.12B | $18.41B | $21.34B | $5.83B | $5.56B |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $866M | $765M | $790M | $758M | $614M | $464M | $644M | $513M | $496M | $369.8M | $361.5M | $223M | $31.1M | $0 |
| Short-Term Debt | $268M | $222M | $101M | $127M | $96M | $79M | $101M | $91M | $78M | $93.9M | $56.1M | $1.13B | $81.4M | $0 |
| Current Income Tax Payable | $0 | $228M | $129M | $190M | $106M | $122M | $126M | $113M | $401M | $43.3M | $46.9M | $79.2M | $5.2M | $0 |
| Current Unearned Revenue | $77M | $307M | $325M | $273M | $269M | $233M | $203M | $194M | $258M | $249.1M | $202M | $206.8M | $37.7M | $0 |
| Other Current Liabilities | $1.05B | $159M | $165M | $153M | $189M | $90M | $65M | $80M | $90M | $163.9M | $170.1M | $129.6M | $57.7M | $329.1M |
| Total Current Liabilities | $2.89B | $2.36B | $2.14B | $2.12B | $1.88B | $1.6B | $1.7B | $1.41B | $1.66B | $1.21B | $1.12B | $1.95B | $346M | $397.8M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $15.15B | $13.46B | $12.85B | $12.84B | $12.92B | $12.4B | $11.76B | $11.82B | $11.8B | $8.41B | $8.46B | $8.83B | $2.88B | $2.91B |
| Long-Term Unearned Revenue | $562M | $571M | $612M | $584M | $568M | $556M | $566M | $508M | $37M | $27.1M | $23.7M | $18.9M | $13.2M | $0 |
| Long-Term Deferred Tax Liabilities | $1.12B | $1.21B | $1.3B | $1.31B | $1.37B | $1.43B | $1.56B | $1.52B | $1.51B | $1.72B | $1.62B | $1.98B | $692.8M | $0 |
| Other Long-Term Liabilities | -$1.43B | $105M | $342M | $238M | $1.19B | $1.6B | $1.03B | $847M | $1.17B | $482M | $420.7M | $225.2M | $149.5M | -$2.91B |
| Total Long-Term Liabilities | $17.57B | $17.43B | $16.52B | $16.36B | $17.52B | $17.45B | $16.4B | $15.12B | $15.01B | $11.13B | $11.08B | $11.76B | $3.97B | $2.91B |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.09B |
| Total Liabilities | $20.46B | $19.79B | $18.66B | $18.48B | $19.39B | $19.06B | $18.1B | $16.52B | $16.66B | $12.34B | $12.2B | $13.71B | $4.31B | $4.39B |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.3B | $3.3B | $3.3B | $0 | $0 |
| Common Stock | $2.86B | $2.36B | $1.97B | $2.06B | $2.16B | $2.4B | $2.48B | $1.74B | $2.05B | $1.96B | $1.82B | $1.75B | $3.5M | $3.5M |
| Retained Earnings | $1.79B | $1.86B | $1.6B | $1.12B | $791M | $622M | $775M | $674M | $651M | $445.7M | $245.8M | $231M | $225.5M | $76.1M |
| Comprehensive Income & Other | -$1.02B | -$1.11B | -$706M | -$679M | -$710M | -$854M | -$763M | -$800M | -$476M | -$698.3M | -$733.7M | -$107.8M | $54.6M | $0 |
| Other Stockholders' Equity | -$1.02B | -$1.11B | -$706M | -$679M | -$710M | -$854M | -$763M | -$800M | -$476.6M | $2.6B | $2.56B | $3.19B | $1.29B | $1.1B |
| Total Equity | $3.63B | $3.11B | $2.87B | $2.5B | $2.24B | $2.17B | $2.49B | $1.61B | $2.23B | $5B | $4.63B | $5.17B | $1.52B | $1.18B |
| Minority Interest | $1.52B | $1.73B | $1.86B | $1.77B | $1.62B | $1.55B | $1.77B | $2.01B | $2.33B | $1.79B | $1.58B | $2.46B | $0 | $0 |
| Total Liabilities and Equity | $24.09B | $22.9B | $21.53B | $20.98B | $21.63B | $21.22B | $20.59B | $18.13B | $18.89B | $17.34B | $16.84B | $18.88B | $5.83B | $5.56B |
| Supplementary Data | ||||||||||||||
| Total Debt | $17.58B | $15.96B | $14.52B | $14.49B | $14.62B | $14.12B | $13.47B | $12.33B | $12.38B | $9B | $9.07B | $10.66B | $3.19B | $0 |
| Net Debt | $16.42B | $14.62B | $13.38B | $13.31B | $13.53B | $12.56B | $11.93B | $11.42B | $11.28B | $7.54B | $8.32B | $8.86B | $2.41B | -$546.7M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $1.07B | $1.02B | $1.19B | $1.48B | $1.25B | $750M | $1.11B | $1.14B | $1.24B | $955.9M | $511.7M | -$269.3M | $233.7M | $117.7M |
| Depreciation & Amortization | $301M | $264M | $191M | $190M | $201M | $189M | $185M | $180M | $182M | $172M | $182M | $68.8M | $65.8M | $114.2M |
| Deferred Income Tax | $97M | -$5M | -$437.89M | -$60M | -$5M | -$208M | $58M | $29M | -$742.4M | $80.1M | -$32.3M | -$61.9M | $32.1M | $8.9M |
| Stock-Based Compensation | $151M | $172M | $194M | $136M | $102M | $84M | $68M | $48M | $48.3M | $35.1M | $50.8M | $43.1M | $14.8M | $12.2M |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | -$89M | $7M | -$147M | -$105.64M | $7.93M | -$30M | -$54.23M | -$200M | $331M | -$27.1M | $62.6M | $62.7M | -$23.6M | -$94.8M |
| Inventory | -$67M | $30M | -$43M | -$61M | $12M | -$10M | -$15M | -$7M | $2.9M | $7.7M | $9.2M | -$24.1M | -$7.8M | -$7M |
| Accounts Payable | $89M | -$30M | $22M | $169M | $147.69M | $0 | $114.6M | $41M | $19.9M | $27.5M | $191.2M | -$17.9M | -$30.6M | -$23.9M |
| Other Working Capital | -$45M | -$116M | -$101M | -$312.36M | -$9.62M | -$154M | $85.63M | $43M | $40.2M | -$5.7M | $139.5M | $29.4M | -$30.6M | -$25.5M |
| Total Working Capital Change | -$112M | -$109M | -$269M | -$310M | $158M | -$194M | $131M | -$123M | $394M | $2.4M | $313.4M | -$37.1M | -$92.6M | -$151.2M |
| Other Non-Cash Items | $202M | $160M | $454.89M | $52M | $17M | $300M | -$77M | -$113M | $264.8M | $23.5M | $179.2M | $515.7M | $71.4M | $122.6M |
| Net Cash from Operating | $1.71B | $1.5B | $1.32B | $1.49B | $1.73B | $921M | $1.48B | $1.17B | $1.38B | $1.27B | $1.2B | $259.3M | $325.2M | $224.4M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | -$265M | -$201M | -$120M | -$100M | -$106M | -$117M | -$62M | -$86M | -$36.7M | -$33.7M | -$115.3M | -$30.9M | -$25.5M | -$70.2M |
| Acquisitions | -$152M | -$540M | -$17M | -$12M | -$1B | $0 | $0 | $8M | -$1.64B | $30M | -$252.45M | -$7.38B | -$11.9M | -$15.3M |
| Purchases of Investments | $0 | $0 | $0 | -$71M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$388.9M | $0 | $0 |
| Sales of Investments | $0 | $74M | $112M | $71M | $5M | $33M | $24M | $33M | $788.2M | $28M | $30.5M | $15.5M | $15.4M | $14.2M |
| Other Investing Activities | $18M | $7M | $36M | $48M | $2M | $5M | $8M | $1M | $26.6M | $2.6M | $275.75M | -$7.9M | $65M | $104.9M |
| Net Cash from Investing | -$399M | -$660M | $11M | -$64M | -$1.1B | -$79M | -$30M | -$44M | -$857.8M | $26.9M | -$61.5M | -$7.79B | $43M | $33.6M |
| Financing Activities | ||||||||||||||
| Debt Repaid | $427M | -$260M | $37M | $92M | -$446M | -$527M | $16M | -$1M | -$3.11B | $70M | $1.38B | -$5.83B | $57.2M | $146.1M |
| Common Stock Issuance | $33M | $78M | $60M | $51M | $60M | $82M | $102M | $61M | $28.7M | $13.7M | $5.1M | $3B | $6M | $1.5M |
| Common Stock Repurchases | $0 | $0 | -$500M | -$326M | -$551M | -$380M | $0 | -$621M | -$330.2M | $0 | $0 | $0 | -$7.3M | $0 |
| Dividends Paid | -$1.11B | -$1.03B | -$990M | -$971M | -$974M | -$959M | -$901M | -$728M | -$664M | -$538M | -$362.4M | -$105.6M | -$84.3M | -$14M |
| Other Financing Activities | $66M | $66M | $93M | $31M | -$74M | -$40.34M | -$27M | $2M | -$3.08B | $3.5M | -$380.1M | -$158M | $10.1M | -$15.42M |
| Net Cash from Financing | -$1.44B | -$625M | -$1.37B | -$1.31B | -$1.09B | -$821M | -$842M | -$1.28B | -$935.2M | -$590.9M | -$2.12B | $8.57B | -$132.7M | -$174.6M |
| Forex Effect | -$50M | -$23M | $1M | -$28M | -$3M | $6M | $16M | -$20M | $24M | -$2.4M | -$73.5M | -$17.8M | $4.7M | $4.3M |
| Net Change in Cash | -$171M | $195M | -$39M | $91M | -$473M | $27M | $620M | -$184M | -$387M | $702.6M | -$1.05B | $1.02B | $240.2M | $87.7M |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $1.71B | $1.5B | $1.32B | $1.49B | $1.73B | $921M | $1.48B | $1.17B | $1.38B | $1.27B | $1.2B | $259.3M | $325.2M | $224.4M |
| Capital Expenditure | -$265M | -$201M | -$120M | -$100M | -$106M | -$117M | -$62M | -$86M | -$36.7M | -$33.7M | -$115.3M | -$30.9M | -$25.5M | -$70.2M |
| Free Cash Flow | $1.45B | $1.3B | $1.2B | $1.39B | $1.62B | $804M | $1.41B | $1.08B | $1.35B | $1.24B | $1.09B | $228.4M | $299.7M | $154.2M |
| Cash at Beginning | $1.33B | $1.14B | $1.18B | $1.09B | $1.56B | $1.53B | $913M | $1.1B | $1.46B | $757.8M | $1.8B | $786.9M | $546.7M | $459M |
| Cash at End | $1.16B | $1.33B | $1.14B | $1.18B | $1.09B | $1.56B | $1.53B | $913M | $1.07B | $1.46B | $757.8M | $1.8B | $786.9M | $546.7M |