Restaurant Brands International Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Restaurant Brands International Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,146	4,576	5,357	5,603	4,968	5,739	6,505	7,022	8,406	9,434
Cost of revenue	1,727	1,850	1,818	1,813	1,610	1,890	2,312	2,435
Gross profit	2,419	2,726	3,539	3,790	3,358	3,849	4,193	4,587
Selling, general and administrative	319	416	1,214	1,264	1,264
General and administrative				406	407	484	631	704	733	741
Operating income	1,667	1,735	1,917	2,007	1,422	1,879	1,898	2,051	2,419	2,202
Interest income	4	26	15	20	9	3	7	40	39	31
Pre-tax income	1,200	1,101	1,382	1,452	816	1,363	1,365	1,453	1,809	1,684
Income tax	244	-134	238	341	66	110	-117	-265	364	483
Net income to minority interests	340	587	532	468	264	415	474	528	424	299
Net income	346	626	612	643	486	838	1,008	1,190	1,021	776
EBITDA	1,839	1,917	2,097	2,192	1,611	2,080	2,088	2,242	2,683	2,503
EPS, basic	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, basic (weighted)	233	237	249	268	302	310	307	312	319	329
Shares, diluted (weighted)	470	477	473	469	468	464	455	456	454	457
Dividend per share	0.62	0.78	1.80	2.00	2.08	2.12	2.16	2.20	2.32	2.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,476	1,097	913	1,533	1,560	1,087	1,178	1,139	1,334	1,163
Receivables	404	489	452	527	536	547	614	749	698	794
Inventory	71.8	78	75	84	96	96	133	166	142	205
Other current assets	104	86	60	52	72	86	123	119	108	179
Total current assets	2,097	1,750	1,500	2,196	2,264	1,816	2,048	2,173	2,282	2,830
Property, plant and equipment	2,055	2,133	1,996	2,007	1,523	1,510	1,400	1,329	1,179	2,303
Lease right-of-use assets			0	1,176	1,152	1,130	1,082	1,122	1,852	1,961
Goodwill	4,675	5,782	5,486	5,651	5,739	6,006	5,688	5,775	5,986	6,306
Intangible assets	9,228	11,062	10,463	10,563	10,701	11,417	10,991	11,107	10,922	11,190
Other non-current assets	260	426	642	719	824	762	987	1,262	1,354	1,025
Total assets	19,125	21,224	20,141	22,360	22,777	23,246	22,746	23,391	24,632	25,615
Accounts payable	370	496	513	644	464	614	758	790	765	866
Accrued liabilities	60.5	67	69	57	78	99	124	147	143	155
Deferred revenue	54.7	42.9
Short-term debt	74.8	57	70	74	79	62	95	67	187	32
Total current liabilities	1,211	1,655	1,408	1,703	1,601	1,878	2,116	2,144	2,364	2,891
Long-term debt	8,410	11,801	11,823	11,759	12,397	12,916	12,839	12,854	13,455	13,250
Lease liabilities			0	1,089	1,082	1,070	1,027	1,059	1,770	1,900
Other non-current liabilities	785	1,455	1,547	1,698	2,236	1,822	872	996	706	1,034
Total liabilities	12,339	16,663	16,523	18,101	19,056	19,393	18,478	18,661	19,789	20,456
Total debt	8,485	11,858	11,893	11,833	12,476	12,978	12,934	12,921	13,642	13,282
Retained earnings	446	651	674	775	622	791	1,121	1,599	1,860	1,795
Other comprehensive income	-698	-476	-800	-763	-854	-710	-679	-706	-1,107	-1,020
Shareholders' equity	1,703	2,227	1,611	2,490	2,167	2,237	2,499	2,866	3,110	3,634
Minority interests	1,786	2,334	2,007	1,769	1,554	1,616	1,769	1,864	1,733	1,525
Total equity	3,489	4,561	3,618	4,259	3,721	3,853	4,268	4,730	4,843	5,159
Total liabilities and equity	19,125	21,224	20,141	22,360	22,777	23,246	22,746	23,391	24,632	25,615
Shares outstanding	234	244	252	298	305	309	307	312	324	346

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445	1,075
Depreciation and amortization	172	182	180	185	189	201	190	191	264	301
Stock-based compensation	35	48	48	74	84	102	136	194	172	151
Deferred income tax	80	-742	29	58	-208	-5	-60	-430	-5	97
Change in payables	16	14	41	112	-183	149	169	22	-30	89
Cash from operations	1,250	1,391	1,165	1,476	921	1,726	1,490	1,323	1,503	1,714
Capital expenditures	-34	-37	-86	-62	-117	-106	-100	-120	-201	-265
Acquisitions	0	-1,636	0	0	0	-1,004	0	-17	-540	-152
Cash from investing	27	-858	-44	-30	-79	-1,103	-64	11	-660	-318
Debt issued	0	5,850	75	2,250	5,235	1,335	2	55	2,450	0
Debt repaid	-70	-2,742	-74	-2,266	-4,708
Stock issued	14	29	61	102	0	0	30	0	0	33
Share buybacks				0	0	-551	-326	-500	0	0
Dividends paid	-538	-664	-728	-901	-959	-974	-971	-990	-1,029	-1,108
Cash from financing	-591	-936	-1,285	-842	-821	-1,093	-1,307	-1,374	-625	-1,436
Exchange rate effect	-2	24	-20	16	6	-3	-28	1	-23	16
Net change in cash	684	-379	-184	620	27	-473	91	-39	195	-105
Free cash flow	1,216	1,354	1,079	1,414	804	1,620	1,390	1,203	1,302	1,449
Interest paid	407	447	561	584	463	404	487	761	785	714
Income taxes paid	159	200	433	248	267	256	275	290	293	450

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $71.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	26.9%	Operating income / revenue.
EBITDA margin	30.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.7%	Pre-tax income / revenue.
Net margin	13.1%	Net income / revenue.
FCF margin	16.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.6%	Cash from operations / revenue.
Effective tax rate	13.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Return on invested capital (ROIC)	14.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-9.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-6.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-24.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-26.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-10.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	11.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.0%	Total debt / total assets.
Liabilities / assets	78.4%	Total liabilities / total assets.
Net debt	$12.19B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.19x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$29.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	68.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$13.28B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Fixed asset turnover	4.35x	Revenue / average property, plant and equipment.
Receivables turnover	12.1x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
FCF conversion	128.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.08	Revenue / diluted weighted shares.
FCF per share	$3.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.14	Cash from operations / diluted weighted shares.
Book value per share	$11.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$38.02	Tangible book value / shares outstanding.
Cash per share	$3.04	(Cash + short-term investments) / shares outstanding.
Payout ratio	89.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	70.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$32.56B	Share price x shares outstanding.
Enterprise value	$44.75B	Market cap + total debt - cash - short-term investments.
P/E	25.6x	Market cap / net income. Only when net income is positive.
P/S	3.36x	Market cap / revenue.
P/B	8.46x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	20.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.1x	Market cap / cash from operations, when positive.
EV/Sales	4.61x	Enterprise value / revenue.
EV/EBIT	17.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.

What was Restaurant Brands International Inc.'s revenue in fiscal 2025?

Restaurant Brands International Inc. reported revenue of $9.43B for fiscal 2025, 12.2% higher than the year before.

Was Restaurant Brands International Inc. profitable in fiscal 2025?

Yes. Net income was $776.0M, a net margin of 8.2%.

How much free cash flow did Restaurant Brands International Inc. generate in fiscal 2025?

Cash from operations of $1.71B minus capital expenditures of $265.0M left free cash flow of $1.45B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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