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Financial statements

Restaurant Brands International Limited Partnership financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Restaurant Brands International Limited Partnership 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

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue4,1464,5765,3575,6034,9685,7396,5057,0228,4069,434
Cost of revenue1,7271,8501,8181,8131,6101,8902,3122,435
Gross profit2,4192,7263,5393,7903,3583,8494,1934,587
Selling, general and administrative3194161,2141,2641,264
General and administrative406407484631704733741
Operating income1,6671,7351,9172,0071,4221,8791,8982,0512,4192,202
Interest expense412
Interest income4261520937403931
Pre-tax income1,2001,1011,3821,4528161,3631,3651,4531,8091,684
Income tax244-13423834166110-117-265364483
Net income to minority interests3212243331
Net income6831,2111,1431,1097481,2491,4791,7151,4421,074
EBITDA1,8391,9172,0972,1921,6112,0802,0882,2422,6832,503
Shares, basic (weighted)430
Shares, diluted (weighted)430

Balance sheet

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and equivalents1,4361,0979131,5331,5601,0871,1781,1391,3341,163
Receivables404489452527536547614749698794
Inventory71.87875849696133166142205
Other current assets1048660527286123119108179
Total current assets2,0571,7501,5002,1962,2641,8162,0482,1732,2822,830
Property, plant and equipment2,0552,1331,9962,0072,0312,0351,9501,9522,2362,303
Lease right-of-use assets01,1761,1521,1301,0821,1221,8521,961
Goodwill4,6755,7825,4865,6515,7396,0065,6885,7755,9866,306
Intangible assets9,22811,06210,46310,56310,70111,41710,99111,10710,92211,190
Other non-current assets3014266427198247629871,2621,3541,025
Total assets19,12521,22420,14122,36022,77723,24622,74623,39124,63225,615
Accounts payable370496513644464614758790765866
Accrued liabilities4698666377908359471,0011,0051,1411,271
Deferred revenue54.742.9
Short-term debt74.85770747962956718732
Total current liabilities1,2111,6551,4081,7031,6011,8782,1162,1442,3642,891
Long-term debt8,41011,80111,82311,75912,39712,91612,83912,85413,45513,250
Lease liabilities01,0891,0821,0701,0271,0591,7701,900
Other non-current liabilities7851,4551,5471,6982,2361,8228729967061,034
Total liabilities12,33916,66316,52318,10119,05619,39318,47818,66119,78920,456
Total debt8,48511,85811,89311,83312,47612,97812,93412,92113,64213,282
Retained earnings0000000000
Other comprehensive income-1,355-884-1,437-1,178-1,275-1,024-973-985-1,525-1,334
Shareholders' equity4,5603,616
Minority interests4.1124432222
Total equity3,4894,5613,6184,2593,7213,8534,2684,7304,8435,159
Total liabilities and equity19,12521,22420,14122,36022,77723,24622,74623,39124,63225,615

Cash flow statement

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income9561,2351,1441,1117501,2531,4821,7181,4451,075
Depreciation and amortization172182180185189201190191264301
Stock-based compensation3548487484102136194172151
Deferred income tax80-7422958-208-5-60-430-597
Change in payables161441112-18314916922-3089
Cash from operations1,2141,4311,1651,4769211,7261,4901,3231,5031,714
Capital expenditures-34-37-86-62-117-106-100-120-201-265
Acquisitions0-1,636000-1,0040-17-540-152
Cash from investing27-858-44-30-79-1,103-6411-660-318
Debt issued05,850752,2505,2351,3352552,4500
Debt repaid-70-2,742-74-2,266-4,708
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-224-20166-3-281-2316
Net change in cash648-339-18462027-47391-39195-105
Free cash flow1,1801,3941,0791,4148041,6201,3901,2031,3021,449
Interest paid407447561584463404487761785714
Income taxes paid159200433248267256275290293450

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 $74.00 on September 25, 2026.

Profitability

MetricValueHow it is calculated
Operating margin26.9%Operating income / revenue.
EBITDA margin30.0%EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin21.7%Pre-tax income / revenue.
Net margin17.5%Net income / revenue.
FCF margin16.8%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin19.6%Cash from operations / revenue.
Effective tax rate13.3%Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)6.8%Net income / average total assets.
Stock-based pay / revenue1.4%Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue2.8%Capital expenditures / revenue.
D&A / revenue3.2%Depreciation and amortization / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y12.2%Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y13.2%Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y13.7%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, 3y5.1%Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y9.1%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, 3y6.2%Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y9.2%Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y-25.5%Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y-10.1%Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y7.5%Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y14.0%Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y4.8%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, 5y13.2%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, 1y11.3%Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y1.4%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, 5y12.5%Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y4.0%Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y4.0%Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y2.4%Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

MetricValueHow it is calculated
Current ratio1.01xCurrent assets / current liabilities.
Quick ratio0.81x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio0.46x(Cash + short-term investments) / current liabilities.
Debt / assets53.0%Total debt / total assets.
Liabilities / assets78.4%Total liabilities / total assets.
Net debt$12.19BTotal debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA4.19xNet debt / EBITDA (twelve months), when EBITDA is positive.
Working capital$29.0MCurrent assets - current liabilities.
Goodwill and intangibles / assets68.5%(Goodwill + intangible assets) / total assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.39xRevenue / average total assets.
Fixed asset turnover4.35xRevenue / average property, plant and equipment.
Receivables turnover12.1xRevenue / average receivables.
Days sales outstanding30 days365 x average receivables / revenue.
FCF conversion96.0%Free cash flow / net income, when net income is positive.
Capex / operating cash flow14.3%Capital expenditures / cash from operations, when that is positive.

Per share

MetricValueHow it is calculated
Payout ratio67.2%Dividends paid / net income, when net income is positive.
Dividends / FCF70.0%Dividends paid / free cash flow, when free cash flow is positive.
What was Restaurant Brands International Limited Partnership's revenue in fiscal 2025?

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

Was Restaurant Brands International Limited Partnership profitable in fiscal 2025?

Yes. Net income was $1.07B, a net margin of 11.4%.

How much free cash flow did Restaurant Brands International Limited Partnership 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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