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Restaurant Brands International vs Restaurant Brands International Limited Partnership: revenue, profit, margins and growth compared

Restaurant Brands International brought in $9.4B of revenue in fiscal 2025, Restaurant Brands International Limited Partnership $9.4B in fiscal 2025. Revenue changed by +12.2% at Restaurant Brands International and +12.2% at Restaurant Brands International Limited Partnership on the year before. Restaurant Brands International kept 8.2% of its revenue as net profit, Restaurant Brands International Limited Partnership 11.4%. Free cash flow was $1.4B at Restaurant Brands International and $1.4B at Restaurant Brands International Limited Partnership.

Side by side, latest fiscal year

QSRRSTRF
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.4B$9.4B
Revenue growth+12.2%+12.2%
Net income$776M$1.1B
Net margin8.2%11.4%
Free cash flow$1.4B$1.4B
Free cash flow margin15.4%15.4%
Earnings per share (diluted)$2.35n/a
Cash$1.2B$1.2B
Debt$13.3B$13.3B
Price to earnings32.1n/a
Market value$34.2Bn/a
Dividend yield3.29%n/a
Rank by revenue in sector#127 of 1077 · Consumer discretionary#127 of 1077 · Consumer discretionary

Over the years

Revenue
QSR FY2018: $5.4BQSR FY2019: $5.6BQSR FY2020: $5BQSR FY2021: $5.7BQSR FY2022: $6.5BQSR FY2023: $7BQSR FY2024: $8.4BQSR FY2025: $9.4BRSTRF FY2018: $5.4BRSTRF FY2019: $5.6BRSTRF FY2020: $5BRSTRF FY2021: $5.7BRSTRF FY2022: $6.5BRSTRF FY2023: $7BRSTRF FY2024: $8.4BRSTRF FY2025: $9.4BFY18FY19FY20FY21FY22FY23FY24FY25
QSR $9.4BRSTRF $9.4B
Net income
QSR FY2018: $612MQSR FY2019: $643MQSR FY2020: $486MQSR FY2021: $838MQSR FY2022: $1BQSR FY2023: $1.2BQSR FY2024: $1BQSR FY2025: $776MRSTRF FY2018: $1.1BRSTRF FY2019: $1.1BRSTRF FY2020: $748MRSTRF FY2021: $1.2BRSTRF FY2022: $1.5BRSTRF FY2023: $1.7BRSTRF FY2024: $1.4BRSTRF FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
QSR $776MRSTRF $1.1B
Net margin
QSR FY2018: 11.4%QSR FY2019: 11.5%QSR FY2020: 9.8%QSR FY2021: 14.6%QSR FY2022: 15.5%QSR FY2023: 16.9%QSR FY2024: 12.1%QSR FY2025: 8.2%RSTRF FY2018: 21.3%RSTRF FY2019: 19.8%RSTRF FY2020: 15.1%RSTRF FY2021: 21.8%RSTRF FY2022: 22.7%RSTRF FY2023: 24.4%RSTRF FY2024: 17.2%RSTRF FY2025: 11.4%FY18FY19FY20FY21FY22FY23FY24FY25
QSR 8.2%RSTRF 11.4%
Revenue growth
QSR FY2019: +4.6%QSR FY2020: -11.3%QSR FY2021: +15.5%QSR FY2022: +13.3%QSR FY2023: +7.9%QSR FY2024: +19.7%QSR FY2025: +12.2%RSTRF FY2019: +4.6%RSTRF FY2020: -11.3%RSTRF FY2021: +15.5%RSTRF FY2022: +13.3%RSTRF FY2023: +7.9%RSTRF FY2024: +19.7%RSTRF FY2025: +12.2%FY19FY20FY21FY22FY23FY24FY25
QSR +12.2%RSTRF +12.2%
Free cash flow
QSR FY2018: $1.1BQSR FY2019: $1.4BQSR FY2020: $804MQSR FY2021: $1.6BQSR FY2022: $1.4BQSR FY2023: $1.2BQSR FY2024: $1.3BQSR FY2025: $1.4BRSTRF FY2018: $1.1BRSTRF FY2019: $1.4BRSTRF FY2020: $804MRSTRF FY2021: $1.6BRSTRF FY2022: $1.4BRSTRF FY2023: $1.2BRSTRF FY2024: $1.3BRSTRF FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
QSR $1.4BRSTRF $1.4B

Fiscal years as each company reports them; the two may end in different months.

Questions about Restaurant Brands International and Restaurant Brands International Limited Partnership

Which keeps more of its revenue as profit, Restaurant Brands International or Restaurant Brands International Limited Partnership?

Restaurant Brands International had a net margin of 8.2% in fiscal 2025; Restaurant Brands International Limited Partnership had 11.4% in fiscal 2025.

Which grew revenue faster, Restaurant Brands International or Restaurant Brands International Limited Partnership?

In their latest fiscal years revenue changed by +12.2% at Restaurant Brands International and +12.2% at Restaurant Brands International Limited Partnership.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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