Restaurant Brands International

QSR · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

QSR · Last close · October 26, 2026

$74.48

Value Restaurant Brands International yourself

Restaurant Brands International's revenue rose 12.2% to $9.4 billion in fiscal 2025. Its operating margin was 23.3%, down from 28.8% a year earlier. Free cash flow was $1.4 billion, up 11.3%. It paid out $1.1 billion in dividends and buybacks, 76% of free cash flow. The diluted share count rose 0.7%.

RESTAURANT BRANDS INTERNATIONAL INC. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001618756-26-000017 Updated October 11, 2026

Revenue

$9.4B

12.2%

Operating margin

23.3%

5.4 pts

Net income

$1.1B

25.6%

Free cash flow

$1.4B

11.3%

Return on capital

9.0%

2.3 pts

Market cap

$34.3B

Oct 26 close

P/E

20.0x

On $3.72 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Restaurant Brands International does

Restaurant Brands International owns four fast-food chains: Tim Hortons, which sells coffee and baked goods; Burger King; Popeyes, which sells fried chicken; and Firehouse Subs. At the end of 2025 it had over 33,000 restaurants in more than 120 countries and territories. Together they had nearly $47 billion in system-wide sales, meaning the sales of all its restaurants, including those owned by franchisees.

Franchisees, independent owners who pay the company fees, run over 95% of its restaurants. In the U.S. and Canada, royalties for standard restaurants typically range from 3.0% to 6.0% of sales. The company also leases or subleases about 4,700 properties, mostly to Tim Hortons and Burger King franchisees, who usually pay rent of 8.5% to 10.0% of monthly sales. Tim Hortons also roasts coffee and supplies its Canadian restaurants. The company reports six segments: one for each brand in the U.S. and Canada, one for International, and Restaurant Holdings, mainly for restaurants it runs itself. It says it competes with local restaurants, other chains, casual dining, convenience and grocery stores, and delivery services.

It had about 53,500 employees at the end of 2025, about 48,900 of them in its own restaurants. Most of its own restaurants came with its purchase of Carrols, and it plans to hand most of them to franchisees. In January 2026 it closed a joint venture for Burger King in China, in which a fund managed by CPE owns about 83% and the company about 17%.

Its biggest risks, as it describes them

Its results depend on independent franchisees, over whose operations it has limited influence.
Running a large group of its own restaurants, mostly from the Carrols purchase, could hurt its margins and cash flow.
Growing abroad depends on finding strong partners and joint ventures.
Rising food, equipment and commodity costs, or supply shortages, could hurt it and its franchisees.
Its debt and the obligations to service it.

From Restaurant Brands International's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 5.5% a year and net income 1.3% a year, as buybacks cut the share count by 3%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Restaurant Brands International yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Restaurant Brands International's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Restaurant Brands International's fiscal 2025 free cash flow of $1.4B, net cash of −$12.4B at December 31, 2025 and 457 million diluted shares, from its filings. The scenarios are fitted to Restaurant Brands International: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 13.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Restaurants); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Restaurant Brands International's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 13% then 8% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 20% then 11.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $74.48
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Restaurant Brands International's earnings per share of $3.72 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 19.8×, the middle of Restaurant Brands International's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Yum! Brands, Yum China, Chipotle Mexican Grill, Darden Restaurants.

Earnings growth in the years ahead (% a year) Starts at Restaurant Brands International's revenue growth over the last 3 years, 13.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $74.48
Value at this multiple, against the last close: —
Restaurant Brands International's P/E at the last close: 20.0×

Company	Last close	Earnings per share	P/E today
Chipotle Mexican GrillCMG	$28.41	$1.09	26.1×
Darden RestaurantsDRI	$213.25	$10.23	20.8×
Restaurant Brands InternationalQSR	$74.48	$3.72	20.0×
Yum! BrandsYUM	$149.47	$7.95	18.8×
Yum ChinaYUMC	$45.53	$2.73	16.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,087	1,178	1,139	1,334	1,163
Debt incl. finance leases	13,345	13,277	13,267	13,963	13,579
Net debt (negative means net cash)	12,258	12,099	12,128	12,629	12,416
Net debt to EBITDA	5.9x	5.8x	5.4x	4.7x	5.0x
Debt to equity	6.0x	5.3x	4.6x	4.5x	3.7x
Interest coverage	4.7x	3.9x	2.7x	3.1x	3.1x
Current ratio	1.0x	1.0x	1.0x	1.0x	1.0x
Quick ratio	0.9x	0.9x	0.9x	0.9x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Restaurant Brands International shares on the open market, and 12 insiders sold $55.7 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 4, 2026	Axel SchwanPres., Tim Hortons US & Canada	Sold	57,574	$81.14	$4.7 million	Form 4
Aug 21, 2026	Thomas Benjamin CurtisPres., Bk US & Ca	Sold	64,000	$80.72	$5.2 million	Form 4
Mar 20, 2026	Jeffrey HousmanSee Remarks	Sold	20,000	$73.48	$1.5 million	Form 4
Mar 18, 2026	Joshua KobzaChief Executive Officer	Sold	200,000	$75.05	$15.0 million	Form 4
Mar 18, 2026	Jill GranatSee Remarks	Sold	25,000	$75.09	$1.9 million	Form 4
Mar 17, 2026	Sami A. SiddiquiChief Financial Officer	Sold	40,000	$75.28	$3.0 million	Form 4
Mar 17, 2026	Thiago T SantelmoPresident, International	Sold	10,000	$75.41	$754,100	Form 4
Mar 16, 2026	Sami A. SiddiquiChief Financial Officer	Sold	40,000	$74.51	$3.0 million	Form 4
Mar 16, 2026	Jacqueline FriesnerSee Remarks	Sold	30,000	$74.61	$2.2 million	Form 4
Mar 16, 2026	Jill GranatSee Remarks	Sold	25,000	$74.76	$1.9 million	Form 4
Feb 23, 2026	Axel SchwanPres., Tim Hortons Americas	Sold	34,939	$67.51	$2.4 million	Form 4
Feb 23, 2026	Thomas Benjamin CurtisPres., Bk US & Ca	Sold	15,410	$67.51	$1.0 million	Form 4

The latest 12 of 42 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Pass	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	5 of 8	6 of 8
Accruals ratio	1.7%	−0.2%	−2.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Restaurant Brands International side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Restaurant Brands International	FY25	12.2%	23.3%	15.4%	9.0%	5.0x	6
Yum! Brands	FY25	8.8%	31.3%	19.9%	54.8%	4.1x	6	Compare
Yum China	FY25	4.4%	10.9%	7.1%	—	—	—	Compare
Chipotle Mexican Grill	FY25	5.4%	16.2%	12.1%	73.7%	−0.5x	4	Compare
Darden Restaurants	FY26	9.4%	12.0%	8.5%	24.8%	1.5x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,146	4,576	5,357	5,603	4,968	5,739	6,505	7,022	8,406	9,434
Revenue growth	2.3%	10.4%	17.1%	4.6%	−11.3%	15.5%	13.3%	8.0%	19.7%	12.2%
Gross profit	2,419	2,726	3,539	3,790	3,358	3,849	4,193	4,587	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	1,667	1,735	1,917	2,007	1,422	1,879	1,898	2,051	2,419	2,202
Net income	956	1,235	1,144	1,111	750	1,253	1,482	1,718	1,445	1,075
Diluted EPS (US$)	1.45	2.54	2.42	2.37	1.60	2.69	3.25	3.76	3.18	2.35
Diluted shares (millions)	470	477	473	469	468	464	455	456	454	457
Cash flow
Cash from operations	1,250	1,391	1,165	1,476	921	1,726	1,490	1,323	1,503	1,714
Capital expenditure	34	37	86	62	117	106	100	120	201	265
Free cash flow	1,216	1,354	1,079	1,414	804	1,620	1,390	1,203	1,302	1,449
Dividends paid	538	664	728	901	959	974	971	990	1,029	1,108
Share buybacks	0	0	0	0	0	551	326	500	0	0
Acquisitions	0	1,636	0	0	0	1,004	0	17	540	152
Stock-based compensation	35	48	48	74	84	102	136	194	172	151
Balance sheet at fiscal year end
Cash and short-term investments	1,476	1,097	913	1,533	1,560	1,087	1,178	1,139	1,334	1,163
Debt incl. finance leases	8,485	11,858	11,893	12,148	12,823	13,345	13,277	13,267	13,963	13,579
Total assets	19,125	21,224	20,141	22,360	22,777	23,246	22,746	23,391	24,632	25,615
Total liabilities	12,339	16,663	16,523	18,101	19,056	19,393	18,478	18,661	19,789	20,456
Shareholders' equity	1,702	2,227	1,611	2,490	2,167	2,237	2,499	2,866	3,110	3,634
Margins and ratios
Gross margin	58.4%	59.6%	66.1%	67.6%	67.6%	67.1%	64.5%	65.3%	—	—
Operating margin	40.2%	37.9%	35.8%	35.8%	28.6%	32.7%	29.2%	29.2%	28.8%	23.3%
Net margin	23.1%	27.0%	21.4%	19.8%	15.1%	21.8%	22.8%	24.5%	17.2%	11.4%
Free cash flow margin	29.3%	29.6%	20.1%	25.2%	16.2%	28.2%	21.4%	17.1%	15.5%	15.4%
Return on capital	12.6%	13.4%	10.6%	10.4%	8.8%	11.1%	11.7%	12.3%	11.3%	9.0%
Return on equity	62.9%	62.9%	59.6%	54.2%	32.2%	56.9%	62.6%	64.0%	48.4%	31.9%
Return on assets	5.1%	6.1%	5.5%	5.2%	3.3%	5.5%	6.4%	7.5%	6.0%	4.3%
Net debt to EBITDA	3.8x	5.6x	5.2x	4.8x	7.0x	5.9x	5.8x	5.4x	4.7x	5.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Restaurant Brands International's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Restaurant Brands International.