InsiderClue
Stocks · Consumer discretionary · Retail-Eating Places

Restaurant Brands International Inc.

QSR Clue Score36
United States Fiscal year ends December CIK 0001618756
$70.95 +0.41% Close, 9 Oct 2026
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Price $70.95 +15.05% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4.15Operating income1.67Net income0.96EPS, diluted1.45Fiscal year 2017Revenue4.58 +10.4%Operating income1.74Net income1.24 +29.2%EPS, diluted2.54 +75.2%Fiscal year 2018Revenue5.36 +17.1%Operating income1.92Net income1.14 −7.4%EPS, diluted2.42 −4.7%Fiscal year 2019Revenue5.60 +4.6%Operating income2.01Net income1.11 −2.9%EPS, diluted2.37 −2.1%Fiscal year 2020Revenue4.97 −11.3%Operating income1.42Net income0.75 −32.5%EPS, diluted1.60 −32.5%Fiscal year 2021Revenue5.74 +15.5%Operating income1.88EPS, diluted2.69 +68.1%Fiscal year 2022Revenue6.51 +13.3%Operating income1.90EPS, diluted3.25 +20.8%Fiscal year 2023Revenue7.02 +7.9%Operating income2.05EPS, diluted3.76 +15.7%Fiscal year 2024Revenue8.41 +19.7%Operating income2.42EPS, diluted3.18 −15.4%Fiscal year 2025Revenue9.43 +12.2%Operating income2.20EPS, diluted2.35 −26.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.15 4.58 5.36 5.60 4.97 5.74 6.51 7.02 8.41 9.43
Growth +10.4% +17.1% +4.6% −11.3% +15.5% +13.3% +7.9% +19.7% +12.2%
Operating income 1.67 1.74 1.92 2.01 1.42 1.88 1.90 2.05 2.42 2.20
Net income 0.96 1.24 1.14 1.11 0.75 n/a n/a n/a n/a n/a
Growth +29.2% −7.4% −2.9% −32.5%
EPS, diluted 1.45 2.54 2.42 2.37 1.60 2.69 3.25 3.76 3.18 2.35
Growth +75.2% −4.7% −2.1% −32.5% +68.1% +20.8% +15.7% −15.4% −26.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin40.2%Net margin23.1%Free cash flow margin29.3%Fiscal year 2017Operating margin37.9%Net margin27.0%Free cash flow margin29.6%Fiscal year 2018Operating margin35.8%Net margin21.4%Free cash flow margin20.1%Fiscal year 2019Operating margin35.8%Net margin19.8%Free cash flow margin25.2%Fiscal year 2020Operating margin28.6%Net margin15.1%Free cash flow margin16.2%Fiscal year 2021Operating margin32.7%Free cash flow margin28.2%Fiscal year 2022Operating margin29.2%Free cash flow margin21.4%Fiscal year 2023Operating margin29.2%Free cash flow margin17.1%Fiscal year 2024Operating margin28.8%Free cash flow margin15.5%Fiscal year 2025Operating margin23.3%Free cash flow margin15.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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% n/a n/a n/a n/a n/a
Free cash flow margin 29.3% 29.6% 20.1% 25.2% 16.2% 28.2% 21.4% 17.1% 15.5% 15.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.25Capital expenditure−0.03Free cash flow1.22Dividends paid−0.54Fiscal year 2017Operating cash flow1.39Capital expenditure−0.04Free cash flow1.35 +11.3%Dividends paid−0.66Fiscal year 2018Operating cash flow1.17Capital expenditure−0.09Free cash flow1.08 −20.3%Dividends paid−0.73Fiscal year 2019Operating cash flow1.48Capital expenditure−0.06Free cash flow1.41 +31.0%Buybacks0.00Dividends paid−0.90Fiscal year 2020Operating cash flow0.92Capital expenditure−0.12Free cash flow0.80 −43.1%Buybacks0.00Dividends paid−0.96Fiscal year 2021Operating cash flow1.73Capital expenditure−0.11Free cash flow1.62 +101.5%Buybacks−0.55Dividends paid−0.97Fiscal year 2022Operating cash flow1.49Capital expenditure−0.10Free cash flow1.39 −14.2%Buybacks−0.33Dividends paid−0.97Fiscal year 2023Operating cash flow1.32Capital expenditure−0.12Free cash flow1.20 −13.5%Buybacks−0.50Dividends paid−0.99Fiscal year 2024Operating cash flow1.50Capital expenditure−0.20Free cash flow1.30 +8.2%Buybacks0.00Dividends paid−1.03Fiscal year 2025Operating cash flow1.71Capital expenditure−0.27Free cash flow1.45 +11.3%Buybacks0.00Dividends paid−1.11
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.25 1.39 1.17 1.48 0.92 1.73 1.49 1.32 1.50 1.71
Capital expenditure −0.03 −0.04 −0.09 −0.06 −0.12 −0.11 −0.10 −0.12 −0.20 −0.27
Free cash flow 1.22 1.35 1.08 1.41 0.80 1.62 1.39 1.20 1.30 1.45
Growth +11.3% −20.3% +31.0% −43.1% +101.5% −14.2% −13.5% +8.2% +11.3%
Buybacks n/a n/a n/a 0.00 0.00 −0.55 −0.33 −0.50 0.00 0.00
Dividends paid −0.54 −0.66 −0.73 −0.90 −0.96 −0.97 −0.97 −0.99 −1.03 −1.11

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.48Total debt8.49Net cash (debt)−7.01Shareholders’ equity1.70Debt to equity4.98Fiscal year 2017Cash1.10Total debt11.86Net cash (debt)−10.76Shareholders’ equity2.23Debt to equity5.32Fiscal year 2018Cash0.91Total debt11.89Net cash (debt)−10.98Shareholders’ equity1.61Debt to equity7.38Fiscal year 2019Cash1.53Total debt11.83Net cash (debt)−10.30Shareholders’ equity2.49Debt to equity4.75Fiscal year 2020Cash1.56Total debt12.48Net cash (debt)−10.92Shareholders’ equity2.17Debt to equity5.76Fiscal year 2021Cash1.09Total debt12.98Net cash (debt)−11.89Shareholders’ equity2.24Debt to equity5.80Fiscal year 2022Cash1.18Total debt12.93Net cash (debt)−11.76Shareholders’ equity2.50Debt to equity5.18Fiscal year 2023Cash1.14Total debt12.92Net cash (debt)−11.78Shareholders’ equity2.87Debt to equity4.51Fiscal year 2024Cash1.33Total debt13.64Net cash (debt)−12.31Shareholders’ equity3.11Debt to equity4.39Fiscal year 2025Cash1.16Total debt13.28Net cash (debt)−12.12Shareholders’ equity3.63Debt to equity3.65
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.48 1.10 0.91 1.53 1.56 1.09 1.18 1.14 1.33 1.16
Total debt 8.49 11.86 11.89 11.83 12.48 12.98 12.93 12.92 13.64 13.28
Net cash (debt) −7.01 −10.76 −10.98 −10.30 −10.92 −11.89 −11.76 −11.78 −12.31 −12.12
Shareholders’ equity 1.70 2.23 1.61 2.49 2.17 2.24 2.50 2.87 3.11 3.63
Debt to equity 4.98 5.32 7.38 4.75 5.76 5.80 5.18 4.51 4.39 3.65

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4.15 4.58 5.36 5.60 4.97 5.74 6.51 7.02 8.41 9.43
Growth +10.4% +17.1% +4.6% −11.3% +15.5% +13.3% +7.9% +19.7% +12.2%
1.73 1.85 1.82 1.81 1.61 1.89 2.31 2.44 n/a n/a
0.32 0.42 1.21 1.26 1.26 0.48 0.63 0.70 0.73 0.74
1.67 1.74 1.92 2.01 1.42 1.88 1.90 2.05 2.42 2.20
Growth +4.1% +10.5% +4.7% −29.1% +32.1% +1.0% +8.1% +17.9% −9.0%
1.20 1.10 1.38 1.45 0.82 1.36 1.37 1.45 1.81 1.68
0.24 −0.13 0.24 0.34 0.07 0.11 −0.12 −0.27 0.36 0.48
0.96 1.24 1.14 1.11 0.75 n/a n/a n/a n/a n/a
Growth +29.2% −7.4% −2.9% −32.5%
Per share
1.48 2.64 2.46 2.40 1.61 2.71 3.28 3.82 3.21 2.36
1.45 2.54 2.42 2.37 1.60 2.69 3.25 3.76 3.18 2.35
Growth +75.2% −4.7% −2.1% −32.5% +68.1% +20.8% +15.7% −15.4% −26.1%
233.0 237.0 249.0 268.0 302.0 310.0 307.0 312.0 319.0 329.0
470.0 477.0 473.0 469.0 468.0 464.0 455.0 456.0 454.0 457.0
Growth +1.5% −0.8% −0.8% −0.2% −0.9% −1.9% +0.2% −0.4% +0.7%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 13.7% a year over five years, and earnings per share grew 8.0% a year.
  • The diluted share count fell 2.4% in five years, so buybacks did some of the work per share.
  • Operating margin is down 5.3 points on five years ago, at 23.3%.
  • Profitable in every one of the 5 years on file.