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QSR

Restaurant Brands International Inc.

QSR

Restaurant Brands International Inc. • NYSE
$72.38 ▲ 0.22% (+0.16)
Market Cap $23.73 B
52w High $73.13
52w Low $58.71
Dividend Yield 2.44%
P/E 25.67
Volume 920.40K
Outstanding Shares 327.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.449B ▲ $512M ▲ $315M ▲ 12.862% ▲ $0.96 ▲ $628M ▲
Q2-2025 $2.41B ▲ $332M ▲ $189M ▲ 7.842% ▲ $0.58 ▲ $559M ▲
Q1-2025 $2.109B ▼ $269M ▲ $159M ▼ 7.539% ▼ $0.49 ▼ $508M ▼
Q4-2024 $2.296B ▲ $109M ▼ $259M ▲ 11.28% ▲ $0.8 ▲ $716M ▲
Q3-2024 $2.291B $221M $252M 11% $0.79 $657M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.206B ▲ $25.669B ▼ $20.504B ▼ $3.381B ▲
Q2-2025 $1.026B ▲ $25.688B ▲ $20.598B ▲ $3.317B ▲
Q1-2025 $899M ▼ $24.881B ▲ $20.057B ▲ $3.116B ▲
Q4-2024 $1.334B ▲ $24.632B ▼ $19.789B ▼ $3.11B ▼
Q3-2024 $1.176B $25.071B $20.032B $3.236B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $436M ▲ $546.494M ▲ $-10.554M ▲ $-401.355M ▼ $180M ▲ $484.876M ▲
Q2-2025 $263M ▲ $459.351M ▲ $-21.688M ▲ $-300.132M ▼ $127M ▲ $419.489M ▲
Q1-2025 $221M ▼ $118M ▼ $-184M ▼ $-265M ▼ $-435M ▼ $54M ▼
Q4-2024 $259M ▼ $481M ▼ $-44M ▲ $-260M ▼ $158M ▼ $404M ▼
Q3-2024 $357M $540M $-57M $-253M $234.138M $485M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Burger King
Burger King
 $370.00M ▲$360.00M ▼$390.00M ▲$390.00M ▲
Firehouse Subs
Firehouse Subs
 $60.00M ▲$50.00M ▼$60.00M ▲$60.00M ▲
Popeyes Louisiana Kitchen
Popeyes Louisiana Kitchen
 $200.00M ▲$190.00M ▼$210.00M ▲$200.00M ▼
Tim Hortons
Tim Hortons
 $1.03Bn ▲$900.00M ▼$1.08Bn ▲$1.13Bn ▲
Advertising
Advertising
 $450.00M ▲$430.00M ▼$0 ▼$0 ▲
International Segment
International Segment
 $240.00M ▲$220.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, Restaurant Brands International has steadily grown its sales, bouncing back firmly from the pandemic period. Profitability at the operating level has generally improved alongside revenue, suggesting better scale and efficiency in the core business. However, net profit has been more uneven: it recovered strongly after 2020, peaked recently, and then dipped despite higher sales and operating profit. That pattern hints at pressure below the operating line, likely from interest costs, taxes, or one‑off items. Overall, the business looks solidly profitable, but earnings are not on a straight upward path and can be somewhat lumpy year to year.

Balance Sheet

Balance Sheet The balance sheet shows a large, stable asset base and a business built heavily on debt financing. Debt levels are high compared with the company’s equity, even though equity has been slowly building over time. Cash on hand has stayed relatively steady, not excessively low but not a major cushion given the size of the debt pile. This capital structure can work well for a predictable, cash‑generative franchised model, but it does increase sensitivity to interest rates, refinancing conditions, and any downturn in cash flows.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong and has recovered well from the pandemic shock. Free cash flow has also been healthy in each of the last several years, helped by relatively modest capital spending requirements due to the franchise‑heavy model. The company appears to convert a good portion of its accounting profit into actual cash, giving it flexibility to service debt, support franchisees, invest in technology, and return capital to shareholders if it chooses. The key watchpoint is whether this strong cash performance can be maintained if economic or competitive conditions toughen.

Competitive Edge

Competitive Edge Restaurant Brands International benefits from a powerful portfolio of well‑known brands—Burger King, Tim Hortons, and Popeyes—with deep customer awareness and established loyalty in many markets. The franchise model provides local expertise and rapid expansion potential, while the company’s size gives it bargaining power in purchasing and marketing. Its digital platforms, loyalty programs, and data capabilities add another layer of advantage versus smaller rivals. That said, it operates in one of the most competitive corners of the restaurant industry, facing global giants and aggressive regional players, all fighting on price, speed, convenience, and menu innovation. Success will depend on continued brand revitalization, operational consistency, and effective franchisee alignment, especially in key markets like the U.S. and international growth regions.

Innovation and R&D

Innovation and R&D Innovation at Restaurant Brands International is less about traditional laboratory R&D and more about technology, format, and menu evolution. The company is leaning heavily into digital drive‑thrus, self‑ordering kiosks, and AI‑driven “predictive selling” to personalize orders and speed service. Its loyalty programs across Burger King, Tim Hortons, and Popeyes create a data engine that can fine‑tune promotions and product launches. On the brand side, initiatives like Burger King’s “Reclaim the Flame,” Tim Hortons’ beverage and retail product pushes, and Popeyes’ continued expansion of its chicken platforms all aim to keep the menus fresh and culturally relevant. Future upside depends on how effectively it scales next‑generation restaurant formats, deepens AI use, and adapts menus to local tastes as it expands internationally.

Summary

Overall, Restaurant Brands International looks like a mature, cash‑rich, highly franchised restaurant group with solid revenue growth and improving operational performance since the pandemic. Its main financial strength is dependable cash flow generation, which supports a leveraged balance sheet and ongoing investment in technology and brand upgrades. The main financial risk is the heavy use of debt, which amplifies exposure to interest rates and any slowdown in cash flows. Strategically, its well‑known brands, global footprint, and growing digital ecosystem provide a strong platform, but intense competition and the need to execute multiple brand refreshes at once add complexity. The company’s long‑term trajectory will hinge on balancing debt, maintaining cash discipline, and successfully delivering on digital, menu, and international growth initiatives.

NEWS

November 28, 2025 · 6:00 AM UTC

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November 25, 2025 · 7:00 AM UTC

Restaurant Brands International Inc. to Participate in the Barclays 11th Annual Eat, Sleep, Play, Shop Conference

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November 14, 2025 · 6:00 AM UTC

Happy Belly Food Group's Heal Wellness QSR Announces the Signing of a Franchise Agreement for Bradford, Ontario

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November 13, 2025 · 8:23 PM UTC

/C O R R E C T I O N -- Restaurant Brands International Inc./

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November 13, 2025 · 7:48 PM UTC

Restaurant Brands International Inc. Announces Pricing of Secondary Offering of Common Shares

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