Restaurant Brands International Limited Partnership (QSP)
As-reported financials and SEC filings for Restaurant Brands International Limited Partnership. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Restaurant Brands International Limited Partnership
Restaurant Brands International Limited Partnership operates one of the world's largest quick service restaurant companies with over 33,000 restaurants in more than 120 countries. It owns and franchises four brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs, serving a variety of food and beverage offerings including coffee, hamburgers, chicken, and sandwiches. The company primarily franchises its restaurants and supports franchisees through quality food, service, convenience, and marketing initiatives.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Restaurant Brands International Limited Partnership
- Revenue grew 12.2% to $9.4B in FY2025, slower than the 19.7% the year before.
- Operating margin is 23.3% in FY2025, -9.4 pp against 32.7% in FY2021.
- Most recent quarter Q2 FY2026: revenue $2.5B, up 4.6% from Q2 FY2025.
- Free cash flow was $1.4B in FY2025, 15.4% of revenue.
- Net income fell 25.6% to $1.1B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Restaurant Brands International Limited Partnership’s fundamentals sit among the 42 restaurant companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Restaurant Brands International Limited Partnership’s long-term debt to equity of 2.57 ranks in the 91st percentile of the 23 restaurant companies reporting it. Restaurant Brands International Limited Partnership’s operating margin of 23.3% ranks in the 90th percentile of the 40 restaurant companies reporting it. Restaurant Brands International Limited Partnership’s FCF margin of 15.4% ranks in the 90th percentile of the 42 restaurant companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $9.43B | $8.41B | $7.02B | $6.50B | $5.74B |
| Gross profit | — | — | $4.59B | $4.19B | $3.85B |
| Operating income | $2.20B | $2.42B | $2.05B | $1.90B | $1.88B |
| Net income | $1.07B | $1.45B | $1.72B | $1.48B | $1.25B |
| Diluted EPS | — | — | — | — | — |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $1.16B | $1.33B | $1.14B | $1.18B | $1.09B |
| Current assets | $2.83B | $2.28B | $2.17B | $2.05B | $1.82B |
| Total assets | $25.61B | $24.63B | $23.39B | $22.75B | $23.25B |
| Current liabilities | $2.89B | $2.36B | $2.14B | $2.12B | $1.88B |
| Long-term debt | $13.25B | $13.46B | $12.85B | $12.84B | $12.92B |
| Total liabilities | $20.46B | $19.79B | $18.66B | $18.48B | $19.39B |
| Total equity | $5.16B | $4.84B | $4.73B | $4.27B | $3.85B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.71B | $1.50B | $1.32B | $1.49B | $1.73B |
| Capital expenditure | $265.0M | $201.0M | $120.0M | $100.0M | $106.0M |
| Free cash flow | $1.45B | $1.30B | $1.20B | $1.39B | $1.62B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $2.52B | 4.6% | $665.0M | — |
| Q1 FY2026 | $2.26B | 7.3% | $445.0M | — |
| Q4 FY2025 | $2.47B | 7.4% | $155.0M | — |
| Q3 FY2025 | $2.45B | 6.9% | $436.0M | — |
| Q2 FY2025 | $2.41B | 15.9% | $263.0M | — |
| Q1 FY2025 | $2.11B | 21.3% | $221.0M | — |
| Q4 FY2024 | $2.30B | 26.2% | $361.0M | — |
| Q3 FY2024 | $2.29B | 24.7% | $357.0M | — |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest restaurant peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.