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Restaurant Brands International Inc.

QSR Consumer Cyclical Restaurants

Restaurant Brands International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.4 billion, up 12.2% from fiscal 2024.

Revenue
+3.10%
EPS
+110.1%
Free cash flow
−8.26%
Total debt
−2.06%

Quarter to September 2026, against a year earlier

78.27 0.11 −0.14%
Market cap
$35.5B
P/E
16.3×
Fwd P/E
14.7×
Dividend yield
3.28%
F-score
6/9
Altman Z
1.41
Beneish M
−2.41
Dividend safety
30/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • TH
  • RH
  • BK
  • INTL
  • PLK
  • FHS

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 52.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 10 10 9 6 — — — — 1 1 — —
Insider Ownership 1.61%

Capital & Financial Ratios $m

Size
Market Cap 35,450.00
Revenue ttm 9,775.00
Net income ttm 2,088.00
Free cash flow ttm 1,646.00
Net debt Q 12,542.00
Valuation
P/E 16.32
Forward P/E 14.70
Price / sales 2.79
Forward P/S Powerpack
Price / FCF 16.60
Price / book 4.94
Financial health
Current ratio Q 0.96 (below 1: weak)
Debt / equity Q 2.45 (above 2: weak)
Interest coverage Q 5.62
Growth
Revenue growth Q +3.10% (above 0%: growing)
Operating income growth Q +4.98% (above 0%: growing)
EPS, this year +9.76%
EPS, next year A +9.08%
Revenue, next year A +4.34%
EPS, past 5 yrs +7.99%
EPS, next 5 yrs A +9.66%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, against a ten-year median of 5.0×; over the ten years it ranged from 3.6× in 2025 to 6.5× in 2021.
P/E against its own 10 years 2.68%
10-year low 10-year high
P/S against its own 10 years 34.47%
10-year low 10-year high
P/B against its own 10 years 85.44%
10-year low 10-year high
EV/Sales against its own 10 years 17.71%
10-year low 10-year high
EV/FCF against its own 10 years 62.27%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.28%
Annual rate
2.57
Payout ratio
59.8%
Growth, 2017–25
+15.6%/yr
  1. 0.78 ’17
  2. 1.80 ’18 +131
  3. 2.00 ’19 +11
  4. 2.08 ’20 +4
  5. 2.12 ’21 +2
  6. 2.16 ’22 +2
  7. 2.20 ’23 +2
  8. 2.32 ’24 +5
  9. 2.48 ’25 +7
  10. 2.58 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,139 1,334 1,163 974
Receivables 749 698 794 799
Inventory 166 142 205 237
Other — — — —
2,173 2,282 2,830 2,310
2023 2024 2025 Q'26
Payables 790 765 866 816
ST’ Debt 101 222 68 89
Other 248 236 249 168
2,144 2,364 2,891 2,417

Compound Annual Growth %

10y 5y 3y
Sales 8.82% 13.68% 13.19%
Cash Flow 3.59% 13.23% 4.78%
Earnings 22.27% 9.81% (8.35%)
Book Value (1.84%) 6.75% 6.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.08 Actual 1.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.93 0.96 Beat by 0.03
Q1 FY26 0.82 0.86 Beat by 0.04
Q2 FY26 1.03 1.07 Beat by 0.04
Q3 FY26 1.08 1.10 Beat by 0.02
Q4 FY26 1.03 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.97 1.45 1.54 — —
’25 0.49 0.57 0.96 0.34 2.35
’24 0.72 0.88 0.79 0.79 3.18
’23 0.61 0.77 0.79 1.60 3.76
’22 0.59 0.76 1.17 0.74 3.25
’21 0.58 0.84 0.70 0.57 2.69
’20 0.48 0.35 0.47 0.30 1.60
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,264 2,520 2,525 — —
’25 2,109 2,410 2,449 2,466 9,434
’24 1,739 2,080 2,291 2,296 8,406
’23 1,590 1,775 1,837 1,820 7,022
’22 1,451 1,639 1,726 1,689 6,505
’21 1,260 1,438 1,495 1,546 5,739
’20 1,225 1,048 1,337 1,358 4,968
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 227 530 551 — —
’25 118 449 592 555 1,714
’24 148 334 540 481 1,503
’23 95 392 433 403 1,323
’22 234 435 398 423 1,490
’21 266 479 510 471 1,726
’20 136 60 412 313 921
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 190 491 500 — —
’25 64 413 545 465 1,487
’24 124 296 495 421 1,336
’23 81 371 418 370 1,240
’22 228 423 375 376 1,402
’21 262 451 486 437 1,636
’20 121 41 384 270 816
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.9% a year for ten years. It grew 1.2% a year over the last ten.

Implied
11.9%
10 years, reported
1.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,146 4,576 5,357 5,603 4,968 5,739 6,505 7,022 8,406 9,434 9,775 +9.6% 9,843 9,878 9,855 +1.5%
Gross margin, % 47.38 49.13 58.19 58.00 57.23 58.55 56.50 58.03 51.80 48.24 48.71 +0.9 pt
EBT 1,200 1,101 1,382 1,452 816 1,363 1,365 1,453 1,809 1,684 2,140 +3.8%
EBT margin, % 28.94 24.06 25.80 25.91 16.43 23.75 20.98 20.69 21.52 17.85 21.89 (11.1) pt
Net income 956 1,235 1,144 1,111 750 1,253 1,482 1,718 1,445 1,201 2,088 +2.6%
Per share, $
Per share, $ Revenue 17.80 19.31 21.51 20.91 16.45 18.51 21.19 22.51 26.35 28.67 28.01 +5.4%
Earnings 1.48 2.64 2.46 2.40 1.61 2.71 3.28 3.82 3.20 2.36 4.80 +5.3%
Cash flow 5.45 5.87 4.68 5.51 3.05 5.57 4.85 4.24 4.71 5.21 5.34 (0.5%)
Capex (0.14) (0.05) (0.31) (0.20) (0.35) (0.29) (0.29) (0.27) (0.52) (0.69) (0.62) +19.0%
Free cash flow 5.30 5.82 4.37 5.31 2.70 5.28 4.57 3.97 4.19 4.52 4.72 (1.8%)
Book value 29.14 19.24 14.53 15.89 12.32 12.43 13.90 15.16 15.18 15.68 15.84 (6.7%)
Shares, m 233 237 249 268 302 310 307 312 319 329 343 +3.9%
Valuation, ×
Valuation, × P/E 31.76 23.83 21.35 26.57 37.96 22.39 19.60 20.17 20.31 28.79 16.32 25.3
P/S 2.64 3.23 2.43 3.05 3.71 3.28 3.04 3.42 2.47 2.38 2.79 3.0
P/B 3.14 3.24 3.60 4.01 4.96 4.88 4.64 5.07 4.29 4.35 4.94 4.2
EV/Sales 4.39 5.64 4.53 4.94 5.98 5.41 4.90 5.14 3.98 3.70 4.08 4.9
EV/FCF 14.74 18.71 22.31 19.48 36.42 18.99 22.75 29.12 25.02 23.45 24.22 23.1
Cash, $m
Cash, $m Operating cash flow 1,269 1,391 1,165 1,476 921 1,726 1,490 1,323 1,503 1,714 1,863 +3.4%
Capex (34) (11) (78) (54) (105) (90) (88) (83) (167) (227) (217) +23.6%
Free cash flow 1,235 1,380 1,087 1,422 816 1,636 1,402 1,240 1,336 1,487 1,646 +2.1%
Balance, $m
Balance, $m Working capital 886 95 92 493 663 (62) (68) 29 (82) (61) (107) n/m
Net debt 7,262 11,026 11,227 10,615 11,263 12,258 12,099 12,128 12,629 12,416 12,542 +6.1%
Shareholders’ equity 6,786 4,561 3,618 4,259 3,721 3,853 4,268 4,730 4,843 5,159 5,528 (3.0%)
Returns, %
Returns, % ROA 1.84 3.10 2.96 3.03 2.15 3.64 4.38 5.16 4.25 3.09 5.89 +1.3 pt
ROIC 7.42 6.96 8.07 8.43 5.93 7.29 7.25 7.60 8.65 7.83 9.13 +0.4 pt
ROE 10.80 15.55 14.97 16.33 12.18 22.13 24.82 26.45 21.33 15.52 28.06 +4.7 pt
People
People Employees 4,300 6,200 6,000 6,300 5,200 5,700 6,400 9,000 37,600 53,500 — +32.3%
Revenue/emp, $m 0.96 0.74 0.89 0.89 0.96 1.01 1.02 0.78 0.22 0.18 — (17.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Restaurant Brands International owns and franchises Tim Hortons, Burger King, Popeyes and Firehouse Subs. Its brands sell coffee, baked goods, burgers, chicken, sandwiches and other food and drinks to restaurant customers. Joshua Kobza is chief executive, and the company’s principal executive office is in Miami, Florida.

Most restaurants carrying its brands are run by independent franchisees rather than by Restaurant Brands itself. Franchisees operate under agreements that let them use the brands and require them to follow operating standards. The company supports them with training, marketing guidance and approved suppliers. It also operates restaurants directly, including locations acquired from franchisees and others used to test initiatives or develop operating talent.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
TH 4,247 45.02%
RH 1,840 19.50%
BK 1,316 13.95%
INTL 998 10.58%
PLK 800 8.48%
FHS 232 2.46%
Gross margin 48.24%
Operating margin 23.34%
Pre-tax margin 17.85%

Revenue by segment since 2013

Restaurant Brands International Inc. vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SBUX Starbucks Corporation $121.0B 61.1× 44.7× −4.47% (below 0%: shrinking) +85.71% (above 0%: growing) +8.93% (above 0%: growing) 68.01% 10.85% Compare
YUM Yum! Brands, Inc. $45.3B 13.2× 16.7× +3.79% (above 0%: growing) +320.20% (above 0%: growing) −13.59% (below 0%: shrinking) 66.94% 112.85% Compare
CMG Chipotle Mexican Grill, Inc. $44.8B 33.1× 29.8× +9.65% (above 0%: growing) −7.38% (below 0%: shrinking) −14.54% (below 0%: shrinking) 23.33% 13.72% Compare
QSR Restaurant Brands International Inc. $35.5B 16.3× 14.7× +3.10% (above 0%: growing) +110.13% (above 0%: growing) −8.26% (below 0%: shrinking) 49.39% 27.80%
DRI Darden Restaurants, Inc. $25.9B 22.1× 19.6× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98% Compare
YUMC Yum China $17.0B 17.2× 15.5× +8.45% (above 0%: growing) +19.74% (above 0%: growing) +2.28% (above 0%: growing) 0.00% 12.97% Compare
TXRH Texas Roadhouse, Inc. $12.6B 30.7× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $11.2B 18.8× 16.4× +3.36% (above 0%: growing) +12.75% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
EAT Brinker International, Inc. $8.8B 18.2× 15.7× +9.37% (above 0%: growing) +20.68% (above 0%: growing) +69.39% (above 0%: growing) 18.46% 10.23% Compare
Median of peers $21.5B 20.4× 18.2× +6.78% +16.24% −0.49% 21.92% 11.91%

All 55 Restaurants stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Mizuho Oct 20, 2026 Initiated Outperform 85.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 69.99%
Held by the ten largest 39.09%
Holder Shares Stake Change
Capital Group 47.80m 10.52% +1.04m
PERSHING SQUARE INC. 25.82m 5.68% +25.82m
Royal Bank of Canada 20.24m 4.45% +1.85m
Vanguard 17.65m 3.88% +497.87k
EdgePoint Investment Group Inc. 17.17m 3.78% −2.18m
BlackRock 15.23m 3.35% +7.24m
BMO 11.30m 2.49% +2.28m
Fidelity (FMR) 8.42m 1.85% +159.17k
Goldman Sachs 7.31m 1.61% +197.15k
BAUPOST GROUP LLC/MA 6.75m 1.49% −1.33m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 15.16m 18.06m 133.00
2024 14.47m (28.12m) 122.00
2022 17.05m 27.40m 114.00
2021 13.97m 13.98m 103.00

Ownership

Directors and executive officers, together 1.20% of the votes
3G Funds 21.70% of the votes
Capital World Investors 9.70% of the votes
Pershing Square Funds 5.90% of the votes
BlackRock 5.00% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Restaurant Brands International Inc. (QSR) Latest News

2 Nov

Impact 3 · · StockStory

1 Nov

Impact 3 · · TheStreet

31 Oct

Impact 3 · · MarketBeat transcript

30 Oct

Impact 3 · · verdictfoodservice.com

29 Oct

Impact 4 · · nrn.com
Impact 4 · · restaurantdive.com
Impact 4 · · CNW Group
Impact 3 · · Moby
Impact 3 · · financialpost.com
Impact 3 · · financialpost.com
Impact 3 · · InvestorsHub
Impact 3 · · Zacks earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press

28 Oct

Impact 4 · · Trefis
Impact 3 · · StockStory

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · Zacks

25 Oct

Impact 4 · · 24/7 Wall St.

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · Zacks

21 Oct

Impact 4 · · Trefis
Impact 3 · · TheStreet
Impact 3 · · Trefis

20 Oct

Impact 3 · · Trefis
Impact 3 · · Trefis

QSR metrics, ten years each

stockrow.com/QSR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com