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. In the quarter to June 2026, revenue grew 4.56%, EPS grew 151.7%, free cash flow grew 18.9% and total debt fell 2.87%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five.
Follow QSR
Restaurant Brands International Inc. (QSR) Altman Z-score
Restaurant Brands International Inc.'s Altman Z-score for fiscal 2025 is 1.41, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.41 | 0.00 |
| FY2024 | 1.41 | (0.06) |
| FY2023 | 1.47 | 0.21 |
| FY2022 | 1.26 | 0.13 |
| FY2021 | 1.14 | 0.07 |
| FY2020 | 1.07 | (0.12) |
| FY2019 | 1.19 | 0.08 |
| FY2018 | 1.11 | 0.05 |
| FY2017 | 1.06 | (0.08) |
| FY2016 | 1.14 | 0.29 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | −0.00 | |
| Retained earnings / total assets | 0.07 | — | 0.10 | |
| EBIT / total assets | 0.09 | — | 0.29 | |
| Market value of equity / total liabilities | 1.10 | — | 0.66 | |
| Sales / total assets | 0.37 | — | 0.37 | |
| Altman Z-score | Distress zone | 1.41 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 1.06 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CMG Chipotle Mexican Grill, Inc. compare | 7.0× |
| TXRH Texas Roadhouse, Inc. compare | 5.7× |
| EAT Brinker International, Inc. compare | 4.8× |
| YUMC Yum China compare | 4.0× |
| DPZ Domino's Pizza Inc compare | 3.3× |
| DRI Darden Restaurants, Inc. compare | 2.6× |
| YUM Yum! Brands, Inc. compare | 2.5× |
| SBUX Starbucks Corporation compare | 2.4× |
| QSR Restaurant Brands International Inc. | 1.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets