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Restaurant Brands International Inc.

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%

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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 Segments Valuation Filings

Restaurant Brands International Inc. (QSR) revenue by segment, product and region

Where the money comes from and where it goes

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 $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
TH	4,247 45.02%	4,040 48.06%	3,972 56.57%	3,801 58.43%	3,331 58.04%	2,810 56.56%	3,344 59.68%	3,292 61.45%	3,155 68.95%	3,001 72.38%	2,957 72.97%	144 11.98%	—
RH	1,840 19.50%	1,116 13.28%	—	—	—	—	—	—	—	—	—	—	—
BK	1,316 13.95%	1,333 15.86%	1,297 18.47%	1,196 18.39%	1,156 20.14%	1,602 32.25%	1,777 31.72%	1,651 30.82%	1,219 26.64%	1,145 27.62%	1,095 27.03%	1,055 88.02%	1,146 100.00%
INTL	998 10.58%	935 11.12%	874 12.45%	751 11.54%	688 11.99%	—	—	—	—	—	—	—	—
PLK	800 8.48%	768 9.14%	692 9.85%	619 9.52%	559 9.74%	556 11.19%	482 8.60%	414 7.73%	202 4.41%	0 0.00%	0 0.00%	—	—
FHS	232 2.46%	214 2.55%	187 2.66%	138 2.12%	5 0.09%	0 0.00%	0 0.00%	—	—	—	—	—	—
Revenue	9,434	8,406	7,022	6,505	5,739	4,968	5,603	5,357	4,576	4,146	4,052	1,199	1,146

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
United States	4,557 48.30%	3,783 45.00%	2,518 35.86%	2,270 34.90%	2,003 34.90%	1,889 38.02%	1,930 34.45%	1,785 33.32%	1,190 26.01%	1,004 24.22%	982 24.24%	631 52.63%
CANADA	3,846 40.77%	3,684 43.83%	3,630 51.69%	3,484 53.56%	3,048 53.11%	2,546 51.25%	3,037 54.20%	2,984 55.70%	2,832 61.89%	2,672 64.45%	2,623 64.74%	152 12.68%
Other	1,031 10.93%	939 11.17%	874 12.45%	751 11.54%	688 11.99%	533 10.73%	636 11.35%	588 10.98%	554 12.11%	470 11.34%	447 11.03%	416 34.69%
Revenue	9,434	8,406	7,022	6,505	5,739	4,968	5,603	5,357	4,576	4,146	4,052	1,199

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
BK comparable sales	Q3 FY2026	8.30%	3.10%	—
BK comparable sales - US	Q3 FY2026	8.40%	3.20%	—
BK net restaurant growth	Q3 FY2026	−0.90%	−1.10%	—
BK system restaurant count at period end	Q3 FY2026	7.0K	7.0K	−0.91%
BK system-wide sales	Q3 FY2026	$3.2B	$3.0B	+7.51%
BK system-wide sales growth	Q3 FY2026	7.60%	2.30%	—
Comparable sales	Q3 FY2026	3.80%	4.00%	—
Net restaurant growth	Q3 FY2026	3.00%	2.80%	—
PLK comparable sales	Q2 FY2026	−5.10%	−1.40%	—
PLK system-wide sales	Q3 FY2026	$1.5B	$1.5B	−1.05%
PLK system-wide sales growth	Q3 FY2026	−1.00%	0.70%	—
Remaining performance obligations	Q3 FY2026	$494.0M	$511.0M	−3.33%
System restaurant count at period end	Q3 FY2026	33.4K	32.4K	+3.02%
System-wide sales	Q3 FY2026	$13.0B	$12.3B	+5.62%
System-wide sales growth	Q3 FY2026	6.20%	6.90%	—
TH comparable sales	Q3 FY2026	1.50%	4.20%	—
TH comparable sales - Canada	Q3 FY2026	1.80%	4.20%	—
TH net restaurant growth	Q3 FY2026	1.00%	0.60%	—
TH system restaurant count at period end	Q3 FY2026	4.6K	4.5K	+1.04%
TH system-wide sales	Q3 FY2026	$2.0B	$2.0B	+0.49%
TH system-wide sales growth	Q3 FY2026	2.00%	4.80%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018
BK comparable sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
BK comparable sales - US	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
BK net restaurant growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
BK system restaurant count at period end	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
BK system-wide sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
BK system-wide sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Comparable sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net restaurant growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
PLK comparable sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
PLK system-wide sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
PLK system-wide sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
System restaurant count at period end	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
System-wide sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
System-wide sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TH comparable sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TH comparable sales - Canada	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TH net restaurant growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TH system restaurant count at period end	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TH system-wide sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TH system-wide sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.