QSR Financials Restaurant Brands International Inc.

14 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 41 d ago Overview →

Growth & profitability

Revenue has grown 13.7% per year over the past 5 years.
Net income has grown slower than revenue (-3.8% vs 13.7% per year).
Operating margin has contracted, at 23.3% in the latest year.
Free cash flow has grown 12.5% per year over the past 5 years.

Financial health

Total debt ($13.3B) exceeds cash ($1.2B); net debt is $12.1B.
Total debt has grown slower than revenue (1.3% vs 13.7% per year).
Total debt is 5.3× EBITDA.

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 103.1% of earnings and 76.5% of free cash flow.
The dividend has grown 2.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$9.4B	$1.1B	0.0%	23.3%	29.6%	4.2%	$1.4B	$13.3B	$1.2B
2024	$8.4B	$1.4B	0.0%	28.8%	46.5%	5.9%	$1.3B	$13.6B	$1.3B
2023	$7.0B	$1.7B	65.3%	29.2%	59.9%	7.3%	$1.2B	$12.9B	$1.1B
2022	$6.5B	$1.5B	64.5%	29.2%	59.3%	6.5%	$1.4B	$12.9B	$1.2B
2021	$5.7B	$1.3B	67.1%	32.7%	56.0%	5.4%	$1.6B	$13.0B	$1.1B
2020	$5.0B	—	67.6%	28.6%	0.0%	0.0%	$804M	$12.5B	$1.6B
2019	$5.6B	—	67.6%	35.8%	0.0%	0.0%	$1.4B	$11.8B	$1.5B
2018	$5.4B	—	66.1%	35.8%	0.0%	0.0%	$1.1B	$11.9B	$913M
2017	$4.6B	—	59.6%	37.9%	0.0%	0.0%	$1.4B	$11.9B	$1.1B
2016	$4.1B	—	58.3%	40.2%	0.0%	0.0%	$1.2B	$8.5B	$1.5B
2015	$4.1B	—	0.0%	29.4%	0.0%	0.0%	$1.1B	$8.5B	—
2014	$1.2B	$161M	68.9%	15.1%	8.6%	0.8%	—	$9.9B	—
2013	$1.1B	$234M	64.8%	45.6%	15.4%	4.0%	—	$2.9B	—
2012	$2.0B	$118M	36.9%	21.2%	—	—	—	—	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$2.5B	$665M	0.0%	28.4%	17.3%	2.7%	$479M	$13.3B	$1.1B
Mar '26	$2.3B	$445M	0.0%	26.8%	11.9%	1.8%	$169M	$13.3B	$1.0B
Dec '25	$2.5B	$155M	0.0%	25.2%	4.3%	0.6%	$453M	$13.3B	$1.2B
Sep '25	$2.4B	$436M	0.0%	27.1%	12.9%	1.7%	$531M	$13.5B	$1.2B
Jun '25	$2.4B	$263M	0.0%	20.0%	7.9%	1.0%	$411M	$13.6B	$1.0B
Mar '25	$2.1B	$221M	0.0%	20.6%	7.1%	0.9%	$54M	$13.6B	$899M
Dec '24	$2.3B	$361M	0.0%	27.7%	11.6%	1.5%	$404M	$13.6B	$1.3B
Sep '24	$2.3B	$357M	0.0%	25.2%	11.0%	1.4%	$485M	$13.7B	$1.2B
Jun '24	$2.1B	$399M	0.0%	31.9%	13.0%	1.6%	$291M	$13.7B	$942M
Mar '24	$1.7B	$328M	65.2%	31.3%	11.0%	1.4%	$122M	$12.9B	$1.0B
Dec '23	$1.8B	$726M	64.7%	25.7%	25.3%	3.1%	$356M	$12.9B	$1.1B
Sep '23	$1.8B	$364M	65.7%	31.7%	12.5%	1.6%	$408M	$12.9B	$1.3B
Jun '23	$1.8B	$351M	65.5%	31.2%	12.3%	1.5%	$362M	$12.9B	$1.2B
Mar '23	$1.6B	$277M	65.4%	28.1%	10.8%	1.2%	$77M	$12.9B	$1.0B
Dec '22	$1.7B	$336M	63.4%	20.5%	13.4%	1.5%	$375M	$12.9B	$1.2B
Sep '22	$1.7B	$530M	64.4%	32.5%	22.9%	2.3%	$374M	$12.9B	$946M
Jun '22	$1.6B	$346M	64.4%	33.0%	15.6%	1.5%	$417M	$13.0B	$838M
Mar '22	$1.5B	$270M	66.0%	31.0%	11.8%	1.2%	$224M	$13.0B	$895M
Dec '21	$1.5B	$262M	65.6%	26.9%	11.7%	1.1%	$435M	$13.0B	$1.1B
Sep '21	$1.5B	$329M	67.2%	35.7%	13.1%	1.4%	$486M	$12.5B	$1.8B

Valuation over time

How the market has priced QSR against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 15.8× (Mar '23) to 26.1× (Sep '26).
The price-to-sales ratio has fallen from 3.6× (Mar '23) to 3.0× (Sep '26).
The dividend yield has fallen from 4.1% (Mar '23) to 4.0% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is QSR growing its revenue and profit?

Over the past 5 years, Restaurant Brands International Inc.'s revenue has grown 13.7% per year, and net income declined 3.8% per year. These are computed facts, not advice.

How much debt does QSR have?

As of FY2025, Restaurant Brands International Inc. reported $13.3B of total debt against $1.2B of cash.

What is QSR's profit margin?

In FY2025, gross margin was —, operating margin 23.3%, and net margin 11.4%.

What is QSR's P/E ratio?

As of Sep '26, Restaurant Brands International Inc. traded at a price-to-earnings ratio of about 26.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.