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 Nov 1, 2026, 10:32 UTC 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
Sep '26	$2.5B	$704M	0.0%	27.6%	17.9%	2.8%	$479M	$13.2B	$974M
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

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 24.1× (Nov '26).
The price-to-sales ratio has fallen from 3.6× (Mar '23) to 2.7× (Nov '26).
The dividend yield has risen from 4.2% (Mar '23) to 4.3% (Nov '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?

Restaurant Brands International Inc.'s P/E (TTM) is 13.14 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the QSR stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 24.1× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.