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 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
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
FCF
Total debt
Cash
2025
$9.4B
$1.1B
0.0%
23.3%
$1.4B
$13.3B
$1.2B
2024
$8.4B
$1.4B
0.0%
28.8%
$1.3B
$13.6B
$1.3B
2023
$7.0B
$1.7B
65.3%
29.2%
$1.2B
$12.9B
$1.1B
2022
$6.5B
$1.5B
64.5%
29.2%
$1.4B
$12.9B
$1.2B
2021
$5.7B
$1.3B
67.1%
32.7%
$1.6B
$13.0B
$1.1B
2020
$5.0B
—
67.6%
28.6%
$804M
$12.5B
$1.6B
2019
$5.6B
—
67.6%
35.8%
$1.4B
$11.8B
$1.5B
2018
$5.4B
—
66.1%
35.8%
$1.1B
$11.9B
$913M
2017
$4.6B
—
59.6%
37.9%
$1.4B
$11.9B
$1.1B
2016
$4.1B
—
58.3%
40.2%
$1.2B
$8.5B
$1.5B
2015
$4.1B
—
0.0%
29.4%
$1.1B
$8.5B
—
2014
$1.2B
$161M
68.9%
15.1%
—
$9.9B
—
2013
$1.1B
$234M
64.8%
45.6%
—
$2.9B
—
2012
$2.0B
$118M
36.9%
21.2%
—
—
—
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$2.3B
$445M
0.0%
26.8%
$169M
$13.3B
$1.0B
Dec '25
$2.5B
$155M
0.0%
25.2%
$453M
$13.3B
$1.2B
Sep '25
$2.4B
$436M
0.0%
27.1%
$531M
$13.5B
$1.2B
Jun '25
$2.4B
$263M
0.0%
20.0%
$411M
$13.6B
$1.0B
Mar '25
$2.1B
$221M
0.0%
20.6%
$54M
$13.6B
$899M
Dec '24
$2.3B
$361M
0.0%
27.7%
$404M
$13.6B
$1.3B
Sep '24
$2.3B
$357M
0.0%
25.2%
$485M
$13.7B
$1.2B
Jun '24
$2.1B
$399M
0.0%
31.9%
$291M
$13.7B
$942M
Mar '24
$1.7B
$328M
65.2%
31.3%
$122M
$12.9B
$1.0B
Dec '23
$1.8B
$726M
64.7%
25.7%
$356M
$12.9B
$1.1B
Sep '23
$1.8B
$364M
65.7%
31.7%
$408M
$12.9B
$1.3B
Jun '23
$1.8B
$351M
65.5%
31.2%
$362M
$12.9B
$1.2B
Mar '23
$1.6B
$277M
65.4%
28.1%
$77M
$12.9B
$1.0B
Dec '22
$1.7B
$336M
63.4%
20.5%
$375M
$12.9B
$1.2B
Sep '22
$1.7B
$530M
64.4%
32.5%
$374M
$12.9B
$946M
Jun '22
$1.6B
$346M
64.4%
33.0%
$417M
$13.0B
$838M
Mar '22
$1.5B
$270M
66.0%
31.0%
$224M
$13.0B
$895M
Dec '21
$1.5B
$262M
65.6%
26.9%
$435M
$13.0B
$1.1B
Sep '21
$1.5B
$329M
67.2%
35.7%
$486M
$12.5B
$1.8B
Jun '21
$1.4B
$391M
67.5%
33.9%
$448M
$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 15.7× (Mar '23) to 23.7× (Jun '26).
The price-to-sales ratio has fallen from 3.6× (Mar '23) to 2.7× (Jun '26).
The dividend yield has risen from 4.2% (Mar '23) to 4.4% (Jun '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 Jun '26, Restaurant Brands International Inc. traded at a price-to-earnings ratio of about 23.7× (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.