Restaurant Brands International Inc.

Listed Company

QSRCIK 0001618756NYSELarge AcceleratedRetail-Eating PlacesA6FY ends Dec 31

Period

FY 2025

Revenue

$9.43B

Net Income

$1.07B

Total Assets

$25.61B

Equity

$3.63B

Shares Out

346.32M

Op. Cash Flow

$1.71B

Business

Restaurant Brands International Inc. operates global quick‑service restaurant brands through ownership, franchising and restaurant support. It offers coffee and baked goods, flame‑grilled hamburgers, Louisiana‑style fried chicken and deli subs, plus digital ordering, loyalty and supply‑chain services. Key operating segments are Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International and Restaurant Holdings. It reaches guests via franchised and company restaurants in over 120 countries and territories, using master franchises, development agreements, leased sites, drive‑thru, delivery and digital channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	9,434	8,406	7,022	6,505	5,739
Franchise and property expenses	552	544	512	518	489
Advertising expenses and other services	1,358	1,330	1,273	1,077	—
General and administrative expenses	741	733	704	631	484
(Income) loss from equity method investments	−11	−69	−8	44	4
Other operating expenses (income), net	261	−59	55	25	7
Total operating costs and expenses	7,232	5,987	4,971	4,607	3,860
Income from operations	2,202	2,419	2,051	1,898	1,879
Interest expense, net	516	577	582	533	505
Loss on early extinguishment of debt	2	33	16	0	11
Income from continuing operations before income taxes	1,684	1,809	1,453	1,365	1,363
Income tax expense (benefit) from continuing operations	483	364	−265	−117	110
Net income from continuing operations	1,201	1,445	1,718	—	—
Net loss from discontinued operations (net of tax of $0)	126	0	0	—	—
Net income	1,075	1,445	1,718	1,482	1,253
Net income attributable to noncontrolling interests (Note 14)	299	424	528	474	415
Net income attributable to common shareholders	776	1,021	1,190	1,008	838
Basic net income per share from continuing operations (in dollars per share)	2.64	3.21	3.82	—	—
Basic net loss per share from discontinued operations (in dollars per share)	−0.28	0	0	—	—
Basic net income per share (in dollars per share)	2.36	3.21	3.82	3.28	2.71
Diluted net income per share from continuing operations (in dollars per share)	2.63	3.18	3.76	—	—
Diluted net loss per share from discontinued operations (in dollars per share)	−0.28	0	0	—	—
Diluted net income per share (in dollars per share)	2.35	3.18	3.76	3.25	2.69
Basic (in shares)	329	319	312	307	310
Diluted (in shares)	457	454	456	455	464

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,163	1,334	1,139	1,178	1,087
Accounts and notes receivable, net of allowance of $54 and $57, respectively	794	698	749	614	547
Inventories, net	205	142	166	133	96
Prepaids and other current assets	179	108	119	123	86
Assets held for sale - discontinued operations	489	0	—	—	—
Total current assets	2,830	2,282	2,173	2,048	1,816
Property and equipment, net of accumulated depreciation and amortization of $1,245 and $1,087, respectively	2,303	2,236	1,952	1,950	2,035
Operating lease assets, net	1,961	1,852	1,122	1,082	1,130
Intangible assets, net	11,190	10,922	11,107	10,991	11,417
Goodwill	6,306	5,986	5,775	5,688	6,006
Other assets, net	1,025	1,354	1,262	987	762
Total assets	25,615	24,632	23,391	22,746	23,246
Accounts and drafts payable	866	765	790	758	614
Other accrued liabilities	1,271	1,141	1,005	1,001	947
Gift card liability	249	236	248	230	221
Current portion of long-term debt and finance leases	68	222	101	127	96
Liabilities held for sale - discontinued operations	437	0	—	—	—
Total current liabilities	2,891	2,364	2,144	2,116	1,878
Long-term debt, net of current portion	13,250	13,455	12,854	12,839	12,916
Finance leases, net of current portion	261	286	312	311	333
Operating lease liabilities, net of current portion	1,900	1,770	1,059	1,027	1,070
Other liabilities, net	1,034	706	996	872	1,822
Deferred income taxes, net	1,120	1,208	1,296	1,313	1,374
Total liabilities	20,456	19,789	18,661	18,478	19,393
Commitments and contingencies (Note 19)	—	—	—	—	—
Common shares, no par value; Unlimited shares authorized at December 31, 2025 and December 31, 2024; 346,323,165 shares issued and outstanding at December 31, 2025; 324,426,589 shares issued and outstanding at December 31, 2024	2,859	2,357	1,973	2,057	2,156
Retained earnings	1,795	1,860	1,599	1,121	791
Accumulated other comprehensive income (loss)	−1,020	−1,107	−706	−679	−710
Total Restaurant Brands International Inc. shareholders equity	3,634	3,110	2,866	2,499	2,237
Noncontrolling interests	1,525	1,733	1,864	1,769	1,616
Total shareholders equity	5,159	4,843	4,730	4,268	3,853
Total liabilities and shareholders equity	25,615	24,632	23,391	22,746	23,246

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	301	264	191	190	201
Non-cash loss on early extinguishment of debt	2	23	5	—	—
Amortization of deferred financing costs and debt issuance discount	25	25	27	28	27
Loss (gain) on remeasurement of foreign denominated transactions	209	−71	20	−4	−76
Net (gains) losses on derivatives	−198	−191	−151	−9	87
Share-based compensation and non-cash incentive compensation expense	151	172	194	136	102
Deferred income taxes	97	−5	−430	−60	−5
Other non-cash adjustments, net	49	19	26	19	−16
Accounts and notes receivable	−89	7	−147	−110	8
Inventories and prepaids and other current assets	−67	30	−43	−61	12
Accounts and drafts payable	89	−30	22	169	149
Other accrued liabilities and gift card liability	−7	−37	9	37	67
Tenant inducements paid to franchisees	−44	−38	−32	−26	−20
Changes in other long-term assets and liabilities	6	−41	−78	−345	−78
Net cash provided by operating activities from continuing operations	1,714	1,503	1,323	1,490	1,726
Payments for additions of property and equipment	−265	−201	−120	−100	−106
Net proceeds from disposal of assets, restaurant closures, and refranchisings	38	34	37	12	16
Net payments for acquisition of franchised restaurants, net of cash acquired	−152	−540	−17	0	−1,004
Settlement/sale of derivatives, net	76	74	112	71	5
Other investing activities, net	−15	−27	−1	−35	−14
Net cash (used for) provided by investing activities from continuing operations	−318	−660	11	−64	−1,103
Proceeds from long-term debt	0	2,450	55	2	1,335
Repayments of long-term debt and finance leases	−427	−2,190	−92	−94	−889
Payment of financing costs	0	−41	−44	0	−19
Payment of common share dividends and Partnership exchangeable unit distributions	−1,108	−1,029	−990	−971	−974
Repurchase of common shares	0	0	−500	−326	−551
Proceeds from stock option exercises	33	78	60	21	60
Proceeds from derivatives	67	109	141	34	—
Other financing activities, net	−1	−2	−4	−3	−4
Net cash used for financing activities from continuing operations	−1,436	−625	−1,374	−1,307	−1,093
Net cash used for discontinued operations	−81	0	0	—	—
Effect of exchange rates on cash and cash equivalents	16	−23	1	−28	−3
(Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations	−105	195	−39	91	−473
Increase in cash classified as assets held for sale - discontinued operations	−66	0	0	—	—
Increase (decrease) in cash and cash equivalents	−171	195	−39	—	—
Interest paid	714	785	761	487	404
Income taxes paid, net	450	293	290	275	256
Accruals for additions of property and equipment	53	51	0	0	—

Filings

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