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Restaurant Brands International Inc (QSR) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · RESTAURANTS · DATA UPDATED 2026-07-22

Restaurant Brands International Inc (QSR) operates in the RESTAURANTS industry and is headquartered in Miami, United States with about 53,500 employees. Its market capitalization is roughly $33 billion. In the fiscal year ended 2025-12-31, QSR reported $9.4B in revenue and $776M in net income.

Restaurant Brands International Inc. operates as a quick service restaurant company in Canada, the United States, and internationally. It operates through six segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings.

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QSR Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Total Revenue	$9.6B	$9.4B	$8.4B	$7.0B	$6.5B	$5.7B	$5.0B	$5.6B	$5.4B	$4.6B	$4.1B	$4.1B	$1.2B	$1.1B	$2.0B	$2.3B	$2.5B	$2.5B	$2.5B	$2.2B	$2.0B
Gross Profit	$4.3B	$3.9B	$3.0B	$2.8B	$2.6B	$2.4B	$2.0B	$2.4B	$3.1B	$2.2B	$2.0B	$1.7B	$863M	$799M	$819M	$937M	$957M	$954M	$977M	$880M	$783M
Gross Margin %	44.8%	41.1%	36.0%	39.9%	39.9%	41.4%	39.7%	42.7%	58.2%	49.1%	47.4%	42.9%	72.0%	69.7%	41.5%	40.1%	38.3%	37.6%	39.8%	39.4%	38.2%
Operating Income (EBIT)	$2.4B	$2.2B	$2.4B	$2.1B	$1.9B	$1.9B	$1.4B	$2.0B	$1.9B	$1.7B	$1.7B	$1.2B	$181M	$522M	$418M	$435M	$330M	$345M	$355M	$290M	$241M
Operating Margin %	25.2%	23.7%	28.8%	29.2%	29.2%	32.7%	28.6%	35.8%	35.8%	37.9%	40.2%	29.4%	15.1%	45.6%	21.2%	18.6%	13.2%	13.6%	14.5%	13.0%	11.8%
Net Income	$955M	$776M	$1.0B	$1.2B	$1.0B	$838M	$486M	$643M	$612M	$648M	$616M	$375M	$161M	$234M	$118M	$107M	$187M	$200M	$190M	$148M	$27M
Net Margin %	10.0%	8.2%	12.2%	17.0%	15.5%	14.6%	9.8%	11.5%	11.4%	14.2%	14.9%	9.3%	13.5%	20.4%	6.0%	4.6%	7.5%	7.9%	7.7%	6.6%	1.3%
EBITDA	$2.6B	$2.4B	$2.7B	$2.2B	$2.1B	$2.0B	$1.5B	$2.2B	$2.1B	$1.8B	$1.8B	$1.3B	$86M	$579M	$483M	—	—	—	—	—	—
Earnings Per Share (EPS)	$2.09	$1.70	$2.25	$2.61	$2.22	$1.81	$1.04	$1.37	$1.29	$1.36	$1.31	$0.79	$0.45	$0.65	$0.33	$0.30	—	—	—	—	—
Shares Outstanding (M)	459M	457M	454M	456M	455M	464M	468M	469M	473M	477M	470M	476M	358M	358M	354M	354M	—	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

QSR Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$2.3B	$2.5B	$2.4B	$2.4B	$2.1B	$2.3B	$2.3B	$2.1B
Gross Profit	$1.1B	$1.2B	$1.2B	$815M	$704M	$744M	$798M	$786M
Gross Margin %	49.6%	47.5%	48.4%	33.8%	33.4%	32.4%	34.8%	37.8%
Operating Income (EBIT)	$611M	$647M	$673M	$483M	$435M	$635M	$577M	$663M
Operating Margin %	27.0%	26.2%	27.5%	20.0%	20.6%	27.7%	25.2%	31.9%
Net Income	$338M	$113M	$315M	$189M	$159M	$259M	$252M	$280M
Net Margin %	14.9%	4.6%	12.9%	7.8%	7.5%	11.3%	11.0%	13.5%
EBITDA	$684M	$695M	$628M	$559M	$508M	$716M	$657M	$693M
Earnings Per Share (EPS)	$0.74	$0.25	$0.69	$0.41	$0.35	$0.57	$0.56	$0.62
Shares Outstanding (M)	459M	457M	457M	457M	456M	455M	454M	453M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

QSR Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Cash from Operations (CFO)	$1.8B	$1.7B	$1.5B	$1.3B	$1.5B	$1.7B	$921M	$1.5B	$1.2B	$1.4B	$1.3B	$1.2B	$259M	$325M	$224M	$406M	$310M	$311M	$243M	$117M	$74M
Capital Expenditures (CapEx)	$260M	$265M	$201M	$120M	$100M	$106M	$117M	$62M	$86M	$37M	$34M	$115M	$31M	$26M	$70M	$82M	$150M	$204M	$178M	$87M	$85M
Free Cash Flow (FCF)	$1.5B	$1.4B	$1.3B	$1.2B	$1.4B	$1.6B	$804M	$1.4B	$1.1B	$1.3B	$1.2B	$1.1B	$228M	$300M	$154M	$324M	$160M	$107M	$65M	$30M	($11M)
FCF Margin %	15.8%	15.4%	15.5%	17.1%	21.4%	28.2%	16.2%	25.2%	20.1%	29.4%	29.8%	26.9%	19.1%	26.1%	7.8%	13.9%	6.4%	4.2%	2.6%	1.3%	-0.5%
Dividends Paid	$1.1B	$1.1B	$1.0B	$990M	$971M	$974M	$959M	$901M	$728M	$664M	$538M	$362M	$106M	$84M	$14M	$8M	$34M	$34M	$34M	$17M	$367M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

QSR Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$227M	$541M	$546M	$459M	$118M	$481M	$540M	$333M
Capital Expenditures (CapEx)	$58M	$100M	$62M	$40M	$64M	$77M	$55M	$43M
Free Cash Flow (FCF)	$169M	$441M	$485M	$419M	$54M	$404M	$485M	$290M
FCF Margin %	7.5%	17.9%	19.8%	17.4%	2.6%	17.6%	21.2%	13.9%
Dividends Paid	$283M	$272M	$285M	$282M	$262M	$262M	$261M	$261M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

QSR Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Total Assets	$24.9B	$25.6B	$24.6B	$23.4B	$22.7B	$23.2B	$22.8B	$22.4B	$20.1B	$21.2B	$19.1B	$18.4B	$21.3B	$5.8B	$5.6B	$5.6B	$2.7B	$2.7B	$2.7B	$2.5B	$2.6B
Cash & Cash Equivalents	$1.0B	$1.2B	$1.3B	$1.1B	$1.2B	$1.1B	$1.6B	$1.5B	$913M	$1.1B	$1.5B	$758M	$1.8B	$787M	$547M	$459M	$188M	$122M	$166M	$170M	$259M
Total Liabilities	$19.6B	$20.5B	$19.8B	$18.7B	$18.5B	$19.4B	$19.1B	$18.1B	$16.5B	$16.7B	$12.3B	$12.2B	$13.7B	$4.3B	$4.4B	$4.1B	$1.6B	$1.7B	$1.8B	$1.8B	$2.0B
Total Debt (Short + Long-Term)	$13.5B	$13.5B	$13.9B	$13.1B	$13.1B	$13.2B	$12.6B	$12.0B	$11.9B	$11.9B	$8.5B	$8.5B	$10.1B	$3.0B	$3.0B	$2.7B	$733M	$821M	$940M	$938M	$1.1B
Total Shareholders' Equity	$3.7B	$3.6B	$3.1B	$2.9B	$2.5B	$2.2B	$2.2B	$2.5B	$1.6B	$2.2B	$5.0B	$4.6B	$7.6B	$1.5B	$1.2B	$1.4B	$1.1B	$975M	$845M	$716M	$567M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive QSR viewer.

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