A Business at a Glance
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Restaurant Brands International Inc.
QSR
$23.9B
Mkt Cap
$72.47
+0.12%
Restaurant Brands International Inc. (QSR) has a current P/E ratio of 30.8, compared to its historical median P/E of 19.7. The stock is currently considered Expensive based on its historical valuation range.
Restaurant Brands International Inc. (QSR) has a 5-year average return on invested capital (ROIC) of 12.0%. This indicates solid capital allocation.
Restaurant Brands International Inc. (QSR) has a market capitalization of $25.2B. It is classified as a large-cap stock.
Yes, Restaurant Brands International Inc. (QSR) pays a dividend with a trailing twelve-month yield of 4.49%.
Based on historical P/E analysis, Restaurant Brands International Inc. (QSR) appears expensive. The current P/E of 30.8 is 57% above its historical median of 19.7. The estimated fair value CAGR (P/E method) is 8.0%.
Restaurant Brands International Inc. (QSR) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
Item 1. Business Company Overview We are one of the world’s largest quick service restaurant (“QSR”) companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025. As of the date of this Annual Report on Form 10-K, over 95% of system-wide restaurants were franchised restaurants. Our remaining restaurants are Company restaurants, primarily restaurants we acquired as a part of the Carrols Acquisition, the vast majority of which we plan to refranchise over the coming years. We also operate some other Company restaurants as test locations for new initiatives and to develop operational talent. Brand Overview We own and franchise four iconic brands, Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.6B | 9.4B | 8.4B | 7.0B | 6.5B | 5.7B |
| Net Income | 955M | 776M | 1.0B | 1.2B | 1.0B | 838M |
| EPS | $2.84 | $2.35 | $3.18 | $3.76 | $3.25 | $2.69 |
| Free Cash Flow | 1.6B | 1.4B | 1.3B | 1.2B | 1.4B | 1.6B |
| ROIC | 10.2% | 9.4% | 12.1% | 13.6% | 12.8% | 12.2% |
| Gross Margin | - | 38.0% | 44.6% | 65.3% | 64.5% | 67.1% |
| Debt/Equity | 3.54 | 4.23 | 5.02 | 4.93 | 5.64 | 6.34 |
| Dividends/Share | $3.25 | $2.48 | $2.32 | $2.20 | $2.16 | $2.12 |
| Operating Income | 2.4B | 2.2B | 2.4B | 2.1B | 1.9B | 1.9B |
| Operating Margin | 24.7% | 23.3% | 28.8% | 29.2% | 29.2% | 32.7% |
| ROE | 25.5% | 23.0% | 34.2% | 44.4% | 42.6% | 38.1% |
| Shares Outstanding | 347M | 330M | 321M | 316M | 310M | 312M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.2B | 4.1B | 4.1B | 4.6B | 5.4B | 5.6B | 5.0B | 5.7B | 6.5B | 7.0B | 8.4B | 9.4B | 9.6B |
| Gross Margin | 68.9% | 55.3% | 58.3% | 59.6% | 66.1% | 67.6% | 67.6% | 67.1% | 64.5% | 65.3% | 44.6% | 38.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 345M | 438M | 319M | 416M | 1.2B | 1.3B | 1.3B | 484M | 631M | 704M | 733M | 741M | 730M |
| EBIT | 181M | 1.2B | 1.7B | 1.7B | 1.9B | 2.0B | 1.4B | 1.9B | 1.9B | 2.1B | 2.4B | 2.2B | 2.4B |
| Op. Margin | 15.1% | 29.4% | 40.2% | 37.9% | 35.8% | 35.8% | 28.6% | 32.7% | 29.2% | 29.2% | 28.8% | 23.3% | 24.7% |
| Net Income | -399M | 104M | 346M | 626M | 612M | 643M | 486M | 838M | 1.0B | 1.2B | 1.0B | 776M | 955M |
| Net Margin | -33.3% | 2.6% | 8.3% | 13.7% | 11.4% | 11.5% | 9.8% | 14.6% | 15.5% | 16.9% | 12.1% | 8.2% | 10.0% |
| Non-Recurring | 24M | 17M | 18M | 29M | 19M | 7.0M | 6.0M | 2.0M | 4.0M | 16M | 3.0M | 35M | 35M |
| Returns on Capital | |||||||||||||
| ROIC | 2.6% | 8.6% | 14.5% | 16.0% | 12.4% | 11.5% | 9.6% | 12.2% | 12.8% | 13.6% | 12.1% | 9.4% | 10.2% |
| ROE | -23.5% | 6.5% | 22.8% | 31.9% | 31.9% | 31.4% | 20.9% | 38.1% | 42.6% | 44.4% | 34.2% | 23.0% | 25.5% |
| ROA | -2.9% | 0.5% | 1.8% | 3.1% | 3.0% | 3.0% | 2.2% | 3.6% | 4.4% | 5.2% | 4.3% | 3.1% | 3.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 259M | 1.2B | 1.3B | 1.4B | 1.2B | 1.5B | 921M | 1.7B | 1.5B | 1.3B | 1.5B | 1.7B | 1.8B |
| Free Cash Flow | 228M | 1.1B | 1.2B | 1.4B | 1.1B | 1.4B | 804M | 1.6B | 1.4B | 1.2B | 1.3B | 1.4B | 1.6B |
| Owner Earnings | 133M | 815M | 741M | 1.2B | 937M | 1.2B | 303M | 1.0B | 1.2B | 938M | 749M | 935M | 1.1B |
| CapEx | 31M | 115M | 34M | 37M | 86M | 62M | 117M | 106M | 100M | 120M | 201M | 265M | 259M |
| Maint. CapEx | 69M | 339M | 475M | 182M | 180M | 185M | 534M | 587M | 190M | 191M | 582M | 628M | 635M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 69M | 339M | 475M | 182M | 180M | 185M | 534M | 587M | 190M | 191M | 582M | 628M | 635M |
| CapEx/OCF | 11.9% | 9.6% | 2.7% | 2.7% | 7.4% | 4.2% | 12.7% | 6.1% | 6.7% | 9.1% | 13.4% | 15.5% | 14.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 106M | 362M | 538M | 664M | 728M | 901M | 959M | 974M | 971M | 990M | 1.0B | 1.1B | 1.1B |
| Dividend Yield | 2.2% | 6.1% | 7.2% | 6.0% | 6.4% | 6.2% | 6.9% | 5.8% | 6.2% | 4.9% | 4.7% | 5.2% | 4.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 551M | 326M | 500M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.4% | 1.8% | 2.2% | N/A | N/A | 0.0% |
| Stock-Based Comp | 58M | 51M | 35M | 48M | 48M | 74M | 84M | 102M | 136M | 194M | 172M | 151M | 138M |
| Debt Repayment | 3.1B | 2.6B | 70M | 2.7B | 74M | 2.3B | 4.7B | 889M | 94M | 92M | 2.2B | 427M | 427M |
| Balance Sheet | |||||||||||||
| Net Debt | 8.1B | 8.2B | 7.0B | 10.8B | 11.0B | 11.5B | 12.1B | 13.1B | 12.9B | 13.0B | 14.3B | 14.2B | 12.3B |
| Cash & Equiv. | 1.8B | 792M | 1.5B | 1.1B | 913M | 1.5B | 1.6B | 1.1B | 1.2B | 1.1B | 1.3B | 1.2B | 1.0B |
| Long-Term Debt | 8.8B | 8.5B | 8.4B | 11.8B | 11.8B | 11.8B | 12.4B | 12.9B | 12.8B | 12.9B | 13.5B | 13.3B | 13.2B |
| Debt/Equity | 5.29 | 6.73 | 4.98 | 5.32 | 7.38 | 5.24 | 6.32 | 6.34 | 5.64 | 4.93 | 5.02 | 4.23 | 3.54 |
| Interest Coverage | 362.2 | 361.3 | 151.5 | 173.5 | 136.9 | 100.3 | 71.1 | 94.0 | 99.9 | 107.9 | 127.3 | 122.3 | 139.6 |
| Equity | 1.9B | 1.3B | 1.7B | 2.2B | 1.6B | 2.5B | 2.2B | 2.2B | 2.5B | 2.9B | 3.1B | 3.6B | 3.7B |
| Total Assets | 21.3B | 18.4B | 19.1B | 21.2B | 20.1B | 22.4B | 22.8B | 23.2B | 22.7B | 23.4B | 24.6B | 25.6B | 24.9B |
| Total Liabilities | 13.7B | 12.2B | 12.3B | 16.7B | 16.5B | 18.1B | 19.1B | 19.4B | 18.5B | 18.7B | 19.8B | 20.5B | 19.6B |
| Intangibles | 10.4B | 9.1B | 9.2B | 11.1B | 10.5B | 10.6B | 10.7B | 11.4B | 11.0B | 11.1B | 10.9B | 11.2B | 11.1B |
| Retained Earnings | 231M | 246M | 446M | 651M | 674M | 775M | 622M | 791M | 1.1B | 1.6B | 1.9B | 1.8B | 1.9B |
| Working Capital | 695M | 249M | 886M | 95M | 92M | 493M | 663M | -62M | -68M | 29M | -82M | -61M | -24M |
| Current Assets | 2.6B | 1.4B | 2.1B | 1.8B | 1.5B | 2.2B | 2.3B | 1.8B | 2.0B | 2.2B | 2.3B | 2.8B | 2.2B |
| Current Liabilities | 1.9B | 1.1B | 1.2B | 1.7B | 1.4B | 1.7B | 1.6B | 1.9B | 2.1B | 2.1B | 2.4B | 2.9B | 2.2B |
| Per Share Data | |||||||||||||
| EPS | -2.32 | 0.50 | 1.45 | 2.54 | 2.42 | 2.37 | 1.60 | 2.69 | 3.25 | 3.76 | 3.18 | 2.35 | 2.84 |
| Owner EPS | 0.77 | 3.92 | 3.10 | 4.71 | 3.71 | 4.49 | 1.00 | 3.33 | 3.75 | 2.96 | 2.33 | 2.83 | 3.02 |
| Book Value | 10.93 | 6.43 | 7.13 | 9.04 | 6.37 | 9.18 | 7.13 | 7.18 | 8.06 | 9.06 | 9.69 | 11.01 | 10.78 |
| Cash Flow/Share | 1.51 | 5.80 | 5.24 | 5.64 | 4.61 | 5.44 | 3.03 | 5.54 | 4.80 | 4.18 | 4.68 | 5.19 | 4.58 |
| Dividends/Share | 0.61 | 1.74 | 2.25 | 2.69 | 2.88 | 3.32 | 3.16 | 2.12 | 2.16 | 2.20 | 2.32 | 2.48 | 3.25 |
| Shares Out. | 171.9M | 207.8M | 238.6M | 246.5M | 252.9M | 271.3M | 303.8M | 311.5M | 310.2M | 316.5M | 321.1M | 330.2M | 347.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 54.9 | 24.6 | 18.5 | 16.9 | 22.0 | 31.8 | 19.5 | 18.0 | 19.4 | 19.9 | 29.7 | 25.5 |
| P/FCF | 21.5 | 5.2 | 7.0 | 8.6 | 9.6 | 10.0 | 19.2 | 10.1 | 13.0 | 19.2 | 15.6 | 15.9 | 16.1 |
| EV/EBIT | 68.4 | 10.7 | 8.5 | 12.9 | 11.2 | 12.2 | 18.7 | 15.1 | 15.8 | 17.0 | 13.6 | 16.0 | 15.8 |
| Price/Book | 2.6 | 4.3 | 5.0 | 2.5 | 6.4 | 5.7 | 7.1 | 7.3 | 7.2 | 8.0 | 6.5 | 6.3 | 6.7 |
| Price/Sales | 4.0 | 1.5 | 1.8 | 2.4 | 2.1 | 2.6 | 2.8 | 2.9 | 2.4 | 2.9 | 2.6 | 2.3 | 2.6 |
| FCF Yield | 4.7% | 19.1% | 14.3% | 11.7% | 10.5% | 10.0% | 5.2% | 9.9% | 7.7% | 5.2% | 6.4% | 6.3% | 6.2% |
| Market Cap | 4.9B | 5.7B | 8.5B | 11.6B | 10.3B | 14.2B | 15.5B | 16.3B | 18.1B | 23.0B | 20.3B | 23.1B | 25.2B |
| Avg. Price | 27.67 | 28.58 | 31.19 | 44.68 | 44.95 | 53.47 | 45.51 | 53.75 | 50.48 | 63.76 | 68.23 | 65.04 | 72.47 |
| Year-End Price | 28.53 | 27.46 | 35.68 | 47.03 | 40.83 | 52.18 | 50.93 | 52.39 | 58.38 | 72.82 | 63.15 | 69.88 | 72.47 |
Restaurant Brands International Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Restaurant Brands International Inc. trades at 30.8x trailing earnings, compared to its 15-year median P/E of 19.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.3x vs a median of 11.6x. The company's 5-year average ROIC is 12.0% with a gross margin of 55.9%. Total shareholder yield (dividends) is 4.5%. At current prices, the estimated annualized return to fair value is -0.8%.
Restaurant Brands International Inc. (QSR) reported annual revenue of $9.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Restaurant Brands International Inc. (QSR) has a net profit margin of 8.2%. This is a modest margin.
Restaurant Brands International Inc. (QSR) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Restaurant Brands International Inc. (QSR) has a debt-to-equity ratio of 4.23. This indicates higher leverage, which may increase financial risk.
Restaurant Brands International Inc. (QSR) reported earnings per share (EPS) of $2.35 in its most recent fiscal year.
Restaurant Brands International Inc. (QSR) has a return on equity (ROE) of 23.0%. This indicates the company generates strong returns for shareholders.
Restaurant Brands International Inc. (QSR) has a 5-year average gross margin of 55.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for Restaurant Brands International Inc. (QSR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Restaurant Brands International Inc. (QSR) has a book value per share of $11.01, based on its most recent annual SEC filing.