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Restaurant Brands InternationalQSR

Legal name
Restaurant Brands International Inc.
Sector
Consumer
Industry
Retail-Eating Places
Exchange
NYSE

Stock Price $QSR

Latest filings

You are here#29 of 42 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q338-K143

QSR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  14. $9.43B
YoY changeLargest recent move+19.7%in FY24Latest +12.2%

1 older move runs past ±150% (largest +238.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All QSR Financial Metrics60 metrics

Income Statement14

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Restaurant Brands International Financial Overview 2021–2025

Updated Nov 4, 2026

Restaurant Brands International's diluted EPS fell to $2.35a in FY2025 from $3.18 in FY2024, a drop of about 26%, even as Adjusted Operating Income rose to $2.584 billion from $2.402 billion. That gap is the story. The franchise engine is still growing, while reported earnings were dragged down by a $209 million foreign exchange loss, the non-recurrence of a $79 million Carrols gain, and a $126 million loss from discontinued Burger King China.

Revenue grew from $5.74 billion in FY2021 to $9.43 billionb in FY2025, helped by the Carrols acquisition. Income from operations slipped to $2.202 billion from $2.419 billion in the latest year. System-wide sales reached $46.76 billion, up 5.3% at constant currency, with comparable sales up 2.4%. All five franchisor segments grew, led by Tim Hortons at $1.077 billion. Operating cash flow from continuing operations rose to $1.714 billion from $1.503 billion.

Leverage remains heavy, with $13.372 billionc of debt principal against $1.163 billion of cash. Shareholder payouts continue, with a $2.60 dividend target for 2026. At the close of FY2025, the shares traded at $68.23, or 29.0x earnings, for a market cap of $23.6 billion. That multiple rests on depressed GAAP earnings, not on weak operations.

Recent Developments (Q2 and Q3 2026)

Burger King drove the recovery in Q2 2026 and Q3 2026. Burger King US comparable sales rose 8.5% in Q2 and 8.4% in Q3, while Popeyes comparable sales fell 5.2% and 1.8%. Popeyes segment income slipped to $58 milliond in Q3 from $63 million. Quarterly revenue reached $2,520 million in Q2 and $2,525 million in Q3. Adjusted Operating Income rose to $737 million in Q3 from $702 million. Net leverage improved to 4.0x from 4.4x. BK China royalties resumed after the 17% joint venture with CPE. Reported EPS of $1.54 in Q3 was lifted by a $133 million tax benefit.

Bull case: comparable sales of 3.8% and 8% organic AOI growth are on track, with guidance reaffirmed. Bear case: Popeyes is still shrinking, and earnings quality is mixed. At 31.1x earnings as of the October 28, 2026 report, the stock is not cheap.

What to watch: Popeyes comparable sales recovery; pace of the $500 millione 2026 buyback

03—Filings

Recent SEC Filings

  1. 8-KRestaurant Brands International 8-K Report, Financial Results (Oct 29, 2026)Restaurant Brands International Inc. reported third quarter 2026 results on October 29, 2026, furnished as Exhibit 99 to this Form 8-K. Consolidated System-wide Sales were $12,972 million, up 6.2% year-over-year on a constant currency basis, and Global Comparable Sales were 3.8%, including 8.4% at Burger King US and 3.9% at International. GAAP Income from Operations rose to $696 million from $663 million, and Diluted EPS from continuing operations was $1.54 versus $0.96. Adjusted Operating Income was $737 million (organic growth of 6.7%), Adjusted EBITDA was $829 million, and Adjusted Diluted EPS was $1.10 versus $1.03. Net Leverage improved to 4.0x from 4.4x a year earlier. The company stated that it remains on track for 8% organic Adjusted Operating Income growth in 2026. Burger King US drove results, with segment AOI up to $136 million from $123 million, while Popeyes was weaker, with Comparable Sales of negative 1.8% and AOI of $58 million versus $63 million. Tim Hortons Comparable Sales slowed to 1.5% from 4.2%, though AOI rose to $317 million, which the company attributed primarily to tariff refunds and System-wide Sales growth. GAAP results were also lifted by an income tax benefit of $133 million in the quarter, which the company attributed to discrete tax benefits from intra-group reorganizations. Capital returns remained significant: RBI returned $1.3 billion year to date through dividends and share repurchases, and the Board declared a $0.65 per share dividend for the fourth quarter of 2026, payable January 5, 2027. As of September 30, 2026, $768 million remained under the $1,000 million share repurchase authorization. The 2026 guidance was reaffirmed, including Segment G&A (excluding RH) of $600 million to $620 million and Adjusted Interest Expense, net of $500 million to $520 million.
  2. 8-KRestaurant Brands International 8-K Report, Regulation FD Disclosure (Aug 10, 2026)Restaurant Brands International Inc. (NYSE/TSX: QSR) disclosed in this Form 8-K, filed August 10, 2026, that its subsidiary Restaurant Brands International Limited Partnership ("RBI LP") received an exchange notice from 3G Restaurant Brands Holdings LP, an affiliate of 3G Capital Partners Ltd., to exchange 2,784,549 Class B exchangeable limited partnership units of RBI LP. RBI LP intends to satisfy the notice by repurchasing all of these Exchangeable Units for cash, using available cash on hand. The exchange notice is irrevocable. The exchange date is scheduled for August 31, 2026, and the cash repurchase price will be based on the 20-day volume weighted average price of the Company's common shares on the NYSE in U.S. dollars, per the RBI LP limited partnership agreement. Once settled, the Exchangeable Units will be cancelled, reducing RBI's fully diluted common share count by the same number. The filing states that, on an as-adjusted basis after the exchange, RBH will hold approximately 21% of RBI's fully diluted common shares.
  3. 8-KRestaurant Brands International 8-K Report, Financial Results (Aug 6, 2026)Restaurant Brands International Inc. reported results for the three months ended June 30, 2026 in a press release furnished as Exhibit 99 to this Form 8-K. Consolidated System-wide Sales grew 6.4% year-over-year on a constant currency basis to $12,702 million, with Comparable Sales up 3.8%, including 8.5% at BK US and 5.5% at INTL. Total revenues rose to $2,520 million from $2,410 million, income from operations increased to $716 million from $483 million, and diluted EPS from continuing operations was $1.45 versus $0.58. Adjusted Operating Income was $715 million, up from $668 million, and Adjusted Diluted EPS was $1.07 compared with $0.94 a year earlier. The company said it returned $435 million to shareholders through dividends and share repurchases in the quarter, repurchasing 1,821,167 common shares for $137 million, and had $829 million remaining under its share repurchase authorization at June 30, 2026. Net leverage improved to 4.1x from 4.6x. Management reiterated its 2026 guidance, including Segment G&A (excluding RH) of $600 to $620 million, RH AOI of approximately $10 to $20 million, Adjusted Interest Expense, net of $500 to $520 million, and Total Capex and Cash Inducements of around $400 million, and said it remains on track for 8% organic Adjusted Operating Income growth in 2026. The quarter reflected a deconsolidation of BK China following the January 30, 2026 joint venture with CPE, which invested $350 million of primary capital, leaving RBI with a 17% equity interest accounted for under the equity method. Burger King US drove the quarter with comparable sales of 8.5%, while Popeyes US comparable sales declined 5.2%. The company also declared a $0.65 per share dividend for the third quarter of 2026, payable October 2, 2026.
  4. 8-KRestaurant Brands International 8-K Report, Shareholder Vote Results (Jun 3, 2026)Restaurant Brands International Inc. held its 2026 Annual Meeting of Shareholders on June 3, 2026. Shareholders elected all ten directors named in the management information circular and proxy statement, each to serve until the close of the 2027 Annual Meeting of Shareholders or until a successor is elected or appointed. Shareholders also approved, on a non-binding advisory basis, the compensation paid to the company's named executive officers, and appointed KPMG LLP as auditors through the 2027 Annual Meeting, authorizing the directors to fix the auditors' remuneration. The say-on-pay proposal recorded 387,547,825 votes for and 9,993,041 votes against, with 104,276 votes withheld and 5,533,070 broker non-votes. Among the director nominees, Alexandre Behring drew the most votes against (10,905,772), followed by Marc Lemann (5,882,501). Each nominee received substantially more votes for than against. The filing reports no other corporate actions.
  5. 8-KRestaurant Brands International 8-K Report, Financial Results (May 6, 2026)Restaurant Brands International Inc. reported first-quarter 2026 results on May 6, 2026, furnished as Exhibit 99 to this Form 8-K. Consolidated system-wide sales grew 6.2% year-over-year on a constant currency basis to $11.51 billion, with comparable sales accelerating to 3.2% (from 0.1% a year earlier). GAAP total revenues rose to $2.264 billion from $2.109 billion, income from operations increased to $606 million from $435 million, and diluted EPS from continuing operations was $0.97 versus $0.49. Adjusted Operating Income (AOI) reached $610 million, up 13.0% nominally and 10.7% organically, while Adjusted Diluted EPS was $0.86, up 14.6% nominally and 11.0% organically. The company stated it remains on track for 8%+ organic AOI growth in 2026. Capital returns and balance sheet items were also highlighted. The company resumed share repurchases in March, repurchasing 463,442 shares for $34 million in the quarter, and continues to expect to repurchase $500 million in 2026. The Board declared a $0.65 per share dividend for the second quarter of 2026, payable July 7, 2026. Net leverage improved to 4.2x from 4.7x a year earlier, and cash and cash equivalents were $1.012 billion at March 31, 2026. Segment results were mixed. International (INTL) system-wide sales rose 11.1% and AOI increased to $196 million from $138 million, aided by the resumption of royalties from BK China following its deconsolidation into a joint venture with CPE. Burger King US comparable sales grew 5.8%, with BK AOI rising to $115 million. Popeyes (PLK) comparable sales declined 6.5% and its AOI fell to $57 million from $60 million. Tim Hortons comparable sales rose 1.6%, and its AOI was $229 million.
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04—See also

Related Companies

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