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QSR · Restaurant Brands International

12 filings

10-K

QSR 10-K Annual Reports

Restaurant Brands International - 12 annual reports

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

2025
Restaurant Brands International Annual Report, Year Ended Dec 31, 2025
Restaurant Brands International Inc. (QSR) reported 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, with over 95% of system-wide restaurants franchised. Total revenues were $9.434 billion in 2025 versus $8.406 billion in 2024, driven mainly by restaurants acquired in the Carrols Acquisition and higher Supply chain sales, while income from operations fell to $2.202 billion from $2.419 billion. The decline reflected a $209 million net foreign exchange loss in other operating expenses and the non-recurrence of a $79 million Carrols step-acquisition gain. Net income attributable to common shareholders was $776 million, or $2.35 diluted per share including discontinued operations, compared with $3.18 in 2024. Net income was $1.075 billion after a $126 million net loss from discontinued operations, which mainly reflects Burger King China, whose $114 million non-cash charge was recognized in 2025. Segment Adjusted Operating Income rose to $2.584 billion from $2.402 billion, with increases in all five franchisor segments: TH ($1.077 billion), BK ($468 million), PLK ($250 million), FHS ($56 million) and INTL ($690 million). Cash provided by operating activities from continuing operations was $1.714 billion, and cash and equivalents were $1.163 billion at year-end. Total debt was $13.372 billion principal, and the company had $1.248 billion of revolver availability. The Burger King China joint venture closed January 30, 2026, with CPE owning about 83% and RBI about 17%. The board declared a $0.65 quarterly dividend for Q1 2026 and targets $2.60 in total 2026 declared dividends per share.
Feb 20, 2026
2024
Restaurant Brands International Annual Report, Year Ended Dec 31, 2024
Restaurant Brands International Inc. (QSR) reported that it operates one of the world's largest quick service restaurant companies, with nearly $45 billion in annual system-wide sales and more than 32,000 restaurants in more than 120 countries and territories as of December 31, 2024, approximately 95% of which are franchised. Its four brands are Tim Hortons, Burger King, Popeyes and Firehouse Subs. Total revenues rose to $8.41 billion in 2024 from $7.02 billion in 2023, driven mainly by restaurants acquired from franchisees (primarily the Carrols Acquisition, completed May 16, 2024) and higher system-wide sales. Net income fell to $1.45 billion from $1.72 billion, reflecting income tax expense of $364 million compared with a tax benefit in 2023, and a higher loss on early extinguishment of debt. Adjusted Operating Income rose to $2.40 billion from $2.20 billion. Balance sheet and capital allocation: cash and cash equivalents were $1.33 billion at year end, and the company had $1.25 billion of borrowing availability under its revolving credit facility. Total debt was $13.76 billion in principal, and substantially all consolidated assets are restricted under debt agreements. Cash from operations was $1.50 billion in 2024. The company paid $1.03 billion in dividends and distributions and repurchased no common shares in 2024, leaving $500 million under its authorization. The board declared a first-quarter 2025 dividend of $0.62 per share and targets $2.48 in total declared dividends for 2025. Subsequent to year end, on February 14, 2025, RBI acquired substantially all remaining equity in Burger King China for approximately $158 million, which will be reported as a discontinued operation starting in the first quarter of 2025. The company plans to remodel and refranchise the acquired Carrols Burger King restaurants, and it expects 2025 capital expenditures of $400 million to $450 million.
Feb 21, 2025
2023
Restaurant Brands International Annual Report, Year Ended Dec 31, 2023
Restaurant Brands International Inc. (QSR) reported 2023 total revenues of $7.02 billion, up from $6.51 billion in 2022, and net income of $1.72 billion, compared with $1.48 billion in 2022. Income from operations rose to $2.05 billion, and Adjusted Operating Income, the company's new segment measure, reached $2.20 billion versus $2.08 billion. The company operated 31,070 restaurants in more than 120 countries and territories as of December 31, 2023, with system-wide sales of $42.89 billion, and nearly all restaurants are franchised. System-wide sales growth was 12.2% consolidated, led by TH at 11.0%, BK at 6.9%, PLK at 10.5%, FHS at 7.1% and INTL at 17.6%. The filing highlights a strategic shift toward company ownership of Burger King restaurants. The company agreed to acquire Carrols Restaurant Group for $9.55 per share, an aggregate enterprise value of approximately $1.0 billion, expected to close in the second quarter of 2024. The acquisition would bring roughly 1,020 Burger King and 60 Popeyes restaurants under company control, and the company plans to refranchise most of them over five to seven years. Total indebtedness was $13,043 million at year-end, and cash and cash equivalents were $1,139 million. Operating cash flow was $1,323 million in 2023, down from $1,490 million in 2022. Shareholder returns included $500 million of share repurchases in 2023 and a quarterly dividend of $0.58 per common share declared for the first quarter of 2024. The company is targeting $2.32 in declared dividends per share for 2024. Net income was boosted by a $265 million income tax benefit in 2023, driven by a $367 million increase in net deferred tax assets from intra-group reorganizations, so pre-tax income of $1.45 billion is the more comparable earnings measure.
Feb 22, 2024
2022
Restaurant Brands International Annual Report, Year Ended Dec 31, 2022
Restaurant Brands International Inc. (QSR) reported 2022 total revenues of $6,505 million, up from $5,739 million in 2021, and net income of $1,482 million versus $1,253 million. Consolidated system-wide sales were $39,751 million, and the company operates approximately 30,722 system-wide restaurants, with about 100% franchised as of December 31, 2022. Adjusted EBITDA rose to $2,378 million from $2,248 million, driven mainly by higher Tim Hortons segment income and a full year of Firehouse Subs. Income tax was a benefit of $117 million, reflecting a $364 million net decrease in tax reserves tied largely to expiring statutes of limitations. The company remains highly leveraged, with total indebtedness of $13,045 million at year-end and cash and cash equivalents of $1,178 million. Cash from operations fell to $1,490 million from $1,726 million, and cash used for financing activities was $1,307 million, including $971 million in dividends and distributions. Management targets $2.20 in declared dividends per common share for 2023, with the first-quarter 2023 dividend set at $0.55. Share repurchases totaled $326 million in 2022, with $123 million remaining under the authorization. The filing highlights risks including intense competition, reliance on franchisees, commodity and labor cost pressures, the high debt load, and potential tax and joint-employer regulatory changes. Burger King's "Reclaim the Flame" plan commits $400 million in franchisee investments over two years, and the company will exclude Russia-related results from key business metrics beginning in 2023.
Feb 22, 2023
2021
Restaurant Brands International Annual Report, Year Ended Dec 31, 2021
Restaurant Brands International Inc. (QSR) reported 2021 total revenues of $5.74 billion, up from $4.97 billion in 2020, and net income of $1.25 billion, up from $750 million. Income from operations rose to $1.88 billion from $1.42 billion. Segment income (Adjusted EBITDA) was $2.25 billion versus $1.86 billion, led by Burger King at $1.02 billion and Tim Hortons at $997 million. System-wide sales reached $35.5 billion, and the company operated 29,456 system-wide restaurants as of December 31, 2021, with approximately 100% franchised. The company acquired Firehouse Subs on December 15, 2021 for total consideration of about $1.03 billion. Leverage remains significant. Aggregate outstanding indebtedness was $13.12 billion at year-end, and cash and cash equivalents were $1.09 billion, with $998 million of revolver availability. Cash from operating activities rose to $1.73 billion from $921 million. The company repurchased 9,247,648 common shares for $551 million during 2021, and declared a first-quarter 2022 dividend of $0.54 per share, targeting $2.16 for 2022. The filing notes an expected approximately $100 million payment in 2022 to resolve disputes with master franchisees in China, of which $72 million was recorded in 2021. Key risks flagged include COVID-19 effects on restaurant operations and labor, commodity and supply-chain exposure, pending litigation including class actions over no-hiring clauses and Canadian mobile-app geolocation privacy claims, and a 3G RBH voting stake of approximately 29%. Pending tax changes, including Canadian interest-deductibility limits and a proposed 15% global minimum tax, could raise future tax costs.
Feb 23, 2022
2020
Restaurant Brands International Annual Report, Year Ended Dec 31, 2020
Restaurant Brands International Inc. (QSR) reported 2020 results as a Canadian holding company for Tim Hortons, Burger King and Popeyes, with approximately $31 billion in system-wide sales and approximately 27,000 restaurants in more than 100 countries as of December 31, 2020. Approximately 100% of system-wide restaurants are franchised. Total revenues fell to $4,968 million in 2020 from $5,603 million in 2019, and net income declined to $750 million from $1,111 million. The decline was driven mainly by lower segment income at Tim Hortons ($823 million vs. $1,122 million) and Burger King ($823 million vs. $994 million), partially offset by growth at Popeyes ($218 million vs. $188 million). Consolidated system-wide sales growth was (8.6)%, and COVID-19 weighed heavily on restaurant operations and franchisee liquidity, which the company supported through rent relief, loans and advanced payments. Cash flow and balance sheet data show cash from operations of $921 million in 2020 versus $1,476 million in 2019, cash and cash equivalents of $1,560 million, and total debt and finance lease obligations of $12,823 million. Management refinanced a substantial portion of its debt in 2020, issuing new senior notes and redeeming higher-coupon notes, and recorded a $98 million loss on early extinguishment of debt. Effective tax rate fell to 8.0% from 23.5%, reflecting a $105 million increase in deferred tax assets. The company declared a $0.53 quarterly dividend for the first quarter of 2021 and is targeting $2.12 in total declared dividends per common share for 2021. The filing also highlights ongoing legal exposure, including class actions relating to no-solicitation clauses in franchise agreements, privacy claims tied to the Tim Hortons mobile app, and securities lawsuits. 3G RBH holds approximately 31% of combined voting power. Management expects COVID-19 to continue affecting results in 2021.
Feb 23, 2021
2019
Restaurant Brands International Annual Report, Year Ended Dec 31, 2019
Restaurant Brands International Inc. (QSR) reported that it is one of the world's largest quick service restaurant companies, with more than $34 billion in system-wide sales and over 27,000 restaurants in more than 100 countries and U.S. territories as of December 31, 2019. Approximately 100% of its restaurants are franchised across its Tim Hortons, Burger King and Popeyes brands. Consolidated revenues rose to $5.60 billion in 2019 from $5.36 billion in 2018, while income from operations increased to $2.01 billion from $1.92 billion. Net income was $1.11 billion in 2019 compared with $1.14 billion in 2018, with the decline primarily attributed to a $103 million increase in income tax expense and a $23 million loss on early extinguishment of debt. Adjusted EBITDA rose to $2.30 billion from $2.21 billion, driven by Burger King and Popeyes segment income, partially offset by lower Tim Hortons segment income. Balance sheet and cash flow data show cash and cash equivalents of $1.53 billion at year-end and total debt and finance lease obligations of $12.15 billion, with $11.98 billion of indebtedness outstanding. Net cash from operating activities was $1.48 billion in 2019, compared with $1.17 billion in 2018. The company reported an unrecognized tax benefit of $506 million and faces class action lawsuits related to no-solicitation and no-hiring clauses in franchise agreements, which management believes are without merit. The company declared a $0.52 per share dividend for the first quarter of 2020 and is targeting $2.08 in declared dividends per share for 2020.
Feb 21, 2020
2018
Restaurant Brands International Annual Report, Year Ended Dec 31, 2018
Restaurant Brands International Inc. (QSR) reported fiscal 2018 results in its 10-K filed February 22, 2019. The company is a Canadian corporation operating three brands, Tim Hortons, Burger King and Popeyes, with more than $30 billion in system-wide sales and 25,744 restaurants in more than 100 countries and U.S. territories as of December 31, 2018. Approximately 100% of restaurants for each brand are franchised. Total revenues rose to $5,357 million in 2018 from $4,576 million in 2017, driven largely by the full-year inclusion of Popeyes and the adoption of ASC 606. Net income was $1,144 million compared with $1,235 million in 2017, a decline the filing attributes mainly to a $372 million increase in income tax expense and higher interest and restructuring costs. Adjusted EBITDA was $2,212 million, up from $2,146 million, and cash provided by operating activities was $1,165 million. The balance sheet carries substantial leverage. Total indebtedness was $12,038 million at December 31, 2018, including a $6,338 million senior secured term loan, $2,750 million of first lien notes and $2,800 million of second lien notes, against cash and cash equivalents of $913 million. The company paid $0.45 per share in January 2019 and declared $0.50 per share for the first quarter of 2019, targeting $2.00 in total declared dividends for 2019. Share repurchases of Partnership exchangeable units totaled approximately $561 million in 2018. The filing also highlights ongoing risks, including franchisee-related exposure, international master franchise execution, U.S. tax reform effects and pending class action lawsuits alleging that Burger King's franchise agreements contain an unlawful no-hiring clause. 3G RBH holds approximately 41% of the combined voting power. The company stated that it believes the claims are without merit but cannot predict the outcome.
Feb 22, 2019
2017
Restaurant Brands International Annual Report, Year Ended Dec 31, 2017
Restaurant Brands International Inc. (QSR) reported that it operates over 24,000 restaurants in more than 100 countries and U.S. territories as of December 31, 2017, with more than $30 billion in system-wide sales, and that approximately 100% of its restaurants are franchised. The company completed its acquisition of Popeyes Louisiana Kitchen, Inc. on March 27, 2017 for total consideration of $1,654.7 million, and its 2017 results include $202.3 million of PLK revenues and $106.9 million of PLK segment income. Total revenues rose to $4,576.1 million in 2017 from $4,145.8 million in 2016, and net income rose to $1,235.3 million from $955.9 million, helped by a $419.9 million provisional tax benefit from remeasuring net deferred tax liabilities under the Tax Cuts and Jobs Act. Adjusted EBITDA (segment income) was $2,145.8 million, compared with $1,888.2 million in 2016. Leverage remains a central consideration for investors. Aggregate indebtedness was $12,027.8 million at December 31, 2017, and the company redeemed its 9.0% Class A preferred shares for $3,115.6 million in December 2017, funded largely by new 4.25% first lien and 5.00% second lien senior secured notes. Comparable sales were mixed: Tim Hortons was (0.1)%, Burger King 3.1% and Popeyes (1.5)%. The company also disclosed two lawsuits filed in Ontario by Tim Hortons franchisees, which it describes as without merit but whose outcome it cannot predict. Management targets $1.80 in declared dividends per common share for 2018, with a $0.45 quarterly dividend declared for the first quarter of 2018.
Feb 23, 2018
2016
Restaurant Brands International Annual Report, Year Ended Dec 31, 2016
Restaurant Brands International Inc. (QSR) reported 2016 total revenues of $4.15 billion, up from $4.05 billion in 2015, and income from operations of $1.67 billion versus $1.19 billion. Net income rose to $955.9 million from $511.7 million, driven primarily by higher operating income, the non-recurrence of a $40.0 million loss on early extinguishment of debt, and lower SG&A, partly offset by higher income tax expense of $243.9 million. Adjusted EBITDA was $1.89 billion for 2016 compared with $1.67 billion in 2015, with Tim Hortons segment income of $1.07 billion and Burger King segment income of $815.9 million. System-wide sales were more than $24 billion across over 20,000 restaurants in more than 100 countries and U.S. territories, and approximately 100% of restaurants are franchised. The balance sheet remains highly leveraged. Total debt and capital lease obligations were $8.72 billion at year-end 2016, and the company also has 68.5 million Class A 9.0% cumulative compounding perpetual voting preferred shares held by Berkshire Hathaway's National Indemnity Company, carried at $3.30 billion, with annual preferred dividends of $270.0 million. On February 17, 2017, the company entered into a second amendment to its Credit Facilities, reducing the Term Loan Facility to $4.90 billion after a $146.1 million repayment, lowering its interest margin, and extending its maturity to February 17, 2024. Cash and cash equivalents were $1.46 billion at year-end. The company declared a quarterly common dividend of $0.18 per share for payment in April 2017, up from $0.17 paid in January 2017. Investors should note the concentration of voting control: 3G Restaurant Brands Holdings LP owns 42.6% of the combined voting power, and the filing identifies the company's dependence on franchisees, its significant leverage, its tax exposure related to Section 7874 of the Internal Revenue Code, and its exposure to foreign currency fluctuations, since substantially all debt is denominated in U.S. dollars.
Feb 17, 2017
2015
Restaurant Brands International Annual Report, Year Ended Dec 31, 2015
Restaurant Brands International Inc. (QSR) reported fiscal 2015 results in its first full year as a combined company following the December 12, 2014 Transactions, in which Burger King Worldwide and Tim Hortons became indirect subsidiaries. The company operated 19,416 system-wide restaurants in approximately 100 countries and U.S. territories as of December 31, 2015, with Tim Hortons at 4,413 restaurants and Burger King at 15,003. Approximately 100% of restaurants are franchised. Total revenues rose to $4.05 billion in 2015 from $1.20 billion in 2014, and net income attributable to the company was $511.7 million, compared with a net loss of $269.3 million in 2014, which included $155.4 million of debt extinguishment losses and $290.9 million of net losses on derivatives. Leverage remains the central investor consideration. Total debt and capital lease obligations were $8,721.8 million at year-end 2015, and the company also has $3,297.0 million of redeemable preferred shares carrying a 9.0% cumulative dividend, with quarterly preferred dividends of $67.5 million. Cash and cash equivalents fell to $757.8 million from $1,803.2 million, and net cash provided by operating activities was $1,204.8 million. The company repaid $1,550.0 million of its term loan using proceeds from $1,250.0 million of 4.625% first lien senior secured notes and cash on hand. Adjusted EBITDA was $1,666.2 million, with Tim Hortons contributing $906.7 million and Burger King $759.5 million. The filing also highlights concentrated ownership and structural considerations. 3G Restaurant Brands Holdings LP owns approximately 43.1% of combined voting power, and holders of Partnership exchangeable units held approximately 50.9% of Partnership common equity at year-end. The company declared a quarterly common dividend of $0.14 per share on February 16, 2016, and management noted it is not in compliance with certain Canadian corporate governance best practices. Tim Hortons also faces exposure to the Canadian business and Canadian dollar, as the substantial majority of its revenues and operating income in 2015 came from Canada.
Feb 26, 2016
2014
Restaurant Brands International Annual Report, Year Ended Dec 31, 2014
Restaurant Brands International Inc. (QSR) reported its first annual results as a combined company following the December 12, 2014 Transactions, in which it acquired Tim Hortons and combined it with Burger King Worldwide. The company operated 19,043 system-wide restaurants in approximately 100 countries and U.S. territories as of December 31, 2014, of which 18,978 were franchised. Reported 2014 results show total revenues of $1,197.3 million (versus $1,146.3 million in 2013) but a net loss of $277.4 million, compared with net income of $233.7 million in 2013. The loss was driven largely by $326.9 million of other operating expenses, including $290.9 million of net losses on derivatives, $125.0 million of Tim Hortons transaction and restructuring costs, and a $155.4 million loss on early extinguishment of debt, alongside higher interest expense of $280.1 million. The balance sheet changed substantially. Total assets rose to $21,164.0 million from $5,828.5 million, and total debt and capital lease obligations reached $9,192.5 million. Cash and cash equivalents were $1,803.2 million at year-end. Adjusted EBITDA, a non-GAAP measure, was $761.1 million in 2014 compared with $665.6 million in 2013. The company also carries $3,297.0 million of redeemable preferred shares held by a Berkshire Hathaway subsidiary, which pay a 9.0% dividend, and 3G Capital controls 47% of the voting power. For investors, the key considerations are the scale of leverage, the preferred share dividend obligation of $67.5 million per quarter going forward, the franchise-dependent revenue model, and the Tim Hortons Canadian concentration. Management expects capital expenditures of approximately $180.0 million in 2015 and states that cash flow from operations and revolving credit availability should cover obligations over the next twelve months.
Mar 2, 2015