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Restaurant Brands International Inc. (QSR) stock

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NYSE: QSR NYSE Restaurants Next results ~February 11, 2027

C+ Fundamentals grade

Restaurant Brands International Inc. is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

Restaurant Brands International Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Restaurant Brands International files

10-Q filed October 29: Restaurant Brands International

Restaurant Brands International grew revenue to $9.78bn over the twelve months to September 2026, a 5.5% rise on the year before but a step down from 6.5% growth a quarter earlier. Margins told a better story: free cash flow climbed to 16.2% of revenue from 15.1%, while the operating margin widened to 27.0% from 23.9%. Those gains lifted the fundamentals grade from D to C+. Even so, our model value barely moved, sitting at $37.52 a share against a market price of $71.92, and the rating remains Sell. At current levels, the shares imply roughly 15.1% annual cash-flow growth over five years, well ahead of the 11.2% a year revenue growth the business has actually delivered.

Our model value for Restaurant Brands International is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Restaurant Brands International stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.70bn, up 6.5% on a year earlier, slower than 9.3% a quarter earlier. Free-cash-flow margin rose to 16.8% from 14.9% a year earlier. Operating margin widened to 26.9% from 23.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. At that price, our model says the market is pricing in about 14.9% a year of cash-flow growth for five years, faster than the 11.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Restaurant Brands International Inc.'s trailing-twelve-month revenue grew 5.5% year on year, with a free-cash-flow margin of 16.2%. Where it stands out: free-cash-flow margin of 16.2% ranks 4 of 44 restaurants companies we cover. Where it lags: stock pay as % of revenue of 1.5% ranks 33 of 40 restaurants companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 12.9% while net income grew 62.7%: a 50pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 27.0% of revenue is left as operating profit, against a median of 5.2% for restaurants companies we cover.
  • Margins widening. Operating margin is up 3.1 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 12 insiders sold $56M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.5% ranks 33 of 40 restaurants companies we cover (median 0.8%).
  • Below peers: change in growth rate. Change in growth rate of -1.0pp ranks 35 of 44 restaurants companies we cover (median +0.3pp).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.10 against an average estimate of $1.08: beat by 1.4%
Revenue
$2.52bn, up 3.1% on a year earlier
Share reaction
-2.8% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
organic Adjusted Operating Income growth growth 8% (2026); segment G&A (excluding RH) $600m to $620m (2026)
Next report
October 29, 2026; average EPS estimate $1.02

Restaurant Brands International's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.1%
  • 1 week+0.2%
  • 1 month+6.8%
  • This year+12.4%
  • 1 year+17.7%
  • 5 years+53.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.8B
Operating margin
27.0%
Net margin
15.3%
EPS (TTM, diluted)
$3.27

Growth

Revenue growth
+5.5%
Change in growth rate
−1.0 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
16.2%
Stock pay % of revenue
1.5%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Announcement
  4. Insider trade
  5. Insider trade
  6. Partnership
  7. Announcement
  8. Results
  9. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Restaurant Brands International Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Restaurant Brands International Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.68 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$74 ~$64–$140 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$37 ~$30–$46 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$69 ~$58–$83 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Restaurant Brands International Inc. with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.90$34.81$45.50$39.97$50.21$50.04$51.40$56.91$70.93$61.15$66.43$74.64
Market value$12.8bn$16.4bn$21.7bn$18.9bn$23.5bn$23.4bn$23.8bn$25.9bn$32.3bn$27.8bn$30.4bn$34.2bn
+ Net debt (− = net cash)$7.9bn$7.1bn−$1.1bn−$913m$10.4bn$10.9bn$11.9bn$11.8bn$11.8bn$12.3bn$12.2bn$12.3bn
Enterprise value$20.7bn$23.5bn$20.6bn$18.0bn$33.9bn$34.4bn$35.8bn$37.7bn$44.2bn$40.1bn$42.6bn$46.6bn
Multiples
Price / sales 3.2x3.9x4.7x3.5x4.2x4.7x4.2x4.0x4.6x3.3x3.2x3.5x
Price / earnings 123.2x47.3x34.7x30.9x36.6x48.2x28.5x25.7x27.2x27.2x39.1x22.8x
Price / free cash flow 11.8x13.5x16.0x17.5x16.7x29.1x14.7x18.6x26.9x21.3x21.0x21.7x
EV / EBITDA 15.1x12.8x10.7x8.6x15.5x21.3x17.2x18.0x19.7x14.9x17.0x15.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

81 /100

Strong moat

How hard Restaurant Brands International's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.1% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 66.6%, moving by 2.0 percentage points (standard deviation) across 7 years.

  • Durability 20 / 20

    Operating margin has been a median 30.8%; its worst year was 23.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.5% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 1.4% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.10 +11% $9.9bn +4%
Next $4.40 +8% $9.9bn +0%

Next year's EPS estimate has moved −0.2% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 2 analysts raised Restaurant Brands International Inc.'s forecast and 1 cut it.

Consensus EPS forecast Restaurant Brands International Inc., last 90 days
$4.00 $4.10 $4.20 $4.30 $4.40 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.05 Current fiscal year, 60 days ago: $4.05 Current fiscal year, 30 days ago: $4.06 Current fiscal year, 7 days ago: $4.06 Current fiscal year, Now: $4.10 $4.10 Next fiscal year, 90 days ago: $4.41 Next fiscal year, 60 days ago: $4.42 Next fiscal year, 30 days ago: $4.43 Next fiscal year, 7 days ago: $4.43 Next fiscal year, Now: $4.40 $4.40

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.05$4.41
60 days ago $4.05$4.42
30 days ago $4.06$4.43
7 days ago $4.06$4.43
Now $4.10$4.40

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.08 $1.10 +1.4%
Jun 2026 $1.04 $1.07 +3.2%
Mar 2026 $0.83 $0.86 +4.0%
Dec 2025 $0.95 $0.96 +1.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • organic Adjusted Operating Income growth 2026 about 8% growth Non-GAAP Maintained
    “RBI remains on track for 8% organic Adjusted Operating Income growth in 2026” source
  • Segment G&A (excluding RH) 2026 $600m to $620m Non-GAAP Maintained
    “Segment G&A (excluding RH) for 2026 between $600 million and $620 million;” source
  • RH AOI 2026 $10m to $20m Non-GAAP Maintained
    “RH AOI of approximately $10 to $20 million;” source
  • Adjusted Interest Expense, net 2026 $500m to $520m Non-GAAP Maintained
    “Adjusted Interest Expense, net between $500 million and $520 million; and” source
  • Total Capex and Cash Inducements 2026 about $400m Maintained
    “Consolidated capital expenditures, tenant inducements and incentives (including RH), or "Total Capex and Cash Inducements" of around $400 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

28 analysts, Oct 2026
Buy1761%
Hold1036%
Sell14%

Monthly trend

  1. Oct 20262151028
  2. Sep 2026314927
  3. Aug 2026314927
  4. Jul 2026314927

Counts of recommendations published by analysts covering Restaurant Brands International Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.7%
of tradable shares
Days to cover
5.14
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
1.3%
of shares
Employees
53,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +17.7%

$63.39 on October 31, 2025 to $74.64

ThenNowEffect
Revenue (last 12 months) $9.1bn $9.7bn +6.5%
Net margin 9.4% 13.1% +39.1%
P/E multiple 33.6x 26.9x −20.1%
Share count 456m 459m −0.6%

Biggest factor: net margin.

Last 3 years +22.1%

$61.12 on November 3, 2023 to $74.64

ThenNowEffect
Revenue (last 12 months) $6.8bn $9.7bn +43.1%
Net margin 15.0% 13.1% −12.7%
P/E multiple 27.3x 26.9x −1.5%
Share count 455m 459m −0.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
QSR+3%+11%+25%−14%+9%+12%
Industry peers (median)+16%−17%+15%+0%−10%+2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
QSR50%50%67%33%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
QSR−22%−24%−19%−19%−13%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 63% from August 29, 2019 to March 18, 2020. Getting back needed a 171% gain, reached on April 18, 2023, 1126 days after the low.

Price behaviour

52-week range
$63.48 – $80.85
From 52-week high
−7.7%
vs 50-day average
+0.6%
vs 200-day average
+2.2%
Volatility (1 year)
24%
Beta vs S&P 500
0.06

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
0 up, 12 down
typical move ±2.2%
After a week
5 up, 6 down
typical move ±3.4%
After a month
5 up, 6 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −2.8% −2.1% — —
August 6, 2026 −0.8% +0.5% +2.8% +7.6%
May 6, 2026 −3.1% +1.1% −6.4% −11.0%
February 12, 2026 −6.4% −1.5% −2.7% +5.5%
October 30, 2025 −0.5% −0.8% +3.2% +8.5%
August 7, 2025 −6.0% +0.7% −5.0% −9.6%
May 8, 2025 −1.1% +0.6% +2.6% +2.7%
February 12, 2025 −0.7% +0.7% −5.5% −1.2%
November 5, 2024 −2.5% +3.7% −3.8% −0.4%
August 8, 2024 0.0% +2.8% +1.1% −3.8%
April 30, 2024 −0.8% −1.9% +0.6% −9.6%
February 13, 2024 −2.2% −0.5% −3.3% +4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Restaurant Brands International Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Restaurant Brands International Inc.
$7B $8B $9B $10B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $7B Revenue (TTM), FY24 Q1: $7.2B Revenue (TTM), FY24 Q2: $7.5B Revenue (TTM), FY24 Q3: $7.9B Revenue (TTM), FY24 Q4: $8.4B Revenue (TTM), FY25 Q1: $8.8B Revenue (TTM), FY25 Q2: $9.1B Revenue (TTM), FY25 Q3: $9.3B Revenue (TTM), FY25 Q4: $9.4B Revenue (TTM), FY26 Q1: $9.6B Revenue (TTM), FY26 Q2: $9.7B Revenue (TTM), FY26 Q3: $9.8B $9.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $7B
FY24 Q1 $7.2B
FY24 Q2 $7.5B
FY24 Q3 $7.9B
FY24 Q4 $8.4B
FY25 Q1 $8.8B
FY25 Q2 $9.1B
FY25 Q3 $9.3B
FY25 Q4 $9.4B
FY26 Q1 $9.6B
FY26 Q2 $9.7B
FY26 Q3 $9.8B
Revenue growth, TTM YoY Restaurant Brands International Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.9% Revenue growth, TTM YoY, FY24 Q1: 7.9% Revenue growth, TTM YoY, FY24 Q2: 10.3% Revenue growth, TTM YoY, FY24 Q3: 15.1% Revenue growth, TTM YoY, FY24 Q4: 19.7% Revenue growth, TTM YoY, FY25 Q1: 22.4% Revenue growth, TTM YoY, FY25 Q2: 21.8% Revenue growth, TTM YoY, FY25 Q3: 16.8% Revenue growth, TTM YoY, FY25 Q4: 12.2% Revenue growth, TTM YoY, FY26 Q1: 9.3% Revenue growth, TTM YoY, FY26 Q2: 6.5% Revenue growth, TTM YoY, FY26 Q3: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.9%
FY24 Q1 7.9%
FY24 Q2 10.3%
FY24 Q3 15.1%
FY24 Q4 19.7%
FY25 Q1 22.4%
FY25 Q2 21.8%
FY25 Q3 16.8%
FY25 Q4 12.2%
FY26 Q1 9.3%
FY26 Q2 6.5%
FY26 Q3 5.5%
Operating margin (TTM) Restaurant Brands International Inc.
22% 24% 26% 28% 30% 32% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 29.2% Operating margin (TTM), FY24 Q1: 30.0% Operating margin (TTM), FY24 Q2: 30.2% Operating margin (TTM), FY24 Q3: 28.4% Operating margin (TTM), FY24 Q4: 28.8% Operating margin (TTM), FY25 Q1: 26.3% Operating margin (TTM), FY25 Q2: 23.4% Operating margin (TTM), FY25 Q3: 23.9% Operating margin (TTM), FY25 Q4: 23.3% Operating margin (TTM), FY26 Q1: 24.7% Operating margin (TTM), FY26 Q2: 26.9% Operating margin (TTM), FY26 Q3: 27.0% 27.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 29.2%
FY24 Q1 30.0%
FY24 Q2 30.2%
FY24 Q3 28.4%
FY24 Q4 28.8%
FY25 Q1 26.3%
FY25 Q2 23.4%
FY25 Q3 23.9%
FY25 Q4 23.3%
FY26 Q1 24.7%
FY26 Q2 26.9%
FY26 Q3 27.0%
FCF margin (TTM) Restaurant Brands International Inc.
14% 15% 16% 17% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 17.1% FCF margin (TTM), FY24 Q1: 17.4% FCF margin (TTM), FY24 Q2: 15.7% FCF margin (TTM), FY24 Q3: 15.8% FCF margin (TTM), FY24 Q4: 15.5% FCF margin (TTM), FY25 Q1: 14.1% FCF margin (TTM), FY25 Q2: 14.9% FCF margin (TTM), FY25 Q3: 15.1% FCF margin (TTM), FY25 Q4: 15.4% FCF margin (TTM), FY26 Q1: 16.3% FCF margin (TTM), FY26 Q2: 16.8% FCF margin (TTM), FY26 Q3: 16.2% 16.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 17.1%
FY24 Q1 17.4%
FY24 Q2 15.7%
FY24 Q3 15.8%
FY24 Q4 15.5%
FY25 Q1 14.1%
FY25 Q2 14.9%
FY25 Q3 15.1%
FY25 Q4 15.4%
FY26 Q1 16.3%
FY26 Q2 16.8%
FY26 Q3 16.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Restaurant Brands International took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $9.4B
  2. Selling, general and admin $741M · 7.9%
  3. Other operating costs $6.5B · 68.8%
  4. Operating income $2.2B · 23.3%
  5. Income tax $483M · 5.1%
  6. Interest and other $943M · 10.0%
  7. Net income $776M · 8.2%

Shares of revenue. Source: Restaurant Brands International's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.0 1.1 1.2 4.1 4.1 4.6 5.4 5.6 5.0 5.7 6.5 7.0 8.4 9.4 9.8
Gross profit 0.7 0.7 0.8 — 2.4 2.7 3.5 3.8 3.4 3.8 4.2 4.6 — — —
EBITDA 0.5 0.6 0.2 1.4 1.8 1.9 2.1 2.2 1.6 2.1 2.1 2.2 2.7 2.5 2.9
Operating income 0.4 0.5 0.2 1.2 1.7 1.7 1.9 2.0 1.4 1.9 1.9 2.1 2.4 2.2 2.6
Net income 0.1 0.2 0.2 0.1 0.3 0.6 0.6 0.6 0.5 0.8 1.0 1.2 1.0 0.8 1.5
Diluted EPS $0.33 $0.65 −$2.32 $0.50 $1.45 $2.54 $2.42 $2.37 $1.60 $2.69 $3.25 $3.76 $3.18 $2.35 $3.27
Growth (year on year)
Revenue — −41.8% +4.6% +238.0% +2.3% +10.4% +17.1% +4.6% −11.3% +15.5% +13.3% +7.9% +19.7% +12.2% +5.5%
EBITDA — +10.5% −57.5% +449.9% +33.8% +4.2% +9.4% +4.5% −26.5% +29.1% +0.4% +7.4% +19.7% −6.7% +17.0%
Operating income — +25.0% −65.3% +558.3% +39.8% +4.1% +10.5% +4.7% −29.1% +32.1% +1.0% +8.1% +17.9% −9.0% +19.1%
Net income — +98.6% −32.4% −34.2% +233.0% +80.9% −2.2% +5.1% −24.4% +72.4% +20.3% +18.1% −14.2% −24.0% +62.7%
Diluted EPS — +97.0% −456.9% — +190.0% +75.2% −4.7% −2.1% −32.5% +68.1% +20.8% +15.7% −15.4% −26.1% +62.0%
Margins
Gross margin 36.9% 64.8% 68.9% — 58.3% 59.6% 66.1% 67.6% 67.6% 67.1% 64.5% 65.3% — — —
EBITDA margin 27.0% 51.3% 20.8% 33.9% 44.4% 41.9% 39.1% 39.1% 32.4% 36.2% 32.1% 31.9% 31.9% 26.5% 30.1%
Operating margin 21.2% 45.6% 15.1% 29.4% 40.2% 37.9% 35.8% 35.8% 28.6% 32.7% 29.2% 29.2% 28.8% 23.3% 27.0%
Net margin 6.0% 20.4% 13.2% 2.6% 8.3% 13.7% 11.4% 11.5% 9.8% 14.6% 15.5% 16.9% 12.1% 8.2% 15.3%
Free-cash-flow margin 7.8% 26.1% 19.1% 26.9% 29.3% 29.6% 20.1% 25.2% 16.2% 28.2% 21.4% 17.1% 15.5% 15.4% 16.2%
Cash flow
Cash from operations 0.2 0.3 0.3 1.2 1.3 1.4 1.2 1.5 0.9 1.7 1.5 1.3 1.5 1.7 1.9
Capital spending 0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3
Free cash flow 0.2 0.3 0.2 1.1 1.2 1.4 1.1 1.4 0.8 1.6 1.4 1.2 1.3 1.4 1.6
Stock-based pay 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1
Free cash flow after stock pay 0.1 0.3 0.2 1.0 1.2 1.3 1.0 1.3 0.7 1.5 1.3 1.0 1.1 1.3 1.4
Balance sheet
Cash 0.5 0.8 1.8 0.8 1.5 1.1 0.9 1.5 1.6 1.1 1.2 1.1 1.3 1.2 1.0
Total debt 0.1 3.0 11.0 8.7 8.6 — — 11.9 12.5 13.0 13.0 13.0 13.7 13.4 13.3
Net debt (negative = net cash) −0.5 2.2 9.2 7.9 7.1 −1.1 −0.9 10.4 10.9 11.9 11.8 11.8 12.3 12.2 12.3
Diluted shares 354m 358m 358m 476m 470m 477m 473m 469m 468m 464m 455m 456m 454m 457m 459m
Returned to shareholders
Dividends 0.0 0.1 0.1 0.4 0.5 0.7 0.7 0.9 1.0 1.0 1.0 1.0 1.0 1.1 1.2
Buybacks — 0.0 — — — — — 0.0 0.0 0.6 0.3 0.5 0.0 0.0 0.4
Total returned 0.0 0.1 0.1 0.4 0.5 0.7 0.7 0.9 1.0 1.5 1.3 1.5 1.0 1.1 1.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $25.3bn
Short-term assets $2.3bnLonger-term assets $23.0bn
What it owes, and who funded it · $23.7bn
Short-term liabilities $2.4bnLonger-term liabilities $17.3bnShareholders' equity $3.9bn
  • Short-term assets cover short-term liabilities $2.3bn of assets due within a year against $2.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.3bn short-term assets against $17.3bn of longer-dated liabilities.
  • More cash than debt $974m of cash against $13.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 336% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 563% to 336% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.9bn of operating cash flow against $13.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Restaurant Brands International Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$444M
Dividends (TTM)
$1.2B
Returned to shareholders
101%
of free cash flow
Buybacks, last 3 fiscal years
$500M
Diluted share count
+0.4%
year over year
Total shareholder yield
6.2%
dividends 4.5% + buybacks 1.7% of market value
Dividend payout ratio
77%
of net income paid out

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated QSR YUM YUMC CMG DRI TXRH Median
Revenue, last 12 months $9.8bn $8.7bn $12.4bn $12.7bn $13.4bn $6.2bn $1.4bn
Revenue growth, last 12 months 5.5% 10.3% 8.8% 7.9% 8.1% 9.9% 4.6%
Revenue growth, 3-year average 12.4% 7.7% 6.3% 10.1% 7.5% 12.7% 5.1%
Revenue growth, latest quarter 3.1% 12.2% 12.6% 9.6% 5.1% 11.1% 4.5%
Gross margin 65.3% 68.1% — — 20.3% — 68.6%
Operating margin 27.0% 31.0% 11.1% 14.1% 11.7% 7.7% 4.9%
Operating margin, 3-year average 26.4% 31.7% 10.5% 15.8% 11.6% 8.6% 6.9%
Net margin 15.3% 25.4% 7.8% 10.8% 8.8% 6.6% 2.5%
Cash from operations / revenue 19.1% 23.9% 12.7% 18.5% 13.4% 12.9% 11.9%
Free-cash-flow margin 16.2% 19.3% 7.6% 11.9% 7.9% 6.5% 3.4%
Free-cash-flow margin, 3-year average 15.7% 19.3% 6.9% 12.2% 8.6% 6.4% 2.8%
Stock pay / revenue 1.5% 0.8% 0.3% 0.9% 0.6% 0.8% 0.8%
Change in share count 0.4% −1.2% −5.5% −4.6% −2.1% −0.9% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 5.5% 4.7% 21 of 44
Change in growth rate Growth -1.0pp +0.3pp 35 of 44
Operating margin Profitability 27.0% 5.2% 4 of 42
Net margin Profitability 15.3% 2.6% 5 of 44
Free-cash-flow margin Cash generation 16.2% 3.6% 4 of 44
Stock pay as % of revenue Cash generation 1.5% 0.8% 33 of 40
Long-term debt as % of assets Balance sheet 52.2% 29.0% 27 of 36
Change in share count Balance sheet 0.4% 0.3% 25 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Tim Hortons $4.2B 45.0% ▲ 5.1%
Restaurant Holdings $1.8B 19.5% ▲ 64.9%
Burger King $1.3B 14.0% ▼ 1.3%
International $998M 10.6% ▲ 6.7%
Popeyes Louisiana Kitchen $800M 8.5% ▲ 4.2%
Firehouse Subs $232M 2.5% ▲ 8.4%
Products and services
Line of business Revenue YoY
Royalty Property Revenue and Franchisor $3B ▲ 1.4%
Royalty $2B ▲ 1.9%
Advertising $1.2B ▲ 2.5%
Franchisor $151M ▲ 6.3%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $4.6B 48.3% ▲ 20.5%
Canada $3.8B 40.8% ▲ 4.4%
Others $1B 10.9% ▲ 9.8%

From Restaurant Brands International Inc.'s 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$23.4B
Institutions reporting
574
Shares held vs prior quarter
▲ 6.6%
Positions opened / closed
77 / 50

Top buyers and sellers, Q2 2026: 316 institutions bought and 214 sold ; the biggest buyer was Blackrock, Inc (+7.2M shares) and the biggest seller Morgan Stanley (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $3.2B 43.9M 13.6% ▲ 2.3%
Pershing Square Inc. $1.9B 25.8M 8.0% New
Royal Bank Of Canada $1.5B 20.2M 6.3% ▲ 10.1%
Edgepoint Investment Group Inc. $1.2B 17.2M 5.3% ▼ 11.2%
Blackrock, Inc. $1.1B 15.2M 4.7% ▲ 90.6%
Bank Of Montreal $818M 11.3M 3.5% ▲ 25.3%
Vanguard Capital Management LLC $761M 10.5M 3.2% ▲ 1.7%
FMR LLC $610M 8.4M 2.6% ▲ 1.9%
Goldman Sachs Group Inc $530M 7.3M 2.3% ▲ 2.8%
Baupost Group LLC $490M 6.8M 2.1% ▼ 16.4%
Fiera Capital Corp $447M 6.2M 1.9% ▼ 7.8%
CIBC World Market Inc. $443M 6.1M 1.9% ▼ 9.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Restaurant Brands International Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $55.7M 63 trades by 12 insiders · 0% under pre-set plans
Net ▼ $55.7M net selling
Insider Date Trade Shares Price Value
Schwan Axel Pres., Tim Hortons US & Canada September 4, 2026 Sell 57,574 $81.14 $4.7M
Curtis Thomas Benjamin Pres., BK US & CA August 21, 2026 Sell 64,000 $80.72 $5.2M
Housman Jeffrey See Remarks March 20, 2026 Sell 20,000 $73.48 $1.5M
Granat Jill See Remarks March 18, 2026 Sell 25,000 $75.09 $1.9M
Kobza Joshua Chief Executive Officer March 18, 2026 Sell 200,000 $75.05 $15M
Siddiqui Sami A. Chief Financial Officer March 17, 2026 Sell 40,000 $75.28 $3M
Santelmo Thiago T President, International March 17, 2026 Sell 10,000 $75.41 $754,100
Siddiqui Sami A. Chief Financial Officer March 16, 2026 Sell 40,000 $74.51 $3M
Granat Jill See Remarks March 16, 2026 Sell 25,000 $74.76 $1.9M
Friesner Jacqueline See Remarks March 16, 2026 Sell 30,000 $74.61 $2.2M
Schwan Axel Pres., Tim Hortons Americas February 23, 2026 Sell 34,939 $67.51 $2.4M
Santelmo Thiago T President, International February 23, 2026 Sell 5,686 $67.51 $383,883

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Restaurant Brands International Inc. shares.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded August 6, 2026, filed September 14, 2026
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded March 16, 2020, filed April 28, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded February 5, 2020, filed April 28, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 6, 2026
  • February 12, 2026
  • October 30, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Restaurant Brands International Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Restaurant Brands International Inc. in brief

What does Restaurant Brands International Inc. do?
Restaurant Brands International Inc. is a US-listed company in the restaurants industry. Its financial year ends in December.
What is Restaurant Brands International Inc.'s stock ticker?
Restaurant Brands International Inc. trades under the ticker QSR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Restaurant Brands International Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Restaurant Brands International Inc. reported revenue of $9.8B, 5.5% higher than a year earlier, according to its SEC filings.
What is Restaurant Brands International Inc.'s free cash flow?
Restaurant Brands International Inc.'s free-cash-flow margin is 16.2% of revenue over the trailing twelve months, ranking 4 of the 44 restaurants companies we cover.
Who are Restaurant Brands International Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Pershing Square Inc. and Royal Bank Of Canada. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Restaurant Brands International Inc. buying back stock, and does it pay a dividend?
Restaurant Brands International Inc. spent $444M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.4% over the year.
What is Restaurant Brands International Inc.'s market cap?
On November 2, 2026, Restaurant Brands International Inc.'s market capitalisation was about $34.2B, with a price-to-earnings ratio of 22.8 and net debt of $12.3B. Market figures come from third-party market data and may be delayed.
Does Restaurant Brands International Inc. pay a dividend?
Yes: Restaurant Brands International Inc. paid $1.2B in dividends over the trailing twelve months, a dividend yield of 4.45% and a payout ratio of 77.1%.
How much debt does Restaurant Brands International Inc. have?
Restaurant Brands International Inc.'s debt-to-equity ratio is 336.0%, from its latest balance sheet (563.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Restaurant Brands International Inc.'s competitors?
In our Restaurants peer group, the companies closest to Restaurant Brands International Inc. are Yum! Brands, Yum China Holdings, Inc., Chipotle Mexican Grill, Darden Restaurants and Texas Roadhouse, Inc. The side-by-side comparison below sets their revenue, margins and growth against Restaurant Brands International Inc.'s.
Are insiders buying or selling Restaurant Brands International Inc. stock?
Over the last 12 months, Restaurant Brands International Inc.'s directors and officers reported 0 open-market purchases and 63 sales on Form 4. The insider trading page charts every trade.
When is Restaurant Brands International Inc.'s next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Restaurant Brands International Inc. announces its own schedule.