Restaurant Brands International Inc. key statistics and ratios

In fiscal 2025, Restaurant Brands International Inc. had return on equity of 23.0%, an operating margin of 23.3%, debt equal to 368.0% of equity and a current ratio of 0.98. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Restaurant Brands International Inc.: financial ratios, annual
Fiscal year	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	36.9%	64.8%	68.9%	—	58.3%	59.6%	66.1%	67.6%	67.6%	67.1%	64.5%	65.3%	—	—	—
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%
Return on equity	10.0%	17.4%	9.3%	6.5%	22.8%	33.0%	32.9%	31.3%	20.9%	38.1%	42.6%	44.4%	34.2%	23.0%	39.6%
Return on assets	—	4.0%	1.2%	0.5%	1.8%	3.1%	2.9%	3.0%	2.2%	3.6%	4.4%	5.2%	4.3%	3.1%	5.9%
Asset turnover	—	0.20	0.09	0.20	0.22	0.23	0.25	0.26	0.22	0.25	0.28	0.30	0.35	0.38	0.38
Current ratio	—	3.11	1.36	1.22	1.73	1.07	0.99	1.29	1.41	0.97	0.97	1.01	0.97	0.98	0.96
Debt to equity	5.2%	195.3%	585.7%	652.8%	505.1%	566.0%	728.8%	477.9%	577.2%	581.7%	518.8%	452.0%	439.8%	368.0%	337.9%
Effective tax rate	26.3%	27.5%	—	24.1%	20.3%	−12.2%	17.2%	23.5%	8.1%	8.1%	−8.6%	−18.2%	20.1%	28.7%	2.4%
SG&A as % of revenue	17.6%	21.1%	28.8%	10.8%	7.7%	9.1%	22.7%	22.6%	25.4%	—	—	—	—	—	—
Capital spending as % of revenue	3.6%	2.2%	2.6%	2.8%	0.8%	0.8%	1.6%	1.1%	2.4%	1.8%	1.5%	1.7%	2.4%	2.8%	2.9%
Free cash flow ÷ net income	131.0%	128.2%	144.6%	>999%	351.4%	216.3%	176.3%	219.9%	165.4%	193.3%	137.9%	101.1%	127.5%	186.7%	105.3%
Dividends ÷ net income	11.9%	36.1%	66.8%	348.8%	155.5%	106.1%	119.0%	140.1%	197.3%	116.2%	96.3%	83.2%	100.8%	142.8%	77.1%
Dividends and buybacks ÷ free cash flow	9.1%	30.6%	46.2%	33.3%	44.2%	49.0%	67.5%	63.7%	119.3%	94.1%	93.3%	123.9%	79.0%	76.5%	101.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Restaurant Brands International Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	27.7%	20.6%	20.0%	27.1%	25.2%	26.8%	28.4%	27.6%
Net margin	11.3%	7.5%	7.8%	12.9%	4.6%	14.9%	20.1%	21.5%
Free-cash-flow margin	17.6%	2.6%	17.1%	21.7%	18.4%	7.5%	19.0%	19.0%
Current ratio	0.97	0.96	1.01	1.06	0.98	0.99	1.01	0.96
Debt to equity	438.6%	437.2%	410.4%	399.1%	365.5%	354.5%	344.3%	336.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Restaurant Brands International Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Restaurant Brands International Inc.