QSR financial statements

The full income statement, balance sheet, and cash-flow statement for Restaurant Brands International Inc. (QSR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 316.9M2024-09 323.7M2024-12 324.4M2025-03 327.6M2025-06 327.8M2025-09 327.8M2025-12 346.3M2026-03 347.3M2026-06 349.2M+10.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	9.43B YoY+12.2%	8.41B YoY+19.7%	7.02B YoY+7.9%	6.50B YoY+13.3%	5.74B YoY+15.5%
Lease income	828M YoY-0.6%	833M YoY-0.7%	839M YoY+4.1%	806M YoY+2.4%	787M YoY+10.4%
Cost of revenue	—	—	2.44B YoY+5.3%	2.31B YoY+22.3%	1.89B YoY+17.4%
Selling, general & administrative	741M YoY+1.1%	733M YoY+4.1%	704M YoY+11.6%	631M YoY+30.4%	484M YoY-61.7%
General & administrative	741M YoY+1.1%	733M YoY+4.1%	704M YoY+11.6%	631M YoY+30.4%	484M YoY+18.9%
Amortization of intangibles	69.0M YoY+19.0%	58.0M YoY+56.8%	37.0M YoY-5.1%	39.0M YoY-4.9%	41.0M YoY-4.7%
Operating income	2.20B YoY-9.0%	2.42B YoY+17.9%	2.05B YoY+8.1%	1.90B YoY+1.0%	1.88B YoY+32.1%
Interest & investment income	31.0M YoY-20.5%	39.0M YoY-2.5%	40.0M YoY+471.4%	7.00M YoY+133.3%	3.00M YoY-66.7%
Equity-method income	11.0M YoY-84.1%	69.0M YoY+762.5%	8.00M YoY+118.2%	-44.0M YoY-1000.0%	-4.00M YoY+89.7%
Pre-tax income	1.68B YoY-6.9%	1.81B YoY+24.5%	1.45B YoY+6.4%	1.36B YoY+0.1%	1.36B YoY+67.0%
Income tax	483M YoY+32.7%	364M YoY+237.4%	-265M YoY-126.5%	-117M YoY-206.4%	110M YoY+66.7%
	1.07B YoY+5.3%	1.02B YoY-14.2%	1.19B YoY+18.1%	1.01B YoY+20.3%	838M YoY+11.7%
Discontinued operations	-126M	0.00	0.00	—	—
Net income to non-controlling interest	299M YoY-29.5%	424M YoY-19.7%	528M YoY+11.4%	474M YoY+14.2%	415M YoY+57.2%
Net income to common	776M YoY-24.0%	1.02B YoY-14.2%	1.19B YoY+18.1%	1.01B YoY+20.3%	838M YoY+72.4%
	$2.35 YoY-26.1%	$3.18 YoY-15.4%	$3.76 YoY+15.7%	$3.25 YoY+20.8%	$2.69 YoY+68.1%
EPS (basic)	$2.36 YoY-26.5%	$3.21 YoY-16.0%	$3.82 YoY+16.5%	$3.28 YoY+21.0%	$2.71 YoY+68.3%
	329M YoY+3.1%	319M YoY+2.2%	312M YoY+1.6%	307M YoY-1.0%	310M YoY+2.6%
	457M YoY+0.7%	454M YoY-0.4%	456M YoY+0.2%	455M YoY-1.9%	464M YoY-0.9%
Dividends per share	$2.48 YoY+6.9%	$2.32 YoY+5.5%	$2.20 YoY+1.9%	$2.16 YoY+1.9%	$2.12 YoY+1.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.83B YoY+24.0%	2.28B YoY+5.0%	2.17B YoY+6.1%	2.05B YoY+12.8%	1.82B YoY-19.8%
Cash & equivalents	1.16B YoY-12.8%	1.33B YoY+17.1%	1.14B YoY-3.3%	1.18B YoY+8.4%	1.09B YoY-30.3%
Inventory	205M YoY+44.4%	142M YoY-14.5%	166M YoY+24.8%	133M YoY+38.5%	96.0M YoY+0.0%
Prepaid expenses	179M YoY+65.7%	108M YoY-9.2%	119M YoY-3.3%	123M YoY+43.0%	86.0M YoY+19.4%
	25.6B YoY+4.0%	24.6B YoY+5.3%	23.4B YoY+2.8%	22.7B YoY-2.2%	23.2B YoY+2.1%
Property, plant & equipment	2.30B YoY+95.3%	1.18B YoY-11.3%	1.33B YoY-5.1%	1.40B YoY-7.3%	1.51B YoY-0.9%
Operating lease right-of-use	1.96B YoY+5.9%	1.85B YoY+65.1%	1.12B YoY+3.7%	1.08B YoY-4.2%	1.13B YoY-1.9%
Goodwill	6.31B YoY+5.3%	5.99B YoY+3.7%	5.78B YoY+1.5%	5.69B YoY-5.3%	6.01B YoY+4.7%
Intangible assets	11.2B YoY+2.5%	10.9B YoY-1.7%	11.1B YoY+1.1%	11.0B YoY-3.7%	11.4B YoY+6.7%
Other non-current assets	1.02B YoY-24.3%	1.35B YoY+7.3%	1.26B YoY+27.9%	987M YoY+29.5%	762M YoY-7.5%
	2.89B YoY+22.3%	2.36B YoY+10.3%	2.14B YoY+1.3%	2.12B YoY+12.7%	1.88B YoY+17.3%
Accounts payable	866M YoY+13.2%	765M YoY-3.2%	790M YoY+4.2%	758M YoY+23.5%	614M YoY+32.3%
Short-term & current debt	32.0M YoY-82.9%	187M YoY+179.1%	67.0M YoY-29.5%	95.0M YoY+53.2%	62.0M YoY-21.5%
Current lease liability	200M YoY+3.6%	193M YoY+31.3%	147M YoY+7.3%	137M YoY-2.1%	140M YoY+2.2%
Other current liabilities	230M YoY+85.5%	124M YoY+6.0%	117M YoY+7.3%	109M YoY-6.8%	117M YoY+46.3%
Finance lease liability (current)	36.0M YoY+2.9%	35.0M YoY+2.9%	34.0M YoY+6.3%	32.0M YoY-5.9%	34.0M YoY+6.3%
	20.5B YoY+3.4%	19.8B YoY+6.0%	18.7B YoY+1.0%	18.5B YoY-4.7%	19.4B YoY+1.8%
Long-term debt	13.3B YoY-1.5%	13.5B YoY+4.7%	12.9B YoY+0.1%	12.8B YoY-0.6%	12.9B YoY+4.2%
Deferred revenue (non-current)	517M YoY+0.0%	517M YoY-6.8%	555M YoY+2.8%	540M YoY+1.7%	531M YoY+0.6%
Non-current lease liability	1.90B YoY+7.3%	1.77B YoY+67.1%	1.06B YoY+3.1%	1.03B YoY-4.0%	1.07B YoY-1.1%
Operating lease liability (total)	2.10B YoY+7.0%	1.96B YoY+62.8%	1.21B YoY+3.6%	1.16B YoY-3.8%	1.21B YoY-0.7%
Finance lease liability (total)	297M YoY-7.5%	321M YoY-7.2%	346M YoY+0.9%	343M YoY-6.5%	367M YoY+5.8%
Finance lease liability	261M YoY-8.7%	286M YoY-8.3%	312M YoY+0.3%	311M YoY-6.6%	333M YoY+5.7%
Deferred tax liabilities	1.12B YoY-7.3%	1.21B YoY-6.8%	1.30B YoY-1.3%	1.31B YoY-4.4%	1.37B YoY-3.6%
Other non-current liabilities	1.03B YoY+46.5%	706M YoY-29.1%	996M YoY+14.2%	872M YoY-52.1%	1.82B YoY-18.5%
	3.63B YoY+16.8%	3.11B YoY+8.5%	2.87B YoY+14.7%	2.50B YoY+11.7%	2.24B YoY+3.2%
Common stock	2.86B YoY+21.3%	2.36B YoY+19.5%	1.97B YoY-4.1%	2.06B YoY-4.6%	2.16B YoY-10.1%
Retained earnings	1.79B YoY-3.5%	1.86B YoY+16.3%	1.60B YoY+42.6%	1.12B YoY+41.7%	791M YoY+27.2%
Accumulated other comprehensive income	-1.02B YoY+7.9%	-1.11B YoY-56.8%	-706M YoY-4.0%	-679M YoY+4.4%	-710M YoY+16.9%
Non-controlling interest	1.52B YoY-12.0%	1.73B YoY-7.0%	1.86B YoY+5.4%	1.77B YoY+9.5%	1.62B YoY+4.0%
Total equity incl. non-controlling	5.16B YoY+6.5%	4.84B YoY+2.4%	4.73B YoY+10.8%	4.27B YoY+10.8%	3.85B YoY+3.5%
Total liabilities & equity	25.6B YoY+4.0%	24.6B YoY+5.3%	23.4B YoY+2.8%	22.7B YoY-2.2%	23.2B YoY+2.1%
	346M YoY+6.7%	324M YoY+3.8%	312M YoY+1.7%	307M YoY-0.6%	309M YoY+1.4%
	346M YoY+6.7%	324M YoY+3.8%	312M YoY+1.7%	307M YoY-0.6%	309M YoY+1.4%
	—	—	313M YoY+1.8%	308M YoY-0.5%	310M YoY+1.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.71B YoY+14.0%	1.50B YoY+13.6%	1.32B YoY-11.2%	1.49B YoY-13.7%	1.73B YoY+87.4%
Depreciation & amortization	301M YoY+14.0%	264M YoY+38.2%	191M YoY+0.5%	190M YoY-5.5%	201M YoY+6.3%
Intangible amortization	69.0M YoY+19.0%	58.0M YoY+56.8%	37.0M YoY-5.1%	39.0M YoY-4.9%	41.0M YoY-4.7%
Share-based compensation	151M YoY-12.2%	172M YoY-11.3%	194M YoY+42.6%	136M YoY+33.3%	102M YoY+21.4%
Deferred income taxes	97.0M YoY+2040.0%	-5.00M YoY+98.8%	-430M YoY-616.7%	-60.0M YoY-1100.0%	-5.00M YoY+97.6%
Change in payables	89.0M YoY+396.7%	-30.0M YoY-236.4%	22.0M YoY-87.0%	169M YoY+13.4%	149M YoY+181.4%
	-318M YoY+51.8%	-660M YoY-6100.0%	11.0M YoY+117.2%	-64.0M YoY+94.2%	-1.10B YoY-1296.2%
Capital expenditure	265M YoY+31.8%	201M YoY+67.5%	120M YoY+20.0%	100M YoY-5.7%	106M YoY-9.4%
Free cash flow	1.45B YoY+11.3%	1.30B YoY+8.2%	1.20B YoY-13.5%	1.39B YoY-14.2%	1.62B YoY+101.5%
Acquisitions	152M YoY-71.9%	540M YoY+3076.5%	17.0M	0.00 YoY-100.0%	1.00B
Other investing activities	15.0M YoY-44.4%	27.0M YoY+2600.0%	1.00M YoY-97.1%	35.0M YoY+150.0%	14.0M YoY+100.0%
	-1.44B YoY-129.8%	-625M YoY+54.5%	-1.37B YoY-5.1%	-1.31B YoY-19.6%	-1.09B YoY-33.1%
Long-term debt issued	0.00 YoY-100.0%	2.45B YoY+4354.5%	55.0M YoY+2650.0%	2.00M YoY-99.9%	1.33B YoY-74.5%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock issued	0.00	0.00	0.00 YoY-100.0%	30.0M	0.00
Common stock repurchased	0.00	0.00 YoY-100.0%	500M YoY+53.4%	326M YoY-40.8%	551M
Dividends paid	1.11B YoY+7.7%	1.03B YoY+3.9%	990M YoY+2.0%	971M YoY-0.3%	974M YoY+1.6%
Other financing activities	-1.00M YoY+50.0%	-2.00M YoY+50.0%	-4.00M YoY-33.3%	-3.00M YoY+25.0%	-4.00M YoY-100.0%
FX effect on cash	16.0M YoY+169.6%	-23.0M YoY-2400.0%	1.00M YoY+103.6%	-28.0M YoY-833.3%	-3.00M YoY-150.0%
Net change in cash	-105M YoY-153.8%	195M YoY+600.0%	-39.0M YoY-142.9%	91.0M YoY+119.2%	-473M YoY-1851.9%
Interest paid	714M YoY-9.0%	785M YoY+3.2%	761M YoY+56.3%	487M YoY+20.5%	404M YoY-12.7%
Income taxes paid	450M YoY+53.6%	293M YoY+1.0%	290M YoY+5.5%	275M YoY+7.4%	256M YoY-4.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	23.6B YoY+11.7%	21.1B YoY-13.3%	24.4B YoY+23.2%	19.8B YoY+5.3%	18.8B YoY+0.8%
P/E	22.0× YoY+6.1%	20.7× YoY-22.6%	26.8× YoY+29.6%	20.7× YoY-7.9%	22.4× YoY-9.8%
P/S	2.5× YoY-0.4%	2.5× YoY-28.9%	3.5× YoY+13.8%	3.1× YoY-5.0%	3.3× YoY-12.8%
P/B	6.5× YoY-4.4%	6.8× YoY-18.9%	8.4× YoY-2.0%	8.6× YoY+1.8%	8.4× YoY-2.4%
P/FCF	16.3× YoY+0.4%	16.2× YoY-18.6%	19.9× YoY+46.2%	13.6× YoY+17.6%	11.6× YoY-50.0%
	4.5% YoY-5.8%	4.8% YoY+29.2%	3.7% YoY-22.8%	4.8% YoY+8.6%	4.5% YoY+10.9%
	6.1% YoY-0.4%	6.2% YoY+22.8%	5.0% YoY-31.6%	7.3% YoY-15.0%	8.6% YoY+100.0%
	3.6% YoY+2.1%	3.6% YoY+26.4%	2.8% YoY-15.7%	3.3% YoY-4.4%	3.5% YoY+2.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: QSR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all QSR filings on SEC EDGAR → Not investment advice.