QSP vs QSR
Restaurant Brands International Limited Partnership and Restaurant Brands International Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | QSP | QSR |
|---|---|---|
| Revenue | $9.4B | $9.4B |
| Net income | $1.1B | $1.1B |
| Gross margin | · | · |
| Net margin | 11.4% | 11.4% |
| Return on equity | 21.5% | · |
| Diluted EPS | · | $2.35 |
| Dividend / share | · | $2.48 |
| Payout ratio | 103.1% | · |
| Free cash flow | $1.4B | $1.4B |
| Equity | · | $3.6B |
| Net debt / equity | 2.35× | 3.33× |
| Current ratio | 0.98× | 0.98× |
| Revenue CAGR 5y | 13.7% | 13.7% |
| Profit CAGR 5y | 7.5% | 7.5% |
QSP and QSR book revenue within 15% of each other, and keeps more of each dollar of revenue as profit (11.4% against 11.4%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | QSP | QSR |
|---|---|---|
| FY2025 | $9.4B | $9.4B |
| FY2024 | $8.4B | $8.4B |
| FY2023 | $7.0B | $7.0B |
| FY2022 | $6.5B | $6.5B |
| FY2021 | $5.7B | $5.7B |
| FY2020 | $5.0B | $5.0B |
| FY2019 | $5.6B | $5.6B |
| FY2018 | $5.4B | $5.4B |
| FY2017 | $4.6B | $4.6B |
| FY2016 | $4.1B | $4.1B |
Bottom line
| Fiscal year | QSP | QSR |
|---|---|---|
| FY2025 | $1.1B | $1.1B |
| FY2024 | $1.4B | $1.4B |
| FY2023 | $1.7B | $1.7B |
| FY2022 | $1.5B | $1.5B |
| FY2021 | $1.3B | $1.3B |
| FY2020 | $750.0M | $750.0M |
| FY2019 | $1.1B | $1.1B |
| FY2018 | $1.1B | $1.1B |
| FY2017 | $1.2B | $1.2B |
| FY2016 | $956.0M | $956.0M |
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | = | = |
| FY2024 | = | = |
| FY2023 | = | = |
| FY2022 | = | = |
| FY2021 | = | = |
| FY2020 | = | = |
| FY2019 | = | = |
| FY2018 | = | = |
| FY2017 | = | = |
| FY2016 | = | = |
| FY2015 | = | = |
| FY2014 | = | = |
| FY2013 | = | = |
| FY2012 | = | = |
The higher-revenue side has changed between QSP and QSR over this period.
14 of 14 comparable fiscal years — a year missing data on either side is not counted.
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | = | = |
| FY2024 | = | = |
| FY2023 | = | = |
| FY2022 | = | = |
| FY2021 | = | = |
| FY2020 | = | = |
| FY2019 | = | = |
| FY2018 | = | = |
| FY2017 | = | = |
| FY2016 | = | = |
| FY2015 | = | = |
| FY2014 | +0.0 pp | QSP |
| FY2013 | = | = |
| FY2012 | = | = |
QSP has kept the higher net margin in every one of these 14 fiscal years.
14 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
QSR's net margin has been more volatile than QSP's over the 14 comparable fiscal years — 11.9 percentage points of standard deviation against 11.9.
14 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
QSP led in net margin in every one of the 14 comparable fiscal years — a structural lead, not a recent swing.
14 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
QSP's return on equity has been more volatile than QSR's over the 3 comparable fiscal years — 11.3 percentage points of standard deviation against 3.5.
3 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
QSR led in return on equity in every one of the 3 comparable fiscal years — a structural lead, not a recent swing.
3 of 14 comparable fiscal years — a year missing data on either side is not counted.