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MARKETS / BALCAO / Consumer discretionary / Restaurants / QSP
BALCAO · RETAIL-EATING PLACES · LARGE CAP

Restaurant Brands International Limited Partnership QSP

14 fiscal years on record · USD · FY2025 reported · SEC filings only
3 YEARS OF DIVIDEND GROWTH
$9.4B
▲ 12.2% YoY
$1.1B
▼ 25.6% YoY
$1.4B
▲ 11.3% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

The company owns and franchises four restaurant brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs. As of December 31, 2025, its restaurants totaled over 33,000 locations in more than 120 countries and territories, with nearly $47 billion in annual system-wide sales. As of December 31, 2025, the company had approximately 53,500 employees, including approximately 3,400 corporate employees, approximately 1,300 employees in its distribution centers and manufacturing facilities, and approximately 48,900 employees in Company restaurants. It reports its results under six operating and reportable segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings. Tim Hortons, one of the company's brands, was founded in 1964.

Written from the business description in Restaurant Brands International Limited Partnership's annual report to the U.S. Securities and Exchange Commission, filed 20 February 2026. Every sentence was checked against that document before publication.

Growth

USD 9.4B
Revenue, FY2025 · full 14-year series below
Revenue $B Net income $B
FY2025 · Revenue 9.4 · Net income 1.1
4B8B
201220152018202120242025
Compound annual growth
+13.2%
+13.7%
+8.8%
−10.1%
+7.5%
+7.7%
+15.6%
+122.4%
+4.5%
+2.9%
+11.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.7% a year over the five years to FY2025 — but profit grew slower: net income at +7.5%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

11 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 23.3% · Net 11.4%
20%40%-10%-20%
201220182025
ROE
FY2025 · ROE 21.5%
10%20%30%-5%
201220182025
Three returns, three denominators.
Gross margin·
Operating margin23.3%
Net margin11.4%
EBITDAUSD 2.4B

Each USD of equity produced 21 cents of profit this year.

Cash & shareholders

USD 1.1B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.4
1B2B
201220182025
Net buybacks $B Dividends $B
FY2025 · Dividends 1.1 · Net buybacks ·
0.5B1.0B
20122014201620182020202220242025
Dividends paidUSD 1.1B
Net buybacks·
Share of profit103.1%
Consecutive raises3 years

USD 1.1B in dividends — 103% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 25.6B
CashUSD 1.2B
Gross debtUSD 13.3B
Net debtUSD 12.1B
Current ratio0.98×

Net debt stands at 235% of equity.

The 14-year record

14 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
QSP, 14-year financial record
Metric 20252024202320222021202020192018201720162015201420132012
Revenue $B9.48.47.06.55.75.05.65.44.64.14.11.21.12.0
Operating income $B2.22.42.11.91.91.42.01.91.71.71.20.20.50.4
EBITDA $B2.42.62.22.02.01.62.12.11.91.81.30.20.60.5
Income tax $B0.50.4−0.3−0.10.10.10.30.2−0.10.20.20.00.10.0
Net income $B1.11.41.71.51.30.81.11.11.21.00.5−0.30.20.1
Free cash flow $B1.41.31.21.41.60.81.41.11.41.21.10.20.30.2
EPS, diluted $◌◌◌◌◌◌◌◌◌◌◌−0.20◌◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌0.440.300.240.04
Payout %103715866781288164545671−383612
ROE %21.530.238.236.533.118.828.228.931.729.914.1−9.517.410.0

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 1 failure · 3 divergences in 44 reconciliationsAUDITED

Reconciled in 11 of the 14 fiscal years we could check. 3 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 12 checks were skipped: the balance sheet is not tagged before 2013. Five checks were skipped: EPS is not tagged before 2012. Five checks were skipped: revenue is not tagged before 2012.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency1 failure3 divergent
ActivityRetail-Eating Places
Listed onOTC market
Incorporated inoutside the United States — SEC code A6
Fiscal year endsDecember 31
Data on record since2012

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