The Filings Report

Restaurant Brands International

QSRNYSECIK 1618756Consumer Cyclical / Restaurantsfiscal year ends December55 quarters since 2013

Revenue, Q3 FY2026
$2.5B
+3.1% on Q3 FY2025
Net income
$704M
+61.5% on Q3 FY2025
Free cash flow
$479M
−9.8% on Q3 FY2025
Diluted EPS
$1.54
+60.4% on Q3 FY2025
Revenue, TTM
$9.8B
trailing four quarters
Net margin, TTM
20.1%
net income $2.0B
Free cash flow, TTM
$1.6B
$1.9B less $283M capex
Cash and equivalents
—
long-term debt $13.2B, Sep 30, 2026
Shares, 12-month change
—
— shares, Sep 30, 2026
Buybacks, TTM
—
no yield
Dividends, TTM
$1.2B
no yield
Market value
—
at the close, buybacks

Latest quarter Q3 FY2026, filed October 29, 2026. Trailing figures sum the latest four quarters. Market values at the latest close, from a market data vendor.

In Q3 FY2026, the quarter ended September 30, 2026, Restaurant Brands International reported revenue of $2.5B, +3.1% on Q3 FY2025, and net income of $704M (+61.5%). Operating margin was 27.6%. Free cash flow, operating cash flow less capital expenditures, was $479M ($551M less $72M). Diluted earnings per share were $1.54.

The last 16 quarters

Q4 FY2022 to Q3 FY2026, through the filing of October 29, 2026.

Revenue and net incomeRevenueNet income
$0$1B$2B$3BQ4'22, Revenue: $1.7BQ4'22, Net income: $336MQ4'22Q1'23, Revenue: $1.6BQ1'23, Net income: $277MQ1'23Q2'23, Revenue: $1.8BQ2'23, Net income: $351MQ2'23Q3'23, Revenue: $1.8BQ3'23, Net income: $364MQ3'23Q4'23, Revenue: $1.8BQ4'23, Net income: $726MQ4'23Q1'24, Revenue: $1.7BQ1'24, Net income: $328MQ1'24Q2'24, Revenue: $2.1BQ2'24, Net income: $399MQ2'24Q3'24, Revenue: $2.3BQ3'24, Net income: $357MQ3'24Q4'24, Revenue: $2.3BQ4'24, Net income: $361MQ4'24Q1'25, Revenue: $2.1BQ1'25, Net income: $221MQ1'25Q2'25, Revenue: $2.4BQ2'25, Net income: $263MQ2'25Q3'25, Revenue: $2.4BQ3'25, Net income: $436MQ3'25Q4'25, Revenue: $2.5BQ4'25, Net income: $155MQ4'25Q1'26, Revenue: $2.3BQ1'26, Net income: $445MQ1'26Q2'26, Revenue: $2.5BQ2'26, Net income: $665MQ2'26Q3'26, Revenue: $2.5BQ3'26, Net income: $704MQ3'26$0$1B$2B$3BQ4'22, Revenue: $1.7BQ4'22, Net income: $336MQ1'23, Revenue: $1.6BQ1'23, Net income: $277MQ1'23Q2'23, Revenue: $1.8BQ2'23, Net income: $351MQ3'23, Revenue: $1.8BQ3'23, Net income: $364MQ3'23Q4'23, Revenue: $1.8BQ4'23, Net income: $726MQ1'24, Revenue: $1.7BQ1'24, Net income: $328MQ1'24Q2'24, Revenue: $2.1BQ2'24, Net income: $399MQ3'24, Revenue: $2.3BQ3'24, Net income: $357MQ3'24Q4'24, Revenue: $2.3BQ4'24, Net income: $361MQ1'25, Revenue: $2.1BQ1'25, Net income: $221MQ1'25Q2'25, Revenue: $2.4BQ2'25, Net income: $263MQ3'25, Revenue: $2.4BQ3'25, Net income: $436MQ3'25Q4'25, Revenue: $2.5BQ4'25, Net income: $155MQ1'26, Revenue: $2.3BQ1'26, Net income: $445MQ1'26Q2'26, Revenue: $2.5BQ2'26, Net income: $665MQ3'26, Revenue: $2.5BQ3'26, Net income: $704MQ3'26

Net income losses drawn in red.

Free cash flow
$0$200M$400M$600MQ4'22, Free cash flow: $375MQ4'22Q1'23, Free cash flow: $77MQ1'23Q2'23, Free cash flow: $362MQ2'23Q3'23, Free cash flow: $408MQ3'23Q4'23, Free cash flow: $356MQ4'23Q1'24, Free cash flow: $122MQ1'24Q2'24, Free cash flow: $291MQ2'24Q3'24, Free cash flow: $485MQ3'24Q4'24, Free cash flow: $404MQ4'24Q1'25, Free cash flow: $54MQ1'25Q2'25, Free cash flow: $411MQ2'25Q3'25, Free cash flow: $531MQ3'25Q4'25, Free cash flow: $453MQ4'25Q1'26, Free cash flow: $169MQ1'26Q2'26, Free cash flow: $479MQ2'26Q3'26, Free cash flow: $479MQ3'26$0$200M$400M$600MQ4'22, Free cash flow: $375MQ1'23, Free cash flow: $77MQ1'23Q2'23, Free cash flow: $362MQ3'23, Free cash flow: $408MQ3'23Q4'23, Free cash flow: $356MQ1'24, Free cash flow: $122MQ1'24Q2'24, Free cash flow: $291MQ3'24, Free cash flow: $485MQ3'24Q4'24, Free cash flow: $404MQ1'25, Free cash flow: $54MQ1'25Q2'25, Free cash flow: $411MQ3'25, Free cash flow: $531MQ3'25Q4'25, Free cash flow: $453MQ1'26, Free cash flow: $169MQ1'26Q2'26, Free cash flow: $479MQ3'26, Free cash flow: $479MQ3'26

Operating cash flow less capital expenditures; negative quarters in red.

Cash and equivalents against long-term debtCash and equivalentsLong-term debt
$0$5B$10B$15BQ4'22, Long-term debt: $12.8BQ4'22Q1'23, Long-term debt: $12.8BQ1'23Q2'23, Long-term debt: $12.8BQ2'23Q3'23, Long-term debt: $12.9BQ3'23Q4'23, Long-term debt: $12.9BQ4'23Q1'24, Long-term debt: $12.8BQ1'24Q2'24, Long-term debt: $13.1BQ2'24Q3'24, Long-term debt: $13.6BQ3'24Q4'24, Long-term debt: $13.5BQ4'24Q1'25, Long-term debt: $13.4BQ1'25Q2'25, Long-term debt: $13.4BQ2'25Q3'25, Long-term debt: $13.4BQ3'25Q4'25, Long-term debt: $13.3BQ4'25Q1'26, Long-term debt: $13.2BQ1'26Q2'26, Long-term debt: $13.2BQ2'26Q3'26, Long-term debt: $13.2BQ3'26$0$5B$10B$15BQ4'22, Long-term debt: $12.8BQ1'23, Long-term debt: $12.8BQ1'23Q2'23, Long-term debt: $12.8BQ3'23, Long-term debt: $12.9BQ3'23Q4'23, Long-term debt: $12.9BQ1'24, Long-term debt: $12.8BQ1'24Q2'24, Long-term debt: $13.1BQ3'24, Long-term debt: $13.6BQ3'24Q4'24, Long-term debt: $13.5BQ1'25, Long-term debt: $13.4BQ1'25Q2'25, Long-term debt: $13.4BQ3'25, Long-term debt: $13.4BQ3'25Q4'25, Long-term debt: $13.3BQ1'26, Long-term debt: $13.2BQ1'26Q2'26, Long-term debt: $13.2BQ3'26, Long-term debt: $13.2BQ3'26

Positions at each quarter end, as filed; short-term investments are not included.

Income statement

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Restaurant Brands International income statement, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Aug 6, 2026Q1 FY2026ended Mar 31, 2026filed May 6, 2026Q4 FY2025ended Dec 31, 2025filed Feb 20, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Aug 7, 2025Q1 FY2025ended Mar 31, 2025filed May 8, 2025Q4 FY2024ended Dec 31, 2024filed Feb 21, 2025YoYQ3 FY2026vs Q3 FY2025
Revenue2,5252,5202,2642,4662,4492,4102,1092,296+3.1%
Cost of revenue—————————
Gross profit—————————
Research and development—————————
Selling, general and administrative183181180192170188191199+7.6%
Operating income696716606621663483435635+5.0%
Other income (expense)—————————
Pretax income571592483494534351305500+6.9%
Income tax(133)(73)38220948782139−241.5%
Net income704665445155436263221361+61.5%
Diluted EPS ($)1.541.450.97—0.960.570.49—+60.4%
Diluted shares (millions)457460459—457457456——

Fourth quarters are the fiscal year less the first nine months when the filer reports no discrete fourth quarter, and are marked. Diluted EPS is never derived, so a derived quarter shows none. Italic figures are derived.

Balance sheet

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Restaurant Brands International balance sheet, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Aug 6, 2026Q1 FY2026ended Mar 31, 2026filed May 6, 2026Q4 FY2025ended Dec 31, 2025filed Feb 20, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Aug 7, 2025Q1 FY2025ended Mar 31, 2025filed May 8, 2025Q4 FY2024ended Dec 31, 2024filed Feb 21, 2025YoYQ3 FY2026vs Q3 FY2025
Cash and equivalents—————————
Short-term investments—————————
Total current assets2,3102,3432,1542,8303,0152,7882,5302,282−23.4%
Total assets25,26325,02224,88025,61525,66925,68824,88124,632−1.6%
Total current liabilities2,4172,3142,1782,8912,8472,7542,6272,364−15.1%
Long-term debt13,18413,20613,22813,25013,41513,42813,44113,455−1.7%
Total liabilities19,73519,62719,58920,45620,50420,59820,05719,789−3.8%
Stockholders’ equity3,9403,8503,7433,6343,3813,3173,1163,110+16.5%
Shares outstanding (millions)—————————

Positions at each period end. Nothing on this statement is derived. Long-term debt is the filed noncurrent line only; no total-debt composite is constructed across filers. Italic figures are derived.

Cash flow statement

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Restaurant Brands International cash flow statement, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Aug 6, 2026Q1 FY2026ended Mar 31, 2026filed May 6, 2026Q4 FY2025ended Dec 31, 2025filed Feb 20, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Aug 7, 2025Q1 FY2025ended Mar 31, 2025filed May 8, 2025Q4 FY2024ended Dec 31, 2024filed Feb 21, 2025YoYQ3 FY2026vs Q3 FY2025
Operating cash flow551530227555592449118481−6.9%
Capital expenditures72515810261386477+18.0%
Free cash flow (CFO − capex)47947916945353141154404−9.8%
Depreciation and amortization7477787676777177−2.6%
Share repurchases—13832——000—
Dividends paid296296283282282282262262+5.0%

10-Qs file cash flows as year-to-date totals, so quarterly figures are differenced from consecutive filings and marked. Free cash flow is operating cash flow less capital expenditures, computed from the two filed lines. Italic figures are derived.

Annual statements

Every fiscal year filed, newest first, through FY2025 filed February 20, 2026.

Income statement

Restaurant Brands International income statement, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 20, 2026FY2024ended Dec 31, 2024filed Feb 21, 2025FY2023ended Dec 31, 2023filed Feb 22, 2024FY2022ended Dec 31, 2022filed Feb 22, 2023FY2021ended Dec 31, 2021filed Feb 23, 2022FY2020ended Dec 31, 2020filed Feb 23, 2021FY2019ended Dec 31, 2019filed Feb 21, 2020FY2018ended Dec 31, 2018filed Feb 22, 2019FY2017ended Dec 31, 2017filed Feb 23, 2018FY2016ended Dec 31, 2016filed Feb 17, 2017FY2015ended Dec 31, 2015filed Feb 26, 2016FY2014ended Dec 31, 2014filed Mar 2, 2015FY2013ended Dec 31, 2013filed Mar 2, 2015FY2012ended Dec 31, 2012filed Mar 2, 2015
Revenue9,4348,4067,0226,5055,7394,9685,6035,3574,5764,1464,0521,1991,1461,971
Cost of revenue——2,4352,3121,8901,6101,8131,8181,8501,727————
Gross profit———————————827743727
Research and development——————————————
Selling, general and administrative7417337046314844074061,214416319438345242348
Operating income2,2022,4192,0511,8981,8791,4222,0071,9171,7351,6671,192181522418
Other income (expense)——————————————
Pretax income1,6841,8091,4531,3651,3638161,4521,3821,1011,200674(254)322160
Income tax483364(265)(117)11066341238(134)244162158942
Net income1,0751,4451,7181,4821,2537501,1111,1441,235956512(269)234118
Diluted EPS ($)2.353.183.763.252.691.602.372.422.541.450.50(2.32)0.650.33
Diluted shares (millions)457454456455464468469473477470476358358354

Balance sheet

Restaurant Brands International balance sheet, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 20, 2026FY2024ended Dec 31, 2024filed Feb 21, 2025FY2023ended Dec 31, 2023filed Feb 22, 2024FY2022ended Dec 31, 2022filed Feb 22, 2023FY2021ended Dec 31, 2021filed Feb 23, 2022FY2020ended Dec 31, 2020filed Feb 23, 2021FY2019ended Dec 31, 2019filed Feb 21, 2020FY2018ended Dec 31, 2018filed Feb 22, 2019FY2017ended Dec 31, 2017filed Feb 23, 2018FY2016ended Dec 31, 2016filed Feb 17, 2017FY2015ended Dec 31, 2015filed Feb 26, 2016FY2014ended Dec 31, 2014filed Mar 2, 2015FY2013ended Dec 31, 2013filed Mar 2, 2015FY2012ended Dec 31, 2012filed Mar 2, 2015
Cash and equivalents———————9131,0971,4767921,803787547
Short-term investments——————————————
Total current assets2,8302,2822,1732,0481,8162,2642,1961,5001,7272,0971,3702,6411,074—
Total assets25,61524,63223,39122,74623,24622,77722,36021,17721,30819,12518,41121,3435,829—
Total current liabilities2,8912,3642,1442,1161,8781,6011,7031,5221,6211,2111,1211,946346—
Long-term debt13,25013,45512,85412,83912,91612,39711,75911,75811,8018,4108,4628,8272,880—
Total liabilities20,45619,78918,66118,47819,39319,05618,10117,53816,99712,33912,20113,7074,312—
Stockholders’ equity3,6343,1102,8662,4992,2372,1672,4901,6232,0951,7031,3371,8781,516—
Shares outstanding (millions)——313308310305298252244235232202——

Cash flow statement

Restaurant Brands International cash flow statement, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 20, 2026FY2024ended Dec 31, 2024filed Feb 21, 2025FY2023ended Dec 31, 2023filed Feb 22, 2024FY2022ended Dec 31, 2022filed Feb 22, 2023FY2021ended Dec 31, 2021filed Feb 23, 2022FY2020ended Dec 31, 2020filed Feb 23, 2021FY2019ended Dec 31, 2019filed Feb 21, 2020FY2018ended Dec 31, 2018filed Feb 22, 2019FY2017ended Dec 31, 2017filed Feb 23, 2018FY2016ended Dec 31, 2016filed Feb 17, 2017FY2015ended Dec 31, 2015filed Feb 26, 2016FY2014ended Dec 31, 2014filed Mar 2, 2015FY2013ended Dec 31, 2013filed Mar 2, 2015FY2012ended Dec 31, 2012filed Mar 2, 2015
Operating cash flow1,7141,5031,3231,4901,7269211,4761,1651,3911,2501,205———
Capital expenditures26520112010010611762863734115312670
Free cash flow (CFO − capex)1,4491,3021,2031,3901,6208041,4141,0791,3541,2161,090———
Depreciation and amortization3012641911902011891851801821721826966114
Share repurchases0050032655100—————7—
Dividends paid1,1081,0299909719749599017286645383621068414

Insider activity

Form 4 filings by officers, directors and 10% owners, November 1, 2024 to November 1, 2026. Only open-market purchases and sales count as buys and sells; awards, exercises, tax withholding and gifts are listed in grey and never counted.

Bought, three months
$0
0 purchases by 0 insiders; officers and directors $0
Sold, three months
$10M
2 sales by 2 insiders; officers and directors $10M
Bought, twelve months
$0
0 purchases by 0 insiders; officers and directors $0
Sold, twelve months
$56M
63 sales by 12 insiders; officers and directors $56M

The last 25 transactions

TradedInsiderRoleTransactionSharesPriceValueHeld afterFiled
Sep 4, 2026Schwan AxelPres., Tim Hortons US & Canadaoption exercise40,000$58.44$2M237,482Sep 9, 2026
Sep 4, 2026Schwan AxelPres., Tim Hortons US & Canadaoption exercise30,000$64.75$2M267,482Sep 9, 2026
Sep 4, 2026Schwan AxelPres., Tim Hortons US & Canadaopen-market sale57,574$81.14$5M209,908Sep 9, 2026
Aug 21, 2026Curtis Thomas BenjaminPres., BK US & CAopen-market sale64,000$80.72$5M38,216Aug 25, 2026
Mar 20, 2026Housman JeffreySee Remarksoption exercise20,000$55.55$1M182,077Mar 20, 2026
Mar 20, 2026Housman JeffreySee Remarksopen-market sale20,000$73.48$1M162,077Mar 20, 2026
Mar 18, 2026Kobza JoshuaChief Executive Officeropen-market sale200,000$75.05$15M960,769Mar 18, 2026
Mar 18, 2026Kobza JoshuaChief Executive Officeroption exercise200,000$56.92$11M1MMar 18, 2026
Mar 18, 2026Granat JillSee Remarksopen-market sale25,000$75.09$2M478,845Mar 18, 2026
Mar 18, 2026Granat JillSee Remarksoption exercise25,000$56.92$1M503,845Mar 18, 2026
Mar 17, 2026Santelmo Thiago TPresident, Internationaloption exercise10,000$55.55$556K88,560Mar 18, 2026
Mar 17, 2026Santelmo Thiago TPresident, Internationalopen-market sale10,000$75.41$754K78,560Mar 18, 2026
Mar 17, 2026Siddiqui Sami A.Chief Financial Officeroption exercise40,000$55.55$2M75,766Mar 17, 2026
Mar 17, 2026Siddiqui Sami A.Chief Financial Officeropen-market sale40,000$75.28$3M12,139Mar 17, 2026
Mar 16, 2026Friesner JacquelineSee Remarksopen-market sale30,000$74.61$2M165,727Mar 18, 2026
Mar 16, 2026Granat JillSee Remarksoption exercise25,000$56.92$1M503,845Mar 18, 2026
Mar 16, 2026Granat JillSee Remarksopen-market sale25,000$74.76$2M478,845Mar 18, 2026
Mar 16, 2026Siddiqui Sami A.Chief Financial Officeroption exercise40,000$55.55$2M75,766Mar 17, 2026
Mar 16, 2026Siddiqui Sami A.Chief Financial Officeropen-market sale40,000$74.51$3M35,766Mar 17, 2026
Feb 25, 2026Santelmo Thiago TPresident, Internationalaward4,601$68.81$317K78,668Apr 6, 2026
Feb 25, 2026Granat JillSee Remarksaward3,719$68.81$256K479,845Apr 6, 2026
Feb 25, 2026Perdue PeterPresident, Popeyes-US & Canadaaward721$68.81$50K43,627Feb 27, 2026
Feb 25, 2026Siddiqui Sami A.Chief Financial Officeraward3,843$68.81$264K35,766Feb 27, 2026
Feb 25, 2026Fulton DuncanChief Corporate Officeraward1,540$68.78$106K51,217Feb 27, 2026
Feb 25, 2026Friesner JacquelineSee Remarksaward1,526$68.81$105K195,727Feb 27, 2026

Full insider history for Restaurant Brands International, or insider activity across all companies. A record of filings, not a recommendation.

Tracked funds holding it

2 of the tracked managers held QSR in their latest 13F filing, through August 13, 2026. Weight is the share of the fund’s reported portfolio. How the funds have traded QSR by quarter.

FundManagerQuarterValueSharesWeightMove
Pershing Square CapitalBill AckmanQ1 2026$1.7B23M12.20%held −1.0%
Baupost GroupSeth KlarmanQ2 2026$490M7M9.04%trimmed −16.4%

Sources

Fiscal year ends in month 12; periods are labeled with the issuer's own fiscal calendar. Values are as most recently filed (restatements apply; per-share values are on current split basis per the connector's split table, flagged in adjusted). Flow items flagged in `derived` were computed (Q4 = FY − nine months; quarterly cash flow differenced from year-to-date filings) rather than read from a filing. `reconciliation.repaired` lists periods where a full-year figure was filed in a quarter slot: that row was dropped and the quarter rebuilt from the annual figure. `reconciliation.quarantined` lists periods where four filed quarters do not sum to the filed year — those quarterly values are withheld, so a blank there is a withholding rather than an absence of reporting.

Filer
RESTAURANT BRANDS INTERNATIONAL INC., CIK 1618756 on EDGAR
Extract generated
October 30, 2026
Withheld
1 line-years whose four quarters do not sum to the filed year: depreciation amortization FY2015
Repaired
none
XBRL concepts behind each line

Income statement

Revenue: Revenues
Cost of revenue: CostOfGoodsAndServicesSold
Gross profit: GrossProfit
Research and development: not filed
Selling, general and administrative: GeneralAndAdministrativeExpense, SellingGeneralAndAdministrativeExpense
Operating income: OperatingIncomeLoss
Other income (expense): not filed
Pretax income: IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax: IncomeTaxExpenseBenefit
Net income: NetIncomeLoss, ProfitLoss
Diluted EPS ($): EarningsPerShareDiluted
Diluted shares (millions): WeightedAverageNumberOfDilutedSharesOutstanding

Balance sheet

Cash and equivalents: CashAndCashEquivalentsAtCarryingValue
Short-term investments: not filed
Total current assets: AssetsCurrent
Total assets: Assets
Total current liabilities: LiabilitiesCurrent
Long-term debt: LongTermDebtNoncurrent
Total liabilities: Liabilities
Stockholders’ equity: StockholdersEquity
Shares outstanding (millions): dei:EntityCommonStockSharesOutstanding

Cash flow statement

Operating cash flow: NetCashProvidedByUsedInOperatingActivities
Capital expenditures: PaymentsToAcquirePropertyPlantAndEquipment
Free cash flow (CFO − capex): not filed
Depreciation and amortization: DepreciationAndAmortization
Share repurchases: PaymentsForRepurchaseOfCommonStock
Dividends paid: PaymentsOfDividends, PaymentsOfDividendsCommonStock

The data

The statements on this page as files, generated October 30, 2026.

JSON file
/data/financials/QSR.json