Restaurant Brand Financials

QSR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 63/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Restaurant Brand has an operating margin of 28.8%, meaning the company retains $29 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 29.2% the prior year.

Growth

Restaurant Brand's revenue surged 19.7% year-over-year to $8.4B, reflecting rapid business expansion. This strong growth earns a score of 85/100.

Leverage

Restaurant Brand has elevated debt relative to equity (D/E of 4.33), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Restaurant Brand's current ratio of 0.97 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.

Cash Flow

Restaurant Brand converts 15.5% of revenue into free cash flow ($1.3B). This strong cash generation earns a score of 77/100.

Returns

100

Restaurant Brand earns a strong 46.5% return on equity (ROE), meaning it generates $46 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 59.9% the prior year.

Altman Z-Score Distress

1.46

Restaurant Brand scores 1.46, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Restaurant Brand passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.04x

For every $1 of reported earnings, Restaurant Brand generates $1.04 in operating cash flow ($1.5B OCF vs $1.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Restaurant Brand (QSR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$8.4B

YoY+19.7%

5Y CAGR+8.5%

10Y CAGR+21.5%

Restaurant Brand generated $8.4B in revenue in fiscal year 2024. This represents an increase of 19.7% from the prior year.

EBITDA

$2.7B

YoY+19.7%

5Y CAGR+4.1%

10Y CAGR+26.8%

Restaurant Brand's EBITDA was $2.7B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.7% from the prior year.

Free Cash Flow

$1.3B

YoY+8.2%

5Y CAGR-1.6%

10Y CAGR+19.0%

Restaurant Brand generated $1.3B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 8.2% from the prior year.

Net Income

$1.4B

YoY-15.9%

5Y CAGR+5.4%

10Y CAGR+24.5%

Restaurant Brand reported $1.4B in net income in fiscal year 2024. This represents a decrease of 15.9% from the prior year.

EPS (Diluted)

$3.18

YoY-15.4%

5Y CAGR+6.1%

Restaurant Brand earned $3.18 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 15.4% from the prior year.

Cash & Debt

$1.3B

YoY+17.1%

5Y CAGR-2.7%

10Y CAGR-3.0%

Restaurant Brand held $1.3B in cash against $13.5B in long-term debt as of fiscal year 2024.

Dividends Per Share

$2.32

YoY+5.5%

5Y CAGR+3.0%

10Y CAGR+22.7%

Restaurant Brand paid $2.32 per share in dividends in fiscal year 2024. This represents an increase of 5.5% from the prior year.

Shares Outstanding

324M

YoY+3.5%

5Y CAGR+1.7%

10Y CAGR+4.8%

Restaurant Brand had 324M shares outstanding in fiscal year 2024. This represents an increase of 3.5% from the prior year.

Gross Margin

N/A

Operating Margin

28.8%

YoY-0.4pp

5Y CAGR-7.0pp

10Y CAGR+13.7pp

Restaurant Brand's operating margin was 28.8% in fiscal year 2024, reflecting core business profitability. This is down 0.4 percentage points from the prior year.

Net Margin

17.2%

YoY-7.3pp

5Y CAGR-2.6pp

10Y CAGR+3.7pp

Restaurant Brand's net profit margin was 17.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 7.3 percentage points from the prior year.

Return on Equity

46.5%

YoY-13.5pp

5Y CAGR+1.8pp

10Y CAGR+37.9pp

Restaurant Brand's ROE was 46.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 13.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Restaurant Brand spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$201.0M

YoY+67.5%

5Y CAGR+26.5%

10Y CAGR+20.6%

Restaurant Brand invested $201.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 67.5% from the prior year.

QSR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$8.4B+19.7%	$7.0B+7.9%	$6.5B+13.3%	$5.7B+15.5%	$5.0B-11.3%	$5.6B
Cost of Revenue	N/A	$2.4B+5.3%	$2.3B+22.3%	$1.9B+17.4%	$1.6B-11.2%	$1.8B
Gross Profit	N/A	$4.6B+9.4%	$4.2B+8.9%	$3.8B+14.6%	$3.4B-11.4%	$3.8B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$733.0M+4.1%	$704.0M+11.6%	$631.0M+30.4%	$484.0M-61.7%	$1.3B0.0%	$1.3B
Operating Income	$2.4B+17.9%	$2.1B+8.1%	$1.9B+1.0%	$1.9B+32.1%	$1.4B-29.1%	$2.0B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$364.0M+237.4%	-$265.0M-126.5%	-$117.0M-206.4%	$110.0M+66.7%	$66.0M-80.6%	$341.0M
Net Income	$1.4B-15.9%	$1.7B+15.9%	$1.5B+18.3%	$1.3B+67.1%	$750.0M-32.5%	$1.1B
EPS (Diluted)	$3.18-15.4%	$3.76+15.7%	$3.25+20.8%	$2.69+68.1%	$1.60-32.5%	$2.37

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$2.4B+1.6%	$2.4B+14.3%	$2.1B-8.1%	$2.3B+10.4%	$2.1B+19.6%	$1.7B-4.5%	$1.8B-0.9%	$1.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$606.0M-5.8%	$643.0M+2.1%	$630.0M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$1.1B-3.7%	$1.2B-2.5%	$1.2B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$170.0M-9.6%	$188.0M-1.6%	$191.0M-4.0%	$199.0M+7.6%	$185.0M+6.9%	$173.0M-12.2%	$197.0M+16.6%	$169.0M
Operating Income	$663.0M+37.3%	$483.0M+11.0%	$435.0M-31.5%	$635.0M-4.2%	$663.0M+21.9%	$544.0M+16.2%	$468.0M-19.6%	$582.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$94.0M+8.0%	$87.0M+6.1%	$82.0M-41.0%	$139.0M+63.5%	$85.0M+25.0%	$68.0M+116.6%	-$410.0M-794.9%	$59.0M
Net Income	$436.0M+65.8%	$263.0M+19.0%	$221.0M-38.8%	$361.0M-9.5%	$399.0M+21.6%	$328.0M-54.8%	$726.0M+99.5%	$364.0M
EPS (Diluted)	$0.96+68.4%	$0.57+16.3%	$0.49-38.0%	$0.79-10.2%	$0.88+22.2%	$0.72-54.7%	$1.59+101.3%	$0.79

QSR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$24.6B+5.3%	$23.4B+2.8%	$22.7B-2.2%	$23.2B+2.1%	$22.8B+1.9%	$22.4B
Current Assets	$2.3B+5.0%	$2.2B+6.1%	$2.0B+12.8%	$1.8B-19.8%	$2.3B+3.1%	$2.2B
Cash & Equivalents	$1.3B+17.1%	$1.1B-3.3%	$1.2B+8.4%	$1.1B-30.3%	$1.6B+1.8%	$1.5B
Inventory	$142.0M-14.5%	$166.0M+24.8%	$133.0M+38.5%	$96.0M0.0%	$96.0M+14.3%	$84.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.0B+3.7%	$5.8B+1.5%	$5.7B-5.3%	$6.0B+4.7%	$5.7B+1.6%	$5.7B
Total Liabilities	$19.8B+6.0%	$18.7B+1.0%	$18.5B-4.7%	$19.4B+1.8%	$19.1B+5.3%	$18.1B
Current Liabilities	$2.4B+10.3%	$2.1B+1.3%	$2.1B+12.7%	$1.9B+17.3%	$1.6B-6.0%	$1.7B
Long-Term Debt	$13.5B+4.7%	$12.9B+0.1%	$12.8B-0.6%	$12.9B+4.2%	$12.4B+5.4%	$11.8B
Total Equity	$3.1B+8.5%	$2.9B+14.7%	$2.5B+11.7%	$2.2B+3.2%	$2.2B-13.0%	$2.5B
Retained Earnings	$1.9B+16.3%	$1.6B+42.6%	$1.1B+41.7%	$791.0M+27.2%	$622.0M-19.7%	$775.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$25.7B-0.1%	$25.7B+3.2%	$24.9B+1.0%	$24.6B-0.9%	$24.8B+7.4%	$23.1B-1.1%	$23.4B+1.4%	$23.1B
Current Assets	$3.0B+8.1%	$2.8B+10.2%	$2.5B+10.9%	$2.3B+12.4%	$2.0B-2.0%	$2.1B-4.7%	$2.2B-8.8%	$2.4B
Cash & Equivalents	$1.2B+17.5%	$1.0B+14.1%	$899.0M-32.6%	$1.3B+41.6%	$942.0M-10.2%	$1.0B-7.9%	$1.1B-13.1%	$1.3B
Inventory	$216.0M+29.3%	$167.0M+5.0%	$159.0M+12.0%	$142.0M-11.3%	$160.0M+5.3%	$152.0M-8.4%	$166.0M+3.8%	$160.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.2B-1.3%	$6.3B+3.3%	$6.1B+1.9%	$6.0B-2.5%	$6.1B+7.7%	$5.7B-1.3%	$5.8B+1.7%	$5.7B
Total Liabilities	$20.5B-0.5%	$20.6B+2.7%	$20.1B+1.4%	$19.8B-0.5%	$19.9B+8.7%	$18.3B-1.9%	$18.7B+1.3%	$18.4B
Current Liabilities	$2.8B+3.4%	$2.8B+4.8%	$2.6B+11.1%	$2.4B-9.7%	$2.6B+36.0%	$1.9B-10.3%	$2.1B+3.5%	$2.1B
Long-Term Debt	$13.4B-0.1%	$13.4B-0.1%	$13.4B-0.1%	$13.5B+2.8%	$13.1B+2.0%	$12.8B-0.2%	$12.9B-0.1%	$12.9B
Total Equity	$3.4B+1.9%	$3.3B+6.5%	$3.1B+0.2%	$3.1B+1.4%	$3.1B+3.3%	$3.0B+3.6%	$2.9B-1.4%	$2.9B
Retained Earnings	$1.9B+6.0%	$1.8B-0.9%	$1.8B-2.6%	$1.9B+7.3%	$1.7B+5.7%	$1.6B+2.6%	$1.6B+26.1%	$1.3B

QSR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.5B+13.6%	$1.3B-11.2%	$1.5B-13.7%	$1.7B+87.4%	$921.0M-37.6%	$1.5B
Capital Expenditures	$201.0M+67.5%	$120.0M+20.0%	$100.0M-5.7%	$106.0M-9.4%	$117.0M+88.7%	$62.0M
Free Cash Flow	$1.3B+8.2%	$1.2B-13.5%	$1.4B-14.2%	$1.6B+101.5%	$804.0M-43.1%	$1.4B
Investing Cash Flow	-$660.0M-6100.0%	$11.0M+117.2%	-$64.0M+94.2%	-$1.1B-1296.2%	-$79.0M-163.3%	-$30.0M
Financing Cash Flow	-$625.0M+54.5%	-$1.4B-5.1%	-$1.3B-19.6%	-$1.1B-33.1%	-$821.0M+2.5%	-$842.0M
Dividends Paid	$1.0B+3.9%	$990.0M+2.0%	$971.0M-0.3%	$974.0M+1.6%	$959.0M+6.4%	$901.0M
Share Buybacks	$0-100.0%	$500.0M+53.4%	$326.0M-40.8%	$551.0M	$0	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$592.0M+31.8%	$449.0M+280.5%	$118.0M-75.5%	$481.0M+44.0%	$334.0M+125.7%	$148.0M-63.3%	$403.0M-6.9%	$433.0M
Capital Expenditures	$61.0M+60.5%	$38.0M-40.6%	$64.0M-16.9%	$77.0M+79.1%	$43.0M+65.4%	$26.0M-44.7%	$47.0M+88.0%	$25.0M
Free Cash Flow	$531.0M+29.2%	$411.0M+661.1%	$54.0M-86.6%	$404.0M+38.8%	$291.0M+138.5%	$122.0M-65.7%	$356.0M-12.7%	$408.0M
Investing Cash Flow	-$11.0M+38.9%	-$18.0M+90.2%	-$184.0M-318.2%	-$44.0M+91.7%	-$528.0M-1603.2%	-$31.0M-240.9%	$22.0M+833.3%	-$3.0M
Financing Cash Flow	-$397.0M-36.9%	-$290.0M-9.4%	-$265.0M-1.9%	-$260.0M-385.7%	$91.0M+144.8%	-$203.0M+66.2%	-$600.0M-84.0%	-$326.0M
Dividends Paid	$282.0M0.0%	$282.0M+7.6%	$262.0M0.0%	$262.0M+0.4%	$261.0M+6.5%	$245.0M-1.6%	$249.0M0.0%	$249.0M
Share Buybacks	N/A	N/A	N/A	$0	N/A	N/A	$385.0M+234.8%	$115.0M

QSR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	65.3%+0.9pp	64.5%-2.6pp	67.1%-0.5pp	67.6%-0.1pp	67.6%
Operating Margin	28.8%-0.4pp	29.2%+0.0pp	29.2%-3.6pp	32.7%+4.1pp	28.6%-7.2pp	35.8%
Net Margin	17.2%-7.3pp	24.5%+1.7pp	22.8%+1.0pp	21.8%+6.7pp	15.1%-4.7pp	19.8%
Return on Equity	46.5%-13.5pp	59.9%+0.6pp	59.3%+3.3pp	56.0%+21.4pp	34.6%-10.0pp	44.6%
Return on Assets	5.9%-1.5pp	7.3%+0.8pp	6.5%+1.1pp	5.4%+2.1pp	3.3%-1.7pp	5.0%
Current Ratio	0.97-0.0	1.01+0.0	0.970.0	0.97-0.4	1.41+0.1	1.29
Debt-to-Equity	4.33-0.2	4.49-0.7	5.14-0.6	5.77+0.1	5.72+1.0	4.72
FCF Margin	15.5%-1.6pp	17.1%-4.2pp	21.4%-6.9pp	28.2%+12.0pp	16.2%-9.1pp	25.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	65.1%+0.5pp	64.7%-1.0pp	65.7%
Operating Margin	27.1%+7.0pp	20.0%-0.6pp	20.6%-7.0pp	27.7%-4.2pp	31.9%+0.6pp	31.3%+5.6pp	25.7%-6.0pp	31.7%
Net Margin	17.8%+6.9pp	10.9%+0.4pp	10.5%-5.2pp	15.7%-3.5pp	19.2%+0.3pp	18.9%-21.0pp	39.9%+20.1pp	19.8%
Return on Equity	12.9%+5.0pp	7.9%+0.8pp	7.1%-4.5pp	11.6%-1.4pp	13.0%+2.0pp	11.1%-14.3pp	25.3%+12.8pp	12.5%
Return on Assets	1.7%+0.7pp	1.0%+0.1pp	0.9%-0.6pp	1.5%-0.1pp	1.6%+0.2pp	1.4%-1.7pp	3.1%+1.5pp	1.6%
Current Ratio	1.06+0.0	1.01+0.0	0.960.0	0.97+0.2	0.78-0.3	1.08+0.1	1.01-0.1	1.15
Debt-to-Equity	3.97-0.1	4.05-0.3	4.31-0.0	4.33+0.1	4.27-0.1	4.32-0.2	4.49+0.1	4.42
FCF Margin	21.7%+4.6pp	17.1%+14.5pp	2.6%-15.0pp	17.6%+3.6pp	14.0%+7.0pp	7.0%-12.5pp	19.6%-2.6pp	22.2%

Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Restaurant Brand's annual revenue?

Restaurant Brand (QSR) reported $8.4B in total revenue for fiscal year 2024. This represents a 19.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Restaurant Brand's revenue growing?

Restaurant Brand (QSR) revenue grew by 19.7% year-over-year, from $7.0B to $8.4B in fiscal year 2024.

Is Restaurant Brand profitable?

Yes, Restaurant Brand (QSR) reported a net income of $1.4B in fiscal year 2024, with a net profit margin of 17.2%.

What is Restaurant Brand's earnings per share (EPS)?

Restaurant Brand (QSR) reported diluted earnings per share of $3.18 for fiscal year 2024. This represents a -15.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Restaurant Brand's EBITDA?

Restaurant Brand (QSR) had EBITDA of $2.7B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Restaurant Brand have?

As of fiscal year 2024, Restaurant Brand (QSR) had $1.3B in cash and equivalents against $13.5B in long-term debt.

What is Restaurant Brand's operating margin?

Restaurant Brand (QSR) had an operating margin of 28.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Restaurant Brand's net profit margin?

Restaurant Brand (QSR) had a net profit margin of 17.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Restaurant Brand pay dividends?

Yes, Restaurant Brand (QSR) paid $2.32 per share in dividends during fiscal year 2024.

What is Restaurant Brand's return on equity (ROE)?

Restaurant Brand (QSR) has a return on equity of 46.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Restaurant Brand's free cash flow?

Restaurant Brand (QSR) generated $1.3B in free cash flow during fiscal year 2024. This represents a 8.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Restaurant Brand's operating cash flow?

Restaurant Brand (QSR) generated $1.5B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Restaurant Brand's total assets?

Restaurant Brand (QSR) had $24.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Restaurant Brand's capital expenditures?

Restaurant Brand (QSR) invested $201.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Restaurant Brand have outstanding?

Restaurant Brand (QSR) had 324M shares outstanding as of fiscal year 2024.

What is Restaurant Brand's current ratio?

Restaurant Brand (QSR) had a current ratio of 0.97 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Restaurant Brand's debt-to-equity ratio?

Restaurant Brand (QSR) had a debt-to-equity ratio of 4.33 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Restaurant Brand's return on assets (ROA)?

Restaurant Brand (QSR) had a return on assets of 5.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Restaurant Brand's Altman Z-Score?

Restaurant Brand (QSR) has an Altman Z-Score of 1.46, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Restaurant Brand's Piotroski F-Score?

Restaurant Brand (QSR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Restaurant Brand's earnings high quality?

Restaurant Brand (QSR) has an earnings quality ratio of 1.04x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Restaurant Brand?

Restaurant Brand (QSR) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.