Restaurant Brand Financials

RSTRF

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Restaurant Brand (RSTRF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).

Rhea AI RSTRF FY2025 2026-05-06

Revenue growth is being offset by margin compression, but low reinvestment needs keep the cash engine resilient.

From FY2023 to FY2025, operating margin fell from 29.2% to 23.3%, so the extra sales are carrying less profit per dollar than they did two years earlier. Yet with capex only $265M, free cash flow still reached $1.4B, meaning the business’s cash engine is sturdier than its earnings trend.

The company runs with tight working capital rather than a cash cushion: the FY2025 current ratio was 1.0x and debt-to-equity was 2.6x, so day-to-day liquidity depends on steady operating inflows more than on excess balance-sheet slack. Cash of $1.2B is useful, but it sits beside $13.3B of long-term debt, so the balance sheet is built for servicing obligations, not eliminating them.

This is a low-capital-intensity model: FY2025 operating cash flow was $1.7B while capex was only $265M, leaving most cash available for financing choices rather than being trapped in maintenance spending. Dividends of $1.1B absorbed much of that pool, which helps explain why leverage stays important even with solid cash generation.

Financial Health Signals

Financial health score pending refresh

We are recalculating Restaurant Brand's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

1.37

Restaurant Brand scores 1.37, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($24.7B) relative to total liabilities ($20.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/7

Restaurant Brand passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.59x

For every $1 of reported earnings, Restaurant Brand generates $1.59 in operating cash flow ($1.7B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.4B

YoY+12.2%

5Y CAGR+13.7%

10Y CAGR+8.8%

Restaurant Brand generated $9.4B in revenue in fiscal year 2025. This represents an increase of 12.2% from the prior year.

EBITDA

$2.5B

YoY-6.7%

5Y CAGR+9.2%

10Y CAGR+6.2%

Restaurant Brand's EBITDA was $2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.7% from the prior year.

Net Income

$1.1B

YoY-25.6%

5Y CAGR+7.5%

10Y CAGR+7.7%

Restaurant Brand reported $1.1B in net income in fiscal year 2025. This represents a decrease of 25.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$1.4B

YoY+11.3%

5Y CAGR+12.5%

10Y CAGR+2.9%

Restaurant Brand generated $1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 11.3% from the prior year.

Cash & Debt

$1.2B

YoY-12.8%

5Y CAGR-5.7%

10Y CAGR+4.0%

Restaurant Brand held $1.2B in cash against $13.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

23.3%

YoY-5.4pp

5Y CAGR-5.3pp

10Y CAGR-6.1pp

Restaurant Brand's operating margin was 23.3% in fiscal year 2025, reflecting core business profitability. This is down 5.4 percentage points from the prior year.

Net Margin

11.4%

YoY-5.8pp

5Y CAGR-3.7pp

10Y CAGR-1.2pp

Restaurant Brand's net profit margin was 11.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.8 percentage points from the prior year.

Return on Equity

20.8%

YoY-9.0pp

5Y CAGR+0.7pp

10Y CAGR+3.3pp

Restaurant Brand's ROE was 20.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$265.0M

YoY+31.8%

5Y CAGR+17.8%

10Y CAGR+8.7%

Restaurant Brand invested $265.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 31.8% from the prior year.

RSTRF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.4B+12.2%	$8.4B+19.7%	$7.0B+7.9%	$6.5B+13.3%	$5.7B+15.5%	$5.0B
Cost of Revenue	N/A	N/A	$2.4B+5.3%	$2.3B+22.3%	$1.9B+17.4%	$1.6B
Gross Profit	N/A	N/A	$4.6B+9.4%	$4.2B+8.9%	$3.8B+14.6%	$3.4B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$741.0M+1.1%	$733.0M+4.1%	$704.0M+11.6%	$631.0M+30.4%	$484.0M-61.7%	$1.3B
Operating Income	$2.2B-9.0%	$2.4B+17.9%	$2.1B+8.1%	$1.9B+1.0%	$1.9B+32.1%	$1.4B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$483.0M+32.7%	$364.0M+237.4%	-$265.0M-126.5%	-$117.0M-206.4%	$110.0M+66.7%	$66.0M
Net Income	$1.1B-25.6%	$1.4B-15.9%	$1.7B+15.9%	$1.5B+18.3%	$1.3B+67.1%	$750.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.3B-8.2%	$2.5B+0.7%	$2.4B+1.6%	$2.4B+14.3%	$2.1B-8.1%	$2.3B+0.2%	$2.3B+10.1%	$2.1B
Cost of Revenue	$564.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$122.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$180.0M-6.3%	$192.0M+12.9%	$170.0M-9.6%	$188.0M-1.6%	$191.0M-4.0%	$199.0M+13.1%	$176.0M-4.9%	$185.0M
Operating Income	$606.0M-2.4%	$621.0M-6.3%	$663.0M+37.3%	$483.0M+11.0%	$435.0M-31.5%	$635.0M+10.1%	$577.0M-13.0%	$663.0M
Interest Expense	$123.0M	N/A	N/A	N/A	$130.0M	N/A	N/A	N/A
Income Tax	$38.0M-82.7%	$220.0M+134.0%	$94.0M+8.0%	$87.0M+6.1%	$82.0M-41.0%	$139.0M+93.1%	$72.0M-15.3%	$85.0M
Net Income	$445.0M+187.1%	$155.0M-64.4%	$436.0M+65.8%	$263.0M+19.0%	$221.0M-38.8%	$361.0M+1.1%	$357.0M-10.5%	$399.0M
EPS (Diluted)	$1.50	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RSTRF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$25.6B+4.0%	$24.6B+5.3%	$23.4B+2.8%	$22.7B-2.2%	$23.2B+2.1%	$22.8B
Current Assets	$2.8B+24.0%	$2.3B+5.0%	$2.2B+6.1%	$2.0B+12.8%	$1.8B-19.8%	$2.3B
Cash & Equivalents	$1.2B-12.8%	$1.3B+17.1%	$1.1B-3.3%	$1.2B+8.4%	$1.1B-30.3%	$1.6B
Inventory	$205.0M+44.4%	$142.0M-14.5%	$166.0M+24.8%	$133.0M+38.5%	$96.0M0.0%	$96.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.3B+5.3%	$6.0B+3.7%	$5.8B+1.5%	$5.7B-5.3%	$6.0B+4.7%	$5.7B
Total Liabilities	$20.5B+3.4%	$19.8B+6.0%	$18.7B+1.0%	$18.5B-4.7%	$19.4B+1.8%	$19.1B
Current Liabilities	$2.9B+22.3%	$2.4B+10.3%	$2.1B+1.3%	$2.1B+12.7%	$1.9B+17.3%	$1.6B
Long-Term Debt	$13.3B-1.5%	$13.5B+4.7%	$12.9B+0.1%	$12.8B-0.6%	$12.9B+4.2%	$12.4B
Total Equity	$5.2B+6.5%	$4.8B+2.4%	$4.7B+10.8%	$4.3B+10.8%	$3.9B+3.5%	$3.7B
Retained Earnings	$0	$0	$0	$0	$0	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$24.9B-2.9%	$25.6B-0.2%	$25.7B-0.1%	$25.7B+3.2%	$24.9B+1.0%	$24.6B-1.8%	$25.1B+0.9%	$24.8B
Current Assets	$2.2B-23.9%	$2.8B-6.1%	$3.0B+8.1%	$2.8B+10.2%	$2.5B+10.9%	$2.3B+1.2%	$2.3B+11.1%	$2.0B
Cash & Equivalents	$1.0B-13.0%	$1.2B-3.6%	$1.2B+17.5%	$1.0B+14.1%	$899.0M-32.6%	$1.3B+13.4%	$1.2B+24.8%	$942.0M
Inventory	$203.0M-1.0%	$205.0M-5.1%	$216.0M+29.3%	$167.0M+5.0%	$159.0M+12.0%	$142.0M-16.0%	$169.0M+5.6%	$160.0M
Accounts Receivable	$34.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.3B-0.9%	$6.3B+1.4%	$6.2B-1.3%	$6.3B+3.3%	$6.1B+1.9%	$6.0B-3.2%	$6.2B+0.8%	$6.1B
Total Liabilities	$19.6B-4.2%	$20.5B-0.2%	$20.5B-0.5%	$20.6B+2.7%	$20.1B+1.4%	$19.8B-1.2%	$20.0B+0.7%	$19.9B
Current Liabilities	$2.2B-24.7%	$2.9B+1.5%	$2.8B+3.4%	$2.8B+4.8%	$2.6B+11.1%	$2.4B+7.1%	$2.2B-15.6%	$2.6B
Long-Term Debt	$13.2B-0.2%	$13.3B-1.2%	$13.4B-0.1%	$13.4B-0.1%	$13.4B-0.1%	$13.5B-0.9%	$13.6B+3.7%	$13.1B
Total Equity	$5.3B+2.6%	$5.2B-0.1%	$5.2B+1.5%	$5.1B+5.5%	$4.8B-0.4%	$4.8B-3.9%	$5.0B+1.8%	$5.0B
Retained Earnings	$0	$0	$0	$0	$0	$0	$0	$0

RSTRF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.7B+14.0%	$1.5B+13.6%	$1.3B-11.2%	$1.5B-13.7%	$1.7B+87.4%	$921.0M
Capital Expenditures	$265.0M+31.8%	$201.0M+67.5%	$120.0M+20.0%	$100.0M-5.7%	$106.0M-9.4%	$117.0M
Free Cash Flow	$1.4B+11.3%	$1.3B+8.2%	$1.2B-13.5%	$1.4B-14.2%	$1.6B+101.5%	$804.0M
Investing Cash Flow	-$318.0M+51.8%	-$660.0M-6100.0%	$11.0M+117.2%	-$64.0M+94.2%	-$1.1B-1296.2%	-$79.0M
Financing Cash Flow	-$1.4B-129.8%	-$625.0M+54.5%	-$1.4B-5.1%	-$1.3B-19.6%	-$1.1B-33.1%	-$821.0M
Dividends Paid	$1.1B+7.7%	$1.0B+3.9%	$990.0M+2.0%	$971.0M-0.3%	$974.0M+1.6%	$959.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$227.0M-59.1%	$555.0M-6.3%	$592.0M+31.8%	$449.0M+280.5%	$118.0M-75.5%	$481.0M-10.9%	$540.0M+61.7%	$334.0M
Capital Expenditures	$58.0M-43.1%	$102.0M+67.2%	$61.0M+60.5%	$38.0M-40.6%	$64.0M-16.9%	$77.0M+40.0%	$55.0M+27.9%	$43.0M
Free Cash Flow	$169.0M-62.7%	$453.0M-14.7%	$531.0M+29.2%	$411.0M+661.1%	$54.0M-86.6%	$404.0M-16.7%	$485.0M+66.7%	$291.0M
Investing Cash Flow	-$33.0M+68.6%	-$105.0M-854.5%	-$11.0M+38.9%	-$18.0M+90.2%	-$184.0M-318.2%	-$44.0M+22.8%	-$57.0M+89.2%	-$528.0M
Financing Cash Flow	-$306.0M+36.8%	-$484.0M-21.9%	-$397.0M-36.9%	-$290.0M-9.4%	-$265.0M-1.9%	-$260.0M-2.8%	-$253.0M-378.0%	$91.0M
Dividends Paid	$283.0M+0.4%	$282.0M0.0%	$282.0M0.0%	$282.0M+7.6%	$262.0M0.0%	$262.0M+0.4%	$261.0M0.0%	$261.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RSTRF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	65.3%+0.9pp	64.5%-2.6pp	67.1%-0.5pp	67.6%
Operating Margin	23.3%-5.4pp	28.8%-0.4pp	29.2%+0.0pp	29.2%-3.6pp	32.7%+4.1pp	28.6%
Net Margin	11.4%-5.8pp	17.2%-7.3pp	24.5%+1.7pp	22.8%+1.0pp	21.8%+6.7pp	15.1%
Return on Equity	20.8%-9.0pp	29.8%-6.5pp	36.3%+1.6pp	34.7%+2.2pp	32.5%+12.4pp	20.2%
Return on Assets	4.2%-1.7pp	5.9%-1.5pp	7.3%+0.8pp	6.5%+1.1pp	5.4%+2.1pp	3.3%
Current Ratio	0.98+0.0	0.97-0.0	1.01+0.0	0.970.0	0.97-0.4	1.41
Debt-to-Equity	2.57-0.2	2.78+0.1	2.72-0.3	3.01-0.3	3.35+0.0	3.33
FCF Margin	15.4%-0.1pp	15.5%-1.6pp	17.1%-4.2pp	21.4%-6.9pp	28.2%+12.0pp	16.2%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	17.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	26.8%+1.6pp	25.2%-1.9pp	27.1%+7.0pp	20.0%-0.6pp	20.6%-7.0pp	27.7%+2.5pp	25.2%-6.7pp	31.9%
Net Margin	19.7%+13.4pp	6.3%-11.5pp	17.8%+6.9pp	10.9%+0.4pp	10.5%-5.2pp	15.7%+0.1pp	15.6%-3.6pp	19.2%
Return on Equity	8.4%+5.4pp	3.0%-5.4pp	8.4%+3.3pp	5.2%+0.6pp	4.6%-2.9pp	7.4%+0.4pp	7.1%-1.0pp	8.1%
Return on Assets	1.8%+1.2pp	0.6%-1.1pp	1.7%+0.7pp	1.0%+0.1pp	0.9%-0.6pp	1.5%+0.0pp	1.4%-0.2pp	1.6%
Current Ratio	0.99+0.0	0.98-0.1	1.06+0.0	1.01+0.0	0.960.0	0.97-0.1	1.02+0.2	0.78
Debt-to-Equity	2.50-0.1	2.57-0.0	2.60-0.0	2.64-0.1	2.790.0	2.78+0.1	2.69+0.0	2.64
FCF Margin	7.5%-10.9pp	18.4%-3.3pp	21.7%+4.6pp	17.1%+14.5pp	2.6%-15.0pp	17.6%-3.6pp	21.2%+7.2pp	14.0%

Note: The current ratio is below 1.0 (0.98), 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 (RSTRF) reported $9.4B in total revenue for fiscal year 2025. This represents a 12.2% 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 (RSTRF) revenue grew by 12.2% year-over-year, from $8.4B to $9.4B in fiscal year 2025.

Is Restaurant Brand profitable?

Yes, Restaurant Brand (RSTRF) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 11.4%.

What is Restaurant Brand's EBITDA?

Restaurant Brand (RSTRF) had EBITDA of $2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Restaurant Brand have?

As of fiscal year 2025, Restaurant Brand (RSTRF) had $1.2B in cash and equivalents against $13.3B in long-term debt.

What is Restaurant Brand's operating margin?

Restaurant Brand (RSTRF) had an operating margin of 23.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Restaurant Brand's net profit margin?

Restaurant Brand (RSTRF) had a net profit margin of 11.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Restaurant Brand (RSTRF) has a return on equity of 20.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Restaurant Brand's free cash flow?

Restaurant Brand (RSTRF) generated $1.4B in free cash flow during fiscal year 2025. This represents a 11.3% 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 (RSTRF) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Restaurant Brand's total assets?

Restaurant Brand (RSTRF) had $25.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Restaurant Brand's capital expenditures?

Restaurant Brand (RSTRF) invested $265.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Restaurant Brand's current ratio?

Restaurant Brand (RSTRF) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

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

Restaurant Brand (RSTRF) had a debt-to-equity ratio of 2.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Restaurant Brand (RSTRF) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Restaurant Brand's Altman Z-Score?

Restaurant Brand (RSTRF) has an Altman Z-Score of 1.37, 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 (RSTRF) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 (RSTRF) has an earnings quality ratio of 1.59x, 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.