QSR

Updated: Mar 12, 2026 11:30 AM

Restaurant Brands International Inc

Market Cap: $33.43B P/S: 14x Ownership — Insider: 1.4% | Institutional: 88.3% | Retail: 10.3% CONSUMER CYCLICAL RESTAURANTS

Restaurant Brands International Inc. owns, operates and franchises quick-service restaurants under the Tim Hortons (TH), Burger King (BK) and Popeyes (PLK) brands. The company is headquartered in Toronto, Canada.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        20/20 dates (100%)
  ✅ grossProfit                         20/20 dates (100%)
  ✅ netIncome                           20/20 dates (100%)

Plot for QSR (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               0.00B                     2.36B                     4.72B                     7.08B                     9.43B
               |                         |                         |                         |                         |

  2005-12-31 |  2.05B
  2006-12-31 |  2.23B
  2007-12-31 |  2.46B
  2008-12-31 |  2.54B
  2009-12-31 |  2.50B
  2011-12-31 |  2.34B
  2012-12-31 |  1.97B
  2013-12-31 |  1.15B
  2014-12-31 |  1.20B
  2015-12-31 |  4.05B
  2016-12-31 |  4.15B
  2017-12-31 |  4.58B
  2018-12-31 |  5.36B
  2019-12-31 |  5.60B
  2020-12-31 |  4.97B
  2021-12-31 |  5.74B
  2022-12-31 |  6.50B
  2023-12-31 |  7.02B
  2024-12-31 |  8.41B
  2025-12-31 |  9.43B

               |                         |                         |                         |                         |
               0.00B                     2.36B                     4.72B                     7.08B                     9.43B

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  SPARSE researchAndDevelopment              5/20 dates (25%)
  ✅ sellingGeneralAndAdministrative     20/20 dates (100%)
  ✅ costofGoodsAndServicesSold          20/20 dates (100%)

Plot for QSR (in B)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                     1.39B                     2.78B                     4.17B                     5.56B
               |                         |                         |                         |                         |

  2005-12-31 |  1.26B ⊗
  2006-12-31 |  1.35B ⊗
  2007-12-31 |  1.48B ⊗
  2008-12-31 |  1.58B ⊗
  2009-12-31 |  1.54B ⊗
  2011-12-31 |  1.40B ⊗
  2012-12-31 |  1.15B ⊗
  2013-12-31 |  0.35B ⊗
  2014-12-31 |  0.34B
  2015-12-31 |  2.31B
  2016-12-31 |  2.18B
  2017-12-31 |  2.33B
  2018-12-31 |  2.24B
  2019-12-31 |  3.21B ⊗
  2020-12-31 |  3.00B ⊗
  2021-12-31 |  3.37B ⊗
  2022-12-31 |  3.91B ⊗
  2023-12-31 |  4.22B ⊗
  2024-12-31 |  5.38B ⊗
  2025-12-31 |  5.56B ⊗

               |                         |                         |                         |                         |
               0.00B                     1.39B                     2.78B                     4.17B                     5.56B

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         20/20 dates (100%)
  ⚠️  shortLongTermDebtTotal              13/20 dates (65%)
  ✅ operatingCashflow                   20/20 dates (100%)

Plot for QSR (in B)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                     4.39B                     8.79B                    13.18B                    17.58B
               |                         |                         |                         |                         |

  2005-12-31 |  0.26B ⊗
  2006-12-31 |  0.17B ⊗
  2007-12-31 |  0.24B ⊗
  2008-12-31 |  0.31B ⊗
  2009-12-31 |  0.31B ⊗
  2011-12-31 |  0.46B ⊗
  2012-12-31 |  0.55B ⊗
  2013-12-31 |  3.19B
  2014-12-31 |  10.24B
  2015-12-31 |  9.07B
  2016-12-31 |  9.00B
  2017-12-31 |  12.38B
  2018-12-31 |  12.33B
  2019-12-31 |  13.47B
  2020-12-31 |  14.12B
  2021-12-31 |  14.62B
  2022-12-31 |  14.49B
  2023-12-31 |  14.52B
  2024-12-31 |  15.96B
  2025-12-31 |  17.58B

               |                         |                         |                         |                         |
               0.00B                     4.39B                     8.79B                    13.18B                    17.58B

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   20/20 dates (100%)
  ✅ capitalExpenditures                 20/20 dates (100%)

Plot for QSR (in B)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00B                     0.43B                     0.86B                     1.29B                     1.73B
               |                         |                         |                         |                         |

  2005-12-31 |  0.09B
  2006-12-31 |  0.12B
  2007-12-31 |  0.24B
  2008-12-31 |  0.31B
  2009-12-31 |  0.31B
  2011-12-31 |  0.41B
  2012-12-31 |  0.22B
  2013-12-31 |  0.33B
  2014-12-31 |  0.26B
  2015-12-31 |  1.20B
  2016-12-31 |  1.27B
  2017-12-31 |  1.38B
  2018-12-31 |  1.17B
  2019-12-31 |  1.48B
  2020-12-31 |  0.92B
  2021-12-31 |  1.73B
  2022-12-31 |  1.49B
  2023-12-31 |  1.32B
  2024-12-31 |  1.50B
  2025-12-31 |  1.71B

               |                         |                         |                         |                         |
               0.00B                     0.43B                     0.86B                     1.29B                     1.73B

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         20/20 dates (100%)
  ✅ totalLiabilities                    20/20 dates (100%)
  ✅ totalShareholderEquity              20/20 dates (100%)

Plot for QSR (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                     6.40B                    12.81B                    19.21B                    25.61B
               |                         |                         |                         |                         |

  2005-12-31 |  2.55B
  2006-12-31 |  2.52B
  2007-12-31 |  2.69B
  2008-12-31 |  2.71B
  2009-12-31 |  2.75B
  2011-12-31 |  5.58B
  2012-12-31 |  5.56B
  2013-12-31 |  5.83B
  2014-12-31 |  21.34B
  2015-12-31 |  18.41B
  2016-12-31 |  19.12B
  2017-12-31 |  21.22B
  2018-12-31 |  20.14B
  2019-12-31 |  22.36B
  2020-12-31 |  22.78B
  2021-12-31 |  23.25B
  2022-12-31 |  22.75B
  2023-12-31 |  23.39B
  2024-12-31 |  24.63B
  2025-12-31 |  25.61B

               |                         |                         |                         |                         |
               0.00B                     6.40B                    12.81B                    19.21B                    25.61B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           20/20 dates (100%)
  ⚠️  shortLongTermDebtTotal              13/20 dates (65%)
  ✅ totalShareholderEquity              20/20 dates (100%)

Plot for QSR (in B)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               0.00B                     4.39B                     8.79B                    13.18B                    17.58B
               |                         |                         |                         |                         |

  2005-12-31 |  0.57B ⊗
  2006-12-31 |  0.72B ⊗
  2007-12-31 |  0.84B ⊗
  2008-12-31 |  0.97B ⊗
  2009-12-31 |  1.13B ⊗
  2011-12-31 |  1.45B ⊗
  2012-12-31 |  1.18B ⊗
  2013-12-31 |  3.19B
  2014-12-31 |  10.24B
  2015-12-31 |  9.07B
  2016-12-31 |  9.00B
  2017-12-31 |  12.38B
  2018-12-31 |  12.33B
  2019-12-31 |  13.47B
  2020-12-31 |  14.12B
  2021-12-31 |  14.62B
  2022-12-31 |  14.49B
  2023-12-31 |  14.52B
  2024-12-31 |  15.96B
  2025-12-31 |  17.58B

               |                         |                         |                         |                         |
               0.00B                     4.39B                     8.79B                    13.18B                    17.58B

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        25/25 dates (100%)
  ✅ grossProfit                         25/25 dates (100%)
  ✅ netIncome                           25/25 dates (100%)

Plot for QSR (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               0.00B                     0.62B                     1.23B                     1.85B                     2.47B
               |                         |                         |                         |                         |

  2019-12-31 |  1.48B
  2020-03-31 |  1.23B
  2020-06-30 |  1.05B
  2020-09-30 |  1.34B
  2020-12-31 |  1.36B
  2021-03-31 |  1.26B
  2021-06-30 |  1.44B
  2021-09-30 |  1.50B
  2021-12-31 |  1.55B
  2022-03-31 |  1.45B
  2022-06-30 |  1.64B
  2022-09-30 |  1.73B
  2022-12-31 |  1.69B
  2023-03-31 |  1.59B
  2023-06-30 |  1.77B
  2023-09-30 |  1.84B
  2023-12-31 |  1.82B
  2024-03-31 |  1.74B
  2024-06-30 |  2.08B
  2024-09-30 |  2.29B
  2024-12-31 |  2.30B
  2025-03-31 |  2.11B
  2025-06-30 |  2.41B
  2025-09-30 |  2.45B
  2025-12-31 |  2.47B

               |                         |                         |                         |                         |
               0.00B                     0.62B                     1.23B                     1.85B                     2.47B

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  SPARSE researchAndDevelopment              0/25 dates (0%)
  ✅ sellingGeneralAndAdministrative     25/25 dates (100%)
  ✅ costofGoodsAndServicesSold          25/25 dates (100%)

Plot for QSR (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                     0.40B                     0.80B                     1.20B                     1.59B
               |                         |                         |                         |                         |

  2019-12-31 |  0.62B ⊗
  2020-03-31 |  0.75B ⊗
  2020-06-30 |  0.67B ⊗
  2020-09-30 |  0.75B ⊗
  2020-12-31 |  0.59B ⊗
  2021-03-31 |  0.75B ⊗
  2021-06-30 |  0.83B ⊗
  2021-09-30 |  0.86B ⊗
  2021-12-31 |  0.91B ⊗
  2022-03-31 |  0.87B ⊗
  2022-06-30 |  0.97B ⊗
  2022-09-30 |  1.03B ⊗
  2022-12-31 |  1.04B ⊗
  2023-03-31 |  0.94B ⊗
  2023-06-30 |  1.05B ⊗
  2023-09-30 |  1.07B ⊗
  2023-12-31 |  1.15B ⊗
  2024-03-31 |  1.04B ⊗
  2024-06-30 |  1.29B ⊗
  2024-09-30 |  1.49B ⊗
  2024-12-31 |  1.55B ⊗
  2025-03-31 |  1.41B ⊗
  2025-06-30 |  1.59B ⊗
  2025-09-30 |  1.26B ⊗
  2025-12-31 |  1.29B ⊗

               |                         |                         |                         |                         |
               0.00B                     0.40B                     0.80B                     1.20B                     1.59B

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for QSR (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                     4.39B                     8.79B                    13.18B                    17.58B
               |                         |                         |                         |                         |

  2019-12-31 |  13.47B
  2020-03-31 |  14.46B
  2020-06-30 |  13.97B
  2020-09-30 |  13.98B
  2020-12-31 |  14.12B
  2021-03-31 |  14.10B
  2021-06-30 |  14.10B
  2021-09-30 |  14.08B
  2021-12-31 |  14.62B
  2022-03-31 |  14.62B
  2022-06-30 |  14.57B
  2022-09-30 |  14.47B
  2022-12-31 |  14.49B
  2023-03-31 |  14.46B
  2023-06-30 |  14.47B
  2023-09-30 |  14.44B
  2023-12-31 |  14.52B
  2024-03-31 |  14.51B
  2024-06-30 |  16.00B
  2024-09-30 |  16.01B
  2024-12-31 |  15.96B
  2025-03-31 |  15.95B
  2025-06-30 |  16.00B
  2025-09-30 |  15.84B
  2025-12-31 |  17.58B

               |                         |                         |                         |                         |
               0.00B                     4.39B                     8.79B                    13.18B                    17.58B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for QSR (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00M                    141.25M                   282.50M                   423.75M                   565.00M
               |                         |                         |                         |                         |

  2019-12-31 |  565.00M
  2020-03-31 |  136.00M
  2020-06-30 |  60.00M
  2020-09-30 |  412.00M
  2020-12-31 |  313.00M
  2021-03-31 |  266.00M
  2021-06-30 |  479.00M
  2021-09-30 |  510.00M
  2021-12-31 |  471.00M
  2022-03-31 |  234.00M
  2022-06-30 |  435.00M
  2022-09-30 |  398.00M
  2022-12-31 |  423.00M
  2023-03-31 |  95.00M
  2023-06-30 |  392.00M
  2023-09-30 |  433.00M
  2023-12-31 |  403.00M
  2024-03-31 |  147.34M
  2024-06-30 |  332.65M
  2024-09-30 |  540.00M
  2024-12-31 |  481.00M
  2025-03-31 |  118.00M
  2025-06-30 |  459.35M
  2025-09-30 |  546.49M
  2025-12-31 |  540.97M

               |                         |                         |                         |                         |
               0.00M                    141.25M                   282.50M                   423.75M                   565.00M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         25/25 dates (100%)
  ✅ totalLiabilities                    25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for QSR (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                     6.42B                    12.84B                    19.27B                    25.69B
               |                         |                         |                         |                         |

  2019-12-31 |  22.36B
  2020-03-31 |  22.63B
  2020-06-30 |  22.02B
  2020-09-30 |  22.53B
  2020-12-31 |  22.78B
  2021-03-31 |  22.86B
  2021-06-30 |  23.24B
  2021-09-30 |  22.93B
  2021-12-31 |  23.25B
  2022-03-31 |  23.17B
  2022-06-30 |  22.75B
  2022-09-30 |  22.56B
  2022-12-31 |  22.75B
  2023-03-31 |  22.53B
  2023-06-30 |  23.13B
  2023-09-30 |  23.08B
  2023-12-31 |  23.39B
  2024-03-31 |  23.12B
  2024-06-30 |  24.85B
  2024-09-30 |  25.07B
  2024-12-31 |  24.63B
  2025-03-31 |  24.88B
  2025-06-30 |  25.69B
  2025-09-30 |  25.67B
  2025-12-31 |  25.61B

               |                         |                         |                         |                         |
               0.00B                     6.42B                    12.84B                    19.27B                    25.69B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for QSR (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               0.00B                     4.39B                     8.79B                    13.18B                    17.58B
               |                         |                         |                         |                         |

  2019-12-31 |  13.47B
  2020-03-31 |  14.46B
  2020-06-30 |  13.97B
  2020-09-30 |  13.98B
  2020-12-31 |  14.12B
  2021-03-31 |  14.10B
  2021-06-30 |  14.10B
  2021-09-30 |  14.08B
  2021-12-31 |  14.62B
  2022-03-31 |  14.62B
  2022-06-30 |  14.57B
  2022-09-30 |  14.47B
  2022-12-31 |  14.49B
  2023-03-31 |  14.46B
  2023-06-30 |  14.47B
  2023-09-30 |  14.44B
  2023-12-31 |  14.52B
  2024-03-31 |  14.51B
  2024-06-30 |  16.00B
  2024-09-30 |  16.01B
  2024-12-31 |  15.96B
  2025-03-31 |  15.95B
  2025-06-30 |  16.00B
  2025-09-30 |  15.84B
  2025-12-31 |  17.58B

               |                         |                         |                         |                         |
               0.00B                     4.39B                     8.79B                    13.18B                    17.58B

Price History

Volume

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