Restaurant Brands International Inc.
Financial Performance
Restaurant Brands Revenue & Financials
Revenue
$9.4B (FY2025)
Market Cap
$35B
Net Income
$1.1B
What is Restaurant Brands's revenue?
Restaurant Brands had $9.4B in revenue for fiscal year 2025, up 12.2% from 2024. Net income was $1.1B.
- Latest revenue
- $9.4B (FY2025)
- Year-over-year
- +12.2%
- Growth rate (CAGR)
- 9.6% over 9 years
- Peak revenue
- $9.4B (FY2025)
- Years of data
- 10
Financial Analysis
RBI reported FY2025 total revenues of $9.434 billion, up 12.2% from $8.406 billion in 2024, largely because the Carrols restaurants and Burger King China were consolidated for more of the year. Net income from continuing operations was $1.201 billion and total net income was $1.075 billion after a $126 million loss from discontinued operations. Adjusted operating income rose to $2.584 billion, and RBI returned about $1.1 billion to shareholders. In Q2 2026 revenue rose 4.5% to about $2.52 billion, system-wide sales grew 6.4% and comparable sales grew 3.8%. Restaurant Brands International (RBI) is a colossal Canadian-American multinational fast food holding company, commanding a massive market valuation generally exceeding $30 billion.
Revenue Trend Analysis
YoY Change
+12.2%
9-Year CAGR
+9.6%
Peak Year
2025
Trend
Consistent Growth
Restaurant Brands International Inc. has 10 full fiscal year figures on this page, compounding at +9.6% annually over 9 years. The most recent year saw a 12.2% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $9.4B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
Restaurant Brands International Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1.7B | $265M | $25.6B | $20.5B | $3.6B | $1.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $1.5B | $201M | $24.6B | $19.8B | $3.1B | $1.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.3B | $120M | $23.4B | $18.7B | $2.9B | $1.2B | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.5B | $100M | $22.7B | $18.5B | $2.5B | $1.4B | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.7B | $106M | $23.2B | $19.4B | $2.2B | $1.6B | Form 10-K |
| FY2020ended Dec 31, 2020 | $921M | $117M | $22.8B | $19.1B | $2.2B | $804M | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.5B | $62M | $22.4B | $18.1B | $2.5B | $1.4B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.2B | $86M | $20.1B | $16.5B | $1.6B | $1.1B | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.4B | $37M | $21.2B | $16.7B | $2.2B | $1.4B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.3B | $34M | $19.1B | $12.3B | $1.7B | $1.2B | Form 10-K |
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Restaurant Brands Revenue and Financial FAQ
What is Restaurant Brands International's annual revenue and financial profile?
RBI reported FY2025 total revenues of $9.434 billion and system-wide sales of more than $45 billion. Revenue includes franchise royalties and fees, property revenue, Tim Hortons supply chain sales and company restaurant sales.
What is RBI's historical net income and operating profitability?
FY2025 net income from continuing operations was $1.201 billion (total net income $1.075 billion) versus $1.445 billion in 2024. Adjusted operating income rose to $2.584 billion from $2.402 billion.
How is RBI organized for reporting?
RBI reports segments for Tim Hortons Canada and U.S., Burger King U.S. and Canada, Popeyes U.S. and Canada, Firehouse Subs U.S. and Canada, International, and Restaurant Holdings (the company-operated Carrols restaurants). Tim Hortons is the largest revenue contributor because of its supply chain sales.
What is RBI's capital allocation and dividend distribution policy?
RBI returned about $1.1 billion to shareholders in 2025 and planned about $1.6 billion of returns in 2026 through dividends and share repurchases; it returned $435 million in Q2 2026.
What is RBI's long-term debt structure and leverage profile?
RBI carries substantial long-term debt from its formation and later acquisitions. Management said it achieved its 2025 net leverage target and manages leverage against adjusted EBITDA.
What are RBI's system-wide sales and same-store sales growth metrics?
Consolidated system-wide sales grew 5.3% in 2025 and 6.4% in Q2 2026, when comparable sales grew 3.8%, including 8.5% at Burger King U.S. and 5.5% at International.
What stock exchanges and ticker symbols does RBI trade under?
RBI common shares trade on the NYSE and TSX under the ticker QSR, and exchangeable partnership units trade on the TSX as QSP. Its market cap was roughly US$35 billion in September 2026.
What financial targets did RBI outline through 2028?
At its February 2026 Investor Day RBI reaffirmed 8%+ organic adjusted operating income growth and net restaurant growth reaching 5%+ by 2028.
What is Restaurant Brands International’s annual revenue and earnings scale?
RBI generates approximately $7.0 billion to $7.8+ billion in annual consolidated revenues, delivering over $2.3 billion to $2.5+ billion in adjusted EBITDA and over $40 billion in global system-wide sales.
What are RBI’s operating and EBITDA margins?
Because of its asset-light franchise structure, RBI generates exceptional adjusted EBITDA margins between 32% and 36% of consolidated revenues, representing one of the highest margin profiles in global retail food.
What is RBI’s shareholder dividend history and yield?
RBI pays a generous quarterly cash dividend, maintaining an attractive dividend yield typically between 3.0% and 4.0%, supported by a target payout ratio of approximately 50% to 60% of free cash flow and consistent annual increases.
What is RBI’s debt leverage and balance sheet profile?
Following historic leveraged acquisitions by 3G Capital, RBI carries long-term debt, but maintains strong interest coverage and cash generation, steadily reducing net debt-to-adjusted EBITDA leverage toward a conservative 4.0x to 4.5x target.
What is the breakdown of system-wide sales by brand?
Burger King accounts for roughly 60% of global system-wide sales (approx. $27B), Tim Hortons accounts for ~18% ($7.5B), Popeyes accounts for ~15% ($6.0B), and Firehouse Subs contributes approximately ~3% ($1.2B).
How do food and wage inflationary pressures impact RBI financially?
Because RBI collects a percentage of top-line gross dollar sales rather than paying for restaurant labor and food ingredients directly, menu price increases implemented by franchisees to counter inflation actually boost RBI’s royalty revenues.
What was the financial logic behind the 2024 Carrols acquisition?
Acquiring Carrols Restaurant Group for $1.0B was an opportunistic balance-sheet move to rapidly renovate over 600 Burger King restaurants, with plans to refranchise the stores back to smaller local operators over 5–7 years, recovering capital while improving long-term royalties.
What are RBI’s long-term financial targets under Patrick Doyle and Josh Kobza?
RBI targets reaching 40,000+ restaurants, $60 billion in system-wide sales, and $3.2 billion in adjusted operating income by 2028, driving compound annual organic growth of 8%+.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Restaurant Brands Revenue & Financials." CorpDigest, https://corpdigest.com/company/restaurant-brands/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Restaurant Brands reported $9.4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/restaurant-brands/financials" target="_blank" rel="noopener">CorpDigest — Restaurant Brands financials</a></div>Related Financial Audits
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