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Restaurant Brands International (QSR)
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Restaurant Brands International Income Statement 2025-2011 | QSR
Brief overview of revenue and earnings at Restaurant Brands International
The conclusions below are based on five years of reported results. According to figures from Restaurant Brands International, revenue changed from $5 billion to $9.4 billion over five years. The total change was +89.9%, with a CAGR of approximately 13.7%. The pace indicates confident and sustained business growth.
The operating result measured by EBITDA moved from $1.6 billion to $2.5 billion, or +55.4%. EBITDA underperformed the top-line trend. Comparing the endpoints gives EBITDA margins of 32.4% and 26.5%. The margin contraction indicates weaker operating efficiency.
Net income changed from $750 million to $1.1 billion (+43.3%). There was no meaningful strengthening in net profitability.
Over the period, capitalization shifted from 17.3 billion dollars to 22.6 billion dollars (+30.4%). The share-price trend was broadly consistent with improving results.
Overall conclusion
The financial profile remains mixed, with strengths and risks moving in different directions. The financial profile benefits from improving net profitability and a larger revenue base. The overall view is constrained by a declining EBITDA margin. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Restaurant Brands International
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
22.6 B | 19.9 B | 23.5 B | 20.6 B | 17.2 B | 17.3 B | 16.6 B | 15.5 B | 14.3 B | 11.5 B | 6.83 B | 13.3 B | - | - | - |
Shares |
329 M | 319 M | 312 M | 307 M | 310 M | 302 M | 268 M | 249 M | 237 M | 233 M | 204 M | 344 M | - | - | - |
Historical Prices |
68.7 | 62.2 | 75.4 | 67 | 55.5 | 57.4 | 54 | 56.6 | 51 | 47 | 29.8 | 37.2 | - | - | - |
Net Income |
1.08 B | 1.44 B | 1.72 B | 1.48 B | 1.25 B | 750 M | 643 M | 612 M | 649 M | 616 M | 375 M | 158 M | 234 M | 118 M | - |
Revenue |
9.43 B | 8.41 B | 7.02 B | 6.5 B | 5.74 B | 4.97 B | 5.6 B | 5.36 B | 4.58 B | 4.15 B | 4.05 B | 1.2 B | 1.15 B | 1.97 B | - |
Cost of Revenue |
- | - | 2.44 B | 2.31 B | 1.89 B | 1.61 B | 1.81 B | 1.82 B | 1.85 B | 1.73 B | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | 3.25 B | 3.12 B | 2.25 B | 1.96 B | 1.74 B | 864 M | 799 M | 819 M | - |
Operating Income |
2.2 B | 2.42 B | 2.05 B | 1.9 B | 1.88 B | 1.42 B | 2.01 B | 1.92 B | 1.74 B | 1.67 B | 1.19 B | 181 M | 522 M | 418 M | - |
EBITDA |
2.5 B | 2.68 B | 2.24 B | 2.09 B | 2.08 B | 1.61 B | 2.05 B | 1.97 B | 1.92 B | 1.68 B | 1.44 B | 658 M | 594 M | 546 M | - |
Operating Expenses |
- | - | - | - | - | - | 1.22 B | 1.17 B | 353 M | 302 M | 319 M | 220 M | 216 M | 290 M | - |
General and Administrative Expenses |
741 M | 733 M | 704 M | 631 M | 484 M | 407 M | 1.21 B | 1.14 B | 329 M | 280 M | 290 M | 204 M | 199 M | 224 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Restaurant Brands International
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
348 M | 347 M | 328 M | 328 M | 326 M | 324 M | 319 M | 317 M | 314 M | 312 M | 314 M | 312 M | 309 M | 307 M | 306 M | 308 M | 309 M | 309 M | 311 M | 307 M | 306 M | 305 M | 303 M | 301 M | 299 M | 298 M | 267 M | 255 M | 252 M | 252 M | 251 M | 249 M | 246 M | 244 M | 237 M | 236 M | 235 M | 234 M | 234 M | 234 M | 230 M | 226 M | 202 M | 202 M | 202 M | 202 M | 352 M | 352 M | 352 M | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
665 M | 445 M | 436 M | 263 M | 221 M | - | 357 M | 399 M | 328 M | - | 364 M | 351 M | 277 M | - | 530 M | 346 M | 270 M | - | 329 M | 391 M | 271 M | 139 M | 223 M | 164 M | 224 M | 257 M | 351 M | 257 M | 246 M | 301 M | 250 M | 314 M | 279 M | 578 M | 247 M | 243 M | 167 M | 301 M | 239 M | 248 M | 168 M | 184 M | 183 M | 93.8 M | 50.6 M | -381 M | -23.5 M | 75.1 M | 60.4 M | 66.8 M | 68.2 M | 62.9 M | 35.8 M | - | - | - | - | - | - | - | - |
Revenue |
2.52 B | 2.26 B | 2.45 B | 2.41 B | 2.11 B | - | 2.29 B | 2.08 B | 1.74 B | - | 1.84 B | 1.78 B | 1.59 B | - | 1.73 B | 1.64 B | 1.45 B | - | 1.5 B | 1.44 B | 1.26 B | 1.36 B | 1.34 B | 1.05 B | 1.22 B | 1.48 B | 1.46 B | 1.4 B | 1.27 B | 1.38 B | 1.38 B | 1.34 B | 1.25 B | 1.23 B | 1.21 B | 1.13 B | 1 B | 1.11 B | 1.08 B | 1.04 B | 918 M | 1.06 B | 1.02 B | 1.04 B | 933 M | 418 M | 279 M | 261 M | 241 M | 265 M | 275 M | 278 M | 328 M | - | - | - | - | - | - | - | - |
Cost of Revenue |
- | - | - | - | - | - | - | - | 606 M | - | 630 M | 612 M | 550 M | - | 615 M | 584 M | 494 M | - | 490 M | 467 M | 401 M | - | 418 M | 339 M | 399 M | - | 475 M | 453 M | 406 M | - | 470 M | 449 M | 429 M | - | 493 M | 460 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
716 M | 606 M | 663 M | 483 M | 435 M | - | 577 M | 663 M | 544 M | - | 582 M | 554 M | 447 M | - | 561 M | 541 M | 450 M | - | 533 M | 488 M | 442 M | 373 M | 417 M | 243 M | 389 M | 511 M | 571 M | 491 M | 434 M | 516 M | 478 M | 502 M | 421 M | 505 M | 479 M | 415 M | 336 M | 492 M | 420 M | 424 M | 331 M | 322 M | 344 M | 302 M | 224 M | -103 M | 900 K | 152 M | 131 M | 141 M | 146 M | 133 M | 102 M | - | - | - | - | - | - | - | - |
EBITDA |
793 M | 684 M | 739 M | 560 M | 506 M | - | 596 M | 722 M | 593 M | - | 591 M | 564 M | 493 M | - | 570 M | 551 M | 499 M | - | 683 M | 499 M | 491 M | 373 M | 556 M | 334 M | 434 M | 511 M | 710 M | 583 M | 481 M | 516 M | 616 M | 595 M | 468 M | 505 M | 614 M | 504 M | 379 M | 492 M | 550 M | 510 M | 373 M | 322 M | 387 M | 353 M | 273 M | -103 M | 17.4 M | 167 M | 148 M | 141 M | 146 M | 133 M | 102 M | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
181 M | 180 M | 170 M | 188 M | 191 M | - | 176 M | 185 M | 173 M | - | 169 M | 163 M | 175 M | - | 156 M | 146 M | 133 M | - | 115 M | 113 M | 104 M | - | 96 M | 94 M | 102 M | - | 320 M | 316 M | 312 M | - | 298 M | 318 M | 301 M | - | 100 M | 96.7 M | 122 M | - | 82.2 M | 73.1 M | 73.2 M | - | 104 M | 102 M | 111 M | - | 78.3 M | 47 M | 48.2 M | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Restaurant Brands International (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.