Restaurant Brands International Inc. (QSR) Stock Analysis
Consumer Cyclical · Restaurants · NYSE
Restaurant Brands International Inc. (QSR) posted $9.43B in revenue for fiscal 2025 (up 12.2% year over year), at a 8.2% net margin, and has compounded revenue about 13.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Restaurant Brands International Inc.
Restaurant Brands International Inc. has grown revenue from $4.15B to $9.43B over the last 10 fiscal years, compounding about 13.7% a year. The most recent year was up 12.2%, so growth has cooled from its longer-run pace.
Net margin sits at 8.2%, down 3.9 points year over year on a 33.8% gross margin. It carries about $13.32B of total debt.
At today's valuation the market is pricing in roughly 9.7% annual free-cash-flow growth — versus the 12.5% it actually delivered over the last five years, broadly in line with what it has delivered. The one thing worth a second look in the filings is inventory building faster than sales.
Synthesised from Restaurant Brands International Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Restaurant Brands International Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.15B | $4.58B | $5.36B | $5.60B | $4.97B | $5.74B | $6.50B | $7.02B | $8.41B | $9.43B |
| Gross profit | $2.42B | $2.73B | $3.54B | $3.79B | $3.36B | $3.85B | $2.60B | $2.80B | $3.02B | $3.19B |
| Net income | $956.00M | $1.24B | $1.14B | $1.11B | $750.00M | $1.25B | $1.01B | $1.19B | $1.02B | $776.00M |
| Net margin | 23.1% | 27.0% | 21.4% | 19.8% | 15.1% | 21.8% | 15.5% | 16.9% | 12.1% | 8.2% |
Source: Restaurant Brands International Inc. SEC filings (10-K). 14 years of history available in the interactive view.
Restaurant Brands International Inc.: 4 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Inventory building faster than salesInventory rose 44.4% versus revenue 12.2% — possible overproduction or softening demand.
- Share count rising (dilution)Shares outstanding grew 12.1% over 4 years (309M → 346.3M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $13386M is 7.8× last year's operating cash flow — it would take years of cash flow to clear.
- Net margin shrinkingNet margin fell from 15.5% to 8.2% over ~3 years — profitability is compressing.
What growth is priced into QSR stock?
At today's market cap of $33.44B, Restaurant Brands International Inc. is priced for free-cash-flow growth of about 9.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.45B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 12.5%/yr over the last five fiscal years and revenue 13.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 14 years of Restaurant Brands International Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Restaurant Brands International Inc. financial history by metric
About Restaurant Brands International Inc.
Restaurant Brands International Inc. operates as a quick service restaurant company in Canada, the United States, and internationally. It operates through six segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings. The company owns and franchises Tim Hortons, a coffee and baked good restaurant chain that offers beverages, sandwiches, wraps, flatbread pizzas, and others; Burger King, a quick service hamburger restaurant chain that offers flame-grilled hamburgers, chicken, and other sandwiches; Popeyes, a quick service chicken concept that offers a Louisiana style menu, including fried bone-in chicken, chicken sandwiches, chicken tenders, wings, fried shrimp, and regional items; and Firehouse Subs, which offers subs with meats and cheese, as well as chili, soups, soft drinks, and other sides. Restaurant Brands International Inc. was founded in 1954 and is headquartered in Miami, Florida.
Restaurant Brands International Inc. — frequently asked questions
What is Restaurant Brands International Inc.'s revenue?
Restaurant Brands International Inc. (QSR) reported revenue of $9.43B for fiscal year 2025, up 12.2% from the prior year, according to its SEC filings.
Is Restaurant Brands International Inc. profitable?
Yes. QSR earned net income of $776.00M in fiscal 2025, a net margin of 8.2%.
What is QSR's P/E ratio?
Restaurant Brands International Inc. trades at a price-to-earnings ratio of about 23.6 based on the latest data in our nightly-refreshed cache.
How fast is Restaurant Brands International Inc. growing?
QSR's revenue grew at roughly 13.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Restaurant Brands International Inc. have?
As of fiscal year 2025, QSR carried roughly $13.32B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Restaurant Brands International Inc.'s gross margin?
QSR's gross margin was 33.8% in fiscal 2025 — gross profit of $3.19B on revenue of $9.43B.
What is Restaurant Brands International Inc.'s market cap?
Restaurant Brands International Inc. (QSR) has a market capitalization of about $33.44B, based on the latest data in our nightly-refreshed cache.
When does Restaurant Brands International Inc.'s fiscal year end?
QSR's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into QSR stock?
At today's market cap of $33.44B, Restaurant Brands International Inc. is priced for free-cash-flow growth of about 9.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.45B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 12.5%/yr over the last five fiscal years and revenue 13.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Restaurant Brands International Inc.'s official SEC filings (10-K and 10-Q), covering 14 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.