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Investment Highlights Market Valuation Price Chart Return vs. Risk About QSR Interactive Breakdown Better Bets vs. QSR Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Restaurant Brands International (QSR)

Market Price (10/24/2025): $67.46 | Market Cap: $22.1 Bil
Sector: Consumer Discretionary | Industry: Restaurants

Restaurant Brands International (QSR)

Market Price (10/24/2025): $67.46
Market Cap: $22.1 Bil
Sector: Consumer Discretionary
Industry: Restaurants

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 6.1%		 Trading close to highs
Dist 52W High is -4.7%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 68%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%		 Weak multi-year price returns
2Y Excs Rtn is -48%, 3Y Excs Rtn is -47%		 
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%		  
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%		  
4 Low stock price volatility
Vol 12M is 23%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 6.1%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
4 Low stock price volatility
Vol 12M is 23%
5 Trading close to highs
Dist 52W High is -4.7%
6 Weak multi-year price returns
2Y Excs Rtn is -48%, 3Y Excs Rtn is -47%
7 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 68%

Market Valuation & Key Metrics

QSRS&P 500
REVENUE GROWTHVERY GOOD
Rev LTM ($ Bil)9.1
Rev Chg Q15.9%6.2%
Rev Chg LTM21.8%5.1%
Rev Chg 3Y Avg14.2%5.4%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)2.3
CFO LTM ($ Bil)1.6
Net Inc LTM ($ Bil)0.9
Op Mgn LTM25.8%18.6%
CFO/Rev LTM17.4%20.4%
Net Inc Mgn9.4%12.7%
VALUATIONMODERATE
P/S2.43.2
P/CFO13.915.9
P/FCF16.321.1
P/E25.824.2
STABILITYPOOR
Debt/Equity0.720.21
Cash/Assets0.040.07

QSR Stock

   
   
   
   
   
   
   

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
QSR Return-0%3%11%25%-14%6%30%
Peers Return22%34%-9%19%4%-4%79%
S&P 500 Return16%27%-19%24%23%15%106%

Monthly Win Rates [3]
QSR Win Rate58%50%50%67%33%56% 
Peers Win Rate65%57%43%60%50%49% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
QSR Max Drawdown-55%-9%-22%-6%-15%-7% 
Peers Max Drawdown-31%-7%-26%-6%-13%-15% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MCD, SBUX, CMG, YUM, ACI. See QSR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/23/2025 (YTD)

How Low Can It Go

Unique KeyEventQSRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-33.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven50.1%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven319 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-58.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven138.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven373 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-25.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven33.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven115 days120 days

Compare to MCD, SBUX, CMG, YUM, ACI


In The Past

Restaurant Brands International's stock fell -33.4% during the 2022 Inflation Shock from a high on 6/1/2021. A -33.4% loss requires a 50.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Restaurant Brands International (QSR)

Interactive Breakdown

Restaurant Brands International Interactive Breakdown Analysis

Better Bets than Restaurant Brands International (QSR)

 QSRBetter Performance than QSR
MetricValueIndustry (Restaurants)
Rev Chg LTM21.8%CAVA (28.2%), WING (22.7%), BROS (29.8%), EAT (21.9%), STKS (96.6%)
Rev Chg 3Y Avg14.2%TXRH (14.5%), WING (31.2%), BROS (33.7%), SHAK (16.8%), FWRG (21.8%)
Op Mgn LTM25.8%MCD (46.1%), YUM (30.8%), RAVE (27.1%)
CFO/Rev LTM17.4%MCD (37.6%), CMG (18.1%), YUM (23.2%), BROS (18.8%), BH (23.0%)
FCF/Rev LTM14.9%MCD (26.5%), YUM (19.4%), BH (16.6%), RAVE (28.0%)
Total Yield8.7%WEN (21.4%), BLMN (9.4%), DIN (18.7%), LOCO (9.0%)
 QSRBetter Performance than QSR
MetricValueAll Other Sectors
Rev Chg LTM21.8%NVDA (71.6%), AVGO (28.0%), LLY (36.8%), PLTR (38.8%), AMD (27.2%)
Rev Chg 3Y Avg14.2%NVDA (92.0%), AVGO (24.0%), LLY (23.4%), PLTR (25.7%), GE (15.7%)
Op Mgn LTM25.8%NVDA (58.1%), AAPL (31.9%), MSFT (45.6%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM17.4%NVDA (46.6%), AAPL (26.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM14.9%NVDA (43.6%), AAPL (23.5%), MSFT (25.4%), GOOGL (18.0%), META (30.7%)
Total Yield8.7%XOM (9.6%), UNH (8.9%), WFC (9.5%), CVX (9.5%), MRK (11.2%)
 Best Bets In Consumer Discretionary Sector
 QSRABNB BKNG MCD LOPE PRDO ALSN CROX GRMN WH YUM
What You Pay           
P/E25.829.834.426.126.115.99.220.130.717.528.5
P/EBIT10.430.121.218.120.411.76.917.527.410.316.7
What You Get           
Rev Chg Q15.9%12.7%16.0%5.4%8.8%26.6%-0.2%3.4%20.4%8.2%9.6%
Rev Chg LTM21.8%10.2%11.7%1.2%6.5%6.3%2.7%2.0%19.6%3.9%11.3%
Rev Chg 3Y Avg14.2%16.3%19.9%3.4%5.8%1.7%8.0%14.5%11.0%-3.2%5.9%
FCF/Rev 3Y Avg16.0%40.5%34.6%27.2%22.6%21.0%20.9%19.8%19.4%19.4%19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1How Low Can Restaurant Brands International Stock Really Go?Return 
2QSR Is Producing Cash, What Is Holding You Back?Actionable 
3QSR Dip Buy Analysis  
4Restaurant Brands International Total Shareholder Return (TSR): -8.8% in 2024 and 10.9% 3-yr compounded annual returns (above peer average)  
5Restaurant Brands International (QSR) Operating Cash Flow ComparisonFinancials 
6Restaurant Brands International (QSR) Net Income ComparisonFinancials 
7Restaurant Brands International (QSR) Operating Income ComparisonFinancials 
8Restaurant Brands International (QSR) Revenue ComparisonFinancials 
9Restaurant Brands International vs. Deckers Outdoor: QSR stock's significantly higher valuation vs. DECK appears counterintuitiveCounter-Intuitive Comparisons 
10Restaurant Brands International vs. Tetra Tech: QSR stock's significantly higher valuation vs. TTEK appears counterintuitiveCounter-Intuitive Comparisons 
11ARTICLES  
12Better Bet Than Starbucks Stock: YUM, QSR Deliver More October 14th, 2025
13As DRI Falls 13% in a Week, QSR’s Story Stands Out September 23rd, 2025
14QSR Generates Strong Cash So Why Are You Not Considering It? July 30th, 2025
15Better Bet Than McDonald’s Stock: Pay Less To Get More From DRI, QSR July 30th, 2025
16CMG’s 13% Decline in a Day Brings Valuations Into Focus – Is QSR a Better Deal? July 25th, 2025
Title
0DASHBOARDS
1Better Bet Than Starbucks Stock: YUM, QSR Deliver More
2As DRI Falls 13% in a Week, QSR’s Story Stands Out
3QSR Generates Strong Cash So Why Are You Not Considering It?
4Better Bet Than McDonald’s Stock: Pay Less To Get More From DRI, QSR
5CMG’s 13% Decline in a Day Brings Valuations Into Focus – Is QSR a Better Deal?
6ARTICLES
7How Low Can Restaurant Brands International Stock Really Go?
8QSR Is Producing Cash, What Is Holding You Back?
9QSR Dip Buy Analysis
10Restaurant Brands International Total Shareholder Return (TSR): -8.8% in 2024 and 10.9% 3-yr compounded annual returns (above peer average)
11Restaurant Brands International (QSR) Operating Cash Flow Comparison
12Restaurant Brands International (QSR) Net Income Comparison
13Restaurant Brands International (QSR) Operating Income Comparison
14Restaurant Brands International (QSR) Revenue Comparison
15Restaurant Brands International vs. Deckers Outdoor: QSR stock's significantly higher valuation vs. DECK appears counterintuitive
16Restaurant Brands International vs. Tetra Tech: QSR stock's significantly higher valuation vs. TTEK appears counterintuitive

Trade Ideas

Select past ideas related to QSR. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-20.1%-20.1%-22.1%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-0.5%-0.5%-6.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-3.9%-3.9%-7.9%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		8.0%8.0%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		8.1%8.1%-11.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-20.1%-20.1%-22.1%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-0.5%-0.5%-6.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-3.9%-3.9%-7.9%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		8.0%8.0%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		8.1%8.1%-11.7%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1VICRVicor53.8%92.4%
2BETRBetter Home & Finance49.4%864.9%
3BALYBallys46.7%4.6%
4CLBCore Laboratories44.2%-4.7%
5LBRTLiberty Energy35.8%-16.8%
6CELCCelcuity34.3%439.1%
7WGOWinnebago Industries31.4%-14.3%
8CCOClear Channel Outdoor31.0%35.8%
9PMIPicard Medical28.2%20852.4%
10ISRGIntuitive Surgical26.8%5.6%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1ITGRInteger-28.3%-44.2%
2METCRamaco Resources-27.2%256.2%
3SESSES AI-24.5%8.2%
4SLIStandard Lithium-23.7%181.5%
5QBTSD-Wave Quantum-23.2%269.8%
6OKLOOklo-23.1%487.4%
7INBXInhibrx Biosciences-22.5%84.2%
8LENZLENZ Therapeutics-22.4%8.7%
9ASMAvino Silver & Gold Mines-21.6%476.6%
10SMRNuScale Power-21.2%109.5%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1232.9%344.3%
2PRAXPraxis Precision Medicines263.5%131.3%
3NVTSNavitas Semiconductor98.4%281.2%
4ORKAOruka Therapeutics77.7%39.9%
5GRALGRAIL77.4%363.0%
6VICRVicor76.1%92.4%
7UAMYUnited States Antimony75.9%562.7%
8PMIPicard Medical69.9%20852.4%
9BALYBallys68.8%4.6%
10SNDKSanDisk67.3% 

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1FLYFirefly Aerospace-36.0% 
2SOCSable Offshore-35.6%-38.8%
3VGVenture Global-33.7% 
4FWRDForward Air-31.6%-41.2%
5NFENew Fortress Energy-31.1%-88.3%
6GOSSGossamer Bio-30.1%131.0%
7USNAUsana Health Sciences-28.6%-42.5%
8ITGRInteger-28.2%-44.2%
9RCReady Capital-27.5%-50.8%
10PSIXPower Solutions International-27.4%170.7%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1VICRVicor53.8%92.4%
2BETRBetter Home & Finance49.4%864.9%
3BALYBallys46.7%4.6%
4CLBCore Laboratories44.2%-4.7%
5LBRTLiberty Energy35.8%-16.8%
6CELCCelcuity34.3%439.1%
7WGOWinnebago Industries31.4%-14.3%
8CCOClear Channel Outdoor31.0%35.8%
9PMIPicard Medical28.2%20852.4%
10ISRGIntuitive Surgical26.8%5.6%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1ITGRInteger-28.3%-44.2%
2METCRamaco Resources-27.2%256.2%
3SESSES AI-24.5%8.2%
4SLIStandard Lithium-23.7%181.5%
5QBTSD-Wave Quantum-23.2%269.8%
6OKLOOklo-23.1%487.4%
7INBXInhibrx Biosciences-22.5%84.2%
8LENZLENZ Therapeutics-22.4%8.7%
9ASMAvino Silver & Gold Mines-21.6%476.6%
10SMRNuScale Power-21.2%109.5%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Restaurant Brands International

Financials

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
Mkt Price67.45306.9785.4441.80146.3719.0676.44
Mkt Cap22.1219.397.156.240.810.748.5
Rev LTM9,10626,06036,68911,5787,90781,37118,819
Op Inc LTM2,34812,0233,8361,9992,4391,5582,394
FCF LTM1,3546,8972,2541,4661,5346591,500
FCF 3Y Avg1,2406,8773,0211,3391,3946061,367
CFO LTM1,5889,7934,9012,0921,8342,5882,340
CFO 3Y Avg1,4059,3735,5231,9201,6822,6082,264

Growth & Margins

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
Rev Chg LTM21.8%1.2%0.6%8.6%11.3%2.1%5.3%
Rev Chg 3Y Avg14.2%3.4%4.7%12.5%5.9%2.6%5.3%
Rev Chg Q15.9%5.4%3.8%3.0%9.6%2.0%4.6%
QoQ Delta Rev Chg LTM3.8%1.4%0.9%0.8%2.2%0.4%1.2%
Op Mgn LTM25.8%46.1%10.5%17.3%30.8%1.9%21.5%
Op Mgn 3Y Avg28.8%45.9%13.3%16.9%31.7%2.3%22.9%
QoQ Delta Op Mgn LTM-0.6%0.3%-1.6%-0.4%-0.5%-0.1%-0.4%
CFO/Rev LTM17.4%37.6%13.4%18.1%23.2%3.2%17.8%
CFO/Rev 3Y Avg18.1%37.0%15.3%18.3%22.9%3.3%18.2%
FCF/Rev LTM14.9%26.5%6.1%12.7%19.4%0.8%13.8%
FCF/Rev 3Y Avg16.0%27.2%8.4%12.8%19.0%0.8%14.4%

Valuation

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
Mkt Cap22.1219.397.156.240.810.748.5
P/S2.48.42.64.95.20.13.8
P/EBIT10.418.123.828.116.76.617.4
P/E25.826.136.936.528.510.927.3
P/CFO13.922.419.826.922.34.121.0
Total Yield8.7%6.1%5.5%2.7%5.4%12.2%5.8%
Dividend Yield4.8%2.3%2.8%0.0%1.9%3.1%2.5%
FCF Yield 3Y Avg5.5%3.4%3.0%1.9%3.6%5.6%3.5%
D/E0.70.30.30.10.31.40.3
Net D/E0.70.20.20.10.31.30.3

Returns

QSRMCDSBUXCMGYUMACIMedian
NameRestaura.McDonald.StarbucksChipotle.Yum Bran.Albertso. 
1M Rtn5.1%1.2%-0.3%5.3%-2.1%8.4%3.2%
3M Rtn-2.7%4.8%-8.2%-8.6%0.9%-7.2%-5.0%
6M Rtn9.8%-1.8%3.3%-15.6%0.2%-13.6%-0.8%
12M Rtn-4.7%5.2%-10.3%-29.2%11.3%3.5%-0.6%
3Y Rtn31.7%28.8%10.2%35.2%42.5%-1.3%30.2%
1M Excs Rtn3.1%-0.6%-0.1%4.2%-3.6%6.0%1.5%
3M Excs Rtn-7.6%-2.0%-14.4%-16.1%-5.2%-10.2%-8.9%
6M Excs Rtn-13.0%-24.7%-19.6%-38.5%-22.7%-36.4%-23.7%
12M Excs Rtn-18.9%-15.3%-24.3%-45.1%-3.8%-10.5%-17.1%
3Y Excs Rtn-46.8%-49.2%-77.4%-45.8%-42.1%-78.9%-48.0%

Comparison Analyses

Title
0Restaurant Brands vs. Yum! Brands: With Return Forecast Of 80%, Restaurant Brands Is A Better Bet
1With 46% Gains On The Table, QSR May Outshine SBUX
2Restaurant Brands vs. McDonald's: With Return Forecast Of 80%, Restaurant Brands Is A Better Bet
3Restaurant Brands vs. Chipotle Mexican Grill: With Return Forecast Of 81%, Restaurant Brands Is A Better Bet
4Restaurant Brands vs. Texas Roadhouse: With Return Forecast Of 80%, Restaurant Brands Is A Better Bet
5Restaurant Brands vs. ServiceNow: With Return Forecast Of 79%, Restaurant Brands Is A Better Bet
6Restaurant Brands vs. Vertex Pharmaceuticals: With Return Forecast Of 107%, Vertex Pharmaceuticals Is A Better Bet
7Restaurant Brands vs. Zoetis: With Return Forecast Of 79%, Restaurant Brands Is A Better Bet
8Restaurant Brands vs. Cooper: With Return Forecast Of 40%, Restaurant Brands Is A Better Bet
9Restaurant Brands vs. Seagate Technology: With Return Forecast Of 40%, Restaurant Brands Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/7/20255/8/20252/21/202511/5/20248/8/20244/30/20242/22/202411/3/20238/8/20235/2/20232/22/202311/3/2022
Key Financials Quarterly            
Total Revenue2,4102,1092,2962,2912,0801,7391,8201,8371,7751,5901,6891,726
Ebitda559508716657693598522619605493390602
Operating Income645517558628612526492601559485489555
Net Income189159259252280230508252241189229360
EPS0.580.490.800.790.890.731.630.800.770.610.751.18
Key Financials TTM            
Total Revenue TTM9,1068,7768,4067,9307,4767,1717,0226,8916,7806,6446,5056,362
Ebitda TTM2,4402,5742,6642,4702,4322,3442,2392,1072,0902,0682,0672,138
Operating Income TTM2,3482,3152,3242,2582,2312,1782,1372,1342,0882,0592,0232,025
Net Income TTM8599501,0211,2701,2701,2311,1909111,0191,0141,008958
Growth Rates Quarterly            
Total Revenue Growth15.9%21.3%26.2%24.7%17.2%9.4%7.8%6.4%8.3%9.6%9.2%15.5%
EBITDA Growth-19.3%-15.1%37.2%6.1%14.5%21.3%33.8%2.8%3.8%0.2%-15.4%6.4%
Operating Income Growth5.4%-1.7%13.4%4.5%9.5%8.5%0.6%8.3%5.5%8.0%-0.4%5.3%
Net Income Growth-32.5%-30.9%-49.0%0.0%16.2%21.7%121.8%-30.0%2.1%3.3%27.9%62.9%
Margins Quarterly            
EBITDA Margin23.2%24.1%31.2%28.7%33.3%34.4%28.7%33.7%34.1%31.0%23.1%34.9%
Operating Income Margin26.8%24.5%24.3%27.4%29.4%30.2%27.0%32.7%31.5%30.5%29.0%32.2%
Net Income Margin7.8%7.5%11.3%11.0%13.5%13.2%27.9%13.7%13.6%11.9%13.6%20.9%
Cash & Debt            
Total Cash1,0268991,3341,1769421,0491,1391,3101,2131,0331,178946
Total Debt15,99615,94615,95616,00716,00314,51114,51514,44014,47214,46414,49114,469
Net Debt / (Cash)14,97015,04714,62214,83115,06113,46213,37613,13013,25913,43113,31313,523
Cash Flows Quarterly            
FCF from Operations44911848154033414840343339295423398
Cash Flows TTM            
FCF from Operations TTM1,5881,4731,5031,4251,3181,3761,3231,3431,3081,3511,4901,538
Returns to Shareholders Quarterly            
Dividends282262262261261245249249249243243243
Share Repurchases-0-0-0-0-0-0385115-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC11.8%9.2%10.2%12.8%12.3%11.8%13.4%14.0%12.9%11.8%13.3%15.0%
Return on Invested Capital (ROIC) TTM            
ROIC TTM10.8%11.0%11.7%13.9%13.6%14.7%14.6%14.3%14.0%13.8%13.8%13.3%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Tim Hortons (TH)3,9723,8013,3312,8103,344
Burger King (BK)1,2971,1961,1561,6021,777
International (INTL)874751688  
Popeyes Louisiana Kitchen (PLK)692619559556482
Firehouse Subs (FHS)187138500
Total7,0226,5055,7394,9685,603


Operating Income by Segment
$ Mil20242023202220212020
Tim Hortons (TH)9589258457041,010
International (INTL)597525511  
Burger King (BK)386396421761932
Popeyes Louisiana Kitchen (PLK)221205198210177
Firehouse Subs (FHS)3833200
Restaurant Holdings (RH) Transaction costs00   
Impact of equity method investments-6-59-25-48-11
Firehouse Subs (FHS) Transaction costs-19-24-1800
Franchise agreement and reacquired franchise rights amortization-31-32-32  
Corporate restructuring and advisory fees-38-46-16-16-31
Other operating expenses (income), net-55-25-7-10510
Office centralization and relocation costs   0-6
Share-based compensation and non-cash incentive compensation expense   -84-74
Total2,0511,8981,8791,4222,007


Price Behavior

QSR Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta0.570.380.490.410.400.52
Up Beta1.920.420.150.320.310.49
Down Beta1.74-0.530.090.360.390.43
Up Capture34%25%46%41%31%23%
Bmk +ve Days13233574144420
Stock +ve Days12243263127387
Down Capture-7%106%107%77%69%84%
Bmk -ve Days8192952107330
Stock -ve Days9183263124364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity12,629,011
Short Interest: % Change Since 91520255.1%
Average Daily Volume3,426,954
Days-to-Cover Short Interest3.69
Basic Shares Quantity328,000,000
Short % of Basic Shares3.9%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/7/2025-5.1%-4.5%-8.0%
5/8/2025-0.5%0.2%5.0%
2/12/2025-1.6%-5.5%-1.7%
11/5/2024-2.6%-3.1%1.5%
8/8/20242.0%0.1%-4.1%
4/30/20242.7%2.0%-10.2%
2/13/2024-4.5%-2.5%5.7%
11/3/2023-1.9%-0.7%6.0%
...
SUMMARY STATS   
# Positive91012
# Negative151412
Median Positive2.7%2.1%5.7%
Median Negative-2.7%-3.8%-7.2%
Max Positive7.4%9.0%14.3%
Max Negative-5.1%-10.8%-17.7%

SEC Filings

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Report DateFiling DateFiling
6302025807202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024221202510-K 12/31/2024
93020241105202410-Q 9/30/2024
6302024808202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023222202410-K 12/31/2023
93020231103202310-Q 9/30/2023
6302023808202310-Q 6/30/2023
3312023502202310-Q 3/31/2023
12312022222202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022503202210-Q 3/31/2022
12312021223202210-K 12/31/2021
93020211025202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0CURTIS THOMAS BENJAMINPres., BK US & CA3212025Sell68.3823,0001,572,7405,053,120Form
1Siddiqui Sami A.Chief Financial Officer3122025Sell70.152,571180,3566,444,841Form
2Granat JillSee Remarks12102024Sell69.7422,0001,534,26927,111,883Form

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