Restaurant Brands International Inc. (QSR)
NYSE: QSR · Real-Time Price · USD
77.69
-0.86 (-1.09%)
At close: Nov 6, 2026, 4:00 PM EST
78.34
+0.65 (0.83%)
After-hours: Nov 6, 2026, 7:30 PM EST
Restaurant Brands International Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 542 | 507 | 338 | 113 | 315 | 189 | 159 | 259 | 252 | 280 | 230 | 508 | 252 | 241 | 189 | 229 | 360 | 236 | 183 | 179 |
Depreciation & Amortization | 74 | 77 | 78 | 76 | 77 | 77 | 71 | 77 | 79 | 59 | 49 | 49 | 47 | 49 | 46 | 47 | 46 | 48 | 49 | 51 |
Other Amortization | 6 | 6 | 6 | 6 | 6 | 7 | 6 | 6 | 7 | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
Loss (Gain) on Equity Investments | -6 | -2 | -2 | 1 | -2 | -5 | -5 | - | 3 | -69 | -3 | -27 | 1 | 11 | 7 | 14 | 8 | 9 | 13 | -8 |
Stock-Based Compensation | 34 | 35 | 35 | 38 | 32 | 33 | 48 | 48 | 37 | 41 | 46 | 53 | 49 | 47 | 45 | 43 | 34 | 32 | 27 | 31 |
Other Operating Activities | -114 | -65 | -24 | 238 | 63 | 169 | 114 | -9 | 74 | 75 | 59 | -167 | 78 | 52 | 35 | 139 | 107 | 97 | 77 | 45 |
Change in Accounts Receivable | -3 | -54 | 30 | -23 | 6 | -87 | 15 | -50 | 48 | 15 | -6 | -61 | -57 | -21 | -8 | -17 | -97 | 50 | -46 | -3 |
Change in Inventory | -20 | -30 | -5 | 9 | -46 | 9 | -39 | 29 | -13 | 7 | 7 | 6 | -4 | -25 | -20 | 6 | -40 | -5 | -22 | 15 |
Change in Accounts Payable | -77 | 84 | -42 | 31 | 64 | 45 | -51 | 15 | 25 | -24 | -46 | 84 | -31 | 50 | -81 | 56 | 14 | 81 | 18 | 20 |
Change in Other Net Operating Assets | 115 | -28 | -187 | 66 | 77 | 12 | -200 | 106 | 28 | -56 | -194 | -48 | 91 | -19 | -125 | -101 | -41 | -120 | -72 | 134 |
Operating Cash Flow | 551 | 530 | 191 | 545 | 592 | 419 | 11 | 481 | 540 | 334 | 148 | 403 | 433 | 392 | 95 | 423 | 398 | 435 | 234 | 471 |
Operating Cash Flow Growth (YoY) | -6.93% | 26.49% | 1636.36% | 13.31% | 9.63% | 25.45% | -92.57% | 19.36% | 24.71% | -14.80% | 55.79% | -4.73% | 8.79% | -9.88% | -59.40% | -10.19% | -21.96% | -9.19% | -12.03% | 50.48% |
Investing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | -72 | -51 | -58 | -102 | -61 | -38 | -64 | -77 | -55 | -43 | -26 | -47 | -25 | -30 | -18 | -48 | -24 | -18 | -10 | -36 |
Sale of Property, Plant & Equipment | 21 | 12 | 21 | 12 | 14 | 2 | 10 | 17 | 10 | 5 | 2 | 14 | 10 | 9 | 4 | 1 | 1 | 6 | 4 | 2 |
Cash Acquisitions | -10 | - | - | - | - | -1 | -151 | -2 | -7 | -508 | -23 | -17 | - | - | - | - | - | -12 | - | -1,004 |
Other Investing Activities | 3 | 12 | 4 | -15 | 36 | 19 | 21 | 18 | -5 | 18 | 16 | 72 | 12 | 13 | 14 | 49 | 3 | -23 | 7 | 4 |
Investing Cash Flow | -58 | -27 | -33 | -105 | -11 | -18 | -184 | -44 | -57 | -528 | -31 | 22 | -3 | -8 | - | 2 | -20 | -47 | 1 | -1,034 |
Financing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1 | - |
Total Debt Issued | - | - | - | - | - | - | - | - | 500 | 1,950 | - | - | 53 | 2 | - | - | - | 1 | 1 | 533 |
Long-Term Debt Repaid | - | - | -28 | - | - | - | -33 | - | - | - | -24 | - | - | - | -32 | - | - | - | -21 | - |
Total Debt Repaid | -29 | -29 | -28 | -229 | -132 | -33 | -33 | -26 | -525 | -1,615 | -24 | -13 | -11 | -36 | -32 | -23 | -24 | -26 | -21 | -24 |
Net Debt Issued (Repaid) | -29 | -29 | -28 | -229 | -132 | -33 | -33 | -26 | -25 | 335 | -24 | -13 | 42 | -34 | -32 | -23 | -24 | -25 | -20 | 509 |
Issuance of Common Stock | 9 | 7 | 28 | 13 | - | 7 | 13 | 7 | 11 | 21 | 39 | 8 | 3 | 43 | 6 | 44 | 3 | 1 | 3 | - |
Repurchase of Common Stock | -274 | -138 | -32 | - | - | - | - | - | - | - | - | -385 | -115 | - | - | - | - | -165 | -161 | -369 |
Common Dividends Paid | -296 | -296 | -283 | -282 | -282 | -282 | -262 | -262 | -261 | -261 | -245 | -249 | -249 | -249 | -243 | -243 | -243 | -244 | -241 | -244 |
Dividends Paid | -296 | -296 | -283 | -282 | -282 | -282 | -262 | -262 | -261 | -261 | -245 | -249 | -249 | -249 | -243 | -243 | -243 | -244 | -241 | -244 |
Other Financing Activities | 11 | 9 | 9 | 14 | 17 | 18 | 17 | 21 | 22 | -4 | 27 | 39 | -7 | 32 | 29 | 26 | 13 | -1 | -7 | -19 |
Financing Cash Flow | -579 | -447 | -306 | -484 | -397 | -290 | -265 | -260 | -253 | 91 | -203 | -600 | -326 | -208 | -240 | -196 | -251 | -434 | -426 | -123 |
Net Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Foreign Exchange Rate Adjustments | -3 | -5 | -3 | 1 | -4 | 16 | 3 | -19 | 4 | -4 | -4 | 4 | -7 | 4 | - | 3 | -19 | -11 | -1 | - |
Net Cash Flow | -89 | 51 | -151 | -43 | 180 | 127 | -435 | 158 | 234 | -107 | -90 | -171 | 97 | 180 | -145 | 232 | 108 | -57 | -192 | -686 |
Free Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 479 | 479 | 133 | 443 | 531 | 381 | -53 | 404 | 485 | 291 | 122 | 356 | 408 | 362 | 77 | 375 | 374 | 417 | 224 | 435 |
Free Cash Flow Growth (YoY) | -9.79% | 25.72% | - | 9.65% | 9.49% | 30.93% | - | 13.48% | 18.87% | -19.61% | 58.44% | -5.07% | 9.09% | -13.19% | -65.63% | -13.79% | -23.04% | -6.92% | -10.76% | 62.92% |
Free Cash Flow Margin | 18.97% | 19.01% | 5.88% | 17.96% | 21.68% | 15.81% | -2.51% | 17.60% | 21.17% | 13.99% | 7.02% | 19.56% | 22.21% | 20.39% | 4.84% | 22.20% | 21.67% | 25.44% | 15.44% | 28.14% |
Free Cash Flow Per Share | 1.05 | 1.04 | 0.29 | 0.97 | 1.16 | 0.83 | -0.12 | 0.89 | 1.07 | 0.64 | 0.27 | 0.79 | 0.89 | 0.79 | 0.17 | 0.82 | 0.82 | 0.92 | 0.49 | 0.94 |
Levered Free Cash Flow | 400.75 | 411.25 | 138.63 | 573.38 | 523.13 | 349.88 | -121.13 | 505.13 | 407 | 391 | 86.38 | 357.63 | 312.13 | 289.13 | 64 | 553.13 | 236.5 | 279 | 149.25 | 501.88 |
Unlevered Free Cash Flow | 476.63 | 485.88 | 213.25 | 650.5 | 603.38 | 429.13 | -40.88 | 589.75 | 497.5 | 482.5 | 179.75 | 453.5 | 402.63 | 378.38 | 150.13 | 638.63 | 313.88 | 353.25 | 221.63 | 574.88 |
Additional Metrics
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | 139 | 192 | 137 | 200 | 154 | 207 | 153 | 216 | 179 | 220 | 170 | 217 | 164 | 217 | 163 | 169 | 109 | 134 | 75 | 123 |
Cash Income Tax Paid | 68 | 92 | 137 | 81 | 84 | 95 | 190 | 31 | 76 | 99 | 87 | 106 | 38 | 85 | 61 | 98 | 57 | 78 | 42 | 67 |
Change in Working Capital | 15 | -28 | -204 | 83 | 101 | -21 | -275 | 100 | 88 | -58 | -239 | -19 | -1 | -15 | -234 | -56 | -164 | 6 | -122 | 166 |