Restaurant Brands International Inc.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q4 2025Dec 31, 2025 | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|---|
| Total Revenue | 2.5B | 2.4B | 2.4B | 2.1B | 2.3B | 2.3B | -- |
| Operating Revenue | 2.5B | 2.4B | 2.4B | 2.1B | 2.3B | 2.3B | -- |
| Cost Of Revenue | 1.6B | 1.6B | 1.6B | 1.4B | 1.6B | 1.5B | -- |
| Gross Profit | 831.0M | 843.0M | 815.0M | 704.0M | 744.0M | 798.0M | -- |
| Selling General And Administration | 178.0M | 162.0M | 167.0M | 184.0M | 185.0M | 169.0M | -- |
| General And Administrative Expense | 178.0M | 162.0M | 167.0M | 184.0M | 185.0M | 169.0M | -- |
| Other Operating Expenses | 2.0M | 2.0M | 3.0M | 3.0M | 1.0M | 1.0M | -- |
| Operating Expense | 180.0M | 164.0M | 170.0M | 187.0M | 186.0M | 170.0M | -- |
| Operating Income | 651.0M | 679.0M | 645.0M | 517.0M | 558.0M | 628.0M | -- |
| EBIT | 621.0M | 666.0M | 482.0M | 437.0M | 639.0M | 578.0M | -- |
| Interest Expense | 127.0M | 132.0M | 131.0M | 132.0M | 139.0M | 149.0M | -- |
| Interest Expense Non Operating | 127.0M | 132.0M | 131.0M | 132.0M | 139.0M | 149.0M | -- |
| Interest Income | 8.0M | 9.0M | 6.0M | 8.0M | 10.0M | 9.0M | -- |
| Interest Income Non Operating | 8.0M | 9.0M | 6.0M | 8.0M | 10.0M | 9.0M | -- |
| Net Interest Income | -125.0M | -129.0M | -132.0M | -130.0M | -135.0M | -147.0M | -- |
| Other Income Expense | -33.0M | -16.0M | -162.0M | -82.0M | 77.0M | -52.0M | -- |
| Special Income Charges | -31.0M | -17.0M | -35.0M | -12.0M | -9.0M | -5.0M | -- |
| Restructuring And Mergern Acquisition | 15.0M | 8.0M | 21.0M | 7.0M | 14.0M | 7.0M | -- |
| Gain On Sale Of Security | -1.0M | -1.0M | -132.0M | -75.0M | 86.0M | -44.0M | -- |
| Earnings From Equity Interest | -1.0M | 2.0M | 5.0M | 5.0M | 0.00 | -3.0M | -- |
| Pretax Income | 494.0M | 534.0M | 351.0M | 305.0M | 500.0M | 429.0M | -- |
| Tax Provision | 220.0M | 94.0M | 87.0M | 82.0M | 139.0M | 72.0M | -- |
| Tax Effect Of Unusual Items | -6.7M | -3.2M | -41.4M | -23.4M | 21.4M | -8.2M | -- |
| Net Income From Continuing And Discontinued Operation | 113.0M | 315.0M | 189.0M | 159.0M | 259.0M | 252.0M | -- |
| Net Income From Continuing Operation Net Minority Interest | 232.0M | 319.0M | 190.0M | 161.0M | 259.0M | 252.0M | -- |
| Net Income Including Noncontrolling Interests | 155.0M | 436.0M | 263.0M | 221.0M | 361.0M | 357.0M | -- |
| Minority Interests | -42.0M | -121.0M | -74.0M | -62.0M | -102.0M | -105.0M | -- |
| Net Income Common Stockholders | 113.0M | 315.0M | 189.0M | 159.0M | 259.0M | 252.0M | -- |
| Net Income | 113.0M | 315.0M | 189.0M | 159.0M | 259.0M | 252.0M | -- |
| EBITDA | 697.0M | 743.0M | 559.0M | 508.0M | 716.0M | 657.0M | -- |
| Normalized EBITDA | 729.0M | 761.0M | 726.0M | 595.0M | 639.0M | 706.0M | -- |
| Reconciled Depreciation | 76.0M | 77.0M | 77.0M | 71.0M | 77.0M | 79.0M | -- |
| Basic EPS | 0.34 | -- | 0.58 | 0.49 | 0.80 | 0.79 | -- |
| Diluted EPS | 0.34 | -- | 0.57 | 0.49 | 0.79 | 0.79 | -- |
| Basic Average Shares | 334.0M | -- | 328.0M | 326.0M | 324.0M | 319.0M | -- |
| Diluted Average Shares | 457.0M | -- | 457.0M | 456.0M | 455.0M | 454.0M | -- |
| Total Unusual Items | -32.0M | -18.0M | -167.0M | -87.0M | 77.0M | -49.0M | -- |
| Total Unusual Items Excluding Goodwill | -32.0M | -18.0M | -167.0M | -87.0M | 77.0M | -49.0M | -- |
| Tax Rate For Calcs | 0.21 | 0.18 | 0.25 | 0.27 | 0.28 | 0.17 | -- |
| Normalized Income | 257.3M | 333.8M | 315.6M | 224.6M | 203.4M | 292.8M | -- |
| Average Dilution Earnings | -- | -- | 74.0M | 63.0M | 101.0M | 104.0M | 119.0M |
| Diluted NI Availto Com Stockholders | 411.0M | 315.0M | 263.0M | 223.0M | 360.0M | 252.0M | -- |
| Gain On Sale Of Ppe | -13.0M | -7.0M | -13.0M | -2.0M | 3.0M | 4.0M | -- |
| Net Income Continuous Operations | 274.0M | 440.0M | 264.0M | 223.0M | 361.0M | 357.0M | -- |
| Net Income Discontinuous Operations | -119.0M | -4.0M | -1.0M | -2.0M | -- | -- | 0.00 |
| Net Non Operating Interest Income Expense | -125.0M | -129.0M | -132.0M | -130.0M | -135.0M | -147.0M | -- |
| Other Gand A | 178.0M | 162.0M | 167.0M | 184.0M | 185.0M | 169.0M | -- |
| Other Special Charges | 3.0M | 2.0M | 1.0M | 3.0M | -2.0M | 2.0M | -- |
| Reconciled Cost Of Revenue | 1.6B | 1.6B | 1.6B | 1.4B | 1.6B | 1.5B | -- |
| Total Expenses | 1.8B | 1.8B | 1.8B | 1.6B | 1.7B | 1.7B | -- |
| Total Operating Income As Reported | 621.0M | 663.0M | 483.0M | 435.0M | 635.0M | 577.0M | -- |
| Total Other Finance Cost | 6.0M | 6.0M | 7.0M | 6.0M | 6.0M | 7.0M | -- |
| Line Item | Q4 2025Dec 31, 2025 | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|---|
| Cash And Cash Equivalents | 1.2B | 1.2B | 1.0B | 899.0M | 1.3B | 1.2B | -- |
| Cash Cash Equivalents And Short Term Investments | 1.2B | 1.2B | 1.0B | 899.0M | 1.3B | 1.2B | -- |
| Accounts Receivable | 794.0M | 761.0M | 778.0M | 677.0M | 698.0M | 693.0M | -- |
| Receivables | 794.0M | 761.0M | 778.0M | 677.0M | 698.0M | 693.0M | -- |
| Inventory | 205.0M | 216.0M | 167.0M | 159.0M | 142.0M | 169.0M | -- |
| Other Current Assets | 179.0M | 201.0M | 195.0M | 150.0M | 108.0M | 217.0M | -- |
| Current Assets | 2.8B | 3.0B | 2.8B | 2.5B | 2.3B | 2.3B | -- |
| Gross PPE | 5.5B | 5.4B | 5.3B | 5.2B | 5.2B | 5.4B | -- |
| Accumulated Depreciation | -1.2B | -1.2B | -1.2B | -1.1B | -1.1B | -1.3B | -- |
| Net PPE | 4.3B | 4.2B | 4.2B | 4.1B | 4.1B | 4.1B | -- |
| Goodwill | 6.3B | 6.2B | 6.3B | 6.1B | 6.0B | 6.2B | -- |
| Goodwill And Other Intangible Assets | 17.5B | 17.4B | 17.6B | 17.0B | 16.9B | 17.5B | -- |
| Other Intangible Assets | 11.2B | 11.1B | 11.3B | 10.9B | 10.9B | 11.3B | -- |
| Other Non Current Assets | 1.0B | 1.1B | 1.2B | 1.2B | 1.4B | 1.2B | -- |
| Total Non Current Assets | 22.8B | 22.7B | 22.9B | 22.4B | 22.4B | 22.8B | -- |
| Total Assets | 25.6B | 25.7B | 25.7B | 24.9B | 24.6B | 25.1B | -- |
| Current Debt | 68.0M | 116.0M | 221.0M | 218.0M | 222.0M | 126.0M | -- |
| Current Debt And Capital Lease Obligation | 268.0M | 316.0M | 422.0M | 413.0M | 415.0M | 322.0M | -- |
| Accounts Payable | 866.0M | 826.0M | 763.0M | 697.0M | 765.0M | 754.0M | -- |
| Payables | 1.3B | 1.3B | 1.2B | 1.1B | 1.3B | 1.2B | -- |
| Payables And Accrued Expenses | 1.7B | 1.6B | 1.5B | 1.3B | 1.5B | 1.5B | -- |
| Current Accrued Expenses | 343.0M | 319.0M | 259.0M | 245.0M | 228.0M | 262.0M | -- |
| Current Deferred Revenue | 326.0M | 264.0M | 266.0M | 249.0M | 307.0M | 256.0M | -- |
| Other Current Liabilities | 437.0M | 458.0M | 446.0M | 500.0M | -- | -- | -- |
| Current Liabilities | 2.9B | 2.8B | 2.8B | 2.6B | 2.4B | 2.2B | -- |
| Long Term Debt | 13.2B | 13.4B | 13.4B | 13.4B | 13.5B | 13.6B | -- |
| Long Term Debt And Capital Lease Obligation | 15.4B | 15.6B | 15.6B | 15.5B | 15.5B | 15.7B | -- |
| Long Term Capital Lease Obligation | 2.2B | 2.1B | 2.1B | 2.1B | 2.1B | 2.1B | -- |
| Other Non Current Liabilities | 57.0M | 47.0M | 27.0M | 29.0M | 29.0M | 28.0M | -- |
| Total Non Current Liabilities Net Minority Interest | 17.6B | 17.7B | 17.8B | 17.4B | 17.4B | 17.8B | -- |
| Total Liabilities Net Minority Interest | 20.5B | 20.5B | 20.6B | 20.1B | 19.8B | 20.0B | -- |
| Common Stock | 2.9B | 2.5B | 2.5B | 2.4B | 2.4B | 2.3B | -- |
| Capital Stock | 2.9B | 2.5B | 2.5B | 2.4B | 2.4B | 2.3B | -- |
| Retained Earnings | 1.8B | 1.9B | 1.8B | 1.8B | 1.9B | 1.8B | -- |
| Gains Losses Not Affecting Retained Earnings | -1.0B | -1.0B | -946.0M | -1.1B | -1.1B | -858.0M | -- |
| Other Equity Adjustments | -1.0B | -1.0B | -946.0M | -1.1B | -1.1B | -858.0M | -- |
| Common Stock Equity | 3.6B | 3.4B | 3.3B | 3.1B | 3.1B | 3.2B | -- |
| Stockholders Equity | 3.6B | 3.4B | 3.3B | 3.1B | 3.1B | 3.2B | -- |
| Total Equity Gross Minority Interest | 5.2B | 5.2B | 5.1B | 4.8B | 4.8B | 5.0B | -- |
| Minority Interest | 1.5B | 1.8B | 1.8B | 1.7B | 1.7B | 1.8B | -- |
| Total Capitalization | 16.9B | 16.8B | 16.7B | 16.6B | 16.6B | 16.8B | -- |
| Net Tangible Assets | -13.9B | -14.0B | -14.3B | -13.9B | -13.8B | -14.3B | -- |
| Tangible Book Value | -13.9B | -14.0B | -14.3B | -13.9B | -13.8B | -14.3B | -- |
| Working Capital | -61.0M | 168.0M | 34.0M | -97.0M | -82.0M | 47.0M | -- |
| Invested Capital | 17.0B | 16.9B | 17.0B | 16.8B | 16.8B | 16.9B | -- |
| Total Debt | 15.7B | 15.9B | 16.0B | 15.9B | 16.0B | 16.0B | -- |
| Net Debt | 12.2B | 12.3B | 12.6B | 12.8B | 12.3B | 12.5B | -- |
| Share Issued | 346.3M | 327.8M | 327.8M | 327.6M | 324.4M | 323.7M | -- |
| Ordinary Shares Number | 346.3M | 327.8M | 327.8M | 327.6M | 324.4M | 323.7M | -- |
| Allowance For Doubtful Accounts Receivable | -54.0M | -63.0M | -58.0M | -46.0M | -57.0M | -39.0M | -- |
| Assets Held For Sale Current | 489.0M | 631.0M | 622.0M | 645.0M | 0.00 | -- | -- |
| Buildings And Improvements | 1.5B | -- | -- | -- | 1.3B | -- | -- |
| Capital Lease Obligations | 2.4B | 2.3B | 2.3B | 2.3B | 2.3B | 2.3B | -- |
| Construction In Progress | 124.0M | -- | -- | -- | 116.0M | -- | -- |
| Current Capital Lease Obligation | 200.0M | 200.0M | 201.0M | 195.0M | 193.0M | 196.0M | -- |
| Current Deferred Liabilities | 326.0M | 264.0M | 266.0M | 249.0M | 307.0M | 256.0M | -- |
| Current Provisions | 25.0M | 23.0M | 20.0M | 14.0M | 16.0M | 17.0M | -- |
| Derivative Product Liabilities | 290.0M | 260.0M | 385.0M | 36.0M | 1.0M | 195.0M | -- |
| Dividends Payable | 283.0M | 282.0M | 282.0M | 282.0M | 262.0M | 261.0M | -- |
| Employee Benefits | 23.0M | 24.0M | 24.0M | 23.0M | 23.0M | 33.0M | -- |
| Gross Accounts Receivable | 848.0M | 824.0M | 836.0M | 723.0M | 755.0M | 732.0M | -- |
| Interest Payable | 69.0M | 96.0M | 69.0M | 96.0M | 69.0M | 96.0M | -- |
| Land And Improvements | 959.0M | -- | -- | -- | 952.0M | -- | -- |
| Machinery Furniture Equipment | 320.0M | -- | -- | -- | 280.0M | -- | -- |
| Non Current Deferred Liabilities | 1.7B | 1.7B | 1.8B | 1.8B | 1.8B | 1.8B | -- |
| Non Current Deferred Revenue | 562.0M | 567.0M | 574.0M | 563.0M | 571.0M | 581.0M | -- |
| Non Current Deferred Taxes Liabilities | 1.1B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B | -- |
| Non Current Pension And Other Postretirement Benefit Plans | 23.0M | 24.0M | 24.0M | 23.0M | 23.0M | 33.0M | -- |
| Other Current Borrowings | 68.0M | 116.0M | 221.0M | 218.0M | 222.0M | 126.0M | -- |
| Other Properties | 2.6B | 5.4B | 5.3B | 5.2B | 2.5B | 5.4B | -- |
| Pensionand Other Post Retirement Benefit Plans Current | 155.0M | 139.0M | 123.0M | 105.0M | 143.0M | 132.0M | -- |
| Properties | 0.00 | -- | -- | -- | 0.00 | -- | -- |
| Total Tax Payable | 188.0M | 220.0M | 173.0M | 122.0M | 228.0M | 204.0M | -- |
| Tradeand Other Payables Non Current | 77.0M | 53.0M | 55.0M | 53.0M | 52.0M | 60.0M | -- |
| Line Item | Q4 2025Dec 31, 2025 | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 555.0M | 592.0M | 449.0M | 118.0M | 481.0M | 540.0M | -- |
| Cash Flow From Continuing Operating Activities | 555.0M | 592.0M | 449.0M | 118.0M | 481.0M | 540.0M | -- |
| Depreciation And Amortization | 76.0M | 77.0M | 77.0M | 71.0M | 77.0M | 79.0M | -- |
| Depreciation Amortization Depletion | 76.0M | 77.0M | 77.0M | 71.0M | 77.0M | 79.0M | -- |
| Stock Based Compensation | 38.0M | 32.0M | 33.0M | 48.0M | 48.0M | 37.0M | -- |
| Deferred Tax | 116.0M | -27.0M | -7.0M | 15.0M | 11.0M | -26.0M | -- |
| Deferred Income Tax | 116.0M | -27.0M | -7.0M | 15.0M | 11.0M | -26.0M | -- |
| Change In Working Capital | 101.0M | 113.0M | -13.0M | -269.0M | 115.0M | 100.0M | -- |
| Change In Receivables | -23.0M | 6.0M | -87.0M | 15.0M | -50.0M | 48.0M | -- |
| Change In Inventory | 9.0M | -46.0M | 9.0M | -39.0M | 29.0M | -13.0M | -- |
| Change In Payables And Accrued Expense | 86.0M | 157.0M | 77.0M | -238.0M | 149.0M | 64.0M | -- |
| Change In Payable | 31.0M | 64.0M | 45.0M | -51.0M | 15.0M | 25.0M | -- |
| Change In Other Working Capital | 29.0M | -4.0M | -12.0M | -7.0M | -13.0M | 1.0M | -- |
| Other Non Cash Items | -7.0M | 7.0M | 19.0M | 11.0M | -- | -- | -2.0M |
| Capital Expenditure | -102.0M | -61.0M | -38.0M | -64.0M | -77.0M | -55.0M | -- |
| Purchase Of PPE | -102.0M | -61.0M | -38.0M | -64.0M | -77.0M | -55.0M | -- |
| Net PPE Purchase And Sale | -102.0M | -61.0M | -38.0M | -64.0M | -77.0M | -55.0M | -- |
| Purchase Of Business | 0.00 | 0.00 | -1.0M | -151.0M | -2.0M | -7.0M | -- |
| Sale Of Investment | 18.0M | -- | -- | 21.0M | -- | -- | -- |
| Net Investment Purchase And Sale | 18.0M | 18.0M | 19.0M | 21.0M | 20.0M | 19.0M | -- |
| Investing Cash Flow | -105.0M | -11.0M | -18.0M | -184.0M | -44.0M | -57.0M | -- |
| Cash Flow From Continuing Investing Activities | -105.0M | -11.0M | -18.0M | -184.0M | -44.0M | -57.0M | -- |
| Issuance Of Debt | 0.00 | 0.00 | -- | -- | 0.00 | 500.0M | -- |
| Repayment Of Debt | -229.0M | -132.0M | -33.0M | -33.0M | -26.0M | -525.0M | -- |
| Net Issuance Payments Of Debt | -229.0M | -132.0M | -33.0M | -33.0M | -26.0M | -25.0M | -- |
| Repurchase Of Capital Stock | -- | -- | -- | -- | 0.00 | -- | -- |
| Net Common Stock Issuance | -- | -- | -- | -- | 0.00 | -- | -- |
| Common Stock Dividend Paid | -282.0M | -282.0M | -282.0M | -262.0M | -262.0M | -261.0M | -- |
| Common Stock Payments | -- | -- | -- | -- | 0.00 | -- | -- |
| Financing Cash Flow | -484.0M | -397.0M | -290.0M | -265.0M | -260.0M | -253.0M | -- |
| Cash Flow From Continuing Financing Activities | -484.0M | -397.0M | -290.0M | -265.0M | -260.0M | -253.0M | -- |
| Effect Of Exchange Rate Changes | 1.0M | -4.0M | 16.0M | 3.0M | -19.0M | 4.0M | -- |
| Changes In Cash | -44.0M | 184.0M | 111.0M | -438.0M | 177.0M | 230.0M | -- |
| Beginning Cash Position | 1.2B | 1.0B | 899.0M | 1.3B | 1.2B | 942.0M | -- |
| End Cash Position | 1.2B | 1.2B | 1.0B | 899.0M | 1.3B | 1.2B | -- |
| Free Cash Flow | 453.0M | 531.0M | 411.0M | 54.0M | 404.0M | 485.0M | -- |
| Income Tax Paid Supplemental Data | 81.0M | 84.0M | 95.0M | 190.0M | 31.0M | 76.0M | -- |
| Interest Paid Supplemental Data | 200.0M | 154.0M | 207.0M | 153.0M | 216.0M | 179.0M | -- |
| Cash Dividends Paid | -282.0M | -282.0M | -282.0M | -262.0M | -262.0M | -261.0M | -- |
| Cash Flow From Discontinued Operation | -10.0M | 0.00 | -30.0M | -107.0M | -- | -- | 0.00 |
| Change In Accrued Expense | 55.0M | 93.0M | 32.0M | -187.0M | 134.0M | 39.0M | -- |
| Earnings Losses From Equity Investments | 1.0M | -2.0M | -5.0M | -5.0M | 0.00 | 3.0M | -- |
| Gain Loss On Investment Securities | -47.0M | -49.0M | -51.0M | -51.0M | -51.0M | -49.0M | -- |
| Long Term Debt Issuance | 0.00 | 0.00 | -- | -- | 0.00 | 500.0M | -- |
| Long Term Debt Payments | -229.0M | -132.0M | -33.0M | -33.0M | -26.0M | -525.0M | -- |
| Net Business Purchase And Sale | 0.00 | 0.00 | -1.0M | -151.0M | -2.0M | -7.0M | -- |
| Net Foreign Currency Exchange Gain Loss | 1.0M | 1.0M | 132.0M | 75.0M | -86.0M | 44.0M | -- |
| Net Income From Continuing Operations | 274.0M | 440.0M | 264.0M | 223.0M | 361.0M | 357.0M | -- |
| Net Long Term Debt Issuance | -229.0M | -132.0M | -33.0M | -33.0M | -26.0M | -25.0M | -- |
| Net Other Financing Charges | 14.0M | 17.0M | 18.0M | 17.0M | 21.0M | 22.0M | -- |
| Net Other Investing Changes | -21.0M | 32.0M | 2.0M | 10.0M | 15.0M | -14.0M | -- |
| Operating Gains Losses | -43.0M | -50.0M | 76.0M | 19.0M | -137.0M | -1.0M | -- |
| Proceeds From Stock Option Exercised | 13.0M | 0.00 | 7.0M | 13.0M | 7.0M | 11.0M | -- |