Restaurant Brands International Inc. (QSR) Balance Sheet

NYSE: QSRAssets, liabilities, debt and equity over 10 years.

QSR balance sheet, 2025

December 31, 2025 · U.S. dollars

$25.61B assets = $20.46B liabilities + $5.16B equity

Both columns are drawn to the same scale: what QSR owns equals what it owes plus shareholders’ equity. Hover a block for its value.

QSR financial health

Current ratio0.98

Tight · current assets cover current liabilities 0.98×

Debt / equity4.84

High leverage · $4.84 of debt for each $1 of equity

Equity / assets14.2%

Thin equity · of assets funded by shareholders

Cash / debt6.6%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles68.3%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

QSR balance sheet trends, 2016–2025

Restaurant Brands International Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$19.12B2016	$25.61B2025	+3.3%/yr
Total liabilities	$12.34B2016	$20.46B2025	+5.8%/yr
Shareholders’ equity	$5.00B2016	$3.63B2025	−3.5%/yr
Cash & short-term investments	$1.46B2016	$1.16B2025	−2.5%/yr
Total debt	$9.00B2016	$17.58B2025	+7.7%/yr
Net cash (debt)	−$7.54B2016	−$16.42B2025	−$8.9B
Working capital	$886.3M2016	−$61.0M2025	−$947.3M
Book value per share	$10.642016	$7.952025	−3.2%/yr
Current ratio	1.732016	0.982025	−0.75
Debt / equity	1.802016	4.842025	+3.04
Shares outstanding	470.0M2016	457.0M2025	−0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

QSR assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

QSR liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

QSR debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

QSR balance sheet

Restaurant Brands International Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.16B	$1.33B	$1.14B	$1.18B	$1.09B	$1.56B	$1.53B	$913.0M	$1.10B	$1.46B
Cash & equivalents	$1.16B	$1.33B	$1.14B	$1.18B	$1.09B	$1.56B	$1.53B	$913.0M	$1.10B	$1.46B
Short-term investments	—	—	—	—	—	$66,000	—	$0	$0	$0
Receivables	$794.0M	$698.0M	$749.0M	$614.0M	$547.0M	$536.0M	$527.0M	$452.0M	$489.0M	$403.5M
Inventory	$205.0M	$142.0M	$166.0M	$133.0M	$96.0M	$96.0M	$84.0M	$75.0M	$78.0M	$71.8M
Other current assets	$668.0M	$108.0M	$119.0M	$123.0M	$86.0M	$72.0M	$52.0M	$60.0M	$86.0M	$161.3M
Total current assets	$2.83B	$2.28B	$2.17B	$2.05B	$1.82B	$2.26B	$2.20B	$1.50B	$1.75B	$2.10B
Property, plant & equipment (net)	$4.26B	$4.09B	$3.07B	$3.03B	$3.17B	$3.18B	$3.18B	$2.00B	$2.13B	$2.05B
Goodwill & intangible assets	$17.50B	$16.91B	$16.88B	$16.68B	$17.42B	$16.44B	$16.21B	$15.95B	$16.84B	$13.90B
Long-term investments	$0	$0	$0	$0	$0	$0	$48.0M	$54.0M	$71.3M	$809.8M
Other non-current assets	$1.02B	$1.35B	$1.26B	$987.0M	$842.0M	$890.0M	$719.0M	$642.0M	$424.9M	$260.3M
Total assets	$25.61B	$24.63B	$23.39B	$22.75B	$23.25B	$22.78B	$22.36B	$20.14B	$21.22B	$19.12B
Liabilities
Accounts payable	$866.0M	$765.0M	$790.0M	$758.0M	$614.0M	$464.0M	$644.0M	$513.0M	$496.0M	$369.8M
Short-term debt	$268.0M	$415.0M	$248.0M	$264.0M	$236.0M	$248.0M	$227.0M	$91.0M	$78.0M	$93.9M
Deferred revenue	$77.0M	$307.0M	$325.0M	$273.0M	$269.0M	$233.0M	$203.0M	$194.0M	$258.0M	$249.1M
Total current liabilities	$2.89B	$2.36B	$2.14B	$2.12B	$1.88B	$1.60B	$1.70B	$1.41B	$1.66B	$1.21B
Long-term debt	$13.51B	$13.74B	$13.17B	$12.84B	$12.92B	$12.40B	$12.05B	$12.05B	$12.04B	$8.63B
Lease obligations	$2.39B	$2.28B	$1.56B	$1.34B	$1.40B	$1.40B	$288.0M	$226.0M	$243.8M	$218.4M
Other long-term liabilities	$4.05B	$3.68B	$3.35B	$3.52B	$4.60B	$5.06B	$4.35B	$3.07B	$2.96B	$2.50B
Total liabilities	$20.46B	$19.79B	$18.66B	$18.48B	$19.39B	$19.06B	$18.10B	$16.52B	$16.66B	$12.34B
Shareholders' equity
Common stock & paid-in capital	$2.86B	$2.36B	$1.97B	$2.06B	$2.16B	$2.40B	$2.48B	$1.74B	$2.05B	$1.96B
Retained earnings (deficit)	$1.79B	$1.86B	$1.60B	$1.12B	$791.0M	$622.0M	$775.0M	$674.0M	$651.0M	$445.7M
Treasury stock	—	—	—	—	—	—	—	$0	$0	$0
Accumulated other comprehensive income	−$1.02B	−$1.11B	−$706.0M	−$679.0M	−$710.0M	−$854.0M	−$763.0M	−$800.0M	−$476.0M	−$698.3M
Minority interest	$1.52B	$1.73B	$1.86B	$1.77B	$1.62B	$1.55B	$1.77B	$2.01B	$2.33B	$1.79B
Total shareholders' equity	$3.63B	$3.11B	$2.87B	$2.50B	$2.24B	$2.17B	$2.49B	$1.61B	$2.23B	$5.00B
Key figures
Total debt	$17.58B	$15.96B	$14.52B	$14.49B	$14.62B	$14.12B	$13.47B	$12.33B	$12.38B	$9.00B
Net cash (debt)	−$16.42B	−$14.62B	−$13.38B	−$13.31B	−$13.53B	−$12.56B	−$11.93B	−$11.42B	−$11.28B	−$7.54B
Working capital	−$61.0M	−$82.0M	$29.0M	−$68.0M	−$62.0M	$663.0M	$493.0M	$92.0M	$95.0M	$886.3M
Tangible book value	−$13.86B	−$13.80B	−$14.02B	−$14.18B	−$15.19B	−$14.27B	−$13.72B	−$14.34B	−$14.62B	−$8.90B
Book value per share	$7.95	$6.85	$6.29	$5.49	$4.82	$4.63	$5.31	$3.41	$4.66	$10.64
Shares outstanding	457.0M	454.0M	456.0M	455.0M	464.0M	468.0M	469.0M	473.0M	477.4M	470.0M
Current ratio	0.98	0.97	1.01	0.97	0.97	1.41	1.29	1.07	1.06	1.73
Quick ratio	0.68	0.86	0.88	0.85	0.87	1.31	1.21	0.97	0.96	1.54
Debt / equity	4.84	5.13	5.06	5.80	6.54	6.52	5.41	7.65	5.56	1.80
Equity / assets	14.2%	12.6%	12.3%	11.0%	9.6%	9.5%	11.1%	8.0%	10.5%	26.1%

Restaurant Brands International Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.06B	$1.01B	$1.16B	$1.21B	$1.03B	$899.0M	$1.33B	$1.18B	$942.0M	$1.05B	$1.14B	$1.31B
Cash & equivalents	$1.06B	$1.01B	$1.16B	$1.21B	$1.03B	$899.0M	$1.33B	$1.18B	$942.0M	$1.05B	$1.14B	$1.31B
Short-term investments	—	—	—	—	—	—	—	—	$3.0M	—	—	—
Receivables	$800.0M	$767.0M	$794.0M	$761.0M	$778.0M	$677.0M	$698.0M	$693.0M	$737.0M	$749.0M	$749.0M	$692.0M
Inventory	$224.0M	$203.0M	$205.0M	$216.0M	$167.0M	$159.0M	$142.0M	$169.0M	$160.0M	$152.0M	$166.0M	$160.0M
Other current assets	$256.0M	$172.0M	$668.0M	$832.0M	$817.0M	$795.0M	$108.0M	$217.0M	$190.7M	$118.9M	$119.0M	$221.0M
Total current assets	$2.34B	$2.15B	$2.83B	$3.02B	$2.79B	$2.53B	$2.28B	$2.25B	$2.03B	$2.07B	$2.17B	$2.38B
Property, plant & equipment (net)	$4.19B	$4.23B	$4.26B	$4.17B	$4.15B	$4.08B	$4.09B	$4.10B	$4.09B	$3.07B	$3.07B	$2.96B
Goodwill & intangible assets	$17.13B	$17.33B	$17.50B	$17.35B	$17.58B	$17.03B	$16.91B	$17.53B	$17.41B	$16.67B	$16.88B	$16.63B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.36B	$1.16B	$1.02B	$1.14B	$1.17B	$1.24B	$1.35B	$1.18B	$1.32B	$1.32B	$1.26B	$1.10B
Total assets	$25.02B	$24.88B	$25.61B	$25.67B	$25.69B	$24.88B	$24.63B	$25.07B	$24.85B	$23.12B	$23.39B	$23.08B
Liabilities
Accounts payable	$884.0M	$813.0M	$866.0M	$826.0M	$763.0M	$697.0M	$765.0M	$754.0M	$720.0M	$734.0M	$790.0M	$693.0M
Short-term debt	$294.0M	$286.0M	$268.0M	$316.0M	$422.0M	$413.0M	$415.0M	$322.0M	$804.0M	$258.0M	$248.0M	$227.0M
Deferred revenue	$78.0M	$89.0M	$77.0M	$94.0M	$266.0M	$249.0M	$307.0M	$256.0M	$255.0M	$271.0M	$325.0M	$245.0M
Total current liabilities	$2.31B	$2.18B	$2.89B	$2.85B	$2.75B	$2.63B	$2.36B	$2.21B	$2.62B	$1.92B	$2.14B	$2.07B
Long-term debt	$13.21B	$13.23B	$13.51B	$13.68B	$13.71B	$13.72B	$13.74B	$13.88B	$13.09B	$12.83B	$12.85B	$13.17B
Lease obligations	$2.38B	$2.40B	$2.39B	$2.34B	$2.35B	$2.29B	$2.28B	$2.31B	$2.29B	$1.57B	$1.56B	$1.31B
Other long-term liabilities	$4.11B	$4.18B	$4.05B	$3.97B	$4.13B	$3.71B	$3.68B	$3.95B	$4.19B	$3.55B	$3.66B	$3.17B
Total liabilities	$19.63B	$19.59B	$20.46B	$20.50B	$20.60B	$20.06B	$19.79B	$20.03B	$19.90B	$18.31B	$18.66B	$18.41B
Shareholders' equity
Common stock & paid-in capital	$2.87B	$2.90B	$2.86B	$2.50B	$2.47B	$2.43B	$2.36B	$2.30B	$2.14B	$2.08B	$1.97B	$2.27B
Retained earnings (deficit)	$2.18B	$1.90B	$1.79B	$1.90B	$1.79B	$1.81B	$1.86B	$1.79B	$1.73B	$1.64B	$1.60B	$1.27B
Accumulated other comprehensive income	−$1.20B	−$1.06B	−$1.02B	−$1.02B	−$946.0M	−$1.12B	−$1.11B	−$858.0M	−$804.0M	−$747.0M	−$706.0M	−$627.0M
Minority interest	$1.54B	$1.55B	$1.52B	$1.78B	$1.77B	—	—	—	—	—	—	—
Total shareholders' equity	$3.85B	$3.74B	$3.63B	$3.38B	$3.32B	$3.12B	$3.11B	$3.24B	$3.07B	$2.97B	$2.87B	$2.91B
Key figures
Total debt	$15.65B	$15.68B	$17.58B	$15.84B	$16.00B	$15.95B	$15.96B	$16.01B	$16.00B	$14.51B	$14.52B	$14.44B
Net cash (debt)	−$14.59B	−$14.67B	−$16.42B	−$14.64B	−$14.97B	−$15.05B	−$14.62B	−$14.83B	−$15.06B	−$13.46B	−$13.38B	−$13.13B
Working capital	$29.0M	−$24.0M	−$61.0M	$168.0M	$34.0M	−$97.0M	−$82.0M	$47.0M	−$587.3M	$144.9M	$29.0M	$312.0M
Tangible book value	−$13.28B	−$13.59B	−$13.86B	−$13.97B	−$14.26B	−$13.91B	−$13.80B	−$14.30B	−$14.34B	−$13.70B	−$14.02B	−$13.72B
Book value per share	$8.37	$8.15	$7.95	$7.40	$7.26	$6.83	$6.84	$7.13	$6.77	$6.55	$6.33	$6.34
Shares outstanding	460.0M	459.0M	457.0M	457.0M	457.0M	456.0M	455.0M	454.0M	453.0M	453.0M	453.0M	459.0M
Current ratio	1.01	0.99	0.98	1.06	1.01	0.96	0.97	1.02	0.78	1.08	1.01	1.15
Quick ratio	0.81	0.82	0.68	0.69	0.66	0.60	0.86	0.85	0.64	0.93	0.88	0.97
Debt / equity	4.07	4.19	4.84	4.69	4.82	5.12	5.13	4.95	5.22	4.89	5.06	4.97
Equity / assets	15.4%	15.0%	14.2%	13.2%	12.9%	12.5%	12.6%	12.9%	12.3%	12.8%	12.3%	12.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.

QSR financial position

At the end of fiscal 2025 (December 31, 2025), Restaurant Brands International had total assets of $25.6 billion (up 4.0% from a year earlier), total liabilities of $20.5 billion and shareholders' equity of $3.6 billion. It held $1.2 billion in cash and short-term investments against $17.6 billion of debt, net debt of $16.4 billion. Its current ratio was 0.98. In the latest quarter (ended June 30, 2026) total assets were $25.0 billion and equity $3.9 billion.

Related: QSR income statement, QSR cash flow statement, QSR key metrics. See the QSR stock overview for the latest quote and news.

QSR balance sheet FAQ

What are Restaurant Brands International's total assets?

Restaurant Brands International reported total assets of $25.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $24.6 billion a year earlier.

How much debt does Restaurant Brands International have?

Restaurant Brands International had $17.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.84.

How much cash does Restaurant Brands International have?

Restaurant Brands International held $1.2 billion in cash and short-term investments at the end of fiscal 2025; with $17.6 billion of debt that is net debt of $16.4 billion.

What is Restaurant Brands International's book value?

Restaurant Brands International's shareholders' equity (book value) was $3.6 billion at the end of fiscal 2025, or $7.95 per share.

What is Restaurant Brands International's current ratio?

Restaurant Brands International had current assets of $2.8 billion and current liabilities of $2.9 billion, a current ratio of 0.98 (current liabilities exceed current assets).

How much goodwill does Restaurant Brands International have?

Restaurant Brands International carried $17.5 billion of goodwill and intangible assets, 68.3% of total assets, at the end of fiscal 2025.