Restaurant Brands International Inc. (QSR) Cash Flow Statement
Where QSR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.71B +14.0% vs 2024
- Capital expenditures
- $265.0M 2.8% of revenue
- Free cash flow
- $1.45B 15.4% margin
- Returned to shareholders
- $1.11B 76% of free cash flow
- Change in cash
- −$171.0M cash at year-end $1.16B
Drawn to scale: where the cash came from and how it was used. Hover for values.
QSR operating cash flow, capex and free cash flow
QSR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.27B2016 | $1.71B2025 | +3.4%/yr | |
| Capital expenditures | $33.7M2016 | $265.0M2025 | +25.8%/yr | |
| Free cash flow | $1.24B2016 | $1.45B2025 | +1.8%/yr | |
| Free cash flow margin | 29.8%2016 | 15.4%2025 | −14.4 pts | |
| Operating cash flow / net income | 1.332016 | 1.592025 | +0.27 | |
| Stock-based compensation | $35.1M2016 | $151.0M2025 | +17.6%/yr | |
| Dividends paid | $538.1M2016 | $1.11B2025 | +8.4%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 0.8%2016 | 2.8%2025 | +2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QSR cash flow by activity
QSR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
QSR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.07B | $1.02B | $1.19B | $1.48B | $1.25B | $750.0M | $1.11B | $1.14B | $1.24B | $955.9M |
| Depreciation & amortization | $301.0M | $264.0M | $191.0M | $190.0M | $201.0M | $189.0M | $185.0M | $180.0M | $182.0M | $172.0M |
| Stock-based compensation | $151.0M | $172.0M | $194.0M | $136.0M | $102.0M | $74.0M | $68.0M | $48.0M | $48.3M | $35.1M |
| Change in working capital | −$112.0M | −$109.0M | −$269.0M | −$310.0M | $158.0M | −$184.0M | $131.0M | −$123.0M | $394.0M | $2.4M |
| Other non-cash items | $299.0M | $155.0M | $17.0M | −$8.0M | $12.0M | $92.0M | −$19.0M | −$84.0M | −$477.6M | $103.6M |
| Cash from operating activities | $1.71B | $1.50B | $1.32B | $1.49B | $1.73B | $921.0M | $1.48B | $1.17B | $1.38B | $1.27B |
| Investing activities | ||||||||||
| Capital expenditures | −$265.0M | −$201.0M | −$120.0M | −$100.0M | −$106.0M | −$117.0M | −$62.0M | −$86.0M | −$36.7M | −$33.7M |
| Investments (net) | $76.0M | −$660.0M | −$9.0M | $71.0M | −$1.10B | $33.0M | $24.0M | $33.0M | $788.2M | $27.6M |
| Acquisitions & other investing | −$210.0M | $201.0M | $140.0M | −$35.0M | $106.0M | $5.0M | $8.0M | $9.0M | −$1.61B | $33.0M |
| Cash from investing activities | −$399.0M | −$660.0M | $11.0M | −$64.0M | −$1.10B | −$79.0M | −$30.0M | −$44.0M | −$857.8M | $26.9M |
| Financing activities | ||||||||||
| Dividends paid | −$1.11B | −$1.03B | −$990.0M | −$971.0M | −$974.0M | −$959.0M | −$901.0M | −$728.0M | −$663.5M | −$538.1M |
| Share repurchases & issuance (net) | $33.0M | $78.0M | −$500.0M | −$326.0M | −$551.0M | −$298.0M | $102.0M | −$621.0M | −$330.2M | $13.7M |
| Net borrowing (repayment) | −$427.0M | $260.0M | −$37.0M | −$92.0M | $446.0M | $438.0M | −$66.0M | −$2.0M | $3.05B | −$69.7M |
| Shares issued | $0 | $0 | $0 | $30.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $66.0M | $66.0M | $153.0M | $52.0M | −$14.0M | −$2.0M | $23.0M | $66.0M | −$2.99B | $3.2M |
| Cash from financing activities | −$1.44B | −$625.0M | −$1.37B | −$1.31B | −$1.09B | −$821.0M | −$842.0M | −$1.28B | −$935.2M | −$590.9M |
| Summary | ||||||||||
| Net change in cash | −$171.0M | $195.0M | −$39.0M | $91.0M | −$473.0M | $27.0M | $620.0M | −$184.0M | −$387.0M | $702.6M |
| Cash at end of period | $1.16B | $1.33B | $1.14B | $1.18B | $1.09B | $1.56B | $1.53B | $913.0M | $1.07B | $1.46B |
| Free cash flow | $1.45B | $1.30B | $1.20B | $1.39B | $1.62B | $804.0M | $1.41B | $1.08B | $1.35B | $1.24B |
| Free cash flow margin | 15.4% | 15.5% | 17.1% | 21.4% | 28.2% | 16.2% | 25.2% | 20.1% | 29.4% | 29.8% |
| Capex / revenue | 2.8% | 2.4% | 1.7% | 1.5% | 1.8% | 2.4% | 1.1% | 1.6% | 0.8% | 0.8% |
| Operating cash flow / net income | 1.59 | 1.47 | 1.11 | 1.01 | 1.38 | 1.23 | 1.33 | 1.02 | 1.12 | 1.33 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $665.0M | $338.0M | $113.0M | $436.0M | $263.0M | $221.0M | $259.0M | $357.0M | $279.9M | $229.0M | $522.0M | $364.0M |
| Depreciation & amortization | $77.0M | $78.0M | $76.0M | $77.0M | $77.0M | $71.0M | $77.0M | $79.0M | $59.0M | $49.0M | $49.0M | $47.0M |
| Stock-based compensation | $35.0M | $35.0M | $38.0M | $32.0M | $33.0M | $48.0M | $48.0M | $37.0M | $41.0M | $46.0M | $53.0M | $49.0M |
| Change in working capital | −$23.0M | −$204.0M | $52.0M | $226.0M | −$13.0M | −$213.0M | $115.0M | $100.0M | −$52.0M | −$186.0M | −$19.9M | $5.0M |
| Other non-cash items | −$224.0M | −$20.0M | $262.0M | −$224.5M | $99.4M | −$9.0M | −$18.0M | −$33.0M | $4.7M | $9.4M | −$201.2M | −$32.0M |
| Cash from operating activities | $530.0M | $227.0M | $541.0M | $546.5M | $459.4M | $118.0M | $481.0M | $540.0M | $332.6M | $147.3M | $403.0M | $433.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$51.0M | −$58.0M | −$100.1M | −$61.6M | −$39.9M | −$64.0M | −$77.0M | −$55.2M | −$42.9M | −$25.9M | −$47.0M | −$25.0M |
| Investments (net) | $12.0M | $16.0M | $18.0M | −$11.0M | −$18.0M | −$184.0M | −$44.0M | −$57.0M | −$528.0M | −$31.0M | $22.0M | −$3.0M |
| Acquisitions & other investing | $12.0M | $9.0M | −$101.5M | $62.1M | $36.2M | $64.0M | $77.0M | $55.2M | $46.5M | $26.0M | $47.0M | $17.0M |
| Cash from investing activities | −$27.0M | −$33.0M | −$183.6M | −$10.6M | −$21.7M | −$184.0M | −$44.0M | −$57.0M | −$524.4M | −$30.9M | $22.0M | −$11.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$296.0M | −$283.0M | −$271.8M | −$284.6M | −$282.0M | −$262.0M | −$262.0M | −$261.0M | −$260.9M | −$243.9M | −$255.1M | −$249.0M |
| Share repurchases & issuance (net) | $145.0M | −$32.0M | $33.0M | $20.0M | $20.0M | $13.0M | $78.0M | $71.0M | — | — | −$380.0M | −$115.0M |
| Net borrowing (repayment) | −$29.0M | −$28.0M | −$229.0M | −$132.0M | −$33.0M | −$33.0M | −$26.0M | −$25.0M | — | — | — | $42.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$267.0M | $37.0M | −$4.8M | −$4.7M | −$5.1M | $17.0M | −$50.0M | −$38.0M | $351.9M | $41.8M | $35.1M | −$4.0M |
| Cash from financing activities | −$447.0M | −$306.0M | −$472.5M | −$401.4M | −$300.1M | −$265.0M | −$260.0M | −$253.0M | $91.0M | −$202.1M | −$600.0M | −$326.0M |
| Summary | ||||||||||||
| Net change in cash | $51.0M | −$151.0M | −$43.0M | $180.0M | $127.0M | −$435.0M | $158.0M | $234.1M | −$106.1M | −$90.0M | −$170.5M | $97.0M |
| Cash at end of period | $1.06B | $1.01B | $1.16B | $1.21B | $1.03B | $899.0M | $1.33B | $1.18B | $941.9M | $1.05B | $1.13B | $1.31B |
| Free cash flow | $479.0M | $169.0M | $440.9M | $484.9M | $419.5M | $54.0M | $404.0M | $485.0M | $289.8M | $121.5M | $356.0M | $408.0M |
| Free cash flow margin | 19.0% | 7.5% | 17.9% | 19.8% | 17.4% | 2.6% | 17.6% | 21.2% | 13.9% | 7.0% | 19.6% | 22.2% |
| Capex / revenue | 2.0% | 2.6% | 4.1% | 2.5% | 1.7% | 3.0% | 3.4% | 2.4% | 2.1% | 1.5% | 2.6% | 1.4% |
| Operating cash flow / net income | 0.80 | 0.67 | 4.79 | 1.25 | 1.75 | 0.53 | 1.86 | 1.51 | 1.19 | 0.64 | 0.77 | 1.19 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
QSR cash generation
In fiscal 2025 (ended December 31, 2025), Restaurant Brands International generated $1.7 billion of cash from operations (up 14.0%) and spent $265.0 million on capital expenditures, leaving free cash flow of $1.4 billion, 15.4% of revenue. It returned $1.1 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($0). Cash and equivalents fell by $171.0 million over the year.
Related: QSR income statement, QSR balance sheet, QSR dividend history. See the QSR stock overview for the latest quote and news.
QSR cash flow FAQ
What is Restaurant Brands International's free cash flow?
Restaurant Brands International's free cash flow was $1.4 billion in fiscal 2025: $1.7 billion of operating cash flow minus $265.0 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does Restaurant Brands International generate from operations?
Restaurant Brands International generated $1.7 billion of cash from operating activities in fiscal 2025, 1.59 times its net income of $1.1 billion.
How much does Restaurant Brands International spend on capital expenditures?
Restaurant Brands International spent $265.0 million on capital expenditures in fiscal 2025, 2.8% of revenue, compared with $201.0 million the year before.
How much does Restaurant Brands International pay in dividends?
Restaurant Brands International paid $1.1 billion in dividends in fiscal 2025, 76.5% of free cash flow.