Restaurant Brands International Inc. (QSR) Income Statement
QSR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsQSR revenue and net income
Where QSR's revenue goes
2025Each bar shows an amount and its share of revenue. QSR kept 8.2% of revenue as net income.
QSR profit margins
QSR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.2% | +13.2% | +13.7% | +8.8% |
| Gross profit | +28.2% | +14.3% | +14.5% | +8.3% |
| Operating income | −7.5% | +5.6% | +9.5% | +6.5% |
| Net income | −24.0% | −8.3% | +9.8% | +7.5% |
| EPS (diluted) | +10.5% | +5.4% | +12.7% | +12.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
QSR quarterly EPS vs estimates
Restaurant Brands International beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.18).
QSR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.43B | $8.41B | $7.02B | $6.50B | $5.74B | $4.97B | $5.60B | $5.36B | $4.58B | $4.15B |
| Cost of revenue | $5.56B | $5.38B | $4.22B | $3.91B | $3.37B | $3.00B | $3.21B | $2.24B | $2.33B | $2.18B |
| Gross profit | $3.88B | $3.02B | $2.80B | $2.60B | $2.37B | $1.97B | $2.39B | $3.12B | $2.25B | $1.97B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $713.0M | $691.0M | $704.0M | $561.0M | $450.0M | $388.0M | $387.0M | $1.21B | $329.0M | $281.0M |
| Total operating expenses | $1.64B | $605.0M | $751.0M | $700.0M | $495.0M | $551.0M | $385.0M | $1.20B | $513.0M | $298.0M |
| Operating income | $2.24B | $2.42B | $2.05B | $1.90B | $1.88B | $1.42B | $2.01B | $1.92B | $1.74B | $1.67B |
| Interest income | $516.0M | $39.0M | $33.0M | $533.0M | $2.4M | $508.0M | $20.0M | $15.0M | $26.4M | $4.1M |
| Interest expense | $516.0M | $804.0M | $766.0M | $542.0M | $428.0M | $484.0M | $596.0M | $591.0M | $507.6M | $449.7M |
| Income before taxes | $1.68B | $1.81B | $1.45B | $1.36B | $1.36B | $816.0M | $1.45B | $1.38B | $1.10B | $1.20B |
| Income taxes | $483.0M | $364.0M | −$265.0M | −$117.0M | $110.0M | $66.0M | $341.0M | $238.0M | −$134.0M | $244.0M |
| Net income | $776.0M | $1.02B | $1.19B | $1.01B | $838.0M | $486.0M | $643.0M | $612.0M | $648.0M | $616.0M |
| EBITDA | $2.50B | $2.66B | $2.24B | $2.07B | $2.04B | $1.50B | $2.16B | $2.08B | $1.79B | $1.80B |
| EPS (diluted) | $3.68 | $3.33 | $3.25 | $3.14 | $2.82 | $2.02 | $2.73 | $2.63 | $2.11 | $1.58 |
| Gross margin | 41.1% | 36.0% | 39.9% | 39.9% | 41.4% | 39.7% | 42.7% | 58.2% | 49.1% | 47.4% |
| Operating margin | 23.7% | 28.8% | 29.2% | 29.2% | 32.7% | 28.6% | 35.8% | 35.8% | 37.9% | 40.2% |
| Net margin | 8.2% | 12.1% | 16.9% | 15.5% | 14.6% | 9.8% | 11.5% | 11.4% | 14.2% | 14.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.26B | $2.47B | $2.45B | $2.41B | $2.11B | $2.30B | $2.29B | $2.08B | $1.74B | $1.82B | $1.84B |
| Cost of revenue | $1.65B | $1.14B | $1.29B | $1.26B | $1.59B | $1.41B | $1.55B | $1.49B | $1.29B | $1.04B | $1.15B | $1.07B |
| Gross profit | $869.0M | $1.12B | $1.17B | $1.19B | $815.0M | $704.0M | $744.0M | $798.0M | $786.0M | $696.0M | $673.0M | $762.0M |
| Sales, general & admin | $176.0M | $180.0M | $192.0M | $170.0M | $167.0M | $184.0M | $185.0M | $169.0M | $170.0M | $167.0M | $199.0M | $164.0M |
| Total operating expenses | $170.0M | $513.0M | $525.0M | $512.0M | $332.0M | $269.0M | $109.0M | $221.0M | $123.0M | $152.0M | $205.0M | $180.0M |
| Operating income | $699.0M | $611.0M | $647.0M | $673.0M | $483.0M | $435.0M | $635.0M | $577.0M | $663.0M | $544.0M | $468.0M | $582.0M |
| Interest income | $5.0M | $6.0M | $125.0M | $9.0M | $6.0M | $8.0M | $10.0M | $9.0M | $9.0M | $11.0M | $11.0M | $143.0M |
| Interest expense | $170.0M | $171.0M | $125.0M | $18.0M | $187.0M | $186.0M | $194.0M | $206.0M | $204.0M | $200.0M | $202.0M | $195.0M |
| Income before taxes | $592.0M | $483.0M | $494.0M | $534.0M | $351.0M | $305.0M | $500.0M | $429.0M | $484.0M | $396.0M | $316.0M | $423.0M |
| Income taxes | −$73.0M | $38.0M | $220.0M | $94.0M | $87.0M | $82.0M | $139.0M | $72.0M | $85.0M | $68.0M | −$410.0M | $59.0M |
| Net income | $507.0M | $338.0M | $113.0M | $315.0M | $189.0M | $159.0M | $259.0M | $252.0M | $280.0M | $230.0M | $508.0M | $252.0M |
| EBITDA | $792.0M | $684.0M | $695.0M | $629.0M | $559.0M | $508.0M | $716.0M | $657.0M | $693.0M | $598.0M | $522.0M | $619.0M |
| EPS (diluted) | $1.07 | $0.86 | $0.96 | $1.03 | $0.94 | $0.75 | $0.81 | $0.93 | $0.86 | $0.73 | $0.75 | $0.90 |
| Gross margin | 34.5% | 49.6% | 47.5% | 48.4% | 33.8% | 33.4% | 32.4% | 34.8% | 37.8% | 40.0% | 37.0% | 41.5% |
| Operating margin | 27.7% | 27.0% | 26.2% | 27.5% | 20.0% | 20.6% | 27.7% | 25.2% | 31.9% | 31.3% | 25.7% | 31.7% |
| Net margin | 20.1% | 14.9% | 4.6% | 12.9% | 7.8% | 7.5% | 11.3% | 11.0% | 13.5% | 13.2% | 27.9% | 13.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in QSR's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
QSR financial results
In fiscal year 2025 (ended December 31, 2025), Restaurant Brands International reported revenue of $9.4 billion, up 12.2% from the year before. It had net income of $776.0 million (down 24.0%), a net profit margin of 8.2%. Diluted earnings per share came to $3.68. Over five years revenue grew at an average rate of 13.7% a year.
See the QSR stock overview for the latest quote and news, or the QSR chart for price history and technical indicators.
QSR income statement FAQ
What is Restaurant Brands International's annual revenue?
Restaurant Brands International reported total revenue of $9.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 12.2% from $8.4 billion the previous year.
Is Restaurant Brands International profitable?
Yes. Restaurant Brands International reported net income of $776.0 million in fiscal 2025, a net profit margin of 8.2%; its operating margin was 23.7%.
What is Restaurant Brands International's gross margin?
Restaurant Brands International's gross margin was 41.1% in fiscal 2025: for every $100 of revenue, Restaurant Brands International kept $41 after the direct cost of its products and services.
How fast is Restaurant Brands International growing?
Revenue grew 13.7% a year on average over the last five fiscal years, from $5.0 billion to $9.4 billion.
What are Restaurant Brands International's earnings per share?
Restaurant Brands International earned $3.68 per diluted share in fiscal 2025, compared with $3.33 a year earlier.
When will Restaurant Brands International report its next earnings?
Restaurant Brands International is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Restaurant Brands International's fiscal year end?
Restaurant Brands International's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.