QSR FINANCIAL STATEMENTS

Restaurant Brands International Inc — balance sheet, income statement and cash flow trends

QSRRestaurant Brands International Inc

🇨🇦 Canada · TO · Consumer Cyclical · Restaurants

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue9.6 B $+9.2%

Gross Profit3.6 B $+18.5%

Operating Income2.4 B $+4.6%

EBITDA2.6 B $+1.0%

Net Income954.1 M $+0.4%

Peer Comparison· Restaurants

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
QSR	9.2%	37.5%	27.1%	10.0%
DRI	9.4%	69.4%	17.7%	9.1%
TXRH	10.3%	14.0%	11.6%	6.8%
YUM	9.7%	45.7%	34.4%	20.5%
CMG	5.7%	36.1%	18.8%	12.0%
DPZ	5.2%	40.1%	20.1%	11.9%
Industry median	5.4%	27.2%	12.4%	3.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
QSR	9.2%	37.5%	27.1%	10.0%
ATD	5.0%	18.9%	9.2%	4.1%
ATZ	35.2%	44.5%	20.0%	10.3%
MG	0.9%	12.6%	9.6%	1.6%
CCL-B	4.3%	29.9%	21.2%	10.4%
CTC-A	1.7%	32.9%	12.4%	3.6%
Industry median	5.4%	27.2%	12.4%	3.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity3.7 B $16%
Current Liabilities2.2 B $9%
Long-term Liabilities17.4 B $75%

Key Figures

YoY change

Total Assets24.8 B $-0.3%

Total Liabilities19.5 B $-2.6%

Total Equity3.7 B $+19.8%

Cash & ST Investments1 B $+12.3%

Total Debt15.7 B $-1.5%

Net Debt14.7 B $-2.3%

Peer Comparison· Restaurants

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
QSR	0.99	420.7%	5.65	15.0%
DRI	0.31	274.2%	2.50	17.2%
TXRH	0.46	69.5%	1.19	42.4%
YUM	0.65	-164.1%	3.86	-88.7%
CMG	0.92	217.9%	1.91	27.3%
DPZ	1.60	-131.5%	4.89	-211.8%
Industry median	0.72	83.1%	3.64	22.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
QSR	0.99	420.7%	5.65	15.0%
ATD	1.12	101.7%	1.88	37.2%
ATZ	1.43	73.2%	0.55	43.4%
MG	1.22	56.2%	1.25	37.6%
CCL-B	1.39	42.3%	0.84	54.0%
CTC-A	1.74	133.6%	3.57	26.7%
Industry median	0.72	83.1%	3.64	22.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow1.8 B $+29.1%

Capital Expenditures257.5 M $+7.8%

Free Cash Flow1.5 B $+22.0%

Dividends Paid-1.1 B $-207.1%

Peer Comparison· Restaurants

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
QSR	18.4%	15.7%	2.7%	184.8%
DRI	14.0%	8.5%	8.3%	153.6%
TXRH	12.4%	5.9%	6.4%	180.9%
YUM	23.9%	19.4%	4.4%	116.5%
CMG	18.2%	12.4%	5.8%	152.1%
DPZ	15.6%	13.1%	2.4%	130.9%
Industry median	11.3%	5.3%	5.0%	182.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
QSR	18.4%	15.7%	2.7%	184.8%
ATD	7.0%	4.4%	2.6%	170.5%
ATZ	22.2%	14.7%	7.5%	215.5%
MG	10.0%	6.6%	3.4%	628.8%
CCL-B	16.7%	11.2%	5.5%	161.0%
CTC-A	7.9%	4.4%	3.5%	215.5%
Industry median	11.3%	5.3%	5.0%	182.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.