Revenue growth has exhibited significant variability, ranging from 7.3% to 26.2% over the last ten quarters, while operating margins have oscillated between 20.0% and 31.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 9.59B | 9.43B | 8.41B | 7.02B | 6.5B | 5.74B | 4.97B | 5.6B | 5.36B | 4.58B | 4.15B | 4.05B | 1.2B | 1.15B | 1.97B |
| Revenue Growth % | 9.26% | 12.23% | 19.71% | 7.95% | 13.35% | 15.52% | -11.33% | 4.59% | 17.07% | 10.37% | 2.31% | 238.02% | 4.58% | -41.84% | - |
| Cost of Goods Sold | 4.15B | 5.56B | 5.38B | 4.22B | 3.91B | 3.37B | 3B | 3.21B | 2.24B | 2.33B | 2.18B | 2.31B | 335.4M | 347.7M | 1.15B |
| COGS % of Revenue | - | 58.91% | 64.03% | 60.1% | 60.06% | 58.63% | 60.29% | 57.31% | 41.81% | 50.87% | 52.6% | 57.07% | 27.98% | 30.33% | 58.47% |
| Gross Profit | 3.17B | 3.88B | 3.02B | 2.8B | 2.6B | 2.37B | 1.97B | 2.39B | 3.12B | 2.25B | 1.97B | 1.74B | 863.4M | 798.6M | 818.6M |
| Gross Margin % | 33.08% | 41.09% | 35.97% | 39.9% | 39.94% | 41.37% | 39.71% | 42.69% | 58.19% | 49.13% | 47.4% | 42.93% | 72.02% | 69.67% | 41.53% |
| Gross Profit Growth % | - | 28.17% | 7.92% | 7.85% | 9.44% | 20.32% | -17.52% | -23.26% | 38.66% | 14.4% | 12.96% | 101.47% | 8.11% | -2.44% | - |
| Operating Expenses | 1.55B | 1.64B | 605M | 751M | 700M | 495M | 551M | 385M | 1.2B | 513M | 298M | 547.3M | 682.3M | 276.4M | 400.9M |
| OpEx % of Revenue | - | 17.36% | 7.2% | 10.7% | 10.76% | 8.63% | 11.09% | 6.87% | 22.4% | 11.21% | 7.19% | 13.51% | 56.92% | 24.11% | 20.34% |
| Selling, General & Admin | 709M | 713M | 691M | 647M | 561M | 450M | 388M | 387M | 1.14B | 329M | 281M | 304M | 206.4M | 204.8M | 272.8M |
| SG&A % of Revenue | - | 7.56% | 8.22% | 9.21% | 8.62% | 7.84% | 7.81% | 6.91% | 21.26% | 7.19% | 6.78% | 7.5% | 17.22% | 17.87% | 13.84% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 925M | -86M | 104M | 139M | 45M | 163M | -2M | 61M | 184M | 17M | 243.3M | 475.9M | 71.6M | 128.1M |
| Operating Income | 2.41B | 2.24B | 2.42B | 2.05B | 1.9B | 1.88B | 1.42B | 2.01B | 1.92B | 1.74B | 1.67B | 1.19B | 181.1M | 522.2M | 417.7M |
| Operating Margin % | 25.12% | 23.72% | 28.78% | 29.21% | 29.18% | 32.74% | 28.62% | 35.82% | 35.78% | 37.92% | 40.21% | 29.42% | 15.11% | 45.56% | 21.19% |
| Operating Income Growth % | - | -7.48% | 17.94% | 8.06% | 1.01% | 32.14% | -29.15% | 4.69% | 10.49% | 4.08% | 39.83% | 558.31% | -65.32% | 25.02% | - |
| EBITDA | 2.64B | 2.46B | 2.68B | 2.24B | 2.09B | 2.08B | 1.61B | 2.19B | 2.1B | 1.92B | 1.84B | 1.37B | 249.9M | 588M | 531.9M |
| EBITDA Margin % | 27.51% | 26.1% | 31.92% | 31.93% | 32.1% | 36.24% | 32.43% | 39.12% | 39.15% | 41.89% | 44.36% | 33.91% | 20.85% | 51.3% | 26.99% |
| EBITDA Growth % | 1.62% | -8.24% | 19.67% | 7.38% | 0.38% | 29.11% | -26.51% | 4.53% | 9.39% | 4.24% | 33.82% | 449.9% | -57.5% | 10.55% | - |
| D&A (Non-Cash Add-back) | 229M | 224M | 264M | 191M | 190M | 201M | 189M | 185M | 180M | 182M | 172M | 182M | 68.8M | 65.8M | 114.2M |
| EBIT | 1.65B | 2.2B | 2.4B | 2.05B | 1.88B | 1.84B | 1.31B | 1.98B | 1.9B | 1.61B | 1.63B | 1.12B | 17.7M | 512.8M | 368.7M |
| Net Interest Income | -433M | -488M | -765M | -726M | -535M | -425M | -475M | -576M | -576M | -481.2M | -445.6M | -466.3M | -273.1M | -193.9M | -220.6M |
| Interest Income | 20M | 28M | 39M | 40M | 7M | 3M | 9M | 20M | 15M | 26.4M | 4.1M | 4.2M | 3.7M | 2.6M | 1.1M |
| Interest Expense | 453M | 516M | 804M | 766M | 542M | 428M | 484M | 596M | 591M | 507.6M | 449.7M | 470.5M | 276.8M | 196.5M | 221.7M |
| Other Income/Expense | -547M | -554M | -610M | -598M | -533M | -516M | -606M | -555M | -535M | -634M | -467M | -518.3M | -435.1M | -200M | -258M |
| Pretax Income | 1.86B | 1.68B | 1.81B | 1.45B | 1.36B | 1.36B | 816M | 1.45B | 1.38B | 1.1B | 1.2B | 673.9M | -254M | 322.2M | 159.7M |
| Pretax Margin % | 19.42% | 17.85% | 21.52% | 20.69% | 20.98% | 23.75% | 16.43% | 25.91% | 25.8% | 24.06% | 28.94% | 16.63% | -21.19% | 28.11% | 8.1% |
| Income Tax | 439M | 483M | 364M | -265M | -117M | 110M | 66M | 341M | 238M | -134M | 244M | 162.2M | 15.3M | 88.5M | 42M |
| Effective Tax Rate % | 23.58% | 28.68% | 20.12% | -18.24% | -8.57% | 8.07% | 8.09% | 23.48% | 17.22% | -12.17% | 20.33% | 24.07% | -6.02% | 27.47% | 26.3% |
| Net Income | 955M | 776M | 1.02B | 1.19B | 1.01B | 838M | 486M | 643M | 612M | 648M | 616M | 375.1M | 161.4M | 233.7M | 117.7M |
| Net Margin % | 9.96% | 8.23% | 12.15% | 16.95% | 15.5% | 14.6% | 9.78% | 11.48% | 11.42% | 14.16% | 14.86% | 9.26% | 13.46% | 20.39% | 5.97% |
| Net Income Growth % | 0.53% | -24% | -14.2% | 18.06% | 20.29% | 72.43% | -24.42% | 5.07% | -5.56% | 5.19% | 64.22% | 132.4% | -30.94% | 98.56% | - |
| Net Income (Continuing) | 1.32B | 1.2B | 1.45B | 1.72B | 1.48B | 1.25B | 750M | 1.11B | 1.14B | 1.24B | 956M | 511.7M | -269.3M | 233.7M | 117.7M |
| Discontinued Operations | -3M | -126M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.55B | 1.52B | 1.73B | 1.86B | 1.77B | 1.62B | 1.55B | 1.77B | 2.01B | 2.33B | 1.79B | 1.58B | 2.46B | 0 | 0 |
| EPS (Diluted) | 2.08 | 2.35 | 3.18 | 3.76 | 3.25 | 2.69 | 1.60 | 2.37 | 2.42 | 2.54 | 1.45 | 0.50 | -2.32 | 0.65 | 0.33 |
| EPS Growth % | -6.14% | -26.1% | -15.43% | 15.69% | 20.82% | 68.13% | -32.49% | -2.07% | -4.72% | 75.17% | 190% | 121.55% | -456.92% | 96.97% | - |
| EPS (Basic) | - | 2.36 | 3.21 | 3.82 | 3.28 | 2.71 | 1.61 | 2.40 | 2.46 | 2.64 | 1.48 | 0.51 | -1.16 | 0.67 | 0.34 |
| Diluted Shares Outstanding | 459M | 457M | 454M | 456M | 455M | 464M | 468M | 469M | 473M | 477.4M | 470M | 476M | 358.2M | 357.8M | 354.1M |
| Basic Shares Outstanding | 347M | 334M | 319M | 312M | 307M | 310M | 302M | 268M | 249M | 237M | 232.9M | 203.5M | 343.7M | 351M | 349.7M |
| Dividend Payout Ratio | - | 142.78% | 100.78% | 83.19% | 96.33% | 116.23% | 197.33% | 140.12% | 118.95% | 102.47% | 87.34% | 96.61% | 65.43% | 36.07% | 11.89% |
High leverage and commodity volatility
According to quarterly financial disclosures, QSR's revenue growth has exhibited significant variability, ranging from 7.3% to 26.2% over the last ten quarters, suggesting that top-line expansion is heavily influenced by the timing of acquisitions and the consolidation of franchise entities rather than consistent organic same-store sales performance.
The wide variance in quarterly revenue growth rates indicates that the company's top-line trajectory is sensitive to inorganic activity, such as the integration of Carrols Restaurant Group. Investors should monitor whether the recent growth spikes are sustainable or if they mask underlying deceleration in core franchise royalty streams.
As reported in recent income statements, QSR's gross margin has fluctuated between 32.4% and 48.4%, reflecting the inherent volatility of a hybrid business model that combines high-margin franchise royalties with the lower-margin, commodity-sensitive supply chain operations required to support the Tim Hortons and Burger King brands.
The significant compression in gross margins observed in mid-2025 suggests that the company's supply chain costs are highly susceptible to inflationary pressures in food and distribution. This structural sensitivity implies that QSR lacks the pricing power to fully insulate its margins from commodity spikes, warranting caution regarding future profitability.
Based on the provided income statement data, operating income has shown inconsistent scaling relative to gross profit, with operating margins oscillating between 20.0% and 31.9%, which suggests that the company's ability to leverage its corporate overhead is currently constrained by ongoing investments in brand modernization and store-level initiatives.
The lack of a clear, upward trend in operating margins despite revenue growth indicates that the company is currently in a phase of heavy reinvestment. Analysts should investigate whether these elevated SG&A levels are temporary costs associated with the 'Reclaim the Flame' initiative or a permanent shift in the cost structure.
As evidenced by the dramatic swings in net income, ranging from $113 million to $508 million over the past ten quarters, QSR's bottom-line performance appears heavily impacted by non-operating items and tax anomalies that obscure the underlying cash-generating capability of the core franchised restaurant business model.
The significant discrepancy between EPS growth and operational performance suggests that investors should focus on adjusted metrics rather than GAAP net income. The recurring presence of stock-based compensation and potential one-time charges warrants further investigation into the quality of earnings and the sustainability of dividend coverage.
Based on reported figures, the company's high debt-to-equity ratio of 3.41% presents a significant risk, as the income statement shows that interest coverage may become increasingly strained if the current volatility in operating margins persists during a period of sustained macroeconomic uncertainty or consumer demand contraction.
Short-sellers would likely focus on the potential for margin compression to trigger a liquidity crunch, given the company's reliance on debt to fund both acquisitions and store modernization. The market may be underestimating the risk that high leverage poses to the long-term viability of the current capital allocation strategy.
Quick answers to the most common questions about buying QSR stock.
For fiscal year 2025, Restaurant Brands International Inc. (QSR) reported total revenue of $9.43B. This represents a 378.7% increase compared to $1.97B in 2012.
Restaurant Brands International Inc. (QSR) is profitable, generating $776.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.2%.
Restaurant Brands International Inc. (QSR) reported an operating income of $2.24B, resulting in an operating profit margin of 23.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Restaurant Brands International Inc. (QSR) generated $3.88B in gross profit for the year, representing a gross profit margin of 41.1%. This demonstrates the company's core pricing power and production efficiency.