Restaurant Brands International Inc.QSR
NYSE•Consumer Cyclical•Restaurants
Restaurant Brands International Inc. operates as a quick service restaurant company in Canada, the United States, and internationally. It operates through six segments: Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings. The company owns and franchises Tim Hortons, a coffee and baked good restaurant chain that offers beverages, sandwiches, wraps, flatbread pizzas, and others; Burger King, a quick service hamburger restaurant chain that offers flame-grilled hamburgers, chicken, and other sandwiches; Popeyes, a quick service chicken concept that offers a Louisiana style menu, including fried bone-in chicken, chicken sandwiches, chicken tenders, wings, fried shrimp, and regional items; and Firehouse Subs, which offers subs with meats and cheese, as well as chili, soups, soft drinks, and other sides. Restaurant Brands International Inc. was founded in 1954 and is headquartered in Miami, Florida.
Restaurant Brands International (QSR) reported trailing twelve months revenue of $9.59B as of March 2026, a 9.3% increase year-over-year. Quarterly revenue reached $2.26B, reflecting continued top-line momentum.
Restaurant Brands International generated $1.30B in TTM net income, with quarterly EBITDA of $684.00M. The operating margin expanded from 20.6% to 26.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (26.8%) and net margin (19.7%) indicates moderate non-operating costs. Net margin has improved from 10.5% a year ago, signaling stronger bottom-line efficiency.
QSR trades at a P/E of 19.7x (in line with broad market averages) and a P/S of 2.7x. The price-to-book ratio of 6.8x indicates a significant premium over book value.
The company generated $169.00M in free cash flow over the trailing twelve months, a 213.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $24.88B in total assets with $13.23B in long-term debt against $3.74B in stockholders equity for a debt-to-equity ratio of 3.5, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~25.6% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 42.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~28.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 6.0% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 3.5 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 9.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation