QSRRestaurant Brands International Inc.
Retail-Eating Places
- Revenue
- $9.4B
- 12% YoY
- Operating margin
- 23.3%
- 19% YoY
- EBITDA
- $2.5B
- 6.7% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 4.6×
- $11.5B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear159% of net incomeCash flow under 80% of net income
- Dilutive SBCClear2% of revenueOver 10% of revenue
- Payouts exceed cash flowClear65% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear24% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.7B | $6.5B | $7.0B | $8.4B | $9.4B | 12% |
| Operating income | $1.9B | $1.9B | $2.1B | $2.4B | $2.2B | 9.0% |
| Net income | $1.3B | $1.5B | $1.7B | $1.4B | $1.1B | 26% |
| Operating cash flow | $1.7B | $1.5B | $1.3B | $1.5B | $1.7B | 14% |
| Capex | $106M | $100M | $120M | $201M | $265M | 32% |
| Stock-based comp | $102M | $136M | $194M | $172M | $151M | 12% |
| Buybacks | $551M | $326M | $500M | $0 | $0 | |
| Dividends | $974M | $971M | $990M | $1.0B | $1.1B | 7.7% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 3
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $15M | $18M | 133 | 136 |
| FY2024 | $14M | −$28M | 122 | 136 |
| FY2023 | — | — | 142 | 130 |
| FY2022 | $17M | $27M | 114 | 113 |
| FY2021 | $14M | $14M | 103 | 123 |