← Research LibraryThe BriefFY2025 10-K (year ended December 31, 2025) · headline figures audited against SEC data
Restaurant Brands grew revenue 12.2% to $9.43B by running the Carrols Burger Kings itself, but currency losses and taxes cut net income to shareholders 24.0% to $776M
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 12.2% to $9.43B; system-wide sales growth 5.3%Note
- Profitability — Operating margin down 544 bps to 23.34%; net income to shareholders down 24.0% to $776MWatch
- Balance sheet — Debt $13.28B, down 2.6%; cash $1,163 millionWatch
- Accounting quality — Earnings quality 99.32, safe; Altman Z-score 1.06, distress zoneNote
- Capital allocation — Dividends up 7.7% to $1.11B; no buybacks; $1,000 million authorizationNote
- System growth — Comparable sales up 2.4%; net restaurant growth 2.9% to 33,041 restaurantsNote
Business
Restaurant Brands International franchises Tim Hortons, Burger King, Popeyes and Firehouse Subs: 33,041 restaurants in more than 120 countries and territories with $46,762 million of system-wide sales in 2025. Over 95% of restaurants are franchised, so RBI's revenue is mostly royalties, rent, advertising contributions and Tim Hortons supply-chain sales, while the restaurants' own sales belong to franchisees. The exception is about 5% of restaurants it now runs itself, mainly Burger Kings bought with Carrols in May 2024, most of which it plans to refranchise.
Where the revenue comes from
Fiscal 2025, as Restaurant Brands International Inc. reports it. History and quarterly detail are in the app.
- TH$4.2B
- RH$1.8B
- BK$1.5B
- INTL$998.0M
- PLK$800.0M
Leadership changes
From Restaurant Brands International Inc.'s own filings, the day they're filed.
- Sami Siddiqui · Chief Financial Officer · appointmenteff. 2024-03-14
- Thiago Santelmo · President · appointment
- Burger King · departure
Latest filings
- 8-K · Company announcement2026-08-10
- 8-K · Company announcement2026-08-06
- 10-Q · Quarterly report2026-08-06
- 8-K · Company announcement2026-06-03
- 10-Q · Quarterly report2026-05-06
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
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- Ana — ask about Restaurant Brands International Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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