In fiscal 2025, which ended Dec 31, 2025, Restaurant Brands International Limited Partnership reported revenue of $9.4 billion, up 12.2% from the year before. Net income was $1.1 billion, a profit margin of 11.4%. Operating income came to $2.2 billion, an operating margin of 23.3%. Over the twelve months ended Sep 30, 2026, revenue was $9.8 billion and net income was $2.0 billion. Across the 10 fiscal years shown, revenue grew from $4.1 billion in fiscal 2016 to $9.4 billion in fiscal 2025, about 9.6% a year.
USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.
| Line |
FY 2026
Sep 30, 2026
|
FY 2025
Dec 31, 2025
|
FY 2024
Dec 31, 2024
|
FY 2023
Dec 31, 2023
|
FY 2022
Dec 31, 2022
|
FY 2021
Dec 31, 2021
|
FY 2020
Dec 31, 2020
|
FY 2019
Dec 31, 2019
|
FY 2018
Dec 31, 2018
|
FY 2017
Dec 31, 2017
|
FY 2016
Dec 31, 2016
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue |
9,775
+5.5%
|
9,434
+12.2%
|
8,406
+19.7%
|
7,022
+7.9%
|
6,505
+13.3%
|
5,739
+15.5%
|
4,968
-11.3%
|
5,603
+4.6%
|
5,357
+17.1%
|
4,576
+10.4%
|
4,146
+2.3%
|
| Cost of revenue |
—
|
—
|
—
|
2,435
+5.3%
|
2,312
+22.3%
|
1,890
+17.4%
|
1,610
-11.2%
|
1,813
-0.3%
|
1,818
-1.7%
|
1,850
+7.1%
|
1,727
-4.5%
|
| Gross profit |
—
|
—
|
—
|
4,587
+9.4%
|
4,193
+8.9%
|
3,849
+14.6%
|
3,358
-11.4%
|
3,790
+7.1%
|
3,539
+29.8%
|
2,726
+12.7%
|
2,419
+7.8%
|
| Selling, general and administrative |
736
-1.6%
|
741
+1.1%
|
733
+4.1%
|
704
+11.6%
|
631
+30.4%
|
484
-61.7%
|
1,264
+0.0%
|
1,264
+4.1%
|
1,214
+191.8%
|
416
+30.4%
|
319
-27.1%
|
| Other operating income (expense) |
10
+106.5%
|
-261
-542.4%
|
59
+207.3%
|
-55
-120.0%
|
-25
-257.1%
|
-7
+93.3%
|
-105
-1150.0%
|
10
+225.0%
|
-8
+92.7%
|
-109
-11000.0%
|
1
+100.9%
|
| Operating income |
2,639
+19.1%
|
2,202
-9.0%
|
2,419
+17.9%
|
2,051
+8.1%
|
1,898
+1.0%
|
1,879
+32.1%
|
1,422
-29.1%
|
2,007
+4.7%
|
1,917
+10.5%
|
1,735
+4.1%
|
1,667
+39.8%
|
| Pretax income |
2,140
+26.6%
|
1,684
-6.9%
|
1,809
+24.5%
|
1,453
+6.4%
|
1,365
+0.1%
|
1,363
+67.0%
|
816
-43.8%
|
1,452
+5.1%
|
1,382
+25.5%
|
1,101
-8.2%
|
1,200
+78.1%
|
| Income tax |
52
-87.1%
|
483
+32.7%
|
364
+237.4%
|
-265
-126.5%
|
-117
-206.4%
|
110
+66.7%
|
66
-80.6%
|
341
+43.3%
|
238
+277.6%
|
-134
-154.9%
|
244
+50.4%
|
| Net income |
1,969
+53.7%
|
1,075
-25.6%
|
1,445
-15.9%
|
1,718
+15.9%
|
1,482
+18.3%
|
1,253
+67.1%
|
750
-32.5%
|
1,111
-2.9%
|
1,144
-7.4%
|
1,235
+29.2%
|
956
+86.8%
|
| Other measures | |||||||||||
| Depreciation and amortization |
305
+1.0%
|
301
+14.0%
|
264
+38.2%
|
191
+0.5%
|
190
-5.5%
|
201
+6.3%
|
189
+2.2%
|
185
+2.8%
|
180
-1.1%
|
182
+5.8%
|
172
-5.5%
|
| EBITDA |
2,944
+16.9%
|
2,503
-6.7%
|
2,683
+19.7%
|
2,242
+7.4%
|
2,088
+0.4%
|
2,080
+29.1%
|
1,611
-26.5%
|
2,192
+4.5%
|
2,097
+9.4%
|
1,917
+4.2%
|
1,839
+33.8%
|
| Margins | |||||||||||
| Gross margin |
—
|
—
|
—
|
65.32%
|
64.46%
|
67.07%
|
67.59%
|
67.64%
|
66.06%
|
59.57%
|
58.34%
|
| Operating margin |
27.00%
|
23.34%
|
28.78%
|
29.21%
|
29.18%
|
32.74%
|
28.62%
|
35.82%
|
35.78%
|
37.92%
|
40.21%
|
| Pretax margin |
21.89%
|
17.85%
|
21.52%
|
20.69%
|
20.98%
|
23.75%
|
16.43%
|
25.91%
|
25.80%
|
24.06%
|
28.94%
|
| Profit margin |
20.14%
|
11.39%
|
17.19%
|
24.47%
|
22.78%
|
21.83%
|
15.10%
|
19.83%
|
21.36%
|
26.99%
|
23.06%
|
| EBITDA margin |
30.12%
|
26.53%
|
31.92%
|
31.93%
|
32.10%
|
36.24%
|
32.43%
|
39.12%
|
39.15%
|
41.89%
|
44.36%
|
| Effective tax rate |
2.43%
|
28.68%
|
20.12%
|
-18.24%
|
-8.57%
|
8.07%
|
8.09%
|
23.48%
|
17.22%
|
-12.17%
|
20.33%
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.
New to this? Read How to Read an Income Statement, With a Real Example.
Company profile
- Industry
- Retail-Eating Places (SIC 5812)
- Listed as
- QSP (OTC), RSTRF
- Fiscal year ends
- December 31
- Incorporated in
- Ontario, Canada
- Headquarters
- Toronto, Ontario, Canada
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1618755
- Former names
- New Red Canada Limited Partnership (until Nov 5, 2014); New Red Canada Partnership (until Oct 31, 2014)
Other Retail-Eating Places companies
- Mcdonalds Corp MCD
- Yum Brands Inc YUM
- Chipotle Mexican Grill Inc CMG
- Restaurant Brands International Inc. QSR
- Darden Restaurants Inc DRI
- Yum China Holdings, Inc. YUMC
- Aramark ARMK
- Texas Roadhouse, Inc. TXRH
Source: SEC EDGAR filings. This is company-reported data, not investment advice.