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Restaurant Brands International (QSR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Restaurant Brands International (QSR) Q3 2026 earnings results →

Q3 2026 Revenue up 3% year over year to $2.5B · 21¢ of every $1 of revenue kept as net profit · operating margin 27.6%

Restaurant Brands International made $2.5B in Q3 2026 (+3% Y/Y): TH $1.1B, RH $487M, BK $345M. Operating margin 27.6%, net earnings $542M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$2.5B
Year over year+3%
Operating margin27.6%
Net earnings$542M
Operating cash flow$551M

Drawing the Sankey…

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Restaurant Brands International Q3 2026 revenue breakdown: Sankey diagram of revenue (TH, RH, BK, INTL), costs, profit and cash flow
Restaurant Brands International Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.5B in Q3 2026, up 3% year over year and roughly flat from the previous quarter. TH was the largest line at 45% of revenue. RH added $0.03B year over year (up 6%), 37% of the total change.

Operating profit was $0.70B, a 27.6% margin (up 0.5 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 27% margin then. Total costs grew 2% against revenue growth of 3%. Net earnings were $0.54B, up 72% year over year. The effective tax rate was -23.3%.

Operating cash flow was $0.55B (down 7% year over year), 78% of net income including minority interests. Non-cash charges added back $0.07B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $0.07B left free cash flow of $0.48B.

Quarterly history

Restaurant Brands International revenue by quarterRestaurant Brands International revenue by quarter$2.1BQ1 2025$2.4BQ2 2025$2.4BQ3 2025$2.5BQ4 2025$2.3BQ1 2026$2.5BQ2 2026$2.5BQ3 2026
Restaurant Brands International net earnings by quarterRestaurant Brands International net earnings by quarter$159MQ1 2025$189MQ2 2025$315MQ3 2025$113MQ4 2025$338MQ1 2026$507MQ2 2026$542MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$2.5B+3%27.6%$542M$551M
Q2 202610-QAug 6, 2026$2.5B+5%28.4%$507M$530M
Q1 202610-QMay 6, 2026$2.3B+7%26.8%$338M$227M
Q4 202510-KFeb 20, 2026$2.5B+7%25.2%$113M$555M
Q3 202510-QOct 30, 2025$2.4B+7%27.1%$315M$592M
Q2 202510-QAug 7, 2025$2.4B+16%20.0%$189M$449M
Q1 202510-QMay 8, 2025$2.1B+21%20.6%$159M$118M

Charts

Restaurant Brands International: revenue growth, year over year and quarter over quarterRestaurant Brands International: revenue growth, year over year and quarter over quarterY/YQ/Q+21%Q1 2025+16%+14%Q2 2025+7%+2%Q3 2025+7%+1%Q4 2025+7%-8%Q1 2026+5%+11%Q2 2026+3%+0%Q3 2026
Latest (Q3 2026): Y/Y +3%, Q/Q +0%.
Restaurant Brands International: where the cash came from (+) and went (−), TTM to Q3 2026Restaurant Brands International: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$1.9BDividends−$1.2BOther financing−$401MNet borrowing (+) / repaid (−)−$315MCapital spending−$283MCash drawn (+) / kept (−)$242MAsset & business sales$66.0MNot reconciled−$66.0MShares issued$57.0MAcquisitions−$10.0MOther investing$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Restaurant Brands International: profit against cash, quarter by quarterRestaurant Brands International: profit against cash, quarter by quarterNet incomeOperating cash flow$361M$481MQ4 2024$221M$118MQ1 2025$263M$449MQ2 2025$436M$592MQ3 2025$155M$555MQ4 2025$445M$227MQ1 2026$665M$530MQ2 2026$704M$551MQ3 2026
Latest (Q3 2026): Net income $704M, Operating cash flow $551M.
Restaurant Brands International: diluted shares by fiscal yearRestaurant Brands International: diluted shares by fiscal year468MFY2020464MFY2021455MFY2022456MFY2023454MFY2024457MFY2025
-2.4% since FY2020: buybacks shrank the count.
Restaurant Brands International: long-term debt falling due (FY2025)Restaurant Brands International: long-term debt falling due (FY2025)$32.0M2026$64.0M2027$3.4B2028$2.5B2029$7.4B2030
Cash $1.2B, short-term investments —, long-term debt $13.3B at 2025-12-31.
Restaurant Brands International in its industry: growth against margin (41 companies, SIC 5812)Restaurant Brands International in its industry: growth against margin (41 companies, SIC 5812)revenue growth, year over year →↑ operating marginmedian +4%median 6%MCDARMKYUMCCMGDRIQSPYUMTXRHEATCAKEBLMNCBRLPLAYPZZABJRICAVAFWRGRRGBJACKDINJMKEPTLOWINGSTKSSGNDLSLOCOBH-AKRUSRICKBDLGENKNATHARKRGTIMLVOREBNNROMBTBDBABBQSR (+3%, 28%)
Retail-Eating Places; dot size is quarterly revenue; dashed lines are the industry's medians.

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Restaurant Brands International

We are one of the world’s largest quick service restaurant (“QSR”) companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025. As of the date of this Annual Report on Form 10-K, over 95% of system-wide restaurants were franchised restaurants. Our remaining restaurants are Company restaurants, primarily restaurants we acquired as a part of the Carrols Acquisition, the vast majority of which we plan to refranchise over the coming years. We also operate some other Company restaurants as test locations for new initiatives and to develop operational talent.

In its own words, from its 10-K, filed Feb 20, 2026.

Restaurant Brands International against its Retail-Eating Places peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +5%. Operating margin: 27.6% against the peers' median 13.7%.

CompanyQuarterRevenueY/YOp. margin
QSR Restaurant Brands InternationalQ3 2026$2.5B+3%27.6%
MCD McDonald'sQ3 2026$7.2B+1%50.2%
ARMK AramarkQ3 FY26$5.1B+9%4.3%
YUMC Yum China HoldingsQ3 2026$3.5B+8%13.0%
CMG Chipotle Mexican GrillQ3 2026$3.3B+10%13.7%
DRI Darden RestaurantsQ1 FY27$3.2B+5%10.0%
QSP Restaurant Brands International Limited PartnershipQ3 2026$2.5B+3%27.6%
YUM Yum BrandsQ3 2026$2.1B+4%112.8%
TXRH Texas RoadhouseQ3 2026$1.6B+10%6.5%

Source: Restaurant Brands International 10-Q on SEC EDGAR · CIK 1618756 · Retail-Eating Places

13F: who owns QSR and who is buying

Largest holders of QSR (13F)Largest holders of QSR (13F)Capital World Investors$3.2BPershing Square Holdco, L.P.$1.9BPershing Square Capital Management$1.7BRoyal Bank of Canada$1.5BEdgePoint Investment Group$1.2BBlackRock$1.1BVanguard Group$1.1BBank of Montreal$818MVanguard Capital Management LLC$761MFMR LLC$610M
Funds' net buying of QSR by quarter (13F)Funds' net buying of QSR by quarter (13F)−$120M2024-09−$201M2024-12$442M2025-03$1.8B2025-06−$881M2025-09$100M2025-12$896M2026-03$2.9B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on QSR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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