Filing Flows

Filing Flows › Companies › Restaurant Brands International › Cash flow

Restaurant Brands International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$479M in Q3 2026 · $1.6B over twelve months

Operating cash flow$551M
Capital spending−$72.0M
Free cash flow+$479M
Cash / net income0.8×

Analysis

In Q3 2026, Restaurant Brands International generated $551M of operating cash flow and spent $72.0M on capital projects, leaving free cash flow of $479M. That is $52.0M less than in Q3 2025 ($531M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were dividends ($1.2B), other financing ($401M), net borrowing (+) / repaid (−) ($315M); besides operations, cash came from asset & business sales ($66.0M), shares issued ($57.0M); the cash balance fell by $242M.

Operating cash flow was $551M against net income of $704M — 0.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred taxes −$250M, payables −$77.0M, depreciation & amortization +$74.0M.

Free cash flow

Restaurant Brands International: free cash flow by quarterRestaurant Brands International: free cash flow by quarter$404MQ4 2024$54.0MQ1 2025$411MQ2 2025$531MQ3 2025$453MQ4 2025$169MQ1 2026$479MQ2 2026$479MQ3 2026
Operating cash flow less capital spending.
Restaurant Brands International: operating cash flow against capital spendingRestaurant Brands International: operating cash flow against capital spendingOperating cash flowCapital spending$481M$77.0MQ4 2024$118M$64.0MQ1 2025$449M$38.0MQ2 2025$592M$61.0MQ3 2025$555M$102MQ4 2025$227M$58.0MQ1 2026$530M$51.0MQ2 2026$551M$72.0MQ3 2026
Latest (Q3 2026): Operating cash flow $551M, Capital spending $72.0M.

Capital allocation, year by year

Restaurant Brands International: where the cash came from (up) and went (down), by fiscal yearRestaurant Brands International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.7BFY2021: Net borrowing $415MFY2021: Shares issued $60.0MFY2021: Asset sales $16.0MFY2021: Capital spending −$106MFY2021: Acquisitions −$1.0BFY2021: Buybacks −$551MFY2021: Dividends −$974M$2.2BFY2021FY2022: Operating cash flow $1.5BFY2022: Net borrowing −$123MFY2022: Shares issued $51.0MFY2022: Asset sales $12.0MFY2022: Capital spending −$100MFY2022: Buybacks −$326MFY2022: Dividends −$971M$1.6BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing −$70.0MFY2023: Shares issued $60.0MFY2023: Asset sales $37.0MFY2023: Capital spending −$120MFY2023: Acquisitions −$17.0MFY2023: Buybacks −$500MFY2023: Dividends −$990M$1.4BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $224MFY2024: Shares issued $78.0MFY2024: Asset sales $34.0MFY2024: Capital spending −$201MFY2024: Acquisitions −$540MFY2024: Dividends −$1.0B$1.8BFY2024FY2025: Operating cash flow $1.7BFY2025: Net borrowing −$463MFY2025: Shares issued $33.0MFY2025: Asset sales $38.0MFY2025: Capital spending −$265MFY2025: Acquisitions −$152MFY2025: Dividends −$1.1B$1.8BFY2025
Over these 5 years operating cash flow totalled $7.8B; the largest uses were dividends ($5.1B) and acquisitions ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$974M
Debt$13.2B
Net debt$12.3B
Due within a year$32.0M

Restaurant Brands International funds itself: free cash flow was $1.6B over the last twelve months, and $974M of cash and investments stands against $13.2B of debt ($32.0M due within a year, 30.4× covered by cash).

Restaurant Brands International: debt maturities by year (FY2025)Restaurant Brands International: debt maturities by year (FY2025)$32.0MYear 1$64.0MYear 2$3.4BYear 3$2.5BYear 4$7.4BYear 5
Principal due in each year as disclosed in the annual report, against $974M of cash and investments now.

Where the cash came from and went

Restaurant Brands International: sources (+) and uses (−) of cash, Q3 2026Restaurant Brands International: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$551MDividends−$296MOther financing−$263MCash drawn (+) / kept (−)$89.0MCapital spending−$72.0MNet borrowing (+) / repaid (−)−$29.0MAsset & business sales$21.0MAcquisitions−$10.0MShares issued$9.0MExchange rates−$3.0MOther investing$3.0M
Restaurant Brands International: sources (+) and uses (−) of cash, TTM to Q3 2026Restaurant Brands International: sources (+) and uses (−) of cash, 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 profit to cash

Restaurant Brands International: net income to operating cash flow, Q3 2026Restaurant Brands International: net income to operating cash flow, Q3 2026Net income$704MDepreciation & amortization$74.0MStock-based pay$34.0MDeferred taxes−$250MOther non-cash$28.0MPayables−$77.0MPrepaid and other assets−$20.0MOperating cash flow$551M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$551M−$72.0M−$10.0M—−$296M−$29.0M$9.0M$89.0M$479M
Q2 2026$530M−$51.0M—−$138M−$296M−$29.0M$7.0M−$51.0M$479M
Q1 2026$227M−$58.0M—−$32.0M−$283M−$28.0M$28.0M$142M$169M
Q4 2025$555M−$102M——−$282M−$229M$13.0M$62.0M$453M
Q3 2025$592M−$61.0M——−$282M−$132M—−$213M$531M
Q2 2025$449M−$38.0M−$1.0M—−$282M−$33.0M$7.0M−$98.0M$411M
Q1 2025$118M−$64.0M−$151M—−$262M−$33.0M$13.0M$354M$54.0M
Q4 2024$481M−$77.0M−$2.0M—−$262M−$26.0M$7.0M−$158M$404M

Restaurant Brands International: income statement and cash flow

Restaurant Brands International, Q3 2026: revenue $2.5B (+3% year over year), operating margin 27.6%. The chart follows the revenue to costs, profit and cash.

Restaurant Brands International: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.