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
- $25.2B
- Employees
- 53,500
- $176K revenue each
- Net debt / EBITDA
- 4.6×
- $11.5B net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$15M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo159% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo65% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo24% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$176K · 83rd pctBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 35th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$25.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$56M netNet sales over $10M in 12 months
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
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 12, 2026 | 3G Restaurant Brands Holdings General Partner Ltd. | SCHEDULE 13D/A | 21.3% | Passive |
| Aug 10, 2026 | 3G Restaurant Brands Holdings General Partner Ltd. | SCHEDULE 13D/A | 22.1% | Passive |
| May 8, 2026 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 7.8% | Passive |
| Apr 29, 2026 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 6.5% | Passive |
| Dec 3, 2025 | 3G Restaurant Brands Holdings General Partner Ltd. | SCHEDULE 13D/A | 23.2% | Passive |
| Nov 14, 2025 | 3G Restaurant Brands Holdings General Partner Ltd. | SCHEDULE 13D/A | 26.3% | Passive |
| Aug 30, 2024 | 3G Restaurant Brands Holdings General Partner Ltd. | SC 13D/A | 26.9% | Passive |
| Aug 13, 2024 | 3G Restaurant Brands Holdings General Partner Ltd. | SC 13D/A | 28.0% | Passive |
| Jul 18, 2024 | Pershing Square Capital Management, L.P. | SC 13D/A | 8.5% | Passive |
| Apr 29, 2024 | Pershing Square Capital Management, L.P. | SC 13D/A | 8.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $56M · 63
- Net
- −$56M
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 |