Income StatementBalance SheetCash FlowSegments
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Restaurant Brands International Cash Flow Statement

Operating, investing, and financing cash movements

Restaurant Brands International generated $1.8B in operating cash flow over the trailing twelve months. After $259.0M in capital expenditures, free cash flow was $1.6B. Free cash flow increased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.8BNet Cash From Investing (TTM)-$167.0MNet Cash From Financing (TTM)-$1.5BCapital Expenditures (TTM)$259.0MDepreciation And Amortization Cf (TTM)$308.0MNet Change In Cash (TTM)$107.0M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$26.3B
P/E Ratio20.22
ROE37.88%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Amortization of debt issuance costs$6.0M$6.0M$7.0M$6.0M$6.0M$6.0M
Change in Other Non-Current Assets and Liabilities, Net$13.0M$7.0M$12.0M$4.0M-$29.0M$3.0M
Other non-cash income (expense)-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Change in accounts payable—-$51.0M$45.0M$64.0M$31.0M-$42.0M
Change in other assets-$29.0M$39.0M-$9.0M$46.0M—$5.0M
Other working capital changes-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Change in receivables—-$15.0M$87.0M-$6.0M$23.0M-$30.0M
Deferred income taxes—$15.0M-$7.0M-$27.0M$116.0M-$49.0M
Depreciation and amortization$78.0M$71.0M$77.0M$76.0M$77.0M$78.0M
Equity in income of investees$0.0$5.0M$5.0M$2.0M$0.0$2.0M
Unrealized Foreign Currency Transaction Gain (Loss)$86.0M-$75.0M-$132.0M-$1.0M-$1.0M$30.0M
Unrealized Foreign Currency Transaction Gain (Loss)$86.0M-$75.0M-$132.0M-$1.0M-$1.0M$30.0M
Foreign Currency Transaction Gain (Loss)$86.0M-$75.0M-$132.0M-$1.0M-$1.0M$30.0M
Other Non-Cash Income (Expense)-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Other Non-cash Income (Expense)-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Other Non-cash Income (Expense)-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Net cash from operating activities$481.0M$118.0M$449.0M$592.0M$555.0M$227.0M
Net income$361.0M$221.0M$263.0M$436.0M$155.0M$445.0M
Other non-cash income (expense)-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Non-cash interest expense$6.0M$6.0M$7.0M$6.0M$6.0M$6.0M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax$86.0M-$75.0M-$132.0M-$1.0M-$1.0M$30.0M
Increase (Decrease) in Accounts and Notes Receivable—-$15.0M$87.0M-$6.0M$23.0M-$30.0M
Other accrued liabilities and gift card liability—-$187.0M$32.0M$93.0M—-$176.0M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net$13.0M$7.0M$12.0M$4.0M-$29.0M$3.0M
Increase (Decrease) in Prepaid Expense and Other Assets-$29.0M$39.0M-$9.0M$46.0M—$5.0M
Other Noncash Income (Expense)-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Tenant Inducements Paid to Franchisees$9.5M$11.0M$11.0M$11.0M$11.0M—
Tenant Inducements Paid to Franchisees—$6.0M$8.0M$12.0M—$8.0M
Other Non-cash Income and Expense-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Unrealized Foreign Currency Transaction Gain (Loss)$86.0M-$75.0M-$132.0M-$1.0M-$1.0M$30.0M
Other Non-Cash Adjustments-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Other Non-Cash Income and Expense-$15.0M-$11.0M-$20.0M-$13.0M-$5.0M$11.0M
Unrealized Foreign Currency Gain (Loss)$86.0M-$75.0M-$132.0M-$1.0M-$1.0M$30.0M
Stock-based compensation$48.0M$48.0M$33.0M$32.0M$38.0M$35.0M
Unrealized Foreign Currency Gain (Loss)$86.0M-$75.0M-$132.0M-$1.0M-$1.0M$30.0M
Gain (Loss) on Derivative Instruments, Pre-tax$51.0M$51.0M$51.0M$49.0M$47.0M$41.0M
Income (Loss) from Discontinued Operations, Net of Tax$0.0-$2.0M-$1.0M-$4.0M-$119.0M$0.0

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$2.0M$151.0M$1.0M$0.0$0.0$0.0
Proceeds from Sales of Assets and Subsidiaries$17.0M$10.0M$2.0M$14.0M$12.0M$21.0M
Capital expenditures$77.0M$64.0M$38.0M$61.0M$102.0M$58.0M
Proceeds from Derivative Instrument Investing Activities$20.0M$21.0M$19.0M$18.0M$18.0M$16.0M
Payment for (Proceeds from) Other Investing Activity$6.8M$0.0$0.0-$18.0M$33.0M$12.0M
Proceeds from disposition of property, plant and equipment/other$17.0M$10.0M$2.0M$14.0M$12.0M$21.0M
Net cash from investing activities-$44.0M-$184.0M-$18.0M-$11.0M-$105.0M-$33.0M
Other investing activities$6.8M$0.0$0.0-$18.0M$33.0M$12.0M
Proceeds from sale of businesses$17.0M$10.0M$2.0M$14.0M$12.0M$21.0M
Investing Cash Flows from Derivatives$20.0M$21.0M$19.0M$18.0M$18.0M$16.0M
Proceeds from sale of PPE and intangibles$17.0M$10.0M$2.0M$14.0M$12.0M$21.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from derivative instruments, financing$24.0M$17.0M$17.0M$18.0M$15.0M$10.0M
Repayments of debt$26.0M$33.0M$33.0M$132.0M$229.0M$28.0M
Dividends paid$262.0M$262.0M$282.0M$282.0M$282.0M$283.0M
Other, net$0.0$0.0$1.0M-$1.0M-$1.0M-$1.0M
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security$26.0M$33.0M$33.0M$132.0M$229.0M$28.0M
Payment of Deferred Purchase Consideration$0.0$0.0$1.0M-$1.0M-$1.0M-$1.0M
Noncontrolling interest transactions and other$0.0$0.0$1.0M-$1.0M-$1.0M-$1.0M
Proceeds from Derivative Financing Activities$24.0M$17.0M$17.0M$18.0M$15.0M$10.0M
Net cash from financing activities-$260.0M-$265.0M-$290.0M-$397.0M-$484.0M-$306.0M
Other financing activities$0.0$0.0$1.0M-$1.0M-$1.0M-$1.0M
Noncontrolling Interests Activity and Other$0.0$0.0$1.0M-$1.0M-$1.0M-$1.0M
Proceeds from issuance of common stock-$71.0M$13.0M$7.0M$0.0$13.0M$28.0M
Repurchases of common stock$0.0$0.0———$32.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$51.0M$18.0M$4.0M$28.0M$3.0M$28.0M
Income taxes paid$31.0M$190.0M$95.0M$84.0M$81.0M$137.0M
Interest paid$216.0M$153.0M$207.0M$154.0M$200.0M$137.0M
Capital expenditures incurred but not yet paid$51.0M$18.0M$4.0M$28.0M$3.0M$28.0M
Capital Expenditures Incurred but Not Yet Paid$51.0M$18.0M$4.0M$28.0M$3.0M$28.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net cash from discontinued operations$0.0-$26.0M-$59.0M$33.0M-$29.0M-$27.0M
Effect of exchange rate changes on cash-$19.0M$3.0M$16.0M-$4.0M$1.0M-$3.0M
Change in Cash Classified within Assets Held for Sale$0.0$81.0M-$29.0M$33.0M—$9.0M
Net increase (decrease) in cash$158.0M-$354.0M$98.0M$213.0M-$62.0M-$142.0M
Accrued payables for capital expenditures$51.0M$18.0M$4.0M$28.0M$3.0M$28.0M
Increase (decrease) in cash, cash equivalents, and restricted cash$158.0M-$435.0M$127.0M$180.0M-$43.0M-$151.0M
Less: Net increase (decrease) in cash classified within assets held for sale$0.0$81.0M-$29.0M$33.0M—$9.0M
Net Cash Provided By Used In Discontinued Operations$0.0-$26.0M-$59.0M$33.0M-$29.0M-$27.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$404.0M$54.0M$411.0M$531.0M$453.0M$169.0M