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Restaurant Brands International logo

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)$307.0MNet Change In Cash (TTM)-$69.0M
Latest FilingQ1 2026
Report Date2026-05-06
ROE37.88%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$2M$151M$1M——$0
Capital expenditures$77M$64M$38M$61M$102M$58M
Payment for (Proceeds from) Other Investing Activity$2M$0$0-$18M$33M$12M
Proceeds From Derivative Instrument Investing Activities$20M$21M$19M$18M$18M$16M
Proceeds from disposition of property, plant and equipment/other$17M$10M$2M$14M$12M$21M
Net cash from investing activities-$44M-$184M-$18M-$11M-$105M-$33M
Other investing activities$2M$0$0-$18M$33M$12M
Proceeds from sale of businesses$17M$10M$2M$14M$12M$21M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs$6M$6M$7M$6M$6M$6M
Change in accounts payable—-$51M$45M$64M$31M-$42M
Change in other assets-$29M$39M—$46M—$5M
Other working capital changes-$15M-$11M-$20M-$13M-$5M$11M
Change in receivables—-$15M$87M$0$23M-$30M
Deferred income taxes—$15M$0-$27M$116M-$49M
Depreciation and amortization$77M$71M$77M$76M$76M$78M
Net gains (losses) on investments$0$5M$5M$2M$0$2M
Net cash from operating activities$481M$118M$449M$592M$555M$227M
Net income$361M$221M$263M$436M$155M$445M
Non-cash interest expense$6M$6M$7M$6M$6M$6M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax$86M-$75M-$132M-$1M-$1M$30M
Gain (Loss) on Derivative Instruments, Net, Pretax$51M$51M$51M$49M$47M$41M
Net income from discontinued operations$0-$2M-$1M-$4M-$119M$0
Equity in earnings (losses) of equity method investees$0$5M$5M$2M$0$2M
Increase (Decrease) in Accounts and Notes Receivable—-$15M$87M$0$23M-$30M
Other accrued liabilities and gift card liability—-$187M———-$176M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net$13M$7M$12M$4M-$29M$3M
Increase (Decrease) in Prepaid Expense and Other Assets-$29M$39M—$46M—$5M
Other Noncash Income (Expense)-$15M-$11M-$20M-$13M-$5M$11M
Tenant Inducements Paid to Franchisees$9.5M$11M$11M$11M$11M—
Tenant Inducements Paid to Franchisees—$6M$8M$12M—$8M
Stock-based compensation$48M$48M$33M$32M$38M$35M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net cash from discontinued operations$0-$26M-$59M—-$29M-$27M
Effect of exchange rate changes on cash-$19M$3M$16M—$1M-$3M
Net increase (decrease) in cash$158M-$354M——-$62M-$142M
Accrued payables for capital expenditures$51M$18M$4M$28M$3M$28M
Increase (decrease) in cash, cash equivalents, and restricted cash$158M-$435M——-$43M-$151M
Less: Net increase (decrease) in cash classified within assets held for sale$0$81M—$33M—$9M
Net Cash Provided By Used In Discontinued Operations$0-$26M-$59M—-$29M-$27M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$26M$33M$33M$132M$229M$28M
Dividends paid$262M$262M$282M$282M$282M$283M
Proceeds From Derivative Instrument Financing Activities$24M$17M$17M$18M$15M$10M
Other, net—$0$1M-$1M-$1M-$1M
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security$26M$33M$33M$132M$229M$28M
Net cash from financing activities-$260M-$265M-$290M-$397M-$484M-$306M
Other financing activities—$0$1M-$1M-$1M-$1M
Proceeds from issuance of common stock-$71M$13M$7M$0$13M$28M
Repurchases of common stock$0$0———$32M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$404M$54M$411M$531M$453M$169M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$31M$190M$95M$84M$81M$137M
Interest paid$216M$153M$207M$154M$200M$137M