Operating

Restaurant Brands International·Cash Flow Statement·23 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Net income	$399M	$357M	$361M	$221M	$263M	$436M	$155M	$445M
Net cash from operating activities	$334M	$540M	$481M	$118M	$449M	$592M	$555M	$227M
Other accrued liabilities and gift card liability	-$35M	—	—	-$187M	—	—	—	-$176M
Depreciation and amortization	$59M	$78M	$77M	$71M	$77M	$76M	$76M	$78M
Deferred income taxes	—	-$26M	—	$15M	$0	-$27M	$116M	-$49M
Change in accounts payable	-$24M	—	—	-$51M	$45M	$64M	$31M	-$42M
Gain (Loss) on Derivative Instruments, Net, Pretax	$50M	$49M	$51M	$51M	$51M	$49M	$47M	$41M
Stock-based compensation	$41M	$37M	$48M	$48M	$33M	$32M	$38M	$35M
Change in receivables	-$15M	-$48M	—	-$15M	$87M	$0	$23M	-$30M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax	$6M	-$44M	$86M	-$75M	-$132M	-$1M	-$1M	$30M
Increase (Decrease) in Accounts and Notes Receivable	-$15M	-$48M	—	-$15M	$87M	$0	$23M	-$30M
Other working capital changes	—	—	-$15M	-$11M	-$20M	-$13M	-$5M	$11M
Other Noncash Income (Expense)	—	—	-$15M	-$11M	-$20M	-$13M	-$5M	$11M
Tenant Inducements Paid to Franchisees	$6M	$12M	—	$6M	$8M	$12M	—	$8M
Amortization of debt issuance costs	$6M	$7M	$6M	$6M	$7M	$6M	$6M	$6M
Non-cash interest expense	$6M	$7M	$6M	$6M	$7M	$6M	$6M	$6M
Change in other assets	-$7M	—	-$29M	$39M	—	$46M	—	$5M
Increase (Decrease) in Prepaid Expense and Other Assets	-$7M	—	-$29M	$39M	—	$46M	—	$5M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net	$15M	$0	$13M	$7M	$12M	$4M	-$29M	$3M
Net gains (losses) on investments	$69M	-$3M	$0	$5M	$5M	$2M	$0	$2M
Equity in earnings (losses) of equity method investees	$69M	-$3M	$0	$5M	$5M	$2M	$0	$2M
Net income from discontinued operations	$0	$0	$0	-$2M	-$1M	-$4M	-$119M	$0
Tenant Inducements Paid to Franchisees	$9.5M	$9.5M	$9.5M	$11M	$11M	$11M	$11M	—

Metrics

Operating

Breakdown

Metrics

Amortization of debt issuance costs

Change in accounts payable

Change in other assets

Other working capital changes

Change in receivables

Deferred income taxes

Depreciation and amortization

Net gains (losses) on investments

Net cash from operating activities

Net income

Non-cash interest expense

Unrealized Gain (Loss), Foreign Currency Transaction, before Tax

Gain (Loss) on Derivative Instruments, Net, Pretax

Net income from discontinued operations

Equity in earnings (losses) of equity method investees

Increase (Decrease) in Accounts and Notes Receivable

Other accrued liabilities and gift card liability

Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net

Increase (Decrease) in Prepaid Expense and Other Assets

Other Noncash Income (Expense)

Tenant Inducements Paid to Franchisees

Tenant Inducements Paid to Franchisees

Stock-based compensation