What does FHS — adjusted operating income (loss) mean?

A non-GAAP measure of the Firehouse Subs segment's profitability, excluding certain non-recurring or non-cash items. It provides a clearer view of the segment's core operational performance.

Restaurant Brands International QSR FHS — Adjusted Operating Income (Loss)

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Other financials

Income statement

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Revenue$2.3B+7.3%

Gross profit$1.1B+8.9%

Operating income$606.0M+39.3%

Net income$445.0M+101%

EPS (diluted)$0.97+98.0%

Balance sheet

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Cash & equivalents$1.0B+12.6%

Total debt$15.6B-1.5%

Total equity$3.7B+20.1%

Total assets$24.9B0.0%

Cash flow

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Operating cash flow$227.0M+92.4%

CapEx$58.0M-9.4%

Free cash flow$169.0M+213%

Valuation

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Market cap$25.79B+18.4%

Enterprise value$40.43B+10.1%

P/E19.9×+1.7×

P/S2.7×+0.3×

Profitability

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Gross margin65.3%+0.9pp

Operating margin24.7%-1.6pp

Net margin13.5%-1.7pp

FCF margin16.3%+2.2pp

Returns & leverage

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Return on equity37.9%-6.1pp

Debt / equity4.2×-0.9×

Current ratio1×0.0×

Where this comes from

Reported directly by Restaurant Brands International in its filing.

Tagged under the XBRL concept qsr:EarningsBeforeInterestTaxDepreciationAndAmortization.

The official record: Restaurant Brands International’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Restaurant Brands International's FHS — adjusted operating income (loss)?: Restaurant Brands International (QSR) reported FHS — adjusted operating income (loss) of $14M in Q1 2026.
What does FHS — adjusted operating income (loss) mean?: A non-GAAP measure of the Firehouse Subs segment's profitability, excluding certain non-recurring or non-cash items. It provides a clearer view of the segment's core operational performance.