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Restaurant Brands International QSR Royalties — Revenue from Contract with Customer, Excluding Assessed Tax

Other product segments

Advertising revenues and other services
$297M+7.2%
Franchise fees and other revenue
$36M+9.1%
Supply chain sales
$4M—

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WENFranchise royalty revenue — Revenue from Contract with Customer, Excluding Assessed Tax
$116.19M-4.5%
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NATHFranchise Royalties — Revenue
$852K+3.5%
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$361K+4.6%
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NATHFranchise Fees And Royalties — Revenue
$945K+3.8%
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WENFranchise royalty revenue and fees — Revenue from Contract with Customer, Excluding Assessed Tax
$147.9M+1.9%

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+20.2%
Enterprise value$40.43B+11.2%
P/E19.9×+2.0×
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 us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

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 royalties — revenue from contract with customer, excluding assessed tax?
Restaurant Brands International (QSR) reported royalties — revenue from contract with customer, excluding assessed tax of $488M in Q1 2026.
How has Restaurant Brands International's royalties — revenue from contract with customer, excluding assessed tax changed year-over-year?
Restaurant Brands International's royalties — revenue from contract with customer, excluding assessed tax increased by 9.7% year-over-year, from $445M to $488M.
What is the long-term trend for Restaurant Brands International's royalties — revenue from contract with customer, excluding assessed tax?
Over 4 years (2021 to 2025), Restaurant Brands International's royalties — revenue from contract with customer, excluding assessed tax has grown at a 6.1% compound annual growth rate (CAGR), from $1.56B to $1.98B.
What does royalties — revenue from contract with customer, excluding assessed tax mean?
This metric represents the gross revenue generated from franchise agreements, primarily consisting of royalty fees paid by franchisees to the parent company based on a percentage of their gross sales. It excludes any assessed taxes collected from customers, focusing strictly on the contractual income derived from the brand licensing and operational support provided to the franchised restaurant network. This serves as a primary indicator of the underlying health and growth of the franchised store base.