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

This is a non-GAAP measure of the segment's profitability, excluding certain non-recurring or non-cash items to reflect core operational performance. It is the primary metric used by management to evaluate the segment's ability to generate profit from its business activities.

Restaurant Brands International QSR TH — 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 TH — adjusted operating income (loss)?: Restaurant Brands International (QSR) reported TH — adjusted operating income (loss) of $229M in Q1 2026.
What does TH — adjusted operating income (loss) mean?: This is a non-GAAP measure of the segment's profitability, excluding certain non-recurring or non-cash items to reflect core operational performance. It is the primary metric used by management to evaluate the segment's ability to generate profit from its business activities.