Fundamentals Hub
▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
Restaurant Brands International Limited Partnership generated $9.43B of revenue in fiscal 2025, with net income of $1.07B and an operating cash inflow of $1.71B. The $9.43B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 12.2% above fiscal 2024 revenue of $8.41B, marking a year-over-year increase. Total assets stood at $25.61B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.37x, relating the company’s annual revenue directly to the total assets reported at the period end.Profitability
The reported operating result was $2.20B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 23.3%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $1.07B for the fiscal year. Net margin was 11.4%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $1.68B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 17.9%, relating income before taxes directly to revenue. The company recognized $483.00M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 28.7%, without assuming a statutory-rate comparison. Net income equaled 20.8% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 4.2% of period-end assets, placing the company’s bottom-line result against the total resource base employed.Liquidity and Capital Structure
At period end, the $25.61B asset base was financed through $20.46B of liabilities and $5.16B of equity. The near-term balance sheet paired $2.83B of current assets with $2.89B of current liabilities at the reporting date. Current assets covered only 0.98x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $1.16B, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 40.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $13.28B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 2.57x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 51.9%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 79.9%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 4.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $24.63B in fiscal 2024, the current asset base moved 4.0% and finished higher. Against $4.84B of equity in fiscal 2024, the current book-equity balance moved 6.5% and ended higher.Cash Flow and Earnings Quality
The company reported $1.71B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.6x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $265.00M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 15.5% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $1.45B of positive free cash flow for the period. Relative to revenue, free cash flow equaled 15.4%, showing how much sales converted into cash after investment. Free cash flow equaled 5.7% of total assets, relating post-investment cash generation to the company’s resource base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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