Restaurant Brands International QSR

NYSE · Retail-Eating Places · $35.8B

$78.55+0.22%Nov 5 close · Databento

Every report since 2023 →

🔒 Click to interact · scroll moves the page

QSR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $78.551D +0.22%3M +7.81%SMA20 $74.22SMA50 $74.26RSI(14) 65.4

78.55

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 65.4

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$35.8B

EV / True FCF37.0x

Revenue$9.4B +12.2%

True FCF (ex-SBC)$1.3B +11.3%

Rule of 4027.6%

ROIC9.1%

True FCF Yield3.6%

EPS, diluted$2.35 −26.1%

Modern Valuation (EOD)

Market Cap$35.8B

Enterprise Value$48.0B

EV / True FCF36.96

EV / FCF33.11

EV / Gross Profit—

EV / EBIT21.79

EV / Sales5.08

P / E (GAAP)33.32

P / FCF24.72

P / Oper. CF20.90

P / Book6.94

Owner & Cash Yields

True FCF Yield3.6%

FCF Yield4.0%

Owner Earn. Yield2.7%

Earnings Yield3.0%

Shareholder Yield+2.7%

Buyback Yield0.0%

Dividend Yield3.16%

Dividend / sh$2.48

Payout Ratio103%

FCF / sh$4.58

EPS (diluted)$2.35

Compounder & Returns

Rule of 4027.6%

ROIC9.1%

Cash ROIC (CROIC)8.4%

GP / Assets—

ROE20.8%

ROA4.2%

Gross Margin—

Oper. Margin23.3%

Net Margin11.4%

FCF Margin15.4%

True FCF Margin13.8%

Quality & Dilution

Cash Conversion135%

Accrual Ratio−2.5%

SBC % of FCF10.4%

SBC % of Rev1.6%

Reinvest. Rate16%

Sales Growth Y/Y+12.2%

Sales 3Y CAGR+13.2%

EPS Growth Y/Y−26.1%

FCF Growth Y/Y+11.3%

FCF 3Y CAGR+1.4%

Share Change Y/Y+0.7%

Balance Sheet & Scale

Revenue (FY)$9.4B

Gross Profit (FY)—

Oper. Income (FY)$2.2B

GAAP Net Income$1.1B

True FCF (ex-SBC)$1.3B

Cash & Equiv$1.2B

Total Debt$13.3B

Net Cash (Debt)$-12.2B

Net Cash % MCap−33.9%

Debt / FCF (yrs)9.2y

Current Ratio0.98316.38M sh

Price & Technicals (EOD)

Perf Week+7.59%

Perf Month+13.14%

Perf Quarter+6.31%

Perf Half Y−0.75%

Perf YTD−0.46%

SMA 20 Dist+5.84%$74.22

SMA 50 Dist+5.78%$74.26

SMA 100 Dist+5.34%$74.57

Window High−3.82%$81.67

Window Low+13.14%$69.43

RSI (14) · Vol65.429%v

Income Distribution & Cash Flow ConversionHow every dollar of QSR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$2.4B ($25.8 / $100)

SG&A & Other OpEx$4.8B ($50.8 / $100)

Tax & Non-Operating$1.1B ($11.9 / $100)

Net Profit Kept$1.1B ($11.4 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$1.1B (11.4% margin)

Operating Cash Flow (OCF)$1.7B(18.2% of rev)

Less: Capital Expenditures−$265.0M(2.8% of rev)

Standard Free Cash Flow (FCF)$1.4B(15.4% margin)

Less: Stock-Based Comp (SBC)−$151.0M(10.4% of FCF)

True FCF (Owner Cash ex-SBC)$1.3B(13.8% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$5.7B	$6.5B	$7.0B	$8.4B	$9.4B	+12.2%	+13.2%
Cost of Revenue (COGS)	$1.9B	$2.3B	$2.4B	—	$2.4B	—	+6.5%
Selling, General & Admin (SG&A)	—	—	—	—	$1.3B	—	—
Operating Income (EBIT)	$1.9B	$1.9B	$2.1B	$2.4B	$2.2B	−9.0%	+4.0%
Income Tax Expense	$110.0M	$-117.0M	$-265.0M	$364.0M	$483.0M	+32.7%	+44.8%
GAAP Net Income	$1.3B	$1.5B	$1.7B	$1.4B	$1.1B	−25.6%	−3.8%
Diluted EPS	$2.69	$3.25	$3.76	$3.18	$2.35	−26.1%	−3.3%
Diluted Shares	464.0M	455.0M	456.0M	454.0M	457.0M	+0.7%	−0.4%
Balance Sheet
Cash & Equivalents	$1.1B	$1.2B	$1.1B	$1.3B	$1.2B	−12.8%	+1.7%
Inventory	$96.0M	$133.0M	$166.0M	$142.0M	$205.0M	+44.4%	+20.9%
Total Current Assets	$1.8B	$2.0B	$2.2B	$2.3B	$2.8B	+24.0%	+11.7%
Total Assets	$23.2B	$22.7B	$23.4B	$24.6B	$25.6B	+4.0%	+2.5%
Total Current Liabilities	$1.9B	$2.1B	$2.1B	$2.4B	$2.9B	+22.3%	+11.4%
Total Debt (Short + Long Term)	$13.0B	$13.0B	$13.0B	$13.8B	$13.3B	−3.7%	+0.5%
Total Liabilities	$19.4B	$18.5B	$18.7B	$19.8B	$20.5B	+3.4%	+1.3%
Stockholders' Equity	$3.9B	$4.3B	$4.7B	$4.8B	$5.2B	+6.5%	+7.6%
Net Cash / (Net Debt)	$-12.0B	$-11.9B	$-11.8B	$-12.5B	$-12.2B	+2.8%	—
Invested Capital	$15.8B	$16.1B	$16.6B	$17.3B	$17.3B	−0.2%	+2.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.7B	$1.5B	$1.3B	$1.5B	$1.7B	+14.0%	−0.2%
Depreciation & Amortization (D&A)	$201.0M	$190.0M	$191.0M	$264.0M	$301.0M	+14.0%	+10.6%
Stock-Based Compensation (SBC)	$102.0M	$136.0M	$194.0M	$172.0M	$151.0M	−12.2%	+10.3%
Capital Expenditures (CapEx)	$106.0M	$100.0M	$120.0M	$201.0M	$265.0M	+31.8%	+25.7%
Free Cash Flow (FCF)	$1.6B	$1.4B	$1.2B	$1.3B	$1.4B	+11.3%	−2.8%
True FCF (ex-SBC Owner Cash)	$1.5B	$1.3B	$1.0B	$1.1B	$1.3B	+14.9%	−3.8%
Share Repurchases (Buybacks)	$551.0M	$326.0M	$500.0M	$0	$0	—	—
Dividends Paid	$974.0M	$971.0M	$990.0M	$1.0B	$1.1B	+7.7%	+3.3%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what QSR did at the next close after each story

No Wire story has named QSR yet.

What happened · big days

20 big days in a year, and what we hold on each

A big day is a close more than 2.68% from the one before, three times QSR’s median day (0.89%). On 9 of the 20, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.68%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayQSRWhat we hold that dayGroup (median of 4) · each

1 Nov 21, 2025+3.71%
Before our storiesgroup +2.9%, moved with QSR
1Nov 21, 2025+3.71%
Before our stories
+2.9% moved with QSRCMG +4.2 · DRI +3.3 · YUM +2.5 · MCD +1.7
2 Nov 25, 2025+2.99%
Before our storiesgroup +2.7%, moved with QSR
2Nov 25, 2025+2.99%
Before our stories
+2.7% moved with QSRCMG +7.1 · DRI +3.4 · YUM +1.9 · MCD +1.8
3 Feb 4, 2026+3.81%
Before our storiesgroup +1.6%, did not move with it
3Feb 4, 2026+3.81%
Before our stories
+1.6% did not move with itDRI +3.3 · CMG +1.9 · MCD +1.3 · YUM +0.5
4 Feb 12, 2026−6.15%
Resultsgroup +1.3%, did not move with it
4Feb 12, 2026−6.15%
ResultsFirst close after the Feb 12 results filing
+1.3% did not move with itCMG −3.7 · DRI +0.0 · YUM +2.6 · MCD +2.7
5 Feb 17, 2026+3.01%
Before our storiesgroup +1.9%, moved with QSR
5Feb 17, 2026+3.01%
Before our stories
+1.9% moved with QSRCMG +4.3 · DRI +3.4 · YUM +0.4 · MCD +0.0
6 Feb 26, 2026+3.36%
Before our storiesgroup +0.9%, did not move with it
6Feb 26, 2026+3.36%
Before our stories
+0.9% did not move with itCMG +1.5 · DRI +1.3 · MCD +0.5 · YUM +0.3
7 Mar 5, 2026+2.76%
Before our storiesgroup +0.4%, did not move with it
7Mar 5, 2026+2.76%
Before our stories
+0.4% did not move with itDRI +1.4 · CMG +0.9 · YUM −0.2 · MCD −1.3
8 Mar 30, 2026+3.28%
Before our storiesgroup +0.9%, did not move with it
8Mar 30, 2026+3.28%
Before our stories
+0.9% did not move with itDRI +1.3 · CMG +1.0 · MCD +0.9 · YUM +0.4
9 Apr 23, 2026+2.82%
Before our storiesgroup +0.9%, did not move with it
9Apr 23, 2026+2.82%
Before our stories
+0.9% did not move with itDRI +1.3 · YUM +1.1 · MCD +0.8 · CMG −3.5
10 May 6, 2026−5.47%
Resultsgroup +1.0%, did not move with it
10May 6, 2026−5.47%
ResultsFirst close after the May 6 results filing
+1.0% did not move with itMCD −0.4 · DRI +0.6 · CMG +1.3 · YUM +1.4
11 Jun 17, 2026−2.78%
Nothing on QSRgroup −1.9%, moved with QSR
11Jun 17, 2026−2.78%
Nothing on QSRNo QSR story, brief or results filing in our record that day
−1.9% moved with QSRCMG −2.3 · YUM −2.3 · MCD −1.4 · DRI +1.1
12 Jul 2, 2026+4.66%
Nothing on QSRgroup +1.6%, did not move with it
12Jul 2, 2026+4.66%
Nothing on QSRNo QSR story, brief or results filing in our record that day
+1.6% did not move with itMCD +4.2 · YUM +1.9 · DRI +1.2 · CMG +1.1
13 Jul 16, 2026+4.00%
Nothing on QSRgroup +1.2%, did not move with it
13Jul 16, 2026+4.00%
Nothing on QSRNo QSR story, brief or results filing in our record that day
+1.2% did not move with itMCD +3.2 · DRI +2.6 · YUM −0.3 · CMG −1.2
14 Jul 17, 2026−2.77%
Nothing on QSRgroup −1.7%, moved with QSR
14Jul 17, 2026−2.77%
Nothing on QSRNo QSR story, brief or results filing in our record that day
−1.7% moved with QSRYUM −2.8 · MCD −2.1 · DRI −1.3 · CMG +0.7
15 Aug 20, 2026+3.18%
Nothing on QSRgroup +1.2%, did not move with it
15Aug 20, 2026+3.18%
Nothing on QSRNo QSR story, brief or results filing in our record that day
+1.2% did not move with itYUM +4.4 · CMG +1.8 · MCD +0.6 · DRI −1.8
16 Aug 26, 2026−2.82%
Nothing on QSRgroup −0.6%, did not move with it
16Aug 26, 2026−2.82%
Nothing on QSRNo QSR story, brief or results filing in our record that day
−0.6% did not move with itYUM −1.2 · DRI −0.7 · MCD −0.4 · CMG −0.2
17 Sep 15, 2026−4.31%
Nothing on QSRgroup −4.1%, moved with QSR
17Sep 15, 2026−4.31%
Nothing on QSRNo QSR story, brief or results filing in our record that day
−4.1% moved with QSRCMG −5.9 · DRI −4.3 · YUM −3.8 · MCD −1.8
18 Oct 22, 2026+3.05%
Nothing on QSRgroup +1.8%, moved with QSR
18Oct 22, 2026+3.05%
Nothing on QSRNo QSR story, brief or results filing in our record that day
+1.8% moved with QSRMCD +2.6 · YUM +2.1 · DRI +1.4 · CMG +0.1
19 Nov 2, 2026+3.08%
Nothing on QSRgroup +2.2%, moved with QSR
19Nov 2, 2026+3.08%
Nothing on QSRNo QSR story, brief or results filing in our record that day
+2.2% moved with QSRCMG +3.2 · MCD +2.9 · YUM +1.4 · DRI +1.2
20 Nov 4, 2026+5.48%
Nothing on QSRgroup +5.9%, moved with QSR
20Nov 4, 2026+5.48%
Nothing on QSRNo QSR story, brief or results filing in our record that day
+5.9% moved with QSRMCD +6.5 · YUM +5.9 · CMG +5.8 · DRI +5.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of MCD, YUM, CMG and DRI that day, the largest companies in QSR’s SEC industry; “moved with QSR” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). QSR reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 30, 2025

day 1+1.50%day 6+3.24%

Reported Feb 12, 2026

day 1−6.15%day 6−2.66%

Reported May 6, 2026

day 1−5.47%day 6−6.40%

Reported Aug 6, 2026

day 1−2.11%day 6+2.82%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +5.18%. Four reports is a small sample.

Every report since 2023 →

Each line is QSR’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

QSR against four restaurant peers, a year at 100

QSR is up 15.7% in a year. Darden Restaurants is up 29.5%. Of these four, Chipotle Mexican Grill (+15.1%), YUM Brands (+11.5%) and McDonald’s (−6.5%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

QSR +15.7%. Darden Restaurants +29.5%, Chipotle Mexican Grill +15.1%, YUM Brands +11.5%, McDonald’s −6.5%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in QSR’s SEC industry (Retail-Eating Places) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

MCD	McDonald’s	$198.3B	−0.78%
YUM	YUM Brands	$45.4B	−0.13%
CMG	Chipotle Mexican Grill	$44.5B	+0.57%
DRI	Darden Restaurants	$26.3B	−0.84%
YUMC	Yum China	$17.0B	+0.18%
ARMK	Aramark	$13.8B	−3.88%
TXRH	Texas Roadhouse	$12.9B	−2.37%
EAT	Brinker International	$9.2B	−3.53%