# Restaurant Brands International Inc. (QSR)

> Source: Nexqual · https://nexqual.com/QSR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Restaurant Brands International Inc. (QSR), nexqual.com/QSR" · informational, not investment advice.

**Price:** USD 76.41 (+3.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 74.15 · day 74.87–76.48 · 52w 64.52–81.96 · market cap $35.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.70B, net income $1.70B (17.5% margin), free cash flow $1.63B (SEC filings).
- Valuation: P/E 20.6x (avg 23.4x at the last 3 fiscal year-ends), EV/EBITDA 16.2x, net debt $12.2B.
- 3 of 80 tracked superinvestors hold QSR (13F, Q2 2026): 1 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $9.8M; 2 not under a Rule 10b5-1 plan ($9.8M); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.32 on a 1–5 scale) (28 analysts), mean target USD 85.92 (range 78–104).
- Total return with dividends: 1Y +17.4% vs S&P 500 +14.9%; 5Y +46.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.09, revenue estimate $2.54B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.74B | $6.50B | $7.02B | $8.41B | $9.43B | $9.70B |
| Gross profit | $3.85B | $4.19B | $4.59B | — | — | — |
| Operating income | $1.88B | $1.90B | $2.05B | $2.42B | $2.20B | $2.61B |
| Net income | $1.25B | $1.48B | $1.72B | $1.45B | $1.07B | $1.70B |
| EPS (diluted) | $2.69 | $3.25 | $3.76 | $3.18 | $2.35 | — |
| Free cash flow | $1.62B | $1.39B | $1.20B | $1.30B | $1.45B | $1.63B |
| Gross margin | 67.1% | 64.5% | 65.3% | — | — | — |
| Operating margin | 32.7% | 29.2% | 29.2% | 28.8% | 23.3% | 26.9% |
| Net margin | 21.8% | 22.8% | 24.5% | 17.2% | 11.4% | 17.5% |
| Revenue growth | +15.5% | +13.3% | +7.9% | +19.7% | +12.2% | — |
| Cash + short-term investments | $1.09B | $1.18B | $1.14B | $1.33B | $1.16B | — |
| Total debt | $13.0B | $12.9B | $12.9B | $13.6B | $13.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.6x · P/S 3.6x · EV/EBITDA 16.2x · EV/Sales 4.9x · P/FCF 21.4x · P/B 9.1x · FCF yield 4.66% · Earnings yield 4.86% · Dividend yield (paid, TTM) 3.27% · Net debt $12.2B · EV $47.2B
P/E at fiscal year-ends: Dec 2025 29.0x, Dec 2024 20.5x, Dec 2023 20.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold QSR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Ackman | Pershing Square | 9.62% | $1.87B | New position |
| Seth Klarman | Baupost Group | 9.04% | $490M | Reduced -16.4% |
| Christopher Davis | Davis Advisors | 0.87% | $203M | Reduced -22.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Schwan Axel | Pres., Tim Hortons US & Canada | 57,574 | $4.7M | 21.5% | No | Routine (sold in Jan & Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-21 | Curtis Thomas Benjamin | Pres., BK US & CA | 64,000 | $5.2M | 62.6% | No | Routine (sold in Jan & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.32 on a 1–5 scale), 28 analysts; mean target USD 85.92 (low 78, high 104).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Citigroup | Target lowered | Neutral | $80 → $79 |
| 2026-10-20 | Mizuho | Initiated | Outperform | $85 |
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $79 → $82 |
| 2026-10-07 | TD Cowen | Target lowered | Hold | $80 → $78 |
| 2026-09-29 | JP Morgan | Target lowered | Overweight | $82 → $78 |
| 2026-09-25 | Argus Research | Downgrade | Buy → Hold |  |
| 2026-09-18 | Guggenheim | Target raised | Buy | $85 → $86 |
| 2026-09-16 | Seaport Global | Initiated | Buy | $88 |
| 2026-09-01 | Citigroup | Target raised | Neutral | $78 → $80 |
| 2026-08-08 | Scotiabank | Target lowered | Sector Perform | $83 → $81 |
| 2026-08-07 | Piper Sandler | Target lowered | Overweight | $85 → $81 |
| 2026-08-07 | Evercore ISI Group | Target raised | Outperform | $86 → $88 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.4% | +46.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.5% | +8.0% |
| Volatility (annualized) | 24.1% | 22.0% |
| Max drawdown | -14.1% (Aug 2026→Oct 2026) | -21.9% (Mar 2024→Jan 2025) |

## Peers (Restaurants)
CMG (Chipotle Mexican Grill, Inc.) USD 28.14 +0.07% · YUM (Yum! Brands, Inc.) USD 154.45 +2.12% · DRI (Darden Restaurants, Inc.) USD 217.56 +1.42% · YUMC (Yum China Holdings, Inc.) USD 44.76 +0.67% · TXRH (Texas Roadhouse, Inc.) USD 172.78 +2.96% · SBUX (Starbucks Corporation) USD 101.91 +2.86%

## More
Full page: https://nexqual.com/QSR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QSR's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1618756/000161875626000017/qsr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Canada | "Our fondant and fills manufacturing facility is the primary supplier of the ready-to-use glaze, fondants, fills, and syrups, which are used in baked goods, beverages, and other Tim Hortons products in Canada and the U.S." |
| Partner | CPE Alder Investment | "On January 30, 2026, we closed our previously announced joint venture with CPE Alder Investment Limited, a fund managed by CPE ("CPE"), with respect to the operations of Burger King China (such joint venture, the "Burger…" |
| Partner | Carrols Restaurant Group | "Similarly, while we expect over time to find new franchisees for the former Carrols restaurants and partners for PLK China and FHS Brazil, we may be unable to source and onboard experienced local partners in the expected…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| TH | $1.14B | 45.1% | +5.0% |
| RH | $506.0M | 20.1% | +7.9% |
| BK | $342.0M | 13.6% | +1.2% |
| INTL | $274.0M | 10.9% | +9.6% |
| PLK | $199.0M | 7.9% | -5.2% |
| FHS | $62.0M | 2.5% | +5.1% |
| Total revenue | $2.52B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Franchise and property revenues | $793.0M | 31.5% | +4.3% |
| Royalty | $90.0M | 3.6% | +1.1% |
| Advertising revenues and other services | $76.0M | 3.0% | -2.6% |
| Franchisor | $8.0M | 0.3% | +14.3% |
| Total revenue | $2.52B | 100% | — |
The lines above cover 38.4% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.20B | 47.5% | +2.7% |
| CANADA | $1.04B | 41.2% | +4.5% |
| Other | $286.0M | 11.3% | +13.0% |
| Total revenue | $2.52B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.09 | $1.09 | -0.2% | $2.54B | 23 |
| Next quarter (ends 2026-12-31) | $1.05 | $1.06 | -0.8% | $2.53B | 23 |
| Current fiscal year (ends 2026-12-31) | $4.07 | $4.05 | +0.3% | $9.86B | 26 |
| Next fiscal year (ends 2027-12-31) | $4.43 | $4.41 | +0.3% | $9.89B | 26 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±6.4%; last 8 reports averaged ±2.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.8% | ±6.4% |
| 2026-12-18 | 56 | 25.1% | ±8.0% |
| 2027-01-15 | 84 | 24.7% | ±9.7% |
| 2027-04-16 | 175 | 24.7% | ±13.7% |
| 2027-06-17 | 237 | 25.8% | ±16.6% |