Restaurant Brands International Limited Partnership

For the period ended Dec 31, 2025. Filed Feb 20, 2026.

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FY2025 · Filed Feb 20, 2026

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Contents

Consolidated Balance Sheets

(In millions of U.S. dollars, except unit data)

	As of December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$1,163	$1,334
Accounts and notes receivable, net of allowance of $54 and $57, respectively	794	698
Inventories, net	205	142
Prepaids and other current assets	179	108
Assets held for sale - discontinued operations	489	—
Total current assets	2,830	2,282
Property and equipment, net of accumulated depreciation and amortization of $1,245 and $1,087, respectively	2,303	2,236
Operating lease assets, net	1,961	1,852
Intangible assets, net	11,190	10,922
Goodwill	6,306	5,986
Other assets, net	1,025	1,354
Total assets	$25,615	$24,632
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable	$866	$765
Other accrued liabilities	1,271	1,141
Gift card liability	249	236
Current portion of long-term debt and finance leases	68	222
Liabilities held for sale - discontinued operations	437	—
Total current liabilities	2,891	2,364
Long-term debt, net of current portion	13,250	13,455
Finance leases, net of current portion	261	286
Operating lease liabilities, net of current portion	1,900	1,770
Other liabilities, net	1,034	706
Deferred income taxes, net	1,120	1,208
Total liabilities	20,456	19,789
Commitments and contingencies (Note 19)
Partners’ capital:
Class A common units - 226,247,286 units issued and outstanding at December 31, 2025; 208,565,254 units issued and outstanding at December 31, 2024	12,006	10,607
Partnership exchangeable units - 109,356,545 units issued and outstanding at December 31, 2025; 127,038,577 units issued and outstanding at December 31, 2024	(5,515)	(4,241)
Accumulated other comprehensive income (loss)	(1,334)	(1,525)
Total Partners’ capital	5,157	4,841
Noncontrolling interests	2	2
Total equity	5,159	4,843
Total liabilities and equity	$25,615	$24,632

Approved on behalf of the Board of Directors of Restaurant Brands International Inc., as general partner of Restaurant Brands International Limited Partnership:

By:	/s/ J. Patrick Doyle	By:	/s/ Ali Hedayat
	J. Patrick Doyle, Executive Chairman of Restaurant Brands International Inc.		Ali Hedayat, Director of Restaurant Brands International Inc.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.