Restaurant Brands International Limited Partnership

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

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 20, 2026

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Contents

Consolidated Statements of Operations

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

	2025	2024	2023
Revenues:
Supply chain sales	$2,909	$2,708	$2,679
Company restaurant sales	2,348	1,592	271
Franchise and property revenues	2,960	2,919	2,903
Advertising revenues and other services	1,217	1,187	1,169
Total revenues	9,434	8,406	7,022
Operating costs and expenses:
Supply chain cost of sales	2,363	2,180	2,193
Company restaurant expenses	1,968	1,328	242
Franchise and property expenses	552	544	512
Advertising expenses and other services	1,358	1,330	1,273
General and administrative expenses	741	733	704
(Income) loss from equity method investments	(11)	(69)	(8)
Other operating expenses (income), net	261	(59)	55
Total operating costs and expenses	7,232	5,987	4,971
Income from operations	2,202	2,419	2,051
Interest expense, net	516	577	582
Loss on early extinguishment of debt	2	33	16
Income from continuing operations before income taxes	1,684	1,809	1,453
Income tax expense (benefit) from continuing operations	483	364	(265)
Net income from continuing operations	1,201	1,445	1,718
Net loss from discontinued operations (net of tax of $0)	126	—	—
Net income	1,075	1,445	1,718
Net income attributable to noncontrolling interests	1	3	3
Net income attributable to common unitholders	$1,074	$1,442	$1,715
Earnings per Class A common unit - basic and diluted (Note 3)
Net income from continuing operations	$4.13	$5.00	$5.89
Net loss from discontinued operations	$(0.44)	$—	$—
Net income	$3.69	$5.00	$5.89
Earnings per Partnership exchangeable unit - basic and diluted (Note 3)
Net income from continuing operations	$2.64	$3.21	$3.78
Net loss from discontinued operations	$(0.27)	$—	$—
Net income	$2.38	$3.21	$3.78
Weighted average units outstanding - basic and diluted (in millions) (Note 3):
Class A common units	210	204	202
Partnership exchangeable units	126	131	139

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.