Restaurant Brands International Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
QSR$77.63+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In millions of U.S. dollars)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $1,075 | $1,445 | $1,718 |
| Net loss from discontinued operations | 126 | — | — |
| Net income from continuing operations | 1,201 | 1,445 | 1,718 |
| Depreciation and amortization | 301 | 264 | 191 |
| Non-cash loss on early extinguishment of debt | 2 | 23 | 5 |
| Amortization of deferred financing costs and debt issuance discount | 25 | 25 | 27 |
| (Income) loss from equity method investments | (11) | (69) | (8) |
| Loss (gain) on remeasurement of foreign denominated transactions | 209 | (71) | 20 |
| Net (gains) losses on derivatives | (198) | (191) | (151) |
| Share-based compensation and non-cash incentive compensation expense | 151 | 172 | 194 |
| Deferred income taxes | 97 | (5) | (430) |
| Other non-cash adjustments, net | 49 | 19 | 26 |
| Changes in current assets and liabilities, excluding acquisitions and dispositions: | |||
| Accounts and notes receivable | (89) | 7 | (147) |
| Inventories and prepaids and other current assets | (67) | 30 | (43) |
| Accounts and drafts payable | 89 | (30) | 22 |
| Other accrued liabilities and gift card liability | (7) | (37) | 9 |
| Tenant inducements paid to franchisees | (44) | (38) | (32) |
| Changes in other long-term assets and liabilities | 6 | (41) | (78) |
| Net cash provided by operating activities from continuing operations | 1,714 | 1,503 | 1,323 |
| Cash flows from investing activities: | |||
| Payments for additions of property and equipment | (265) | (201) | (120) |
| Net proceeds from disposal of assets, restaurant closures, and refranchisings | 38 | 34 | 37 |
| Net payments for acquisition of franchised restaurants, net of cash acquired | (152) | (540) | (17) |
| Settlement/sale of derivatives, net | 76 | 74 | 112 |
| Other investing activities, net | (15) | (27) | (1) |
| Net cash (used for) provided by investing activities from continuing operations | (318) | (660) | 11 |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | — | 2,450 | 55 |
| Repayments of long-term debt and finance leases | (427) | (2,190) | (92) |
| Payment of financing costs | — | (41) | (44) |
| Payment of common share dividends and Partnership exchangeable unit distributions | (1,108) | (1,029) | (990) |
| Repurchase of common shares | — | — | (500) |
| Proceeds from stock option exercises | 33 | 78 | 60 |
| Proceeds from derivatives | 67 | 109 | 141 |
| Other financing activities, net | (1) | (2) | (4) |
| Net cash used for financing activities from continuing operations | (1,436) | (625) | (1,374) |
| Net cash used for discontinued operations | (81) | — | — |
| Effect of exchange rates on cash and cash equivalents | 16 | (23) | 1 |
| (Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations | (105) | 195 | (39) |
| Increase in cash classified as assets held for sale - discontinued operations | (66) | — | — |
| Increase (decrease) in cash and cash equivalents | (171) | 195 | (39) |
| Cash and cash equivalents at beginning of period | 1,334 | 1,139 | 1,178 |
| Cash and cash equivalents at end of period | $1,163 | $1,334 | $1,139 |
| Supplemental cash flow disclosures: | |||
| Interest paid | $714 | $785 | $761 |
| Income taxes paid, net | $450 | $293 | $290 |
| Accruals for additions of property and equipment | $53 | $51 | $— |
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