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Financial Statements — QSR

Balance Sheet

(in billions USD)

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Cash & Equivalents	0.97	1.06	1.01	1.16	1.21	1.03	0.90	1.33	1.18	0.94	1.05	1.14	1.31	1.21	1.03	1.18	0.95	0.84	0.90	1.09
Inventory	0.24	0.22	0.20	0.21	0.22	0.17	0.16	0.14	0.17	0.16	0.15	0.17	0.16	0.17	0.14	0.13	0.13	0.11	0.11	0.10
Total Current Assets	2.31	2.34	2.15	2.83	3.02	2.79	2.53	2.28	2.26	2.03	2.07	2.17	2.38	2.19	1.89	2.05	1.92	1.57	1.69	1.82
Property, Plant & Equipment	2.25	2.23	2.26	2.30	2.26	2.24	2.22	2.24	2.23	2.21	1.93	1.95	1.90	1.96	1.94	1.95	1.91	1.98	2.02	2.04
Goodwill	6.17	6.18	6.25	6.31	6.22	6.30	6.10	5.99	6.19	6.14	5.70	5.78	5.68	5.77	5.70	5.69	5.61	5.87	6.05	6.01
Intangible Assets	0.56	0.60	0.62	0.65	0.67	0.69	0.70	0.71	0.76	0.77	0.41	0.41	0.41	0.43	0.43	0.44	0.44	0.46	0.46	0.47
Total Non-current Assets*	22.95	22.68	22.73	4.34	22.65	22.90	22.35	4.17	22.82	22.82	21.07	21.22	20.69	20.94	20.63	20.70	20.63	21.19	21.49	21.43
Total Assets	25.26	25.02	24.88	25.62	25.67	25.69	24.88	24.63	25.07	24.85	23.15	23.39	23.08	23.13	22.53	22.75	22.56	22.75	23.17	23.25
Accounts Payable	0.82	0.88	0.81	0.87	0.83	0.76	0.70	0.77	0.75	0.72	0.73	0.79	0.69	0.74	0.68	0.76	0.70	0.71	0.64	0.61
Total Current Liabilities	2.42	2.31	2.18	2.89	2.85	2.75	2.63	2.36	2.21	2.62	1.92	2.14	2.07	2.02	1.88	2.12	1.92	1.76	1.83	1.88
Long-term Debt	13.24	13.25	13.27	13.28	13.49	13.61	13.62	13.64	13.66	13.67	12.91	12.92	12.92	12.90	12.92	12.93	12.94	12.96	12.97	12.98
Total Non-current Liabilities*	17.32	17.31	17.41	17.57	17.66	17.84	17.43	17.43	17.82	17.28	16.39	16.52	16.34	16.44	16.33	16.36	16.60	17.08	17.38	17.52
Total Liabilities	19.74	19.63	19.59	20.46	20.50	20.60	20.06	19.79	20.03	19.90	18.31	18.66	18.41	18.45	18.22	18.48	18.52	18.85	19.21	19.39
Retained Earnings	2.49	2.18	1.90	1.80	1.90	1.79	1.81	1.86	1.79	1.73	1.64	1.60	1.27	1.20	1.13	1.12	1.06	0.87	0.80	0.79
Total Stockholder Equity	3.94	3.85	3.74	3.63	3.38	3.32	3.12	3.11	3.24	3.07	2.97	2.87	2.91	2.85	2.58	2.50	2.31	2.21	2.29	2.24

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* Derived from reported values

Income Statement

(in billions USD) (except per-share rows)

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Total Revenue	2.53	2.52	2.26	2.47	2.45	2.41	2.11	2.30	2.29	2.08	1.74	1.82	1.84	1.78	1.59	1.69	1.73	1.64	1.45	1.55
Cost of Revenue	--	--	--	--	--	--	--	--	--	--	0.61	0.64	0.63	0.61	0.55	0.62	0.62	0.58	0.49	0.53
Gross Profit	--	--	--	--	--	--	--	--	--	--	1.13	1.18	1.21	1.16	1.04	1.07	1.11	1.06	0.96	1.01
Selling, General & Admin	0.18	0.18	0.18	0.19	0.17	0.19	0.19	0.20	0.18	0.19	0.17	--	0.17	0.16	0.18	--	0.16	0.15	0.13	--
Total Operating Expenses	--	--	--	--	--	--	--	--	--	--	0.59	0.71	0.63	0.61	0.59	0.72	0.55	0.51	0.51	0.60
Operating Income	0.70	0.72	0.61	0.62	0.66	0.48	0.44	0.64	0.58	0.66	0.54	0.47	0.58	0.55	0.45	0.35	0.56	0.54	0.45	0.42
Pretax Income	0.57	0.59	0.48	0.49	0.53	0.35	0.31	0.50	0.43	0.48	0.40	0.32	0.42	0.41	0.31	0.20	0.43	0.41	0.32	0.29
Tax Provision	(0.13)	(0.07)	0.04	0.22	0.09	0.09	0.08	0.14	0.07	0.09	0.07	(0.41)	0.06	0.06	0.03	(0.13)	(0.10)	0.07	0.05	0.03
Net Income	0.70	0.67	0.45	0.16	0.44	0.26	0.22	0.36	0.36	0.40	0.33	0.73	0.36	0.35	0.28	0.34	0.53	0.35	0.27	0.26
Basic EPS	1.55	1.46	0.98	0.33	0.96	0.58	0.49	0.80	0.79	0.89	0.73	1.64	0.80	0.77	0.61	0.74	1.18	0.77	0.59	0.57
Diluted EPS	1.54	1.45	0.97	0.33	0.96	0.57	0.49	0.79	0.79	0.88	0.72	1.59	0.79	0.77	0.61	0.73	1.17	0.76	0.59	0.57

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Cash Flow Statement

(in billions USD)

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Operating Cash Flow	0.55	0.53	0.23	0.56	0.59	0.45	0.12	0.48	0.54	0.33	0.15	0.40	0.43	0.39	0.10	0.42	0.40	0.44	0.23	0.47
Capital Expenditures	0.07	0.05	0.06	0.10	0.06	0.04	0.06	0.08	0.06	0.04	0.03	0.05	0.03	0.03	0.02	0.05	0.02	0.02	0.01	0.04
Free Cash Flow*	0.48	0.48	0.17	0.45	0.53	0.41	0.05	0.40	0.49	0.29	0.12	0.36	0.41	0.36	0.08	0.38	0.37	0.42	0.22	0.44
Investing Cash Flow	(0.06)	(0.03)	(0.03)	(0.10)	(0.01)	(0.02)	(0.18)	(0.04)	(0.06)	(0.53)	(0.03)	0.02	-0.00	(0.01)	0.00	0.00	(0.02)	(0.05)	0.00	(1.03)
Financing Cash Flow	(0.58)	(0.45)	(0.31)	(0.48)	(0.40)	(0.29)	(0.26)	(0.26)	(0.25)	0.09	(0.20)	(0.60)	(0.33)	(0.21)	(0.24)	(0.20)	(0.25)	(0.43)	(0.43)	(0.12)

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* Derived from reported values

Dividends Per Share

(USD)

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Dividends Per Share	0.65	0.65	0.65	0.62	0.62	0.62	0.62	0.58	0.58	0.58	0.58	0.55	0.55	0.55	0.55	0.54	0.54	0.54	0.54	0.53

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