v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 445 $ 221
Net loss from discontinued operations 0 2
Net income from continuing operations 445 223
Depreciation and amortization 78 71
Amortization of deferred financing costs and debt issuance discount 6 6
(Income) loss from equity method investments (2) (5)
(Gain) loss on remeasurement of foreign denominated transactions (30) 75
Net (gains) losses on derivatives (41) (51)
Share-based compensation and non-cash incentive compensation expense 35 48
Deferred income taxes (49) 15
Other non-cash adjustments, net (11) 11
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable 30 15
Inventories and prepaids and other current assets (5) (39)
Accounts and drafts payable (42) (51)
Other accrued liabilities and gift card liability (176) (187)
Tenant inducements paid to franchisees (8) (6)
Changes in other long-term assets and liabilities (3) (7)
Net cash provided by operating activities from continuing operations 227 118
Cash flows from investing activities:    
Payments for additions of property and equipment (58) (64)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 21 10
Net payments for acquisition of franchised restaurants, net of cash acquired 0 (151)
Settlement/sale of derivatives, net 16 21
Other investing activities, net (12) 0
Net cash used for investing activities from continuing operations (33) (184)
Cash flows from financing activities:    
Repayments of long-term debt and finance leases (28) (33)
Distributions on Class A common units and Partnership exchangeable units (283) (262)
Distribution to RBI for repurchase of RBI common shares (32) 0
Capital contribution from RBI 28 13
Proceeds from derivatives 10 17
Other financing activities, net (1) 0
Net cash used for financing activities from continuing operations (306) (265)
Net cash used for discontinued operations (27) (26)
Effect of exchange rates on cash and cash equivalents (3) 3
(Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations (142) (354)
Increase in cash classified as assets held for sale - discontinued operations (9) (81)
(Decrease) increase in cash and cash equivalents (151) (435)
Cash and cash equivalents at beginning of period 1,163 1,334
Cash and cash equivalents at end of period 1,012 899
Supplemental cash flow disclosures:    
Interest paid 137 153
Income taxes paid, net 137 190
Accruals for additions of property and equipment $ 28 $ 18