v3.26.1
Supplemental Financial Information
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information Supplemental Financial Information
1011778 B.C. Unlimited Liability Company (the “Parent Issuer”) and New Red Finance Inc. (the “Co-Issuer” and together with the Parent Issuer, the “Issuers”) are parties to indentures for the Senior Notes. The indentures allow the financial reporting obligation of the Parent Issuer to be satisfied through the reporting of Partnership’s consolidated financial information, provided that the consolidated financial information of the Parent Issuer and its restricted subsidiaries is presented on a standalone basis.
The following represents the condensed consolidating financial information for the Parent Issuer and its restricted subsidiaries (“Consolidated Borrowers”) on a consolidated basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of Partnership is combined with the financial information of its wholly-owned subsidiaries that are also parent entities of the Parent Issuer and presented in a single column under the heading “RBILP”. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the Issuers and Partnership operated as independent entities.
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of March 31, 2026
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,012 $— $— $1,012 
Accounts and notes receivable, net767 — — 767 
Inventories, net203 — — 203 
Prepaids and other current assets172 — — 172 
Total current assets2,154 — — 2,154 
Property and equipment, net2,261 — — 2,261 
Operating lease assets, net1,972 — — 1,972 
Intangible assets, net11,079 — — 11,079 
Goodwill6,251 — — 6,251 
Intercompany receivable— 297 (297)— 
Investment in subsidiaries— 5,291 (5,291)— 
Other assets, net1,163 — — 1,163 
Total assets$24,880 $5,588 $(5,588)$24,880 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$813 $— $— $813 
Other accrued liabilities802 297 — 1,099 
Gift card liability191 — — 191 
Current portion of long-term debt and finance leases75 — — 75 
Total current liabilities1,881 297 — 2,178 
Long-term debt, net of current portion13,228 — — 13,228 
Finance leases, net of current portion253 — — 253 
Operating lease liabilities, net of current portion1,916 — — 1,916 
Other liabilities, net931 — — 931 
Payables to affiliates297 — (297)— 
Deferred income taxes, net1,083 — — 1,083 
Total liabilities19,589 297 (297)19,589 
Partners’ capital:
Class A common units— 12,157 — 12,157 
Partnership exchangeable units— (5,479)— (5,479)
Common shares2,722 — (2,722)— 
Retained earnings3,956 — (3,956)— 
Accumulated other comprehensive income (loss)(1,389)(1,389)1,389 (1,389)
Total Partners' capital/shareholders' equity5,289 5,289 (5,289)5,289 
Noncontrolling interests2 2 (2)2 
Total equity5,291 5,291 (5,291)5,291 
Total liabilities and equity$24,880 $5,588 $(5,588)$24,880 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of December 31, 2025
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,163 $— $— $1,163 
Accounts and notes receivable, net794 — — 794 
Inventories, net205 — — 205 
Prepaids and other current assets179 — — 179 
Assets held for sale - discontinued operations489 — — 489 
Total current assets2,830 — — 2,830 
Property and equipment, net2,303 — — 2,303 
Operating lease assets. net1,961 — — 1,961 
Intangible assets, net11,190 — — 11,190 
Goodwill6,306 — — 6,306 
Intercompany receivable— 283 (283)— 
Investment in subsidiaries— 5,159 (5,159)— 
Other assets, net1,025 — — 1,025 
Total assets$25,615 $5,442 $(5,442)$25,615 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$866 $— $— $866 
Other accrued liabilities988 283 — 1,271 
Gift card liability249 — — 249 
Current portion of long-term debt and finance leases68 — — 68 
Liabilities held for sale - discontinued operations437 — — 437 
Total current liabilities2,608 283 — 2,891 
Long-term debt, net of current portion13,250 — — 13,250 
Finance leases, net of current portion261 — — 261 
Operating lease liabilities, net of current portion1,900 — — 1,900 
Other liabilities, net1,034 — — 1,034 
Payables to affiliates283 — (283)— 
Deferred income taxes, net1,120 — — 1,120 
Total liabilities20,456 283 (283)20,456 
Partners’ capital:
Class A common units— 12,006 — 12,006 
Partnership exchangeable units— (5,515)— (5,515)
Common shares2,683 — (2,683)— 
Retained earnings3,808 — (3,808)— 
Accumulated other comprehensive income (loss)(1,334)(1,334)1,334 (1,334)
Total Partners' capital/shareholders' equity5,157 5,157 (5,157)5,157 
Noncontrolling interests2 2 (2)2 
Total equity5,159 5,159 (5,159)5,159 
Total liabilities and equity$25,615 $5,442 $(5,442)$25,615 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended March 31, 2026
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$686 $— $— $686 
Company restaurant sales559 — — 559 
Franchise and property revenues722 — — 722 
Advertising revenues and other services297 — — 297 
Total revenues2,264 — — 2,264 
Operating costs and expenses:
Supply chain cost of sales564 — — 564 
Company restaurant expenses477 — — 477 
Franchise and property expenses119 — — 119 
Advertising expenses and other services341 — — 341 
General and administrative expenses180 — — 180 
(Income) loss from equity method investments(2)— — (2)
Other operating expenses (income), net(21)— — (21)
Total operating costs and expenses1,658 — — 1,658 
Income from operations606 — — 606 
Interest expense, net123 — — 123 
Income from continuing operations before income taxes483 — — 483 
Income tax expense from continuing operations38 — — 38 
Net income from continuing operations445 — — 445 
Net income from discontinued operations— — — — 
Net income445 — — 445 
Equity in earnings of consolidated subsidiaries— 445 (445)— 
Net income (loss)445 445 (445)445 
Net income (loss) attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common unitholders$445 $445 $(445)$445 
Comprehensive income (loss)$390 $390 $(390)$390 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended March 31, 2025
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$611 $— $— $611 
Company restaurant sales558 — — 558 
Franchise and property revenues663 — — 663 
Advertising revenues and other services277 — — 277 
Total revenues2,109 — — 2,109 
Operating costs and expenses:
Supply chain cost of sales496 — — 496 
Company restaurant expenses468 — — 468 
Franchise and property expenses130 — — 130 
Advertising expenses and other services311 — — 311 
General and administrative expenses191 — — 191 
(Income) loss from equity method investments(5)— — (5)
Other operating expenses (income), net83 — — 83 
Total operating costs and expenses1,674 — — 1,674 
Income from operations435 — — 435 
Interest expense, net130 — — 130 
Income from continuing operations before income taxes305 — — 305 
Income tax expense from continuing operations82 — — 82 
Net income from continuing operations223 — — 223 
Net loss from discontinued operations2 — — 2 
Net income221 — — 221 
Equity in earnings of consolidated subsidiaries— 221 (221)— 
Net income (loss)221 221 (221)221 
Net income (loss) attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common unitholders$221 $221 $(221)$221 
Comprehensive income (loss)$196 $196 $(196)$196 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Three months ended March 31, 2026

Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$445 $445 $(445)$445 
Equity in (earnings) loss of consolidated subsidiaries— (445)445 — 
Net income from discontinued operations— — — — 
Net income from continuing operations445 — — 445 
Depreciation and amortization78 — — 78 
Amortization of deferred financing costs and debt issuance discount6 — — 6 
(Income) loss from equity method investments(2)— — (2)
(Gain) loss on remeasurement of foreign denominated transactions(30)— — (30)
Net (gains) losses on derivatives(41)— — (41)
Share-based compensation and non-cash incentive compensation expense35 — — 35 
Deferred income taxes(49)— — (49)
Other non-cash adjustments, net(11)— — (11)
Changes in current assets and liabilities:
Accounts and notes receivable30 — — 30 
Inventories and prepaids and other current assets(5)— — (5)
Accounts and drafts payable(42)— — (42)
Other accrued liabilities and gift card liability(176)— — (176)
Tenant inducements paid to franchisees(8)— — (8)
Changes in other long-term assets and liabilities(3)— — (3)
Net cash provided by operating activities from continuing operations227 — — 227 
Cash flows from investing activities:
Payments for additions of property and equipment(58)— — (58)
Net proceeds from disposal of assets, restaurant closures, and refranchisings21 — — 21 
Settlement/sale of derivatives, net16 — — 16 
Other investing activities, net(12)— — (12)
Net cash used for investing activities from continuing operations(33)— — (33)
Cash flows from financing activities:
Repayments of long-term debt and finance leases(28)— — (28)
Distributions on Class A common units and Partnership exchangeable units— (283)— (283)
Distribution to RBI for repurchase of RBI common shares— (32)— (32)
Capital contribution from RBI28 — — 28 
Distributions from subsidiaries(315)315 — — 
Proceeds from derivatives10 — — 10 
Other financing activities, net(1)— — (1)
Net cash used for financing activities from continuing operations(306)— — (306)
Net cash used for discontinued operations(27)— — (27)
Effect of exchange rates on cash and cash equivalents(3)— — (3)
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations(142)— — (142)
Increase in cash classified as assets held for sale - discontinued operations(9)— — (9)
Decrease in cash and cash equivalents(151)— — (151)
Cash and cash equivalents at beginning of period1,163 — — 1,163 
Cash and cash equivalents at end of period$1,012 $— $— $1,012 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Three Months Ended March 31, 2025
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$221 $221 $(221)$221 
Equity in (earnings) loss of consolidated subsidiaries— (221)221 — 
Net loss from discontinued operations2 — — 2 
Net income from continuing operations223 — — 223 
Depreciation and amortization71 — — 71 
Amortization of deferred financing costs and debt issuance discount6 — — 6 
(Income) loss from equity method investments(5)— — (5)
(Gain) loss on remeasurement of foreign denominated transactions75 — — 75 
Net (gains) losses on derivatives(51)— — (51)
Share-based compensation and non-cash incentive compensation expense48 — — 48 
Deferred income taxes15 — — 15 
Other non-cash adjustments, net11 — — 11 
Changes in current assets and liabilities:
Accounts and notes receivable15 — — 15 
Inventories and prepaids and other current assets(39)— — (39)
Accounts and drafts payable(51)— — (51)
Other accrued liabilities and gift card liability(187)— — (187)
Tenant inducements paid to franchisees(6)— — (6)
Changes in other long-term assets and liabilities(7)— — (7)
Net cash provided by operating activities from continuing operations118 — — 118 
Cash flows from investing activities:
Payments for additions of property and equipment(64)— — (64)
Net proceeds from disposal of assets, restaurant closures, and refranchisings10 — — 10 
Net payments for acquisition of franchised restaurants, net of cash acquired(151)— — (151)
Settlement/sale of derivatives, net21 — — 21 
Net cash used for investing activities from continuing operations(184)— — (184)
Cash flows from financing activities:
Repayments of long-term debt and finance leases(33)— — (33)
Distributions on Class A common units and Partnership exchangeable units— (262)— (262)
Capital contribution from RBI13 — — 13 
Distributions from subsidiaries(262)262 — — 
Proceeds from derivatives17 — — 17 
Net cash used for financing activities from continuing operations(265)— — (265)
Net cash used for discontinued operations(26)— — (26)
Effect of exchange rates on cash and cash equivalents3 — — 3 
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations(354)— — (354)
Increase in cash classified as assets held for sale - discontinued operations(81)— — (81)
Decrease in cash and cash equivalents(435)— — (435)
Cash and cash equivalents at beginning of period1,334 — — 1,334 
Cash and cash equivalents at end of period$899 $— $— $899