v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 2,264 $ 2,109
Operating costs and expenses:    
Franchise and property expenses 119 130
Advertising expenses and other services 341 311
General and administrative expenses 180 191
(Income) loss from equity method investments (2) (5)
Other operating expenses (income), net (21) 83
Total operating costs and expenses 1,658 1,674
Income from operations 606 435
Interest expense, net 123 130
Income from continuing operations before income taxes 483 305
Income tax expense from continuing operations 38 82
Net income from continuing operations 445 223
Net loss from discontinued operations (net of tax of $0) 0 2
Net income 445 221
Net income attributable to noncontrolling interests 0 0
Net income attributable to common unitholders 445 221
Supply chain    
Operating costs and expenses:    
Costs and expenses 564 496
Company restaurant    
Operating costs and expenses:    
Costs and expenses 477 468
Class A common units    
Operating costs and expenses:    
Net income attributable to common unitholders $ 338 $ 159
Earnings per Class A common unit - basic and diluted (Note 2)    
Net income from continuing operations, basic (in usd per share) $ 1.50 $ 0.77
Net income from continuing operations, diluted (in usd per share) 1.50 0.77
Net loss from discontinued operations, basic (in usd per share) 0 (0.01)
Net loss from discontinued operations, diluted (in usd per share) 0 (0.01)
Net income, basic (in usd per share) 1.50 0.76
Net income, diluted (in usd per share) $ 1.50 $ 0.76
Weighted average units outstanding - basic and diluted (in millions):    
Basic (in shares) 226 209
Diluted (in shares) 226 209
Partnership exchangeable units    
Operating costs and expenses:    
Net income attributable to common unitholders $ 107 $ 62
Earnings per Class A common unit - basic and diluted (Note 2)    
Net income from continuing operations, basic (in usd per share) $ 0.98 $ 0.49
Net income from continuing operations, diluted (in usd per share) 0.98 0.49
Net loss from discontinued operations, basic (in usd per share) 0 0.00
Net loss from discontinued operations, diluted (in usd per share) 0 0.00
Net income, basic (in usd per share) 0.98 0.49
Net income, diluted (in usd per share) $ 0.98 $ 0.49
Weighted average units outstanding - basic and diluted (in millions):    
Basic (in shares) 109 127
Diluted (in shares) 109 127
Product | Supply chain    
Revenues:    
Total revenues $ 686 $ 611
Product | Company restaurant    
Revenues:    
Total revenues 559 558
Franchise and property revenues    
Revenues:    
Total revenues 722 663
Advertising revenues and other services    
Revenues:    
Total revenues $ 297 $ 277