v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 1,110 $ 484
Net loss from discontinued operations 0 3
Net income from continuing operations 1,110 487
Depreciation and amortization 155 148
Amortization of deferred financing costs and debt issuance discount 12 13
(Income) loss from equity method investments (4) (10)
(Gain) loss on remeasurement of foreign denominated transactions (50) 207
Net (gains) losses on derivatives (82) (102)
Share-based compensation and non-cash incentive compensation expense 70 81
Deferred income taxes (215) 8
Other non-cash adjustments, net (7) 31
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable (24) (72)
Inventories and prepaids and other current assets (35) (30)
Accounts and drafts payable 42 (6)
Other accrued liabilities and gift card liability (184) (155)
Tenant inducements paid to franchisees (18) (14)
Changes in other long-term assets and liabilities (13) (19)
Net cash provided by operating activities from continuing operations 757 567
Cash flows from investing activities:    
Payments for additions of property and equipment (109) (102)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 33 12
Net payments for acquisition of franchised restaurants, net of cash acquired 0 (152)
Settlement/sale of derivatives, net 28 40
Other investing activities, net (12) 0
Net cash used for investing activities from continuing operations (60) (202)
Cash flows from financing activities:    
Repayments of long-term debt and finance leases (57) (66)
Payment of common share dividends and Partnership exchangeable unit distributions (579) (544)
Repurchase of common shares (170) 0
Proceeds from stock option exercises 35 20
Proceeds from derivatives 19 34
Other financing activities, net (1) 1
Net cash used for financing activities from continuing operations (753) (555)
Net cash used for discontinued operations (27) (85)
Effect of exchange rates on cash and cash equivalents (8) 19
(Decrease) increase in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations (91) (256)
Increase in cash classified as assets held for sale - discontinued operations (9) (52)
(Decrease) increase in cash and cash equivalents (100) (308)
Cash and cash equivalents at beginning of period 1,163 1,334
Cash and cash equivalents at end of period 1,063 1,026
Supplemental cash flow disclosures:    
Interest paid 329 360
Income taxes paid, net 229 285
Accruals for additions of property and equipment $ 20 $ 22