v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 2,520 $ 2,410 $ 4,784 $ 4,519
Operating costs and expenses:        
Franchise and property expenses 139 144 258 274
Advertising expenses and other services 369 364 710 675
General and administrative expenses 181 188 361 379
(Income) loss from equity method investments (2) (5) (4) (10)
Other operating expenses (income), net (26) 149 (47) 232
Total operating costs and expenses 1,804 1,927 3,462 3,601
Income from operations 716 483 1,322 918
Interest expense, net 124 132 247 262
Income from continuing operations before income taxes 592 351 1,075 656
Income tax (benefit) expense from continuing operations (73) 87 (35) 169
Net income from continuing operations 665 264 1,110 487
Net loss from discontinued operations (net of tax of $0) 0 1 0 3
Net income 665 263 1,110 484
Net income attributable to noncontrolling interests (Note 11) 158 74 265 136
Net income attributable to common shareholders $ 507 $ 189 $ 845 $ 348
Earnings per common share (Note 2)        
Basic net income per share from continuing operations (in usd per share) $ 1.46 $ 0.58 $ 2.43 $ 1.07
Basic net loss per share from discontinued operations (in usd per share) 0 0.00 0 (0.01)
Basic net income per share (in usd per share) 1.46 0.58 2.43 1.07
Diluted net income per share from continuing operations (in usd per share) 1.45 0.58 2.42 1.07
Diluted net loss per share from discontinued operations (in usd per share) 0 0.00 0 (0.01)
Diluted net income per share (in usd per share) $ 1.45 $ 0.57 $ 2.42 $ 1.06
Weighted average shares outstanding (in millions):        
Basic (in shares) 348 328 347 327
Diluted (in shares) 460 457 459 456
Supply chain sales        
Operating costs and expenses:        
Supply chain cost of sales and Company restaurant expenses $ 635 $ 589 $ 1,199 $ 1,085
Company restaurant sales        
Operating costs and expenses:        
Supply chain cost of sales and Company restaurant expenses 508 498 985 966
Supply chain sales and Company restaurant sales | Supply chain sales        
Revenues:        
Total revenues 788 732 1,474 1,343
Supply chain sales and Company restaurant sales | Company restaurant sales        
Revenues:        
Total revenues 617 600 1,176 1,158
Franchise and property revenues        
Revenues:        
Total revenues 793 760 1,515 1,423
Advertising revenues and other services        
Revenues:        
Total revenues $ 322 $ 318 $ 619 $ 595