v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 1,814 $ 920
Net loss from discontinued operations 0 7
Net income from continuing operations 1,814 927
Depreciation and amortization 229 225
Amortization of deferred financing costs and debt issuance discount 18 19
(Income) loss from equity method investments (10) (12)
(Gain) loss on remeasurement of foreign denominated transactions (61) 208
Net (gains) losses on derivatives (125) (151)
Share-based compensation and non-cash incentive compensation expense 104 113
Deferred income taxes (465) (19)
Other non-cash adjustments, net 21 44
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable (27) (66)
Inventories and prepaids and other current assets (55) (76)
Accounts and drafts payable (35) 58
Other accrued liabilities and gift card liability (55) (62)
Tenant inducements paid to franchisees (32) (26)
Changes in other long-term assets and liabilities (13) (23)
Net cash provided by operating activities from continuing operations 1,308 1,159
Cash flows from investing activities:    
Payments for additions of property and equipment (181) (163)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 54 26
Net payments for acquisition of franchised restaurants, net of cash acquired (10) (152)
Settlement/sale of derivatives, net 42 58
Other investing activities, net (23) 18
Net cash used for investing activities from continuing operations (118) (213)
Cash flows from financing activities:    
Repayments of long-term debt and finance leases (86) (198)
Distributions on Class A common units and Partnership exchangeable units (875) (826)
Distribution to RBI for repurchase of RBI common shares and repurchase of Partnership exchangeable units (444) 0
Capital contribution from RBI 44 20
Proceeds from derivatives 29 52
Net cash used for financing activities from continuing operations (1,332) (952)
Net cash used for discontinued operations (27) (52)
Effect of exchange rates on cash and cash equivalents (11) 15
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations (180) (43)
Increase in cash classified as assets held for sale - discontinued operations (9) (85)
(Decrease) increase in cash and cash equivalents (189) (128)
Cash and cash equivalents at beginning of period 1,163 1,334
Cash and cash equivalents at end of period 974 1,206
Supplemental cash flow disclosures:    
Interest paid 468 514
Income taxes paid, net 297 369
Accruals for additions of property and equipment $ 30 $ 50