v3.26.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Total revenues $ 2,525 $ 2,449 $ 7,309 $ 6,968
Operating costs and expenses:        
Franchise and property expenses 151 147 409 421
Advertising expenses and other services 354 342 1,064 1,017
General and administrative expenses 183 170 544 549
(Income) loss from equity method investments (6) (2) (10) (12)
Other operating expenses (income), net 20 12 (27) 244
Total operating costs and expenses 1,829 1,786 5,291 5,387
Income from operations 696 663 2,018 1,581
Interest expense, net 125 129 372 391
Income from continuing operations before income taxes 571 534 1,646 1,190
Income tax (benefit) expense from continuing operations (133) 94 (168) 263
Net income from continuing operations 704 440 1,814 927
Net loss from discontinued operations (net of tax of $0) 0 4 0 7
Net income 704 436 1,814 920
Net income attributable to noncontrolling interests 0 0 0 0
Net income attributable to common unitholders 704 436 1,814 920
Class A common units        
Operating costs and expenses:        
Net income attributable to common unitholders $ 542 $ 315 $ 1,387 $ 663
Earnings per Class A common unit - basic and diluted (Note 2)        
Net income from continuing operations, basic (in usd per share) $ 2.35 $ 1.52 $ 6.08 $ 3.20
Net income from continuing operations, diluted (in usd per share) 2.35 1.52 6.08 3.20
Net loss from discontinued operations, basic (in usd per share) 0 (0.01) 0 (0.02)
Net loss from discontinued operations, diluted (in usd per share) 0 (0.01) 0 (0.02)
Net income, basic (in usd per share) 2.35 1.51 6.08 3.18
Net income, diluted (in usd per share) $ 2.35 $ 1.51 $ 6.08 $ 3.18
Weighted average units outstanding - basic and diluted (in millions):        
Basic (in shares) 230 209 228 209
Diluted (in shares) 230 209 228 209
Partnership exchangeable units        
Operating costs and expenses:        
Net income attributable to common unitholders $ 162 $ 121 $ 427 $ 257
Earnings per Class A common unit - basic and diluted (Note 2)        
Net income from continuing operations, basic (in usd per share) $ 1.55 $ 0.97 $ 3.97 $ 2.04
Net income from continuing operations, diluted (in usd per share) 1.55 0.97 3.97 2.04
Net loss from discontinued operations, basic (in usd per share) 0 (0.01) 0 (0.02)
Net loss from discontinued operations, diluted (in usd per share) 0 (0.01) 0 (0.02)
Net income, basic (in usd per share) 1.55 0.96 3.97 2.02
Net income, diluted (in usd per share) $ 1.55 $ 0.96 $ 3.97 $ 2.02
Weighted average units outstanding - basic and diluted (in millions):        
Basic (in shares) 105 127 107 127
Diluted (in shares) 105 127 107 127
Supply chain        
Operating costs and expenses:        
Costs and expenses $ 618 $ 619 $ 1,817 $ 1,704
Company restaurant        
Operating costs and expenses:        
Costs and expenses 509 498 1,494 1,464
Product | Supply chain        
Revenues:        
Total revenues 780 769 2,254 2,112
Product | Company restaurant        
Revenues:        
Total revenues 608 588 1,784 1,746
Franchise and property revenues        
Revenues:        
Total revenues 814 778 2,329 2,201
Advertising revenues and other services        
Revenues:        
Total revenues $ 323 $ 314 $ 942 $ 909