Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheets

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Balance Sheets

(In millions of U.S. dollars)

As of September 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	974	$	—	$	—	$	974
Accounts and notes receivable, net	799		—		—		799
Inventories, net	237		—		—		237
Prepaids and other current assets	300		—		—		300

Total current assets	2,310		—		—		2,310
Property and equipment, net	2,251		—		—		2,251
Operating lease assets, net	1,998		—		—		1,998
Intangible assets, net	10,880		—		—		10,880
Goodwill	6,166		—		—		6,166
Intercompany receivable	—		294		(294)		—
Investment in subsidiaries	—		5,528		(5,528)		—
Other assets, net	1,658		—		—		1,658
Total assets	$	25,263	$	5,822	$	(5,822)	$	25,263
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable	$	816	$	—	$	—	$	816
Other accrued liabilities	1,050		294		—		1,344
Gift card liability	168		—		—		168
Current portion of long-term debt and finance leases	89		—		—		89

Total current liabilities	2,123		294		—		2,417
Long-term debt, net of current portion	13,184		—		—		13,184
Finance leases, net of current portion	243		—		—		243
Operating lease liabilities, net of current portion	1,941		—		—		1,941
Other liabilities, net	895		—		—		895
Payables to affiliates	294		—		(294)		—
Deferred income taxes, net	1,055		—		—		1,055
Total liabilities	19,735		294		(294)		19,735
Partners’ capital:
Class A common units	—		12,894		—		12,894
Partnership exchangeable units	—		(5,780)		—		(5,780)
Common shares	2,379		—		(2,379)		—
Retained earnings	4,735		—		(4,735)		—
Accumulated other comprehensive income (loss)	(1,588)		(1,588)		1,588		(1,588)
Total Partners' capital/shareholders' equity	5,526		5,526		(5,526)		5,526
Noncontrolling interests	2		2		(2)		2
Total equity	5,528		5,528		(5,528)		5,528
Total liabilities and equity	$	25,263	$	5,822	$	(5,822)	$	25,263

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Balance Sheets

(In millions of U.S. dollars)

As of December 31, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,163	$	—	$	—	$	1,163
Accounts and notes receivable, net	794		—		—		794
Inventories, net	205		—		—		205
Prepaids and other current assets	179		—		—		179
Assets held for sale - discontinued operations	489		—		—		489
Total current assets	2,830		—		—		2,830
Property and equipment, net	2,303		—		—		2,303
Operating lease assets. net	1,961		—		—		1,961
Intangible assets, net	11,190		—		—		11,190
Goodwill	6,306		—		—		6,306
Intercompany receivable	—		283		(283)		—
Investment in subsidiaries	—		5,159		(5,159)		—
Other assets, net	1,025		—		—		1,025
Total assets	$	25,615	$	5,442	$	(5,442)	$	25,615
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable	$	866	$	—	$	—	$	866
Other accrued liabilities	988		283		—		1,271
Gift card liability	249		—		—		249
Current portion of long-term debt and finance leases	68		—		—		68
Liabilities held for sale - discontinued operations	437		—		—		437
Total current liabilities	2,608		283		—		2,891
Long-term debt, net of current portion	13,250		—		—		13,250
Finance leases, net of current portion	261		—		—		261
Operating lease liabilities, net of current portion	1,900		—		—		1,900
Other liabilities, net	1,034		—		—		1,034
Payables to affiliates	283		—		(283)		—
Deferred income taxes, net	1,120		—		—		1,120
Total liabilities	20,456		283		(283)		20,456
Partners’ capital:
Class A common units	—		12,006		—		12,006
Partnership exchangeable units	—		(5,515)		—		(5,515)
Common shares	2,683		—		(2,683)		—
Retained earnings	3,808		—		(3,808)		—
Accumulated other comprehensive income (loss)	(1,334)		(1,334)		1,334		(1,334)
Total Partners' capital/shareholders' equity	5,157		5,157		(5,157)		5,157
Noncontrolling interests	2		2		(2)		2
Total equity	5,159		5,159		(5,159)		5,159
Total liabilities and equity	$	25,615	$	5,442	$	(5,442)	$	25,615

Schedule of Condensed Consolidating Statements of Operations

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Three Months Ended September 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	780	$	—	$	—	$	780
Company restaurant sales	608		—		—		608
Franchise and property revenues	814		—		—		814
Advertising revenues and other services	323		—		—		323
Total revenues	2,525		—		—		2,525
Operating costs and expenses:
Supply chain cost of sales	618		—		—		618
Company restaurant expenses	509		—		—		509
Franchise and property expenses	151		—		—		151
Advertising expenses and other services	354		—		—		354
General and administrative expenses	183		—		—		183
(Income) loss from equity method investments	(6)		—		—		(6)
Other operating expenses (income), net	20		—		—		20
Total operating costs and expenses	1,829		—		—		1,829
Income from operations	696		—		—		696
Interest expense, net	125		—		—		125

Income before income taxes	571		—		—		571
Income tax benefit	(133)		—		—		(133)
Net income	704		—		—		704


Equity in earnings of consolidated subsidiaries	—		704		(704)		—
Net income (loss)	704		704		(704)		704
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	704	$	704	$	(704)	$	704
Comprehensive income (loss)	$	669	$	669	$	(669)	$	669

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Nine Months Ended September 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	2,254	$	—	$	—	$	2,254
Company restaurant sales	1,784		—		—		1,784
Franchise and property revenues	2,329		—		—		2,329
Advertising revenues and other services	942		—		—		942
Total revenues	7,309		—		—		7,309
Operating costs and expenses:
Supply chain cost of sales	1,817		—		—		1,817
Company restaurant expenses	1,494		—		—		1,494
Franchise and property expenses	409		—		—		409
Advertising expenses and other services	1,064		—		—		1,064
General and administrative expenses	544		—		—		544
(Income) loss from equity method investments	(10)		—		—		(10)
Other operating expenses (income), net	(27)		—		—		(27)
Total operating costs and expenses	5,291		—		—		5,291
Income from operations	2,018		—		—		2,018
Interest expense, net	372		—		—		372

Income before income taxes	1,646		—		—		1,646
Income tax benefit	(168)		—		—		(168)
Net income	1,814		—		—		1,814


Equity in earnings of consolidated subsidiaries	—		1,814		(1,814)		—
Net income (loss)	1,814		1,814		(1,814)		1,814
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	1,814	$	1,814	$	(1,814)	$	1,814
Comprehensive income (loss)	$	1,560	$	1,560	$	(1,560)	$	1,560

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Three Months Ended September 30, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	769	$	—	$	—	$	769
Company restaurant sales	588		—		—		588
Franchise and property revenues	778		—		—		778
Advertising revenues and other services	314		—		—		314
Total revenues	2,449		—		—		2,449
Operating costs and expenses:
Supply chain cost of sales	619		—		—		619
Company restaurant expenses	498		—		—		498
Franchise and property expenses	147		—		—		147
Advertising expenses and other services	342		—		—		342
General and administrative expenses	170		—		—		170
(Income) loss from equity method investments	(2)		—		—		(2)
Other operating expenses (income), net	12		—		—		12
Total operating costs and expenses	1,786		—		—		1,786
Income from operations	663		—		—		663
Interest expense, net	129		—		—		129

Income from continuing operations before income taxes	534		—		—		534
Income tax expense from continuing operations	94		—		—		94
Net income from continuing operations	440		—		—		440
Net loss from discontinued operations	4		—		—		4
Net income	436		—		—		436
Equity in earnings of consolidated subsidiaries	—		436		(436)		—
Net income (loss)	436		436		(436)		436
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	436	$	436	$	(436)	$	436
Comprehensive income (loss)	$	328	$	328	$	(328)	$	328

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Operations

(In millions of U.S. dollars)

Nine Months Ended September 30, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Revenues:
Supply chain sales	$	2,112	$	—	$	—	$	2,112
Company restaurant sales	1,746		—		—		1,746
Franchise and property revenues	2,201		—		—		2,201
Advertising revenues and other services	909		—		—		909
Total revenues	6,968		—		—		6,968
Operating costs and expenses:
Supply chain cost of sales	1,704		—		—		1,704
Company restaurant expenses	1,464		—		—		1,464
Franchise and property expenses	421		—		—		421
Advertising expenses and other services	1,017		—		—		1,017
General and administrative expenses	549		—		—		549
(Income) loss from equity method investments	(12)		—		—		(12)
Other operating expenses (income), net	244		—		—		244
Total operating costs and expenses	5,387		—		—		5,387
Income from operations	1,581		—		—		1,581
Interest expense, net	391		—		—		391

Income from continuing operations before income taxes	1,190		—		—		1,190
Income tax expense from continuing operations	263		—		—		263
Net income from continuing operations	927		—		—		927
Net loss from discontinued operations	7		—		—		7
Net income	920		—		—		920
Equity in earnings of consolidated subsidiaries	—		920		(920)		—
Net income (loss)	920		920		(920)		920
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to common unitholders	$	920	$	920	$	(920)	$	920
Comprehensive income (loss)	$	1,036	$	1,036	$	(1,036)	$	1,036

Schedule of Condensed Consolidating Statements of Cash Flows

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

(In millions of U.S. dollars)

Nine Months Ended September 30, 2026


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	1,814	$	1,814	$	(1,814)	$	1,814
Equity in (earnings) loss of consolidated subsidiaries	—		(1,814)		1,814		—

Net income from continuing operations	1,814		—		—		1,814

Depreciation and amortization	229		—		—		229

Amortization of deferred financing costs and debt issuance discount	18		—		—		18
(Income) loss from equity method investments	(10)		—		—		(10)
(Gain) loss on remeasurement of foreign denominated transactions	(61)		—		—		(61)
Net (gains) losses on derivatives	(125)		—		—		(125)
Share-based compensation and non-cash incentive compensation expense	104		—		—		104
Deferred income taxes	(465)		—		—		(465)
Other non-cash adjustments, net	21		—		—		21
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	(27)		—		—		(27)
Inventories and prepaids and other current assets	(55)		—		—		(55)
Accounts and drafts payable	(35)		—		—		(35)
Other accrued liabilities and gift card liability	(55)		—		—		(55)
Tenant inducements paid to franchisees	(32)		—		—		(32)
Changes in other long-term assets and liabilities	(13)		—		—		(13)
Net cash provided by operating activities from continuing operations	1,308		—		—		1,308
Cash flows from investing activities:
Payments for additions of property and equipment	(181)		—		—		(181)
Net proceeds from disposal of assets, restaurant closures, and refranchisings	54		—		—		54
Net payments for acquisition of franchised restaurants, net of cash acquired	(10)		—		—		(10)
Settlement/sale of derivatives, net	42		—		—		42
Other investing activities, net	(23)		—		—		(23)
Net cash used for investing activities from continuing operations	(118)		—		—		(118)
Cash flows from financing activities:

Repayments of long-term debt and finance leases	(86)		—		—		(86)

Distributions on Class A common units and Partnership exchangeable units	—		(875)		—		(875)
Distribution to RBI for repurchase of RBI common shares and repurchase of Partnership exchangeable units	—		(444)		—		(444)
Capital contribution from RBI	44		—		—		44
Distributions from subsidiaries	(1,319)		1,319		—		—
Proceeds from derivatives	29		—		—		29

Net cash used for financing activities from continuing operations	(1,332)		—		—		(1,332)
Net cash used for discontinued operations	(27)		—		—		(27)
Effect of exchange rates on cash and cash equivalents	(11)		—		—		(11)
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations	(180)		—		—		(180)
Increase in cash classified as assets held for sale - discontinued operations	(9)		—		—		(9)
Decrease in cash and cash equivalents	(189)		—		—		(189)
Cash and cash equivalents at beginning of period	1,163		—		—		1,163
Cash and cash equivalents at end of period	$	974	$	—	$	—	$	974

RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

(In millions of U.S. dollars)

Nine Months Ended September 30, 2025


	Consolidated Borrowers		RBILP		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	920	$	920	$	(920)	$	920
Equity in (earnings) loss of consolidated subsidiaries	—		(920)		920		—
Net loss from discontinued operations	7		—		—		7
Net income from continuing operations	927		—		—		927
Depreciation and amortization	225		—		—		225

Amortization of deferred financing costs and debt issuance discount	19		—		—		19
(Income) loss from equity method investments	(12)		—		—		(12)
(Gain) loss on remeasurement of foreign denominated transactions	208		—		—		208
Net (gains) losses on derivatives	(151)		—		—		(151)
Share-based compensation and non-cash incentive compensation expense	113		—		—		113
Deferred income taxes	(19)		—		—		(19)
Other non-cash adjustments, net	44		—		—		44
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	(66)		—		—		(66)
Inventories and prepaids and other current assets	(76)		—		—		(76)
Accounts and drafts payable	58		—		—		58
Other accrued liabilities and gift card liability	(62)		—		—		(62)
Tenant inducements paid to franchisees	(26)		—		—		(26)
Changes in other long-term assets and liabilities	(23)		—		—		(23)
Net cash provided by operating activities from continuing operations	1,159		—		—		1,159
Cash flows from investing activities:
Payments for additions of property and equipment	(163)		—		—		(163)
Net proceeds from disposal of assets, restaurant closures, and refranchisings	26		—		—		26
Net payments for acquisition of franchised restaurants, net of cash acquired	(152)		—		—		(152)
Settlement/sale of derivatives, net	58		—		—		58
Other investing activities, net	18		—		—		18
Net cash used for investing activities from continuing operations	(213)		—		—		(213)
Cash flows from financing activities:

Repayments of long-term debt and finance leases	(198)		—		—		(198)

Distributions on Class A common units and Partnership exchangeable units	—		(826)		—		(826)

Capital contribution from RBI	20		—		—		20
Distributions from subsidiaries	(826)		826		—		—
Proceeds from derivatives	52		—		—		52

Net cash used for financing activities from continuing operations	(952)		—		—		(952)
Net cash used for discontinued operations	(52)		—		—		(52)
Effect of exchange rates on cash and cash equivalents	15		—		—		15
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations	(43)		—		—		(43)
Increase in cash classified as assets held for sale - discontinued operations	(85)		—		—		(85)
Decrease in cash and cash equivalents	(128)		—		—		(128)
Cash and cash equivalents at beginning of period	1,334		—		—		1,334
Cash and cash equivalents at end of period	$	1,206	$	—	$	—	$	1,206