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 (Note 11) 162 121 427 257
Net income attributable to common shareholders $ 542 $ 315 $ 1,387 $ 663
Earnings per common share (Note 2)        
Basic net income per share from continuing operations (in usd per share) $ 1.55 $ 0.97 $ 3.99 $ 2.04
Basic net loss per share from discontinued operations (in usd per share) 0 (0.01) 0 (0.02)
Basic net income per share (in usd per share) 1.55 0.96 3.99 2.03
Diluted net income per share from continuing operations (in usd per share) 1.54 0.96 3.95 2.03
Diluted net loss per share from discontinued operations (in usd per share) 0 (0.01) 0 (0.01)
Diluted net income per share (in usd per share) $ 1.54 $ 0.96 $ 3.95 $ 2.01
Weighted average shares outstanding (in millions):        
Basic (in shares) 349 328 348 327
Diluted (in shares) 457 457 459 456
Supply chain sales        
Operating costs and expenses:        
Supply chain cost of sales and Company restaurant expenses $ 618 $ 619 $ 1,817 $ 1,704
Company restaurant sales        
Operating costs and expenses:        
Supply chain cost of sales and Company restaurant expenses 509 498 1,494 1,464
Supply chain sales and Company restaurant sales | Supply chain sales        
Revenues:        
Total revenues 780 769 2,254 2,112
Supply chain sales and Company restaurant sales | Company restaurant sales        
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