Restaurant Brands International Inc.

Red flags

• Total debt was $13.282 billion at December 31, 2025, against only $1.248 billion of available revolver capacity; $32 million of debt matures within one year and major maturities begin in 2028.
• Diluted continuing-operations EPS declined 17% year over year to $2.63 from $3.18, and continuing net income available to common shareholders and noncontrolling interests fell to $1.200 billion from $1.442 billion.
• Partnership exchangeable-unit holders retained approximately 24.0% of Partnership common equity at year-end; the 457 million diluted weighted-average share count materially exceeds the 329 million basic common-share count.
• 3G RBH owns approximately 22% of RBI's combined voting power, allowing it to strongly influence or effectively control shareholder decisions and potentially limiting takeover optionality.
• RBI recorded a $114 million non-cash charge related to Burger King China in 2025 and now owns only approximately 17% of the Burger King China JV, with CPE owning approximately 83%.
• The company has $195 million of advertising purchase commitments, most due within the next 12 months, alongside $67 million of IT and telecommunications commitments over four years.