Restaurant Brands International Limited Partnership
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.08B | $1.45B | $1.72B | $1.48B | $1.25B | $750.0M | $1.11B | $1.14B |
| Depreciation & Amortization | $301.0M | $264.0M | $191.0M | $190.0M | $201.0M | $189.0M | $185.0M | $180.0M |
| Depreciation | $210.0M | $186.0M | $137.0M | $135.0M | $148.0M | $140.0M | $136.0M | $148.0M |
| Amortization | $69.0M | $58.0M | $37.0M | $39.0M | $41.0M | $43.0M | $44.0M | $70.0M |
| Stock-Based Compensation | $151.0M | $172.0M | $194.0M | $136.0M | $102.0M | $84.0M | $74.0M | $48.0M |
| Net Cash from Operating Activities | $1.71B | $1.50B | $1.32B | $1.49B | $1.73B | $921.0M | $1.48B | $1.17B |
| Investing Activities | ||||||||
| Capital Expenditures | $265.0M | $201.0M | $120.0M | $100.0M | $106.0M | $117.0M | $62.0M | $86.0M |
| Business Acquisitions | $152.0M | $540.0M | $17.0M | $0 | $1.00B | $0 | $0 | $0 |
| Net Cash from Investing Activities | $-318.0M | $-660.0M | $11.0M | $-64.0M | $-1.10B | $-79.0M | $-30.0M | $-44.0M |
| Financing Activities | ||||||||
| Dividends Paid | $1.11B | $1.03B | $990.0M | $971.0M | $974.0M | $959.0M | $901.0M | $728.0M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-1.44B | $-625.0M | $-1.37B | $-1.31B | $-1.09B | $-821.0M | $-842.0M | $-1.29B |
| Net Change in Cash | $-105.0M | $195.0M | $-39.0M | $91.0M | $-473.0M | $27.0M | $620.0M | $-184.0M |
| Free Cash Flow | $1.45B | $1.30B | $1.20B | $1.39B | $1.62B | $804.0M | $1.41B | $1.08B |