RSTRF (Restaurant Brands International LP) Operating Income: $2,561 Mil (TTM As of Mar. 2026)

What is Restaurant Brands International LP Operating Income?

Restaurant Brands International LP RSTRF 86 Operating Income is $2,561 Mil as of Mar. 2026. GuruFocus rates RSTRF with a GF Score™ of 86/100 and a GF Value™ of $92.47 (Modestly Undervalued). The stock has 6 warning signs investors should review.

Restaurant Brands International LP's Operating Income for the three months ended in Mar. 2026 was $586 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $2,561 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Restaurant Brands International LP's Operating Income for the three months ended in Mar. 2026 was $586 Mil. Restaurant Brands International LP's Revenue for the three months ended in Mar. 2026 was $2,264 Mil. Therefore, Restaurant Brands International LP's Operating Margin % for the quarter that ended in Mar. 2026 was 25.88%.

Warning Sign:

Restaurant Brands International LP operating margin has been in a 5-year decline. The average rate of decline per year is -4.4%.

Restaurant Brands International LP's 5-Year average Growth Rate for Operating Margin % was -4.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Restaurant Brands International LP's annualized ROC % for the quarter that ended in Mar. 2026 was 9.11%. Restaurant Brands International LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 57.06%.

Restaurant Brands International LP (OTCPK:RSTRF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Restaurant Brands International LP's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	2344 * ( 1 - 7.87% )	/	( (23996	+	23415)	/ 2 )
=	2159.5272	/	23705.5
=	9.11 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	25615	-	1680	-	( 1163	-	max(0, 2891	-	2830	+	1163	))
=	23996

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	24880	-	1489	-	( 1012	-	max(0, 2178	-	2154	+	1012	))
=	23415

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Restaurant Brands International LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	2424	/	( ( (4264 + max(-956, 0))	+	(4233 + max(-750, 0)) )	/	2 )
=	2424	/	( ( 4264	+	4233 )	/	2 )
=	2424	/	4248.5
=	57.06 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(794	+	205	+	668)	-	(1680	+	326	+	617)
=	-956

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(767	+	203	+	172)	-	(1489	+	280	+	123)
=	-750

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Restaurant Brands International LP's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	586	/	2264
	=	25.88 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Restaurant Brands International LP Operating Income Related Terms

Restaurant Brands International LP Operating Income Historical Data

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The historical data trend for Restaurant Brands International LP's Operating Income can be seen below:

Restaurant Brands International LP Operating Income Chart

Restaurant Brands International LP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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1,924.00

2,023.00

2,080.00

2,324.00

2,493.00

Restaurant Brands International LP Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															517.00	645.00	679.00	651.00	586.00

86GF Score

Restaurant Brands International LP RSTRF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Restaurant Brands International LP Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $2,561 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $2,561 Mil mean?

Restaurant Brands International LP (RSTRF) has a Operating Income of $2,561 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Restaurant Brands International LP and its competitors.

Is Restaurant Brands International LP's Operating Income too high?

Restaurant Brands International LP's current Operating Income is $2,561 Mil. Overall, Restaurant Brands International LP has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Restaurant Brands International LP's Operating Income compare to MCD and SBUX?

Restaurant Brands International LP's Operating Income of $2,561 Mil can be compared against companies in the Restaurants industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Restaurants company?

A good Operating Income depends on the Restaurants industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Restaurant Brands International LP and its competitors. Restaurant Brands International LP's current Operating Income is $2,561 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Restaurant Brands International LP stock overvalued right now?

Based on GuruFocus' analysis, Restaurant Brands International LP (RSTRF) is currently considered Modestly Undervalued. The stock's GF Value™ is $92.47, compared to a current price of $72.33 — trading 21.8% below its estimated fair value. The current Operating Income is $2,561 Mil. Restaurant Brands International LP's overall GF Score™ is 86/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Restaurant Brands International LP (RSTRF), the current Operating Income is $2,561 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Restaurant Brands International LP (RSTRF) Overvalued in 2026?

Based on GuruFocus' analysis, Restaurant Brands International LP stock appears to be undervalued. The current stock price of $72.33 is trading 21.8% below its estimated GF Value™ of $92.47. GuruFocus considers Restaurant Brands International LP to be Modestly Undervalued.

Key valuation signals for RSTRF:

Operating Income: $2,561 Mil
GF Value™: $92.47 vs. price of $72.33 (21.8% below fair value)
GF Score™: 86/100 with 6 warning signs

No single metric tells the full story. See the RSTRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Restaurant Brands International LP Business Description

Industry Consumer Cyclical Restaurants

Comparable Companies TSX:QSR TSX:MTY TSX:AW TSX:BPF.UN TSX:PZA TSX:SRV.UN TSX:AEG TSXV:BRED MCD SBUX LSE:CPG YUM CMG DRI YUMC TXRH DPZ BROS CAVA LKNCY

Other Exchanges QSP.UN:Canada

Address 130 King Street West, Suite 300, P.O. Box 339, Toronto, ON, CAN, M5X 1E1

Website https://www.rbi.com

Restaurant Brands International LP is a Canada-based firm. It owns, operates and franchises quick-service restaurants and possesses market recognition. The company has five segments Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs( FHS), Restaurant Holdings (RH) and International (INTL). It derives maximum profit from the Tim Hortons segment.

86GF Score

Get the complete analysis for RSTRF

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$72.33

Price

$92.47

GF Value

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