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Company Overview We are one of the world s largest quick service restaurant ( QSR ) companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025. Our remaining restaurants are Company restaurants, primarily restaurants we acquired as a part of the Carrols Acquisition, the vast majority of which we pl…
23.39% operating margin is above average. ROIC at 8.97%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 12.3%, still solid. Margins contracted 5.5pp, which offsets some of the top-line progress.
ROIC dropped from 11.29% to 8.97%, capital efficiency is deteriorating. Net debt of $14.52B represents 10.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$9.57B
▲ +12.3% YoY
Net Income (TTM)
$893M
▼ -24.0% YoY
Op. Margin
24.80%
▼ -5.5pp YoY
ROIC
10.02%
▼ -2.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.56B
▲ +11.3% YoY
Op. Cash Flow (TTM)
$1.82B
▲ +14.0% YoY
Net Debt
$14.67B
Cash & Equiv.
$1.01B
5Y CAGR: +13.8%
5Y CAGR: +12.5%
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