QSR Restaurant Brands International margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 89

Gross margin

48.7%

Operating margin

26.9%

EBITDA margin

24.1%

Net margin

15.3%

Currently, Restaurant Brands International has a gross margin of 48.7%, an operating margin of 26.9%, an EBITDA margin of 24.1%, and a net margin of 15.3%. Each available margin improved from the same period last year. Net margin recorded the strongest gain, increasing by 5.3 percentage points.

QSR margin history

Gross, operating, EBITDA and net margin trends

Restaurant Brands International's margins averaged 51.61% gross, 26.43% operating, 24.09% EBITDA, and 13% net during the last 3 years. Against the three-year averages, operating, EBITDA, and net margins are above their three-year averages and gross margin is below its three-year average.

QSR margin expansion

Year-over-year margin changes in percentage points

All available margins expanded year over year, led by net margin with an increase of 5.3 percentage points.

Gross margin expansion

0.3pp

Operating margin expansion

3.1pp

EBITDA margin expansion

0.9pp

Net margin expansion

5.3pp

QSR Gross margin

The average gross margin for Restaurant Brands International was 51.61% during the last 3 years. As of the latest period, the current gross margin for Restaurant Brands International is 48.7%, 2.9 percentage points below its three-year average. The gross margin for Restaurant Brands International moved between 48.2% in Dec 2025 and 58.1% in Mar 2024.

QSR Operating margin

Looking back over the last 3 years, Restaurant Brands International recorded an average operating margin of 26.43%. Against its three-year average, Restaurant Brands International's operating margin is currently 26.9%, 0.5 percentage points above its three-year average. The highest operating margin for Restaurant Brands International was 29.7% in Mar 2024, while the lowest was 23.2% in Dec 2025.

QSR EBITDA margin

Restaurant Brands International recorded an average EBITDA margin of 24.09% across the last 3 years. Restaurant Brands International currently reports an EBITDA margin of 24.1%, 0 percentage points above its three-year average. Restaurant Brands International's EBITDA margin ranged from a low of 22% in Dec 2025 to a high of 26.5% in Dec 2024.

QSR Net margin

Restaurant Brands International's net margin averaged 13% over the last 3 years. Compared with its three-year average, Restaurant Brands International's current net margin is 15.3% and is 2.3 percentage points above its three-year average. Over the last 3 years, Restaurant Brands International's net margin peaked at 17.2% in Mar 2024 and reached a low of 8.2% in Dec 2025.

QSR margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 48.7%, QSR stands above the Consumer Cyclical sector, the industry and its peers average. Compared to its Consumer Cyclical sector average of 36.3%, Restaurant Brands International's gross margin is 34% higher.

QSR margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Restaurant Brands International's gross margin?

For the period ending Sep 30, 2026, QSR recorded a gross margin of 48.7%.

What is Restaurant Brands International's operating margin?

As of Sep 30, 2026, QSR has an operating margin of 26.9%.

What is Restaurant Brands International's EBITDA margin?

As of Sep 30, 2026, QSR has an EBITDA margin of 24.1%.

What is Restaurant Brands International's net margin?

As of Sep 30, 2026, QSR has a net margin of 15.3%.

What are the average margins of QSR?

Across the last 3 years, QSR averaged 51.6% gross, 26.4% operating, 24.1% EBITDA, and 13.0% net.

What are the highest historical margins of QSR?

Over the last 5 years, Restaurant Brands International's highest margins were 58.5% gross in Dec 2021, 32.8% operating in Dec 2021, 28.8% EBITDA in Dec 2021, and 17.2% net in Mar 2024.

What are the lowest historical margins of QSR?

Within the 5-year period, QSR recorded its lowest margins at 48.2% gross in Dec 2025, 23.2% operating in Dec 2025, 22% EBITDA in Dec 2025, and 8.2% net in Dec 2025.