Analyst Ratings

Date	Action	Analyst	Rating	Target
May-26-26	Reiterated	Guggenheim	Buy	$74 → $85
May-07-26	Reiterated	C.L. King		$74 → $81
May-07-26	Reiterated	Deutsche Bank	Buy	$84 → $86
May-07-26	Reiterated	Robert W. Baird		$72 → $80
May-07-26	Reiterated	Barclays	Overweight	$80 → $92
May-07-26	Reiterated	Wells Fargo	Equal Weight	$77 → $80
Apr-21-26	Reiterated	RBC Capital	Outperform	$82 → $90
Apr-15-26	Reiterated	Deutsche Bank	Buy	$82 → $84
Mar-02-26	Reiterated	Stifel Nicolaus		$68 → $90
Mar-02-26	Upgrade	Stifel	Hold → Buy

Financial Statements

DataTimeframe

Line Item (USD, M)	TTM —	FY 2025 12/31/2025	FY 2024 12/31/2024	FY 2023 12/31/2023
Total Revenue	9,589	9,434	8,406	Upgrade your experience to unlock full historical data
Cost of Goods Sold Incl. D&A	5,293	5,558	5,382
Gross Profit	4,296	3,876	3,024
Selling, General and Administrative Excl. Other	709	713	691
Research and Development	0	0	0
Other Operating Expense	1,173	925	-86
Operating Income	2,414	2,238	2,419
Interest Expense	501	516	804
Unusual Expense	—	—	—
Non-Operating Income (Expense)	155	38	19
Net Income Before Taxes	1,862	1,684	1,809
Income Taxes	439	483	364
Consolidated Net Income	955	776	1,021
Net Income From Continuing Operations	1,423	1,201	1,445
Net Income	955	776	1,021
EPS (Recurring)	3.44	2.36	3.21
EPS (Basic, Before Extraordinaries)	3.44	2.36	3.21
EPS (Diluted)	2.52	2.35	3.18
EBITDA	2,566	2,424	2,664
Other After Tax Adjustments	—	—	—
Stock Option Compensation Expense	—	—	—
Price To Earnings Ratio	29.14	29.03	—
Price To Sales Ratio	2.66	2.42	—
Gross Margin	44.80	41.09	35.97
Operating Margin	25.17	23.72	28.78
Net Margin	9.96	8.23	12.15
Shares Outstanding	347	334	319
Market Capitalization	25,484	22,789	—
Operating Lease Expense	—	—	—

Insider Trading

Insider	Relationship	Date	Transaction	Cost	#Shares	Value ($)	#Shares Total	SEC Form 4
Housman Jeffrey	See Remarks	Mar 20 '26	Option Exercise	55.55	40,000	2,222,000	182,077	Mar 20 12:00 AM
Housman Jeffrey	See Remarks	Mar 20 '26	Sale	73.48	20,000	1,469,616	162,077	Mar 20 12:00 AM
Granat Jill	See Remarks	Mar 18 '26	Option Exercise	56.92	50,000	2,846,000	503,845	Mar 18 12:00 AM
Kobza Joshua	Chief Executive Officer	Mar 18 '26	Option Exercise	56.92	400,000	22,768,000	1,160,769	Mar 18 12:00 AM
Kobza Joshua	Chief Executive Officer	Mar 18 '26	Sale	75.05	200,000	15,009,900	960,769	Mar 18 12:00 AM
Granat Jill	See Remarks	Mar 18 '26	Sale	75.09	25,000	1,877,128	478,845	Mar 18 12:00 AM
SANTELMO THIAGO T	President, International	Mar 17 '26	Option Exercise	55.55	20,000	1,111,000	88,560	Mar 18 12:00 AM
SANTELMO THIAGO T	President, International	Mar 17 '26	Sale	75.41	10,000	754,147	78,560	Mar 18 12:00 AM
Granat Jill	See Remarks	Mar 16 '26	Sale	74.76	25,000	1,868,913	478,845	Mar 18 12:00 AM
Friesner Jacqueline	See Remarks	Mar 16 '26	Sale	74.61	30,000	2,238,315	165,727	Mar 18 12:00 AM
Granat Jill	See Remarks	Mar 16 '26	Option Exercise	56.92	25,000	1,423,000	25,000	Mar 18 12:00 AM
Siddiqui Sami A.	Chief Financial Officer	Mar 17 '26	Option Exercise	55.55	80,000	4,444,000	75,766	Mar 17 12:00 AM
Siddiqui Sami A.	Chief Financial Officer	Mar 17 '26	Sale	75.28	40,000	3,011,300	12,139	Mar 17 12:00 AM
Siddiqui Sami A.	Chief Financial Officer	Mar 16 '26	Option Exercise	55.55	40,000	2,222,000	40,000	Mar 17 12:00 AM
Siddiqui Sami A.	Chief Financial Officer	Mar 16 '26	Sale	74.51	40,000	2,980,380	35,766	Mar 17 12:00 AM


Market Cap	25.73B	Forward P/E	16.53	EPS next Y	4.44	Insider Trans	0.22%	Shs Float	-	Perf Month	-3.08%


Enterprise Value	40.41B	PEG	-	EPS next Q	1.03	Inst Own	-	Short Float	-	Perf Quarter	-0.93%


Income	954.75M	P/S	2.68	EPS this Y	61.21%	Inst Trans	-	Short Ratio	-	Perf Half Y	4.21%


Sales	9.59B	P/B	6.88	EPS next Y	9.35%	ROA	3.84%	Short Interest	-	Perf YTD	7.64%


Book/sh	15.25	P/C	14.51	EPS next 5Y	9.50%	ROE	27.14%	52W High	81.96 -10.40%	Perf Year	9.97%


Cash/sh	2.92	P/FCF	16.99	EPS past 3/5Y	-	ROIC	8.03%	52W Low	61.33 19.75%	Perf 3Y	-


Dividend Est.	2.60 (3.54%)	EV/EBITDA	15.75	Sales past 3/5Y	13.19% 13.68%	Gross Margin	44.80%	Volatility	1.51% 1.58%	Perf 5Y	-


Dividend TTM	2.51 (3.42%)	EV/Sales	4.21	EPS Y/Y TTM	19.18%	Oper. Margin	25.17%	ATR (14)	1.77	Perf 10Y	-


Dividend Ex-Date	Jun 23, 2026	Quick Ratio	0.90	Sales Y/Y TTM	14.07%	Profit Margin	9.96%	RSI (14)	44.79	Recom	2.36


Dividend Gr. 3/5Y	4.71% 3.58%	Current Ratio	0.99	EPS Q/Q	14.67%	SMA20	-0.63%	Beta	0.21	Target Price	83.73


Payout	117.42%	Debt/Eq	4.19	Sales Q/Q	7.35%	SMA50	-4.08%	Rel Volume	0.82	Prev Close	74.17


Employees	37,600	LT Debt/Eq	3.36	Earnings	Aug 06	SMA200	3.62%	Avg Volume	3.37M	Price	73.44


IPO Date	Dec 11, 2014	Option/Short	Yes / Yes	EPS/Sales Surpr.	3.86% 0.89%	Net Debt/EBITDA	5.72	Volume	2,768,406	Change	-0.98%

QSR