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Restaurant Brands International (QSR) Q4 FY2023 earnings: revenue $1.8 billion, up 7.8% on the year

Restaurant Brands International Inc. (QSR) reported revenue of $1.8 billion for Q4 FY2023, the quarter ended 31 December 2023, up 7.8% on the same quarter a year earlier. Net income was $508 million, up 121.8% on the year, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$1.8 billionup 7.8%
Net income$508 millionup 121.8%
Diluted EPS$1.60
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023Q4 FY2022Change on the year
Revenue1,8201,8371,689+7.8%
Cost of revenue643630619+3.9%
Gross profit1,1771,2071,070+10.0%
Gross margin64.7%65.7%63.4%
Selling, general and administrativen/a169n/an/a
Operating income468582346+35.3%
Operating margin25.7%31.7%20.5%
Pre-tax income316423202+56.4%
Income tax-41059.0-134n/a
Effective tax rate-129.7%13.9%-66.3%
Net income508252229+121.8%
Net margin27.9%13.7%13.6%
Diluted EPS$1.60$0.79$0.73+119.2%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023Q4 FY2022Change on the year
Operating cash flow403433423-4.7%
Capital expenditure47.025.048.0-2.1%
Free cash flow356408375-5.1%
Free cash flow margin19.6%22.2%22.2%
Cash from investing22.0-3.02.0+1000.0%
Cash from financing-600-326-196n/a
Depreciation and amortisation49.047.047.0+4.3%
Share-based compensation53.049.043.0+23.3%
Buybacks3851150.0n/a
Dividends paid249249243+2.5%
Dividend per sharen/a$0.55n/an/a
Diluted shares, weighted456m459m455m+0.2%
Shares outstanding at period end312m318m307m+1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023Q4 FY2022Change on the year
Shareholders' equity2,8662,9082,499+14.7%
Non-controlling interest1,8641,7561,769+5.4%
Debt12,92112,91712,934-0.1%
Operating lease liabilities1,0591,0031,027+3.1%
Finance lease liabilities312305311+0.3%
Other liabilities4,3694,1884,206+3.9%
Total liabilities and equity23,39123,07722,746+2.8%
Fixed assets1,329n/a1,400-5.1%
Goodwill5,7755,6815,688+1.5%
Intangible assets11,10710,94610,991+1.1%
Cash and equivalents1,1391,3101,178-3.3%
Inventory166160133+24.8%
Other assets3,8754,9803,356+15.5%
Total assets23,39123,07722,746+2.8%

Questions

What was Restaurant Brands International's revenue in Q4 FY2023?

Restaurant Brands International (QSR) reported revenue of $1.8 billion for Q4 FY2023, the quarter ended 31 December 2023, up 7.8% on the same quarter a year earlier.

How much did Restaurant Brands International earn in Q4 FY2023?

Net income for Q4 FY2023 was $508 million, up 121.8% on the year, and diluted earnings per share $1.60.

When did Restaurant Brands International report Q4 FY2023 results?

Restaurant Brands International filed its 10-K for the year that ended with the quarter on 22 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q3 FY2021 †Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,4951,5461,4511,6391,7261,6891,5901,7751,8371,8201,7392,0802,2912,2962,1092,4102,4492,4662,2642,520
Cost of revenue490532494584615619550612630643606n/an/an/an/an/an/an/an/an/a
Gross profit1,0051,0149571,0551,1111,0701,0401,1631,2071,1771,133n/an/an/an/an/an/an/an/an/a
Gross margin67%66%66%64%64%63%65%66%66%65%65%n/an/an/an/an/an/an/an/an/a
SG&A115n/a133146156n/a175163169n/a173n/an/an/an/an/an/an/an/an/a
Operating income533416450541561346447554582468544663577635435483663621606716
Operating margin36%27%31%33%33%20%28%31%32%26%31%32%25%28%21%20%27%25%27%28%
Pre-tax income394289323412428202305409423316396484429500305351534494483592
Tax rate16%9%16%16%-24%-66%9%14%14%-130%17%18%17%28%27%25%18%45%8%-12%
Net income221179183236360229189241252508230280252259159189315113338507
Net margin15%12%13%14%21%14%12%14%14%28%13%13%11%11%8%8%13%5%15%20%
Diluted EPS$0.70$0.57$0.59$0.76$1.17$0.73$0.61$0.77$0.79$1.60$0.72$0.88$0.79$0.79$0.49$0.57$0.96$0.33$0.97$1.45
Operating cash flow51047123443539842395.0392433403148334540481118449592555227530
Capital expenditure24.036.010.018.024.048.018.030.025.047.026.043.055.077.064.038.061.010258.051.0
Free cash flow48643522441737437577.036240835612229148540454.0411531453169479
Buybacks1823691611650.00.00.00.0115385n/an/an/an/a0.00.0n/an/a32.0138
Dividends paid246244241244243243243249249249245261261262262282282282283296
Shares outstanding315m309m309m306m306m307m311m312m318m312m316m317m324m324m328m328m328m346m347m349m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2023, filed 22 February 2024: the filing.