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YUMYum! Brands

Consumer discretionary · Restaurants · NYSE

Yum! Brands, Inc. (referred to herein as “YUM”, the “Registrant” or the “Company”), was incorporated under the laws of the state of North Carolina in 1997. 10-K, Item 1

Headquarters
Louisville, KY
CEO
Christopher Lee Turner
Next results
around Feb 3, 2027
Compare with peers → Embed
All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)12.42Sales (ttm)8.8BNet income (ttm)3.4BSales growth+8.8%EPS growth+6.3%Sales Q/Q+3.8%
Free cash flow1.6BGross margin67.4%Oper. margin49.5%Net margin39.1%FCF margin18.4%ROEn/m
ROA39.3%R&D / sales-Dividend2.84Debt/Eqn/mCurr. ratio0.96Cash2.1B
Op. cash flow (ttm)2.0BEBITDA2.8BEBITDA margin33.8%Net debt11.6BQuick ratio0.95Interest cover4.73
Payout ratio51.2%Tax rate24.9%Stock pay / sales0.9%Shares out.268.3MShares Y/Y-1.4%Book / share-22.98
Cash / share7.86Sales / share32.79Asset turnover1.00Inventory turns67.11Sales 3Y CAGR+6.3%Sales 5Y CAGR+7.8%
EPS 3Y CAGR+6.7%EPS 5Y CAGR+13.6%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

YUM against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
YUMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+8.8%14th of 47 · median +5.4%
Net margin
39.1%1st of 47 · median 10.8%
Free cash flow margin
18.4%9th of 45 · median 9.4%
YUM and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
YUM Yum! Brands$8.8B +8.8%67.4%39.1%-18.4%-
NVR NVR, Inc.$9.3B -1.9%-11.2%30.5%8.8%-
RL Ralph Lauren Corporation$8.5B +14.6%71.8%12.6%39.3%-0.45
TPR Tapestry, Inc.$8.2B +14.2%78.3%19.7%-23.0%5.70
WSM Williams-Sonoma, Inc.$8.0B +1.2%47.2%14.7%55.1%16.8%-
GRMN Garmin$7.9B +15.1%61.1%25.6%21.1%18.6%-

From $6.6B of sales to $1.6B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.9BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $2.1BGross profit to Operating expenses: $2.7BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $564.0M Revenue: $6.6B Revenue$6.6B +16% Y/Y Gross profit: $4.9B · 74% margin Gross profit$4.9B74% margin Cost of revenue: $1.7B · 26% of revenue Cost of revenue$1.7B26% of revenue Operating profit: $2.1B · 32% margin Operating profit$2.1B32% margin +42% Y/Y Operating expenses: $2.7B · 41% of revenue Operating expenses$2.7B41% of revenue Net profit: $1.6B · 24% margin Net profit$1.6B24% margin +74% Y/Y Tax & other: $564.0M · 9% of revenue Tax & other$564.0M9% of revenue

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From $6.8B of sales to $1.3B of profit

FY2022, from the 10-K income statement and revenue by product
Franchise and property revenue to Revenue: $3.1BCompany Sales to Revenue: $2.1BFranchise contributions for advertising and other services to Revenue: $1.7BRevenue to Gross profit: $5.1BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $2.9BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $862.0M Franchise and property revenue: $3.1B · 45% Franchise and property…$3.1B45% Company Sales: $2.1B · 30% Company Sales$2.1B30% Franchise contributions for advertising and other services: $1.7B · 24% Franchise contributions…$1.7B24% Revenue: $6.8B Revenue$6.8B +4% Y/Y Gross profit: $5.1B · 74% margin Gross profit$5.1B74% margin Cost of revenue: $1.7B · 26% of revenue Cost of revenue$1.7B26% of revenue Operating profit: $2.2B · 32% margin Operating profit$2.2B32% margin +2% Y/Y Operating expenses: $2.9B · 43% of revenue Operating expenses$2.9B43% of revenue Net profit: $1.3B · 19% margin Net profit$1.3B19% margin −16% Y/Y Tax & other: $862.0M · 13% of revenue Tax & other$862.0M13% of revenue

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From $7.1B of sales to $1.6B of profit

FY2023, from the 10-K income statement and revenue by product
Franchise and property revenue to Revenue: $3.2BCompany Sales to Revenue: $2.1BFranchise contributions for advertising and other services to Revenue: $1.7BRevenue to Gross profit: $5.3BRevenue to Cost of revenue: $1.8BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $721.0M Franchise and property revenue: $3.2B · 46% Franchise and property…$3.2B46% Company Sales: $2.1B · 30% Company Sales$2.1B30% Franchise contributions for advertising and other services: $1.7B · 24% Franchise contributions…$1.7B24% Revenue: $7.1B Revenue$7.1B +3% Y/Y Gross profit: $5.3B · 75% margin Gross profit$5.3B75% margin Cost of revenue: $1.8B · 25% of revenue Cost of revenue$1.8B25% of revenue Operating profit: $2.3B · 33% margin Operating profit$2.3B33% margin +6% Y/Y Operating expenses: $3.0B · 42% of revenue Operating expenses$3.0B42% of revenue Net profit: $1.6B · 23% margin Net profit$1.6B23% margin +21% Y/Y Tax & other: $721.0M · 10% of revenue Tax & other$721.0M10% of revenue

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From $7.5B of sales to $1.5B of profit

FY2024, from the 10-K income statement and revenue by product
Franchise and property revenue to Revenue: $3.3BCompany Sales to Revenue: $2.6BFranchise contributions for advertising and other services to Revenue: $1.7BRevenue to Gross profit: $5.4BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $2.4BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.5BOperating profit to Tax & other: $917.0M Franchise and property revenue: $3.3B · 44% Franchise and property…$3.3B44% Company Sales: $2.6B · 34% Company Sales$2.6B34% Franchise contributions for advertising and other services: $1.7B · 23% Franchise contributions…$1.7B23% Revenue: $7.5B Revenue$7.5B +7% Y/Y Gross profit: $5.4B · 72% margin Gross profit$5.4B72% margin Cost of revenue: $2.1B · 28% of revenue Cost of revenue$2.1B28% of revenue Operating profit: $2.4B · 32% margin Operating profit$2.4B32% margin +4% Y/Y Operating expenses: $3.0B · 40% of revenue Operating expenses$3.0B40% of revenue Net profit: $1.5B · 20% margin Net profit$1.5B20% margin −7% Y/Y Tax & other: $917.0M · 12% of revenue Tax & other$917.0M12% of revenue

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From $8.2B of sales to $1.6B of profit

FY2025, from the 10-K income statement and revenue by product
Franchise and property revenue to Revenue: $3.5BCompany Sales to Revenue: $2.9BFranchise contributions for advertising and other services to Revenue: $1.8BRevenue to Gross profit: $5.7BRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $1.0B Franchise and property revenue: $3.5B · 42% Franchise and property…$3.5B42% Company Sales: $2.9B · 36% Company Sales$2.9B36% Franchise contributions for advertising and other services: $1.8B · 22% Franchise contributions…$1.8B22% Revenue: $8.2B Revenue$8.2B +9% Y/Y Gross profit: $5.7B · 70% margin Gross profit$5.7B70% margin Cost of revenue: $2.5B · 30% of revenue Cost of revenue$2.5B30% of revenue Operating profit: $2.6B · 31% margin Operating profit$2.6B31% margin +7% Y/Y Operating expenses: $3.2B · 38% of revenue Operating expenses$3.2B38% of revenue Net profit: $1.6B · 19% margin Net profit$1.6B19% margin +5% Y/Y Tax & other: $1.0B · 12% of revenue Tax & other$1.0B12% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 2
  • ✓
    Net margin above the peer median39.1% vs 10.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 25.8% → 19.0%

Balance sheet

0 of 4
  • !
    Interest covered less than 5 timesOperating income is 4.7× interest expense
  • !
    Equity below zeroDebt $13.7B, equity −$6.2B
  • !
    Current ratio below 1Current ratio 0.96
  • !
    Net debt over 3 years of free cash flow$11.6B net debt, 7.2 years
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 9 years$1.6B last year
  • ✓
    Share count down over 5 years−8.5%
  • ✓
    Dividend per share up over 5 years$1.88 → $2.84
  • ✓
    Cash from operations above net income$2.0B vs $1.6B
Free cash flow, FY2016 to FY2025: 712.0M → 1.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $13.7B Debt$13.7B Long-term debt: $9.5B · 69% Long-term debt$9.5B · 69% Due within a year: $2.1B · 16% Due within a year$2.1B · 16% Short-term borrowings: $2.1B · 16% Short-term borrowings$2.1B · 16% Next 12 months: $28.0M · 0% Next 12 months$28.0M · 0% Year 2: $1.7B · 12% Year 2$1.7B · 12% Year 3: $2.0B · 15% Year 3$2.0B · 15% Year 4: $1.3B · 10% Year 4$1.3B · 10% Year 5: $1.8B · 13% Year 5$1.8B · 13% After year 5: $5.0B · 36% After year 5$5.0B · 36%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $3.8B Not stated $5.3B

Line, as the company names itKindRateFixed or floatingAmount
Term Loan B Facility (Secured Debt)Secured5.29%floating$1.4B
Term Loan B FacilityBank loans–floating$1.4B
Unsecured Notes Due January 2032Secured4.63–4.77%not stated$1.1B
Senior Unsecured Notes Due March 2031Secured3.63–3.77%not stated$1.1B
Senior Unsecured Notes Due April 2032Secured5.38%not stated$1.0B
Senior Unsecured Notes Due January 2030Secured4.75–4.90%not stated$800.0M
Subsidiary Senior Unsecured Notes due 2027Secured4.75%not stated$750.0M
Term Loan A Facility (Secured Debt)Secured4.71%floating$494.0M
Term Loan A FacilityBank loans–floating$494.0M
Senior Unsecured Notes Due November 2037Secured6.88–7.45%not stated$325.0M
Senior Unsecured Notes Due November 2043Secured5.35–5.42%not stated$275.0M
All 11 lines

From the debt note in the 10-K's XBRL (0001041061-26-000084), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 8.2B Net income 1.6B
FY2016 revenue 6.4B · Revenues, 0001041061-19-000010 FY2016 net income 1.6B · NetIncomeLoss, 0001041061-19-000010 6.4B FY2016 FY2017 revenue 5.9B · Revenues, 0001041061-20-000015 FY2017 net income 1.3B · NetIncomeLoss, 0001041061-20-000015 5.9B FY2017 FY2018 revenue 5.7B · Revenues, 0001041061-21-000012 FY2018 net income 1.5B · NetIncomeLoss, 0001041061-21-000012 5.7B FY2018 FY2019 revenue 5.6B · Revenues, 0001041061-22-000009 FY2019 net income 1.3B · NetIncomeLoss, 0001041061-22-000009 5.6B FY2019 FY2020 revenue 5.7B · Revenues, 0001041061-23-000009 FY2020 net income 904.0M · NetIncomeLoss, 0001041061-23-000009 5.7B FY2020 FY2021 revenue 6.6B · Revenues, 0001041061-24-000011 FY2021 net income 1.6B · NetIncomeLoss, 0001041061-24-000011 6.6B FY2021 FY2022 revenue 6.8B · Revenues, 0001041061-25-000013 FY2022 net income 1.3B · NetIncomeLoss, 0001041061-25-000013 6.8B FY2022 FY2023 revenue 7.1B · Revenues, 0001041061-26-000084 FY2023 net income 1.6B · NetIncomeLoss, 0001041061-26-000084 7.1B FY2023 FY2024 revenue 7.5B · Revenues, 0001041061-26-000084 FY2024 net income 1.5B · NetIncomeLoss, 0001041061-26-000084 7.5B FY2024 FY2025 revenue 8.2B · Revenues, 0001041061-26-000084 FY2025 net income 1.6B · NetIncomeLoss, 0001041061-26-000084 8.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

YUM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue8.2B
FY2016: 6.4BFY2017: 5.9BFY2018: 5.7BFY2019: 5.6BFY2020: 5.7BFY2021: 6.6BFY2022: 6.8BFY2023: 7.1BFY2024: 7.5BFY2025: 8.2B FY2017FY2019FY2021FY2023FY2025
Net income1.6B
FY2016: 1.6BFY2017: 1.3BFY2018: 1.5BFY2019: 1.3BFY2020: 904.0MFY2021: 1.6BFY2022: 1.3BFY2023: 1.6BFY2024: 1.5BFY2025: 1.6B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.6B
FY2016: -FY2017: 712.0MFY2018: 942.0MFY2019: 1.1BFY2020: 1.1BFY2021: 1.5BFY2022: 1.1BFY2023: 1.3BFY2024: 1.4BFY2025: 1.6B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)5.55
FY2016: 4.10FY2017: 3.77FY2018: 4.69FY2019: 4.14FY2020: 2.94FY2021: 5.21FY2022: 4.57FY2023: 5.59FY2024: 5.22FY2025: 5.55 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.84
FY2016: 1.73FY2017: 0.90FY2018: 1.44FY2019: 1.68FY2020: 1.88FY2021: 2.00FY2022: 2.28FY2023: 2.42FY2024: 2.68FY2025: 2.84 FY2017FY2019FY2021FY2023FY2025
Diluted shares281.0M
FY2016: 400.0MFY2017: 355.0MFY2018: 329.0MFY2019: 313.0MFY2020: 307.0MFY2021: 302.0MFY2022: 290.0MFY2023: 285.0MFY2024: 285.0MFY2025: 281.0M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-20

Compared with the 10-K of Feb 19, 2025: new segments Other, PH Strategic Options; no longer reported: German Acquisition.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
KFC Global Division 3.5B43.1% +14.3%
Taco Bell Global Division 3.1B37.7% +8.2%
Other 2.7B32.5% +10.4%
Pizza Hut Global Division 1.0B12.3% +0.5%
The Habit Burger Grill Global Division 570.0M6.9% -5.0%
PH Strategic Options 7.0M0.1% -
Corporate Segment and Other Operating Segment -7.0M-0.1% -

10-K 0001041061-26-000084, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Franchise and property revenue 3.5B42.3% +5.4%
Company Sales 2.9B35.9% +15.4%
Franchise contributions for advertising and other services 1.8B21.9% +5.5%

10-K 0001041061-26-000084, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 4.5B55.1% +4.4%
UNITED KINGDOM 1.0B12.4% +27.8%

10-K 0001041061-26-000084, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue6.4B5.9B5.7B5.6B5.7B6.6B6.8B7.1B7.5B8.2B
Cost of revenue-3.0B1.6B1.2B1.5B1.7B1.7B1.8B2.1B2.5B
SG&A-999.0M895.0M917.0M1.1B1.1B1.1B1.2B1.2B1.3B
Operating income1.7B2.8B2.3B1.9B1.5B2.1B2.2B2.3B2.4B2.6B
Interest expense331.0M473.0M496.0M519.0M558.0M551.0M558.0M602.0M542.0M544.0M
Pretax income1.3B2.3B1.8B1.4B1.0B1.7B1.7B1.8B1.9B2.1B
Income tax-934.0M297.0M79.0M116.0M99.0M337.0M221.0M414.0M518.0M
Net income1.6B1.3B1.5B1.3B904.0M1.6B1.3B1.6B1.5B1.6B
EPS (diluted)4.103.774.694.142.945.214.575.595.225.55
Diluted shares400.0M355.0M329.0M313.0M307.0M302.0M290.0M285.0M285.0M281.0M
Depreciation & amortization310.0M253.0M137.0M112.0M146.0M164.0M146.0M153.0M175.0M206.0M
EBITDA2.0B3.0B2.4B2.0B1.6B2.3B2.3B2.5B2.6B2.8B
Operating margin26.5%47.0%40.4%34.5%26.6%32.5%32.0%32.8%31.8%31.3%
Net margin25.8%22.8%27.1%23.1%16.0%23.9%19.4%22.6%19.7%19.0%
Revenue growth--7.5%-3.2%-1.6%+1.0%+16.5%+3.9%+3.4%+6.7%+8.8%
EPS growth--8.0%+24.4%-11.7%-29.0%+77.2%-12.3%+22.3%-6.6%+6.3%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash725.0M1.5B292.0M605.0M730.0M486.0M367.0M512.0M616.0M709.0M
Short-term investments-------091.0M0
Inventory37.0M---------
Current assets1.5B2.5B1.2B1.5B1.7B1.5B1.6B1.6B1.9B2.0B
Property & equipment2.1B1.7B1.2B1.2B1.2B1.2B1.2B1.2B1.3B1.6B
Goodwill536.0M512.0M525.0M530.0M597.0M657.0M638.0M642.0M736.0M969.0M
Total assets5.5B5.3B4.1B5.2B5.9B6.0B5.8B6.2B6.7B8.2B
Accounts payable--202.0M173.0M------
Current liabilities1.3B1.5B1.3B1.5B1.7B1.4B1.7B1.3B1.3B1.5B
Total debt9.2B10.2B10.4B11.0B11.2B11.3B12.3B11.3B11.4B11.9B
Total liabilities11.1B11.6B12.1B13.2B13.7B14.3B14.7B14.1B14.4B15.5B
Shareholders' equity-5.6B-6.3B-7.9B-8.0B-7.9B-8.4B-8.9B-7.9B-7.6B-7.3B
Retained earnings-5.2B-6.1B-7.6B-7.6B-7.5B-8.0B-8.5B-7.6B-7.3B-7.0B

Cash flow

From EDGAR

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)-65.0M50.0M59.0M97.0M75.0M84.0M95.0M69.0M70.0M
Stock-based pay / revenue-1.1%0.9%1.1%1.7%1.1%1.2%1.3%0.9%0.9%
Operating lease cost---115.0M137.0M145.0M133.0M130.0M135.0M158.0M
Operating lease cash paid---104.0M133.0M140.0M137.0M127.0M137.0M158.0M
Finance lease principal paid---4.0M5.0M4.0M5.0M7.0M8.0M7.0M
Right-of-use assets--0642.0M851.0M809.0M742.0M764.0M881.0M1.2B
Operating lease liabilities---707.0M----953.0M1.3B
Finance lease liabilities---77.0M72.0M64.0M57.0M50.0M67.0M148.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on YUM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/YUM/export.csv") into a cell.