YUM BRANDS INC YUM
YUM, together with its subsidiaries, is referred to in this Form 10-K annual report ("Form 10-K") as the Company. The terms "we," "us" and "our" are also used in the Form 10-K to refer to the Company. Throughout this Form 10-K, the terms "restaurants," "stores" and "units" are used interchangeably. While YUM does not directly own or operate any restaurants, throughout this document we may refer to restaurants that are owned or operated by our subsidiaries as being Company-owned.
YUM has over 63,000 restaurants in 155 countries and territories primarily operating under the four concepts of KFC, Taco Bell, Pizza Hut and Habit Burger & Grill (the "Concepts"). The Company's KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired food and pizza categories, respectively. Habit Burger & Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. At December 31, 2025, 97% of our Concepts' units are operated by independent franchisees or licensees under the terms of franchise or license agreements. The terms franchise or franchisee within this Form 10-K are meant to describe third parties that operate units under either franchise or license agreements.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.21B | $7.55B | $7.08B | $6.84B | $6.58B | $5.65B | $5.60B | $5.69B | $5.88B | $6.36B |
| Cost of revenue | $2.48B | $2.12B | $1.77B | $1.75B | $1.73B | $1.51B | $1.24B | $1.63B | $2.95B | — |
| Gross profit | $5.73B | $5.43B | $5.30B | $5.10B | $4.86B | $4.15B | $4.36B | $4.05B | $2.92B | — |
| SG&A | $1.26B | $1.18B | $1.19B | $1.14B | $1.06B | $1.06B | $917.0M | $895.0M | $999.0M | — |
| Total operating expenses | $5.64B | $5.15B | $4.76B | $4.66B | $4.45B | $4.15B | $3.67B | $3.39B | $3.12B | — |
| Operating income | $2.57B | $2.40B | $2.32B | $2.19B | $2.14B | $1.50B | $1.93B | $2.30B | $2.76B | $1.68B |
| Interest expense | $501.0M | $489.0M | $513.0M | $527.0M | $544.0M | $543.0M | $486.0M | $452.0M | $445.0M | $307.0M |
| Pre-tax income | $2.08B | $1.90B | $1.82B | $1.66B | $1.67B | $1.02B | $1.37B | $1.84B | $2.27B | $1.34B |
| Income tax | $518.0M | $414.0M | $221.0M | $337.0M | $99.0M | $116.0M | $79.0M | $297.0M | $934.0M | — |
| Net income | $1.56B | $1.49B | $1.60B | $1.32B | $1.57B | $904.0M | $1.29B | $1.54B | $1.34B | $1.64B |
| EPS, basic | 5.59 | 5.28 | 5.68 | 4.63 | 5.30 | 2.99 | 4.23 | 4.80 | 3.86 | 4.17 |
| EPS, diluted | 5.55 | 5.22 | 5.59 | 4.57 | 5.21 | 2.94 | 4.14 | 4.69 | 3.77 | 4.10 |
| Shares, diluted (wtd. avg.) | $281.0M | $285.0M | $285.0M | $290.0M | $302.0M | $307.0M | $313.0M | $329.0M | $355.0M | $400.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $709.0M | $616.0M | $512.0M | $647.0M | $771.0M | $1.02B | $768.0M | $474.0M | $1.67B | $831.0M |
| Short-term investments | $0 | $91.0M | $0 | — | — | — | — | — | — | — |
| Total current assets | $2.04B | $1.87B | $1.61B | $1.61B | $1.53B | $1.69B | $1.53B | $1.21B | $2.51B | $1.50B |
| Property, plant and equipment | $1.60B | $1.30B | $1.20B | $1.17B | $1.21B | $1.24B | $1.17B | $1.24B | — | — |
| Goodwill | $969.0M | $736.0M | $642.0M | $638.0M | $657.0M | $597.0M | $530.0M | $525.0M | $512.0M | — |
| Other intangibles | $909.0M | $416.0M | $377.0M | $354.0M | $359.0M | $343.0M | $244.0M | $242.0M | — | — |
| Total assets | $8.20B | $6.73B | $6.23B | $5.85B | $5.97B | $5.85B | $5.23B | $4.13B | $5.31B | $5.45B |
| Accounts payable | $1.43B | $1.21B | $1.17B | $1.25B | $1.33B | $1.19B | $960.0M | $202.0M | — | — |
| Short-term debt | $38.0M | $27.0M | $53.0M | $398.0M | $68.0M | $453.0M | $441.0M | $331.0M | $386.0M | $66.0M |
| Total current liabilities | $1.52B | $1.27B | $1.28B | $1.67B | $1.42B | $1.68B | $1.54B | $1.30B | $1.51B | $1.31B |
| Total liabilities | $15.52B | $14.38B | $14.09B | $14.72B | $14.34B | $13.74B | $13.25B | $12.06B | $11.64B | $11.07B |
| Retained earnings | -$7.01B | -$7.26B | -$7.62B | -$8.51B | -$8.05B | -$7.48B | -$7.63B | -$7.59B | — | — |
| Total equity | -$7.33B | -$7.65B | -$7.86B | -$8.88B | -$8.37B | -$7.89B | -$8.02B | -$7.93B | -$6.33B | -$5.62B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.01B | $1.69B | $1.60B | $1.43B | $1.71B | $1.30B | $1.31B | $1.18B | $1.03B | — |
| Depreciation and amortisation | $206.0M | $175.0M | $153.0M | $146.0M | $164.0M | $146.0M | $112.0M | $137.0M | $253.0M | $310.0M |
| Stock-based compensation | $70.0M | $69.0M | $95.0M | $84.0M | $75.0M | $97.0M | $59.0M | $50.0M | $65.0M | — |
| Capital expenditure | $371.0M | $257.0M | $285.0M | $279.0M | $230.0M | $160.0M | $196.0M | $234.0M | $318.0M | — |
| Investing cash flow | -$1.00B | -$422.0M | -$107.0M | -$202.0M | -$173.0M | -$335.0M | -$88.0M | $313.0M | $1.47B | — |
| Financing cash flow | -$924.0M | -$1.16B | -$1.43B | -$1.32B | -$1.77B | -$738.0M | -$938.0M | -$2.62B | -$1.79B | — |
| Dividends paid | $789.0M | $752.0M | $678.0M | $649.0M | $592.0M | $566.0M | $511.0M | $462.0M | $416.0M | — |
| Buybacks | $552.0M | $441.0M | $50.0M | $1.20B | $1.59B | $239.0M | $815.0M | $2.39B | $1.96B | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001041061-26-000084.
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