Yum! Brands, Inc. (NYSE: YUM) is a predominantly franchised restaurant company whose retained brands include KFC, Taco Bell and Habit Burger & Grill. Its historical financial results also include Pizza Hut, whose China rights and business outside the defined China territory were sold in separate transactions completed in August and September 2026.
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A snapshot of what YUM BRANDS INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001041061-24-000011 | Feb 20, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001041061-25-000013 | Feb 19, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001041061-26-000084 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Yum’s franchise model generates royalties without funding most restaurant development, but franchisee health remains essential to sales, expansion and collections. In 2025, KFC and Taco Bell supported higher operating profit and cash generation, while Pizza Hut weakened and Habit returned to a loss. Acquisitions increased reported restaurant revenue without representing equivalent systemwide demand growth. Developments after the annual filing materially changed the picture: Pizza Hut’s two sales closed, exchanging business interests and future China royalties for transaction consideration, while retaining service, intellectual-property and indemnity relationships. First-half 2026 earnings were substantially boosted by noncash tax benefits, not a comparable acceleration in operations. Refinancing dependencies, the substantial disputed IRS assessment and Taco Bell’s July food-safety disruption remain important qualifications. This view uses the supplied evidence package as of October 24, 2026.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-06-16 · 8-K · 2026-08-07 · 8-K · 2026-09-01
At December 31, 2025, Yum’s four-brand system had 63,285 restaurants across 155 countries and territories; 97% were franchised. Franchisees generally finance development and reinvestment. Store-level royalties typically run between 4% and 6% of sales, with lower percentages under many master-franchise arrangements. Yum China is an independent company, not a consolidated restaurant subsidiary. These year-end footprint and royalty descriptions precede the 2026 Pizza Hut disposals.
The distinction between system sales and Yum revenue is fundamental. In 2025, system sales were $68.295 billion, while consolidated GAAP revenue was $8.214 billion. Advertising and service contributions of $1.796 billion were substantially offset by $1.799 billion of related expenses. Acquiring franchised restaurants replaces royalty income with restaurant sales and operating costs; it can lift consolidated revenue without adding new system restaurants. Habit remains much more company-operated than the larger brands.
Sources: 10-K · 2025-12-31 · 8-K · 2026-08-07 · 8-K · 2026-09-01
Revenue increased 9%, GAAP operating profit increased 7% to $2.574 billion, and net income increased 5% to $1.559 billion in 2025. Worldwide same-store sales rose 3%, following a 1% decline in 2024. KFC benefited from development and comparable-sales growth; Taco Bell delivered 7% same-store sales growth. Pizza Hut’s operating profit fell to $340 million, and Habit recorded a $13 million operating loss. Consolidated company-restaurant margin declined to 15.7%; this non-GAAP measure excludes corporate support and impairment or closure costs.
The comparison includes important offsets. The prior year’s extra reporting week contributed $36 million of operating profit and approximately $0.09 of EPS. Lower diluted shares helped 2025 EPS growth exceed net-income growth. Tax outcomes also changed materially: the effective rate rose to 24.9%, versus 21.8% in 2024 and 12.1% in 2023. Company-adjusted EPS of $6.05 excludes designated Special Items, but still includes ordinary refranchising gains. Comparable-sales growth cannot be separated into traffic, pricing and mix from the supplied disclosures.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
Operating cash flow reached $2.010 billion in 2025. Management attributed the improvement to operating profit before Special Items and lower incentive-compensation and income-tax payments. Capital spending was $371 million and acquisition cash outflow was $782 million. Dividends consumed $789 million, while the cash-flow statement recorded $552 million of repurchases. Long-term borrowing proceeds of $1.493 billion exceeded repayments of $966 million, so financing also supported deployment. Operating cash flow is not profit, and acquisition prices must not be added again to the aggregate acquisition cash-flow line.
At June 30, 2026, cash and equivalents were $674 million, excluding restricted balances and separately classified held-for-sale cash. The $1.5 billion revolver had $675 million drawn; unused capacity was not cash. Short-term borrowings rose to $2.813 billion principally because of maturity classification. Term Loan A and the revolver face an earlier maturity unless enough of the June 2027 subsidiary notes is repaid or refinanced. Management expected refinancing, but completion and exact covenant headroom are not established.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Yum sold Pizza Hut rights in the defined PRC territory to Yum China on August 7, 2026 for $1.2 billion cash. It completed the separate sale to Toppings TopCo on September 1 for $1.488 billion cash, subject to adjustments. The PRC definition excludes Hong Kong, Macau and Taiwan. Future Pizza Hut royalties in that PRC territory were removed. The earlier approximately $2.3 billion combined net-proceeds estimate remains an estimate, not a confirmed final receipt or disposal gain. Continuing tax, service and intellectual-property obligations remain relevant.
First-half 2026 operating profit increased 11% to $1.299 billion, but net income increased 105% to $1.285 billion, substantially reflecting tax benefits. Operating cash flow was $923 million. A July Taco Bell lettuce-related disruption occurred after these results; management reported a meaningful near-term sales impact, not a completed recovery. The IRS dispute remained unreserved under management’s assessment despite substantial asserted tax, penalties and interest. Franchisee financial stress, food safety and digital-system dependence remain material operating risks.
Sources: 8-K · 2026-08-07 · 8-K · 2026-09-01 · 8-K · 2026-06-16 · 10-Q · 2026-06-30 · 10-K · 2025-12-31
USD 8.214 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.214 bn | — |
| 2023 | USD 7.076 bn | — |
Consolidated Company sales, franchise/property revenues and franchise advertising/service contributions; excludes franchise restaurant sales.
Sources: 10-K · 2025-12-31
USD 7.549 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · calendar note: Includes a 53rd week for weekly-calendar subsidiaries.
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 7.549 bn | — |
Consolidated Company sales, franchise/property revenues and franchise advertising/service contributions; excludes franchise restaurant sales.
Sources: 10-K · 2025-12-31
USD 1.559 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.559 bn | — |
| 2023 | USD 1.597 bn | — |
Consolidated GAAP net income after income taxes.
Sources: 10-K · 2025-12-31
USD 1.486 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · calendar note: Includes a 53rd week for weekly-calendar subsidiaries.
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 1.486 bn | — |
Consolidated GAAP net income after income taxes.
Sources: 10-K · 2025-12-31
USD 2.01 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.01 bn | — |
| 2023 | USD 1.603 bn | — |
GAAP consolidated operating cash flow, including working-capital and cash-tax effects.
Sources: 10-K · 2025-12-31
USD 1.689 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · calendar note: Includes a 53rd week for weekly-calendar subsidiaries.
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 1.689 bn | — |
GAAP consolidated operating cash flow, including working-capital and cash-tax effects.
Sources: 10-K · 2025-12-31
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