Yum! Brands
YUM NYSE Restaurants Financials FY2016–FY2025
Yum! Brands' revenue rose 8.8% to $8.2 billion in fiscal 2025. Its operating margin was 31.3%, down from 31.8% a year earlier. Free cash flow was $1.6 billion, up 14.5%. It paid out $1.3 billion in dividends and buybacks, 82% of free cash flow. The diluted share count fell 1.4%.
What Yum! Brands does
Yum! Brands owns the KFC, Taco Bell, Pizza Hut and Habit Burger & Grill restaurant chains, with more than 63,000 restaurants in 155 countries and territories. KFC sells fried and other chicken, Taco Bell sells Mexican-style food such as tacos and burritos, Pizza Hut sells pizza for delivery, carryout and dine-in, and Habit sells grilled burgers and sandwiches.
Yum reports one segment for each of its four chains; KFC is the largest, with 33,897 restaurants. Nearly all the restaurants, 97% at the end of 2025, are run by independent franchisees, who pay for the buildings and equipment. Yum earns upfront fees and monthly fees based on a share of each franchised restaurant's sales, typically 4% to 6%, plus advertising contributions, and also earns sales from the restaurants it runs itself. Its largest master franchisee is Yum China, a former part of the company that runs its brands in mainland China and pays a fee of 3% of sales there. Yum says its chains compete with other restaurant chains, local restaurants, supermarkets, convenience stores and food delivery services.
Yum and its subsidiaries employed about 49,000 people at the end of 2025, about 28,000 of them in the United States; franchisees hire their own workers. In 2025 Yum began reviewing options for Pizza Hut and expected to finish that review in 2026.
- Legal name
- YUM! BRANDS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001041061-26-000084
0001041061
Revenue and margins
Yum! Brands had $8.2B of revenue in fiscal 2025, up 8.8% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.6B in fiscal 2025, 20.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Yum! Brands returned $1.3B to shareholders in fiscal 2025, 82% of free cash flow. The diluted share count fell 1.4%.
Value Yum! Brands yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$11.3B and divides by 281.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 18.8x · peers 18.5x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Yum! Brands can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $486M | $367M | $512M | $707M | $709M |
| Debt incl. finance leases | $11.3B | $12.3B | $11.3B | $11.4B | $12.0B |
| Net debt / EBITDA | 4.7x | 5.1x | 4.4x | 4.2x | 4.1x |
| Interest coverage | 3.9x | 3.9x | 3.9x | 4.4x | 4.7x |
| Current ratio | 1.1x | 1.0x | 1.3x | 1.5x | 1.4x |
| Quick ratio | 1.1x | 1.0x | 1.3x | 1.5x | 1.4x |
| Total assets | $6.0B | $5.8B | $6.2B | $6.7B | $8.2B |
| Total liabilities | $14.3B | $14.7B | $14.1B | $14.4B | $15.5B |
| Shareholders' equity | −$8.4B | −$8.9B | −$7.9B | −$7.6B | −$7.3B |
| Net debt (− = net cash) | $10.8B | $12.0B | $10.8B | $10.7B | $11.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$3.1M
5 insiders
Of sales under plans
100%
$3.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 7, 2026 | Christopher Lee TurnerChief Executive Officer, Director | Sold plan | 285 | $140.11 | $0.0M | Form 4 |
| Oct 1, 2026 | Scott MezvinskyKFC Division CEO | Sold plan | 241 | $136.89 | $0.0M | Form 4 |
| Sep 1, 2026 | Christopher Lee TurnerChief Executive Officer, Director | Sold plan | 261 | $153.64 | $0.0M | Form 4 |
| Sep 1, 2026 | Scott MezvinskyKFC Division CEO | Sold plan | 268 | $153.64 | $0.0M | Form 4 |
| Aug 24, 2026 | Tracy L SkeansCOO and CPO | Sold plan | 3,494 | $158.00 | $0.6M | Form 4 |
| Aug 3, 2026 | Christopher Lee TurnerChief Executive Officer, Director | Sold plan | 261 | $153.15 | $0.0M | Form 4 |
| Aug 3, 2026 | David Eric RussellSr. Vice President, Controller | Sold plan | 7,961 | $153.15 | $1.2M | Form 4 |
| Aug 3, 2026 | Scott MezvinskyKFC Division CEO | Sold plan | 268 | $153.15 | $0.0M | Form 4 |
| Jul 1, 2026 | Aaron PowellCEO - Pizza Hut | Sold plan | 6,001 | $160.42 | $1.0M | Form 4 |
| Jul 1, 2026 | Christopher Lee TurnerChief Executive Officer, Director | Sold plan | 250 | $160.42 | $0.0M | Form 4 |
| Jul 1, 2026 | Scott MezvinskyKFC Division CEO | Sold plan | 277 | $160.42 | $0.0M | Form 4 |
| Jun 1, 2026 | Christopher Lee TurnerChief Executive Officer, Director | Sold plan | 270 | $148.14 | $0.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 9 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | −0.1% | −3.1% | −6.0% |
| Altman Z'' | −1.72 | −1.09 | −0.76 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Yum! Brands YUM | $41.5B | 8.8% | 31.3% | 20.0% | 54.8% | 18.8x | 6 | |
| Restaurant Brands International QSR | $34.7B | 12.2% | 23.3% | 15.4% | 9.0% | 20.3x | 6 | Compare → |
| Texas Roadhouse TXRH | $10.9B | 9.4% | 8.1% | 5.8% | 33.0% | 26.5x | 4 | Compare → |
| Brinker International EAT | $8.2B | 7.9% | 10.7% | 9.6% | 66.0% | 16.8x | 8 | Compare → |
| Yum China YUMC | $15.5B | 4.4% | 10.9% | 7.1% | — | 16.3x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.4B | $5.9B | $5.7B | $5.6B | $5.7B | $6.6B | $6.8B | $7.1B | $7.5B | $8.2B |
| Gross profit | — | $2.9B | $4.1B | $4.4B | $4.1B | $4.9B | $5.1B | $5.3B | $5.4B | $5.7B |
| Operating income | $1.7B | $2.8B | $2.3B | $1.9B | $1.5B | $2.1B | $2.2B | $2.3B | $2.4B | $2.6B |
| Interest expense | $331M | $473M | $496M | $519M | $558M | $551M | $558M | $602M | $542M | $544M |
| Pretax income | $1.3B | $2.3B | $1.8B | $1.4B | $1.0B | $1.7B | $1.7B | $1.8B | $1.9B | $2.1B |
| Income tax | — | $934M | $297M | $79.0M | $116M | $99.0M | $337M | $221M | $414M | $518M |
| Net income | $1.6B | $1.3B | $1.5B | $1.3B | $904M | $1.6B | $1.3B | $1.6B | $1.5B | $1.6B |
| Diluted EPS | $4.10 | $3.77 | $4.69 | $4.14 | $2.94 | $5.21 | $4.57 | $5.59 | $5.22 | $5.55 |
| Diluted shares | 0.40B | 0.36B | 0.33B | 0.31B | 0.31B | 0.30B | 0.29B | 0.29B | 0.29B | 0.28B |
| Cash flow | ||||||||||
| Cash from operations | — | $1.0B | $1.2B | $1.3B | $1.3B | $1.7B | $1.4B | $1.6B | $1.7B | $2.0B |
| Capital expenditure | — | $318M | $234M | $196M | $160M | $230M | $279M | $285M | $257M | $371M |
| Free cash flow | — | $712M | $942M | $1.1B | $1.1B | $1.5B | $1.1B | $1.3B | $1.4B | $1.6B |
| Depreciation and amortization | $310M | $253M | $137M | $112M | $146M | $164M | $146M | $153M | $175M | $206M |
| Stock-based compensation | — | $65.0M | $50.0M | $59.0M | $97.0M | $75.0M | $84.0M | $95.0M | $69.0M | $70.0M |
| Acquisitions | $0.0M | $0.0M | $66.0M | $0.0M | $408M | $0.0M | $0.0M | $0.0M | $174M | $6.0M |
| Share buybacks | $0.0M | $2.0B | $2.4B | $815M | $239M | $1.6B | $1.2B | $50.0M | $441M | $552M |
| Dividends paid | $0.0M | $416M | $462M | $511M | $566M | $592M | $649M | $678M | $752M | $789M |
| Dividends and buybacks | $0.0M | $2.4B | $2.9B | $1.3B | $805M | $2.2B | $1.8B | $728M | $1.2B | $1.3B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $831M | $1.5B | $292M | $605M | $730M | $486M | $367M | $512M | $707M | $709M |
| Total debt | $9.2B | $10.2B | $10.4B | $11.0B | $11.2B | $11.3B | $12.3B | $11.3B | $11.4B | $12.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $77.0M | $72.0M | $64.0M | $57.0M | $50.0M | $67.0M | $148M |
| Current assets | $1.5B | $2.5B | $1.2B | $1.5B | $1.7B | $1.5B | $1.6B | $1.6B | $1.9B | $2.0B |
| Current liabilities | $1.3B | $1.5B | $1.3B | $1.5B | $1.7B | $1.4B | $1.7B | $1.3B | $1.3B | $1.5B |
| Inventory | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | — | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B | $1.6B |
| Total assets | $5.5B | $5.3B | $4.1B | $5.2B | $5.9B | $6.0B | $5.8B | $6.2B | $6.7B | $8.2B |
| Total liabilities | $11.1B | $11.6B | $12.1B | $13.2B | $13.7B | $14.3B | $14.7B | $14.1B | $14.4B | $15.5B |
| Shareholders' equity | −$5.6B | −$6.3B | −$7.9B | −$8.0B | −$7.9B | −$8.4B | −$8.9B | −$7.9B | −$7.6B | −$7.3B |
| Margins | ||||||||||
| Gross margin | — | 49.7% | 71.3% | 77.9% | 73.4% | 73.8% | 74.5% | 74.9% | 71.9% | 69.8% |
| Operating margin | 26.5% | 47.0% | 40.4% | 34.5% | 26.6% | 32.5% | 32.0% | 32.8% | 31.8% | 31.3% |
| EBITDA margin | 31.3% | 51.3% | 42.8% | 36.5% | 29.2% | 35.0% | 34.1% | 34.9% | 34.2% | 33.8% |
| Net margin | 25.9% | 22.8% | 27.1% | 23.1% | 16.0% | 23.9% | 19.4% | 22.6% | 19.7% | 19.0% |
| FCF margin | — | 12.1% | 16.6% | 20.0% | 20.3% | 22.4% | 16.8% | 18.6% | 19.0% | 20.0% |
| Returns | ||||||||||
| Return on capital | 34.5% | 64.1% | 85.2% | 79.7% | 53.8% | 80.0% | 62.7% | 67.3% | 62.4% | 54.8% |
| Return on capital employed | 36.9% | 69.5% | 69.3% | 59.2% | 38.2% | 49.0% | 50.1% | 50.8% | 46.2% | 42.4% |
| Return on assets | 24.3% | 24.9% | 32.7% | 27.7% | 16.3% | 26.7% | 22.4% | 26.5% | 22.9% | 20.9% |
| Growth | ||||||||||
| Revenue growth | −51.5% | −7.5% | −3.2% | −1.6% | 1.0% | 16.5% | 3.9% | 3.4% | 6.7% | 8.8% |
| Net income growth | 27.1% | −18.4% | 15.1% | −16.1% | −30.1% | 74.2% | −15.9% | 20.5% | −7.0% | 4.9% |
| EPS growth | 40.4% | −8.1% | 24.4% | −11.7% | −29.0% | 77.2% | −12.3% | 22.3% | −6.6% | 6.3% |
| FCF growth | — | — | 32.3% | 18.8% | 2.3% | 28.9% | −22.2% | 14.8% | 8.7% | 14.5% |
| Share count change | −9.7% | −11.3% | −7.3% | −4.9% | −1.9% | −1.6% | −4.0% | −1.7% | 0.0% | −1.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.2x | 2.9x | 4.2x | 5.1x | 6.3x | 4.7x | 5.1x | 4.4x | 4.2x | 4.1x |
| Interest coverage | 5.1x | 5.8x | 4.6x | 3.7x | 2.7x | 3.9x | 3.9x | 3.9x | 4.4x | 4.7x |
| Current ratio | 1.2x | 1.7x | 0.9x | 1.0x | 1.0x | 1.1x | 1.0x | 1.3x | 1.5x | 1.4x |
| Quick ratio | — | 1.7x | 0.9x | 1.0x | 1.0x | 1.1x | 1.0x | 1.3x | 1.5x | 1.4x |
| Capital allocation | ||||||||||
| Capex / revenue | — | 5.4% | 4.1% | 3.5% | 2.8% | 3.5% | 4.1% | 4.0% | 3.4% | 4.5% |
| Stock comp / revenue | — | 1.1% | 0.9% | 1.1% | 1.7% | 1.1% | 1.2% | 1.3% | 0.9% | 0.9% |
| Payouts / FCF | — | 333.7% | 302.8% | 118.5% | 70.3% | 147.9% | 161.1% | 55.2% | 83.3% | 81.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 5.0 | 8.0 | 6.0 | 9.0 | 6.0 | 9.0 | 7.0 | 6.0 |
| Altman Z'' | — | — | −3.1 | −2.9 | −3.0 | −2.5 | −2.9 | −1.7 | −1.1 | −0.8 |
| Accruals ratio | — | 5.8% | 7.8% | −0.5% | −7.2% | −2.2% | −1.7% | −0.1% | −3.1% | −6.0% |
Source: SEC EDGAR XBRL filings (CIK 0001041061). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.