Yum! Brands, Inc.: financial statements

YUMNYSEConsumer cyclical · Retail-Eating Places

Price

$161.33

November 13, 2026Market cap $44.6B

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The full history: 17 fiscal years, from FY2009
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More questions to the chat on its filings
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Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

Click a line to see it on the chart.

Revenue

+7.7% a year over 2 years

Line	2023	2024	2025	Average a year
Revenue	$7.1B	$7.5B	$8.2B	+7.7%
Cost of revenue	$1.8B	$2.1B	$2.5B	+18.3%
Gross profit	$5.3B	$5.4B	$5.7B	+4.0%
Operating income	$2.3B	$2.4B	$2.6B	+5.4%
Net income	$1.6B	$1.5B	$1.6B	-1.2%
Earnings per share	$5.59	$5.22	$5.55	-0.4%
Earnings per share, basic	$5.68	$5.28	$5.59	-0.8%
Margins
Gross margin	74.9%	71.9%	69.8%
Operating margin	32.8%	31.8%	31.3%
Net margin	22.6%	19.7%	19.0%

Financial statements

YUM's revenue, profits and cash flows from FY2009 to 2022, 14 more fiscal years

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Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$1.7B Due within 2 years$1.4B Leases93% Pensions funded

When the debt falls due

Dec 31, 2025

Due within 2 years

$1.7B

Principal of loans and bonds falling due, from the annual report dated December 31, 2025, without leases and interest. The filing

Leases

Dec 31, 2025

Operating leases

$1.3B

Finance leases

$148M

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Pension plans

Dec 31, 2025

Defined-benefit pensions

93%funded

Deficit $69M.

The obligation is the present value of the pensions employees have already earned, at December 31, 2025. A deficit is the company's to fill with contributions. The filing

ObligationPlan assets

Goodwill by segment

Dec 31, 2025

Total goodwill

$969M

KFC Global Division$349M36%

Goodwill is what the company paid in acquisitions above the value of what it bought, at December 31, 2025. If an acquisition earns less, the goodwill is impaired and earnings fall. The filing

$969MTotal goodwill

From the statutory to the effective tax rate, 2025

Dec 31, 2025

Statutory rate

21.0%

Effective rate

24.9%

+3.9 pts

The company paid 24.9% in tax on its profit, 3.9 points above the US federal rate (21.0%). Below, the reasons it gives.

The lines the company states do not reach its effective rate, so we do not show them. Both rates are the filing's. The filing

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Where the change in earnings per share came from

Diluted earnings per share went from $5.21 in the fiscal year to Dec 31, 2024 to $5.55 in the year to Dec 31, 2025, a change of +$0.33.

Measured by size, 31.8% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.

: +$0.57
: -$0.11
: +$0.02
: -$0.22
: +$0.08

Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.

Taxes: deferred and paid

The deferred part was 20.7% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.

Cash taxes paid were 98.5% of the current tax charge in the year to Dec 31, 2025.

Deferred share, year to Dec 31, 2025$107M of $518M: 20.7%
Deferred share, year to Dec 31, 2024-$30M of $414M: -7.2%
Deferred share, year to Dec 31, 2023-$290M of $221M: -131.2%
$405M paid, $411M current: 98.5%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

Receivables and inventory against sales are not shown: a figure it needs is missing from the company's structured filings.

The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Yum! Brands's filings show?

These are Yum! Brands's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
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Questions about YUM's financials

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How much revenue did YUM have in 2025?

Yum! Brands had revenue of $8.2B and net income of $1.6B in fiscal 2025, a net margin of 19.0%.

How much debt does YUM have?

On December 31, 2025 Yum! Brands had total assets of $8.2B, debt of $11.9B and shareholders' equity of -$7.3B.

How much free cash flow does YUM have?

In fiscal 2025 Yum! Brands had cash from operations of $2.0B and spent $371M on capital expenditure, leaving $1.6B of free cash flow.

Where are the figures from?

From Yum! Brands, Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.