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Yum! BrandsYUM

Legal name
Yum! Brands, Inc.
Sector
Consumer
Industry
Retail-Eating Places
Exchange
NYSE

Stock Price $YUM

Latest filings

You are here#24 of 42 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q328-K146

YUM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 146 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $8.21B
YoY changeLargest recent move+16.5%in FY21Latest +8.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All YUM Financial Metrics58 metrics

Income Statement15

Balance Sheet23

Cash Flow15

Per Share5

02—Overview

Yum! Brands Financial Overview 2021–2025

Updated Nov 4, 2026

Yum! Brands carries a $2.1 billiona IRS tax claim, plus $418 million in penalties, on a business that earned $1.56 billion in net income in FY2025, and the interest on that claim has swelled to roughly $2.3 billion by June 2026. The company is contesting it in Tax Court and has booked no reserve. That is the swing factor in an otherwise steady story: a franchise machine, 97% franchised, that keeps compounding sales while it sheds its weakest brand.

The long-term arc is clear. Revenue grew from $6.58 billion in FY2021 to $8.21 billionb in FY2025, and system sales reached $68.30 billion. Operating profit climbed from $2.14 billion to $2.57 billion over the same stretch. Operating cash flow rose from $1.71 billion to $2.01 billion. Growth was uneven, though. Same-store sales slipped 1% in FY2024 before recovering 3% in FY2025. Taco Bell drove the rebound with 7% same-store growth, while Pizza Hut's operating profit fell 9%. Management then agreed to sell the brand, with about $2.3 billion of expected net proceeds and up to $4 billion of new buyback authorization.

Leverage remains the trade-off. Total debt was about $12.0 billionc at the end of FY2025, and the shareholders' deficit stood at $7.1 billion by Q2 2026. Net leverage eased from 5.0x EBITDA at FY2022 to 3.7x in Q3 2025. The market priced the stock at $151.28, or 27.3x earnings, at the close of FY2025. That multiple assumes the tax dispute stays manageable.

Recent Developments (Q1 and Q2 2026)

The Pizza Hut exit closed in two steps: the Mainland China sale to Yum China for $1.2 billiond on August 7, 2026, and the ex-China sale to Toppings TopCo for $1.488 billion on September 1, 2026. Total consideration was $2.7 billion, with a $75 million earn-out possible by 2030. Pizza Hut CEO Aaron Powell resigned the same day. COO Tracy Skeans will step down November 1, 2026, with no successor named.

Operations held up. Revenue rose to $2.17 billione in Q2 2026 from $1.93 billion, and excluding Special Items EPS reached $1.62 versus $1.44. Q1 2026 excluding-items EPS was $1.50 versus $1.30. Taco Bell core operating profit rose 19%, while Pizza Hut's fell 14%. The bull case: a pure KFC, Taco Bell and Habit portfolio, plus up to $4 billion of buybacks through June 2028. The bear case: short-term borrowings jumped to $2.81 billion, and a July lettuce recall will pressure Taco Bell margins. At 29.5x earnings as of the Q2 2026 report date (August 4, 2026), the shares are not cheap.

What to watch: Taco Bell U.S. restaurant margin against its 19%–21% Q3 2026 guide; pace of buybacks and debt paydown from sale proceeds

03—Filings

Recent SEC Filings

  1. 8-KYum! Brands 8-K Report, Financial Results (Nov 3, 2026)
  2. 8-KYum! Brands 8-K Report, Executive Changes (Sep 1, 2026)Yum! Brands, Inc. (NYSE: YUM) disclosed in this Form 8-K that it completed the sale of its global Pizza Hut business (excluding the Pizza Hut business in the People's Republic of China, Hong Kong, Macau and Taiwan) to Toppings TopCo, LLC on September 1, 2026, for $1,488,000,000 in cash, subject to certain adjustments under an Equity Purchase Agreement dated June 16, 2026. The company's press release identifies the buyer as LongRange Capital and states that Yum! may also receive an additional earn-out of $75 million by 2030 based on future performance. The press release states that the Pizza Hut sale was completed through two separate transactions for $2.7 billion in the aggregate, subject to purchase price adjustments. The Pizza Hut business in Mainland China was sold to Yum China Holdings, Inc., with that transaction closing on August 7, 2026. Chris Turner, Chief Executive Officer of Yum! Brands, said the company now moves forward as a more focused company focused on digital capabilities, restaurant economics and Byte by Yum!. In a separate Item 5.02 disclosure, Aaron Powell resigned as Chief Executive Officer of the Pizza Hut business and from all other positions with the Company, effective September 1, 2026, in connection with the closing of the transaction. The press release also states that the company operates or franchises more than 44,000 restaurants in 151 countries and territories under the KFC, Taco Bell and Habit Burger & Grill brands.
  3. 8-KYum! Brands 8-K/A Report, Executive Changes (Aug 28, 2026)Yum! Brands, Inc. (NYSE: YUM) filed this Form 8-K/A, an amendment to its Current Report on Form 8-K filed August 20, 2026, which reported the appointment of Steve Bratspies to the Company's Board of Directors. The amendment, dated August 28, 2026 and signed by Chief Legal Officer and Corporate Secretary Erika Burkhardt, updates the earlier report with a committee assignment that was not made at the time of his appointment. According to the filing, the Board had not appointed Mr. Bratspies to any standing committees when he joined. On August 27, 2026, the Board appointed him to the Management Planning and Development Committee, effective immediately. The filing does not disclose any compensation arrangements, financial figures, or other terms related to this change. For investors, the filing is a governance update of limited financial impact. It confirms that a newly appointed director now sits on the Management Planning and Development Committee, a board committee that the filing's title and context suggest oversees management planning and development matters, though the filing itself does not describe the committee's responsibilities.
  4. 8-KYum! Brands 8-K Report, Executive Changes (Aug 21, 2026)Yum! Brands, Inc. (YUM) filed a Current Report on Form 8-K under Item 5.02 announcing that its Board of Directors appointed Steve Bratspies as a director on August 20, 2026. His appointment is effective August 26, 2026, and he will stand for election by shareholders at the Company's next Annual Meeting. As of the filing date, Mr. Bratspies has not been appointed to any Board committee. Under the Company's standard compensation arrangements for non-employee directors, described in its most recent proxy statement, Mr. Bratspies will receive a one-time stock grant with a fair market value of $25,000 on August 27, 2026, plus a prorated portion of his annual stock retainer. The filing states there is no arrangement or understanding between Mr. Bratspies and any other person under which he was selected as a director. This is a routine board-composition disclosure with no financial results, guidance, or operational updates included in the filing. For investors, the main takeaways are the addition of a new director and the standard, previously disclosed director compensation terms.
  5. 8-KYum! Brands 8-K Report, Material Agreement (Aug 7, 2026)On August 7, 2026, Yum! Brands, Inc. (NYSE: YUM) completed the sale of the Pizza Hut business in the People's Republic of China to Yum China Holdings, Inc. in exchange for $1.2 billion in cash. Yum China had previously been the exclusive licensee of those rights. In connection with the closing, YRI China Franchising, LLC entered into an Amended and Restated Master License Agreement with Yum Restaurants Consulting (Shanghai) Company Limited, a Yum China subsidiary. The amended agreement removes all references to Pizza Hut and any future Pizza Hut royalties in the PRC. For the KFC and Taco Bell brands, it provides the licensee the opportunity to earn incentives tied to Yum China's achievement of KFC system sales growth targets over the next 12 years, and sets terms for developing long-term Taco Bell growth plans in the PRC. Yum China Holdings also executed a Guaranty in favor of YRI China Franchising, LLC, guaranteeing performance of the licensee's obligations under the amended agreement, including payment obligations. The company's press release states that the separate sale of Pizza Hut, excluding Mainland China, to LongRange Capital remains on track to close in August 2026, subject to customary closing conditions and required regulatory approvals. The press release describes the two agreements together as selling Pizza Hut for $2.7 billion in the aggregate, subject to certain purchase price adjustments relating to the sale outside Mainland China. The filing also notes ongoing risk factors, including the July 2026 cyclospora outbreak and its effect on sales and recovery, the possibility that the LongRange transaction does not close as anticipated, and significant exposure to the Chinese market.
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04—See also

Related Companies

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