YUM Brands
YUM · NYSERetail-Eating Places · Fiscal year ends Dec 31
YUM Brands reported revenue of $8.2B in the fiscal year ended Dec 2025, up 8.8% from the year before. Operating income was $2.6B, an operating margin of 31.3%, and net income was $1.6B. Operating cash flow of $2B less capital expenditure of $371M left free cash flow of $1.6B. Net debt was $11.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.6B | $6.8B | $7.1B | $7.5B | $8.2B |
| Cost of revenue | $1.7B | $1.7B | $1.8B | $2.1B | $2.5B |
| Gross profit | $4.9B | $5.1B | $5.3B | $5.4B | $5.7B |
| Operating income | $2.1B | $2.2B | $2.3B | $2.4B | $2.6B |
| Net interest incomeBanks | −$544M | −$527M | −$513M | −$489M | −$501M |
| Interest expense | $551M | $558M | $602M | $542M | $544M |
| Pre-tax income | $1.7B | $1.7B | $1.8B | $1.9B | $2.1B |
| Income tax | $99M | $337M | $221M | $414M | $518M |
| Net income | $1.6B | $1.3B | $1.6B | $1.5B | $1.6B |
| Diluted EPS | 5.21 | 4.57 | 5.59 | 5.22 | 5.55 |
| Diluted shares | 302M | 290M | 285M | 285M | 281M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $486M | $367M | $512M | $616M | $709M |
| Current assets | $1.5B | $1.6B | $1.6B | $1.9B | $2B |
| Net PP&E | $1.2B | $1.2B | $1.2B | $1.3B | $1.6B |
| Goodwill | $657M | $638M | $642M | $736M | $969M |
| Total assets | $6B | $5.8B | $6.2B | $6.7B | $8.2B |
| Deferred revenue | $421M | $434M | $444M | $438M | $443M |
| Current liabilities | $1.4B | $1.7B | $1.3B | $1.3B | $1.5B |
| Short-term debt | $75M | $405M | $56M | $29M | $39M |
| Long-term debt | $11.2B | $11.5B | $11.1B | $11.3B | $11.9B |
| Total liabilities | $14.3B | $14.7B | $14.1B | $14.4B | $15.5B |
| Shareholders' equity | −$8.4B | −$8.9B | −$7.9B | −$7.6B | −$7.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.4B | $1.6B | $1.7B | $2B |
| Capital expenditure | $230M | $279M | $285M | $257M | $371M |
| Free cash flow | $1.5B | $1.1B | $1.3B | $1.4B | $1.6B |
| Depreciation & amortisation | $164M | $146M | $153M | $175M | $206M |
| Stock-based compensation | $75M | $84M | $95M | $69M | $70M |
| Acquisitions | $0 | $0 | – | – | – |
| Share buybacks | $1.6B | $1.2B | $50M | $441M | $552M |
| Dividends paid | $592M | $649M | $678M | $752M | $789M |
| Dividend per share | 2.00 | 2.28 | 2.42 | 2.68 | 2.84 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.9% | 3.4% | 6.7% | 8.8% |
| Operating income growth (YoY) | – | 2.2% | 6.0% | 3.7% | 7.1% |
| EPS growth (YoY) | – | −12.3% | 22.3% | −6.6% | 6.3% |
| Gross margin | 73.8% | 74.5% | 74.9% | 71.9% | 69.8% |
| Operating margin | 32.5% | 32.0% | 32.8% | 31.8% | 31.3% |
| Net margin | 23.9% | 19.4% | 22.6% | 19.7% | 19.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 47.0% | 52.3% | 46.8% | 44.0% | 38.5% |
| Free cash flow margin | 22.4% | 16.8% | 18.6% | 19.0% | 20.0% |
| Cash conversion (CFO ÷ net income) | 1.08x | 1.08x | 1.00x | 1.14x | 1.29x |
| Interest cover | 3.88x | 3.92x | 3.85x | 4.43x | 4.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.8B | $11.5B | $10.7B | $10.7B | $11.2B |
| Current ratio | 1.08x | 0.97x | 1.26x | 1.47x | 1.35x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.