YUM
Updated: 24/09/2026, 04:34:49
YUM! Brands, Inc. (YUM) is a leading global quick-service restaurant enterprise that focuses on the creation, management, and franchising of its restaurant concepts internationally. Its business is organized into four main divisions: KFC, Taco Bell, Pizza Hut, and The Habit Burger Grill. The company operates establishments under these well-known brands, offering diverse food categories such as chicken, pizza, Mexican-style dishes, and made-to-order chargrilled burgers and sandwiches, among other food products. As of December 31, 2021, YUM! Brands boasted a significant worldwide presence, comprising 26,934 KFC outlets, 18,381 Pizza Hut locations, 7,791 Taco Bell restaurants, and 318 The Habit Burger Grill units, spread across roughly 157 countries and territories. The company, which maintains its headquarters in Louisville, Kentucky, was established in 1997. It was formerly known as TRICON Global Restaurants, Inc., before officially adopting the name YUM! Brands, Inc. in May 2002.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$1.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$1.6B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.6B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Yum! Brands operates over 63,000 restaurants in 155 countries and territories primarily under KFC, Taco Bell, Pizza Hut and Habit Burger & Grill; 97% of units are operated by independent franchisees or licensees at December 31, 2025.
“YUM has over 63,000 restaurants in 155 countries and territories primarily operating under the four concepts of KFC, Taco Bell, Pizza Hut and Habit Burger & Grill (the "Concepts").”
Operating segments
Four operating segments: KFC Division, Taco Bell Division, Pizza Hut Division and Habit Burger & Grill Division.
“As of December 31, 2025, YUM consists of four operating segments:”
Franchisee structure
Approximately 1,500 franchisees; over 61,000 franchised units at December 31, 2025, with ~40% under master franchise programs including over 17,000 units in mainland China; store-level franchisees pay monthly continuing fees typically 4% to 6% of sales.
“The Company currently has approximately 1,500 franchisees with whom we have franchise contracts. Of our over 61,000 franchised units at December 31, 2025, approximately 40% operate under our master franchise programs, including over 17,000 units in mainland China.”
Pizza Hut distribution channels
Pizza Hut operates in delivery, carryout, dine-in, casual dining and express (e.g. airports) segments and includes units under both the Pizza Hut and Telepizza brands.
“The Pizza Hut Division uses multiple distribution channels including delivery, dine-in and express (e.g. airports) and includes units operating under both the Pizza Hut and Telepizza brands.”
Byte by Yum! proprietary technology platform
Byte by Yum! is YUM's proprietary connected technology platform, a stated 2026 strategic priority to operate, innovate and expand for franchise partners.
“Reach the full potential of Byte by Yum! by effectively operating, innovating and expanding our connected platform built by restaurant operators for restaurant operators”
Concept operational summary FY2025
FY2025: KFC Division 33,897 units, 90% international, 149 countries, 99% franchised, $36,434M system sales; Taco Bell Division 9,030 units, 14% international, 38 countries, 93% franchised, $18,361M; Pizza Hut Division 19,974 units, 68% international, 108 countries, 99% franchised, $12,794M; Habit Burger & Grill Division 384 units, 2 countries, 22% franchised, $706M; YUM total 63,285 units, 72% international, 155 countries, 97% franchised, $68,295M system sales.
“KFC Division33,897 90 %149 99 %$36,434 Taco Bell Division9,030 14 %38 93 %18,361 Pizza Hut Division19,974 68 %108 99 %12,794 Habit Burger & Grill Division384 — %2 22 %706 YUM63,285 72 %155 97 %$68,295”
Taco Bell Division FY2025 results
Taco Bell Division 2025: system sales $18,361M, SSS +7%, total revenues $3,095M, operating profit $1,129M, 9,030 units (86% in the U.S.; 8% of U.S. units Company-owned).
“The Taco Bell Division has 9,030 units, 86% of which are in the U.S. ... System Sales$18,361 $17,193 $15,915 7 7 8 ... Operating Profit$1,129 $1,049 $944 8 8 10”
KFC Division FY2025 results
KFC Division 2025: system sales $36,434M, SSS +3%, total revenues $3,542M, operating profit $1,503M, 33,897 units (99% franchised).
“System Sales $36,434 $34,452 $33,863 6 5 6 ... Operating Profit$1,503 $1,363 $1,304 10 9 10”
Habit Burger & Grill Division FY2025 results
Habit Burger & Grill Division 2025: system sales $706M (-1%), SSS -1%, total revenues $570M, operating loss $(13)M, 384 units (79% of U.S. units Company-owned).
“The Habit Burger & Grill Division has 384 units, the vast majority of which are in the U.S. ... System Sales$706 $713 $696 (1)(1)1 ... Operating Profit (Loss)$(13)$— $(14)”
KFC U.K. and Ireland restaurant acquisition
The KFC U.K. and Ireland restaurant acquisition (Q2 2024) drove 2025 KFC Company sales growth; its units carry lower margin percentages.
“the increase in Company sales, excluding the impacts of foreign currency translation and lapping the 53rd week in 2024, was driven by the KFC U.K. and Ireland restaurant acquisition (see Note 3) in the second quarter of 2024 and Company same-store sales growth of 5%.”
2025 Taco Bell Southeast U.S. restaurant acquisition
YUM acquired Taco Bell Southeast U.S. restaurants in 2025, contributing to company sales growth and higher amortization of reacquired franchise rights; Taco Bell company-owned units grew 34%.
“the increase was driven by the 2025 Taco Bell Southeast U.S. restaurant acquisition and a full year of amortization related to the 2024 KFC U.K. and Ireland restaurant acquisition.”
Highly competitive retail food industry
Concepts compete with international, national and regional chains, locally-owned restaurants, grocery offering convenient meals, and delivery-aggregator-enabled competition; competition spans price, quality, digital engagement, advertising and locations.
“Our Concepts' restaurants compete with international, national and regional restaurant chains as well as locally-owned restaurants, and the industry in which we operate is highly competitive”
Brand category leadership
KFC, Taco Bell and Pizza Hut are global leaders of the chicken, Mexican-inspired food and pizza categories, respectively; Habit Burger & Grill is a fast-casual concept.
“The Company's KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired food and pizza categories, respectively.”
Raising the B.A.R. 2026 priorities
Entering 2026, growth priorities under 'Raising the B.A.R.': battle for the future consumer; accelerate restaurant unit economics for franchisees; reach the full potential of Byte by Yum!.
“As we enter into 2026, we intend to drive the next chapter of growth for YUM by Raising the B.A.R. through three clear priorities”
Franchisee bad debt expense
Net bad debt expense related to franchisee continuing fees, upfront fees and rent receivables was $27 million in 2025, $28 million in 2024 and $4 million in 2023.
“We recorded $27 million, $28 million and $4 million of net bad debt expense in 2025, 2024 and 2023, respectively, within Franchise and property expenses”
Taco Bell commodity inflation (beef)
In 2025, Taco Bell company restaurant margin percentage declined driven by commodity inflation (primarily beef) and higher labor and other restaurant operating costs.
“the decrease in Company restaurant margin percentage, excluding the impacts of lapping the 53rd week, was driven by commodity inflation (primarily beef), higher labor and other restaurant operating costs”
Corporate G&A increase drivers
2025 Corporate and Unallocated G&A of $(402)M rose 16%, driven by Pizza Hut Strategic Options Review costs, Brand Headquarters Consolidation, higher salaries and benefits, professional/legal fees and incentive compensation.
“In 2025, the increase in Corporate and Unallocated G&A expense was driven by costs associated with the current year Pizza Hut Strategic Options Review, costs associated with our current year Brand Headquarters Consolidation”
Total debt outstanding
Total outstanding short-term borrowings and long-term debt was approximately $12.0 billion as of December 31, 2025; indebtedness heightens sensitivity to elevated interest rates and FX fluctuations as debt is primarily USD-denominated.
“As of December 31, 2025, our total outstanding short-term borrowings and long-term debt was approximately $12.0 billion.”
Capital and operating structure priorities
YUM intends to drive long-term growth through same-store sales growth and new unit development, supported by an asset-light franchisor capital structure, efficient G&A, a targeted net leverage ratio, dividends and share repurchases.
“We intend to drive long-term growth and shareholder returns primarily through consistent same-store sales growth and new unit development across all of our Concepts.”
Pizza Hut strategic options review
In 2025, YUM began a review of strategic options for the Pizza Hut brand, with the intent to complete the review in 2026; no assurance of any specific outcome or transaction.
“In 2025, we began a review of strategic options for the Pizza Hut brand. The objective of the review is to create value for YUM, Pizza Hut and its franchise partners by determining the optimal approach to best capitalize on Pizza Hut's structural advantages”
Turkey franchise termination
On January 8, 2025, YUM terminated franchise agreements with the KFC and Pizza Hut franchisee in Turkey after failure to meet brand standards.
“on January 8, 2025, we terminated franchise agreements with the owner and operator of KFC and Pizza Hut restaurants in Turkey after failure to meet our brand standards.”
Franchisee reliance and financial distress
97% of restaurants are operated by franchisees; growth depends on franchisees and master franchisees meeting new unit development expectations; franchisee financial distress, limited control, secondary lease liability, and noncompliance could adversely affect results.
“The vast majority (97%) of our restaurants are operated by our Concepts' franchisees. Our long-term growth depends on maintaining the pace of our new unit growth rate largely through our Concepts' franchisees.”
Avian flu / poultry exposure
Avian flu outbreaks could reduce consumer demand for chicken and eggs and adversely affect the price and availability of poultry, which is widely offered at Concepts' restaurants.
“Public concern over avian flu may cause fear about the consumption of chicken, eggs and other poultry products derived from poultry, which could adversely affect us given that poultry is widely offered at our Concepts' restaurants.”
Yum China mobile payment app dependence
Yum China uses third-party mobile payment apps such as Alipay, WeChat Pay and Union Pay; disruption or restriction of these payment apps could adversely affect Yum China's business and the license fee paid to YUM.
“Yum China, our largest franchisee, utilizes third-party mobile payment apps such as Alipay, WeChat Pay and Union Pay as a means through which to generate sales and process payments.”
Third-party delivery aggregator dependence
Increasing reliance on third-party delivery aggregators introduces margin, food quality, regulatory and platform-interruption risks; digital sales growth has placed additional stress on platforms reliant on legacy technology.
“third-party delivery aggregators typically charge restaurants a per order fee, and as such utilizing third-party delivery may not be as profitable as sales directly to our customers”
Macroeconomic conditions
YUM and franchisees have been adversely impacted by negative macroeconomic conditions including commodity inflation, elevated interest rates, labor market challenges, geopolitical instability, U.S. trade policy shifts and rising real estate costs.
“including impacts from increased commodity prices and other inflationary pressures, elevated interest rates, challenging labor market conditions, ongoing geopolitical instability, changes in political conditions, supply chain disruption, and increases in real estate costs”
97% of restaurants are franchise-operated; royalties, advertising contributions and fees are core revenue, and growth depends on franchisee new unit development and financial health.
“The vast majority (97%) of our restaurants are operated by our Concepts' franchisees. Our long-term growth depends on maintaining the pace of our new unit growth rate largely through our Concepts' franchisees.”
Yum China is YUM's largest master franchisee, paying a 3% continuing fee on system sales in mainland China and the exclusive licensee of KFC, Taco Bell and Pizza Hut in mainland China; failure of this relationship could adversely impact the business.
“As our largest master franchisee, Yum China, pays the Company a continuing fee of 3% on system sales of our Concepts in mainland China.”
Reaching the full potential of the Byte by Yum! connected platform is a 2026 strategic priority; proprietary technologies are regarded as having significant value.
“Reach the full potential of Byte by Yum! by effectively operating, innovating and expanding our connected platform built by restaurant operators for restaurant operators”
Increasing reliance on delivery aggregators affects profitability (per-order fees), competition, food quality risks and regulatory scrutiny; YUM includes in System sales the customer-paid portion owed back to it as a license fee.
“third-party delivery aggregators typically charge restaurants a per order fee, and as such utilizing third-party delivery may not be as profitable as sales directly to our customers”
Macro conditions including inflation, interest rates, labor markets and consumer confidence affect YUM and franchisee results; deterioration could lead to asset impairment charges.
“Any significant deterioration in current macroeconomic conditions in markets where we operate could have an adverse effect on our business, growth prospects, financial conditions, or results of operations and could result in future asset impairment charges.”
Poultry is widely offered at Concepts' restaurants; avian flu outbreaks could reduce demand for chicken products and adversely affect poultry price and availability.
“Avian flu outbreaks could also adversely affect the price and availability of poultry, which could negatively impact our business.”
YUM earns profits in a variety of currencies while its debt is primarily denominated in U.S. dollars, increasing exposure to FX fluctuations.
“increasing our exposure to risks related to fluctuations in foreign currency as we earn profits in a variety of currencies around the world and our debt is primarily denominated in U.S. dollars.”
With approximately $12.0 billion of debt, elevated interest rates heighten refinancing and borrowing cost risks and reduce franchisee financial health.
“increasing our exposure to the risk of increased interest rates insofar as current and future borrowings are subject to variable rates of interest or we are forced to refinance indebtedness at higher interest rates, which risks are heightened by the current elevated interest rate environment”
Primarily beef commodity inflation drove Taco Bell company restaurant margin percentage decline in 2025.
“the decrease in Company restaurant margin percentage, excluding the impacts of lapping the 53rd week, was driven by commodity inflation (primarily beef)”
The KFC U.K. and Ireland restaurant acquisition (Q2 2024) drove KFC Division Company sales growth of 32% reported in 2025, with company same-store sales growth of 5%.
“the increase in Company sales, excluding the impacts of foreign currency translation and lapping the 53rd week in 2024, was driven by the KFC U.K. and Ireland restaurant acquisition (see Note 3) in the second quarter of 2024 and Company same-store sales growth of 5%.”
Health and environmental risks of PFAS commonly found in packaging have been subject to increased regulatory scrutiny and lawsuits against YUM and other restaurant companies.
“the health and environmental risks of certain ubiquitous substances (including per-and polyfluoroalkyl substances (PFAS)) commonly found in packaging have been the subject of increased regulatory scrutiny and lawsuits against us and other restaurant companies.”
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