Yum! Brands (YUM) FY2014 results: revenue $13.3 billion, up 1.5% on the year
Yum! Brands, Inc. (YUM) reported revenue of $13.3 billion for fiscal 2014, the year ended 27 December 2014, up 1.5% on the year before. Net income was $1.1 billion, down 3.7%, and diluted earnings per share $2.32. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2015.
Revenue
$13.3 billion
+1.5% on the year
FY2007FY2014
Operating margin
11.4%
13.7% a year earlier
FY2007FY2014
Net income
$1.1 billion
-3.7% on the year
FY2007FY2014
Diluted EPS
$2.32
-1.7% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
13,279
13,084
13,633
+1.5%
Cost of revenue
9,682
9,501
9,852
+1.9%
Gross profit
3,597
3,583
3,781
+0.4%
Gross margin
27.1%
27.4%
27.7%
Research and development
30.0
31.0
30.0
-3.2%
Operating income
1,517
1,798
2,294
-15.6%
Operating margin
11.4%
13.7%
16.8%
Interest expense
151
270
169
-44.1%
Pre-tax income
1,374
1,551
2,145
-11.4%
Income tax
406
487
537
-16.6%
Effective tax rate
29.5%
31.4%
25.0%
Net income
1,051
1,091
1,597
-3.7%
Net margin
7.9%
8.3%
11.7%
Diluted EPS
$2.32
$2.36
$3.38
-1.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,049
2,139
2,294
-4.2%
Capital expenditure
1,033
1,049
1,099
-1.5%
Free cash flow
1,016
1,090
1,195
-6.8%
Free cash flow margin
7.7%
8.3%
8.8%
Cash from investing
-936
-886
-1,005
Cash from financing
-1,114
-1,451
-1,716
Depreciation and amortisation
328
721
665
-54.5%
Share-based compensation
55.0
49.0
50.0
+12.2%
Buybacks
820
770
965
+6.5%
Dividends paid
669
615
544
+8.8%
Dividend per share
$1.56
$1.41
$1.24
+10.6%
Diluted shares, weighted
453m
461m
473m
-1.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,547
2,166
2,154
-28.6%
Non-controlling interest
57.0
63.0
99.0
-9.5%
Redeemable equity
9.0
39.0
59.0
-76.9%
Debt
3,344
2,989
2,942
+11.9%
Other liabilities
3,388
3,438
3,757
-1.5%
Total liabilities and equity
8,345
8,695
9,011
-4.0%
Fixed assets
4,498
4,459
4,250
+0.9%
Goodwill
700
889
1,034
-21.3%
Intangible assets
318
638
690
-50.2%
Investments
n/a
10.0
n/a
Cash and equivalents
578
573
776
+0.9%
Inventory
301
294
313
+2.4%
Other assets
1,950
1,832
1,948
+6.4%
Total assets
8,345
8,695
9,011
-4.0%
10-K for the year ended 27 December 2014, filed 17 February 2015: the filing.