Yum! Brands (YUM) FY2018 results: revenue $5.7 billion, down 3.2% on the year
Yum! Brands, Inc. (YUM) reported revenue of $5.7 billion for fiscal 2018, the year ended 31 December 2018, down 3.2% on the year before. Net income was $1.5 billion, up 15.1%, and diluted earnings per share $4.69. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$5.7 billion
-3.2% on the year
FY2011FY2018
Operating margin
40.4%
47.0% a year earlier
FY2011FY2018
Net income
$1.5 billion
+15.1% on the year
FY2011FY2018
Diluted EPS
$4.69
+24.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
5,688
5,878
6,356
-3.2%
Cost of revenue
1,634
2,954
n/a
-44.7%
Gross profit
4,054
2,924
n/a
+38.6%
Gross margin
71.3%
49.7%
n/a
Operating income
2,296
2,761
1,682
-16.8%
Operating margin
40.4%
47.0%
26.5%
Interest expense
496
473
331
+4.9%
Pre-tax income
1,839
2,274
1,345
-19.1%
Income tax
297
934
n/a
-68.2%
Effective tax rate
16.2%
41.1%
n/a
Net income
1,542
1,340
1,643
+15.1%
Net margin
27.1%
22.8%
25.8%
Diluted EPS
$4.69
$3.77
$4.10
+24.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,176
1,030
n/a
+14.2%
Capital expenditure
234
318
n/a
-26.4%
Free cash flow
942
712
n/a
+32.3%
Free cash flow margin
16.6%
12.1%
n/a
Cash from investing
313
1,472
n/a
-78.7%
Cash from financing
-2,620
-1,795
n/a
Depreciation and amortisation
137
253
310
-45.8%
Share-based compensation
50.0
65.0
n/a
-23.1%
Buybacks
2,390
1,960
n/a
+21.9%
Dividends paid
462
416
n/a
+11.1%
Dividend per share
$1.44
$0.90
$1.73
+60.0%
Diluted shares, weighted
329m
355m
400m
-7.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-7,926
-6,334
-5,612
Short-term borrowings
321
375
66.0
-14.4%
Debt
9,751
9,429
9,061
+3.4%
Other liabilities
1,984
1,841
1,938
+7.8%
Total liabilities and equity
4,130
5,311
5,453
-22.2%
Fixed assets
1,237
1,697
2,113
-27.1%
Goodwill
525
512
536
+2.5%
Intangible assets
242
110
151
+120.0%
Cash and equivalents
292
1,522
725
-80.8%
Inventory
n/a
n/a
37.0
Other assets
1,834
1,470
1,891
+24.8%
Total assets
4,130
5,311
5,453
-22.2%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.