Yum! Brands (YUM) FY2019 results: revenue $5.6 billion, down 1.6% on the year
Yum! Brands, Inc. (YUM) reported revenue of $5.6 billion for fiscal 2019, the year ended 31 December 2019, down 1.6% on the year before. Net income was $1.3 billion, down 16.1%, and diluted earnings per share $4.14. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$5.6 billion
-1.6% on the year
FY2012FY2019
Operating margin
34.5%
40.4% a year earlier
FY2012FY2019
Net income
$1.3 billion
-16.1% on the year
FY2012FY2019
Diluted EPS
$4.14
-11.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,597
5,688
5,878
-1.6%
Cost of revenue
1,235
1,634
2,954
-24.4%
Gross profit
4,362
4,054
2,924
+7.6%
Gross margin
77.9%
71.3%
49.7%
Operating income
1,930
2,296
2,761
-15.9%
Operating margin
34.5%
40.4%
47.0%
Interest expense
519
496
473
+4.6%
Pre-tax income
1,373
1,839
2,274
-25.3%
Income tax
79.0
297
934
-73.4%
Effective tax rate
5.8%
16.2%
41.1%
Net income
1,294
1,542
1,340
-16.1%
Net margin
23.1%
27.1%
22.8%
Diluted EPS
$4.14
$4.69
$3.77
-11.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,315
1,176
1,030
+11.8%
Capital expenditure
196
234
318
-16.2%
Free cash flow
1,119
942
712
+18.8%
Free cash flow margin
20.0%
16.6%
12.1%
Cash from investing
-88.0
313
1,472
Cash from financing
-938
-2,620
-1,795
Depreciation and amortisation
112
137
253
-18.2%
Share-based compensation
59.0
50.0
65.0
+18.0%
Buybacks
815
2,390
1,960
-65.9%
Dividends paid
511
462
416
+10.6%
Dividend per share
$1.68
$1.44
$0.90
+16.7%
Diluted shares, weighted
313m
329m
355m
-4.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-8,016
-7,926
-6,334
Short-term borrowings
n/a
321
375
Debt
10,562
9,751
9,429
+8.3%
Operating lease liabilities
640
n/a
n/a
Finance lease liabilities
70.0
n/a
n/a
Other liabilities
1,975
1,984
1,841
-0.5%
Total liabilities and equity
5,231
4,130
5,311
+26.7%
Fixed assets
1,170
1,237
1,697
-5.4%
Goodwill
530
525
512
+1.0%
Intangible assets
244
242
110
+0.8%
Cash and equivalents
605
292
1,522
+107.2%
Other assets
2,682
1,834
1,470
+46.2%
Total assets
5,231
4,130
5,311
+26.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.