YUM Brands Inc. Q4 FY2023 results: revenue $2.0 billion, up 0.8% on the year

YUM Brands Inc. (YUM) reported revenue of $2.0 billion for Q4 FY2023, the quarter ended 31 December 2023, up 0.8% on the same quarter a year earlier. Net income was $463 million, up 24.8% on the year, and diluted earnings per share $1.62. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$2.0 billionup 0.8%

Net income$463 millionup 24.8%

Diluted EPS$1.62

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,036	1,708	n/a	n/a
Cost of revenue	535	421	n/a	n/a
Gross profit	1,501	1,287	n/a	n/a
Gross margin	73.7%	75.4%	n/a
Operating income	609	613	n/a	n/a
Operating margin	29.9%	35.9%	n/a
Pre-tax income	464	505	n/a	n/a
Income tax	30.0	89.0	n/a	n/a
Effective tax rate	6.5%	17.6%	n/a
Net income	463	416	n/a	n/a
Net margin	22.7%	24.4%	n/a
Diluted EPS	$1.62	$1.46	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	448	477	n/a	n/a
Capital expenditure	106	57.0	n/a	n/a
Free cash flow	342	420	n/a	n/a
Free cash flow margin	16.8%	24.6%	n/a
Depreciation and amortisation	49.0	37.0	n/a	n/a
Share-based compensation	26.0	22.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	170	169	n/a	n/a
Dividend per share	n/a	$0.60	n/a	n/a
Diluted shares, weighted	285m	286m	n/a	n/a
Shares outstanding at period end	281m	280m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	6,231	6,071	n/a	n/a
Cash and equivalents	512	656	n/a	n/a
Goodwill	642	638	n/a	n/a
Long-term debt including finance leases	11,142	11,152	n/a	n/a
Borrowings, as the company tags them	11,219	n/a	n/a	n/a
Operating lease liabilities	757	752	n/a	n/a
Finance lease liabilities	50.0	50.0	n/a	n/a
Shareholders' equity	-7,858	-8,190	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,708	2,036	1,598	1,763	1,826	2,362	1,787	1,933	1,979	2,515	2,059	2,169
Cost of revenue	421	535	400	470	523	727	520	560	587	816	677	700
Gross profit	1,287	1,501	1,198	1,293	1,303	1,635	1,267	1,373	1,392	1,699	1,382	1,469
Gross margin	75%	74%	75%	73%	71%	69%	71%	71%	70%	68%	67%	68%
Operating income	613	609	520	607	619	657	548	622	666	738	644	655
Operating margin	36%	30%	33%	34%	34%	28%	31%	32%	34%	29%	31%	30%
Pre-tax income	505	464	383	487	502	528	429	499	541	608	516	533
Tax rate	18%	6%	18%	25%	24%	20%	41%	25%	27%	12%	16%	-60%
Net income	416	463	314	367	382	423	253	374	397	535	432	853
Net margin	24%	23%	20%	21%	21%	18%	14%	19%	20%	21%	21%	39%
Diluted EPS	$1.46	$1.62	$1.10	$1.28	$1.35	$1.49	$0.90	$1.33	$1.41	$1.91	$1.55	$3.08
Operating cash flow	477	448	363	342	471	513	404	446	543	617	416	507
Capital expenditure	57.0	106	49.0	50.0	52.0	106	71.0	71.0	94.0	135	75.0	100
Free cash flow	420	342	314	292	419	407	333	375	449	482	341	407
Buybacks	0.0	0.0	0.0	50.0	277	114	229	109	36.0	178	185	489
Dividends paid	169	170	189	188	188	187	198	197	197	197	207	206
Shares outstanding	280m	281m	282m	281m	279m	279m	278m	278m	278m	276m	276m	273m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0001041061-24-000011: the filing on EDGAR. All of YUM Brands Inc.'s filings: EDGAR company page.

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