Yum! Brands (YUM) Q4 FY2025 earnings: revenue $2.5 billion, up 6.5% on the year

Yum! Brands, Inc. (YUM) reported revenue of $2.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.5% on the same quarter a year earlier. Net income was $535 million, up 26.5% on the year, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue

$2.5 billion

+6.5% on the year · +27.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

29.3%

27.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$535 million

+26.5% on the year · +34.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.91

+28.2% on the year · +35.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 kept.

Q4 GAAP EPS rose 28%: Q4 GAAP diluted EPS was $1.91, up 28%. EPS excluding Special Items was $1.73, up 8%. Q4 GAAP operating profit was $738 million, up 12%.
Full-year EPS excluding items up 10%: Full-year GAAP EPS was $5.55, up 6%. EPS excluding Special Items was $6.05, up 10%. Full-year GAAP operating profit grew 7%.
Pizza Hut full-year profit fell 9%: Pizza Hut Q4 operating profit was $101 million, up 7%. Full-year operating profit was $340 million, down 9%. Q4 system sales fell 4% reported and 5% excluding F/X.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,515	1,979	2,362	+27.1%	+6.5%
Cost of revenue	816	587	727	+39.0%	+12.2%
Gross profit	1,699	1,392	1,635	+22.1%	+3.9%
Gross margin	67.6%	70.3%	69.2%
Operating income	738	666	657	+10.8%	+12.3%
Operating margin	29.3%	33.7%	27.8%
Pre-tax income	608	541	528	+12.4%	+15.2%
Income tax	73.0	144	105	-49.3%	-30.5%
Effective tax rate	12.0%	26.6%	19.9%
Net income	535	397	423	+34.8%	+26.5%
Net margin	21.3%	20.1%	17.9%
Diluted EPS	$1.91	$1.41	$1.49	+35.5%	+28.2%

$ 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	617	543	513	+13.6%	+20.3%
Capital expenditure	135	94.0	106	+43.6%	+27.4%
Free cash flow	482	449	407	+7.3%	+18.4%
Free cash flow margin	19.2%	22.7%	17.2%
Cash from investing	-795	-78.0	-130
Cash from financing	-102	-81.0	-172
Depreciation and amortisation	67.0	50.0	55.0	+34.0%	+21.8%
Share-based compensation	16.0	17.0	17.0	-5.9%	-5.9%
Buybacks	178	36.0	114	+394.4%	+56.1%
Dividends paid	197	197	187	0.0%	+5.3%
Dividend per share	n/a	$0.71	n/a
Diluted shares, weighted	281m	281m	285m	0.0%	-1.4%
Shares outstanding at period end	276m	278m	279m	-0.4%	-1.0%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	-7,325	-7,505	-7,648
Short-term borrowings	38.0	48.0	27.0	-20.8%	+40.7%
Debt	11,872	11,506	11,306	+3.2%	+5.0%
Operating lease liabilities	1,174	926	862	+26.8%	+36.2%
Finance lease liabilities	148	71.0	67.0	+108.5%	+120.9%
Other liabilities	2,290	2,147	2,113	+6.7%	+8.4%
Total liabilities and equity	8,197	7,193	6,727	+14.0%	+21.9%
Fixed assets	1,605	1,422	1,304	+12.9%	+23.1%
Goodwill	969	779	736	+24.4%	+31.7%
Intangible assets	909	462	416	+96.8%	+118.5%
Investments	0.0	0.0	91.0
Cash and equivalents	709	1,045	616	-32.2%	+15.1%
Other assets	4,005	3,485	3,564	+14.9%	+12.4%
Total assets	8,197	7,193	6,727	+14.0%	+21.9%

Questions

What was Yum! Brands' revenue in Q4 FY2025?

Yum! Brands (YUM) reported revenue of $2.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.5% on the same quarter a year earlier.

How much did Yum! Brands earn in Q4 FY2025?

Net income for Q4 FY2025 was $535 million, up 26.5% on the year, and diluted earnings per share $1.91.

When did Yum! Brands report Q4 FY2025 results?

Yum! Brands filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,890	1,547	1,636	1,640	2,019	1,645	1,687	1,708	2,036	1,598	1,763	1,826	2,362	1,787	1,933	1,979	2,515	2,059	2,169	2,054
Cost of revenue	495	402	415	402	526	403	415	421	535	400	470	523	727	520	560	587	816	677	700	679
Gross profit	1,395	1,145	1,221	1,238	1,493	1,242	1,272	1,287	1,501	1,198	1,293	1,303	1,635	1,267	1,373	1,392	1,699	1,382	1,469	1,375
Gross margin	74%	74%	75%	75%	74%	76%	75%	75%	74%	75%	73%	71%	69%	71%	71%	70%	68%	67%	68%	67%
Operating income	502	509	554	546	578	523	573	613	609	520	607	619	657	548	622	666	738	644	655	2,317
Operating margin	27%	33%	34%	33%	29%	32%	34%	36%	30%	33%	34%	34%	28%	31%	32%	34%	29%	31%	30%	113%
Interest expense	539	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	407	398	390	447	427	371	478	505	464	383	487	502	528	429	499	541	608	516	533	2,195
Tax rate	19%	-0%	43%	26%	18%	19%	13%	18%	6%	18%	25%	24%	20%	41%	25%	27%	12%	16%	-60%	26%
Net income	330	399	224	331	371	300	418	416	463	314	367	382	423	253	374	397	535	432	853	1,623
Net margin	17%	26%	14%	20%	18%	18%	25%	24%	23%	20%	21%	21%	18%	14%	19%	20%	21%	21%	39%	79%
Diluted EPS	$1.10	$1.36	$0.77	$1.14	$1.29	$1.05	$1.46	$1.46	$1.62	$1.10	$1.28	$1.35	$1.49	$0.90	$1.33	$1.41	$1.91	$1.55	$3.08	$5.92
Operating cash flow	414	253	269	453	452	349	329	477	448	363	342	471	513	404	446	543	617	416	507	475
Capital expenditure	92.0	42.0	55.0	61.0	121	62.0	60.0	57.0	106	49.0	50.0	52.0	106	71.0	71.0	94.0	135	75.0	100	87.0
Free cash flow	322	211	214	392	331	287	269	420	342	314	292	419	407	333	375	449	482	341	407	388
Buybacks	734	343	214	157	486	50.0	0.0	0.0	0.0	0.0	50.0	277	114	229	109	36.0	178	185	489	528
Dividends paid	146	165	162	162	160	169	170	169	170	189	188	188	187	198	197	197	197	207	206	203
Shares outstanding	289m	285m	285m	282m	280m	280m	280m	280m	281m	282m	281m	279m	279m	278m	278m	278m	276m	276m	273m	268m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 20 February 2026: the filing.