{"schemaVersion":1,"research":true,"symbol":"yum","name":"Yum Brands","topic":"moat","path":"/stock/yum/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:43:50.514Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Yum has a narrow moat from established restaurant brands reinforced by its franchise and pooled advertising system. Taco Bell's sustained sales growth and KFC's demonstrated growth support current brand value. Pricing power is limited: actual price increases have not fully recovered cost inflation, and Pizza Hut continues to weaken. The passages do not establish a separate cost advantage, network effect or customer lock-in. Pizza Hut sale agreements are disclosed, but completion is not established.","advantages":[{"mechanism":"intangible_assets","claim":"Protected brands, supported by franchise-funded advertising and extensive distribution, attract consumer demand and franchise investment. Taco Bell and KFC operating results substantiate this advantage beyond management's category-leadership assertions.","durability":"Taco Bell's 22 consecutive quarters of positive sales growth, KFC's same-store sales growth and substantial restaurant development support persistence. Trademark protection and recurring advertising contributions reinforce the brands, but the evidence supports a narrow advantage rather than exceptional durability.","risks":"Intense competition and incomplete inflation pass-through constrain monetization. Pizza Hut's repeated same-store sales declines and Turkey restaurant closures demonstrate actual erosion and franchise execution risk. Consumer preferences, franchise quality and intellectual-property enforcement remain additional potential risks.","invalidation":"The thesis would be invalidated by sustained same-store sales declines spreading to Taco Bell and KFC alongside declining franchise revenues excluding currency and ownership changes, persistent net restaurant contraction, or widespread franchise failures showing that brand demand and franchise economics no longer support the system.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14","e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Risk factors: trademarks and brand goodwill","excerpt":"Our 16 trademarks, many of which are registered in various jurisdictions, create brand awareness and help build goodwill among our customers."},{"id":"e2","sourceId":"filing-1","location":"Risk factors: intellectual-property protections","excerpt":"We rely on a combination of legal protections, including trademark registrations, contractual terms, copyrights, patents and common law rights, such as unfair competition, passing off and trade secret laws to protect our intellectual property from potential infringement."},{"id":"e3","sourceId":"filing-1","location":"Business: franchise advertising cooperatives","excerpt":"When multiple franchisees operate in the same country or region, the national and regional advertising spending is typically conducted by a cooperative to which the franchisees and Company-owned restaurants, if any, contribute funds as a percentage of restaurants’ sales."},{"id":"e4","sourceId":"filing-1","location":"Business: uses of advertising contributions","excerpt":"The contributions are primarily used to pay for expenses relating to purchasing media for advertising, market research, commercial production, talent payments and other support functions for the respective Concepts."},{"id":"e5","sourceId":"filing-3","location":"Compensation discussion: 2025 Taco Bell operating achievements","excerpt":"Taco Bell continued to differentiate itself as a true category of one, delivering 8% System Sales Growth(1), 7% Same-Store Sales Growth and 10% Core Operating Profit Growth(2) — on the way to its 22nd consecutive quarter of positive sales growth."},{"id":"e6","sourceId":"filing-3","location":"Compensation discussion: 2025 KFC restaurant development","excerpt":"KFC led global unit development, opening 2,986 gross new units across 105 markets and reaching the milestone of its 30,000th international restaurant."},{"id":"e7","sourceId":"filing-3","location":"Compensation discussion: 2025 KFC operating results","excerpt":"The brand delivered 6% System Sales Growth(1), 3% Same-Store Sales Growth and 10% Core Operating Profit Growth(2), demonstrating the strength and scale of its global system."},{"id":"e8","sourceId":"filing-2","location":"Note 1: restaurant system and geographic reach at June 30, 2026","excerpt":"Yum! Brands, Inc. and its Subsidiaries (collectively referred to herein as the “Company,” “YUM,” “we,” “us” or “our”) franchise or operate a system of over 64,000 restaurants in 157 countries and territories."},{"id":"e9","sourceId":"filing-1","location":"Business: competition across retail food alternatives","excerpt":"6 Competition The retail food industry, in which our Concepts compete, is made up of supermarkets, supercenters, warehouse stores, convenience stores, coffee shops, snack bars, delicatessens and restaurants (including those in the QSR segment), and is intensely competitive with respect to price and quality of food products, new product development, digital engagement, advertising levels and promotional initiatives, customer service reputation, restaurant location and attractiveness and maintenance of properties."},{"id":"e10","sourceId":"filing-1","location":"Risk factors: actual inflation-related pricing and procurement actions","excerpt":"We and/or our Concepts’ franchisees have taken, and may continue to take, certain actions as a result of inflationary increases in food and other operating costs noted above, including by increasing food prices beyond typical pricing patterns at certain of our Concepts’ restaurants, attempting to negotiate favorable pricing terms with our suppliers and/or shifting to suppliers with more favorable pricing where feasible, and utilizing forward contracts and commodity futures and options contracts where possible to hedge commodity prices."},{"id":"e11","sourceId":"filing-1","location":"Risk factors: realized inability to pass through all cost increases","excerpt":"However, because we and our Concepts’ franchisees provide competitively priced food, we have not always been able to pass through to our customers the full amount of cost increases experienced by us and our Concepts’ franchisees."},{"id":"e12","sourceId":"filing-1","location":"MD&A: Pizza Hut 2023–2025 operating results","excerpt":"% B/(W) % B/(W) 2025 2024 2025 2024 2023 Reported Ex FX Ex FX and 53rd Week in 2024 Reported Ex FX Ex FX and 53rd Week in 2024 System Sales $ 12,794 $ 13,108 $ 13,315 (2) (3) (2) (2) (1) (1) Same-Store Sales Growth (Decline) % (1) % (4) % 2 % N/A N/A N/A N/A N/A N/A Company sales $ 51 $ 8 $ 14 584 573 599 (45) (45) (47) Franchise and property revenues 602 622 622 (3) (3) (2) Even 1 Even Franchise contributions for advertising and other services 360 378 383 (5) (5) (4) (1) (1) (3) Total revenues $ 1,013 $ 1,008 $ 1,019 Even Even 1 (1) (1) (2) Company restaurant profit (loss) $ (1) $ — $ — NM NM NM NM NM NM Company restaurant margin % (1.4) % (0.6) % 0.1 % (0.8) ppts."},{"id":"e13","sourceId":"filing-2","location":"MD&A: Pizza Hut first-half 2026 operating results and revenue drivers","excerpt":"G&A expenses $ 56 $ 54 (5) (5) $ 116 $ 109 (6) (5) Franchise and property expenses 13 10 (29) (28) 31 21 (44) (42) Franchise advertising and other services expense 87 90 3 3 171 179 5 5 Operating Profit $ 70 $ 80 (12) (14) $ 135 $ 155 (13) (15) % Increase (Decrease) Unit Count 6/30/2026 6/30/2025 Franchise 19,855 19,709 1 Company-owned 130 59 120 Total 19,985 19,768 1 Franchise and property revenues The quarterly and year to date decreases in Franchise and property revenues, excluding the impact of foreign currency translation, were primarily driven by franchise same-store sales declines of 1% and the impact of our acquisition of restaurants from franchisees."},{"id":"e14","sourceId":"filing-2","location":"MD&A special items: realized Turkey restaurant closures","excerpt":"As a result, 283 KFC restaurants and 254 Pizza Hut restaurants in Turkey were closed during the first quarter of 2025."},{"id":"e15","sourceId":"filing-1","location":"Risk factors: intellectual-property protection and franchise quality","excerpt":"There can be no assurance that the steps we have taken to protect our intellectual property or the legal protections that may be available will be adequate or that our Concepts’ franchisees will maintain the quality of the goods and services offered under our brands’ trademarks or always act in accordance with guidelines we set for maintaining our brands’ intellectual property rights, including proprietary technology."},{"id":"e16","sourceId":"filing-1","location":"Risk factors: changing consumer acceptance","excerpt":"Consumer acceptance of our offerings is subject to change and some changes can occur rapidly."},{"id":"e17","sourceId":"filing-1","location":"MD&A: 2025 Company restaurant margin decline and inflation","excerpt":"In 2025, the decrease in Company restaurant margin percentage, excluding the impacts of lapping the 53rd week, was driven by commodity inflation (primarily beef), higher labor and other restaurant operating costs, partially offset by higher margin percentages of the units included in the Southeast U.S."},{"id":"e18","sourceId":"filing-2","location":"Condensed consolidated statements of income: first-half 2026 results","excerpt":"BRANDS, INC. AND SUBSIDIARIES (in millions, except per share data) Quarter ended Year to date Revenues 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Company sales $ 837 $ 669 $ 1,622 $ 1,277 Franchise and property revenues 895 835 1,751 1,620 Franchise contributions for advertising and other services 438 428 856 823 Total revenues 2,169 1,933 4,228 3,720 Costs and Expenses, Net Company restaurant expenses 700 560 1,378 1,081 General and administrative expenses 324 302 646 604 Franchise and property expenses 41 39 85 73 Franchise advertising and other services expense 444 428 863 824 Refranchising (gain) loss (1) (11) (2) (16) Other (income) expense 6 (7) (39) (15) Total costs and expenses, net 1,514 1,311 2,930 2,550 Operating Profit 655 622 1,299 1,170 Investment (income) expense, net (6) — (6) (1) Other pension (income) expense — (1) — (1) Interest expense, net 128 123 257 243 Income Before Income Taxes 533 499 1,049 929 Income tax (benefit) provision (320) 125 (236) 301 Net Income $ 853 $ 374 $ 1,285 $ 628 Basic Earnings Per Common Share $ 3.10 $ 1.34 $ 4.65 $ 2.25 Diluted Earnings Per Common Share $ 3.08 $ 1.33 $ 4.62 $ 2.23 Dividends Declared Per Common Share $ 0.75 $ 0.71 $ 1.50 $ 1.42 See accompanying Notes to Condensed Consolidated Financial Statements."},{"id":"e19","sourceId":"filing-2","location":"Condensed consolidated statements of cash flows: spending, distributions and financing","excerpt":"BRANDS, INC. AND SUBSIDIARIES (in millions) Year to date 6/30/2026 6/30/2025 Cash Flows – Operating Activities Net Income $ 1,285 $ 628 Depreciation and amortization 119 89 Refranchising (gain) loss (2) (16) Deferred income taxes (411) 12 Share-based compensation expense 35 37 Changes in accounts and notes receivable 16 34 Changes in prepaid expenses and other current assets (43) (47) Changes in accounts payable and other current liabilities (71) (42) Changes in income taxes payable (17) 21 Other, net 12 134 Net Cash Provided by Operating Activities 923 850 Cash Flows – Investing Activities Capital spending (175) (142) Acquisitions of franchise restaurants (5) (98) Proceeds from refranchising of restaurants 1 32 Maturities (purchases) of Short term investments, net — 91 Other, net 10 (13) Net Cash Used in Investing Activities (169) (130) Cash Flows – Financing Activities Repayments of long-term debt (14) (12) Revolving credit facility, three months or less, net 375 50 Repurchase shares of Common Stock (674) (338) Dividends paid on Common Stock (413) (395) Other, net (31) (46) Net Cash Used in Financing Activities (757) (741) Effect of Exchange Rates on Cash and Cash Equivalents (4) 31 Net (Decrease) Increase in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, including Balances Classified within Assets held for sale (7) 11 Less: Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Classified within Assets held for sale (32) — Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (39) 11 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 923 807 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period $ 884 $ 818 See accompanying Notes to Condensed Consolidated Financial Statements."},{"id":"e20","sourceId":"filing-2","location":"MD&A: higher borrowings increased interest expense","excerpt":"Interest expense, net The quarterly and year to date increases in Interest expense, net were driven by higher outstanding borrowings."},{"id":"e21","sourceId":"filing-3","location":"Compensation discussion: LTIP approved and implemented in May 2025","excerpt":"In May 2025, following Board and shareholder approval, we implemented a new LTIP, which authorized approximately 19,000,000 shares for issuance."},{"id":"e22","sourceId":"filing-3","location":"Pay versus performance: actual 2025 bonus and PSU metric weights","excerpt":"We chose Core Operating Profit Growth as our Company Selected Measure for evaluating Pay versus Performance because it is a key metric in our annual bonus (50% weighting) and annual PSU plans (50% weighting) in 2025."},{"id":"e23","sourceId":"filing-3","location":"Compensation discussion: adopted stock holding requirement","excerpt":"Shareholder feedback, including the 2025 voting results on NEO compensation, has influenced and reinforced a number of compensation design changes over the years, including: ▪ Added a 50% holding requirement to the stock ownership guidelines applicable to approximately 200 of our senior employees, including the NEOs."},{"id":"e24","sourceId":"filing-3","location":"Governance highlights: independent leadership, committees and meeting attendance","excerpt":"GOVERNANCE HIGHLIGHTS Corporate Governance Shareholder Rights Compensation ▪ 11 Director nominees ▪ 10 Independent nominees ▪ Directors with experience, qualification and skills across a wide range of public and private sector companies ▪ Board access to senior management and independent advisors ▪ Independent non-executive chair ▪ Independent board committees ▪ Executive sessions of independent directors at every regular board and committee meeting ▪ Comprehensive risk oversight by board and its committees ▪ Annual board and committee self-evaluations ▪ All directors attended at least 75% of meetings held ▪ YUM’s Global Code of Conduct ▪ Political Contributions and U.S."},{"id":"e25","sourceId":"filing-3","location":"Governance: board independence determination","excerpt":"As a result of this review, the Board affirmatively determined that all of the directors are independent of the Company and its management under NYSE rules, with the exception of Chris Turner, who is not considered independent because of his employment by the Company."},{"id":"e26","sourceId":"filing-1","location":"Independent auditor report: effective internal control over financial reporting","excerpt":"Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission."},{"id":"e27","sourceId":"filing-3","location":"Shareholder proposal: existing special-meeting ownership threshold","excerpt":"For the reasons described above, the Board urges shareholders to vote AGAINST this proposal as it remains confident that the Company’s current 25% ownership threshold appropriately balances the interests of all shareholders and reflects prevailing market practice among other large public companies."},{"id":"e28","sourceId":"filing-2","location":"MD&A: Habit first-half 2026 sales growth and operating losses","excerpt":"Quarter ended Year to date % B/(W) % B/(W) 2026 2025 Reported 2026 2025 Reported System Sales $ 177 $ 166 7 $ 343 $ 321 7 Same-Store Sales Growth (Decline) % 3 (4) N/A 4 (3) N/A Total revenues $ 139 $ 134 4 $ 269 $ 262 3 Operating Profit (Loss) $ (4) $ 3 NM $ (11) $ 2 NM Unit Count 6/30/2026 6/30/2025 % Increase (Decrease) Franchise 84 76 11 Company-owned 304 303 — Total 388 379 2 Corporate & Unallocated Quarter ended Year to date (Expense) / Income 2026 2025 % B/(W) 2026 2025 % B/(W) Corporate and unallocated G&A $ (114) $ (97) (18) $ (225) $ (202) (11) Unallocated Company restaurant expenses (13) (4) (241) (25) (7) (279) Unallocated Franchise and property revenues — — NM — (1) NM Unallocated Refranchising gain (loss) 1 11 (88) 2 16 (85) Unallocated Other income (expense) (See Note 6) (6) 4 NM 39 10 NM Investment income (expense), net 6 — NM 6 1 NM Other pension income (expense) — 1 (93) — 1 (74) Interest expense, net (128) (123) (4) (257) (243) (6) Income tax benefit (provision) (See Note 8) 320 (125) 356 236 (301) 178 Effective tax rate (See Note 8) (60.1) % 25.1 % 85.1 ppts."},{"id":"e29","sourceId":"filing-2","location":"Liquidity and capital resources: June 16, 2026 Pizza Hut sale agreements","excerpt":"Pizza Hut Divestitures On June 16, 2026 we entered into definitive agreements to sell Pizza Hut in two separate transactions."},{"id":"e30","sourceId":"filing-2","location":"MD&A: expected timing of Pizza Hut sales","excerpt":"The Pizza Hut sales are expected to close at significant book gains in the quarter ended September 30, 2026 resulting in the utilization of these deferred tax benefits."},{"id":"e31","sourceId":"filing-2","location":"Note 1: franchise ownership at June 30, 2026","excerpt":"As of June 30, 2026, 97% of these restaurants were owned and operated by franchisees."},{"id":"e32","sourceId":"filing-1","location":"Share-based compensation note: award types actually issued","excerpt":"We have issued only stock options, SARs, RSUs and PSUs under the LTIP."}],"changes":["Retain the previous narrow verdict; the supplied evidence continues to support a brand-based advantage with limited pricing power.","Add explicit criterion assessments using disclosed operating results, actual capital deployment, adopted incentive arrangements and governance disclosures.","Identify realized Turkey closures and Habit operating losses as additional constraints on resilience and execution.","Continue to treat the Pizza Hut transactions as signed agreements with expected closing, without assuming completion."],"limitations":["Competition passages disclose generic categories rather than named competitive companies; competitor arrays are therefore empty. Named suppliers, licensees, directors' employers and compensation references do not establish named restaurant competitors.","Evidence is confined to the supplied filings. Category leadership, brand strength and strategic benefits are issuer assertions; reported operating achievements provide stronger support but do not isolate brand effects from pricing, mix or economic conditions.","Sales growth provides indirect evidence of repeat demand. Customer cohorts, traffic-versus-ticket decomposition, franchise renewal rates and comparative franchise returns are not supplied.","Actual price increases and incomplete cost recovery are disclosed, but the passages do not establish contractual authority over franchise menu prices or freedom to reset royalty terms.","The proxy supplies adopted compensation and governance arrangements, but complete current executive ownership amounts, ownership compliance and detailed PSU payout outcomes are absent.","The latest supplied filing was filed August 5, 2026 and reports through June 30, 2026. Its expected September closing date does not establish that Pizza Hut was sold by the assessment date. All source dates retain dateKind filed.","Scale, digital sales and pooled procurement do not establish comparative cost superiority, network effects or material switching costs."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Protected brands and recurring pooled advertising are supported by demonstrated Taco Bell and KFC sales growth and franchise expansion. This establishes a current intangible advantage without relying on margins or scale alone.","evidenceIds":["e1","e2","e3","e4","e5","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Taco Bell's 22 consecutive positive-sales quarters and KFC development support persistence, but repeated Pizza Hut declines show that durability varies materially by brand. Exceptional long-term protection is not demonstrated.","evidenceIds":["e5","e6","e7","e12","e13"]},{"criterion":"customer_dependency","grade":1,"rationale":"Sales persistence suggests repeat demand indirectly, but broad food alternatives and incomplete cost pass-through indicate fragile customer dependence. Franchise prevalence alone does not demonstrate switching friction.","evidenceIds":["e5","e9","e11","e31"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Growth at Taco Bell and KFC offsets some portfolio weakness, but Pizza Hut deterioration and actual Turkey closures demonstrate vulnerability. Generic brand and enforcement risks are treated as possibilities rather than realized losses.","evidenceIds":["e5","e7","e13","e14","e15","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Restaurants actually increased prices beyond typical patterns, but Yum explicitly reports that full cost inflation could not always be passed through. Realized pricing is constrained; sales growth does not establish a sustained price premium.","evidenceIds":["e10","e11"]},{"criterion":"retention","grade":2,"rationale":"Taco Bell's sustained positive sales and KFC same-store growth support repeat demand indirectly, while Pizza Hut declines show uneven demand retention. These results do not provide customer retention rates or separate repeat visits from price and mix.","evidenceIds":["e5","e7","e12","e13"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 operating profit rose from $1,170 million to $1,299 million, while revenue grew faster. Disclosed restaurant margin pressure and incomplete inflation recovery temper resilience; franchisor profitability does not establish franchisee protection.","evidenceIds":["e18","e17","e11","e13"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Observed menu price changes establish that pricing actions occurred, but the passages do not disclose allocation of pricing authority between Yum and franchisees or contractual freedom to change royalty rates and other terms.","evidenceIds":["e10","e31"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow of $923 million supported $175 million of capital spending, but $674 million of repurchases and $413 million of dividends exceeded cash remaining after that spending, alongside $375 million of net revolver borrowing. Higher interest expense confirms a financing tradeoff. Signed Pizza Hut sales provide no demonstrated disposal outcome yet.","evidenceIds":["e19","e20","e29","e30"]},{"criterion":"incentive_alignment","grade":3,"rationale":"An approved and implemented LTIP, actually issued equity awards, a 50% holding requirement and operating-profit metrics weighted 50% in both 2025 bonus and PSU plans demonstrate substantive alignment mechanisms. Complete ownership compliance and realized PSU outcomes remain unavailable.","evidenceIds":["e21","e22","e23","e32"]},{"criterion":"execution","grade":2,"rationale":"Taco Bell and KFC growth, restaurant development and higher consolidated operating profit demonstrate achievements. Persistent Pizza Hut weakness, Turkey closures and Habit losses make portfolio execution mixed. This assessment uses operating outcomes rather than management praise and does not attribute every result solely to management.","evidenceIds":["e5","e6","e7","e18","e13","e14","e28"]},{"criterion":"governance","grade":3,"rationale":"Disclosed independent board leadership and committees, actual director attendance, board independence determinations and an auditor opinion on effective financial controls support strong governance. The 25% special-meeting threshold limits shareholder access; exceptional governance outcomes are not established.","evidenceIds":["e24","e25","e26","e27"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"557ac9f9f137e9bcc66cd06e90360c3ed2385afb7903a20232ce637496fe1803","updatedAt":"2026-10-18T13:43:50.514Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000084/yum-20251231.htm","publishedAt":"2026-02-20","sha256":"9e40e3b8e7ed7044d71e0d539c8c7230db2d79710a181cd4df6aca3a64798899","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000160/yum-20260630.htm","publishedAt":"2026-08-05","sha256":"ffadae5cd4b550f338c2dc91bc772dfcdb28a3c008d6b3f52e7b83be12f1a71a","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1041061/000119312526142078/yum-20260402.htm","publishedAt":"2026-04-03","sha256":"5d4c3ed17500201f5b57d761afd5fb0c1a05536a93d28932700666acece52e81","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106125000013/yum-20241231.htm","publishedAt":"2025-02-19","sha256":"9b9487fdc9fbb75eec5bfc06c3e766e494d3614d6c87ecbbec31092407fe759d","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106124000011/yum-20231231.htm","publishedAt":"2024-02-20","sha256":"870fd3107309a98a25ac3070a45578a994b688c0b606481405d5659c52f5c84a","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1041061/000104106126000119/yum-20260331.htm","publishedAt":"2026-05-06","sha256":"48a47e53f4db6f79be5a609cc78d477ce4b912d4154872afd9cd520f6882b153","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:b7f6bc8e20456dc7d17b1c1e9a965efdc41f752c59de155459b03818884ffd81","usage":{"input_tokens":84559,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3678,"reasoning_output_tokens":134}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":73.80012150668287,"operating_margin":32.48784933171324,"roic":81.2474767864352,"fcf_margin":22.4179829890644,"sbc_revenue":1.1391251518833536},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":74.49576147325342,"operating_margin":31.964337912890965,"roic":69.81168894526294,"fcf_margin":16.778719672610347,"sbc_revenue":1.2277111955568547},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":74.92933860938383,"operating_margin":32.758620689655174,"roic":74.95744236672886,"fcf_margin":18.62634256642171,"sbc_revenue":1.342566421707179},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":71.91681017353292,"operating_margin":31.832030732547356,"roic":63.77329309020771,"fcf_margin":18.969399920519276,"sbc_revenue":0.9140283481255794},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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