^[1]

$ 8,214

$ 7,549

$ 7,076

Costs and Expenses, Net

2,483

2,120

1,774

1,262

1,181

1,193

140

134

123

1,799

1,711

1,683

(48)

(34)

(29)

Costs and Expenses, Total

2

34

14

5,639

5,146

4,758

Investment (income) expense, net

^[2]

2,574

2,403

2,318

^[2]

(1)

21

(7)

Other Pension (income) expense

^[2]

(2)

(7)

(6)

Interest Income (Expense), Operating

^[2]

501

489

513

Income (Loss) Attributable to Parent, before Tax, Total

2,077

1,900

1,818

Income tax provision

518

414

221

Basic Earnings Per Common Share (in dollars per share)

$ 1,559

$ 1,486

$ 1,597

$ 5.59

$ 5.28

$ 5.68

Diluted Earnings Per Common Share (in dollars per share)

5.55

5.22

5.59

Dividends Declared Per Common Share (in dollars per share)

$ 2.84

$ 2.68

$ 2.42

Company Sales

Revenues

Revenue from Contract with Customer, Excluding Assessed Tax

$ 2,945

$ 2,552

$ 2,142

Franchise and property revenue [Member]

Revenues

Revenue from Contract with Customer, Excluding Assessed Tax

3,473

3,295

3,247

Franchise contributions for advertising and other services

Revenues

Revenue from Contract with Customer, Excluding Assessed Tax

$ 1,796

$ 1,702

$ 1,687

[1]	The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented
[2]	Amounts have not been allocated to any segment for performance reporting purposes.

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Income	$ 1,559	$ 1,486	$ 1,597
Translation adjustments and gains (losses) arising during the year	77	(37)	18
Translation reclassifications of adjustments and (gains) losses into Net Income	0	0	71
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	77	(37)	89
Translation adjustments tax (expense) benefit	0	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	77	(37)	89
Pension Unrealized gains (losses) arising during the year	9	(54)	(12)
Pension reclassification of (gains) losses into Net Income	5	2	1
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Unrealized Gains (Losses), before Tax	14	(52)	(11)
Pension and post-retirement benefit plans (tax impact)	(3)	13	1
Pension and post-retirement benefit plans (net of tax impact)	11	(39)	(10)
Cash Flow Hedge unrealized gains (losses) arising during the year	8	14	14
Cash Flow Hedge Reclassification of (gains) losses into Net Income	(17)	(33)	(30)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax	(9)	(19)	(16)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	2	5	4
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(7)	(14)	(12)
Other Comprehensive Income (Loss), Net of Tax	81	(90)	67
Comprehensive Income	$ 1,640	$ 1,396	$ 1,664

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash Flows - Operating Activities

$ 1,559

$ 1,486

$ 1,597

^[1]

206

175

153

22

12

13

Investment (income) expense, net

(48)

(34)

(29)

^[2]

(1)

21

(7)

Share-based compensation expense

107

(30)

(290)

70

69

95

Changes in Accounts and Notes Receivable

(45)

(53)

(89)

Changes in Prepaid Expense and Other Assets

(18)

(12)

(15)

Changes in accounts payable and other current liabilities

94

8

(30)

Changes in income taxes payable

(48)

(29)

43

Other, net

112

76

162

Net Cash Provided by Operating Activities

2,010

1,689

1,603

Cash Flows - Investing Activities

Capital spending

(371)

(257)

(285)

Proceeds from Sale of Long-Term Investments

0

104

0

Payments for (Proceeds from) Investments

0

$ 0

$ 121

Business Acquisitions, Purchase Price Allocation, Year of Acquisition, Net Effect on Income

(782)

Business Acquisitions, Purchase Price Allocation, Year of Acquisition, Description

(208)

—

Proceeds from refranchising of restaurants

78

$ 49

$ 60

Payments to Acquire Short-Term Investments

91

0

Other, net

(19)

(3)

Net Cash Provided by (Used in) Investing Activities

(1,003)

(422)

(107)

Cash Flows - Financing Activities

Proceeds from long-term debt

1,493

237

0

Repayments of long-term debt

(966)

(479)

(397)

Revolving credit facilities, three months or less, net

(50)

345

(279)

More than three months - proceeds

89

0

Repurchase shares of Common Stock

(552)

(441)

(50)

Dividends paid on Common Stock

(789)

(752)

(678)

Other, net

(63)

(73)

(25)

Net Cash Used in Financing Activities

(924)

(1,163)

(1,429)

Three months or less, net

0

Repayments of Short-Term Debt, Maturing in More than Three Months

(86)

0

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance

923

807

724

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance

807

724

647

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

116

83

77

Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations

$ 32

$ (21)

$ 10

[1]	The amounts of depreciation and amortization disclosed by reportable segment are primarily included within the segment expense captions of Company restaurant expenses and G&A expenses.
[2]	Amounts have not been allocated to any segment for performance reporting purposes.

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Current Assets

Cash and cash equivalents

$ 709

$ 616

Accounts and notes receivable, net

841

775

Property, Plant and equipment, net

490

480

Total Current Assets

2,040

1,871

1,605

1,304

Accounts payable and other current liabilities

^[1]

969

736

Intangible assets, net

909

416

Other assets

1,708

1,329

Deferred Income Taxes

965

1,071

Total Assets

8,197

6,727

Current Liabilities

1,433

1,211

Income taxes payable

46

31

Debt, Current

38

27

Total Current Liabilities

1,516

1,269

Long-term debt

11,872

11,306

Other Liabilities, Noncurrent

2,133

1,800

Total Liabilities

15,521

14,375

Shareholders' Equity

Common stock, no par value, 750 shares authorized; 280 shares and 289 shares issued in 2022 and 2021, respectively

0

Accumulated Deficit

(7,014)

(7,256)

Accumulated other comprehensive income (loss)

(311)

(392)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total

(7,325)

(7,648)

Total Liabilities, Redeemable Noncontrolling Interest and Shareholders' Equity

$ 8,197

$ 6,727

[1]	Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger & Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented.

Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Millions

Total

Common Stock

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Balance at Dec. 31, 2022

$ (8,876)

$ 0

$ (8,507)

$ (369)

Balance (in shares) at Dec. 31, 2022

280,000

Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact)

1,597

18

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax

71

Pension and post-retirement benefit plans (net of tax impact)

(10)

Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax

(12)

Comprehensive income - including noncontrolling interests

1,664

Dividends declared

(680)

Repurchase of shares of Common Stock

$ (50)

$ (24)

(26)

Repurchase of shares of Common Stock (in shares)

(387)

^[1]

0

Employee stock option and SARs exercises (includes tax impact)

$ 24

Employee stock option and SARs exercises (in shares)

1,000

108

$ 108

Balance at Dec. 31, 2023

(7,858)

$ 60

(7,616)

(302)

Balance (in shares) at Dec. 31, 2023

281,000

Pension and post-retirement benefit plans (tax impact)

(1)

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax

4

Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact)

1,486

(37)

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax

0

Pension and post-retirement benefit plans (net of tax impact)

(39)

Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax

(14)

Comprehensive income - including noncontrolling interests

1,396

Dividends declared

(756)

Repurchase of shares of Common Stock

$ (443)

$ (73)

(370)

Repurchase of shares of Common Stock (in shares)

(3,282)

^[1]

(3,000)

Employee stock option and SARs exercises (includes tax impact)

$ 70

Employee stock option and SARs exercises (in shares)

1,000

83

$ 83

Balance at Dec. 31, 2024

(7,648)

$ 0

(7,256)

(392)

Balance (in shares) at Dec. 31, 2024

279,000

Pension and post-retirement benefit plans (tax impact)

(13)

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax

5

Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact)

1,559

77

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax

0

Pension and post-retirement benefit plans (net of tax impact)

11

Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax

(7)

Comprehensive income - including noncontrolling interests

1,640

Dividends declared

(791)

Repurchase of shares of Common Stock

$ (554)

$ (31)

(523)

Repurchase of shares of Common Stock (in shares)

(3,739)

^[1]

(4,000)

Employee stock option and SARs exercises (includes tax impact)

$ 49

$ 46

3

Employee stock option and SARs exercises (in shares)

1,000

77

$ 77

Balance at Dec. 31, 2025

(7,325)

$ 0

$ (7,014)

$ (311)

Balance (in shares) at Dec. 31, 2025

277,000

Pension and post-retirement benefit plans (tax impact)

3

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax

$ 2

[1]

In May 2024, our Board of Directors authorized share repurchases of up to $2.0 billion (excluding applicable transaction fees and excise taxes) of our outstanding Common Stock through December 31, 2026. The new authorization took effect on July 1, 2024 upon the expiration of a prior authorization approved in September 2022. As of December 31, 2025, we have remaining capacity to repurchase up to $1.1 billion of Common Stock under the May 2024 authorization.

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions, $ / shares in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common Stock, par value	$ 0	$ 0
Common Stock, shares authorized	750	750
Common Stock, shares issued	277	279

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Pension and post-retirement benefit plans (tax impact)	$ (3)	$ 13	$ 1
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	$ 2	$ 5	$ 4

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business 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 63,000 restaurants in 155 countries and territories primarily under the concepts of KFC, Taco Bell, Pizza Hut and the Habit Burger & Grill (collectively, the “Concepts”). The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired and pizza categories. The Habit Burger & Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. At December 31, 2025, 97% of our restaurants were owned and operated by franchisees. Through our widely-recognized Concepts, we develop, operate or franchise a system of both traditional and non-traditional restaurants. The terms “franchise” or “franchisee” within these Consolidated Financial Statements are meant to describe third parties that operate units under either franchise or license agreements. Our traditional restaurants feature dine-in, carryout and, in some instances, drive-thru service. Non-traditional units include express units which have a more limited menu and operate in non-traditional locations like malls, airports, gasoline service stations, train stations, subways, convenience stores, stadiums, amusement parks and colleges, where a full-scale traditional outlet would not be practical or efficient. We also operate or franchise multibrand units, where two or more of our Concepts are operated in a single unit. As of December 31, 2025, YUM consisted of four operating segments: •The KFC Division which includes our worldwide operations of the KFC concept •The Taco Bell Division which includes our worldwide operations of the Taco Bell concept •The Pizza Hut Division which includes our worldwide operations of the Pizza Hut concept •The Habit Burger & Grill Division which includes our worldwide operations of the Habit Burger & Grill concept

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Our preparation of the accompanying Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

In the first quarter of 2025, the Company prospectively changed its basis of presentation to round financial figures in the Financial Statements and as presented in the tabular presentations in these Notes to the nearest whole number in millions in all instances. As a result, some totals and percentages may not recompute based on rounded figures as presented within the Financial Statements and these Notes. Previously, amounts were presented to ensure that all numbers herein recomputed, resulting in the presentation of certain figures inconsistent with their underlying rounding.

Principles of Consolidation and Basis of Preparation. Intercompany accounts and transactions have been eliminated in consolidation. We consolidate entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. We also consider for consolidation an entity, in which we have certain interests, where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it.

Our most significant variable interests are in certain entities that operate restaurants under our Concepts’ franchise arrangements. We do not have a significant equity interest in any of our franchisee businesses. Additionally, we do not typically provide significant financial support such as loans or guarantees to our franchisees. Thus, our most significant variable interests in franchisees result from real estate lease arrangements to which we are a party. At the end of 2025, YUM has future lease payments due from certain franchisees, on a nominal basis, of approximately $525 million, and we are secondarily liable on certain other lease agreements that have been assigned to certain franchisees (see the Lease Guarantees section in Note 20). As our franchise arrangements provide our franchisee entities the power to direct the activities that most significantly impact their economic performance, we do not consider ourselves the primary beneficiary of any such entity that might otherwise be considered a VIE.

We participate in various advertising cooperatives with our franchisees, typically within a country where we have both Company-owned restaurants and franchise restaurants, established to collect and administer funds contributed for use in advertising and promotional programs designed to increase sales and enhance the reputation of the Company and our Concepts. Contributions to the advertising cooperatives are required of both Company-owned, if any, and franchise restaurants and are generally based on a percentage of restaurant sales. We maintain certain variable interests in these cooperatives. As the cooperatives are required to spend all funds collected on advertising and promotional programs, total equity at risk is not sufficient to permit the cooperatives to finance their activities without additional subordinated financial support. Therefore, these cooperatives are VIEs. We consolidate certain of these cooperatives for which we are the primary beneficiary due to our voting rights.

Fiscal Year. YUM’s fiscal year begins on January 1 and ends December 31 of each year, with each quarter comprised of three months. The majority of our U.S. subsidiaries and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consists of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates.

Fiscal year 2024 included 53 weeks for our U.S. businesses and for our international subsidiaries that reported on a period calendar. See Note 5.

Foreign Currency. The functional currency of our foreign entities is the currency of the primary economic environment in which the entity operates. Functional currency determinations are made based upon a number of economic factors, including but not limited to cash flows and financing transactions. The operations, assets and liabilities of our entities outside the U.S. are initially measured using the functional currency of that entity. Income and expense accounts for our operations of these foreign entities are then translated into U.S. dollars at the average exchange rates prevailing during the period. Assets and liabilities of these foreign entities are then translated into U.S. dollars at exchange rates in effect at each period-end balance sheet date. As of December 31, 2025, net cumulative translation adjustment losses of $161 million are recorded in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheet.

The majority of our foreign currency net asset exposure is in countries where we have Company-owned restaurants. As we manage and share resources at the individual brand level within a country, cumulative translation adjustments are recorded and tracked at the foreign-entity level that represents the operations of our individual brands within that country. Translation adjustments recorded in AOCI are subsequently recognized as income or expense generally only upon sale of the related investment in a foreign entity, or upon a sale of assets and liabilities within a foreign entity that represents a complete or substantially complete liquidation of that foreign entity. For purposes of determining whether a sale or complete or substantially complete liquidation of an investment in a foreign entity has occurred, we consider those same foreign entities for which we record and track cumulative translation adjustments.

Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in Other (income) expense in our Consolidated Statements of Income.

Reclassifications. We have reclassified certain items in the Consolidated Financial Statements for prior periods to be comparable with the classification for the fiscal year ended December 31, 2025. These reclassifications had no effect on previously reported Net Income.

Revenue Recognition. Below is a discussion of how our revenues are earned, our accounting policies pertaining to revenue recognition under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”) and other required disclosures.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue transaction and collected from a customer are excluded from revenue.

Company Sales

Revenues from the sale of food items by Company-owned restaurants are recognized as Company sales when a customer purchases the food, which is when our obligation to perform is satisfied.

Franchise and Property Revenues

Franchise Revenues

Our most significant source of revenues arises from the operation of our Concepts’ stores by our franchisees. Franchise rights may be granted through a store-level franchise agreement or through a master franchise agreement that set out the terms of our arrangement with the franchisee. Our franchise agreements require that the franchisee remit continuing fees to us as a percentage of the applicable restaurant’s sales in exchange for the license of the intellectual property associated with our Concepts’ brands (the “franchise right”). Our franchise agreements also typically require certain, less significant, upfront franchise fees such as initial fees paid upon opening of a store, fees paid to renew the term of the franchise right and fees paid in the event the franchise agreement is transferred to another franchisee.

Continuing fees represent the substantial majority of the consideration we receive under our franchise agreements. Continuing fees are typically billed and paid monthly and are usually 4% - 6% for store-level franchise agreements. Master franchise agreements allow master franchisees to operate restaurants as well as sub-franchise restaurants within certain geographic territories. The percentage of sales that we receive for restaurants owned or sub-franchised by our master franchisees as a continuing fee is typically less than the percentage we receive for restaurants operating under a store-level franchise agreement. Based on the application of the sales-based royalty exception within Topic 606 continuing fees are recognized as the related restaurant sales occur.

Upfront franchise fees are typically billed and paid when a new franchise or sub-franchise agreement becomes effective or when an existing agreement is transferred to another franchisee or sub-franchisee. We have determined that the services we provide in exchange for upfront franchise fees, which primarily relate to pre-opening support, are highly interrelated with the franchise right and are not individually distinct from the ongoing services we provide to our franchisees. As a result, upfront franchise fees are recognized as revenue over the term of each respective franchise or sub-franchise agreement. Revenues for these upfront franchise fees are recognized on a straight-line basis, which is consistent with the franchisee’s or sub-franchisee’s right to use and benefit from the intellectual property.

Additionally, from time-to-time we provide consideration to franchisees in the form of cash (e.g. cash payments to offset new build costs) or other incentives (e.g. free or subsidized equipment) with the intent to drive new unit development or same-store sales growth that will result in higher future revenues for the Company. Such payments are capitalized and presented within Prepaid expense and other current assets or Other assets. These assets are being amortized as a reduction in Franchise and property revenues over the period of expected cash flows from the franchise agreements to which the payment relates and are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of these incentive assets may not be recoverable.

Property Revenues

From time to time, we enter into rental agreements with franchisees for the lease or sublease of restaurant locations. These rental agreements typically originate from refranchising transactions and revenues related to the agreements are recognized as they are earned. Amounts owed under the rental agreements are typically billed and paid on a monthly basis. Related expenses are presented as Franchise and property expenses within our Consolidated Statements of Income and primarily include depreciation or, in the case of a sublease, rent expense.

Franchise Contributions for Advertising and Other Services

Advertising Cooperatives

We have determined we act as a principal in the transactions entered into by the advertising cooperatives we are required to consolidate based on our responsibility to define the nature of the goods or services provided and/or our commitment to pay for advertising services in advance of the related franchisee contributions. Additionally, we have determined the advertising services provided to franchisees are highly interrelated with the franchise right and therefore not distinct. Franchisees remit to these consolidated advertising cooperatives a percentage of restaurant sales as consideration for providing the advertising services. As a result, revenues for advertising services are recognized when the related franchise restaurant sales occur based on the application of the sales-based royalty exception within Topic 606. Revenues for these services are typically billed and received on a monthly basis.

Other Goods or Services

On a much more limited basis, we provide goods or services to certain franchisees that are individually distinct from the franchise right because they do not require integration with other goods or services we provide. Such arrangements typically relate to technology, supply chain and quality assurance services. The extent to which we provide such goods or services varies by brand, geographic region and, in some instances, franchisee. In instances where we rely on third parties to provide goods or services to franchisees at our direction, we have determined we act as a principal in these transactions and recognize related revenues as the goods or services are transferred to the franchisee.

Franchise Support Costs. Certain direct costs of our franchise operations are charged to Franchise and property expenses. These costs include provisions for estimated uncollectible upfront and continuing fees, rent or depreciation expense associated with restaurants we lease or sublease to franchisees, marketing funding on behalf of franchisees, amortization expense for franchise-related intangible assets, value added taxes on royalties and certain other direct incremental franchise support costs.

The costs we incur to provide support services to our franchisees for which we do not receive a reimbursement are charged to General and administrative expenses (“G&A”) as incurred. Expenses related to the provisioning of goods or services for which we receive reimbursement for all or substantially all of the expense amount from a franchisee are recorded in Franchise advertising and other services expense (the associated revenue is recorded within Franchise contributions for advertising and other services as described above). The majority of these reimbursed expenses relate to advertising and are incurred on behalf of franchisees by the advertising cooperatives we are required to consolidate. These expenses are accounted for as described in the Advertising Costs policy below. For such expenses that do not relate to advertising the expenses are recognized as incurred.

Advertising Costs. To the extent we participate in advertising cooperatives, we, like our participating franchisees, are required to make contributions. Our contributions are based on a percentage of sales of our participating Company restaurants. These contributions as well as direct marketing costs we may incur outside of a cooperative related to Company restaurants are recorded within Company restaurant expenses. Advertising expense included in Company restaurant expenses totaled $134 million, $112 million and $81 million in 2025, 2024 and 2023, respectively.

To the extent we consolidate advertising cooperatives, we incur advertising expense as a result of our obligation to spend franchisee contributions to those cooperatives (see above for our accounting for these contributions). Such advertising expense is recorded in Franchise advertising and other services expense and totaled $1,335 million, $1,277 million and $1,293 million in 2025, 2024 and 2023, respectively. At the end of each fiscal year additional advertising costs are accrued to the extent advertising revenues exceed the related advertising expense to date, as we are obligated to expend such amounts on advertising.

From time to time, we may make the decision to incur discretionary advertising expenditures on behalf of franchised restaurants. Such amounts are recorded within Franchise and property expenses and totaled $12 million, $12 million and $13 million in 2025, 2024 and 2023, respectively.

To the extent the advertising cooperatives we are required to consolidate are unable to collect amounts due from franchisees they incur bad debt expense. In 2025, 2024 and 2023, such amounts totaled $11 million, $15 million and $3 million, respectively. To the extent our consolidated advertising cooperatives have a provision or recovery for bad debt expense, the cooperative’s advertising spend obligation is adjusted such that there is no net impact within our Financial Statements.

Share-Based Employee Compensation. We recognize ongoing share-based payments to employees, including grants of stock appreciation rights (“SARs”) and restricted stock units (“RSUs”), in the Consolidated Financial Statements as compensation cost over the service period based on their fair value on the date of grant. This compensation cost is recognized over the service period on a straight-line basis, net of an assumed forfeiture rate, for awards that actually vest. Forfeiture rates are estimated at grant date based on historical experience and compensation cost is adjusted in subsequent periods for differences in actual forfeitures from the previous estimates. We present this compensation cost consistent with the other compensation costs for the employee recipient in G&A, Franchise advertising and other services expense or Company restaurant expenses. See Note 16 for further discussion of our share-based compensation plans.

Legal Costs. Settlement costs are accrued when they are deemed probable and reasonably estimable. Anticipated legal fees related to self-insured workers’ compensation, employment practices liability, general liability, automobile liability, product liability and property losses (collectively, “property and casualty losses”) are accrued when deemed probable and reasonably estimable. Legal fees not related to self-insured property and casualty losses are recognized as incurred. See Note 20 for further discussion of our legal proceedings.

Impairment or Disposal of Long-Lived Assets. Long-lived assets, including Property, plant and equipment (“PP&E”) as well as right-of-use operating lease assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assets are not recoverable if their carrying value is less than the undiscounted cash flows we expect to generate from such assets. If the assets are not deemed to be recoverable, impairment is measured based on the excess of their carrying value over their fair value.

For purposes of impairment testing for our restaurants, we have concluded that an individual restaurant is the lowest level of independent cash flows unless it is more likely than not that we will refranchise restaurants as a group. We review our long-lived assets of such individual restaurants (primarily PP&E, right-of-use operating lease assets and allocated intangible assets subject to amortization) that we intend to continue operating as Company restaurants annually for impairment, or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We use two consecutive years of operating losses as our primary indicator of potential impairment for our annual impairment testing of these restaurant assets. We evaluate the recoverability of these restaurant assets by comparing the estimated undiscounted future cash flows, which are based on our entity-specific assumptions, to the carrying value of such assets. For restaurant assets that are not deemed to be recoverable, we write-down an impaired restaurant to its estimated fair value, which becomes its new cost basis. Individual restaurant-level impairment is recorded within Other (income) expense. Any operating lease right-of-use asset may alternatively be valued at the amount we could receive for such right-of-use asset from a third-party that is not a franchisee through a sublease if doing so would result in less overall impairment of the restaurant assets in total.

In executing our refranchising initiatives, we most often offer groups of restaurants for sale. When we believe it is more likely than not a restaurant or groups of restaurants will be refranchised for a price less than their carrying value, but do not believe the restaurant(s) have met the criteria to be classified as held for sale, we review the restaurants for impairment. We evaluate the recoverability of these restaurant assets by comparing estimated sales proceeds plus holding period cash flows, if any, to the carrying value of the restaurant or group of restaurants. For restaurant assets that are not deemed to be recoverable, we recognize impairment for any excess of carrying value over the fair value of the restaurants, which is based on the expected net sales proceeds. To the extent ongoing agreements to be entered into with the franchisee simultaneous with the refranchising are expected to contain terms, such as royalty rates or rental payments, not at prevailing market rates, we consider the off-market terms in our impairment evaluation. We recognize any such impairment charges in Refranchising (gain) loss. We recognize gains on restaurant refranchisings when the sale transaction closes and control of the restaurant operations have transferred to the franchisee.

When we decide to close a restaurant, it is reviewed for impairment, which includes an estimate of sublease income that could be reasonably obtained, if any, in relation to the right-of-use operating lease asset. Additionally, depreciable lives are adjusted based on the expected disposal date. Other costs incurred when closing a restaurant such as costs of disposing of the assets as well as other facility-related expenses from previously closed stores are generally expensed as incurred. Any costs related to a store closure as well as any changes in estimates of sublease income or subsequent adjustments to liabilities for remaining lease obligations as a result of lease termination are recorded in Other (income) expense. To the extent we sell assets, primarily land, associated with a closed store, any gain or loss upon that sale is also recorded in Other (income) expense.

Management judgment is necessary to estimate future cash flows, including cash flows from continuing use, terminal value, sublease income and refranchising proceeds. Accordingly, actual results could vary significantly from our estimates.

Guarantees. We recognize, at inception of a guarantee, a liability for the fair value of certain obligations undertaken, in addition to a liability for the expected credit losses under the life of such guarantees.

The majority of our guarantees are issued as a result of assigning our interest in obligations under operating leases as a condition to the refranchising of certain Company restaurants. We recognize a liability for such lease guarantees upon refranchising and upon subsequent renewals of such leases when we remain secondarily liable. The related expense and any subsequent changes are included in Refranchising (gain) loss. Any expense and subsequent changes in the guarantee liability for other franchise support guarantees not associated with a refranchising transaction are included in Franchise and property expenses.

Income Taxes. We record deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences or carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in our Income tax provision in the period that includes the enactment date. Additionally, in determining the need for recording a valuation allowance against the carrying amount of deferred tax assets, we consider the amount of taxable income and periods over which

it must be earned, actual levels of past taxable income and known trends and events or transactions that are expected to affect future levels of taxable income. Where we determine that it is more likely than not that all or a portion of an asset will not be realized, we record a valuation allowance.

We recognize the benefit of positions taken or expected to be taken in our tax returns in our Income tax provision when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement with the taxing authorities. We evaluate these amounts on a quarterly basis to ensure that they have been appropriately adjusted for audit settlements and other events we believe may impact the outcome. Changes in judgment that result in subsequent recognition, derecognition or a change in measurement of a tax position taken in a prior annual period (including any related interest and penalties) are recognized as a discrete item in the interim period in which the change occurs. We recognize accrued interest and penalties related to unrecognized tax benefits as components of our income tax provision.

We do not record a deferred tax liability for unremitted earnings of our foreign subsidiaries to the extent that the earnings meet the indefinite reversal criteria. This criteria is met if the foreign subsidiary has invested, or will invest, the earnings indefinitely. The decision as to the amount of unremitted earnings that we intend to maintain in non-U.S. subsidiaries considers items including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans and expected cash requirements in the U.S.

See Note 18 for a further discussion of our income taxes.

Fair Value Measurements. Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. For those assets and liabilities we record or disclose at fair value, we determine fair value based upon the quoted market price, if available. If a quoted market price is not available for identical assets, we determine fair value based upon the quoted market price of similar assets or the present value of expected future cash flows considering the risks involved, including counterparty performance risk if appropriate, and using discount rates appropriate for the duration. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation.


Level 1			Inputs based upon quoted prices in active markets for identical assets.

Level 2			Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly.

Level 3			Inputs that are unobservable for the asset.

Cash and Cash Equivalents. Cash equivalents represent funds we have temporarily invested (with original maturities not exceeding three months), including short-term, highly liquid debt securities. Cash and overdraft balances that meet the criteria for right of setoff, including balances related to our notional pooling arrangements, are presented net on our Consolidated Balance Sheets and Statements of Cash Flows.

Receivables. The Company’s receivables are primarily generated based on our franchisees' sales, including contributions due to advertising cooperatives we consolidate. These receivables from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net on our Consolidated Balance Sheet and are presented net of expected credit losses. Expected credit losses for uncollectible franchisee receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions we consider include pre-defined aging criteria as well as specified events that indicate we may not collect the balance due, including foreign currency control restrictions that may exist. Reasonable and supportable forecasts used in determining the probability of future collection may also consider publicly available data regarding default probability. While we use the best information available in making our determination, the ultimate recovery of recorded receivables is dependent upon future economic events and other conditions that may be beyond our control. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts.

We recorded $27 million, $28 million and $4 million of net bad debt expense in 2025, 2024 and 2023, respectively, within Franchise and property expenses related to continuing fees, upfront fees and rent receivables from our franchisees.

Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2025 and 2024, respectively, are as follows:


	2025		2024
Accounts and notes receivable	$	901	$	849
Allowance for doubtful accounts	(60)		(74)
Accounts and notes receivable, net	$	841	$	775

Our financing receivables primarily consist of notes receivables and direct financing leases with franchisees which we enter into from time-to-time. As these receivables primarily relate to our ongoing business agreements with franchisees, we consider such receivables to have similar risk characteristics and evaluate them as one collective portfolio segment and class for determining the allowance for doubtful accounts. Balances of notes receivable and direct financing leases due within one year are included in Accounts and notes receivable, net while amounts due beyond one year are included in Other assets. Amounts included in Other assets totaled $53 million (net of an allowance of less than $10 million) and $56 million (net of an allowance of less than $1 million) at December 31, 2025 and December 31, 2024, respectively. Financing receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. Interest income recorded on financing receivables has historically been insignificant.

Property, Plant and Equipment. PP&E is carried net of accumulated depreciation and amortization. We calculate depreciation and amortization on a straight-line basis over the estimated useful lives of the assets as follows: 5 to 25 years for buildings and leasehold improvements and 3 to 20 years for machinery and equipment. We suspend depreciation and amortization on assets that are held for sale.

Leases and Leasehold Improvements. We lease land, buildings or both for certain of our Company-operated restaurants and restaurant support centers worldwide. Rent expense for leased Company-operated restaurants is presented in our Consolidated Statements of Income within Company restaurant expenses and rent expense for restaurant support centers is presented within G&A. The length of our lease terms, which vary by country and often include renewal options, are an important factor in determining the appropriate accounting for leases including the initial classification of the lease as finance or operating as well as the timing of recognition of rent expense over the duration of the lease. We include renewal option periods in determining the term of our leases when failure to renew the lease would impose a penalty on the Company in such an amount that a renewal appears to be reasonably certain at the commencement of the lease. The primary penalty to which we are subject is the economic detriment associated with the existence of leasehold improvements that might be impaired if we choose not to continue the use of the leased property. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. We generally do not receive leasehold improvement incentives upon opening a store that is subject to a lease. We expense rent associated with leased land or buildings while a restaurant is being constructed whether rent is paid or we are subject to a rent holiday. Our leasing activity for other assets, including equipment, is not significant.

Right-of-use assets and liabilities are recognized upon lease commencement for operating and finance leases based on the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Subsequent reductions in the right-of-use asset and accretion of the lease liability for an operating lease are recognized as a single lease cost, on a straight-line basis, over the lease term. For finance leases, the right-of-use asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. As the discount rate implicit in most of our leases is not readily determinable, we use our group incremental secured borrowing rate based on the information available at commencement date, including the lease term and currency, in determining the present value of lease payments for both operating and finance leases. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet; we recognize rent expense for these leases on a straight-line basis over the lease term.

Right-of-use assets are assessed for impairment in accordance with our long-lived asset impairment policy, which is performed annually for restaurant-level assets or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We reassess lease classification and remeasure right-of-use assets and lease liabilities when a lease is modified and that modification is not accounted for as a separate new lease or upon certain other events that require reassessment. The difference between operating lease single lease cost recognized in our Consolidated Statements of Income and cash payments for operating leases is recognized within Other, net within Net Cash Provided by Operating Activities in our Consolidated Statements of Cash Flows.

In certain instances, we lease or sublease certain restaurants to franchisees. Our lessor and sublease portfolio primarily consists of stores that have been leased to franchisees subsequent to refranchising transactions. Our most significant leases with lease and non-lease components are leases with our franchisees that include both the right to use a restaurant as well as a license of the intellectual property associated with our Concepts’ brands. For these leases, which are primarily classified as operating leases, we account for the lease and non-lease components separately. Revenues from rental agreements with franchisees are presented within Franchise and property revenues in our Consolidated Statements of Income and related expenses (e.g. depreciation and rent expense) are presented within Franchise and property expenses.

Goodwill and Intangible Assets. From time-to-time, the Company acquires restaurants from one of our Concept’s franchisees or acquires another business. Goodwill from these acquisitions represents the excess of the cost of a business acquired over the net of the amounts assigned to assets acquired, including identifiable intangible assets, and liabilities assumed. Goodwill is not amortized and has been assigned to reporting units for purposes of impairment testing. Our reporting units are our business units (which are aligned based on geography) in our KFC, Taco Bell, Pizza Hut and Habit Burger & Grill Divisions.

We evaluate goodwill for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairment might exist. We have selected the beginning of our fourth quarter as the date on which to perform our ongoing annual impairment test for goodwill. We may elect to perform a qualitative assessment for our reporting units to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. An impairment charge to goodwill is recognized based on the excess of a reporting unit’s carrying amount over its fair value.

If we record goodwill upon acquisition of a restaurant(s) from a franchisee and such restaurant(s) is then sold within two years of acquisition, the goodwill associated with the acquired restaurant(s) is written off in its entirety. When we refranchise restaurants, or if a previously acquired restaurant is refranchised two years or more subsequent to its acquisition, we include goodwill in the carrying amount of the restaurants disposed of based on the relative fair values of the portion of the reporting unit disposed of in the refranchising and the portion of the reporting unit that will be retained.

We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. If an intangible asset that is not being amortized is subsequently determined to have a finite useful life, we amortize the intangible asset prospectively over its estimated remaining useful life. Intangible assets that are deemed to have a finite life are amortized on a straight-line basis to their residual value.

We evaluate our indefinite-lived intangible assets for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairments might exist. We perform our annual test for impairment of our indefinite-lived intangible assets at the beginning of our fourth quarter. We may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of an indefinite-lived intangible asset exceeds its carrying value, then the asset’s fair value is compared to its carrying value. An impairment charge is recognized based on the excess of an indefinite-lived intangible asset's carrying amount over its fair value.

Our finite-lived intangible assets, including capitalized software, that are not allocated to an individual restaurant are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. An intangible asset that is deemed not recoverable on an undiscounted basis is written down to its estimated fair value. Once these assets are fully amortized and it is determined that we are no longer deriving economic benefit from ownership of the asset, the cost basis and accumulated amortization are written off.

Capitalized Software. We state capitalized software at cost less accumulated amortization within Intangible assets, net on our Consolidated Balance Sheets. Software development costs primarily include costs to develop software to be used to meet internal needs and costs to develop cloud-based solutions used to deliver our software services for use in our Company restaurants or by our franchisees. We capitalize development costs related to software developed for our internal needs and such cloud-based solutions once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. We calculate amortization on a straight line basis over the estimated useful life of the software which generally ranges from 3 to 5 years upon initial capitalization. Customer facing software is typically amortized over a useful life at the shorter end of this range, while back office and corporate systems may have a longer useful life.

Derivative Financial Instruments. We use derivative instruments primarily to hedge interest rate and foreign currency risks, and to reduce our exposure to market-driven charges in certain of the liabilities associated with employee compensation deferrals into our Executive Income Deferral (“EID”) Plan. These derivative contracts are entered into with financial institutions. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use.

We record all derivative instruments on our Consolidated Balance Sheet at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately.

As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At December 31, 2025 and December 31, 2024, all of the counterparties to our derivative instruments had investment grade ratings according to the three major ratings agencies. To date, all counterparties have performed in accordance with their contractual obligations.

Common Stock Share Repurchases. From time-to-time, we repurchase shares of our Common Stock under share repurchase programs authorized by our Board of Directors. Shares repurchased constitute authorized, but unissued shares under the North Carolina laws under which we are incorporated. Additionally, our Common Stock has no par or stated value. Accordingly, we record the full value of share repurchases, or other deductions to Common Stock such as shares cancelled upon employee share-based award exercises, upon the trade date against Common Stock on our Consolidated Balance Sheet except when to do so would result in a negative balance in such Common Stock account. In such instances, on a period basis, we record the cost of any further share repurchases or other deductions to Common Stock as an addition to Accumulated deficit. Due to the large number of share repurchases of our stock in certain years, our Common Stock balance can be zero at the end of any period. Accordingly, $519 million, $368 million and $26 million in share repurchases in 2025, 2024 and 2023, respectively, were recorded as an addition to Accumulated deficit. Additionally, we recorded $4 million and $2 million of excise tax related to share repurchases in 2025 and 2024, respectively, as additions to Accumulated deficit. See Note 17 for additional information on our share repurchases.

Pension and Post-retirement Medical Benefits. We measure and recognize the overfunded or underfunded status of our pension and post-retirement plans as an asset or liability in our Consolidated Balance Sheet as of our fiscal year end. The funded status represents the difference between the projected benefit obligations (“PBOs”) and the fair value of plan assets, which is calculated on a plan-by-plan basis. The PBO and related funded status are determined using assumptions as of the end of each year. The PBO is the present value of benefits earned to date by plan participants, including the effect of future salary increases, as applicable. The difference between the PBO and the fair value of plan assets that has not previously been recognized in our Consolidated Statement of Income is recorded as a component of AOCI.

The net periodic benefit costs associated with the Company’s defined benefit pension and post-retirement medical plans are determined using assumptions regarding the PBO and, for funded plans, the market-related value of plan assets as of the beginning of each year, or remeasurement period if applicable. The service cost component of net periodic benefit costs is primarily recorded in G&A. Non-service cost components are recorded in Other pension (income) expense. We have elected to use a market-related value of plan assets to calculate the expected return on assets, net of administrative and investment fees paid from plan assets, in net periodic benefit costs. For each individual plan we amortize into pension expense the net amounts in AOCI, as adjusted for the difference between the fair value and market-related value of plan assets, to the extent that such amounts exceed 10% of the greater of a plan’s PBO or market-related value of assets, over the remaining service period of active participants in the plan or, for plans with no active participants, over the expected average life expectancy of the inactive participants in the plan. The market-related value of plan assets is the fair value of plan assets as of the beginning of each year adjusted for variances between actual returns and expected returns. We attribute such variances to the market-related value of plan assets evenly over five years.

We record a curtailment when an event occurs that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees. We record a curtailment gain when the employees who are entitled to the benefits terminate their employment; we record a curtailment loss when it becomes probable a loss will occur. We recognize settlement gains or losses only when we have determined that the cost of all settlements in a year will exceed the sum of the service and interest costs within an individual plan.

Recent Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which updates income tax disclosure requirements related to the income tax rate reconciliation and requires disclosure of income taxes paid by jurisdiction. We adopted this standard for the fiscal year ended December 31, 2025. See Note 18.

Acquisitions

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Business Combination Disclosure

Restaurant Acquisitions

In 2025 and 2024, we completed restaurant acquisitions from franchisees as detailed below. In each transaction, the acquisition was accounted for as a business combination using the acquisition method of accounting. The allocation of the purchase price for each acquisition is based on management's analysis, which may include analysis performed by third party valuation specialists, as of the respective acquisition dates. In completing our purchase price allocations, we continue to obtain information to assist in determining the fair value of assets acquired and liabilities assumed and the classification of acquired leases during a one-year measurement period subsequent to the acquisition.

For all of these restaurant acquisitions, reacquired franchise rights are the primary intangible asset we recognize when acquiring restaurants from franchisees and were valued based on after-royalty cash flows expected to be earned by the acquired restaurants over the remaining term of their then-existing franchise agreements. The excess of the purchase price over the estimated fair value of the net, identifiable assets acquired was recorded as goodwill. The goodwill recognized represents expected benefits of the acquisition that do not qualify for recognition as intangible assets. This includes value arising from cash flows expected to be earned in years subsequent to the expiration of the terms of franchise agreements existing upon acquisition. The goodwill is expected to be partially deductible for income tax purposes and has been allocated to the respective reporting units.

The financial results of all acquired restaurants have been included in our Consolidated Financial Statements since the respective dates of the acquisitions, which individually and in the aggregate, did not significantly impact our results for the year ended December 31, 2025. Pro forma financial information for the periods prior to acquisition is not presented due to the immaterial impact of the restaurant acquisitions on our Consolidated Financial Statements for both the 2025 and 2024 reporting periods. The direct transaction costs associated with the acquisitions were expensed as incurred, including $7 million associated with the Taco Bell Southeast U.S. restaurant acquisition in 2025.

Taco Bell Southeast U.S. Restaurant Acquisition

During the fourth quarter of 2025, we completed the acquisition of 128 Taco Bell restaurants across the Southeast U.S. from a franchisee. The acquisition provides YUM with an opportunity to improve and accelerate Taco Bell profitability, expand strategic leadership within the Taco Bell system and unlock significant unit development in the region. The purchase price to be allocated for accounting purposes was $666 million, which consisted of cash in the amount of $667 million, offset by the settlement of a net liability of $1 million related to our preexisting contractual relationship with the franchisee.

The components of the preliminary purchase price allocation upon the acquisition dates were as follows:


Total Current Assets	$	2
Property, plant and equipment, net (including finance lease right-of-use assets of $71 million)	118
Reacquired franchise rights (included in Intangible assets, net)	428
Operating lease right-of-use assets (included in Other assets)	218
Total Identifiable Assets	765
Total Current Liabilities	(9)
Operating lease liabilities (included in Other liabilities and deferred credits)	(213)
Finance lease liabilities (included in Short-term borrowings and Long-term debt)	(69)
Total Liabilities Assumed	(291)
Total identifiable net assets	475
Goodwill	191
Purchase price to be allocated	$	666

Reacquired franchise rights have an estimated weighted average useful life of 15 years.

KFC United Kingdom (“U.K”) and Ireland Restaurant Acquisition

On April 29, 2024, we completed the acquisition of all of the issued shares of two franchisee entities that owned 216 KFC restaurants in the U.K. and Ireland. The acquisition created a significant opportunity to accelerate KFC's growth strategy in the large and growing U.K. and Ireland chicken market. The purchase price to be allocated for accounting purposes of $177 million consisted of cash, net of cash acquired, in the amount of $180 million, which included $174 million paid in 2024 and $6 million paid in 2025, offset by the settlement of a liability of $3 million related to our preexisting contractual relationship with the franchisee.

During the quarter ended June 30, 2025, we finalized our preliminary estimate of the fair value of net assets acquired and the purchase price to be allocated. The components of the final purchase price allocation, subsequent to the adjustments to the allocation in the quarter ended June 30, 2025, were as follows:


Total Current Assets	$	2
Property, plant and equipment, net	99
Reacquired franchise rights (included in Intangible assets, net)	48
Operating lease right-of-use assets (included in Other assets)	124
Total Identifiable Assets	273
Total Current Liabilities	(30)
Operating lease liabilities (included in Other liabilities and deferred credits)	(115)
Other liabilities	(41)
Total Liabilities Assumed	(186)
Total identifiable net assets	87
Goodwill	90
Purchase price to be allocated	$	177

The cumulative adjustments to the preliminary estimate of identifiable net assets acquired and consideration transferred (as recorded in the June 30, 2024 quarter of acquisition) resulted in a corresponding $14 million increase in estimated goodwill due to the following changes to the preliminary purchase price allocation.


	Increase (Decrease) in Goodwill
Increase in Property, plant and equipment, net	$	(11)
Increase in Reacquired franchise rights	(1)
Increase in Operating lease right-of-use assets	(15)
Increase in Total Current Liabilities	12
Increase in Operating lease liabilities	13
Increase in Other liabilities	10
Increase in consideration	6
Total increase in Goodwill	$	14

Reacquired franchise rights have an estimated weighted average useful life of 5 years.

Other 2025 Restaurant Acquisitions

In addition to the acquisitions discussed above, we acquired 153 restaurants from franchisees in the year ended December 31, 2025, including 19 KFC, 16 Taco Bell and 118 Pizza Hut restaurants (the "Other restaurant acquisitions"). Total cash consideration paid in connection with these acquisitions was $116 million, net of cash acquired.

The primary assets recorded as a result of the preliminary purchase price allocations were operating lease right-of-use assets (and corresponding lease liabilities) of $54 million, reacquired franchise rights of $87 million and goodwill of $28 million.

Reacquired franchise rights have estimated weighted average useful lives of 5 years for the KFCs, 17 years for the Taco Bells and 10 years for the Pizza Huts.

Earnings Per Common Share ("EPS")

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share (EPS)

Earnings Per Common Share (“EPS”)


	2025		2024		2023
Net Income	$	1,559	$	1,486	$	1,597
Weighted-average common shares outstanding (for basic calculation)	279		282		281
Effect of dilutive share-based employee compensation	2		3		4
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)	281		285		285

Basic EPS	$	5.59	$	5.28	$	5.68

Diluted EPS	$	5.55	$	5.22	$	5.59
Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation(a)	1.3		1.7		1.7

(a) These unexercised employee SARs, RSUs, performance share units ("PSUs") and stock options were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

Items Affecting Comparability of Net Income and Cash Flows	12 Months Ended
	Dec. 31, 2024
Items Affecting Comparability Of Net Income And Cash Flows Disclosure [Abstract]
Items Affecting Comparability of Net Income and Cash Flows	Items Affecting Comparability of Net Income and Cash Flows Extra Week in 2024 Fiscal year 2024 included 53 weeks for our U.S. businesses and for our international subsidiaries that reported on a period calendar. The 53rd week added $96 million to Total revenues, $36 million to Operating Profit and $25 million to Net Income in our Consolidated Statement of Income for the year ended December 31, 2024. Pizza Hut Strategic Options Review In 2025, we began a review of strategic options for the Pizza Hut brand. The objective of the review is to create value for YUM, Pizza Hut and its franchise partners by determining the optimal approach to best capitalize on Pizza Hut's structural advantages — strong brand equity, experienced franchise partners and meaningful scale — in the highly fragmented pizza market. We currently intend to complete this strategic options review in 2026, and there can be no assurance this review will result in any specific outcome or transaction. During the year ended December 31, 2025, we incurred charges of approximately $36 million, primarily in third-party advising costs associated with this strategic options review and wrote-off approximately $5 million of franchise incentive assets associated with rationalizing the Pizza Hut estate in preparation for a potential transaction. These charges were recorded to Corporate and unallocated General and administrative expenses and Unallocated franchise and property revenues, respectively. Brand HQ Consolidation During the year ended December 31, 2025, we recorded charges of approximately $27 million associated with our decision to designate two brand headquarters in the U.S., located in Plano, Texas and Irvine, California, to foster greater collaboration among brands and employees. This involved relocating the KFC U.S. corporate office to the KFC Global headquarters and requiring the majority of our U.S.-based remote employees to relocate to an appropriate headquarter office. These charges were comprised of $21 million recorded to Corporate and unallocated General and administrative expenses, primarily for severance for employees who chose not to relocate and consultant fees, and $6 million recorded to Unallocated Other (income) expense representing the write-off of the net book value of our YUM corporate headquarters in Louisville, Kentucky as a result of the donation of that headquarters subsequent to the relocation of the KFC U.S. corporate office relocation. German Acquisition and Turkey Termination On January 8, 2025, we terminated our franchise agreements with franchisee IS Gida A.S. (IS Gida), the owner and operator of KFC and Pizza Hut restaurants in Turkey and a subsidiary of IS Holding A.S. (IS Holding), after failure by IS Gida to meet our standards. As a result, 283 KFC restaurants and 254 Pizza Hut restaurants in Turkey were closed in the first quarter of 2025. The loss of royalties from the store closures did not have a material impact to KFC and Pizza Hut Divisional Operating Profit. We also re-acquired the master franchise rights in Germany for KFC and Pizza Hut from the owner of IS Holding in December 2024. As a result, we recorded charges of $37 million to Unallocated Other (income) expense, $18 million to Unallocated Franchise and property revenues and $6 million to Corporate and unallocated General and administrative expenses consisting primarily of transaction costs associated with the German acquisition and termination-related costs associated with the Turkey business in the year ended December 31, 2024. The amount of consideration paid related to the German acquisition was not significant. We recorded a credit of $1 million and charges of $1 million and $9 million to Unallocated Other (income) expense, Unallocated Franchise and property revenues and Corporate and unallocated General and administrative expenses, respectively, during the year ended December 31, 2025, consisting primarily of transaction costs associated with re-acquiring the master franchise rights in Germany including severance. Resource Optimization During the third quarter of 2020, we initiated a resource optimization program that has allowed us to reallocate significant resources to accelerate our digital, technology and innovation capabilities to deliver a modern, world-class team member and customer experience and improve unit economics. We expanded the program in 2024 to identify further opportunities to optimize the company’s spending and identify additional, critical areas in which to potentially reallocate resources, both with a goal to enable the acceleration of the Company’s growth rate. Costs incurred to date related to the program primarily include severance associated with positions that have been eliminated or relocated and consultant fees. As a result of this program, we recorded charges of $38 million, $79 million and $21 million in the years ended December 31, 2025, 2024 and 2023, respectively. These charges were primarily recorded to Corporate and unallocated General and administrative expenses. Investment in Devyani During the quarter ended March 31, 2024, we sold our approximate 5% minority investment in Devyani International Limited ("Devyani"), a franchise entity that operates KFC and Pizza Hut restaurants in India, for pre-tax proceeds of $104 million. Changes in the fair value of our ownership interest in Devyani prior to the date of sale resulted in pre-tax investment losses of $20 million in the year ended December 31, 2024 and pre-tax investment income of $8 million in the year ended December 31, 2023 (see Note 14). Income Tax Matters Our effective tax rates in the years ended 2025, 2024 and 2023 have been significantly impacted by upfront recognition of and subsequent adjustments to amounts associated with recently completed intra-entity transfers of intellectual property ("IP") rights. As a result, our effective tax rates have fluctuated significantly and were 24.9%, 21.8% and 12.1% for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 18.

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from Contract with Customer

Revenue Recognition

Disaggregation of Total Revenues

The following tables disaggregate revenue by Concept, for our two most significant markets based on Operating Profit and for all other markets. We believe this disaggregation best reflects the extent to which the nature, amount, timing and uncertainty of our revenues and cash flows are impacted by economic factors.


	2025
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
U.S.
Company sales	$	106	$	1,272	$	33	$	555	$	1,966
Franchise revenues	189		960		263		8		1,421
Property revenues	13		36		4		3		56
Franchise contributions for advertising and other services	47		740		292		3		1,082

China
Franchise revenues	274		—		69		—		343

Other
Company sales	951		8		19		—		978
Franchise revenues	1,285		63		265		—		1,613
Property revenues	45		—		1		—		47
Franchise contributions for advertising and other services	632		14		68		—		714
	$	3,542	$	3,095	$	1,013	$	570	$	8,220	(a)

(a) Does not include charges of $7 million to Unallocated franchise and property revenues primarily associated with our Pizza Hut Strategic Options Review during the year ended December 31, 2025. See Note 5.


	2024
		KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
U.S.
Company sales		$	75	$	1,154	$	8	$	588	$	1,825
Franchise revenues		194		899		289		7		1,389
Property revenues		14		39		4		2		59
Franchise contributions for advertising and other services		45		697		315		3		1,060

China
Franchise revenues		259		1		67		—		327

Other
Company sales		726		1		—		—		727
Franchise revenues		1,172		58		261		—		1,491
Property revenues		46		—		1		—		47
Franchise contributions for advertising and other services		568		11		63		—		642
		$	3,099	$	2,860	$	1,008	$	600	$	7,567	(b)

(b) Does not include charges of $18 million to Unallocated franchise and property revenues associated with the Turkey termination during the year ended December 31, 2024. See Note 5.


	2023
		KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
U.S.
Company sales		$	67	$	1,069	$	14	$	575	$	1,725
Franchise revenues		205		822		284		7		1,318
Property revenues		14		42		4		2		62
Franchise contributions for advertising and other services		36		645		318		2		1,001

China
Franchise revenues		250		—		66		—		316

Other
Company sales		417		—		—		—		417
Franchise revenues		1,178		54		266		—		1,498
Property revenues		51		—		2		—		53
Franchise contributions for advertising and other services		612		9		65		—		686
		$	2,830	$	2,641	$	1,019	$	586	$	7,076

Contract Liabilities

Our contract liabilities are comprised of unamortized upfront fees received from franchisees and are presented within Accounts payable and other current liabilities and Other liabilities and deferred credits on our Consolidated Balance Sheet. A summary of significant changes to the contract liability balance during 2025 and 2024 is presented below.


	Deferred Franchise Fees
Balance at December 31, 2023	$	444
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(82)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	85

Other(a)	(9)
Balance at December 31, 2024	$	438
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(86)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	85
Other(b)	6
Balance at December 31, 2025	$	443

(a) Primarily includes the settlement of a preexisting contractual relationship related to the KFC U.K. and Ireland restaurant acquisition (see Note 3) and the impact of foreign currency translation.

(b) Primarily includes the impact of foreign currency translation.

We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows:


Less than 1 year	$	76
1 - 2 years	68
2 - 3 years	60
3 - 4 years	52
4 - 5 years	45
Thereafter	142
Total	$	443

We have applied the optional exemption, as provided for under Topic 606, which allows us to not disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Data (Notes)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Data


	2025		2024		2023
Cash Paid For:
Interest	$	516	$	510	$	526
Income taxes(a)	405		494		432


Reconciliation of Cash and cash equivalents to Consolidated Statements of Cash Flows:
Cash and cash equivalents as presented in Consolidated Balance Sheets	$	709	$	616	$	512
Restricted cash included in Prepaid expenses and other current assets(b)	192		155		177
Restricted cash and restricted cash equivalents included in Other assets(c)	23		36		35
Cash, Cash Equivalents and Restricted Cash as presented in Consolidated Statements of Cash Flows	$	923	$	807	$	724

(a)Cash paid for income taxes include withholding taxes paid on behalf of YUM by franchisees of $139 million, $138 million and $129 million during the years ended December 31, 2025, 2024 and 2023, respectively.

(b)Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments (see Note 11).

(c)Primarily trust accounts related to our self-insurance program.

Other (Income) Expense

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other (Income) Expense


	2025		2024		2023
Foreign exchange net (gain) loss	$	(5)	$	6	$	5
Impairment and closure expense	16		13		12
Other(a)	(9)		15		(3)
Other (income) expense	$	2	$	34	$	14

(a)The year ended December 31, 2024, includes a charge of $37 million related to the German acquisition and Turkey termination (see Note 5).

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2025

Supplemental Balance Sheet Information Disclosure [Abstract]

Supplemental Balance Sheet Disclosures

Supplemental Balance Sheet Information


Prepaid Expenses and Other Current Assets	2025		2024
Income tax receivable	$	114	$	55
Restricted cash	192		155
Short term investments	—		91
Assets held for sale(a)	1		21
Prepaid expenses	119		100
Other current assets	64		58
Prepaid expenses and other current assets	$	490	$	480


Property, Plant and Equipment	2025		2024
Land	$	381	$	383
Buildings and improvements	1,622		1,512
Finance leases, primarily buildings	163		79
Machinery, equipment and other	924		714
Property, plant and equipment, gross	3,091		2,688
Accumulated depreciation and amortization	(1,485)		(1,384)
Property, plant and equipment, net	$	1,605	$	1,304

Depreciation and amortization expense related to PP&E was $158 million, $143 million and $126 million in 2025, 2024 and 2023, respectively.


Other Assets	2025		2024
Operating lease right-of-use assets	$	1,213	$	881
Franchise incentives	209		144
Other	286		304
Other assets	$	1,708	$	1,329


Accounts Payable and Other Current Liabilities	2025		2024
Accounts payable	$	292	$	249
Accrued compensation and benefits	285		242
Accrued advertising	133		126
Operating lease liabilities	105		91
Accrued interest	86		84
Gift card liability	81		74
Liabilities held for sale(a)	—		12
Other current liabilities	450		333
Accounts payable and other current liabilities	$	1,433	$	1,211

(a) Assets and liabilities held for sale reflect the carrying value of restaurants we have offered for sale to franchisees and excess properties that we do not intend to use for restaurant operations in the future.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows:


	KFC		Taco Bell		Pizza Hut		Habit Burger & Grill		Worldwide






























































Goodwill, net as of December 31, 2023(a)	$	226	$	98	$	252	$	66	$	642
Acquisitions(b)	98		—		—		—		98
Disposals and other, net(c)	(3)		—		(1)		—		(4)
Goodwill, net as of December 31, 2024(a)	$	321	$	98	$	251	$	66	$	736
Acquisitions(d)	16		202		1		—		220
Disposals and other, net(c)	12		—		3		(2)		14
Goodwill, net as of December 31, 2025(a)	$	349	$	300	$	256	$	64	$	969

(a)Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger & Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented.

(b)Primarily relates to the acquisition from a franchisee of KFC restaurants in the U.K. and Ireland. See Note 3.

(c)Disposals and other, net includes the impact of foreign currency translation on existing balances and goodwill write-offs associated with refranchising.

(d)Primarily relates to the acquisition from a franchisee of Taco Bell restaurants in the Southeast U.S. See Note 3.

Intangible assets, net for the years ended 2025 and 2024 are as follows:


	2025				2024
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets
Capitalized software costs	$	536	$	(324)	$	479	$	(266)
Reacquired franchise rights	577		(33)		59		(10)
Franchise contract rights	26		(24)		26		(24)
Other	20		(17)		20		(16)
	$	1,159	$	(398)	$	584	$	(316)

Indefinite-lived intangible assets
KFC trademark	$	31			$	31
Habit Burger & Grill brand asset	96				96
Other	21				21
	$	148			$	148

Amortization expense for all finite-lived intangible assets was $98 million in 2025, $82 million in 2024 and $74 million in 2023. Amortization expense for finite-lived intangible assets, based on existing intangible assets as of December 31, 2025, is expected to approximate in $127 million in 2026, $111 million in 2027, $85 million in 2028, $66 million in 2029 and $54 million in 2030.

Short-term Borrowings and Long-term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Short-term Borrowings and Long-term Debt


	2025		2024
Short-term Borrowings
Current maturities of long-term debt	$	39	$	29
Other	2		—
	41		29
Less current portion of debt issuance costs and discounts	(3)		(2)
Short-term borrowings	$	38	$	27

Long-term Debt
Securitization Notes	$	4,306	$	3,743
Subsidiary Senior Unsecured Notes	750		750
Revolving Facility	300		350
Term Loan A Facility	494		500
Term Loan B Facility	1,429		1,444
YUM Senior Unsecured Notes	4,550		4,550
Finance lease obligations (See Note 12)	148		67
	$	11,976	$	11,404
Less long-term portion of debt issuance costs and discounts	(66)		(69)
Less current maturities of long-term debt	(39)		(29)
Long-term debt	$	11,872	$	11,306

Securitization Notes

Taco Bell Funding, LLC (the “Issuer”), a special purpose limited liability company and a direct, wholly-owned subsidiary of Taco Bell Corp. (“TBC”) through a series of securitization transactions has issued fixed rate senior secured notes collectively referred to as the “Securitization Notes”. The following table summarizes Securitization Notes outstanding at December 31, 2025:


				Interest Rate
Issuance Date	Anticipated Repayment Date(a)	Outstanding Principal (in millions)		Stated		Effective(b)
November 2018	November 2028	$	595	4.940	%	5.06	%
August 2021	February 2027	$	884	1.946	%	2.11	%
August 2021	February 2029	$	590	2.294	%	2.42	%
August 2021	August 2031	$	737	2.542	%	2.64	%
September 2025	August 2030	$	1,000	4.821	%	5.04	%
September 2025	August 2032	$	500	5.049	%	5.21	%

(a)The legal final maturity dates of the Securitization Notes issued in 2018, 2021 and 2025 are November 2048, August 2051 and August 2055, respectively. If the Issuer has not repaid or refinanced a series of Securitization Notes prior to its respective Anticipated Repayment Dates, rapid amortization of principal on all Securitization Notes will occur and additional interest will accrue on the Securitization Notes.

(b)Includes the effects of the amortization of any discount and debt issuance costs.

The Securitization Notes were issued in transactions pursuant to which certain of TBC’s domestic assets, consisting principally of franchise-related agreements and domestic intellectual property, were contributed to the Issuer and the Issuer’s special purpose, wholly-owned subsidiaries (the “Guarantors”, and collectively with the Issuer, the “Securitization Entities”) to secure the Securitization Notes. The Securitization Notes are secured by substantially all of the assets of the Securitization Entities, and include a lien on all existing and future U.S. Taco Bell franchise and license agreements and the royalties payable

thereunder, existing and future U.S. Taco Bell intellectual property, certain transaction accounts and a pledge of the equity interests in asset-owning Securitization Entities. The remaining U.S. Taco Bell assets that were excluded from the transfers to the Securitization Entities continue to be held by Taco Bell of America, LLC (“TBA”) and TBC. The Securitization Notes are not guaranteed by these remaining U.S. Taco Bell assets, the Company, or any other subsidiary of the Company.

On September 24, 2025, the Issuer completed refinancing certain Securitization Notes through the issuance of additional Securitization Notes totaling $1.5 billion (the "2025-1 Notes"). The net proceeds from the issuance of the 2025-1 Notes were used to repay in full an existing series of Securitization Notes totaling $938 million with an Anticipated Repayment Date of May 2026. The remaining net proceeds were used to pay certain transaction-related expenses and for general corporate purposes (including, without limitation, purchases of franchise restaurants). As a result of the issuance of the 2025-1 Notes, $14 million of fees were capitalized as debt issuance costs. The debt issuance costs are being amortized to Interest expense, net through the Anticipated Repayment Dates of the 2025-1 Securitization Notes utilizing the effective interest method.

Payments of interest and principal on the Securitization Notes are made from the continuing fees paid pursuant to the franchise and license agreements with all U.S. Taco Bell restaurants, including both company and franchise operated restaurants. Interest on and any principal payments of the Securitization Notes are due on a quarterly basis. In general, no amortization of principal of the Securitization Notes is required prior to their Anticipated Repayment Dates unless as of any quarterly measurement date the consolidated leverage ratio (the ratio of total debt to Net Cash Flow (as defined in the related indenture)) for the preceding four fiscal quarters of either the Company and its subsidiaries or the Issuer and its subsidiaries exceeds 5.0:1 (or 5.5:1 for the 2025-1 Notes), in which case amortization payments of 1% per year of the outstanding principal as of the closing of the Securitization Notes are required. As of the most recent quarterly measurement date the consolidated leverage ratio for the Issuer and its subsidiaries did not exceed 5.0:1 and, as a result, amortization payments are not required.

The Securitization Notes are subject to a series of covenants and restrictions customary for transactions of this type, including (i) that the Issuer maintains specified reserve accounts to be available to make required interest payments in respect of the Securitization Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Securitization Notes under certain circumstances, (iii) certain indemnification payments relating to taxes, enforcement costs and other customary items and (iv) covenants relating to recordkeeping, access to information and similar matters. The Securitization Notes are also subject to rapid amortization events provided for in the indenture, including events tied to failure to maintain a stated debt service coverage ratio (as defined in the related indenture) of at least 1.1:1, gross domestic sales for U.S. Taco Bell restaurants being below certain levels on certain measurement dates, a manager termination event, an event of default and the failure to repay or refinance the Securitization Notes on the Anticipated Repayment Date (subject to limited cure rights). The Securitization Notes are also subject to certain customary events of default, including events relating to non-payment of required interest or principal due on the Securitization Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, certain judgments and failure of the Securitization Entities to maintain a stated debt service coverage ratio. As of December 31, 2025, we were in compliance with all of our debt covenant requirements and were not subject to any rapid amortization events.

In accordance with the indenture, certain cash accounts have been established with the indenture trustee for the benefit of the note holders, and are restricted in their use. The indenture requires a certain amount of securitization cash flow collections to be allocated on a weekly basis and maintained in a cash reserve account. As of December 31, 2025, the Company had restricted cash of $92 million primarily related to required interest reserves included in Prepaid expenses and other current assets on the Consolidated Balance Sheets. Once the required reserve obligations are satisfied, there are no further restrictions, including payment of dividends, on the cash flows of the Securitization Entities. The amount of weekly securitization cash flow collections that exceed the required weekly allocations is generally remitted to the Company.

Additional cash reserves are required if any of the rapid amortization events occur, as noted above, or in the event that as of any quarterly measurement date the Securitization Entities fail to maintain a debt service coverage ratio (or the ratio of Net Cash Flow to all debt service payments for the preceding four fiscal quarters) of at least 1.75:1. During the most recent quarter ended December 31, 2025, the Securitization Entities maintained a debt service coverage ratio significantly in excess of the 1.75:1 requirement.

Term Loan Facilities, Revolving Facility and Subsidiary Senior Unsecured Notes

KFC Holding Co., Pizza Hut Holdings, LLC, and TBA, each of which is a wholly-owned subsidiary of the Company, as co-borrowers (the “Borrowers”) have entered into a credit agreement providing for senior secured credit facilities and a $1.5 billion revolving facility (the “Revolving Facility”). The senior secured credit facilities, which include a Term Loan A Facility and a Term Loan B Facility, and the Revolving Facility are collectively referred to as the “Credit Agreement”. Additionally, the

Borrowers through a series of transactions have issued Subsidiary Senior Unsecured Notes (collectively referred to as the “Subsidiary Senior Unsecured Notes”).

The following table summarizes borrowings outstanding under the Credit Agreement, as well as our Subsidiary Senior Unsecured Notes as of December 31, 2025. There were $300 million in outstanding borrowings under the Revolving Facility and $12 million of letters of credit outstanding as of December 31, 2025.


					Interest Rate
	Issuance Date	Maturity Date	Outstanding Principal (in millions)		Stated		Effective(c)
Term Loan A Facility	April 2024	(a)	$	494	(b)		4.71	%
Term Loan B Facility	March 2021	March 2028	$	1,429	(b)		5.29	%
Subsidiary Senior Unsecured Notes	June 2017	June 2027	$	750	4.75	%	4.90	%

(a)The Term Loan A Facility and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the March 15, 2028 maturity of the Borrowers' existing Term Loan B Facility if more than $250 million of such Term Loan B remains outstanding as of such date or (iii) the date that is 91 days prior to the June 1, 2027 maturity of the Borrowers' existing Subsidiary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Notes remains outstanding as of such date.

(b)The interest rates applicable to the Term Loan A Facility as well as the Revolving Facility range from 0.75% to 1.50% plus Secured Overnight Financing Rate ("SOFR") or from 0.00% to 0.50% plus the Base Rate (as defined in the Credit Agreement), at the Borrowers’ election, based upon the total leverage ratio (as defined in the Credit Agreement). As of December 31, 2025, the interest rate spreads on the SOFR and Base Rate applicable to both our Term Loan A Facility and borrowings under the Revolving Facility were 0.75% and 0.00%, respectively.

The interest rates applicable to the Term Loan B Facility are 1.75% plus SOFR or 0.75% plus the Base Rate, at the Borrowers’ election.

(c)Includes the effects of the amortization of any discount and debt issuance costs as well as the impact of the interest rate swaps on the Term Loan A and Term Loan B Facilities (see Note 13). The effective rates related to our Term Loan A and B Facilities are based on SOFR-based interest rates at December 31, 2025.

The Term Loan A Facility is subject to quarterly amortization payments in an amount equal to 0.625% of the principal amount of the facility as of the issuance date of $500 million. The Term Loan A Facility quarterly amortization payments increase to 1.25% of the principal amount of the facility as of the issuance date, beginning with the third quarter of 2027.

The Term Loan B Facility is subject to quarterly amortization payments in an amount equal to 0.25% of the principal amount of the facility as of the issuance date of $1.5 billion, with the balance payable at maturity on March 15, 2028.

The Credit Agreement is unconditionally guaranteed by the Company and certain of the Borrowers’ principal domestic subsidiaries and excludes Taco Bell Funding LLC and its special purpose, wholly-owned subsidiaries (see above). The Credit Agreement is also secured by first priority liens on substantially all assets of the Borrowers and each subsidiary guarantor, excluding the stock of certain subsidiaries and certain real property, and subject to other customary exceptions.

The Credit Agreement is subject to certain mandatory prepayments in the event certain covenants are not met, including an amount equal to 50% of excess cash flow (as defined in the Credit Agreement) on an annual basis and the proceeds of certain asset sales, casualty events and issuances of indebtedness, subject to customary exceptions and reinvestment rights.

The Credit Agreement's covenants include two financial maintenance covenants which require the Borrowers to maintain a total leverage ratio (defined as the ratio of Consolidated Total Debt to Consolidated EBITDA (as these terms are defined in the Credit Agreement)) of 5.0:1 or less and a fixed charge coverage ratio (defined as the ratio of EBITDA minus capital expenditures to fixed charges (inclusive of rental expense and scheduled amortization)) of at least 1.5:1, each as of the last day of each fiscal quarter. The Credit Agreement includes other affirmative and negative covenants and events of default that are customary for facilities of this type. The Credit Agreement contains, among other things, limitations on certain additional

indebtedness and liens, and certain other transactions specified in the agreement. We were in compliance with all debt covenants as of December 31, 2025.

The Subsidiary Senior Unsecured Notes are guaranteed on a senior unsecured basis by (i) the Company, (ii) the Specified Guarantors (as defined in the Credit Agreement) and (iii) by each of the Borrower’s and the Specified Guarantors’ domestic subsidiaries that guarantees the Borrower’s obligations under the Credit Agreement, except for any of the Company’s foreign subsidiaries. The indenture governing the Subsidiary Senior Unsecured Notes contains covenants and events of default that are customary for debt securities of this type. We were in compliance with all debt covenants as of December 31, 2025.

YUM Senior Unsecured Notes

The majority of our remaining long-term debt primarily comprises YUM Senior Unsecured Notes. The following table summarizes all YUM Senior Unsecured Notes issued that remain outstanding at December 31, 2025:


				Interest Rate
Issuance Date	Maturity Date	Principal Amount (in millions)		Stated		Effective(a)
October 2007	November 2037	$	325	6.88	%	7.45	%
October 2013	November 2043	$	275	5.35	%	5.42	%
September 2019	January 2030	$	800	4.75	%	4.90	%
September 2020	March 2031	$	1,050	3.63	%	3.77	%
April 2021	January 2032	$	1,100	4.63	%	4.77	%
April 2022	April 2032	$	1,000	5.38	%	5.53	%

(a)Includes the effects of the amortization of any (1) premium or discount; (2) debt issuance costs; and (3) gain or loss upon settlement of related treasury locks and forward starting interest rate swaps utilized to hedge the interest rate risk prior to debt issuance.

The YUM Senior Unsecured Notes represent senior, unsecured obligations and rank equally in right of payment with all of our existing and future unsecured unsubordinated indebtedness. Our YUM Senior Unsecured Notes contain covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount in excess of $50 million ($100 million or more in the case of the YUM Senior Unsecured Notes issued in 2019 and subsequent years) will constitute a default under the YUM Senior Unsecured Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice.

The annual maturities of all Short-term borrowings and Long-term debt as of December 31, 2025, excluding finance lease obligations of $148 million and debt issuance costs and discounts of $69 million are as follows:


Year ended:
2026	$	28
2027	1,668
2028	2,019
2029	1,327
2030	1,800
Thereafter	4,987
Total	$	11,828

Interest expense on Short-term borrowings, Long-term debt and cash pooling arrangements was $544 million, $542 million and $602 million in 2025, 2024 and 2023, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Lease Accounting

Components of Lease Cost


	2025		2024		2023
Operating lease cost	$	158	$	135	$	130
Finance lease cost
Amortization of right-of-use assets	7		7		6
Interest on lease liabilities	4		2		2
Total finance lease cost	$	11	$	9	$	8
Sublease income	$	(49)	$	(48)	$	(51)

Supplemental Cash Flow Information


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	158	$	137	$	127
Operating cash flows from finance leases	4		2		2
Financing cash flows from finance leases	7		8		7
Right-of-use assets obtained in exchange for lease obligations(a)
Operating leases	414		247		127
Finance leases	84		26		6
Operating lease liabilities transferred through refranchising	(13)		(8)		(14)
Finance lease and other debt obligations transferred through refranchising	—		(1)		(5)

(a) The year ended December 31, 2025, includes $218 million and $71 million of operating and finance lease right-of-use assets, respectively, acquired as part of the Taco Bell Southeast U.S. restaurant acquisition (see Note 3).

The year ended December 31, 2024, includes $124 million and $22 million of operating and finance lease right-of-use assets, respectively, acquired as part of the KFC U.K. and Ireland restaurant acquisition (see Note 3).

Supplemental Balance Sheet Information


	2025			2024			Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	$	1,213		$	881		Other assets
Finance lease right-of-use assets	128			49			Property, plant and equipment, net
Total right-of-use assets(a)	$	1,341		$	930

Liabilities
Current
Operating	$	105		$	91		Accounts payable and other current liabilities
Finance	11			8			Short-term borrowings
Non-current
Operating	1,174			862			Other liabilities and deferred credits
Finance	137			59			Long-term debt
Total lease liabilities(a)	$	1,427		$	1,020

Weighted-average Remaining Lease Term (in years)
Operating leases	12.6			10.9
Finance leases	17.4			14.8

Weighted-average Discount Rate
Operating leases	5.4		%	5.3		%
Finance leases	5.6		%	5.5		%

(a) U.S. operating lease right-of-use assets and liabilities totaled $846 million and $903 million, respectively, as of December 31, 2025, and $549 million and $615 million, respectively, as of December 31, 2024. These amounts primarily related to Taco Bell U.S. and Habit Burger & Grill leases related to Company-operated restaurants, leases related to franchise-operated restaurants we sublease and the Taco Bell and Habit Burger & Grill restaurant support center.

Maturity of Lease Payments and Receivables

Future minimum lease payments, including rental payments for lease renewal options we are reasonably certain to exercise, and amounts to be received as lessor or sublessor as of December 31, 2025, were as follows:


	Commitments				Lease Receivables
	Finance		Operating		Direct Financing		Operating
2026	$	19	$	171	$	3	$	59
2027	17		174		3		54
2028	15		163		2		47
2029	14		149		2		43
2030	14		139		2		43
Thereafter	145		998		13		261
Total lease payments/receipts	224		1,795		26		$	506
Less imputed interest/unearned income	(75)		(516)		(9)
Total lease liabilities/receivables	$	148	$	1,279	$	17

As of December 31, 2025, we have executed real estate leases that have not yet commenced with estimated future nominal lease payments of approximately $95 million, which are not included in the tables above. These leases are expected to commence in 2026 and 2027 with lease terms of up to 20 years.

Derivative Instruments (Notes)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Instruments

We use derivative instruments to manage certain of our market risks related to fluctuations in foreign currency exchange rates, interest rates and deferred compensation liabilities. As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with major financial institutions carefully selected based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At December 31, 2025, all of the counterparties to our derivative instruments had investment grade ratings according to the three major ratings agencies. To date, all counterparties have performed in accordance with their contractual obligations.

Foreign Currency Contracts

In September 2025, we entered into a foreign currency forward contract with a U.S. dollar notional amount of approximately $80 million to reduce the foreign currency exposure relating to our net investment in certain Indian rupee functional currency operations. This forward contract is designated as a net investment hedge and the related mark-to-market adjustments are being recorded as a cumulative translation adjustment within AOCI. This foreign currency forward contract did not have a material impact on our Consolidated Financial Statements for the year ended December 31, 2025, and will mature in March 2026.

Interest Rate Swaps

In March 2025, interest rates swaps which reduced our historical exposure to interest rate risk for $1.5 billion of our variable-rate debt payments primarily under our Term Loan B Facility expired. Through their expiration in March 2025, these interest rate swaps were highly effective cash flow hedges.

On April 4, 2025, we entered into a new interest rate swap ("2025 interest rate swap") to fix the interest on $1.5 billion of borrowings, primarily under our Term Loan B Facility from April 2025 to March 2028. Like the expired interest rate swaps, the 2025 interest rate swap was designated a cash flow hedge as the changes in the future cash flows of the swap are expected to offset changes in expected future interest payments on the related variable-rate debt. The 2025 interest rate swap results in a fixed rate of 5.09% on the swapped portion of the Term Loan B Facility (excluding debt issuance costs). There were no other interest rate swaps outstanding as of December 31, 2025.

Gains or losses on the interest rate swaps are reported as a component of AOCI and reclassified into Interest expense, net in our Consolidated Statements of Income in the same period or periods during which the related hedged interest payments affect earnings. Through December 31, 2025, the 2025 interest rate swap was a highly effective cash flow hedge.

Gains and losses on these interest rate swaps recognized in OCI and reclassified from AOCI into Net Income were as follows:


	Gains/(Losses) Recognized in OCI						(Gains)/Losses Reclassified from AOCI into Net Income
	2025		2024		2023		2025		2024		2023

Interest rate swaps	$	8	$	12	$	14	$	(15)	$	(32)	$	(30)
Income tax benefit/(expense)	(2)		(3)		(4)		4		8		8

As of December 31, 2025, the estimated net gain included in AOCI related to our interest rate swaps that will be reclassified into earnings in the next 12 months is $1 million, based on current SOFR interest rates.

Total Return Swaps

We have entered into total return swap derivative contracts, with the objective of reducing our exposure to market-driven changes in certain of the liabilities associated with compensation deferrals into our EID plan. While these total return swaps represent economic hedges, we have not designated them as hedges for accounting purposes. As a result, the changes in the fair value of these derivatives are recognized immediately in earnings within General and administrative expenses in our Consolidated Statements of Income largely offsetting the changes in the associated EID liabilities. The fair value associated with the total return swaps as of both December 31, 2025 and 2024, was not significant.

Fair Value Disclosures

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

As of December 31, 2025, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, short-term borrowings, accounts payable and borrowings under our Revolving Facility approximated their fair values because of the short-term nature of these instruments. The fair value of notes receivable net of allowances and lease guarantees less subsequent amortization approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:


	2025				2024
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)
Securitization Notes(a)	$	4,306	$	4,160	$	3,743	$	3,561
Subsidiary Senior Unsecured Notes(b)	750		753		750		739
Term Loan A Facility(b)	494		492		500		496
Term Loan B Facility(b)	1,429		1,440		1,444		1,451
YUM Senior Unsecured Notes(b)	4,550		4,581		4,550		4,368

(a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.

(b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.

Recurring Fair Value Measurements

The fair values of the assets and liabilities of the Company that are required to be measured at fair value on a recurring basis (see Note 13 for discussion regarding derivative instruments) were not significant at December 31, 2025 or 2024.

Non-Recurring Fair Value Measurements

During the years ended December 31, 2025, 2024 and 2023, we recognized non-recurring fair value measurements of $14 million, $13 million and $11 million, respectively, related to restaurant-level impairment. Restaurant-level impairment charges are recorded in Other (income) expense and resulted primarily from our impairment evaluation of long-lived assets of individual restaurants that were being operated at the time of impairment and had not been offered for refranchising. The fair value measurements used in these impairment evaluations were based on discounted cash flow estimates using unobservable inputs (Level 3). These amounts exclude fair value measurements made for assets that were subsequently disposed of prior to those respective year end dates. The remaining net book value of restaurant assets measured at fair value during the years ended December 31, 2025 and 2024 was $19 million and $21 million, respectively.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Pension, Retiree Medical and Retiree Savings Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retiree Medical Benefits

Pension, Retiree Medical and Retiree Savings Plans

U.S. Pension Plans

We sponsor qualified and supplemental (non-qualified) noncontributory defined benefit plans covering certain full-time salaried and hourly U.S. employees. The qualified plan meets the requirements of certain sections of the Internal Revenue Code and provides benefits to a broad group of employees with restrictions on discriminating in favor of highly compensated employees with regard to coverage, benefits and contributions. The supplemental plans provide additional benefits to certain employees. We fund our supplemental plans as benefits are paid.

The most significant of our U.S. plans is the YUM Retirement Plan (the “Plan”), which is a qualified plan. Our funding policy with respect to the Plan is to contribute amounts necessary to satisfy minimum pension funding requirements, including requirements of the Pension Protection Act of 2006, plus additional amounts from time-to-time as are determined to be necessary to improve the Plan’s funded status. We do not expect to make any significant contributions to the Plan in 2026. Our two significant U.S. plans, including the Plan and a supplemental plan, were previously amended such that any salaried

employee hired or rehired by YUM after September 30, 2001, is not eligible to participate in those plans. Additionally, these two significant U.S. plans are currently closed to new hourly participants.

We do not anticipate any plan assets being returned to the Company during 2026 for any U.S. plans.

Obligation and Funded Status at Measurement Date:

The following charts summarize the balance sheet impact, as well as benefit obligations, assets, and funded status associated with our two significant U.S. pension plans. The actuarial valuations for all plans reflect measurement dates coinciding with our fiscal year end.


	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	776	$	778
Service cost	5		4
Interest cost	43		42



Benefits paid	(55)		(45)
Settlement payments	(17)		—
Actuarial (gain) loss	22		(3)

Benefit obligation at end of year	$	774	$	776

A significant component of the overall decrease in the Company's benefit obligation for the year ended December 31, 2025, was due to benefits paid and settlement payments during the year partially offset by interest cost and actuarial loss on the benefit obligation.

A significant component of the overall decrease in the Company's benefit obligation for the year ended December 31, 2024, was due to benefits paid during the year partially offset by interest cost on the benefit obligation.


	2025		2024
Change in plan assets:
Fair value of plan assets at beginning of year	$	644	$	680
Actual return on plan assets	79		6
Employer contributions	19		3
Benefits paid	(55)		(45)
Settlement payments	(17)		—

Fair value of plan assets at end of year	$	670	$	644
Funded status at end of year	$	(104)	$	(132)


Amounts recognized in the Consolidated Balance Sheet:
	2025		2024

Accrued benefit liability - current	$	(8)	$	(11)
Accrued benefit liability - non-current	(96)		(121)
	$	(104)	$	(132)

The accumulated benefit obligation was $763 million and $764 million at December 31, 2025 and 2024, respectively.


The table below provides information for those pension plan(s) with an accumulated benefit obligation in excess of plan assets. The pension plan(s) included also have a projected benefit obligation in excess of plan assets.
	2025		2024
Projected benefit obligation	$	774	$	776
Accumulated benefit obligation	763		764
Fair value of plan assets	670		644

Components of net periodic benefit cost:


	2025		2024		2023
Service cost	$	5	$	4	$	5
Interest cost	43		42		41
Amortization of prior service cost(a)	1		1		1
Expected return on plan assets	(53)		(51)		(50)
Amortization of net loss (gain)	2		1		(1)
Net periodic benefit cost (income)	$	(2)	$	(3)	$	(4)
Additional (gain) loss recognized due to: Settlement charges(b)	$	3	$	—	$	—

(a)Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.

(b)Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.


Pension gains (losses) in AOCI:
	2025		2024
Beginning of year	$	(127)	$	(87)
Net actuarial gain (loss)	3		(42)
Amortization of net (gain) loss	2		1
Amount recognized in earnings due to settlement	3		—
Amortization of prior service cost	1		1

End of year	$	(118)	$	(127)


Accumulated pre-tax losses recognized within AOCI:
	2025		2024
Actuarial net loss	$	(117)	$	(125)
Prior service cost	(1)		(2)
	$	(118)	$	(127)


Weighted-average assumptions used to determine benefit obligations at the measurement dates:
	2025		2024
Discount rate	5.70	%	5.80	%
Rate of compensation increase	3.00	%	3.00	%


Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
	2025		2024		2023
Discount rate	5.80	%	5.60	%	5.60	%
Long-term rate of return on plan assets	6.85	%	6.35	%	6.25	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%

Our estimated long-term rate of return on plan assets represents the weighted-average of expected future returns on the asset categories included in our target investment allocation based primarily on the historical returns for each asset category and future growth expectations.

Plan Assets

The fair values of our pension plan assets at December 31, 2025 and 2024 by asset category and level within the fair value hierarchy are as follows:


	2025		2024
Level 1:
Cash	$	1	$	2
Cash Equivalents(a)	24		30
Fixed Income Securities - U.S. Corporate(b)	20		16
Level 2:
Equity Securities(b)	216		212
Fixed Income Securities - U.S. Corporate(c)	18		21
Fixed Income Securities - U.S. Government and Government Agencies(d)	142		113
Fixed Income Securities - Other(d)	22		15
Total assets in the fair value hierarchy	443		409
Investments measured at net asset value(e)
Fixed Income	142		146
Real Assets	139		141
Total fair value of plan assets(f)	$	724	$	696

(a)Short-term investments in money market funds.

(b)Securities held in common or collective trusts.

(c)Investments held directly by the Plan.

(d)Includes securities held in common or collective trusts and investments held directly by the Plan.

(e)Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.

(f)2025 and 2024 exclude net unsettled trade payables of $54 million and $52 million, respectively.

Our primary objectives regarding the investment strategy for the Plan’s assets are to reduce interest rate and market risk and to provide adequate liquidity to meet immediate and future payment requirements. To achieve these objectives, we are using a combination of active and passive investment strategies. As of December 31, 2025, the Plan’s assets consist of the weighted-average target allocation summarized as follows:


Asset Category	Target Allocation
Fixed income	49	%
Equity securities	32	%
Real assets	19	%

Actual allocations to each asset class may vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions and the timing of benefit payments and contributions.

Fixed income securities at December 31, 2025, primarily consist of a diversified portfolio of long duration instruments that are intended to mitigate interest rate risk or reduce the interest rate duration mismatch between the assets and liabilities of the Plan. A smaller allocation (constituting 40% of the fixed income target allocation) is to diversified credit investments in a range of public and credit securities, including below investment grade rated bonds and loans, securitized credit and emerging market debt.

Equity securities at December 31, 2025, consist primarily of investments in publicly traded common stocks and other equity-type securities issued by companies throughout the world, including convertible securities, preferred stock, rights and warrants.

Real assets represent investments in real estate and infrastructure. These may take the form of debt or equity securities in public or private funds.

A mutual fund held as an investment by the Plan includes shares of Common Stock valued at $0.1 million at both December 31, 2025 and 2024, (less than 1% of total plan assets in each instance).

Benefit Payments

The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:


Year ended:
2026	$	61
2027	62
2028	76
2029	58
2030	59
2031 - 2035	277

Expected benefit payments are estimated based on the same assumptions, including projected participant retirement dates, used to measure our benefit obligation on the measurement date and include benefits attributable to estimated future employee service.

International Pension Plans

We also sponsor various defined benefit plans covering certain of our non-U.S. employees, the most significant of which are in the U.K. Both of our U.K. plans have previously been frozen such that they are closed to new participants and existing participants can no longer earn future service credits.

At the end of 2025 and 2024, the projected benefit obligations of these U.K. plans totaled $174 million and $170 million, respectively, and plan assets totaled $209 million and $197 million, respectively. These plans were both in a net overfunded position at the end of 2025 and 2024. Total actuarial pre-tax losses related to the U.K. plans of $70 million and $72 million were recognized in AOCI at the end of 2025 and 2024, respectively. The total net periodic cost or benefit recorded was $2 million of cost in 2025, less than $1 million of benefit in 2024 and $2 million of cost in 2023.

The benefits expected to be paid associated with our U.K. plans in each of the next five years are approximately $6 million and in aggregate for the five years thereafter are $34 million.

The funding rules for our pension plans outside of the U.S. vary from country to country and depend on many factors including discount rates, performance of plan assets, local laws and regulations. We do not plan to make significant contributions to either of our U.K. plans in 2026.

Retiree Medical Benefits

Our post-retirement plan provides health care benefits, principally to U.S. salaried retirees and their dependents, and includes retiree cost-sharing provisions and a cap on our liability. This plan was previously amended such that any salaried employee hired or rehired by YUM after September 30, 2001, is not eligible to participate in this plan. Employees hired prior to September 30, 2001, are eligible for benefits if they meet age and service requirements and qualify for retirement benefits. We fund our post-retirement plan as benefits are paid.

At the end of both 2025 and 2024, the accumulated post-retirement benefit obligation was $25 million. Actuarial pre-tax gains of $11 million and $13 million were recognized in AOCI at the end of 2025 and 2024, respectively. The net periodic benefit cost or benefit recorded was less than $1 million of benefit in each of 2025, 2024 and 2023. The weighted-average assumptions used to determine benefit obligations and net periodic benefit cost for the post-retirement medical plan are identical to those as shown for the U.S. pension plans.

The benefits expected to be paid in each of the next five years are approximately $2 million and in aggregate for the five years thereafter are $11 million.

U.S. Retiree Savings Plan

We sponsor a contributory plan to provide retirement benefits under the provisions of Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) for eligible U.S. salaried and hourly employees. Participants are able to elect to contribute up to 75% of eligible compensation on a pre-tax basis. Participants may allocate their contributions to one or any combination of multiple investment options or a self-managed account within the 401(k) Plan. We match 100% of the participant’s contribution to the 401(k) Plan up to 6% of eligible compensation. We recognized as compensation expense our total matching contribution of $23 million in 2025, $24 million in 2024 and $15 million in 2023.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Shareholders' Equity and Share-based Payments

Share-based and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-based and Deferred Compensation Plans

Overview

At year end 2025, we had one stock award plan in effect: the Yum! Brands, Inc. 2025 Long-Term Incentive Plan (the “LTIP”). Potential awards to employees and non-employee directors under the LTIP include stock options, incentive stock options, SARs, restricted stock, RSUs, performance restricted stock units, PSUs and performance units. We have issued only stock options, SARs, RSUs and PSUs under the LTIP. Under the LTIP, the exercise price of stock options and SARs granted must be equal to or greater than the average market price or the ending market price of the Company’s stock on the date of grant. While awards under the LTIP can have varying vesting provisions and exercise periods, outstanding awards under the LTIP vest in periods ranging from immediate to four years. Stock options and SARs generally expire ten years after grant. At year end 2025, approximately 17 million shares were available for future share-based compensation grants under the LTIP.

Our EID Plan allows participants to defer receipt of a portion of their annual salary and all or a portion of their incentive compensation. As defined by the EID Plan, we credit the amounts deferred with earnings based on the investment options selected by the participants. These investment options are limited to cash, phantom shares of our Common Stock, phantom shares of a Stock Index Fund and phantom shares of a Bond Index Fund. Investments in cash and phantom shares of both index funds will be distributed in cash at a date as elected by the employee and therefore are classified as a liability on our Consolidated Balance Sheets. We recognize compensation expense for the appreciation or the depreciation, if any, of investments in cash and both of the index funds. Deferrals into the phantom shares of our Common Stock will be distributed in shares of our Common Stock, under the LTIP, at a date as elected by the employee and therefore are classified in Common Stock on our Consolidated Balance Sheets. We do not recognize compensation expense for the appreciation or the depreciation, if any, of investments in phantom shares of our Common Stock. Our EID plan also allows certain participants to defer incentive compensation to purchase phantom shares of our Common Stock and receive a 33% Company match on the amount deferred. Deferrals receiving a match are similar to an RSU award in that participants will generally forfeit both the match and incentive compensation amounts deferred if they voluntarily separate from employment during a vesting period that

is two years from the date of deferral. We expense the intrinsic value of the match and the incentive compensation amount over the requisite service period which includes the vesting period.

Historically, the Company has repurchased shares on the open market in excess of the amount necessary to satisfy award exercises and expects to continue to do so in 2026.

Award Valuation

We estimated the fair value of each stock option and SAR award as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	2025		2024		2023
Risk-free interest rate	4.4	%	4.0	%	3.6	%
Expected term	5.9 years		5.9 years		5.9 years
Expected volatility	21.3	%	20.6	%	22.0	%
Expected dividend yield	1.9	%	2.1	%	1.8	%

Stock options and SAR grants made to executives typically have a graded vesting schedule of 25% per year over four years and expire ten years after grant. We use a single weighted-average term for our awards that have a graded vesting schedule. Based on analysis of our historical exercise and post-vesting termination behavior, we have determined that our executives exercised the awards on average after 5.9 years.

When determining expected volatility, we consider both historical volatility of our stock as well as implied volatility associated with our publicly-traded options. The expected dividend yield is based on the annual dividend yield at the time of grant.

The fair values of PSU awards without market-based conditions and RSU awards are based on the closing price of our Common Stock on the date of grant. The fair values of PSU awards with market-based conditions have been valued based on the outcome of a Monte Carlo simulation. The PSU awards have a vesting period of three years and RSU awards typically have a graded vesting schedule of 25% per year over four years and expire ten years after the grant.

Award Activity

Stock Options and SARs


	Shares (in thousands)		Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding at the beginning of the year	7,730		$	99.53
Granted	694		148.26
Exercised	(2,270)		85.01
Forfeited or expired	(181)		132.90
Outstanding at the end of the year	5,973	(a)	109.71		5.30	$	248
Exercisable at the end of the year	4,220		$	98.71	4.20	$	222

(a)Outstanding awards include 228 options and 5,747 SARs with weighted average exercise prices of $115.88 and $109.46, respectively.

The weighted-average grant-date fair value of stock options and SARs granted during 2025, 2024 and 2023 was $35.07, $28.35 and $29.93, respectively. The total intrinsic value of stock options and SARs exercised during the years ended December 31, 2025, 2024 and 2023, was $144 million, $158 million and $114 million, respectively.

As of December 31, 2025, $26 million of unrecognized compensation cost related to unvested stock options and SARs, which will be reduced by any forfeitures that occur, is expected to be recognized over a remaining weighted-average period of

approximately 1.6 years. The total fair value at grant date of stock options and SARs held by YUM employees that vested during 2025, 2024 and 2023 was $22 million, $28 million and $31 million, respectively.

RSUs and PSUs

As of December 31, 2025, there was $77 million of unrecognized compensation cost related to 1.1 million unvested RSUs and PSUs. The total fair value at grant date of awards that vested during 2025, 2024 and 2023 was $43 million, $54 million and $84 million, respectively.

Impact on Net Income

The components of share-based compensation expense and the related income tax benefits are shown in the following table:


	2025		2024		2023
Options and SARs	$	21	$	23	$	27
Restricted Stock Units	38		36		35
Performance Share Units	11		10		33
Total Share-based Compensation Expense	$	70	$	69	$	95
Deferred Tax Benefit recognized	$	13	$	20	$	12

Cash received from stock option exercises for 2025, 2024 and 2023 was $2 million, $9 million and $8 million, respectively. Tax benefits realized on our tax returns from tax deductions associated with share-based compensation for 2025, 2024 and 2023 totaled $45 million, $55 million and $31 million, respectively.

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Deficit

Under the authority of our Board of Directors, we repurchased shares of our Common Stock during 2025, 2024 and 2023. All amounts exclude applicable transaction fees and excise taxes on share repurchases.


	Shares Repurchased (thousands)			Dollar Value of Shares Repurchased
Authorization Date	2025	2024	2023	2025		2024		2023
May 2024	3,739	2,916	—	$	550	$	391	$	—
September 2022	—	366	387	—		50		50

Total	3,739	3,282	387	$	550	$	441	$	50

In May 2024, our Board of Directors authorized share repurchases of up to $2.0 billion (excluding applicable transaction fees and excise taxes) of our outstanding Common Stock through December 31, 2026. The new authorization took effect on July 1, 2024 upon the expiration of a prior authorization approved in September 2022. As of December 31, 2025, we have remaining capacity to repurchase up to $1.1 billion of Common Stock under the May 2024 authorization.

Changes in AOCI are presented below.


	Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature		Pension and Post-Retirement Benefits(a)		Derivative Instruments(b)		Total










































































































Balance at December 31, 2023, net of tax	$	(201)	$	(104)	$	3	$	(302)

OCI, net of tax

Gains (losses) arising during the year classified into AOCI, net of tax	(37)		(42)		10		(69)

(Gains) losses reclassified from AOCI, net of tax	—		3		(24)		(21)

	(37)		(39)		(14)		(90)

Balance at December 31, 2024, net of tax	$	(238)	$	(143)	$	(11)	$	(392)

OCI, net of tax

Gains (losses) arising during the year classified into AOCI, net of tax	77		7		6		90

(Gains) losses reclassified from AOCI, net of tax	—		4		(13)		(9)

	77		11		(7)		81

Balance at December 31, 2025, net of tax	$	(161)	$	(132)	$	(18)	$	(311)

(a) Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2025 include amortization of net losses of $2 million, settlement charges of $3 million and related income tax benefit of $1 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2024 include amortization of net losses of $2 million and amortization of prior service cost of $1 million. See Note 15.

(b) See Note 13 for details on amounts reclassified from AOCI. Amounts include previously cash settled treasury locks relating to our Senior Unsecured Notes due in 2037 which are being reclassified into earnings through 2037 to interest expense.

The entire disclosure for equity.

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Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	139 million

The entire disclosure for income tax.

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Reportable Operating Segments

Reportable Operating Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

See Note 1 for a description of our operating segments.

The Company's operating segments maintain separate financial information, and the CODM, the Company's Chief Executive Officer, evaluates the operating segments' operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company's segments based on Divisional Operating Profit and is involved in determining and reviewing forecasted Divisional Operating Profit as part of the annual plan process. Throughout the year, the CODM considers forecast to actual results and variances on a monthly and quarterly basis to allocate resources for the segments' operations. The CODM also considers this information in determining how to prioritize capital allocation, including investments in restaurant development, technology and human capital, while maintaining a strong and flexible balance sheet, offering a competitive dividend and returning excess cash to shareholders. Our CODM manages assets on a consolidated basis. Accordingly, segment assets are not reported to our CODM or used in his decisions to allocate resources or assess performance of the segments. Therefore, total segment assets and long-lived assets have not been disclosed. The significant expense categories and amounts presented in the tables below align with the segment-level information that is regularly provided to the CODM.


	2025
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
Company Sales	$	1,057	$	1,281	$	51	$	555	$	2,945
Franchise and property revenues	1,807		1,060		602		12		3,480
Franchise contributions for advertising and other services	679		754		360		3		1,796
	3,542		3,095		1,013		570		8,220

Less:
Company restaurant expenses	929		971		52		509		2,462
General and administrative expenses	372		215		219		54		861
Franchise and property expenses	66		29		41		4		140
Franchise advertising and other services expense	670		750		376		3		1,799

Other (income) expense	1		—		(14)		12		—
Division Operating Profit (Loss)	$	1,503	$	1,129	$	340	$	(13)	$	2,959

Unallocated amounts:(a)
Corporate and unallocated G&A expenses									$	(402)
Unallocated Company restaurant expenses(b)									(22)
Unallocated Franchise and property revenues									(7)
Unallocated Refranchising gain (loss)(c)									48
Unallocated Other income (expense)									(3)
Consolidated Operating Profit									2,574
Investment income (expense), net									1
Other pension income (expense)									2
Interest expense, net									(501)
Income before income taxes									$	2,077

Other Segment Disclosures


	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Corporate and Unallocated		Total
Depreciation and Amortization(d)	$	50	$	78	$	23	$	29	$	26	$	206
Capital Spending	109		131		27		60		44		371


	2024
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
Company Sales	$	801	$	1,155	$	8	$	588	$	2,552
Franchise and property revenues	1,685		997		622		9		3,313
Franchise contributions for advertising and other services	613		708		378		3		1,702
	3,099		2,860		1,008		600		7,567

Less:
Company restaurant expenses	703		872		8		529		2,112
General and administrative expenses	363		199		219		54		835
Franchise and property expenses	63		33		34		4		134
Franchise advertising and other services expense	610		708		390		3		1,711

Other (income) expense	(3)		(1)		(16)		10		(10)
Division Operating Profit (Loss)	$	1,363	$	1,049	$	373	$	—	$	2,785

Unallocated amounts:(a)
Corporate and unallocated G&A expenses									$	(346)
Unallocated Company restaurant expenses(b)									(8)
Unallocated Franchise and property revenues									(18)

Unallocated Refranchising gain (loss)(c)									34
Unallocated Other income (expense)									(44)
Consolidated Operating Profit									2,403
Investment income (expense), net									(21)
Other pension income (expense)									7
Interest expense, net									(489)
Income before income taxes									$	1,900

Other Segment Disclosures


	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Corporate and Unallocated		Total
Depreciation and Amortization(d)	$	33	$	64	$	16	$	31	$	31	$	175
Capital Spending	73		98		15		39		32		257


	2023
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
Company Sales	$	484	$	1,069	$	14	$	575	$	2,142
Franchise and property revenues	1,698		918		622		9		3,247
Franchise contributions for advertising and other services	648		654		383		2		1,687
	2,830		2,641		1,019		586		7,076

Less:
Company restaurant expenses	417		817		14		526		1,774
General and administrative expenses	383		204		221		59		867
Franchise and property expenses	72		32		15		3		122
Franchise advertising and other services expense	648		644		389		2		1,683

Other (income) expense	6		—		(11)		10		5
Division Operating Profit (Loss)	$	1,304	$	944	$	391	$	(14)	$	2,625

Unallocated amounts:(a)
Corporate and unallocated G&A expenses									$	(326)


Unallocated Franchise and property expenses									(1)
Unallocated Refranchising gain (loss)(c)									29
Unallocated Other income (expense)									(9)
Consolidated Operating Profit									2,318
Investment income (expense), net									7
Other pension income (expense)									6
Interest expense, net									(513)
Income before income taxes									$	1,818

Other Segment Disclosures


	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Corporate and Unallocated		Total
Depreciation and Amortization(d)	$	22	$	61	$	20	$	30	$	20	$	153
Capital Spending	73		101		12		64		35		285

Revenues by Country(e)


	2025		2024		2023
United States	$	4,525	$	4,333	$	4,106
United Kingdom	1,021		799		506
Other	2,668		2,417		2,464
	$	8,214	$	7,549	$	7,076

(a)Amounts have not been allocated to any segment for performance reporting purposes.

(b)Unallocated Company restaurant expenses include amortization of reacquired franchise rights.

(c)The Refranchising gain (loss) by our Divisional reportable segments is presented below. Given the size and volatility of refranchising initiatives, our CODM does not consider the impact of Refranchising gain (loss) when assessing

Divisional segment performance. As such, we do not allocate such gains and losses to our Divisional segments for performance reporting purposes.

During the years ended December 31, 2025, 2024 and 2023, we refranchised 23, 1 and 15 restaurants, respectively, and we sold certain restaurant assets (primarily land) associated with existing franchise restaurants to the franchisee. We received $78 million, $49 million and $60 million in pre-tax cash refranchising proceeds in 2025, 2024 and 2023, respectively, as a result of the sales of these restaurants and restaurant assets.

A summary of Refranchising gain (loss) is as follows:


	Refranchising gain (loss)
	2025		2024		2023
KFC Division	$	13	$	(1)	$	(2)
Taco Bell Division	33		32		33
Pizza Hut Division	—		2		(2)
Habit Burger & Grill Division	2		1		—
Worldwide	$	48	$	34	$	29

(d)The amounts of depreciation and amortization disclosed by reportable segment are primarily included within the segment expense captions of Company restaurant expenses and G&A expenses.

(e)The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Commitments and Contingencies Disclosure [Abstract]

Contingencies

12 Months Ended

Dec. 31, 2025

Legal Matters and Contingencies

Contingencies

Internal Revenue Service Proposed Adjustment

Following an Internal Revenue Service (“IRS”) audit for the 2013 to 2015 fiscal years, we were unable to resolve underpayments of tax that the IRS proposed resulting from that audit using the IRS Appeals process, a pre-litigation, alternative dispute resolution tool. The IRS asserts an underpayment of tax of approximately $2.1 billion plus $418 million in penalties for fiscal year 2014. Both amounts are subject to interest, with interest of approximately $2.1 billion accruing through December 31, 2025. Those amounts relate primarily to a series of reorganizations that we undertook in 2014 in connection with the business realignment of our corporate and management reporting structure along brand lines. The IRS asserts that these transactions resulted in taxable distributions of approximately $6.0 billion.

We disagree with the IRS’s position and are contesting that position vigorously. On June 4, 2025, we filed a petition in the United States Tax Court disputing the IRS's position as set forth in a Notice of Deficiency. The IRS filed its Answer on September 12, 2025. The litigation is ongoing.

The Company does not expect resolution of this matter within twelve months and cannot predict with certainty the timing of such resolution. The Company believes that it is more likely than not the Company’s tax position will be sustained; therefore, no reserve is recorded with respect to this matter.

An unfavorable resolution of this matter could have a material, adverse impact on our Consolidated Financial Statements in future periods.

Lease Guarantees

As a result of having assigned our interest in obligations under real estate leases as a condition to the refranchising of certain Company-owned restaurants, and guaranteeing certain other leases, we are frequently secondarily liable on lease agreements. These leases have varying terms, the latest of which expires in 2065. As of December 31, 2025, the potential amount of undiscounted payments we could be required to make in the event of non-payment by the primary lessee was approximately $325 million. The present value of these potential payments discounted at our pre-tax cost of debt at December 31, 2025, was approximately $275 million. Our franchisees are the primary lessees under the vast majority of these leases. We generally have cross-default provisions with these franchisees that would put them in default of their franchise agreement in the event of non-payment under the lease. We believe these cross-default provisions significantly reduce the risk that we will be required to make payments under these leases, although such risk may not be reduced in the context of a bankruptcy or other similar restructuring of a large franchisee or group of franchisees. Accordingly, the liability recorded for our expected exposure under such leases at both December 31, 2025 and 2024 was not material.

Insurance Programs

We are self-insured for a substantial portion of our current and prior years’ coverage including property and casualty losses. To mitigate the cost of our exposures for certain property and casualty losses, we self-insure the risks of loss up to defined maximum per occurrence retentions on a line-by-line basis. The Company then purchases insurance coverage, up to a certain limit, for losses that exceed the self-insurance per occurrence retention. The insurers’ maximum aggregate loss limits are significantly above our actuarially determined probable losses; therefore, we believe the likelihood of losses exceeding the insurers’ maximum aggregate loss limits is remote.

The following table summarizes the 2025 and 2024 activity related to our net self-insured property and casualty reserves as of December 31, 2025.


	Beginning Balance		Expense	Payments	Ending Balance
2025 Activity	$	52	39	(36)	$	55
2024 Activity	$	48	36	(32)	$	52

Due to the inherent volatility of actuarially determined property and casualty loss estimates, it is reasonably possible that we could experience changes in estimated losses which could be material. We believe that we have recorded reserves for property and casualty losses at a level which has substantially mitigated the potential negative impact of adverse developments and/or volatility.

In the U.S. and in certain other countries, we are also self-insured for healthcare claims and long-term disability for eligible participating employees subject to certain deductibles and limitations. We have accounted for our retained liabilities for property and casualty losses, healthcare and long-term disability claims, including reported and incurred but not reported claims, based on information provided by independent actuaries.

Legal Proceedings

We are subject to various claims and contingencies related to lawsuits, real estate, environmental and other matters arising in the normal course of business. An accrual is recorded with respect to claims or contingencies for which a loss is determined to be probable and reasonably estimable.

India Regulatory Matter

Yum! Restaurants India Private Limited (“YRIPL”), a YUM subsidiary that operates KFC and Pizza Hut restaurants in India, is the subject of a regulatory enforcement action in India (the “Action”). The Action alleges, among other things, that KFC International Holdings, Inc. and Pizza Hut International failed to satisfy certain conditions imposed by the Secretariat for Industrial Approval in 1993 and 1994 when those companies were granted permission for foreign investment and operation in India. The conditions at issue include an alleged minimum investment commitment and store build requirements as well as limitations on the remittance of fees outside of India.

The Action originated with a complaint and show cause notice filed in 2009 against YRIPL by the Deputy Director of the Directorate of Enforcement (“DOE”) of the Indian Ministry of Finance following an income tax audit for the years 2002 and 2003. The matter was argued at various hearings in 2015, but no order was issued. Following a change in the incumbent official holding the position of Special Director of DOE (the “Special Director”), the matter resumed in 2018 and several additional hearings were conducted.

On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $125 million. Of this amount, $120 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. In November 2022, YRIPL was notified that an administrative tribunal bench had been constituted to hear an appeal by DOE of certain findings of the January 2020 order, including claims that certain charges had been wrongly dropped and that an insufficient amount of penalty had been imposed. A hearing with the administrative tribunal scheduled for February 18, 2026 has been rescheduled to May 21, 2026. A hearing scheduled for December 10, 2025, before the Delhi High Court has been continued to May 5, 2026, and the stay order remains in effect. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable.

Other Matters

We are currently engaged in various other legal proceedings and have certain unresolved claims pending, the ultimate liability for which, if any, cannot be determined at this time. However, based upon consultation with legal counsel, we are of the opinion that such proceedings and claims are not expected to have a material adverse effect, individually or in the aggregate, on our Consolidated Financial Statements.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income	$ 1,559	$ 1,486	$ 1,597

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Material Terms of Trading Arrangement

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Securities Trading Plans

During the three months ended December 31, 2025, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K, except as follows:

Name/Title

Type of Plan

Adoption Date

End Date

Aggregate Number of
Securities to be Sold

Plan Description

Christopher Turner / Chief Executive Officer

Rule 10b5-1 trading plan

November 14, 2025

January 29, 2027

3,420(1)

Sell Shares of Common Stock

Scott Mezvinsky /Chief Executive Officer, KFC Division

Rule 10b5-1 trading plan

November 10, 2025

January 29, 2027

5,791(2)

Exercise of Stock Appreciation Rights and Sale of Resulting Shares

(1)Represents the number of shares of common stock specified in the plan.

(2)Represents the number of shares of common stock underlying the stock appreciation rights awards specified in the plan. The actual number of shares of common stock to be received and sold following the exercise of the awards will depend upon the appreciation in the value of the awards and the number of shares withheld for any taxes.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Preparation

Principles of Consolidation and Basis of Preparation. Intercompany accounts and transactions have been eliminated in consolidation. We consolidate entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. We also consider for consolidation an entity, in which we have certain interests, where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it.

Our most significant variable interests are in certain entities that operate restaurants under our Concepts’ franchise arrangements. We do not have a significant equity interest in any of our franchisee businesses. Additionally, we do not typically provide significant financial support such as loans or guarantees to our franchisees. Thus, our most significant variable interests in franchisees result from real estate lease arrangements to which we are a party. At the end of 2025, YUM has future lease payments due from certain franchisees, on a nominal basis, of approximately $525 million, and we are secondarily liable on certain other lease agreements that have been assigned to certain franchisees (see the Lease Guarantees section in Note 20). As our franchise arrangements provide our franchisee entities the power to direct the activities that most significantly impact their economic performance, we do not consider ourselves the primary beneficiary of any such entity that might otherwise be considered a VIE.

We participate in various advertising cooperatives with our franchisees, typically within a country where we have both Company-owned restaurants and franchise restaurants, established to collect and administer funds contributed for use in advertising and promotional programs designed to increase sales and enhance the reputation of the Company and our Concepts. Contributions to the advertising cooperatives are required of both Company-owned, if any, and franchise restaurants and are generally based on a percentage of restaurant sales. We maintain certain variable interests in these cooperatives. As the cooperatives are required to spend all funds collected on advertising and promotional programs, total equity at risk is not sufficient to permit the cooperatives to finance their activities without additional subordinated financial support. Therefore, these cooperatives are VIEs. We consolidate certain of these cooperatives for which we are the primary beneficiary due to our voting rights.

Fiscal Year

Fiscal Year. YUM’s fiscal year begins on January 1 and ends December 31 of each year, with each quarter comprised of three months. The majority of our U.S. subsidiaries and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consists of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates.

Fiscal year 2024 included 53 weeks for our U.S. businesses and for our international subsidiaries that reported on a period calendar. See Note 5.

Foreign Currency

Foreign Currency. The functional currency of our foreign entities is the currency of the primary economic environment in which the entity operates. Functional currency determinations are made based upon a number of economic factors, including but not limited to cash flows and financing transactions. The operations, assets and liabilities of our entities outside the U.S. are initially measured using the functional currency of that entity. Income and expense accounts for our operations of these foreign entities are then translated into U.S. dollars at the average exchange rates prevailing during the period. Assets and liabilities of these foreign entities are then translated into U.S. dollars at exchange rates in effect at each period-end balance sheet date. As of December 31, 2025, net cumulative translation adjustment losses of $161 million are recorded in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheet.

The majority of our foreign currency net asset exposure is in countries where we have Company-owned restaurants. As we manage and share resources at the individual brand level within a country, cumulative translation adjustments are recorded and tracked at the foreign-entity level that represents the operations of our individual brands within that country. Translation adjustments recorded in AOCI are subsequently recognized as income or expense generally only upon sale of the related investment in a foreign entity, or upon a sale of assets and liabilities within a foreign entity that represents a complete or substantially complete liquidation of that foreign entity. For purposes of determining whether a sale or complete or substantially complete liquidation of an investment in a foreign entity has occurred, we consider those same foreign entities for which we record and track cumulative translation adjustments.

Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in Other (income) expense in our Consolidated Statements of Income.

Revenue Recognition

Revenue Recognition. Below is a discussion of how our revenues are earned, our accounting policies pertaining to revenue recognition under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”) and other required disclosures.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue transaction and collected from a customer are excluded from revenue.

Company Sales

Revenues from the sale of food items by Company-owned restaurants are recognized as Company sales when a customer purchases the food, which is when our obligation to perform is satisfied.

Franchise and Property Revenues

Franchise Revenues

Our most significant source of revenues arises from the operation of our Concepts’ stores by our franchisees. Franchise rights may be granted through a store-level franchise agreement or through a master franchise agreement that set out the terms of our arrangement with the franchisee. Our franchise agreements require that the franchisee remit continuing fees to us as a percentage of the applicable restaurant’s sales in exchange for the license of the intellectual property associated with our Concepts’ brands (the “franchise right”). Our franchise agreements also typically require certain, less significant, upfront franchise fees such as initial fees paid upon opening of a store, fees paid to renew the term of the franchise right and fees paid in the event the franchise agreement is transferred to another franchisee.

Continuing fees represent the substantial majority of the consideration we receive under our franchise agreements. Continuing fees are typically billed and paid monthly and are usually 4% - 6% for store-level franchise agreements. Master franchise agreements allow master franchisees to operate restaurants as well as sub-franchise restaurants within certain geographic territories. The percentage of sales that we receive for restaurants owned or sub-franchised by our master franchisees as a continuing fee is typically less than the percentage we receive for restaurants operating under a store-level franchise agreement. Based on the application of the sales-based royalty exception within Topic 606 continuing fees are recognized as the related restaurant sales occur.

Upfront franchise fees are typically billed and paid when a new franchise or sub-franchise agreement becomes effective or when an existing agreement is transferred to another franchisee or sub-franchisee. We have determined that the services we provide in exchange for upfront franchise fees, which primarily relate to pre-opening support, are highly interrelated with the franchise right and are not individually distinct from the ongoing services we provide to our franchisees. As a result, upfront franchise fees are recognized as revenue over the term of each respective franchise or sub-franchise agreement. Revenues for these upfront franchise fees are recognized on a straight-line basis, which is consistent with the franchisee’s or sub-franchisee’s right to use and benefit from the intellectual property.

Additionally, from time-to-time we provide consideration to franchisees in the form of cash (e.g. cash payments to offset new build costs) or other incentives (e.g. free or subsidized equipment) with the intent to drive new unit development or same-store sales growth that will result in higher future revenues for the Company. Such payments are capitalized and presented within Prepaid expense and other current assets or Other assets. These assets are being amortized as a reduction in Franchise and property revenues over the period of expected cash flows from the franchise agreements to which the payment relates and are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of these incentive assets may not be recoverable.

Property Revenues

From time to time, we enter into rental agreements with franchisees for the lease or sublease of restaurant locations. These rental agreements typically originate from refranchising transactions and revenues related to the agreements are recognized as they are earned. Amounts owed under the rental agreements are typically billed and paid on a monthly basis. Related expenses are presented as Franchise and property expenses within our Consolidated Statements of Income and primarily include depreciation or, in the case of a sublease, rent expense.

Franchise Contributions for Advertising and Other Services

Advertising Cooperatives

We have determined we act as a principal in the transactions entered into by the advertising cooperatives we are required to consolidate based on our responsibility to define the nature of the goods or services provided and/or our commitment to pay for advertising services in advance of the related franchisee contributions. Additionally, we have determined the advertising services provided to franchisees are highly interrelated with the franchise right and therefore not distinct. Franchisees remit to these consolidated advertising cooperatives a percentage of restaurant sales as consideration for providing the advertising services. As a result, revenues for advertising services are recognized when the related franchise restaurant sales occur based on the application of the sales-based royalty exception within Topic 606. Revenues for these services are typically billed and received on a monthly basis.

Other Goods or Services

On a much more limited basis, we provide goods or services to certain franchisees that are individually distinct from the franchise right because they do not require integration with other goods or services we provide. Such arrangements typically relate to technology, supply chain and quality assurance services. The extent to which we provide such goods or services varies by brand, geographic region and, in some instances, franchisee. In instances where we rely on third parties to provide goods or services to franchisees at our direction, we have determined we act as a principal in these transactions and recognize related revenues as the goods or services are transferred to the franchisee.

Franchise Support Costs

Franchise Support Costs. Certain direct costs of our franchise operations are charged to Franchise and property expenses. These costs include provisions for estimated uncollectible upfront and continuing fees, rent or depreciation expense associated with restaurants we lease or sublease to franchisees, marketing funding on behalf of franchisees, amortization expense for franchise-related intangible assets, value added taxes on royalties and certain other direct incremental franchise support costs.

The costs we incur to provide support services to our franchisees for which we do not receive a reimbursement are charged to General and administrative expenses (“G&A”) as incurred. Expenses related to the provisioning of goods or services for which we receive reimbursement for all or substantially all of the expense amount from a franchisee are recorded in Franchise advertising and other services expense (the associated revenue is recorded within Franchise contributions for advertising and other services as described above). The majority of these reimbursed expenses relate to advertising and are incurred on behalf of franchisees by the advertising cooperatives we are required to consolidate. These expenses are accounted for as described in the Advertising Costs policy below. For such expenses that do not relate to advertising the expenses are recognized as incurred.

Direct Marketing Costs

Advertising Costs. To the extent we participate in advertising cooperatives, we, like our participating franchisees, are required to make contributions. Our contributions are based on a percentage of sales of our participating Company restaurants. These contributions as well as direct marketing costs we may incur outside of a cooperative related to Company restaurants are recorded within Company restaurant expenses. Advertising expense included in Company restaurant expenses totaled $134 million, $112 million and $81 million in 2025, 2024 and 2023, respectively.

To the extent we consolidate advertising cooperatives, we incur advertising expense as a result of our obligation to spend franchisee contributions to those cooperatives (see above for our accounting for these contributions). Such advertising expense is recorded in Franchise advertising and other services expense and totaled $1,335 million, $1,277 million and $1,293 million in 2025, 2024 and 2023, respectively. At the end of each fiscal year additional advertising costs are accrued to the extent advertising revenues exceed the related advertising expense to date, as we are obligated to expend such amounts on advertising.

From time to time, we may make the decision to incur discretionary advertising expenditures on behalf of franchised restaurants. Such amounts are recorded within Franchise and property expenses and totaled $12 million, $12 million and $13 million in 2025, 2024 and 2023, respectively.

To the extent the advertising cooperatives we are required to consolidate are unable to collect amounts due from franchisees they incur bad debt expense. In 2025, 2024 and 2023, such amounts totaled $11 million, $15 million and $3 million, respectively. To the extent our consolidated advertising cooperatives have a provision or recovery for bad debt expense, the cooperative’s advertising spend obligation is adjusted such that there is no net impact within our Financial Statements.

Share-Based Employee Compensation

Share-Based Employee Compensation. We recognize ongoing share-based payments to employees, including grants of stock appreciation rights (“SARs”) and restricted stock units (“RSUs”), in the Consolidated Financial Statements as compensation cost over the service period based on their fair value on the date of grant. This compensation cost is recognized over the service period on a straight-line basis, net of an assumed forfeiture rate, for awards that actually vest. Forfeiture rates are estimated at grant date based on historical experience and compensation cost is adjusted in subsequent periods for differences in actual forfeitures from the previous estimates. We present this compensation cost consistent with the other compensation costs for the employee recipient in G&A, Franchise advertising and other services expense or Company restaurant expenses. See Note 16 for further discussion of our share-based compensation plans.

Legal Costs

Legal Costs. Settlement costs are accrued when they are deemed probable and reasonably estimable. Anticipated legal fees related to self-insured workers’ compensation, employment practices liability, general liability, automobile liability, product liability and property losses (collectively, “property and casualty losses”) are accrued when deemed probable and reasonably estimable. Legal fees not related to self-insured property and casualty losses are recognized as incurred. See Note 20 for further discussion of our legal proceedings.

Impairment or Disposal of Property, Plant and Equipment

Impairment or Disposal of Long-Lived Assets. Long-lived assets, including Property, plant and equipment (“PP&E”) as well as right-of-use operating lease assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assets are not recoverable if their carrying value is less than the undiscounted cash flows we expect to generate from such assets. If the assets are not deemed to be recoverable, impairment is measured based on the excess of their carrying value over their fair value.

For purposes of impairment testing for our restaurants, we have concluded that an individual restaurant is the lowest level of independent cash flows unless it is more likely than not that we will refranchise restaurants as a group. We review our long-lived assets of such individual restaurants (primarily PP&E, right-of-use operating lease assets and allocated intangible assets subject to amortization) that we intend to continue operating as Company restaurants annually for impairment, or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We use two consecutive years of operating losses as our primary indicator of potential impairment for our annual impairment testing of these restaurant assets. We evaluate the recoverability of these restaurant assets by comparing the estimated undiscounted future cash flows, which are based on our entity-specific assumptions, to the carrying value of such assets. For restaurant assets that are not deemed to be recoverable, we write-down an impaired restaurant to its estimated fair value, which becomes its new cost basis. Individual restaurant-level impairment is recorded within Other (income) expense. Any operating lease right-of-use asset may alternatively be valued at the amount we could receive for such right-of-use asset from a third-party that is not a franchisee through a sublease if doing so would result in less overall impairment of the restaurant assets in total.

In executing our refranchising initiatives, we most often offer groups of restaurants for sale. When we believe it is more likely than not a restaurant or groups of restaurants will be refranchised for a price less than their carrying value, but do not believe the restaurant(s) have met the criteria to be classified as held for sale, we review the restaurants for impairment. We evaluate the recoverability of these restaurant assets by comparing estimated sales proceeds plus holding period cash flows, if any, to the carrying value of the restaurant or group of restaurants. For restaurant assets that are not deemed to be recoverable, we recognize impairment for any excess of carrying value over the fair value of the restaurants, which is based on the expected net sales proceeds. To the extent ongoing agreements to be entered into with the franchisee simultaneous with the refranchising are expected to contain terms, such as royalty rates or rental payments, not at prevailing market rates, we consider the off-market terms in our impairment evaluation. We recognize any such impairment charges in Refranchising (gain) loss. We recognize gains on restaurant refranchisings when the sale transaction closes and control of the restaurant operations have transferred to the franchisee.

When we decide to close a restaurant, it is reviewed for impairment, which includes an estimate of sublease income that could be reasonably obtained, if any, in relation to the right-of-use operating lease asset. Additionally, depreciable lives are adjusted based on the expected disposal date. Other costs incurred when closing a restaurant such as costs of disposing of the assets as well as other facility-related expenses from previously closed stores are generally expensed as incurred. Any costs related to a store closure as well as any changes in estimates of sublease income or subsequent adjustments to liabilities for remaining lease obligations as a result of lease termination are recorded in Other (income) expense. To the extent we sell assets, primarily land, associated with a closed store, any gain or loss upon that sale is also recorded in Other (income) expense.

Management judgment is necessary to estimate future cash flows, including cash flows from continuing use, terminal value, sublease income and refranchising proceeds. Accordingly, actual results could vary significantly from our estimates.

Guarantees

Guarantees. We recognize, at inception of a guarantee, a liability for the fair value of certain obligations undertaken, in addition to a liability for the expected credit losses under the life of such guarantees.

The majority of our guarantees are issued as a result of assigning our interest in obligations under operating leases as a condition to the refranchising of certain Company restaurants. We recognize a liability for such lease guarantees upon refranchising and upon subsequent renewals of such leases when we remain secondarily liable. The related expense and any subsequent changes are included in Refranchising (gain) loss. Any expense and subsequent changes in the guarantee liability for other franchise support guarantees not associated with a refranchising transaction are included in Franchise and property expenses.

Income Taxes

Income Taxes. We record deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences or carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in our Income tax provision in the period that includes the enactment date. Additionally, in determining the need for recording a valuation allowance against the carrying amount of deferred tax assets, we consider the amount of taxable income and periods over which

it must be earned, actual levels of past taxable income and known trends and events or transactions that are expected to affect future levels of taxable income. Where we determine that it is more likely than not that all or a portion of an asset will not be realized, we record a valuation allowance.

We recognize the benefit of positions taken or expected to be taken in our tax returns in our Income tax provision when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement with the taxing authorities. We evaluate these amounts on a quarterly basis to ensure that they have been appropriately adjusted for audit settlements and other events we believe may impact the outcome. Changes in judgment that result in subsequent recognition, derecognition or a change in measurement of a tax position taken in a prior annual period (including any related interest and penalties) are recognized as a discrete item in the interim period in which the change occurs. We recognize accrued interest and penalties related to unrecognized tax benefits as components of our income tax provision.

We do not record a deferred tax liability for unremitted earnings of our foreign subsidiaries to the extent that the earnings meet the indefinite reversal criteria. This criteria is met if the foreign subsidiary has invested, or will invest, the earnings indefinitely. The decision as to the amount of unremitted earnings that we intend to maintain in non-U.S. subsidiaries considers items including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans and expected cash requirements in the U.S.

See Note 18 for a further discussion of our income taxes.

Fair Value Measurements

Fair Value Measurements. Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. For those assets and liabilities we record or disclose at fair value, we determine fair value based upon the quoted market price, if available. If a quoted market price is not available for identical assets, we determine fair value based upon the quoted market price of similar assets or the present value of expected future cash flows considering the risks involved, including counterparty performance risk if appropriate, and using discount rates appropriate for the duration. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation.


Level 1			Inputs based upon quoted prices in active markets for identical assets.

Level 2			Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly.

Level 3			Inputs that are unobservable for the asset.

Cash and Cash Equivalents

Cash and Cash Equivalents. Cash equivalents represent funds we have temporarily invested (with original maturities not exceeding three months), including short-term, highly liquid debt securities. Cash and overdraft balances that meet the criteria for right of setoff, including balances related to our notional pooling arrangements, are presented net on our Consolidated Balance Sheets and Statements of Cash Flows.

Receivables

Receivables. The Company’s receivables are primarily generated based on our franchisees' sales, including contributions due to advertising cooperatives we consolidate. These receivables from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net on our Consolidated Balance Sheet and are presented net of expected credit losses. Expected credit losses for uncollectible franchisee receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions we consider include pre-defined aging criteria as well as specified events that indicate we may not collect the balance due, including foreign currency control restrictions that may exist. Reasonable and supportable forecasts used in determining the probability of future collection may also consider publicly available data regarding default probability. While we use the best information available in making our determination, the ultimate recovery of recorded receivables is dependent upon future economic events and other conditions that may be beyond our control. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts.

We recorded $27 million, $28 million and $4 million of net bad debt expense in 2025, 2024 and 2023, respectively, within Franchise and property expenses related to continuing fees, upfront fees and rent receivables from our franchisees.

Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2025 and 2024, respectively, are as follows:


	2025		2024
Accounts and notes receivable	$	901	$	849
Allowance for doubtful accounts	(60)		(74)
Accounts and notes receivable, net	$	841	$	775

Our financing receivables primarily consist of notes receivables and direct financing leases with franchisees which we enter into from time-to-time. As these receivables primarily relate to our ongoing business agreements with franchisees, we consider such receivables to have similar risk characteristics and evaluate them as one collective portfolio segment and class for determining the allowance for doubtful accounts. Balances of notes receivable and direct financing leases due within one year are included in Accounts and notes receivable, net while amounts due beyond one year are included in Other assets. Amounts included in Other assets totaled $53 million (net of an allowance of less than $10 million) and $56 million (net of an allowance of less than $1 million) at December 31, 2025 and December 31, 2024, respectively. Financing receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. Interest income recorded on financing receivables has historically been insignificant.

Accounts and notes receivable, net

Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2025 and 2024, respectively, are as follows:


	2025		2024
Accounts and notes receivable	$	901	$	849
Allowance for doubtful accounts	(60)		(74)
Accounts and notes receivable, net	$	841	$	775

Property, Plant and Equipment

Property, Plant and Equipment. PP&E is carried net of accumulated depreciation and amortization. We calculate depreciation and amortization on a straight-line basis over the estimated useful lives of the assets as follows: 5 to 25 years for buildings and leasehold improvements and 3 to 20 years for machinery and equipment. We suspend depreciation and amortization on assets that are held for sale.

Leases and Leasehold Improvements

Leases and Leasehold Improvements. We lease land, buildings or both for certain of our Company-operated restaurants and restaurant support centers worldwide. Rent expense for leased Company-operated restaurants is presented in our Consolidated Statements of Income within Company restaurant expenses and rent expense for restaurant support centers is presented within G&A. The length of our lease terms, which vary by country and often include renewal options, are an important factor in determining the appropriate accounting for leases including the initial classification of the lease as finance or operating as well as the timing of recognition of rent expense over the duration of the lease. We include renewal option periods in determining the term of our leases when failure to renew the lease would impose a penalty on the Company in such an amount that a renewal appears to be reasonably certain at the commencement of the lease. The primary penalty to which we are subject is the economic detriment associated with the existence of leasehold improvements that might be impaired if we choose not to continue the use of the leased property. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. We generally do not receive leasehold improvement incentives upon opening a store that is subject to a lease. We expense rent associated with leased land or buildings while a restaurant is being constructed whether rent is paid or we are subject to a rent holiday. Our leasing activity for other assets, including equipment, is not significant.

Right-of-use assets and liabilities are recognized upon lease commencement for operating and finance leases based on the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Subsequent reductions in the right-of-use asset and accretion of the lease liability for an operating lease are recognized as a single lease cost, on a straight-line basis, over the lease term. For finance leases, the right-of-use asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. As the discount rate implicit in most of our leases is not readily determinable, we use our group incremental secured borrowing rate based on the information available at commencement date, including the lease term and currency, in determining the present value of lease payments for both operating and finance leases. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet; we recognize rent expense for these leases on a straight-line basis over the lease term.

Right-of-use assets are assessed for impairment in accordance with our long-lived asset impairment policy, which is performed annually for restaurant-level assets or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We reassess lease classification and remeasure right-of-use assets and lease liabilities when a lease is modified and that modification is not accounted for as a separate new lease or upon certain other events that require reassessment. The difference between operating lease single lease cost recognized in our Consolidated Statements of Income and cash payments for operating leases is recognized within Other, net within Net Cash Provided by Operating Activities in our Consolidated Statements of Cash Flows.

In certain instances, we lease or sublease certain restaurants to franchisees. Our lessor and sublease portfolio primarily consists of stores that have been leased to franchisees subsequent to refranchising transactions. Our most significant leases with lease and non-lease components are leases with our franchisees that include both the right to use a restaurant as well as a license of the intellectual property associated with our Concepts’ brands. For these leases, which are primarily classified as operating leases, we account for the lease and non-lease components separately. Revenues from rental agreements with franchisees are presented within Franchise and property revenues in our Consolidated Statements of Income and related expenses (e.g. depreciation and rent expense) are presented within Franchise and property expenses.

Goodwill and Intangible Assets

Goodwill and Intangible Assets. From time-to-time, the Company acquires restaurants from one of our Concept’s franchisees or acquires another business. Goodwill from these acquisitions represents the excess of the cost of a business acquired over the net of the amounts assigned to assets acquired, including identifiable intangible assets, and liabilities assumed. Goodwill is not amortized and has been assigned to reporting units for purposes of impairment testing. Our reporting units are our business units (which are aligned based on geography) in our KFC, Taco Bell, Pizza Hut and Habit Burger & Grill Divisions.

We evaluate goodwill for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairment might exist. We have selected the beginning of our fourth quarter as the date on which to perform our ongoing annual impairment test for goodwill. We may elect to perform a qualitative assessment for our reporting units to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. An impairment charge to goodwill is recognized based on the excess of a reporting unit’s carrying amount over its fair value.

If we record goodwill upon acquisition of a restaurant(s) from a franchisee and such restaurant(s) is then sold within two years of acquisition, the goodwill associated with the acquired restaurant(s) is written off in its entirety. When we refranchise restaurants, or if a previously acquired restaurant is refranchised two years or more subsequent to its acquisition, we include goodwill in the carrying amount of the restaurants disposed of based on the relative fair values of the portion of the reporting unit disposed of in the refranchising and the portion of the reporting unit that will be retained.

We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. If an intangible asset that is not being amortized is subsequently determined to have a finite useful life, we amortize the intangible asset prospectively over its estimated remaining useful life. Intangible assets that are deemed to have a finite life are amortized on a straight-line basis to their residual value.

We evaluate our indefinite-lived intangible assets for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairments might exist. We perform our annual test for impairment of our indefinite-lived intangible assets at the beginning of our fourth quarter. We may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of an indefinite-lived intangible asset exceeds its carrying value, then the asset’s fair value is compared to its carrying value. An impairment charge is recognized based on the excess of an indefinite-lived intangible asset's carrying amount over its fair value.

Our finite-lived intangible assets, including capitalized software, that are not allocated to an individual restaurant are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. An intangible asset that is deemed not recoverable on an undiscounted basis is written down to its estimated fair value. Once these assets are fully amortized and it is determined that we are no longer deriving economic benefit from ownership of the asset, the cost basis and accumulated amortization are written off.

Capitalized Software. We state capitalized software at cost less accumulated amortization within Intangible assets, net on our Consolidated Balance Sheets. Software development costs primarily include costs to develop software to be used to meet internal needs and costs to develop cloud-based solutions used to deliver our software services for use in our Company restaurants or by our franchisees. We capitalize development costs related to software developed for our internal needs and such cloud-based solutions once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. We calculate amortization on a straight line basis over the estimated useful life of the software which generally ranges from 3 to 5 years upon initial capitalization. Customer facing software is typically amortized over a useful life at the shorter end of this range, while back office and corporate systems may have a longer useful life.

Derivative Financial Instruments

Derivative Financial Instruments. We use derivative instruments primarily to hedge interest rate and foreign currency risks, and to reduce our exposure to market-driven charges in certain of the liabilities associated with employee compensation deferrals into our Executive Income Deferral (“EID”) Plan. These derivative contracts are entered into with financial institutions. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use.

We record all derivative instruments on our Consolidated Balance Sheet at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately.

As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At December 31, 2025 and December 31, 2024, all of the counterparties to our derivative instruments had investment grade ratings according to the three major ratings agencies. To date, all counterparties have performed in accordance with their contractual obligations.

Common Stock Share Repurchases

Common Stock Share Repurchases. From time-to-time, we repurchase shares of our Common Stock under share repurchase programs authorized by our Board of Directors. Shares repurchased constitute authorized, but unissued shares under the North Carolina laws under which we are incorporated. Additionally, our Common Stock has no par or stated value. Accordingly, we record the full value of share repurchases, or other deductions to Common Stock such as shares cancelled upon employee share-based award exercises, upon the trade date against Common Stock on our Consolidated Balance Sheet except when to do so would result in a negative balance in such Common Stock account. In such instances, on a period basis, we record the cost of any further share repurchases or other deductions to Common Stock as an addition to Accumulated deficit. Due to the large number of share repurchases of our stock in certain years, our Common Stock balance can be zero at the end of any period. Accordingly, $519 million, $368 million and $26 million in share repurchases in 2025, 2024 and 2023, respectively, were recorded as an addition to Accumulated deficit. Additionally, we recorded $4 million and $2 million of excise tax related to share repurchases in 2025 and 2024, respectively, as additions to Accumulated deficit. See Note 17 for additional information on our share repurchases.

Pension and Post-retirement Medical Benefits

Pension and Post-retirement Medical Benefits. We measure and recognize the overfunded or underfunded status of our pension and post-retirement plans as an asset or liability in our Consolidated Balance Sheet as of our fiscal year end. The funded status represents the difference between the projected benefit obligations (“PBOs”) and the fair value of plan assets, which is calculated on a plan-by-plan basis. The PBO and related funded status are determined using assumptions as of the end of each year. The PBO is the present value of benefits earned to date by plan participants, including the effect of future salary increases, as applicable. The difference between the PBO and the fair value of plan assets that has not previously been recognized in our Consolidated Statement of Income is recorded as a component of AOCI.

The net periodic benefit costs associated with the Company’s defined benefit pension and post-retirement medical plans are determined using assumptions regarding the PBO and, for funded plans, the market-related value of plan assets as of the beginning of each year, or remeasurement period if applicable. The service cost component of net periodic benefit costs is primarily recorded in G&A. Non-service cost components are recorded in Other pension (income) expense. We have elected to use a market-related value of plan assets to calculate the expected return on assets, net of administrative and investment fees paid from plan assets, in net periodic benefit costs. For each individual plan we amortize into pension expense the net amounts in AOCI, as adjusted for the difference between the fair value and market-related value of plan assets, to the extent that such amounts exceed 10% of the greater of a plan’s PBO or market-related value of assets, over the remaining service period of active participants in the plan or, for plans with no active participants, over the expected average life expectancy of the inactive participants in the plan. The market-related value of plan assets is the fair value of plan assets as of the beginning of each year adjusted for variances between actual returns and expected returns. We attribute such variances to the market-related value of plan assets evenly over five years.

We record a curtailment when an event occurs that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees. We record a curtailment gain when the employees who are entitled to the benefits terminate their employment; we record a curtailment loss when it becomes probable a loss will occur. We recognize settlement gains or losses only when we have determined that the cost of all settlements in a year will exceed the sum of the service and interest costs within an individual plan.

Recent Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which updates income tax disclosure requirements related to the income tax rate reconciliation and requires disclosure of income taxes paid by jurisdiction. We adopted this standard for the fiscal year ended December 31, 2025. See Note 18.

Reclassifications

Reclassifications. We have reclassified certain items in the Consolidated Financial Statements for prior periods to be comparable with the classification for the fiscal year ended December 31, 2025. These reclassifications had no effect on previously reported Net Income.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2025 and 2024, respectively, are as follows:


	2025		2024
Accounts and notes receivable	$	901	$	849
Allowance for doubtful accounts	(60)		(74)
Accounts and notes receivable, net	$	841	$	775

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Business Acquisitions, by Acquisition

The components of the final purchase price allocation, subsequent to the adjustments to the allocation in the quarter ended June 30, 2025, were as follows:


Total Current Assets	$	2
Property, plant and equipment, net	99
Reacquired franchise rights (included in Intangible assets, net)	48
Operating lease right-of-use assets (included in Other assets)	124
Total Identifiable Assets	273
Total Current Liabilities	(30)
Operating lease liabilities (included in Other liabilities and deferred credits)	(115)
Other liabilities	(41)
Total Liabilities Assumed	(186)
Total identifiable net assets	87
Goodwill	90
Purchase price to be allocated	$	177

The cumulative adjustments to the preliminary estimate of identifiable net assets acquired and consideration transferred (as recorded in the June 30, 2024 quarter of acquisition) resulted in a corresponding $14 million increase in estimated goodwill due to the following changes to the preliminary purchase price allocation.


	Increase (Decrease) in Goodwill
Increase in Property, plant and equipment, net	$	(11)
Increase in Reacquired franchise rights	(1)
Increase in Operating lease right-of-use assets	(15)
Increase in Total Current Liabilities	12
Increase in Operating lease liabilities	13
Increase in Other liabilities	10
Increase in consideration	6
Total increase in Goodwill	$	14

Earnings Per Common Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share


	2025		2024		2023
Net Income	$	1,559	$	1,486	$	1,597
Weighted-average common shares outstanding (for basic calculation)	279		282		281
Effect of dilutive share-based employee compensation	2		3		4
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)	281		285		285

Basic EPS	$	5.59	$	5.28	$	5.68

Diluted EPS	$	5.55	$	5.22	$	5.59
Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation(a)	1.3		1.7		1.7

(a) These unexercised employee SARs, RSUs, performance share units ("PSUs") and stock options were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Disaggregation of Revenue [Table Text Block]


	2025
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
U.S.
Company sales	$	106	$	1,272	$	33	$	555	$	1,966
Franchise revenues	189		960		263		8		1,421
Property revenues	13		36		4		3		56
Franchise contributions for advertising and other services	47		740		292		3		1,082

China
Franchise revenues	274		—		69		—		343

Other
Company sales	951		8		19		—		978
Franchise revenues	1,285		63		265		—		1,613
Property revenues	45		—		1		—		47
Franchise contributions for advertising and other services	632		14		68		—		714
	$	3,542	$	3,095	$	1,013	$	570	$	8,220	(a)

(a) Does not include charges of $7 million to Unallocated franchise and property revenues primarily associated with our Pizza Hut Strategic Options Review during the year ended December 31, 2025. See Note 5.


	2024
		KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
U.S.
Company sales		$	75	$	1,154	$	8	$	588	$	1,825
Franchise revenues		194		899		289		7		1,389
Property revenues		14		39		4		2		59
Franchise contributions for advertising and other services		45		697		315		3		1,060

China
Franchise revenues		259		1		67		—		327

Other
Company sales		726		1		—		—		727
Franchise revenues		1,172		58		261		—		1,491
Property revenues		46		—		1		—		47
Franchise contributions for advertising and other services		568		11		63		—		642
		$	3,099	$	2,860	$	1,008	$	600	$	7,567	(b)

(b) Does not include charges of $18 million to Unallocated franchise and property revenues associated with the Turkey termination during the year ended December 31, 2024. See Note 5.


	2023
		KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
U.S.
Company sales		$	67	$	1,069	$	14	$	575	$	1,725
Franchise revenues		205		822		284		7		1,318
Property revenues		14		42		4		2		62
Franchise contributions for advertising and other services		36		645		318		2		1,001

China
Franchise revenues		250		—		66		—		316

Other
Company sales		417		—		—		—		417
Franchise revenues		1,178		54		266		—		1,498
Property revenues		51		—		2		—		53
Franchise contributions for advertising and other services		612		9		65		—		686
		$	2,830	$	2,641	$	1,019	$	586	$	7,076

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]


	Deferred Franchise Fees
Balance at December 31, 2023	$	444
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(82)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	85

Other(a)	(9)
Balance at December 31, 2024	$	438
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(86)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	85
Other(b)	6
Balance at December 31, 2025	$	443

(a) Primarily includes the settlement of a preexisting contractual relationship related to the KFC U.K. and Ireland restaurant acquisition (see Note 3) and the impact of foreign currency translation.

(b) Primarily includes the impact of foreign currency translation.

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows:


Less than 1 year	$	76
1 - 2 years	68
2 - 3 years	60
3 - 4 years	52
4 - 5 years	45
Thereafter	142
Total	$	443

Supplemental Cash Flow Data (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Cash paid for interest and income taxes, and significant non-cash investing and financing activities


	2025		2024		2023
Cash Paid For:
Interest	$	516	$	510	$	526
Income taxes(a)	405		494		432


Reconciliation of Cash and cash equivalents to Consolidated Statements of Cash Flows:
Cash and cash equivalents as presented in Consolidated Balance Sheets	$	709	$	616	$	512
Restricted cash included in Prepaid expenses and other current assets(b)	192		155		177
Restricted cash and restricted cash equivalents included in Other assets(c)	23		36		35
Cash, Cash Equivalents and Restricted Cash as presented in Consolidated Statements of Cash Flows	$	923	$	807	$	724

(a)Cash paid for income taxes include withholding taxes paid on behalf of YUM by franchisees of $139 million, $138 million and $129 million during the years ended December 31, 2025, 2024 and 2023, respectively.

(b)Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments (see Note 11).

(c)Primarily trust accounts related to our self-insurance program.

Other (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other (Income) Expense Table


	2025		2024		2023
Foreign exchange net (gain) loss	$	(5)	$	6	$	5
Impairment and closure expense	16		13		12
Other(a)	(9)		15		(3)
Other (income) expense	$	2	$	34	$	14

(a)The year ended December 31, 2024, includes a charge of $37 million related to the German acquisition and Turkey termination (see Note 5).

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Balance Sheet Information Disclosure [Abstract]

Prepaid Expenses and Other Current Assets


Prepaid Expenses and Other Current Assets	2025		2024
Income tax receivable	$	114	$	55
Restricted cash	192		155
Short term investments	—		91
Assets held for sale(a)	1		21
Prepaid expenses	119		100
Other current assets	64		58
Prepaid expenses and other current assets	$	490	$	480

Property, Plant and Equipment


Property, Plant and Equipment	2025		2024
Land	$	381	$	383
Buildings and improvements	1,622		1,512
Finance leases, primarily buildings	163		79
Machinery, equipment and other	924		714
Property, plant and equipment, gross	3,091		2,688
Accumulated depreciation and amortization	(1,485)		(1,384)
Property, plant and equipment, net	$	1,605	$	1,304

Schedule of Other Assets


Other Assets	2025		2024
Operating lease right-of-use assets	$	1,213	$	881
Franchise incentives	209		144
Other	286		304
Other assets	$	1,708	$	1,329

Accounts Payable and Other Current Liabilities


Accounts Payable and Other Current Liabilities	2025		2024
Accounts payable	$	292	$	249
Accrued compensation and benefits	285		242
Accrued advertising	133		126
Operating lease liabilities	105		91
Accrued interest	86		84
Gift card liability	81		74
Liabilities held for sale(a)	—		12
Other current liabilities	450		333
Accounts payable and other current liabilities	$	1,433	$	1,211

(a) Assets and liabilities held for sale reflect the carrying value of restaurants we have offered for sale to franchisees and excess properties that we do not intend to use for restaurant operations in the future.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill are as follows:


	KFC		Taco Bell		Pizza Hut		Habit Burger & Grill		Worldwide






























































Goodwill, net as of December 31, 2023(a)	$	226	$	98	$	252	$	66	$	642
Acquisitions(b)	98		—		—		—		98
Disposals and other, net(c)	(3)		—		(1)		—		(4)
Goodwill, net as of December 31, 2024(a)	$	321	$	98	$	251	$	66	$	736
Acquisitions(d)	16		202		1		—		220
Disposals and other, net(c)	12		—		3		(2)		14
Goodwill, net as of December 31, 2025(a)	$	349	$	300	$	256	$	64	$	969

(a)Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger & Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented.

(b)Primarily relates to the acquisition from a franchisee of KFC restaurants in the U.K. and Ireland. See Note 3.

(c)Disposals and other, net includes the impact of foreign currency translation on existing balances and goodwill write-offs associated with refranchising.

(d)Primarily relates to the acquisition from a franchisee of Taco Bell restaurants in the Southeast U.S. See Note 3.

^[1],[2]

Schedule Of Finite And Indefinite Lived Intangible Assets By Major Class

Intangible assets, net for the years ended 2025 and 2024 are as follows:


	2025				2024
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets
Capitalized software costs	$	536	$	(324)	$	479	$	(266)
Reacquired franchise rights	577		(33)		59		(10)
Franchise contract rights	26		(24)		26		(24)
Other	20		(17)		20		(16)
	$	1,159	$	(398)	$	584	$	(316)

Indefinite-lived intangible assets
KFC trademark	$	31			$	31
Habit Burger & Grill brand asset	96				96
Other	21				21
	$	148			$	148

[1]	Primarily relates to the acquisition from a franchisee of KFC restaurants in the U.K. and Ireland. See Note 3. (c)Disposals and other, net includes the impact of foreign currency translation on existing balances and goodwill write-offs associated with refranchising. (d)Primarily relates to the acquisition from a franchisee of Taco Bell restaurants in the Southeast U.S. See Note 3.
[2]	Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger & Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Schedule of Debt [Table Text Block]

Short-term Borrowings and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]


	2025		2024
Short-term Borrowings
Current maturities of long-term debt	$	39	$	29
Other	2		—
	41		29
Less current portion of debt issuance costs and discounts	(3)		(2)
Short-term borrowings	$	38	$	27

Long-term Debt
Securitization Notes	$	4,306	$	3,743
Subsidiary Senior Unsecured Notes	750		750
Revolving Facility	300		350
Term Loan A Facility	494		500
Term Loan B Facility	1,429		1,444
YUM Senior Unsecured Notes	4,550		4,550
Finance lease obligations (See Note 12)	148		67
	$	11,976	$	11,404
Less long-term portion of debt issuance costs and discounts	(66)		(69)
Less current maturities of long-term debt	(39)		(29)
Long-term debt	$	11,872	$	11,306

Securitization Notes issued that remain outstanding

The following table summarizes Securitization Notes outstanding at December 31, 2025:


				Interest Rate
Issuance Date	Anticipated Repayment Date(a)	Outstanding Principal (in millions)		Stated		Effective(b)
November 2018	November 2028	$	595	4.940	%	5.06	%
August 2021	February 2027	$	884	1.946	%	2.11	%
August 2021	February 2029	$	590	2.294	%	2.42	%
August 2021	August 2031	$	737	2.542	%	2.64	%
September 2025	August 2030	$	1,000	4.821	%	5.04	%
September 2025	August 2032	$	500	5.049	%	5.21	%

(a)The legal final maturity dates of the Securitization Notes issued in 2018, 2021 and 2025 are November 2048, August 2051 and August 2055, respectively. If the Issuer has not repaid or refinanced a series of Securitization Notes prior to its respective Anticipated Repayment Dates, rapid amortization of principal on all Securitization Notes will occur and additional interest will accrue on the Securitization Notes.

(b)Includes the effects of the amortization of any discount and debt issuance costs.

Senior Unsecured Notes issued that remain outstanding

The following table summarizes all YUM Senior Unsecured Notes issued that remain outstanding at December 31, 2025:


				Interest Rate
Issuance Date	Maturity Date	Principal Amount (in millions)		Stated		Effective(a)
October 2007	November 2037	$	325	6.88	%	7.45	%
October 2013	November 2043	$	275	5.35	%	5.42	%
September 2019	January 2030	$	800	4.75	%	4.90	%
September 2020	March 2031	$	1,050	3.63	%	3.77	%
April 2021	January 2032	$	1,100	4.63	%	4.77	%
April 2022	April 2032	$	1,000	5.38	%	5.53	%

(a)Includes the effects of the amortization of any (1) premium or discount; (2) debt issuance costs; and (3) gain or loss upon settlement of related treasury locks and forward starting interest rate swaps utilized to hedge the interest rate risk prior to debt issuance.

Annual maturities of short-term borrowings and long-term debt excluding capital lease obligations and derivative instrument adjustments

The annual maturities of all Short-term borrowings and Long-term debt as of December 31, 2025, excluding finance lease obligations of $148 million and debt issuance costs and discounts of $69 million are as follows:


Year ended:
2026	$	28
2027	1,668
2028	2,019
2029	1,327
2030	1,800
Thereafter	4,987
Total	$	11,828

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease, Cost


	2025		2024		2023
Operating lease cost	$	158	$	135	$	130
Finance lease cost
Amortization of right-of-use assets	7		7		6
Interest on lease liabilities	4		2		2
Total finance lease cost	$	11	$	9	$	8
Sublease income	$	(49)	$	(48)	$	(51)

Condensed Cash Flow Statement


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	158	$	137	$	127
Operating cash flows from finance leases	4		2		2
Financing cash flows from finance leases	7		8		7
Right-of-use assets obtained in exchange for lease obligations(a)
Operating leases	414		247		127
Finance leases	84		26		6
Operating lease liabilities transferred through refranchising	(13)		(8)		(14)
Finance lease and other debt obligations transferred through refranchising	—		(1)		(5)

(a) The year ended December 31, 2025, includes $218 million and $71 million of operating and finance lease right-of-use assets, respectively, acquired as part of the Taco Bell Southeast U.S. restaurant acquisition (see Note 3).

The year ended December 31, 2024, includes $124 million and $22 million of operating and finance lease right-of-use assets, respectively, acquired as part of the KFC U.K. and Ireland restaurant acquisition (see Note 3).

Condensed Balance Sheet


	2025			2024			Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	$	1,213		$	881		Other assets
Finance lease right-of-use assets	128			49			Property, plant and equipment, net
Total right-of-use assets(a)	$	1,341		$	930

Liabilities
Current
Operating	$	105		$	91		Accounts payable and other current liabilities
Finance	11			8			Short-term borrowings
Non-current
Operating	1,174			862			Other liabilities and deferred credits
Finance	137			59			Long-term debt
Total lease liabilities(a)	$	1,427		$	1,020

Weighted-average Remaining Lease Term (in years)
Operating leases	12.6			10.9
Finance leases	17.4			14.8

Weighted-average Discount Rate
Operating leases	5.4		%	5.3		%
Finance leases	5.6		%	5.5		%

(a) U.S. operating lease right-of-use assets and liabilities totaled $846 million and $903 million, respectively, as of December 31, 2025, and $549 million and $615 million, respectively, as of December 31, 2024. These amounts primarily related to Taco Bell U.S. and Habit Burger & Grill leases related to Company-operated restaurants, leases related to franchise-operated restaurants we sublease and the Taco Bell and Habit Burger & Grill restaurant support center.

Future minimum commitments and amounts to be received as lessor or sublessor under non-cancelable leases

Future minimum lease payments, including rental payments for lease renewal options we are reasonably certain to exercise, and amounts to be received as lessor or sublessor as of December 31, 2025, were as follows:


	Commitments				Lease Receivables
	Finance		Operating		Direct Financing		Operating
2026	$	19	$	171	$	3	$	59
2027	17		174		3		54
2028	15		163		2		47
2029	14		149		2		43
2030	14		139		2		43
Thereafter	145		998		13		261
Total lease payments/receipts	224		1,795		26		$	506
Less imputed interest/unearned income	(75)		(516)		(9)
Total lease liabilities/receivables	$	148	$	1,279	$	17

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss) [Table Text Block]

Gains and losses on these interest rate swaps recognized in OCI and reclassified from AOCI into Net Income were as follows:


	Gains/(Losses) Recognized in OCI						(Gains)/Losses Reclassified from AOCI into Net Income
	2025		2024		2023		2025		2024		2023

Interest rate swaps	$	8	$	12	$	14	$	(15)	$	(32)	$	(30)
Income tax benefit/(expense)	(2)		(3)		(4)		4		8		8

Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the carrying value and estimated fair value of the Company’s debt obligations:


	2025				2024
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)
Securitization Notes(a)	$	4,306	$	4,160	$	3,743	$	3,561
Subsidiary Senior Unsecured Notes(b)	750		753		750		739
Term Loan A Facility(b)	494		492		500		496
Term Loan B Facility(b)	1,429		1,440		1,444		1,451
YUM Senior Unsecured Notes(b)	4,550		4,581		4,550		4,368

(a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.

(b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.

Pension, Retiree Medical and Retiree Savings Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Funded status of pension plans


	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	776	$	778
Service cost	5		4
Interest cost	43		42



Benefits paid	(55)		(45)
Settlement payments	(17)		—
Actuarial (gain) loss	22		(3)

Benefit obligation at end of year	$	774	$	776

A significant component of the overall decrease in the Company's benefit obligation for the year ended December 31, 2025, was due to benefits paid and settlement payments during the year partially offset by interest cost and actuarial loss on the benefit obligation.

A significant component of the overall decrease in the Company's benefit obligation for the year ended December 31, 2024, was due to benefits paid during the year partially offset by interest cost on the benefit obligation.


	2025		2024
Change in plan assets:
Fair value of plan assets at beginning of year	$	644	$	680
Actual return on plan assets	79		6
Employer contributions	19		3
Benefits paid	(55)		(45)
Settlement payments	(17)		—

Fair value of plan assets at end of year	$	670	$	644
Funded status at end of year	$	(104)	$	(132)

Amounts recognized in the Consolidated Balance Sheet


Amounts recognized in the Consolidated Balance Sheet:
	2025		2024

Accrued benefit liability - current	$	(8)	$	(11)
Accrued benefit liability - non-current	(96)		(121)
	$	(104)	$	(132)

Pension plans with an accumulated benefit obligation in excess of pan assets


The table below provides information for those pension plan(s) with an accumulated benefit obligation in excess of plan assets. The pension plan(s) included also have a projected benefit obligation in excess of plan assets.
	2025		2024
Projected benefit obligation	$	774	$	776
Accumulated benefit obligation	763		764
Fair value of plan assets	670		644

Components of net periodic benefit cost

Components of net periodic benefit cost:


	2025		2024		2023
Service cost	$	5	$	4	$	5
Interest cost	43		42		41
Amortization of prior service cost(a)	1		1		1
Expected return on plan assets	(53)		(51)		(50)
Amortization of net loss (gain)	2		1		(1)
Net periodic benefit cost (income)	$	(2)	$	(3)	$	(4)
Additional (gain) loss recognized due to: Settlement charges(b)	$	3	$	—	$	—

(a)Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.

(b)Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.

^[1],[2]

Pension losses in accumulated other comprehensive income (loss)


Pension gains (losses) in AOCI:
	2025		2024
Beginning of year	$	(127)	$	(87)
Net actuarial gain (loss)	3		(42)
Amortization of net (gain) loss	2		1
Amount recognized in earnings due to settlement	3		—
Amortization of prior service cost	1		1

End of year	$	(118)	$	(127)

Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income


Accumulated pre-tax losses recognized within AOCI:
	2025		2024
Actuarial net loss	$	(117)	$	(125)
Prior service cost	(1)		(2)
	$	(118)	$	(127)

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost


Weighted-average assumptions used to determine benefit obligations at the measurement dates:
	2025		2024
Discount rate	5.70	%	5.80	%
Rate of compensation increase	3.00	%	3.00	%


Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
	2025		2024		2023
Discount rate	5.80	%	5.60	%	5.60	%
Long-term rate of return on plan assets	6.85	%	6.35	%	6.25	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%

Schedule of Changes in Fair Value of Plan Assets

The fair values of our pension plan assets at December 31, 2025 and 2024 by asset category and level within the fair value hierarchy are as follows:


	2025		2024
Level 1:
Cash	$	1	$	2
Cash Equivalents(a)	24		30
Fixed Income Securities - U.S. Corporate(b)	20		16
Level 2:
Equity Securities(b)	216		212
Fixed Income Securities - U.S. Corporate(c)	18		21
Fixed Income Securities - U.S. Government and Government Agencies(d)	142		113
Fixed Income Securities - Other(d)	22		15
Total assets in the fair value hierarchy	443		409
Investments measured at net asset value(e)
Fixed Income	142		146
Real Assets	139		141
Total fair value of plan assets(f)	$	724	$	696

(a)Short-term investments in money market funds.

(b)Securities held in common or collective trusts.

(c)Investments held directly by the Plan.

(d)Includes securities held in common or collective trusts and investments held directly by the Plan.

(e)Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.

(f)2025 and 2024 exclude net unsettled trade payables of $54 million and $52 million, respectively.

^{[3],[4],[5],[6],[7],[8]}

Fair values of pension plan assets

As of December 31, 2025, the Plan’s assets consist of the weighted-average target allocation summarized as follows:


Asset Category	Target Allocation
Fixed income	49	%
Equity securities	32	%
Real assets	19	%

Expected benefit payments

The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:


Year ended:
2026	$	61
2027	62
2028	76
2029	58
2030	59
2031 - 2035	277

[1]	Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.
[2]	Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense
[3]	Includes securities held in common or collective trusts and investments held directly by the Plan.
[4]	Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.
[5]	Short-term investments in money market funds.
[6]	2025 and 2024 exclude net unsettled trade payables of $54 million and $52 million, respectively.
[7]	Securities held in common or collective trusts.
[8]	Investments held directly by the Plan.

Share-based and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Summary of award activity

Stock Options and SARs


	Shares (in thousands)		Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding at the beginning of the year	7,730		$	99.53
Granted	694		148.26
Exercised	(2,270)		85.01
Forfeited or expired	(181)		132.90
Outstanding at the end of the year	5,973	(a)	109.71		5.30	$	248
Exercisable at the end of the year	4,220		$	98.71	4.20	$	222

(a)Outstanding awards include 228 options and 5,747 SARs with weighted average exercise prices of $115.88 and $109.46, respectively.

Impact on net income

The components of share-based compensation expense and the related income tax benefits are shown in the following table:


	2025		2024		2023
Options and SARs	$	21	$	23	$	27
Restricted Stock Units	38		36		35
Performance Share Units	11		10		33
Total Share-based Compensation Expense	$	70	$	69	$	95
Deferred Tax Benefit recognized	$	13	$	20	$	12

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

We estimated the fair value of each stock option and SAR award as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	2025		2024		2023
Risk-free interest rate	4.4	%	4.0	%	3.6	%
Expected term	5.9 years		5.9 years		5.9 years
Expected volatility	21.3	%	20.6	%	22.0	%
Expected dividend yield	1.9	%	2.1	%	1.8	%

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Repurchase Of Shares Of Common Stock


	Shares Repurchased (thousands)			Dollar Value of Shares Repurchased
Authorization Date	2025	2024	2023	2025		2024		2023
May 2024	3,739	2,916	—	$	550	$	391	$	—
September 2022	—	366	387	—		50		50

Total	3,739	3,282	387	$	550	$	441	$	50

In May 2024, our Board of Directors authorized share repurchases of up to $2.0 billion (excluding applicable transaction fees and excise taxes) of our outstanding Common Stock through December 31, 2026. The new authorization took effect on July 1, 2024 upon the expiration of a prior authorization approved in September 2022. As of December 31, 2025, we have remaining capacity to repurchase up to $1.1 billion of Common Stock under the May 2024 authorization.

Schedule of changes in accumulated other comprehensive income

Changes in AOCI are presented below.


	Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature		Pension and Post-Retirement Benefits(a)		Derivative Instruments(b)		Total










































































































Balance at December 31, 2023, net of tax	$	(201)	$	(104)	$	3	$	(302)

OCI, net of tax

Gains (losses) arising during the year classified into AOCI, net of tax	(37)		(42)		10		(69)

(Gains) losses reclassified from AOCI, net of tax	—		3		(24)		(21)

	(37)		(39)		(14)		(90)

Balance at December 31, 2024, net of tax	$	(238)	$	(143)	$	(11)	$	(392)

OCI, net of tax

Gains (losses) arising during the year classified into AOCI, net of tax	77		7		6		90

(Gains) losses reclassified from AOCI, net of tax	—		4		(13)		(9)

	77		11		(7)		81

Balance at December 31, 2025, net of tax	$	(161)	$	(132)	$	(18)	$	(311)

(a) Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2025 include amortization of net losses of $2 million, settlement charges of $3 million and related income tax benefit of $1 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2024 include amortization of net losses of $2 million and amortization of prior service cost of $1 million. See Note 15.

(b) See Note 13 for details on amounts reclassified from AOCI. Amounts include previously cash settled treasury locks relating to our Senior Unsecured Notes due in 2037 which are being reclassified into earnings through 2037 to interest expense

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income before income taxes

U.S. and foreign income before taxes are set forth below:


	2025		2024		2023
U.S.	$	1,069	$	1,131	$	1,246
Foreign	1,008		769		572
	$	2,077	$	1,900	$	1,818

Details of income tax provision (benefit)

The details of our income tax provision (benefit) are set forth below:


		2025		2024		2023
Current:	Federal	$	(5)	$	170	$	221
	Foreign	371		226		222
	State	45		48		68
		$	411	$	444	$	511

Deferred:	Federal	$	173	$	(40)	$	(121)
	Foreign	(81)		15		(153)
	State	15		(5)		(16)
		$	107	$	(30)	$	(290)
		$	518	$	414	$	221

Details of deferred tax assets (liabilities)


	2025		2024
Operating losses and interest deduction carryforwards	$	227	$	213
Capital losses	69		70
Tax credit carryforwards	48		200
Employee benefits	73		83
Share-based compensation	36		44
Lease-related liabilities	374		267
Accrued liabilities and other	73		66
Intangible assets	654		575
Property, plant and equipment	23		25
Deferred income	102		105
Capitalized Research & Development Costs	34		120
Gross deferred tax assets	1,713		1,768
Deferred tax asset valuation allowances	(284)		(369)
Net deferred tax assets	1,429		1,399
Property, plant and equipment	(86)		(47)
Operating lease right-of-use assets	(320)		(235)
Employee benefits	(9)		(6)
Derivative Instruments	(2)		(5)
Other	(48)		(36)
Gross deferred tax liabilities	(465)		(329)
Net deferred tax assets (liabilities)	$	964	$	1,070

As a result of the OBBBA, the Company recorded a $168 million reduction in net deferred tax assets existing as of the enactment date. The reduction was the result of recording a valuation allowance on the foreign tax credit related deferred tax assets as well as the impact of accelerating tax deductions for qualified depreciable property and research expenditures. As a result of the accelerated tax deductions, our cash tax payments for 2025 were significantly reduced.

The details of the 2025 and 2024 valuation allowance activity are set forth below:


	2025		2024
Beginning of Year	$	(369)	$	(386)
Increases	(18)		(5)
Decreases	106		16
Other Adjustments	(3)		6
End of Year	$	(284)	$	(369)

Reported in Consolidated Balance Sheets as:


	2025		2024
Deferred income taxes	$	965	$	1,071
Other liabilities and deferred credits	(1)		(1)
	$	964	$	1,070

Loss carryforwards, by year of expiration


	Gross Amount		Deferred Tax Asset		Valuation Allowance		Expiration
Federal net operating losses - Indefinite	$	42	$	9	$	—	None
Foreign net operating losses	306		46		(4)		2026-2045
Foreign net operating losses - Indefinite	367		81		(16)		None
State net operating losses	1,171		50		(35)		2026-2045
Foreign capital loss carryforward - Indefinite	277		69		(69)		None
Foreign tax credits (US Tax Return)	13		13		(17)		2026-2045
Foreign country tax credits	35		35		(13)		2031
Foreign deduction carryforward - Indefinite	2		—		—		None
State interest deduction carryforward - Indefinite	893		41		(40)		None
	$	3,106	$	344	$	(194)

Schedule of Unrecognized Tax Benefits Roll Forward


	2025		2024
Beginning of Year	$	126	$	151
Additions on tax positions - current year	4		6
Additions for tax positions - prior years	54		1
Reductions for tax positions - prior years	(74)		(10)
Reductions for settlements	—		(22)
Statute	(3)		—
CTA/Other	8		—
End of Year	$	115	$	126

Reportable Operating Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated


	2025
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
Company Sales	$	1,057	$	1,281	$	51	$	555	$	2,945
Franchise and property revenues	1,807		1,060		602		12		3,480
Franchise contributions for advertising and other services	679		754		360		3		1,796
	3,542		3,095		1,013		570		8,220

Less:
Company restaurant expenses	929		971		52		509		2,462
General and administrative expenses	372		215		219		54		861
Franchise and property expenses	66		29		41		4		140
Franchise advertising and other services expense	670		750		376		3		1,799

Other (income) expense	1		—		(14)		12		—
Division Operating Profit (Loss)	$	1,503	$	1,129	$	340	$	(13)	$	2,959

Unallocated amounts:(a)
Corporate and unallocated G&A expenses									$	(402)
Unallocated Company restaurant expenses(b)									(22)
Unallocated Franchise and property revenues									(7)
Unallocated Refranchising gain (loss)(c)									48
Unallocated Other income (expense)									(3)
Consolidated Operating Profit									2,574
Investment income (expense), net									1
Other pension income (expense)									2
Interest expense, net									(501)
Income before income taxes									$	2,077

Other Segment Disclosures


	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Corporate and Unallocated		Total
Depreciation and Amortization(d)	$	50	$	78	$	23	$	29	$	26	$	206
Capital Spending	109		131		27		60		44		371


	2024
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
Company Sales	$	801	$	1,155	$	8	$	588	$	2,552
Franchise and property revenues	1,685		997		622		9		3,313
Franchise contributions for advertising and other services	613		708		378		3		1,702
	3,099		2,860		1,008		600		7,567

Less:
Company restaurant expenses	703		872		8		529		2,112
General and administrative expenses	363		199		219		54		835
Franchise and property expenses	63		33		34		4		134
Franchise advertising and other services expense	610		708		390		3		1,711

Other (income) expense	(3)		(1)		(16)		10		(10)
Division Operating Profit (Loss)	$	1,363	$	1,049	$	373	$	—	$	2,785

Unallocated amounts:(a)
Corporate and unallocated G&A expenses									$	(346)
Unallocated Company restaurant expenses(b)									(8)
Unallocated Franchise and property revenues									(18)

Unallocated Refranchising gain (loss)(c)									34
Unallocated Other income (expense)									(44)
Consolidated Operating Profit									2,403
Investment income (expense), net									(21)
Other pension income (expense)									7
Interest expense, net									(489)
Income before income taxes									$	1,900

Other Segment Disclosures


	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Corporate and Unallocated		Total
Depreciation and Amortization(d)	$	33	$	64	$	16	$	31	$	31	$	175
Capital Spending	73		98		15		39		32		257


	2023
	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Total
Company Sales	$	484	$	1,069	$	14	$	575	$	2,142
Franchise and property revenues	1,698		918		622		9		3,247
Franchise contributions for advertising and other services	648		654		383		2		1,687
	2,830		2,641		1,019		586		7,076

Less:
Company restaurant expenses	417		817		14		526		1,774
General and administrative expenses	383		204		221		59		867
Franchise and property expenses	72		32		15		3		122
Franchise advertising and other services expense	648		644		389		2		1,683

Other (income) expense	6		—		(11)		10		5
Division Operating Profit (Loss)	$	1,304	$	944	$	391	$	(14)	$	2,625

Unallocated amounts:(a)
Corporate and unallocated G&A expenses									$	(326)


Unallocated Franchise and property expenses									(1)
Unallocated Refranchising gain (loss)(c)									29
Unallocated Other income (expense)									(9)
Consolidated Operating Profit									2,318
Investment income (expense), net									7
Other pension income (expense)									6
Interest expense, net									(513)
Income before income taxes									$	1,818

Other Segment Disclosures


	KFC Division		Taco Bell Division		Pizza Hut Division		Habit Burger & Grill Division		Corporate and Unallocated		Total
Depreciation and Amortization(d)	$	22	$	61	$	20	$	30	$	20	$	153
Capital Spending	73		101		12		64		35		285

Revenues by Country(e)


	2025		2024		2023
United States	$	4,525	$	4,333	$	4,106
United Kingdom	1,021		799		506
Other	2,668		2,417		2,464
	$	8,214	$	7,549	$	7,076

(a)Amounts have not been allocated to any segment for performance reporting purposes.

(b)Unallocated Company restaurant expenses include amortization of reacquired franchise rights.

(c)The Refranchising gain (loss) by our Divisional reportable segments is presented below. Given the size and volatility of refranchising initiatives, our CODM does not consider the impact of Refranchising gain (loss) when assessing

Divisional segment performance. As such, we do not allocate such gains and losses to our Divisional segments for performance reporting purposes.

During the years ended December 31, 2025, 2024 and 2023, we refranchised 23, 1 and 15 restaurants, respectively, and we sold certain restaurant assets (primarily land) associated with existing franchise restaurants to the franchisee. We received $78 million, $49 million and $60 million in pre-tax cash refranchising proceeds in 2025, 2024 and 2023, respectively, as a result of the sales of these restaurants and restaurant assets.

A summary of Refranchising gain (loss) is as follows:


	Refranchising gain (loss)
	2025		2024		2023
KFC Division	$	13	$	(1)	$	(2)
Taco Bell Division	33		32		33
Pizza Hut Division	—		2		(2)
Habit Burger & Grill Division	2		1		—
Worldwide	$	48	$	34	$	29

(d)The amounts of depreciation and amortization disclosed by reportable segment are primarily included within the segment expense captions of Company restaurant expenses and G&A expenses.

(e)The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented.

Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes the 2025 and 2024 activity related to our net self-insured property and casualty reserves as of December 31, 2025.


	Beginning Balance		Expense	Payments	Ending Balance
2025 Activity	$	52	39	(36)	$	55
2024 Activity	$	48	36	(32)	$	52

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2025 countries_and_territiories operating_segments restaurants
Segment Reporting Information [Line Items]
Approximate Number Of System Units \| restaurants	63,000
Approximate Number Of Countries And Territories Where System Units Are Located \| countries_and_territiories	155
Franchise Restaurant Ownership	97.00%
Number of Operating Segments \| operating_segments	4

Summary of Significant Accounting Policies (Details)
$ / shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

USD ($)

Years

restaurants

$ / shares

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

Schedule of Equity Method Investments [Line Items]

Future lease payments due from franchisees on a nominal basis

$ 525

^[1]

8,214

$ 7,549

$ 7,076

^[2]

2,574

2,403

2,318

Foreign currency translation adjustment

1,559

1,486

1,597

161

Prior Period Reclassification Adjustment

0

Advertising Expense

134

112

81

Period Within Date Of Corresponding Sales In Which Trade Receivables Are Classified As Accounts And Notes Receivable

1,799

1,711

1,683

Accumulated Deficit

$ (7,014)

(7,256)

30 days

Accounts and notes receivable

$ 901

849

Allowance for doubtful accounts

(60)

(74)

Accounts and notes receivable, net

$ 841

775

Number of years notes receivable and direct financing leases are due within and would be included in accounts and notes receivable | Years

1

Number of years notes receivable and direct financing leases are beyond and would be included in other assets | Years

1

Net amounts included in Other Assets

$ 53

56

Allowance for doubtful accounts related to notes and direct financing lease receivables

$ 10

$ 1

Goodwill Written Off Related To Sale Of Business Unit Years From Acquisition | Years

2

Fair Value Goodwill Written Off Related To Sale Of Business Unit Minimum Years Refranchised | Years

2

Common Stock, No Par Value | $ / shares

$ 0

Reclassification of Retained Earnings to Common Stock for Share Repurchase

$ 519

$ 368

26

Employee stock option and SARs exercises (includes tax impact)

49

70

24

Share Repurchase Program, Excise Tax

$ 4

2

Schedule of Equity Method Investments [Line Items]

63,000

Minimum [Member]

Continuing Fees Rate

4.00%

Minimum [Member] | Capitalized software costs

Schedule of Equity Method Investments [Line Items]

Finite-Lived Intangible Asset, Useful Life

3 years

Minimum [Member] | Buildings and improvements

Schedule of Equity Method Investments [Line Items]

Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years)

5 years

Minimum [Member] | Machinery, Equipment and Other

Schedule of Equity Method Investments [Line Items]

Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years)

3 years

Maximum [Member]

Schedule of Equity Method Investments [Line Items]

Continuing Fees Rate

6.00%

Maximum [Member] | Capitalized software costs

Schedule of Equity Method Investments [Line Items]

Finite-Lived Intangible Asset, Useful Life

5 years

Maximum [Member] | Buildings and improvements

Schedule of Equity Method Investments [Line Items]

Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years)

25 years

Maximum [Member] | Machinery, Equipment and Other

Schedule of Equity Method Investments [Line Items]

Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years)

20 years

Advertising Cooperatives [Domain]

Schedule of Equity Method Investments [Line Items]

Advertising Expense

$ 12

12

13

Franchise and property expenses [Member]

1,335

1,277

1,293

Schedule of Equity Method Investments [Line Items]

Sales Allowances, Services

27

28

4

Franchise advertising and other services expenses [Member] [Member]

Schedule of Equity Method Investments [Line Items]

Sales Allowances, Services

11

$ 15

$ 3

Operating Expense | Advertising Cooperatives [Domain]

Schedule of Equity Method Investments [Line Items]

Sales Allowances, Services

$ 0

[1]	The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented
[2]	Amounts have not been allocated to any segment for performance reporting purposes.

Russia Invasion of Ukraine (Details)
$ in Millions

3 Months Ended

8 Months Ended

12 Months Ended

Apr. 29, 2024

USD ($)

Dec. 31, 2025

USD ($)

restaurants

Dec. 31, 2024

USD ($)

Dec. 31, 2025

USD ($)

restaurants

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

^[1]

$ 1

$ 21

$ 1

$ 21

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax

63,000

$ 0

0

$ 71

Business Combination, Consideration Transferred, Other

$ 3

$ 1

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

99

118

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets

2

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

48

428

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets

124

218

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

273

765

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities

(30)

(9)

Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation

(115)

(213)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

(41)

(69)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

(186)

(291)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

87

475

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred

^[2]

969

736

969

736

$ 642

6

Payments to Acquire Businesses, Gross

6

$ 174

Payments to Acquire Long-Term Investments

116

Finite-Lived Intangible Assets Acquired

(1)

Other Noncurrent Assets

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets

(15)

Other Current Liabilities

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities

12

Lease Agreements

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities

13

Other Liabilities [Member]

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities

10

Business Combination, Consideration Transferred

90

$ 177

Goodwill, Period Increase (Decrease)

14

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment

$ (11)

Business Combination, Consideration Transferred

191

666

Payments to Acquire Businesses, Net of Cash Acquired

$ 180

Payments to Acquire Businesses, Net of Cash Acquired

$ 667

[1]	Assets and liabilities held for sale reflect the carrying value of restaurants we have offered for sale to franchisees and excess properties that we do not intend to use for restaurant operations in the future.
[2]	Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger & Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented.

Note 3. Divestitures and Acquisitions (Details)
$ in Millions

3 Months Ended

12 Months Ended

Apr. 29, 2024

USD ($)

Dec. 31, 2025

USD ($)

restaurants

Dec. 31, 2025

USD ($)

restaurants

Dec. 31, 2024

USD ($)

restaurants

Dec. 31, 2023

USD ($)

Payments to Acquire Businesses, Gross

$ 6

$ 174

Business Combination, Consideration Transferred, Other

$ 3

$ 1

Payments to Acquire Long-Term Investments

116

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets

124

218

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 48

428

^[1]

$ 969

736

$ 642

63,000

Business Combination Disclosure

^[2]

$ 8,214

7,549

7,076

Restaurant Acquisitions

In 2025 and 2024, we completed restaurant acquisitions from franchisees as detailed below. In each transaction, the acquisition was accounted for as a business combination using the acquisition method of accounting. The allocation of the purchase price for each acquisition is based on management's analysis, which may include analysis performed by third party valuation specialists, as of the respective acquisition dates. In completing our purchase price allocations, we continue to obtain information to assist in determining the fair value of assets acquired and liabilities assumed and the classification of acquired leases during a one-year measurement period subsequent to the acquisition.

For all of these restaurant acquisitions, reacquired franchise rights are the primary intangible asset we recognize when acquiring restaurants from franchisees and were valued based on after-royalty cash flows expected to be earned by the acquired restaurants over the remaining term of their then-existing franchise agreements. The excess of the purchase price over the estimated fair value of the net, identifiable assets acquired was recorded as goodwill. The goodwill recognized represents expected benefits of the acquisition that do not qualify for recognition as intangible assets. This includes value arising from cash flows expected to be earned in years subsequent to the expiration of the terms of franchise agreements existing upon acquisition. The goodwill is expected to be partially deductible for income tax purposes and has been allocated to the respective reporting units.

The financial results of all acquired restaurants have been included in our Consolidated Financial Statements since the respective dates of the acquisitions, which individually and in the aggregate, did not significantly impact our results for the year ended December 31, 2025. Pro forma financial information for the periods prior to acquisition is not presented due to the immaterial impact of the restaurant acquisitions on our Consolidated Financial Statements for both the 2025 and 2024 reporting periods. The direct transaction costs associated with the acquisitions were expensed as incurred, including $7 million associated with the Taco Bell Southeast U.S. restaurant acquisition in 2025.

Taco Bell Southeast U.S. Restaurant Acquisition

During the fourth quarter of 2025, we completed the acquisition of 128 Taco Bell restaurants across the Southeast U.S. from a franchisee. The acquisition provides YUM with an opportunity to improve and accelerate Taco Bell profitability, expand strategic leadership within the Taco Bell system and unlock significant unit development in the region. The purchase price to be allocated for accounting purposes was $666 million, which consisted of cash in the amount of $667 million, offset by the settlement of a net liability of $1 million related to our preexisting contractual relationship with the franchisee.

The components of the preliminary purchase price allocation upon the acquisition dates were as follows:


Total Current Assets	$	2
Property, plant and equipment, net (including finance lease right-of-use assets of $71 million)	118
Reacquired franchise rights (included in Intangible assets, net)	428
Operating lease right-of-use assets (included in Other assets)	218
Total Identifiable Assets	765
Total Current Liabilities	(9)
Operating lease liabilities (included in Other liabilities and deferred credits)	(213)
Finance lease liabilities (included in Short-term borrowings and Long-term debt)	(69)
Total Liabilities Assumed	(291)
Total identifiable net assets	475
Goodwill	191
Purchase price to be allocated	$	666

Reacquired franchise rights have an estimated weighted average useful life of 15 years.

KFC United Kingdom (“U.K”) and Ireland Restaurant Acquisition

On April 29, 2024, we completed the acquisition of all of the issued shares of two franchisee entities that owned 216 KFC restaurants in the U.K. and Ireland. The acquisition created a significant opportunity to accelerate KFC's growth strategy in the large and growing U.K. and Ireland chicken market. The purchase price to be allocated for accounting purposes of $177 million consisted of cash, net of cash acquired, in the amount of $180 million, which included $174 million paid in 2024 and $6 million paid in 2025, offset by the settlement of a liability of $3 million related to our preexisting contractual relationship with the franchisee.

During the quarter ended June 30, 2025, we finalized our preliminary estimate of the fair value of net assets acquired and the purchase price to be allocated. The components of the final purchase price allocation, subsequent to the adjustments to the allocation in the quarter ended June 30, 2025, were as follows:


Total Current Assets	$	2
Property, plant and equipment, net	99
Reacquired franchise rights (included in Intangible assets, net)	48
Operating lease right-of-use assets (included in Other assets)	124
Total Identifiable Assets	273
Total Current Liabilities	(30)
Operating lease liabilities (included in Other liabilities and deferred credits)	(115)
Other liabilities	(41)
Total Liabilities Assumed	(186)
Total identifiable net assets	87
Goodwill	90
Purchase price to be allocated	$	177

The cumulative adjustments to the preliminary estimate of identifiable net assets acquired and consideration transferred (as recorded in the June 30, 2024 quarter of acquisition) resulted in a corresponding $14 million increase in estimated goodwill due to the following changes to the preliminary purchase price allocation.


	Increase (Decrease) in Goodwill
Increase in Property, plant and equipment, net	$	(11)
Increase in Reacquired franchise rights	(1)
Increase in Operating lease right-of-use assets	(15)
Increase in Total Current Liabilities	12
Increase in Operating lease liabilities	13
Increase in Other liabilities	10
Increase in consideration	6
Total increase in Goodwill	$	14

Reacquired franchise rights have an estimated weighted average useful life of 5 years.

Other 2025 Restaurant Acquisitions

In addition to the acquisitions discussed above, we acquired 153 restaurants from franchisees in the year ended December 31, 2025, including 19 KFC, 16 Taco Bell and 118 Pizza Hut restaurants (the "Other restaurant acquisitions"). Total cash consideration paid in connection with these acquisitions was $116 million, net of cash acquired.

The primary assets recorded as a result of the preliminary purchase price allocations were operating lease right-of-use assets (and corresponding lease liabilities) of $54 million, reacquired franchise rights of $87 million and goodwill of $28 million.

Reacquired franchise rights have estimated weighted average useful lives of 5 years for the KFCs, 17 years for the Taco Bells and 10 years for the Pizza Huts.

$ 28

Total Division

153

19

16

Number of Restaurants | restaurants

118

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets

$ 54

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 87

87

^[2]

$ 2,668

2,417

$ 2,464

Business Combination, Acquisition Related Costs

128

$ 7

$ 18

Number of Restaurants | restaurants

216

Payments to Acquire Businesses, Net of Cash Acquired

$ 180

Payments to Acquire Businesses, Net of Cash Acquired

$ 667

[1]	Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger & Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented.
[2]	The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented

Earnings Per Common Share ("EPS") (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Earnings Per Share [Abstract]

Weighted-average common shares outstanding (for basic calculation) (in shares)

$ 1,559

$ 1,486

$ 1,597

279.0

282.0

281.0

Effect of dilutive share-based employee compensation (in shares)

2.0

3.0

4.0

Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) (in shares)

281.0

285.0

Basic EPS (in dollars per share)

$ 5.59

$ 5.28

$ 5.68

Diluted EPS (in dollars per share)

$ 5.55

$ 5.22

$ 5.59

Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation (in shares)

^[1]

1.3

1.7

[1]	These unexercised employee SARs, RSUs, performance share units ("PSUs") and stock options were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Items Affecting Comparability of Net Income and Cash Flows (Details)
$ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2024

USD ($)

Dec. 31, 2025

USD ($)

restaurants

Rate

Dec. 31, 2025

restaurants

Rate

Dec. 31, 2025

restaurants

Rate

Dec. 31, 2025

restaurants

Rate

Dec. 31, 2024

USD ($)

Dec. 31, 2024

restaurants

Dec. 31, 2024

Rate

Dec. 31, 2024

Dec. 31, 2023

USD ($)

Dec. 31, 2023

restaurants

Dec. 31, 2023

Rate

Dec. 31, 2023

Dec. 31, 2019

Rate

Jan. 08, 2025

restaurants

^[1]

$ 8,214

$ 7,549

$ 7,076

^[2]

2,574

2,403

2,318

Proceeds from Divestiture of Businesses, Including Noncash Consideration

1,559

1,486

1,597

78

49

60

$ 48

34

29

Other income (expense) excluding foreign exchange gain (loss)

63,000

^[3]

$ 9

(15)

3

Proceeds from Sale of Long-Term Investments

1,262

1,181

1,193

$ 104

0

104

0

Investment Income, Nonoperating

20

8

Effective Income Tax Rate Reconciliation, Percent

24.90%

21.80%

12.10%

100.00%

General and Administrative Expense [Member]

(2)

(34)

(14)

27

53rd Week Impact

96

36

$ 25

Equity Method Investment, Ownership Percentage | Rate

5.00%

$ 3,542

3,099

2,830

1,503

1,363

1,304

(13)

1

2

372

363

383

1

(3)

6

66

63

72

3,095

2,860

2,641

1,129

1,049

944

(33)

(32)

(33)

215

199

204

0

(1)

0

29

33

32

1,013

1,008

1,019

340

373

391

0

(2)

2

219

221

(14)

(16)

(11)

41

34

15

570

600

586

(13)

0

(14)

(2)

(1)

0

54

59

12

10

4

3

KFC Turkey

283

PH Turkey [Member]

254

Other income (expense) excluding foreign exchange gain (loss)

18

1

(37)

German Acquisition KFC & PH

18

Other income (expense) excluding foreign exchange gain (loss)

(37)

9

6

1

Brand HQ Consolidation

21

PH Strategic Options [Member]

6

7

36

Gain (loss) on disposition of assets [Member]

5

Number of Restaurants Refranchised | restaurants

23

1

15

General and Administrative Expense [Member]

Costs Associated with Resource Optimization Initiative

$ 38

$ 79

$ 21

[1]	The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented
[2]	Amounts have not been allocated to any segment for performance reporting purposes.
[3]	The year ended December 31, 2024, includes a charge of $37 million related to the German acquisition and Turkey termination (see Note 5).

Revenue Recognition (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Contract with Customer, Liability

^[1]

$ 8,214

$ 7,549

$ 7,076

443

438

444

Deferred Revenue, Revenue Recognized

(86)

(82)

Deferred Revenue, Additions

85

1 year [Member]

Deferred Revenue, Revenue Expected to be Recognized

76

2 years [Member]

Deferred Revenue, Revenue Expected to be Recognized

68

3 years [Member]

Deferred Revenue, Revenue Expected to be Recognized

60

4 years [Member]

Deferred Revenue, Revenue Expected to be Recognized

52

5 years [Member]

Deferred Revenue, Revenue Expected to be Recognized

45

Thereafter 5 years [Member]

Deferred Revenue, Revenue Expected to be Recognized

142

Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

2,945

2,552

2,142

Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

1,796

1,702

1,687

United States | Company Sales

^[1]

4,525

4,333

4,106

Revenue from Contract with Customer, Excluding Assessed Tax

1,966

1,825

1,725

United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

1,082

1,060

1,001

United States | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

56

59

62

United States | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

1,421

1,389

1,318

CHINA | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

343

327

316

Other, Outside the U.S. and China [Member] | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

978

727

417

Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

714

642

686

Other, Outside the U.S. and China [Member] | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

47

53

Other, Outside the U.S. and China [Member] | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

1,613

1,491

1,498

KFC Global Division [Member] | Company Sales

3,542

3,099

2,830

Revenue from Contract with Customer, Excluding Assessed Tax

1,057

801

484

KFC Global Division [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

679

613

648

KFC Global Division [Member] | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

106

75

67

KFC Global Division [Member] | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

47

45

36

KFC Global Division [Member] | United States | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

13

14

KFC Global Division [Member] | United States | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

189

194

205

KFC Global Division [Member] | CHINA | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

274

259

250

KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

951

726

417

KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

632

568

612

KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

45

46

51

KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

1,285

1,172

1,178

Pizza Hut Global Division [Member] | Company Sales

1,013

1,008

1,019

Revenue from Contract with Customer, Excluding Assessed Tax

51

8

14

Pizza Hut Global Division [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

360

378

383

Pizza Hut Global Division [Member] | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

33

8

14

Pizza Hut Global Division [Member] | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

292

315

318

Pizza Hut Global Division [Member] | United States | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

4

Pizza Hut Global Division [Member] | United States | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

263

289

284

Pizza Hut Global Division [Member] | CHINA | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

69

67

66

Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

19

0

Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

68

63

65

Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

1

2

Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

265

261

266

Taco Bell Global Division [Member] | Company Sales

3,095

2,860

2,641

Revenue from Contract with Customer, Excluding Assessed Tax

1,281

1,155

1,069

Taco Bell Global Division [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

754

708

654

Taco Bell Global Division [Member] | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

1,272

1,154

1,069

Taco Bell Global Division [Member] | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

740

697

645

Taco Bell Global Division [Member] | United States | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

36

39

42

Taco Bell Global Division [Member] | United States | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

960

899

822

Taco Bell Global Division [Member] | CHINA | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

0

1

0

Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

8

1

0

Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

14

11

9

Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

0

Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

63

58

54

The Habit Burger Grill Global Division | Company Sales

570

600

586

Revenue from Contract with Customer, Excluding Assessed Tax

555

588

575

The Habit Burger Grill Global Division | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

3

2

The Habit Burger Grill Global Division | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

555

588

575

The Habit Burger Grill Global Division | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

3

2

The Habit Burger Grill Global Division | United States | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

3

2

The Habit Burger Grill Global Division | United States | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

8

7

The Habit Burger Grill Global Division | CHINA | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

0

The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

0

The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

0

The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Real Estate

Revenue from Contract with Customer, Excluding Assessed Tax

0

The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Franchise Segment Member

Revenue from Contract with Customer, Excluding Assessed Tax

0

Other, Outside the U.S. and China [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

0

Total Division

Total Division | Company Sales

8,220

^[2]

7,567

^[3]

7,076

Revenue from Contract with Customer, Excluding Assessed Tax

2,945

2,552

2,142

Total Division | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

1,796

1,702

$ 1,687

PH Strategic Options [Member]

18

Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member]

7

Deferred Revenue, Period Increase (Decrease)

^[4]

$ 6

$ (9)

[1]	The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented
[2]	Does not include charges of $7 million to Unallocated franchise and property revenues primarily associated with our Pizza Hut Strategic Options Review during the year ended December 31, 2025. See Note 5.
[3]	Does not include charges of $18 million to Unallocated franchise and property revenues associated with the Turkey termination during the year ended December 31, 2024. See Note 5.
[4]	(b) Primarily includes the impact of foreign currency translation.

Supplemental Cash Flow Data (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Cash Paid For:

Interest Paid, Excluding Capitalized Interest, Operating Activities

^[1]

$ 516

$ 510

$ 526

Cash and Cash Equivalents, at Carrying Value

405

494

432

709

616

512

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

490

480

923

807

724

$ 647

Franchise Segment Member

Cash Paid For:

Cash and Cash Equivalents

139

138

129

Cash Paid For:

Other Income and Expenses [Line Items]

^[2]

192

155

177

Other Assets

^[3]

$ 23

$ 36

$ 35

[1]	ten
[2]	Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments (see Note 11).
[3]	Primarily trust accounts related to our self-insurance program.

Other (Income) Expense (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Gain (Loss), Foreign Currency Transaction, before Tax

$ (5)

$ 6

$ 5

Other income (expense) excluding foreign exchange gain (loss)

22

12

13

^[1]

(9)

15

(3)

2

34

14

115

126

151

Income tax provision

518

414

221

Other Income and Expenses [Line Items]

Other income (expense) excluding foreign exchange gain (loss)

(1)

37

Other Operating Income (Expense)

Other Income and Expenses [Line Items]

$ 16

$ 13

$ 12

[1]	The year ended December 31, 2024, includes a charge of $37 million related to the German acquisition and Turkey termination (see Note 5).

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Prepaid Expenses and Other Current Assets [Line Items]

Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income tax receivable

$ 114

$ 55

Restricted Cash and Cash Equivalents, Current

192

155

^[1]

1

21

Prepaid Expense

119

100

Other Assets, Current

64

58

490

480

Short-Term Investments

0

91

Accumulated depreciation and amortization

3,091

2,688

(1,485)

(1,384)

Property, Plant and equipment, net

1,605

1,304

Other Assets, Noncurrent [Line Items]

158

143

$ 126

Other assets

1,708

1,329

Other Assets, Miscellaneous, Noncurrent

286

304

Accounts Payable and Other Current Liabilities [Line Items]

Disposal Group, Including Discontinued Operation, Other Liabilities

^[1]

0

12

Accounts payable and other current liabilities

1,433

1,211

Contract With Customer, Liability Gift Cards

^[1]

1

21

81

74

Other income (expense) excluding foreign exchange gain (loss)

^[2]

$ (9)

$ 15

(3)

Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]

Accounts payable and other current liabilities

Other income (expense) excluding foreign exchange gain (loss)

^[2]

$ (9)

$ 15

$ (3)

Franchise Incentive [Member]

Other Assets, Noncurrent [Line Items]

Other assets

209

144

Accounts Payable and Accrued Liabilities [Member]

Accounts Payable and Other Current Liabilities [Line Items]

Accounts payable

292

249

Accrued compensation and benefits

285

242

Accrued Advertising, Current

133

126

Accrued Liabilities, Current

86

84

Other current liabilities

450

333

Land

Buildings and improvements

381

383

Finance leases, primarily buildings

1,622

1,512

Machinery, Equipment and Other

163

79

Changes in the carrying amount of goodwill [Roll Forward]

$ 924

$ 714

[1]	Assets and liabilities held for sale reflect the carrying value of restaurants we have offered for sale to franchisees and excess properties that we do not intend to use for restaurant operations in the future.
[2]	The year ended December 31, 2024, includes a charge of $37 million related to the German acquisition and Turkey termination (see Note 5).

Goodwill and Intangible Assets (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[1]

$ 969

$ 736

$ 642

^[2]

220

98

Finite-Lived Intangible Asset, Expected Amortization, after Year Five

^[3]

14

(4)

54

Changes in the carrying amount of goodwill [Roll Forward]

^[1]

349

321

226

^[3]

12

(3)

Changes in the carrying amount of goodwill [Roll Forward]

^[1]

300

98

^[2]

202

0

^[3]

0

Changes in the carrying amount of goodwill [Roll Forward]

^[1]

256

251

252

^[2]

1

0

Goodwill, Impaired, Accumulated Impairment Loss

^[3]

3

(1)

17

Changes in the carrying amount of goodwill [Roll Forward]

^[1]

64

66

$ 66

^[2]

0

Goodwill, Impaired, Accumulated Impairment Loss

^[3]

(2)

0

144

Changes in the carrying amount of goodwill [Roll Forward]

^[2]

$ 16

$ 98

[1]	Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger & Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented.
[2]	Primarily relates to the acquisition from a franchisee of KFC restaurants in the U.K. and Ireland. See Note 3
[3]	Primarily relates to the acquisition from a franchisee of KFC restaurants in the U.K. and Ireland. See Note 3. (c)Disposals and other, net includes the impact of foreign currency translation on existing balances and goodwill write-offs associated with refranchising. (d)Primarily relates to the acquisition from a franchisee of Taco Bell restaurants in the Southeast U.S. See Note 3.

Goodwill and Intangible Assets (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Definite-lived intangible assets
Gross Carrying Amount	$ 1,159	$ 584
Accumulated Amortization	(398)	(316)
Definite-lived intangible assets, amortization expense	98	82	$ 74
Approximate amortization expense for definite-lived intangible assets - 2023	127
Approximate amortization expense for definite-lived intangible assets - 2024	111
Approximate amortization expense for definite-lived intangible assets - 2025	85
Approximate amortization expense for definite-lived intangible assets - 2026	66
Trademarks/brands [Member]
Definite-lived intangible assets
Gross Carrying Amount	148	148
Capitalized software costs
Definite-lived intangible assets
Gross Carrying Amount	536	479
Accumulated Amortization	(324)	(266)
Reacquired franchise rights [Member]
Definite-lived intangible assets
Gross Carrying Amount	577	59
Accumulated Amortization	(33)	(10)
Franchise contract rights [Member]
Definite-lived intangible assets
Gross Carrying Amount	26	26
Accumulated Amortization	(24)	(24)
Other [Member]
Definite-lived intangible assets
Gross Carrying Amount	20	20
Accumulated Amortization	(17)	(16)
KFC Global Division [Member] \| Trademarks/brands [Member]
Definite-lived intangible assets
Gross Carrying Amount	31	31
The Habit Burger Grill Global Division \| Trademarks/brands [Member]
Definite-lived intangible assets
Gross Carrying Amount	96	96
Other Operating Segment \| Trademarks/brands [Member]
Definite-lived intangible assets
Gross Carrying Amount	$ 21	$ 21

Short-term Borrowings and Long-term Debt (Details) - USD ($)
$ in Millions

3 Months Ended

4 Months Ended

12 Months Ended

Sep. 24, 2025

Aug. 19, 2021

Dec. 31, 2025

Dec. 31, 2021

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Apr. 26, 2024

Mar. 15, 2021

Long-term Debt and Lease Obligation, Current

$ (39.0)

$ (29.0)

Other Short-Term Borrowings

2.0

0.0

Short-term Debt, excluding debt issuance costs

41.0

29.0

Debt Issuance Costs, Current, Net

3.0

2.0

Total Short-term Borrowings

38.0

27.0

Long-Term Debt and Lease Obligation, Including Current Maturities

11,976.0

11,404.0

Debt Issuance Costs, Noncurrent, Net

(66.0)

(69.0)

Long-term debt including hedge accounting adjustment

11,872.0

11,306.0

Restricted Cash and Cash Equivalents, Current

192.0

155.0

Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net

69.0

Annual maturities of all Short-term borrowings and Long-term debt - 2022

28.0

Annual maturities of all Short-term borrowings and Long-term debt - 2023

1,668.0

Annual maturities of all Short-term borrowings and Long-term debt - 2024

2,019.0

Annual maturities of all Short-term borrowings and Long-term debt - 2025

1,327.0

Annual maturities of all Short-term borrowings and Long-term debt - 2026

1,800.0

Annual maturities of all Short-term borrowings and Long-term debt - After 2026

4,987.0

Annual maturities of all Short-term borrowings and Long-term debt - Total

11,828.0

Interest expense on short-term borrowings and long-term debt

544.0

542.0

$ 602.0

Outstanding borrowings

300.0

350.0

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability

^[1]

414.0

247.0

127.0

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

^[1]

84.0

26.0

6.0

490.0

480.0

Finance Lease, Liability

148.0

67.0

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability

124.0

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

22.0

Term Loan A Facility [Member]

494.0

$ 494.0

Mar. 15, 2021

Revolving Credit Facility [Member] | Letter of Credit

Mar. 15, 2026

Letters of Credit Outstanding, Amount

12.0

$ 12.0

Term Loan B Facility [Member]

1,429.0

$ 1,429.0

$ 1,500.0

Mar. 15, 2021

Subsidiary Senior Unsecured Notes due 2027 [Member]

Mar. 15, 2026

$ 750.0

Jun. 15, 2017

Jun. 01, 2027

Securitization Notes [Member]

4.75%

Senior Unsecured Notes Due November 2037 [Member]

Short-Term Debt, Terms

938 million

Debt Issuance Costs, Net

$ 14.0

Oct. 16, 2007

Nov. 15, 2037

6.88%

7.45%

Senior Unsecured Notes Due November 2043 [Member]

$ 325.0

Oct. 31, 2013

Nov. 01, 2043

5.35%

5.42%

Senior Unsecured Notes Due January 2030 [Member]

$ 275.0

Sep. 11, 2019

Jan. 15, 2030

4.75%

4.90%

Senior Unsecured Notes Due March 2031

$ 800.0

Sep. 25, 2020

Mar. 15, 2031

3.63%

3.77%

Unsecured Notes Due January 2032

$ 1,050.0

Apr. 01, 2021

Jan. 31, 2032

4.63%

4.77%

Unsecured Notes Due April 2032

$ 1,100.0

Senior Unsecured Notes Due April 2032

5.53%

Apr. 01, 2022

Apr. 01, 2032

5.38%

Secured Debt [Member] | 2025

$ 1,000.0

Annual maturities of all Short-term borrowings and Long-term debt - Total

1,500.0

Secured Debt [Member] | Class A-2-II Notes [Member] | 2021

$ 590.0

Aug. 19, 2021

^[2]

Feb. 25, 2029

2.294%

Secured Debt [Member] | Class A-2-II Notes [Member] | 2018 [Member]

^[3]

2.42%

$ 595.0

Nov. 28, 2018

^[2]

Nov. 28, 2028

4.94%

Secured Debt [Member] | Class A-2-II Notes [Member] | 2025

^[3]

5.06%

$ 500.0

5.049%

Secured Debt [Member] | Term Loan A Facility [Member]

5.21%

$ 494.0

^[4]

$ 494.0

^[4]

500.0

^[4]

$ 500.0

Term Loan A Facility Repayments Of Principal In Year Two And Three

4.71%

62.50%

125.00%

Secured Debt [Member] | Term Loan B Facility [Member]

^[4]

$ 1,429.0

1,444.0

Frequency of interest payments

5.29%

quarterly

Term Loan B, Repayment of Principal

0.25%

Secured Debt [Member] | Revolving Facility [Member]

Line of credit facility, maximum borrowing capacity

$ 1,500.0

Secured Debt [Member] | the Credit Agreement [Member]

Debt Instrument, Payment Terms

The Credit Agreement is subject to certain mandatory prepayments in the event certain covenants are not met, including an amount equal to 50% of excess cash flow (as defined in the Credit Agreement) on an annual basis and the proceeds of certain asset sales, casualty events and issuances of indebtedness, subject to customary exceptions and reinvestment rights

Secured Debt [Member] | Class A-2-I Notes [Member] | 2021

We were in compliance with all debt covenants as of December 31, 2025

$ 884.0

Aug. 19, 2021

^[2]

Feb. 25, 2027

1.946%

Secured Debt [Member] | Class A-2-I Notes [Member] | 2025

^[3]

2.11%

$ 1,000.0

4.821%

Secured Debt [Member] | Class A-2-III Notes [Member] | 2021

5.04%

$ 737.0

Aug. 19, 2021

^[2]

Aug. 25, 2031

2.542%

Secured Debt [Member] | Class A-2-III Notes [Member] | 2016 [Member]

^[3]

2.64%

May 11, 2016

Secured Debt [Member] | Securitization Notes [Member]

^[2]

May 25, 2026

Frequency of interest payments

^[5]

$ 4,306.0

3,743.0

quarterly

Debt Instrument, Payment Terms

no amortization of principal of the Securitization Notes is required prior to their Anticipated Repayment Dates

Long-term Debt, Contingent Payment of Principal or Interest

as of any quarterly measurement date the consolidated leverage ratio (the ratio of total debt to Net Cash Flow (as defined in the related indenture)) for the preceding four fiscal quarters of either the Company and its subsidiaries or the Issuer and its subsidiaries exceeds 5.0:1 (or 5.5:1 for the 2025-1 Notes), in which case amortization payments of 1% per year of the outstanding principal as of the closing of the Securitization Notes are required. As of the most recent quarterly measurement date the consolidated leverage ratio for the Issuer and its subsidiaries did not exceed 5.0:1 and, as a result, amortization payments are not required.

Debt Instrument, Debt Default, Description of Violation or Event of Default

The Securitization Notes are also subject to certain customary events of default, including events relating to non-payment of required interest or principal due on the Securitization Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, certain judgments and failure of the Securitization Entities to maintain a stated debt service coverage ratio

Secured Debt [Member] | Class A-2 Notes [Member] | 2021

As of December 31, 2025, we were in compliance with all of our debt covenant requirements and were not subject to any rapid amortization events

Long-term Debt, Maturity Date

Aug. 01, 2051

Secured Debt [Member] | Class A-2 Notes [Member] | 2016 [Member]

Secured Debt [Member] | Class A-2 Notes [Member] | 2018 [Member]

May 01, 2046

Senior Unsecured Notes [Member] | Subsidiary Senior Unsecured Notes [Member]

Nov. 01, 2048

^[4]

$ 750.0

750.0

Senior Unsecured Notes [Member] | Subsidiary Senior Unsecured Notes due 2027 [Member]

We were in compliance with all debt covenants as of December 31, 2025

Senior Unsecured Notes [Member] | YUM Senior Unsecured Notes [Member]

4.90%

Debt Instrument, Debt Default, Description of Violation or Event of Default

^[4]

$ 4,550.0

4,550.0

Our YUM Senior Unsecured Notes contain covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount in excess of $50 million ($100 million or more in the case of the YUM Senior Unsecured Notes issued in 2019 and subsequent years) will constitute a default under the YUM Senior Unsecured Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice

Base Rate [Member] | Secured Debt [Member] | Term Loan A and B Facilities and Revolving Facility [Member]

Base Rate [Member] | Secured Debt [Member] | Term Loan B Facility [Member]

0.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured Debt [Member] | Term Loan A and B Facilities and Revolving Facility [Member]

0.75%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured Debt [Member] | Term Loan B Facility [Member]

0.75%

Minimum [Member] | Base Rate [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]

1.75%

Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]

0.00%

Maximum [Member] | Base Rate [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]

0.75%

Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]

0.50%

Debt Service Coverage Ratio - Rapid Amortization Events [Member] | Secured Debt [Member] | Securitization Notes [Member]

1.50%

Debt Service Coverage Ratio - Cash Trap Reserve Account [Member] | Secured Debt [Member] | Securitization Notes [Member]

debt service coverage ratio (as defined in the related indenture) of at least 1.1:1

debt service coverage ratio (or the ratio of Net Cash Flow to all debt service payments for the preceding four fiscal quarters) of at least 1.75:1

Total Leverage Ratio [Member] | Secured Debt [Member] | the Credit Agreement [Member]

During the most recent quarter ended December 31, 2025, the Securitization Entities maintained a debt service coverage ratio significantly in excess of the 1.75:1 requirement

Fixed Charge Coverage Ratio [Member] | Secured Debt [Member] | the Credit Agreement [Member]

require the Borrowers to maintain a total leverage ratio (defined as the ratio of Consolidated Total Debt to Consolidated EBITDA (as these terms are defined in the Credit Agreement)) of 5.0:1 or less

Cash and Cash Equivalents

fixed charge coverage ratio (defined as the ratio of EBITDA minus capital expenditures to fixed charges (inclusive of rental expense and scheduled amortization)) of at least 1.5:1

Cash and Cash Equivalents | Securitization Notes [Member]

^[6]

192.0

$ 192.0

$ 155.0

$ 177.0

Finance Lease, Right-of-Use Asset, Amortization

$ 92.0

[1]	The year ended December 31, 2024, includes $124 million and $22 million of operating and finance lease right-of-use assets, respectively, acquired as part of the KFC U.K. and Ireland restaurant acquisition (see Note 3).
[2]	The legal final maturity dates of the Securitization Notes issued in 2018, 2021 and 2025 are November 2048, August 2051 and August 2055, respectively. If the Issuer has not repaid or refinanced a series of Securitization Notes prior to its respective Anticipated Repayment Dates, rapid amortization of principal on all Securitization Notes will occur and additional interest will accrue on the Securitization Notes.
[3]	Includes the effects of the amortization of any discount and debt issuance costs.
[4]	We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.
[5]	We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.
[6]	Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments (see Note 11).

Leases (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Apr. 29, 2024

Operating Lease, Cost

$ 158

$ 135

$ 130

7

6

Finance Lease, Interest Expense

4

2

Finance Lease Cost

11

9

8

Sublease Income

(49)

(48)

(51)

Operating Lease, Payments

158

137

127

Finance Lease, Interest Payment on Liability

4

2

Finance Lease, Principal Payments

7

8

7

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability

^[1]

414

247

127

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

^[1]

84

26

6

Operating lease liabilities transferred through refranchising

(13)

(8)

(14)

Capital lease and other debt obligations transferred through refranchising

0

(1)

(5)

Lease Right of Use Asset

^[2]

$ 1,341

$ 930

Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]

Accounts payable and other current liabilities

Operating Lease, Liability, Current

$ 91

Operating Lease, Liability, Noncurrent

Other Liabilities, Noncurrent

Total Lease Liability

^[2]

$ 1,427

$ 1,020

Operating Lease, Weighted Average Remaining Lease Term

12 years 7 months 6 days

10 years 10 months 24 days

Finance Lease, Weighted Average Remaining Lease Term

17 years 4 months 24 days

14 years 9 months 18 days

Operating Lease, Weighted Average Discount Rate, Percent

5.40%

5.30%

Finance Lease, Weighted Average Discount Rate, Percent

5.60%

5.50%

Finance Lease, Liability

$ 148

$ 67

Operating Leases, Future Minimum Payments Receivable

506

Finance Lease, Liability, Undiscounted Excess Amount

(75)

Lessee, Operating Lease, Liability, Undiscounted Excess Amount

(516)

Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount

(9)

Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received

17

YUM_LesseeOperatingLeaseLeaseNotYetCommencedAssumptionAndJudgmentValueOfUnderlyingLiabilityAmount

$ 95

Lessee, Operating Lease, Term of Contract

20 years

Operating Lease, Liability

$ 1,279

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets

218

$ 124

Capital leases, future minimum commitments [Abstract]

115

126

$ 151

19

17

15

14

14

145

Capital leases, total future minimum commitments

224

Operating leases, future minimum commitments [Abstract]

171

174

163

149

139

998

Operating leases, total future minimum commitments

1,795

Direct Financing Lease, Lease Receivable

3

Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Two

3

Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three

2

Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years

2

Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years

2

Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, after Rolling Year Five

13

Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, after Rolling Year Five

26

Lessor, Operating Lease, Payments to be Received, Next Twelve Months

59

Operating Leases, Future Minimum Payments Receivable, in Two Years

54

Lessor, Operating Lease, Payments to be Received, Three Years

47

Lessor, Operating Lease, Payments to be Received, Four Years

43

Lessor, Operating Lease, Payments to be Received, Five Years

43

Lessor, Operating Lease, Payments to be Received, Thereafter

261

Long-Term Debt

Finance Lease, Liability, Current

137

59

Short-Term Debt

Finance Lease, Liability, Current

11

$ 8

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability

124

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

22

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability

218

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

$ 71

Other Assets [Member]

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]

Other assets

Property, Plant and Equipment [Member]

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]

Other assets

Operating Lease, Liability

$ 903

$ 615

Operating Lease, Right-of-Use Asset

$ 846

$ 549

[1]

The year ended December 31, 2024, includes $124 million and $22 million of operating and finance lease right-of-use assets, respectively, acquired as part of the KFC U.K. and Ireland restaurant acquisition (see Note 3).

[2]

U.S. operating lease right-of-use assets and liabilities totaled $846 million and $903 million, respectively, as of December 31, 2025, and $549 million and $615 million, respectively, as of December 31, 2024. These amounts primarily related to Taco Bell U.S. and Habit Burger & Grill leases related to Company-operated restaurants, leases related to franchise-operated restaurants we sublease and the Taco Bell and Habit Burger & Grill restaurant support center.

Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Forward Contracts
Derivative, Notional Amount	$ 80
Fair Value, Inputs, Level 3 [Member] \| Non-recurring basis
Remaining Net Book Value of Assets Measured at Fair Value	19	$ 21
Cash Flow Hedging [Member]
Derivative, Notional Amount	$ 0
Cash Flow Hedging [Member] \| Interest Rate Swap [Member]
Derivative, Maturity Date	Jul. 27, 2021
Cash Flow Hedging [Member] \| Forward-starting interest rate swap [Member]
Derivative, Notional Amount	$ 1,500
Derivative, Maturity Date	Mar. 01, 2025
July 2021 through March 2025 [Member] \| Fixed Income Interest Rate [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Term Loan B Facility [Member]
Derivative, Forward Interest Rate	5.09%

Derivative Instruments (Details 2) - USD ($) $ in Millions	12 Months Ended
Derivative Instruments (Details 2) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 8	$ 14	$ 14
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	17	33	30
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	(2)	(3)	(4)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	(4)	(8)	(8)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(1)
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	8	12	14
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (15)	$ (32)	$ (30)

Fair Value Disclosures (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Apr. 26, 2024

Mar. 15, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Payments for (Proceeds from) Investments

$ 0

$ (121)

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Payments for (Proceeds from) Investments

$ 0

0

$ (121)

Devyani

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Equity Method Investment, Ownership Percentage

5.00%

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity Method Investment, Ownership Percentage

5.00%

Non-recurring basis | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Remaining Net Book Value of Assets Measured at Fair Value

$ 19

21

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Remaining Net Book Value of Assets Measured at Fair Value

$ 19

$ 21

Non-recurring basis | Fair Value, Inputs, Level 3 [Member] | Closures and impairment (income) expenses

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]

Other (income) expense

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]

Other (income) expense

Term Loan A Facility [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 494

Term Loan B Facility [Member]

494

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,429

$ 1,500

Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member]

1,429

$ 1,500

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

750

$ 750

Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

750

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

753

739

Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member]

^[1]

753

739

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

4,550

Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

4,550

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

4,581

4,368

Secured Debt [Member] | Securitization Notes [Member]

^[1]

4,581

4,368

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

4,306

3,743

Secured Debt [Member] | Securitization Notes [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

4,306

3,743

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

4,160

3,561

Secured Debt [Member] | Term Loan A Facility [Member]

^[2]

4,160

3,561

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

494

^[1]

500

^[1]

$ 500

Secured Debt [Member] | Term Loan A Facility [Member] | Fair Value, Inputs, Level 2 [Member]

494

^[1]

500

^[1]

$ 500

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

492

496

Secured Debt [Member] | Term Loan B Facility [Member]

^[1]

492

496

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

1,429

1,444

Secured Debt [Member] | Term Loan B Facility [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

1,429

1,444

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

1,440

1,451

^[1]

$ 1,440

$ 1,451

[1]	We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.
[2]	We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.

Pension, Retiree Medical and Retiree Savings Plans (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Pension Unrealized gains (losses) arising during the year

^[1]

$ 3.0

$ 1.0

(9.0)

54.0

$ 12.0

Gain (Loss) from Litigation Settlement

$ 3.0

0.0

Maximum 401(k) participant contribution of eligible compensation

75.00%

Company match of participant contribution up to 6% of eligible compensation

100.00%

Maximum company match of participant contribution of eligible compensation

6.00%

Defined Contribution Plan, Cost

$ 23.0

24.0

15.0

Fixed Income Investments

Equity securities, target allocation (in hundredths)

49.00%

Diversified credit investments in a range of public and credit securities

Equity securities, target allocation (in hundredths)

40.00%

Equity Securities

Equity securities, target allocation (in hundredths)

32.00%

Real Estate Funds

Equity securities, target allocation (in hundredths)

19.00%

Fixed Income Securities [Member] | Fair Value Measured at Net Asset Value Per Share

^[2]

$ 142.0

146.0

^[2]

146.0

^[2]

142.0

146.0

Real Assets | Fair Value Measured at Net Asset Value Per Share

^[2]

142.0

146.0

^[2]

139.0

141.0

^[2]

141.0

^[2]

139.0

141.0

Foreign Pension Plan [Member]

^[2]

139.0

141.0

Benefit obligation at beginning of year

170.0

209.0

197.0

197.0

209.0

197.0

Benefit obligation at end of year

209.0

197.0

174.0

170.0

Net periodic benefit cost

2.0

1.0

2.0

Actuarial net gain

(70.0)

(72.0)

6.0

6.0

6.0

6.0

6.0

34.0

Benefit obligation at beginning of year

776.0

778.0

Service cost

5.0

4.0

5.0

Interest cost

43.0

42.0

41.0

670.0

644.0

680.0

644.0

680.0

670.0

644.0

680.0

Defined Benefit Plan, Benefit Obligation, Benefits Paid

670.0

644.0

680.0

(55.0)

(45.0)

Deferred vested pension payout

(17.0)

0.0

Actuarial (gain) loss

22.0

(3.0)

Benefit obligation at end of year

$ 774.0

$ 776.0

778.0

Discount rate (in hundredths)

5.70%

5.80%

Actual return on plan assets

$ 79.0

$ 6.0

Employer contributions

19.0

3.0

Defined Benefit Plan, Plan Assets, Benefits Paid

(55.0)

(45.0)

Defined Benefit Plan, Plan Assets, Payment for Settlement

(17.0)

0.0

Funded status at end of year

(104.0)

(132.0)

Accrued benefit liability - current

(8.0)

(11.0)

Accrued benefit liability - non-current

(96.0)

(121.0)

Accrued benefit amounts recognized

(104.0)

(132.0)

Accumulated benefit obligation

763.0

764.0

Projected benefit obligation

774.0

776.0

Accumulated benefit obligation

763.0

764.0

Fair value of plan assets

670.0

644.0

Expected return on plan assets

^[3]

1.0

(53.0)

(51.0)

(50.0)

Amortization of net loss

2.0

1.0

(1.0)

Net periodic benefit cost

(2.0)

(3.0)

(4.0)

Beginning of year

(127.0)

(87.0)

Pension Unrealized gains (losses) arising during the year

3.0

(42.0)

Amortization of net loss

2.0

1.0

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement

1.0

^[4]

3.0

0.0

End of year

(118.0)

(127.0)

(87.0)

Actuarial net gain

117.0

125.0

Prior service cost

(1.0)

(2.0)

Amounts recognized as a loss in Accumulated Other Comprehensive Income

$ (118.0)

$ (127.0)

$ (87.0)

Rate of compensation increase (in hundredths)

3.00%

Discount rate (in hundredths)

5.80%

5.60%

Long-term rate return on plan assets (in hundredths)

6.85%

6.35%

6.25%

Rate of compensation increase (in hundredths)

3.00%

Net Payable For Unsettled Transactions

$ 54.0

$ 52.0

Approximate percentage of total plan assets in investment that includes YUM stock (in hundredths)

1.00%

$ 61.0

62.0

76.0

58.0

59.0

277.0

United States | Defined Benefit Plan, Equity Securities, Common Stock [Member]

Value of mutual fund held as an investment that includes YUM stock

0.1

United States | Fair Value, Inputs, Level 1 [Member] | Cash [Member]

1.0

2.0

2.0

1.0

2.0

United States | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member]

1.0

2.0

^[5]

24.0

30.0

^[5]

30.0

^[5]

24.0

30.0

United States | Fair Value, Inputs, Level 1 [Member] | Debt Security, Corporate, US [Member]

^[5]

24.0

30.0

20.0

16.0

16.0

20.0

16.0

United States | Fair Value, Inputs, Level 2 [Member] | Debt Security, Corporate, US [Member]

20.0

16.0

^[6]

18.0

21.0

^[6]

21.0

^[6]

18.0

21.0

United States | Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member]

^[6]

18.0

21.0

^[7]

22.0

15.0

^[7]

15.0

^[7]

22.0

15.0

United States | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities

^[7]

22.0

15.0

^[7]

142.0

113.0

^[7]

113.0

^[7]

142.0

113.0

United States | Fair Value, Inputs, Level 2 [Member] | Equity Securities - US Large cap [Member]

^[7]

142.0

113.0

^[8]

216.0

212.0

^[8]

212.0

^[8]

216.0

212.0

United States | Fair Value, Inputs, Level 1, 2 and 3

^[8]

216.0

212.0

^[9]

724.0

696.0

^[9]

696.0

^[9]

724.0

696.0

United States | FairValueInputsLevel1AndLevel2

^[9]

724.0

696.0

443.0

409.0

409.0

443.0

409.0

Other Postretirement Benefits Plan [Member]

443.0

409.0

Accumulated benefit obligation

25.0

Net periodic benefit cost

1.0

Actuarial net gain

(11.0)

$ (13.0)

2.0

2.0

2.0

2.0

2.0

$ 11.0

[1]	Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2025 include amortization of net losses of $2 million, settlement charges of $3 million and related income tax benefit of $1 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2024 include amortization of net losses of $2 million and amortization of prior service cost of $1 million. See Note 15.
[2]	Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.
[3]	Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.
[4]	Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.
[5]	Short-term investments in money market funds.
[6]	Investments held directly by the Plan.
[7]	Includes securities held in common or collective trusts and investments held directly by the Plan.
[8]	Securities held in common or collective trusts.
[9]	2025 and 2024 exclude net unsettled trade payables of $54 million and $52 million, respectively.

Share-based and Deferred Compensation Plans (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) Years $ / shares Rate shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (in hundredths)	4.40%	4.00%	3.60%
Expected term (years)	5 years 10 months 24 days	5 years 10 months 24 days	5 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	21.30%	20.60%	22.00%
Expected dividend yield (in hundredths)	1.90%	2.10%	1.80%
Options outstanding at the end of the year (in shares) \| shares	228
Options outstanding at the end of the year, Weighted-average exercise price (in dollars per share) \| $ / shares	$ 115.88
SARs outstanding at the end of the year (in shares) \| shares	5,747
SARs outstanding at the end of the year, Weighted-average exercise price (in dollars per share) \| $ / shares	$ 109.46
Share-based Compensation Expense	$ 70.0	$ 69.0	$ 95.0
Share-based Payment Arrangement, Expense, Tax Benefit	13.0	20.0	12.0
Cash received from stock options exercises	2.0	9.0	8.0
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	$ 45.0	$ 55.0	$ 31.0
Long Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum vesting period of outstanding awards (in years)	immediate
Maximum vesting period of outstanding awards (in years)	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Approximate number of shares available for grant (in shares) \| shares	17,000
Executive Income Deferral Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Company match on amount deferred (in hundredths) \| Rate	33.00%
Stock Options and Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum vesting period of outstanding awards (in years)	1.6
Options outstanding at the end of the year (in shares) \| shares	5,973	7,730
Granted (in shares) \| shares	694
Exercised (in shares) \| shares	(2,270)
Forfeited or expired (in shares) \| shares	(181)
Exercisable at the end of the year (in shares) \| shares	4,220
Options outstanding at the end of the year, Weighted-average exercise price (in dollars per share) \| $ / shares	$ 109.71	$ 99.53
Granted, Weighted-average exercise price (in dollars per share) \| $ / shares	148.26
Exercised, Weighted-average exercise price (in dollars per share) \| $ / shares	85.01
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price \| $ / shares	132.90
Exercisable at the end of the year, Weighted-average exercise price (in dollars per share) \| $ / shares	$ 98.71
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	5 years 3 months 18 days
Share Based Compensation Arrangement By Share Based Payment Award, Options, Exercisable Weighted Average Remaining Contractual Term	4 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 248.0
Exercisable at the end of the year, Aggregate intrinsic value (in dollars)	$ 222.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 35.07	$ 28.35	$ 29.93
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 144.0	$ 158.0	$ 114.0
Unrecognized compensation cost	26.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	22.0	28.0	31.0
Share-based Compensation Expense	21.0	23.0	27.0
Restricted Stock Units And Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 77.0
Unvested RSUs and PSUs \| shares	1,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 43.0	54.0	84.0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 38.0	36.0	35.0
Restricted Stock Units (RSUs) [Member] \| Executive Income Deferral Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 11.0	$ 10.0	$ 33.0
Executives [Member] \| Long Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Vesting period (in years)	4 years
Graded vesting schedule of grants made to executives under other stock award plans	25
Share-based Compensation Arrangement by Share-based Payment Award, Average Exercise Period \| Years	5.9

Shareholders' Equity (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Repurchase Of Shares Of Common Stock [Line Items]

^[1]

3,739,000

3,282,000

387,000

Stock Repurchased and Retired During Period, Value

$ 554

$ 443

$ 50

^[1]

550

441

$ 50

Repurchase Of Shares Of Common Stock [Line Items]

^[2]

$ 3

$ 1

Common Stock

4,000,000

3,000,000

0

Repurchase Of Shares Of Common Stock [Line Items]

$ 31

$ 73

$ 24

September 2022

September 2022 | Common Stock

$ 50

Repurchase Of Shares Of Common Stock [Line Items]

Repurchase Of Shares Of Common Stock [Line Items]

0

366,000

387,000

May 2024

Share Repurchase Program, Authorized, Amount

$ 550

$ 391

2,000

Share Repurchase Program, Remaining Authorized, Amount

$ 1,100

May 2024 | Common Stock

Repurchase Of Shares Of Common Stock [Line Items]

Accumulated Other Comprehensive Income (Loss) [Line Items]

3,739,000

2,916,000

0

[1]

In May 2024, our Board of Directors authorized share repurchases of up to $2.0 billion (excluding applicable transaction fees and excise taxes) of our outstanding Common Stock through December 31, 2026. The new authorization took effect on July 1, 2024 upon the expiration of a prior authorization approved in September 2022. As of December 31, 2025, we have remaining capacity to repurchase up to $1.1 billion of Common Stock under the May 2024 authorization.

[2]

Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2025 include amortization of net losses of $2 million, settlement charges of $3 million and related income tax benefit of $1 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2024 include amortization of net losses of $2 million and amortization of prior service cost of $1 million. See Note 15.

Shareholders' Equity (Details 2) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance

$ (392)

Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance

81

$ (90)

$ 67

(311)

(392)

Defined Benefit Plan, Amortization of Prior Service Cost (Credit)

^[1]

3

$ 1

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

^[1]

Other (income) expense

Translation Adjustment and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance

(238)

$ (201)

Amounts reclassified from accumulated OCI, net of tax

77

(37)

0

Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance

77

(37)

(161)

(238)

(201)

Pension and Post-Retirement Benefit Plan Losses

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance

(143)

(104)

Amounts reclassified from accumulated OCI, net of tax

7

(42)

4

3

Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance

11

(39)

(132)

(143)

(104)

Total

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance

(392)

(302)

Amounts reclassified from accumulated OCI, net of tax

90

(69)

(9)

(21)

Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance

81

(90)

(311)

(392)

(302)

Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance

(11)

3

Amounts reclassified from accumulated OCI, net of tax

6

10

(13)

(24)

Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance

(7)

(14)

$ (18)

$ (11)

$ 3

[1]

Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2025 include amortization of net losses of $2 million, settlement charges of $3 million and related income tax benefit of $1 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2024 include amortization of net losses of $2 million and amortization of prior service cost of $1 million. See Note 15.

Income Taxes (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2019

U.S. and foreign income before income taxes [Abstract]

U.S.

$ 1,069

$ 1,131

$ 1,246

Foreign

1,008

769

572

Income from Continuing Operations Before Income Taxes

^[1]

2,077

1,900

1,818

Details of income tax provision (benefit) [Abstract]

Current: Federal

(5)

170

221

Current: Foreign

371

226

222

Current: State

45

48

68

Total current income tax provision (benefit)

411

444

511

Deferred: Federal

173

(40)

(121)

Deferred: Foreign

(81)

15

(153)

Deferred: State

15

(5)

(16)

Income Tax Expense (Benefit), Total

(107)

30

290

518

414

221

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

(21.00%)

State income tax, net of federal tax benefit (in hundredths)

2.40%

1.80%

2.30%

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

(226)

Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount

(212)

Statutory rate differential attributable to foreign operations (in hundredths)

1.30%

(1.70%)

Effective Income Tax Rate Reconciliation Adjustments To Reserves And Prior Years

0.50%

1.30%

Effective Income Tax Rate Reconciliation Share Based Compensation

(1.60%)

(1.10%)

Change in valuation allowance (in hundredths)

(10.20%)

0.30%

0.00%

Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent

(0.50%)

Effective Income Tax Rate Reconciliation, Tax Credit, Amount

(10)

Effective Income Tax Rate, Amount

518

Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount

436

Effective Income Tax Rate Reconciliation, Impact of Russia Exit

0.00%

(0.50%)

Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent

(1.50%)

(9.10%)

Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent

3.70%

Other, net (in hundredths)

(0.30%)

0.00%

Effective income tax rate (in hundredths)

24.90%

21.80%

12.10%

100.00%

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount

(6)

41

Deferred Tax Assets, Gross

1,713

$ 1,713

1,768

$ 1,768

Deferred Tax Assets, Net

964

1,070

Unrecognized Tax Benefits that Would Impact Effective Tax Rate

115

126

151

$ 151

103

Additions on tax positions related to the current year

4

6

Additions for tax positions of prior years

54

1

Reductions for tax positions of prior years

(74)

(10)

Reductions for settlements

0

(22)

Reductions due to statute expiration

(3)

0

Income Tax Examination, Penalties and Interest Expense

36

3

20

Income Tax Examination, Penalties and Interest Accrued

57

$ 57

20

$ 20

Foreign currency translation adjustment

8

0

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent

(10.90%)

Effective Income Tax Rate Reconciliation, Deduction, Other, Percent

^[2]

8,214

7,549

7,076

(1.10%)

Transferable Tax Credit Member

405

494

432

Effective income tax rate reconciliation [Abstract]

Income Taxes Receivable

46

$ 46

Year-End Adjustment

Effective income tax rate reconciliation [Abstract]

Effective income tax rate reconciliation [Abstract]

63

Intellectual Property

89

$ 89

Effective income tax rate reconciliation [Abstract]

Effective income tax rate reconciliation [Abstract]

50

CALIFORNIA

Other States Excluding California

26

Effective income tax rate reconciliation [Abstract]

Effective income tax rate reconciliation [Abstract]

36

AUSTRALIA

Effective income tax rate reconciliation [Abstract]

27

SINGAPORE

Effective income tax rate reconciliation [Abstract]

18

SOUTH AFRICA

Effective income tax rate reconciliation [Abstract]

17

UNITED KINGDOM

Foreign Tax Jurisdiction, Other

58

Effective income tax rate reconciliation [Abstract]

Effective income tax rate reconciliation [Abstract]

35

All countries

Effective income tax rate reconciliation [Abstract]

267

UNITED ARAB EMIRATES

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

(22)

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent

(1.10%)

CHINA

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

(34)

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent

(1.70%)

CYPRUS

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

(40)

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent

(1.90%)

MALTA

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount

(121)

Change in valuation allowance (in hundredths)

5.80%

Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent

(0.20%)

Effective Income Tax Rate Reconciliation, Tax Credit, Amount

(4)

SINGAPORE

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

(36)

Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent

(0.50%)

Effective Income Tax Rate Reconciliation, Tax Credit, Amount

(10)

Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Percent

(1.70%)

United States & Switzerland

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

(1.20%)

Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount

(25)

Foreign Tax Jurisdiction, Other

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount

(149)

Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent

(7.20%)

SWITZERLAND

Effective income tax rate reconciliation [Abstract]

Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent

(0.60%)

Effective Income Tax Rate Reconciliation, Tax Credit, Amount

(12)

Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability

29

Mexico tax deconsolidation

Details of income tax provision (benefit) [Abstract]

Income Tax Expense (Benefit), Total

108

OBBBA Enactment.

Effective income tax rate reconciliation [Abstract]

Deferred Tax Assets, Net

168

$ 168

Effective income tax rate reconciliation [Abstract]

76

$ 76

Global Changes

Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent

(2.90%)

Effective Income Tax Rate Reconciliation, Tax Credit, Amount

(61)

Effective income tax rate reconciliation [Abstract]

Other, net (in hundredths)

0.10%

Intra-Entity IP Transfers [Member]

^[2]

2,668

2,417

2,464

Details of income tax provision (benefit) [Abstract]

Total current income tax provision (benefit)

14

Income Tax Expense (Benefit), Total

(13)

(44)

30

Deferred Tax Assets, Increases [Member]

Effective income tax rate reconciliation [Abstract]

Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount

(18)

(5)

Deferred Tax Assets, Decreases

Effective income tax rate reconciliation [Abstract]

Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount

106

16

Deferred Tax Assets, Other Adjustments

Effective income tax rate reconciliation [Abstract]

Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount

$ (3)

$ 6

Foreign [Member]

Details of income tax provision (benefit) [Abstract]

Effective income tax rate reconciliation [Abstract]

$ (99)

Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent

15.00%

[1]	Amounts have not been allocated to any segment for performance reporting purposes.
[2]	The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented

Income Taxes (Details 2) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2019
Net deferred tax assets (liabilities) [Abstract]
Operating Loss Carryforwards	$ 227	$ 227	$ 227	$ 213	$ 213	$ 213
Deferred Tax Assets, Capital Loss Carryforwards	69	69	69	70	70	70
Deferred Tax Assets, Tax Credit Carryforwards	48	48	48	200	200	200
Employee benefits	73	73	73	83	83	83
Share-based compensation	36	36	36	44	44	44
Various liabilities	374	374	374	267	267	267
Deferred Tax Assets, Goodwill and Intangible Assets	73	73	73	66	66	66
Deferred Tax Assets, Property, Plant and Equipment	654	654	654	575	575	575
Deferred income and other	23	23	23	25	25	25
Deferred Income	102	102	102	105	105	105
Gross deferred tax assets	1,713	1,713	1,713	1,768	1,768	1,768
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs	34	34	34	120	120	120
Deferred tax asset valuation allowances	(284)	(284)	(284)	(369)	(369)	(369)	$ (386)	$ (386)	$ (386)
Net deferred tax assets	1,429	1,429	1,429	1,399	1,399	1,399
Property, plant and equipment	(86)	(86)	(86)	(47)	(47)	(47)
Deferred Tax Liabilities Deemed Repatriation	(320)	(320)	(320)	(235)	(235)	(235)
Deferred Tax Liabilities, Other Finite-Lived Assets	(9)	(9)	(9)	(6)	(6)	(6)
Deferred Tax Assets, Derivative Instruments	(2)	(2)	(2)	(5)	(5)	(5)
Other	(48)	(48)	(48)	(36)	(36)	(36)
Gross deferred tax liabilities	(465)	(465)	(465)	(329)	(329)	(329)
Deferred Tax Assets, Net	964	$ 964	$ 964	1,070	$ 1,070	$ 1,070
Foreign Earnings Repatriated	2,000
Effective Income Tax Rate Reconciliation, Percent		24.90%	24.90%		21.80%	21.80%		12.10%	12.10%	100.00%
Unrecognized Tax Benefits	115	$ 115	$ 115	126	$ 126	$ 126	151	$ 151	$ 151
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent			3.70%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(6)						41
Income tax provision	518			414			221
Income Tax Examination, Penalties and Interest Accrued	57	57	$ 57	20	$ 20	$ 20
Current Income Tax Expense (Benefit)	411			444			511
Deferred income taxes	107			(30)			(290)
Effective Income Tax Rate Reconciliation, Tax Credit, Amount	10
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%			21.00%			21.00%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	436
Foreign Derived Deduction Eligible Income (“FDDEI”),percent			(1.60%)
Foreign Derived Deduction Eligible Income (“FDDEI”), amount	(34)
Net Controlled Foreign Corporation Tested Income (“NCTI”), percent			8.50%
Net Controlled Foreign Corporation Tested Income (“NCTI”), amount	178
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount	7
Other, net (in hundredths)			0.30%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent			0.50%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	11
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount	23
Effective Income Tax Rate Reconciliation, Deduction, Percent			11.90%
Effective Income Tax Rate Reconciliation, Deduction, Amount	247
Other, net (in hundredths)			0.30%			0.00%
State income tax, net of federal tax benefit (in hundredths)			2.40%			1.80%			2.30%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	49
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount	226
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	76
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent			10.90%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent			0.50%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	(212)
Change in valuation allowance (in hundredths)			(10.20%)			0.30%			0.00%
Australia & Israel
Net deferred tax assets (liabilities) [Abstract]
Income tax provision				28
Current Income Tax Expense (Benefit)				15
RUSSIAN FEDERATION
Net deferred tax assets (liabilities) [Abstract]
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability							7
SWITZERLAND
Net deferred tax assets (liabilities) [Abstract]
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability							29
Effective Income Tax Rate Reconciliation, Tax Credit, Amount	12
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent			0.60%
Intra-Entity IP Transfers [Member]
Net deferred tax assets (liabilities) [Abstract]
Income tax provision							30
Current Income Tax Expense (Benefit)							14
Deferred income taxes				$ 13			44
Foreign [Member]
Net deferred tax assets (liabilities) [Abstract]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent								15.00%
Deferred income taxes							99
Effective Income Tax Rate Reconciliation, Tax Holiday, Percent								10.00%
Domestic Tax Jurisdiction \| 2021
Net deferred tax assets (liabilities) [Abstract]
Deferred Tax Assets, Tax Credit Carryforwards	0	0	$ 0
Tax Credit Carryforward, Valuation Allowance	0	0	0
Tax Credit Carryforward, Amount	$ 2	$ 2	$ 2				$ 38	$ 38	$ 38

Income Taxes (Details 3) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating and capital loss carryforwards [Line Items]
Foreign Earnings Repatriated	$ 2,000
Operating Loss Carryforwards	227	$ 213
Operating Loss and Tax Credit Carryforward, Amount	3,106
Deferred Tax Assets, Tax Credit Carryforwards	48	200
Deferred Tax Assets, Tax Deferred Expense	344
Deferred Tax Assets, Valuation Allowance	(284)	(369)	$ (386)
Operating Loss and Tax Credit Carryforward, Valuation Allowance	(194)
Deferred Tax Liabilities, Other	(48)	(36)
Unrecognized Tax Benefits	115	126	151
Income Tax Examination, Penalties and Interest Expense	36	3	20
Income Tax Examination, Penalties and Interest Accrued	57	20
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(6)		41
Income tax provision	518	414	221
Current Income Tax Expense (Benefit)	411	444	511
Deferred income taxes	107	(30)	(290)
Effective Income Tax Rate Reconciliation, Tax Credit, Amount			$ 38
Reductions due to statute expiration	$ (3)	$ 0
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent	1.10%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Change in valuation allowance (in hundredths)	(10.20%)	0.30%	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent	10.90%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ 436
Net Controlled Foreign Corporation Tested Income (“NCTI”), amount	178
United States
Operating and capital loss carryforwards [Line Items]
Tax Credit Carryforward, Amount	13
Deferred Tax Assets, Valuation Allowance	(17)
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	13
OBBBA Enactment.
Operating and capital loss carryforwards [Line Items]
Unrecognized Tax Benefits	76
Intra-Entity IP Transfers [Member]
Operating and capital loss carryforwards [Line Items]
Income tax provision			$ 30
Current Income Tax Expense (Benefit)			14
Deferred income taxes		$ 13	44
Other Noncurrent Liabilities [Member]
Operating and capital loss carryforwards [Line Items]
Deferred Tax Liabilities, Other	(1)	$ (1)
Foreign [Member]
Operating and capital loss carryforwards [Line Items]
Deferred income taxes			99
Foreign [Member] \| Indefinite
Operating and capital loss carryforwards [Line Items]
Operating Loss Carryforwards	367
Tax Credit Carryforward, Amount	277
Deferred Tax Assets, Operating Loss Carryforwards	81
Deferred Tax Assets, Tax Credit Carryforwards	69
Operating Loss Carryforwards, Valuation Allowance	(16)
Tax Credit Carryforward, Valuation Allowance	(69)
Foreign [Member] \| 2022 - 2037
Operating and capital loss carryforwards [Line Items]
Operating Loss Carryforwards	306
Deferred Tax Assets, Operating Loss Carryforwards	46
Operating Loss Carryforwards, Valuation Allowance	(4)
Foreign [Member] \| 2026 - 2030
Operating and capital loss carryforwards [Line Items]
Tax Credit Carryforward, Amount	35
Deferred Tax Assets, Tax Credit Carryforwards	35
Tax Credit Carryforward, Valuation Allowance	(13)
State and Local Jurisdiction [Member] \| Indefinite
Operating and capital loss carryforwards [Line Items]
Tax Credit Carryforward, Amount	893
Deferred Tax Assets, Tax Credit Carryforwards	41
Tax Credit Carryforward, Valuation Allowance	(40)
State and Local Jurisdiction [Member] \| 2022 - 2037
Operating and capital loss carryforwards [Line Items]
Operating Loss Carryforwards	1,171
Deferred Tax Assets, Operating Loss Carryforwards	50
Operating Loss Carryforwards, Valuation Allowance	(35)
Domestic Tax Jurisdiction \| Indefinite
Operating and capital loss carryforwards [Line Items]
Operating Loss Carryforwards	42
Deferred Tax Assets, Operating Loss Carryforwards	9
Operating Loss Carryforwards, Valuation Allowance	0
Domestic Tax Jurisdiction \| 2021
Operating and capital loss carryforwards [Line Items]
Tax Credit Carryforward, Amount	2		$ 38
Deferred Tax Assets, Tax Credit Carryforwards	0
Tax Credit Carryforward, Valuation Allowance	$ 0

Reportable Operating Segments (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

^[1]

$ 8,214

$ 7,549

$ 7,076

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

^[2]

2,574

2,403

2,318

^[2]

2,077

1,900

1,818

Investment (income) expense, net

^[2]

1

(21)

7

Other Pension (income) expense

^[2]

(2)

(7)

(6)

Interest expense, net

^[2]

(501)

(489)

(513)

Segment, Expenditure, Addition to Long-Lived Assets

^[3]

206

175

153

371

257

285

Total Assets

8,197

6,727

22

12

13

^[4]

1

21

2

34

14

1,262

1,181

1,193

140

134

123

2,483

2,120

1,774

Other income (expense) excluding foreign exchange gain (loss)

1,799

1,711

1,683

^[5]

(9)

15

(3)

(48)

(34)

(29)

Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

2,945

2,552

2,142

Franchise and property revenue [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

3,473

3,295

3,247

Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

1,796

1,702

1,687

United States | Company Sales

^[1]

4,525

4,333

4,106

Revenue from Contract with Customer, Excluding Assessed Tax

1,966

1,825

1,725

United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

1,082

1,060

1,001

UNITED KINGDOM

^[1]

1,021

799

506

3,542

3,099

2,830

1,503

1,363

1,304

66

63

72

Segment, Expenditure, Addition to Long-Lived Assets

^[3]

50

33

22

109

73

1

(3)

6

372

363

383

929

703

417

670

610

648

KFC Global Division [Member] | Company Sales

13

(1)

(2)

Revenue from Contract with Customer, Excluding Assessed Tax

1,057

801

484

KFC Global Division [Member] | Franchise and property revenue [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

1,807

1,685

1,698

KFC Global Division [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

679

613

648

KFC Global Division [Member] | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

106

75

67

KFC Global Division [Member] | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

47

45

36

3,095

2,860

2,641

1,129

1,049

944

29

33

32

Segment, Expenditure, Addition to Long-Lived Assets

^[3]

78

64

61

131

98

101

0

(1)

0

215

199

204

971

872

817

750

708

644

Taco Bell Global Division [Member] | Company Sales

33

32

33

Revenue from Contract with Customer, Excluding Assessed Tax

1,281

1,155

1,069

Taco Bell Global Division [Member] | Franchise and property revenue [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

1,060

997

918

Taco Bell Global Division [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

754

708

654

Taco Bell Global Division [Member] | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

1,272

1,154

1,069

Taco Bell Global Division [Member] | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

740

697

645

1,013

1,008

1,019

340

373

391

41

34

15

Segment, Expenditure, Addition to Long-Lived Assets

^[3]

23

16

20

27

15

12

(14)

(16)

(11)

219

221

52

8

14

376

390

389

Pizza Hut Global Division [Member] | Company Sales

0

2

(2)

Revenue from Contract with Customer, Excluding Assessed Tax

51

8

14

Pizza Hut Global Division [Member] | Franchise and property revenue [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

602

622

Pizza Hut Global Division [Member] | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

360

378

383

Pizza Hut Global Division [Member] | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

33

8

14

Pizza Hut Global Division [Member] | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

292

315

318

570

600

586

(13)

0

(14)

4

3

Segment, Expenditure, Addition to Long-Lived Assets

^[3]

29

31

30

60

39

64

12

10

54

59

509

529

526

3

2

The Habit Burger Grill Global Division | Company Sales

2

1

0

Revenue from Contract with Customer, Excluding Assessed Tax

555

588

575

The Habit Burger Grill Global Division | Franchise and property revenue [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

12

9

The Habit Burger Grill Global Division | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

3

2

The Habit Burger Grill Global Division | United States | Company Sales

Revenue from Contract with Customer, Excluding Assessed Tax

555

588

575

The Habit Burger Grill Global Division | United States | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

3

2

Corporate Segment and Other Operating Segment [Member]

^[2]

(7)

(18)

Refranchising gain (loss)

^[2]

(22)

^[6]

(8)

^[6]

(1)

^[2]

48

34

^[7]

29

^[7]

Segment, Expenditure, Addition to Long-Lived Assets

^[3]

26

31

20

44

32

35

^[2]

(3)

(44)

(9)

^[2]

(402)

(346)

(326)

Total Division

8,220

^[8]

7,567

^[9]

7,076

2,959

2,785

2,625

140

134

122

0

(10)

5

861

835

867

2,462

2,112

1,774

Total Division | Company Sales

1,799

1,711

1,683

Revenue from Contract with Customer, Excluding Assessed Tax

2,945

2,552

2,142

Total Division | Franchise and property revenue [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

3,480

3,313

3,247

Total Division | Franchise contributions for advertising and other services

Revenue from Contract with Customer, Excluding Assessed Tax

1,796

1,702

1,687

Other income (expense) excluding foreign exchange gain (loss)

18

(1)

37

German Acquisition KFC & PH

Other income (expense) excluding foreign exchange gain (loss)

9

6

37

General and Administrative Expense [Member]

^[1]

2,668

2,417

2,464

Costs Associated with Resource Optimization Initiative

$ 38

$ 79

$ 21

[1]

The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented

[2]

Amounts have not been allocated to any segment for performance reporting purposes.

[3]

The amounts of depreciation and amortization disclosed by reportable segment are primarily included within the segment expense captions of Company restaurant expenses and G&A expenses.

[4]

Assets and liabilities held for sale reflect the carrying value of restaurants we have offered for sale to franchisees and excess properties that we do not intend to use for restaurant operations in the future.

[5]

The year ended December 31, 2024, includes a charge of $37 million related to the German acquisition and Turkey termination (see Note 5).

[6]

Unallocated Company restaurant expenses include amortization of reacquired franchise rights

[7]

The Refranchising gain (loss) by our Divisional reportable segments is presented below. Given the size and volatility of refranchising initiatives, our CODM does not consider the impact of Refranchising gain (loss) when assessing

Divisional segment performance. As such, we do not allocate such gains and losses to our Divisional segments for performance reporting purposes.

During the years ended December 31, 2025, 2024 and 2023, we refranchised 23, 1 and 15 restaurants, respectively, and we sold certain restaurant assets (primarily land) associated with existing franchise restaurants to the franchisee. We received $78 million, $49 million and $60 million in pre-tax cash refranchising proceeds in 2025, 2024 and 2023, respectively, as a result of the sales of these restaurants and restaurant assets.

A summary of Refranchising gain (loss) is as follows:


	Refranchising gain (loss)
	2025		2024		2023
KFC Division	$	13	$	(1)	$	(2)
Taco Bell Division	33		32		33
Pizza Hut Division	—		2		(2)
Habit Burger & Grill Division	2		1		—
Worldwide	$	48	$	34	$	29

[8]

Does not include charges of $7 million to Unallocated franchise and property revenues primarily associated with our Pizza Hut Strategic Options Review during the year ended December 31, 2025. See Note 5.

[9]

Does not include charges of $18 million to Unallocated franchise and property revenues associated with the Turkey termination during the year ended December 31, 2024. See Note 5.

Contingencies (Details) $ in Millions	12 Months Ended
Contingencies (Details) $ in Millions	Dec. 31, 2025 USD ($)
Guarantor Obligations [Line Items]
Deferred Tax Liability Not Recognized, Events that Would Cause Temporary Difference to be Taxable, Undistributed Earnings of Foreign Subsidiaries	Following an Internal Revenue Service (“IRS”) audit for the 2013 to 2015 fiscal years, we were unable to resolve underpayments of tax that the IRS proposed resulting from that audit using the IRS Appeals process, a pre-litigation, alternative dispute resolution tool. The IRS asserts an underpayment of tax of approximately $2.1 billion plus $418 million in penalties for fiscal year 2014. Both amounts are subject to interest, with interest of approximately $2.1 billion accruing through December 31, 2025. Those amounts relate primarily to a series of reorganizations that we undertook in 2014 in connection with the business realignment of our corporate and management reporting structure along brand lines. The IRS asserts that these transactions resulted in taxable distributions of approximately $6.0 billion.We disagree with the IRS’s position and are contesting that position vigorously. On June 4, 2025, we filed a petition in the United States Tax Court disputing the IRS's position as set forth in a Notice of Deficiency. The IRS filed its Answer on September 12, 2025. The litigation is ongoing.The Company does not expect resolution of this matter within twelve months and cannot predict with certainty the timing of such resolution. The Company believes that it is more likely than not the Company’s tax position will be sustained; therefore, no reserve is recorded with respect to this matter.An unfavorable resolution of this matter could have a material, adverse impact on our Consolidated Financial Statements in future periods.
Property Lease Guarantee [Member]
Guarantor Obligations [Line Items]
Year longest lease expires	2065
Potential amount of undiscounted payments we could be required to make in the event of non-payment	$ 325
Present value of potential payments we could be required to make in the event of non-payment	$ 275

Contingencies (Details 2) - USD ($) $ in Millions	12 Months Ended
Contingencies (Details 2) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Unusual or Infrequent Item, or Both, Nature of Event or Transaction	On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $125 million. Of this amount, $120 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. In November 2022, YRIPL was notified that an administrative tribunal bench had been constituted to hear an appeal by DOE of certain findings of the January 2020 order, including claims that certain charges had been wrongly dropped and that an insufficient amount of penalty had been imposed. A hearing with the administrative tribunal scheduled for February 18, 2026 has been rescheduled to May 21, 2026. A hearing scheduled for December 10, 2025, before the Delhi High Court has been continued to May 5, 2026, and the stay order remains in effect. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable.
Self Insured Property And Casualty Reserves [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease)	$ 39	$ 36
Payments	(36)	(32)
Liability for Claims and Claims Adjustment Expense	$ 55	$ 52	$ 48

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column E
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4