YUM BRANDS INC, 10-Q filed on 11/7/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Cover [Abstract]    
Document Quarterly Report true  
Entity Incorporation, State or Country Code NC  
Entity Tax Identification Number 13-3951308  
Trading Symbol YUM  
Security Exchange Name NYSE  
Entity Address, Address Line One 1441 Gardiner Lane,  
Entity Address, City or Town Louisville,  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40213  
City Area Code (502)  
Local Phone Number 874-8300  
Document Transition Report false  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Registrant Name YUM! BRANDS, INC.  
Entity Central Index Key 0001041061  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding Common Stock, no par value  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2025  
Entity File Number 1-13163  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   277,652,829
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Total Revenues $ 1,979 $ 1,826 $ 5,699 $ 5,187
Costs and Expenses, Net        
Company restaurant expenses 587 523 1,668 1,393
General and Administrative Expense 282 263 885 830
Franchise and property expenses 35 36 107 90
Franchise advertising and other services expense 427 401 1,251 1,169
Refranchising (gain) loss (17) (12) (33) (31)
Other (income) expense (1) (4) (15) (10)
Total costs and expenses, net 1,313 1,207 3,863 3,441
Operating Profit [1] 666 619 1,836 1,746
Investment (income) expense, net [1] 0 (1) [2] (1) [2] 21 [2]
Other pension (income) expense [1] 1 (2) 0 (5)
Interest expense, net [1] 124 120 368 358
Income Before Income Taxes 541 502 1,470 1,372
Income tax provision 144 120 446 309
Net Income $ 397 $ 382 $ 1,024 $ 1,063
Basic Earnings Per Common Share $ 1.42 $ 1.36 $ 3.67 $ 3.77
Diluted Earnings Per Common Share 1.41 1.35 3.64 3.73
Dividends Declared Per Common Share $ 0.71 $ 0.67 $ 2.13 $ 2.01
Company Sales        
Revenues        
Revenues $ 697 $ 621 $ 1,974 $ 1,667
Franchise and property revenues        
Revenues        
Revenues 857 804 2,476 2,350
Franchise contributions for advertising and other services        
Revenues        
Revenues $ 426 $ 401 $ 1,249 $ 1,170
[1] Amounts have not been allocated to any segment for performance reporting purposes.
[2] Investment income (expense), net includes $20 million of pre-tax investment losses related changes in fair value of our approximate 5% minority interest in Devyani International Limited prior to the date of sale during the year to date ended September 30, 2024.
(f)The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented.
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net Income $ 397 $ 382 $ 1,024 $ 1,063
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature        
Adjustments and gains (losses) arising during the period (6) 34 71 26
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0 0 0 0
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature, before tax (6) 34 71 26
Tax (expense) benefit 0 0 0 0
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature, net of tax (6) 34 71 26
Changes in pension and post-retirement benefits        
Unrealized gains (losses) arising during period, before Tax 0 0 0 0
Reclassification of (gains) losses into Net Income 3 0 5 1
Changes in pension and post-retirement benefits, before Tax 3 0 5 1
Pension and post-retirement benefit plans, tax (1) 0 (1) 0
Pension and post-retirement benefit plans, net of tax 3 0 4 1
Changes in derivative instruments        
Unrealized gains (losses) arising during the period 5 (4) 8 12
Reclassification of (gains) losses into Net Income (4) (9) (15) (25)
Changes in derivative instruments 1 (13) (6) (13)
Changes in derivatives, Tax 0 3 2 3
Changes in derivatives, net of tax 1 (10) (5) (10)
Other comprehensive income (loss), net of tax (2) 24 71 17
Comprehensive Income (Loss) $ 394 $ 406 $ 1,095 $ 1,080
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows - Operating Activities    
Net Income $ 1,024 $ 1,063
Depreciation and amortization [1] 139 120
Refranchising (gain) loss (33) (31)
Investment (income) expense, net [2],[3] (1) 21
Deferred income taxes 175 5
Share-based compensation expense 54 52
Changes in accounts and notes receivable 51 28
Changes in prepaid expenses and other current assets (8) (21)
Changes in accounts payable and other current liabilities (42) (46)
Changes in income taxes payable (31) (67)
Other, net 65 52
Net Cash Provided by Operating Activities 1,393 1,176
Cash Flows - Investing Activities    
Capital spending (236) (151)
Proceeds from Sale of Long-Term Investments 0 104
Proceeds from Sale of Productive Assets 53 48
Payments to Acquire Short-Term Investments 91 (91)
Other, net (16) 3
Net Cash Used in Investing Activities (208) (292)
Cash Flows - Financing Activities    
Repayments of long-term debt (957) (472)
Revolving credit facilities, three months or less, net (350) 205
Repurchase shares of Common Stock (374) (327)
Dividends paid on Common Stock (592) (565)
Other, net (57) (69)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (822) (991)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 29 10
Proceeds from long-term debt 1,493 237
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 393 (97)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 807 724
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period 1,200 627
Payments to Acquire Long-Term Investments (100)  
More than three months - proceeds 58 0
Repayments of Short-term Debt, Maturing in More than Three Months 43 0
Three months or less, net 0 0
KFC U.K. and Ireland Store Acquisition [Member]    
Cash Flows - Financing Activities    
Payments to Acquire Long-Term Investments 0 (174)
Other    
Cash Flows - Financing Activities    
Payments to Acquire Long-Term Investments $ (100) $ (31)
[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.
[3] Investment income (expense), net includes $20 million of pre-tax investment losses related changes in fair value of our approximate 5% minority interest in Devyani International Limited prior to the date of sale during the year to date ended September 30, 2024.
(f)The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented.
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 1,045 $ 616
Accounts and notes receivable, net 744 775
Prepaid Expense and Other Assets, Current 415 480
Total Current Assets 2,204 1,871
Property, plant and equipment, net 1,422 1,304
Goodwill 779 736
Intangible assets, net 462 416
Other assets 1,428 1,329
Deferred Income Taxes 898 1,071
Total Assets 7,193 6,727
Current Liabilities    
Accounts payable and other current liabilities 1,217 1,211
Income taxes payable 36 31
Short-term borrowings 48 27
Total Current Liabilities 1,301 1,269
Long-term debt 11,506 11,306
Other liabilities and deferred credits 1,890 1,800
Total Liabilities 14,698 14,375
Shareholders' Equity    
Common Stock, no par value, 750 shares authorized; 280 shares issued in 2024 and 281 issued in 2023 0 0
Accumulated Deficit (7,183) (7,256)
Accumulated other comprehensive loss (322) (392)
Total Shareholders' Deficit (7,505) (7,648)
Total Liabilities and Shareholders' Deficit $ 7,193 $ 6,727
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common Stock, No Par Value $ 0 $ 0
Common Stock, Shares Authorized 750,000,000 750,000,000
Common Stock, Shares, Issued 278,000,000 279,000,000
v3.25.3
CONDENSED STATEMENT OF SHAREHOLDERS EQUITY STATEMENT - USD ($)
shares in Thousands, $ in Millions
Total
Issued Common Stock
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Shareholders' Deficit $ (7,858) $ 60 $ (7,616) $ (302)
Issued Common Stock, Shares   281,000    
Net Income 1,063   1,063  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature 26     26
Pension and post-retirement benefit plans, net of tax 1     1
Changes in derivatives, net of tax (10)     (10)
Comprehensive Income (Loss) 1,080      
Dividends declared (568)   (568)  
Stock Repurchased and Retired During Period, Value $ 327   268  
Shares Repurchased (2,434)      
Repurchase of shares of Common Stock, value $ (327) $ (59)    
Employee Stock Option and SARs Exercises, Value (66) (66)    
Share-based compensation events 65 $ 65    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Employee Stock Option and SARs Exercises, Shares   1,000    
Pension and post-retirement benefit plans, tax 0      
Total Shareholders' Deficit (7,630) $ 0 (7,321) (309)
Issued Common Stock, Shares   281,000    
Net Income 382   382  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature 34     34
Pension and post-retirement benefit plans, net of tax 0     0
Changes in derivatives, net of tax (10)     (10)
Comprehensive Income (Loss) 406      
Dividends declared $ (188)   (188)  
Stock Repurchased and Retired During Period, Value     262  
Shares Repurchased (2,000)      
Repurchase of shares of Common Stock, value $ (277) $ (15)    
Share-based compensation events 15 $ 15    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Employee Stock Option and SARs Exercises, Shares   1,000    
Pension and post-retirement benefit plans, tax 0      
Total Shareholders' Deficit (7,674) $ 0 (7,389) (285)
Issued Common Stock, Shares   280,000    
Total Shareholders' Deficit (7,648) $ 0 (7,256) (392)
Issued Common Stock, Shares   279,000    
Net Income 1,024   1,024  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature 71     71
Pension and post-retirement benefit plans, net of tax 4     4
Changes in derivatives, net of tax (5)     (5)
Comprehensive Income (Loss) 1,095      
Dividends declared (594)   (594)  
Stock Repurchased and Retired During Period, Value $ 372   354  
Shares Repurchased (2,540)      
Repurchase of shares of Common Stock, value $ (374) $ (20)    
Employee Stock Option and SARs Exercises, Value (44) (41)    
Share-based compensation events 62 $ 62    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Employee Stock Option and SARs Exercises, Shares   1,000    
Pension and post-retirement benefit plans, tax 1      
Employee Stock Option and SARs Exercises, Accumulated Deficit   $ (3)    
Total Shareholders' Deficit (7,680) $ 0 (7,361) (319)
Issued Common Stock, Shares   278,000    
Net Income 397   397  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature (6)     (6)
Pension and post-retirement benefit plans, net of tax 3     3
Changes in derivatives, net of tax 1     1
Comprehensive Income (Loss) 394      
Dividends declared $ (197)   (197)  
Stock Repurchased and Retired During Period, Value     20  
Shares Repurchased 0      
Repurchase of shares of Common Stock, value $ (36) $ (16)    
Employee Stock Option and SARs Exercises, Value (2) (2)    
Share-based compensation events 19 $ 19    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Employee Stock Option and SARs Exercises, Shares   0    
Pension and post-retirement benefit plans, tax 1      
Employee Stock Option and SARs Exercises, Accumulated Deficit   $ 0    
Total Shareholders' Deficit $ (7,505) $ 0 $ (7,183) $ (322)
Issued Common Stock, Shares   278,000    
v3.25.3
CONDENSED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Pension and post-retirement benefit plans, tax $ 1 $ 0 $ 1 $ 0
Changes in derivatives, Tax $ 0 $ 3 $ 2 $ 3
v3.25.3
Financial Statement Presentation
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Statement Presentation Financial Statement Presentation
We have prepared our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information.  Accordingly, they do not include all of the information and footnotes required by Generally Accepted Accounting Principles in the United States (“GAAP”) for complete financial statements.  Therefore, we suggest that the accompanying Financial Statements be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Form 10-K”).  

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 62,000 restaurants in more than 155 countries and territories.  As of September 30, 2025, 98% of these restaurants were owned and operated by franchisees.  The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired and pizza categories, respectively. The Habit Burger & Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more.

As of September 30, 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

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 consist 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. For subsidiaries that operate on this periodic weekly calendar, 2024 included a 53rd week. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates.

Our preparation of the accompanying Financial Statements in conformity with 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 Financial Statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from these estimates.

The accompanying Financial Statements include all normal and recurring adjustments considered necessary to present fairly, when read in conjunction with our 2024 Form 10-K, the results of the interim periods presented. Our results of operations, comprehensive income, cash flows and changes in shareholders' deficit for these interim periods are not necessarily indicative of the results to be expected for the full year.

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.

Our significant interim accounting policies include the recognition of advertising and marketing costs, generally in proportion to revenue, and the recognition of income taxes using an estimated annual effective tax rate.

We have reclassified certain items in the Financial Statements for the prior periods to be comparable with the classification for the quarter and year to date ended September 30, 2025. These reclassifications had no effect on previously reported Net Income.
v3.25.3
Business Combinations, Asset Acquisitions, and Joint Venture Formation
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination [Text Block]
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.

The acquisition was accounted for as a business combination using the acquisition method of accounting. The preliminary allocation of the purchase price is based on management's analysis, including preliminary work performed by third party valuation specialists, as of April 29, 2024.

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

Total Current Assets$2 
Property, plant and equipment, net99 
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 assets87 
Goodwill90 
Purchase price to be allocated$177 

The cumulative adjustments to the preliminary estimate of identifiable net assets acquired (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 Required 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, which 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, have an estimated weighted average useful life of 5 years.
Other Restaurant Acquisitions

In addition to the acquisition discussed above, we acquired 8 and 71 restaurants from franchisees in the quarter and year to date ended September 30, 2025, respectively, including 19 KFC, 16 Taco Bell and 36 Pizza Hut restaurants (the "Other restaurant acquisitions"). Total cash consideration paid in connection with these acquisitions was $100 million, net of cash acquired.

These restaurant acquisitions were accounted for as business combinations using the acquisition method of accounting. 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 $52 million, reacquired franchise rights of $55 million and goodwill of $31 million. Reacquired franchise rights, which were valued similarly to those in the KFC U.K. and Ireland restaurant acquisition, have estimated weighted average useful lives of 5 years for the KFCs, 17 years for the Taco Bells and 6 years for the Pizza Huts.

For both the KFC U.K. and Ireland restaurant acquisition and the Other restaurant acquisitions, 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 acquisitions 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 Condensed Consolidated Financial Statements since the respective dates of acquisition, which individually and in the aggregate, did not significantly impact our results for the quarter and year to date ended September 30, 2025. Pro forma financial information of the combined entities for the periods prior to acquisition is not presented due to the immaterial impact of the restaurant acquisitions on our Condensed Consolidated Financial Statements. The direct transaction costs associated with the restaurant acquisitions were also not material and were expensed as incurred.
v3.25.3
Earnings Per Common Share ("EPS")
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share (EPS) Earnings Per Common Share (“EPS”)
 Quarter endedYear to date
 2025202420252024
Net Income$397 $382 $1,024 $1,063 
Weighted-average common shares outstanding (for basic calculation)278 282 279 282 
Effect of dilutive share-based employee compensation3 3 2 3 
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)281 285 281 285 
Basic EPS$1.42 $1.36 $3.67 $3.77 
Diluted EPS$1.41 $1.35 $3.64 $3.73 
Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation(a)
1.2 1.7 1.4 1.8 

(a)These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“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.
v3.25.3
Shareholders' Deficit
 9 Months Ended
Sep. 30, 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 the years to date ended September 30, 2025 and 2024 as indicated below.  All amounts exclude applicable transaction fees and excise taxes on share repurchases. 

 Shares Repurchased
(thousands)		Dollar Value of Shares
Repurchased		Remaining Dollar Value of Shares that may be Repurchased
Authorization Date2025202420252024
2025
May 2024
2,540 2,068 $372 $277 $1,238 
September 2022— 366 — 50 — 
Total2,540 

2,434 

$372 

$327 

$1,238 

In May 2024, our Board of Directors authorized share repurchases of up to $2 billion (excluding applicable transaction fees and excise taxes) of our outstanding Common Stock through December 31, 2026. As of September 30, 2025 we have remaining capacity to repurchase up to $1.2 billion of Common Stock under the May 2024 authorization.

Changes in Accumulated other comprehensive loss (“AOCI”) are presented below.
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term NaturePension and Post-Retirement BenefitsDerivative InstrumentsTotal
Balance at June 30, 2025, net of tax
$(162)$(141)$(16)$(319)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
(6)— 4 (2)
(Gains) losses reclassified from AOCI, net of tax
— 3 (3)— 
(6)3 1 (2)
Balance at September 30, 2025, net of tax
$(167)$(139)$(15)$(322)
Balance at December 31, 2024, net of tax
$(238)$(143)$(11)$(392)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
71 — 7 78 
(Gains) losses reclassified from AOCI, net of tax
— 4 (11)(7)
71 4 (5)71 
Balance at September 30, 2025, net of tax$(167)$(139)$(15)$(322)
v3.25.3
Other (Income) Expense
 9 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Other (Income) Expense Other (Income) Expense
Quarter endedYear to date
 9/30/20259/30/20249/30/20259/30/2024
Foreign exchange net (gain) loss$2 $(3)$(5)$2 
Impairment and closure expense— — 2 1 
Other(3)(1)(11)(11)
Other (income) expense$(1)$(4)$(15)$(10)
v3.25.3
Supplemental Balance Sheet Information
 9 Months Ended
Sep. 30, 2025
Supplemental Balance Sheet Information Disclosure [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
Accounts and Notes Receivable, net

The Company’s receivables are primarily generated from ongoing business relationships with our franchisees as a result of franchise and lease agreements. Trade receivables consisting of royalties 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 in our Condensed Consolidated Balance Sheets. Accounts and notes receivable, net also includes receivables generated from advertising cooperatives that we consolidate.
9/30/202512/31/2024
Accounts and notes receivable, gross$818 $849 
Allowance for doubtful accounts(74)(74)
Accounts and notes receivable, net$744 $775 

Prepaid Expenses and Other Current Assets
9/30/202512/31/2024
Income tax receivable
$108 $55 
Restricted cash
132 155 
Short term investments
— 91 
Assets held for sale
8 21 
Prepaid expenses
105 100 
Other current assets
62 58 
Prepaid expenses and other current assets
$415 $480 

Property, Plant and Equipment, net
9/30/202512/31/2024
Property, plant and equipment, gross$2,909 $2,688 
Accumulated depreciation and amortization(1,487)(1,384)
Property, plant and equipment, net$1,422 $1,304 


Other Assets9/30/202512/31/2024
Operating lease right-of-use assets(a)
$955 $881 
Franchise incentives169 144 
Other304 304 
Other assets$1,428 $1,329 

(a)    Non-current operating lease liabilities of $926 million and $862 million as of September 30, 2025 and December 31, 2024, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
Reconciliation of Cash and Cash Equivalents for Condensed Consolidated Statements of Cash Flows
9/30/202512/31/2024
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets$1,045 $616 
Restricted cash included in Prepaid expenses and other current assets(a)
132 155 
Restricted cash and restricted cash equivalents included in Other assets(b)
22 36 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows$1,200 $807 

(a)    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.

(b)    Primarily trust accounts related to our self-insurance program.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 Quarter endedYear to date
 2025202420252024
Income tax provision
$144 $120 $446 $309 
Effective tax rate26.7 %23.8 %30.3 %22.5 %

Our estimated effective tax rate for the full fiscal year is expected to be higher than the U.S. federal statutory rate of 21%, primarily due to state income taxes and U.S. taxes on foreign earnings partially offset by taxes on income earned in foreign jurisdictions with statutory tax rates below 21%. Additionally, our third quarter and year to date effective tax rates are higher than the prior year primarily due to the following unfavorable factors:

•The impact of recording $3 million and $105 million in the quarter and year to date ended September 30, 2025, respectively, related to a reserve associated with a Mexican subsidiary's ability to utilize certain losses to offset recapture gains triggered by a tax deconsolidation in Mexico in 2009. During the quarter ended March 31, 2025, a Mexican court ruled that such losses could not be utilized to offset the recapture gain. As such, the Company recorded the reserve and continues to record the ongoing foreign exchange and inflationary adjustments associated with the reserve. The Company is appealing the decision and does not expect resolution of this matter within twelve months.

•On July 4, 2025, H.R.1, commonly known as the One Big Beautiful Bill Act ("OBBBA") was enacted into law in the U.S. As a result of the enactment, during the quarter ended September 30, 2025 we recorded $90 million of tax expense primarily associated with a change in management's judgment regarding our ability to utilize U.S. foreign tax credit related deferred tax assets prior to their expiration. Of this amount, $76 million related to taxable events and related positions prior to enactment with the remaining $14 million attributable to the post-enactment period.

The above unfavorable factors were partially offset by the following favorable factors:

•The impact of recognizing $63 million in tax benefit in the quarter ended September 30, 2025, associated with releasing reserves due to the favorable resolution of an audit.

•The impact of recognizing $6 million in tax benefit in the quarter ended September 30, 2025, as compared to $3 million of tax expense recognized in the quarter ended September 30, 2024, associated with adjustments related to prior year taxes.
v3.25.3
Revenue Recognition Accounting Policy
 9 Months Ended
Sep. 30, 2025
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition 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.
Quarter ended 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$26 $296 $9 $130 $461 
Franchise revenues46 229 59 2 335 
Property revenues3 8 1 1 13 
Franchise contributions for advertising and other services11 174 67 1 254 
China
Franchise revenues74 — 19 — 93 
Other
Company sales234 2 — — 235 
Franchise revenues325 17 67 — 408 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services150 4 18 — 172 
$879 $730 $240 $134 $1,983 
(a)
(a)    Does not include a charge of $4 million to Unallocated Franchise revenues during the quarter ended September 30, 2025.

Quarter ended 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$17 $267 $1 $133 $418 
Franchise revenues44 211 66 2 323 
Property revenues4 8 1 1 14 
Franchise contributions for advertising and other services10 161 71 1 243 
China
Franchise revenues70 — 17 — 87 
Other
Company sales203 — — — 203 
Franchise revenues288 15 66 — 369 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services138 4 16 — 158 
$785 $666 $238 $137 $1,826 
Year to date 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$72 $843 $20 $385 $1,320 
Franchise revenues130 664 185 5 985 
Property revenues9 25 3 2 40 
Franchise contributions for advertising and other services31 504 203 2 741 
China
Franchise revenues209 — 52 — 261 
Other
Company sales648 6 — — 654 
Franchise revenues923 45 195 — 1,163 
Property revenues32 — 1 — 33 
Franchise contributions for advertising and other services447 10 51 — 508 
$2,501 $2,098 $710 $395 $5,704 
(a)

(a)    Does not include a charge of $5 million to Unallocated Franchise revenues during the year to date ended September 30, 2025.

Year to date 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$45 $775 $5 $399 $1,224 
Franchise revenues134 608 200 5 947 
Property revenues10 27 3 2 42 
Franchise contributions for advertising and other services30 468 217 2 717 
China
Franchise revenues200 — 51 — 251 
Other
Company sales443 — — — 443 
Franchise revenues842 43 191 — 1,076 
Property revenues33 — 1 — 34 
Franchise contributions for advertising and other services397 9 47 — 453 
$2,134 $1,930 $715 $408 $5,187 
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 in our Condensed Consolidated Balance Sheets. A summary of significant changes to the contract liability balance during 2025 is presented below.
Deferred Franchise Fees
Balance at December 31, 2024
$438 
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period(62)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period49 
Other(a)
6 
Balance at September 30, 2025
$431 

(a)    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$75 
1 - 2 years67 
2 - 3 years58 
3 - 4 years50 
4 - 5 years43 
Thereafter138 
Total$431 
v3.25.3
Reportable Operating Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Reportable Operating Segments Reportable Operating Segments
The Company's operating segments maintain separate financial information, and our Chief Operating Decision Maker (“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.
Quarter ended 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionTotal
Company Sales
$259 $298 $9 $130 $697 
Franchise and property revenues
459 254 146 3 861 
Franchise contributions for advertising and other services
161 178 85 1 426 
879 730 240 134 1,983 
Less:
Company restaurant expenses224 227 10 121 583 
General and administrative expenses88 50 50 13 201 
Franchise and property expenses15 8 11 1 35 
Franchise advertising and other services expense160 177 89 1 427 
Other (income) expense— — (4)— (3)
Division Operating Profit (Loss)
$392 $267 $84 $(2)$741 
Unallocated amounts:(a)
Corporate and unallocated G&A expenses(b)
$(80)
Unallocated Company restaurant expenses(c)
(4)
Unallocated Franchise and property revenues
(4)
Unallocated Refranchising gain (loss)17 
Unallocated Other income (expense)
(3)
Consolidated Operating Profit666 
Investment income (expense), net— 
Other pension income (expense)(1)
Interest expense, net(124)
Income before income taxes$541 

Other Segment Disclosures
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionCorporate and UnallocatedTotal
Depreciation and Amortization(d)
$14 $17 $6 $7 $8 $50 
Capital Spending34 26 8 14 12 94 
Revenue Recognition 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.
Quarter ended 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$26 $296 $9 $130 $461 
Franchise revenues46 229 59 2 335 
Property revenues3 8 1 1 13 
Franchise contributions for advertising and other services11 174 67 1 254 
China
Franchise revenues74 — 19 — 93 
Other
Company sales234 2 — — 235 
Franchise revenues325 17 67 — 408 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services150 4 18 — 172 
$879 $730 $240 $134 $1,983 
(a)
(a)    Does not include a charge of $4 million to Unallocated Franchise revenues during the quarter ended September 30, 2025.

Quarter ended 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$17 $267 $1 $133 $418 
Franchise revenues44 211 66 2 323 
Property revenues4 8 1 1 14 
Franchise contributions for advertising and other services10 161 71 1 243 
China
Franchise revenues70 — 17 — 87 
Other
Company sales203 — — — 203 
Franchise revenues288 15 66 — 369 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services138 4 16 — 158 
$785 $666 $238 $137 $1,826 
Year to date 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$72 $843 $20 $385 $1,320 
Franchise revenues130 664 185 5 985 
Property revenues9 25 3 2 40 
Franchise contributions for advertising and other services31 504 203 2 741 
China
Franchise revenues209 — 52 — 261 
Other
Company sales648 6 — — 654 
Franchise revenues923 45 195 — 1,163 
Property revenues32 — 1 — 33 
Franchise contributions for advertising and other services447 10 51 — 508 
$2,501 $2,098 $710 $395 $5,704 
(a)

(a)    Does not include a charge of $5 million to Unallocated Franchise revenues during the year to date ended September 30, 2025.

Year to date 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$45 $775 $5 $399 $1,224 
Franchise revenues134 608 200 5 947 
Property revenues10 27 3 2 42 
Franchise contributions for advertising and other services30 468 217 2 717 
China
Franchise revenues200 — 51 — 251 
Other
Company sales443 — — — 443 
Franchise revenues842 43 191 — 1,076 
Property revenues33 — 1 — 34 
Franchise contributions for advertising and other services397 9 47 — 453 
$2,134 $1,930 $715 $408 $5,187 
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 in our Condensed Consolidated Balance Sheets. A summary of significant changes to the contract liability balance during 2025 is presented below.
Deferred Franchise Fees
Balance at December 31, 2024
$438 
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period(62)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period49 
Other(a)
6 
Balance at September 30, 2025
$431 

(a)    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$75 
1 - 2 years67 
2 - 3 years58 
3 - 4 years50 
4 - 5 years43 
Thereafter138 
Total$431 
v3.25.3
Pension Benefits
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Pension Benefits Pension Benefits
We sponsor qualified and supplemental (non-qualified) noncontributory defined benefit pension plans covering certain full-time salaried and hourly U.S. employees. The most significant of these plans, the YUM Retirement Plan (the “Plan”), is funded. We fund our other U.S. plans as benefits are paid. 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 plans in the U.S. are currently closed to new hourly participants.  

The components of net periodic benefit cost associated with our U.S. pension plans are as follows:
 Quarter endedYear to date
 2025202420252024
Service cost$1 $1 $3 $3 
Interest cost11 10 33 31 
Expected return on plan assets(13)(12)(40)(38)
Amortization of net (gain) / loss— — 1 1 
Amortization of prior service cost— — 1 1 
Net periodic benefit cost (income)
$(1)$(1)$(2)$(2)
Additional loss recognized due to settlements(a)
$2 $— $3 $— 

(a)Loss is a result of settlement transactions which exceeded the sum of annual service and interest costs for the applicable plan. This loss was recorded in Other pension (income) expense.
v3.25.3
Short-term Borrowings and Long-term Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Short-term Borrowings9/30/202512/31/2024
Current maturities of long-term debt$36 $29 
Other
15 — 
51 29 
Less current portion of debt issuance costs and discounts(3)(2)
Short-term borrowings$48 $27 
Long-term Debt  
Securitization Notes$4,306 $3,743 
Subsidiary Senior Unsecured Notes750 750 
Revolving Facility— 350 
Term Loan A Facility497 500 
Term Loan B Facility1,433 1,444 
YUM Senior Unsecured Notes4,550 4,550 
Finance lease obligations71 67 
$11,607 $11,404 
Less long-term portion of debt issuance costs and discounts(67)(69)
Less current maturities of long-term debt(36)(29)
Long-term debt$11,506 $11,306 

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 previously issued fixed rate senior secured notes collectively referred to as the “Securitization Notes” (details can be found within our 2024 Form 10-K). On September 24, 2025, the Issuer completed refinancing certain of such 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 (as defined in the Base Indenture) 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 franchised restaurants in the quarter ended December 31, 2025). The following table summarizes the series of Securitization Notes issued in the quarter ended September 30, 2025:

   Interest Rate
Issuance Date
Anticipated Repayment Date(a)
Outstanding Principal (in millions)Stated
Effective(b)
September 2025August 2030$1,000 4.821 %5.039 %
September 2025August 2032$500 5.049 %5.213 %

(a)    The legal final maturity date of the 2025-1 Notes is in August 2055. However, if the Issuer has not repaid or refinanced any series of these or previously existing Securitization Notes, prior to their respective Anticipated Repayment Dates, the rapid amortization of principal of all Securitization Notes may occur, in which event additional interest will accrue on all Securitization Notes, as provided in the Base Indenture for the Securitization Notes.

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

Payments of interest and principal on the 2025-1 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 principal payments of the 2025-1 Notes are due on a quarterly basis. In general, no amortization of principal of the 2025-1 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 Base Indenture)) for the preceding four fiscal quarters of either the Company and its subsidiaries or the Issuer and its subsidiaries exceeds 5.5:1, in which case amortization payments of 1% per year of the outstanding principal as of the closing of the related 2025-1 Notes are required.
As a result of the issuance of the 2025 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 Securitization Notes utilizing the effective interest rate method.

Details of our Short-term borrowings and Long-term debt as of December 31, 2024 can be found within our 2024 Form 10-K.

Cash paid for interest during the years to date ended September 30, 2025 and 2024, was $364 million and $356 million, respectively.
v3.25.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
We use derivative instruments to manage certain of our market risks related to fluctuations in foreign currency exchange rates, interest rates and equity prices.

Foreign Currency Contracts

During the quarter ended September 30, 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 Condensed Consolidated Financial Statements for the quarter and year to date ended September 30, 2025, and will mature in March 2026.

Interest Rate Swaps

In March 2025, interest rate swaps which reduced our historical exposure to interest rate risk for $1.5 billion of our variable-rate debt interest 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 rate 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 as 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). Through September 30, 2025, the swap was a highly effective cash flow hedge.

Gains or losses on the interest rate swaps are reported as a component of AOCI and reclassified into Interest expense, net in our Condensed Consolidated Statements of Income in the same period or periods during which the related hedged interest payments affect earnings.

Gains and losses on these interest rate swaps recognized in OCI and reclassifications from AOCI into Net Income were as follows:
 Quarter endedYear to date
 Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net IncomeGains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income
 2025 2024 2025 20242025 2024 2025 2024
Interest rate swaps$1 $(5)$(4)$(9)$7 $9 $(12)$(26)
Income tax benefit/(expense)— 1 1 2 (2)(3)3 6 

As of September 30, 2025, the estimated net gain included in AOCI related to our cash flow hedges that will be reclassified into earnings in the next 12 months is $4 million, based on current Secured Overnight Financing (“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 Executive Income Deferral (“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 Condensed 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 September 30, 2025 and December 31, 2024, was not significant.

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 September 30, 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.

See Note 13 for the fair value of our derivative assets and liabilities.
v3.25.3
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Disclosures
As of September 30, 2025, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, short-term borrowings and accounts payable approximated their fair values because of the short-term nature of these instruments. The fair value of our notes receivable, net of allowances, and lease guarantees, less reserves for expected losses, approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:
9/30/202512/31/2024
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
Securitization Notes(a)
$4,306 $4,143 $3,743 $3,561 
Subsidiary Senior Unsecured Notes(b)
750 759 750 739 
Term Loan A Facility(b)
497 494 500 496 
Term Loan B Facility(b)
1,433 1,433 1,444 1,451 
YUM Senior Unsecured Notes(b)
4,550 4,534 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 following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.  
Fair Value
Condensed Consolidated Balance SheetLevel9/30/202512/31/2024
Assets
InvestmentsOther assets1 $1 $1 
InvestmentsOther assets3 7 7 
Interest Rate SwapsPrepaid expenses and other current assets2 4 5 
Interest Rate Swaps
Other liabilities and deferred credits
2 (4)— 
The fair value of the Company’s interest rate swaps were determined based on the present value of expected future cash flows considering the risks involved, including nonperformance risk, and using discount rates appropriate for the duration based on observable inputs.
v3.25.3
Guarantees
 9 Months Ended
Sep. 30, 2025
Guarantees and Product Warranties [Abstract]  
Guarantees, Commitments and Contingencies Contingencies
Internal Revenue Service Proposed Adjustment

As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, in August 2022 we received a Revenue Agent’s Report (“RAR”) from the IRS asserting an underpayment of tax of $2.1 billion plus $418 million in penalties for the 2014 fiscal year. Additionally, interest on the underpayment is estimated to be approximately $1.7 billion through the third quarter of 2025. The proposed underpayment relates primarily to a series of reorganizations we undertook during that year 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 as asserted in the RAR and intend to contest that position vigorously. In September 2022, we filed a Protest with the IRS Examination Division disputing the proposed underpayment of tax and penalties, and our matter was referred to the IRS Office of Appeals. Upon conclusion of the proceedings with the IRS Office of Appeals without resolution, we received an IRS Notice of Deficiency in March 2025. On June 4, 2025, we filed a petition in the United States Tax Court disputing the IRS Notice of Deficiency and 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 Condensed 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 September 30, 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 September 30, 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.  The liability recorded for our expected losses under such leases as of September 30, 2025, was not material.

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 July 9, 2025 has been rescheduled to January 6, 2026. A hearing scheduled for August 19, 2025, before the Delhi High Court has been continued to December 10, 2025, 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 Condensed Consolidated Financial Statements.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Business Combinations, Asset Acquisitions, and Joint Venture Formation (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Asset Acquisition The components of the final purchase price allocation, subsequent to the adjustments to the allocation in the quarter ended June 30, 2025 and prior quarters were as follows:
Total Current Assets$2 
Property, plant and equipment, net99 
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 assets87 
Goodwill90 
Purchase price to be allocated$177 

The cumulative adjustments to the preliminary estimate of identifiable net assets acquired (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 Required 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 
v3.25.3
Earnings Per Common Share ("EPS") Earnings Per Common Share ("EPS") (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
 Quarter endedYear to date
 2025202420252024
Net Income$397 $382 $1,024 $1,063 
Weighted-average common shares outstanding (for basic calculation)278 282 279 282 
Effect of dilutive share-based employee compensation3 3 2 3 
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)281 285 281 285 
Basic EPS$1.42 $1.36 $3.67 $3.77 
Diluted EPS$1.41 $1.35 $3.64 $3.73 
Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation(a)
1.2 1.7 1.4 1.8 

(a)These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“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.
v3.25.3
Shareholders' Deficit (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Accelerated Share Repurchases
 Shares Repurchased
(thousands)		Dollar Value of Shares
Repurchased		Remaining Dollar Value of Shares that may be Repurchased
Authorization Date2025202420252024
2025
May 2024
2,540 2,068 $372 $277 $1,238 
September 2022— 366 — 50 — 
Total2,540 

2,434 

$372 

$327 

$1,238 
Schedule of Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated other comprehensive loss (“AOCI”) are presented below.
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term NaturePension and Post-Retirement BenefitsDerivative InstrumentsTotal
Balance at June 30, 2025, net of tax
$(162)$(141)$(16)$(319)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
(6)— 4 (2)
(Gains) losses reclassified from AOCI, net of tax
— 3 (3)— 
(6)3 1 (2)
Balance at September 30, 2025, net of tax
$(167)$(139)$(15)$(322)
Balance at December 31, 2024, net of tax
$(238)$(143)$(11)$(392)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
71 — 7 78 
(Gains) losses reclassified from AOCI, net of tax
— 4 (11)(7)
71 4 (5)71 
Balance at September 30, 2025, net of tax$(167)$(139)$(15)$(322)
v3.25.3
Other Income and Expenses (Tables)
 9 Months Ended
Sep. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
Quarter endedYear to date
 9/30/20259/30/20249/30/20259/30/2024
Foreign exchange net (gain) loss$2 $(3)$(5)$2 
Impairment and closure expense— — 2 1 
Other(3)(1)(11)(11)
Other (income) expense$(1)$(4)$(15)$(10)
v3.25.3
Supplemental Balance Sheet Information (Tables)
 9 Months Ended
Sep. 30, 2025
Supplemental Balance Sheet Information Disclosure [Abstract]  
Accounts and Notes Receivable
9/30/202512/31/2024
Accounts and notes receivable, gross$818 $849 
Allowance for doubtful accounts(74)(74)
Accounts and notes receivable, net$744 $775 
Schedule of Other Current Assets
9/30/202512/31/2024
Income tax receivable
$108 $55 
Restricted cash
132 155 
Short term investments
— 91 
Assets held for sale
8 21 
Prepaid expenses
105 100 
Other current assets
62 58 
Prepaid expenses and other current assets
$415 $480 
Property, Plant and Equipment
9/30/202512/31/2024
Property, plant and equipment, gross$2,909 $2,688 
Accumulated depreciation and amortization(1,487)(1,384)
Property, plant and equipment, net$1,422 $1,304 
Schedule of Other Assets
Other Assets9/30/202512/31/2024
Operating lease right-of-use assets(a)
$955 $881 
Franchise incentives169 144 
Other304 304 
Other assets$1,428 $1,329 

(a)    Non-current operating lease liabilities of $926 million and $862 million as of September 30, 2025 and December 31, 2024, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
Schedule of Cash and Cash Equivalents [Table Text Block]
9/30/202512/31/2024
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets$1,045 $616 
Restricted cash included in Prepaid expenses and other current assets(a)
132 155 
Restricted cash and restricted cash equivalents included in Other assets(b)
22 36 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows$1,200 $807 

(a)    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.

(b)    Primarily trust accounts related to our self-insurance program.
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax And Effective Tax Rate
 Quarter endedYear to date
 2025202420252024
Income tax provision
$144 $120 $446 $309 
Effective tax rate26.7 %23.8 %30.3 %22.5 %
v3.25.3
Revenue Recognition Accounting Policy (Tables)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]    
Disaggregation of Revenue [Table Text Block]
Quarter ended 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$26 $296 $9 $130 $461 
Franchise revenues46 229 59 2 335 
Property revenues3 8 1 1 13 
Franchise contributions for advertising and other services11 174 67 1 254 
China
Franchise revenues74 — 19 — 93 
Other
Company sales234 2 — — 235 
Franchise revenues325 17 67 — 408 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services150 4 18 — 172 
$879 $730 $240 $134 $1,983 
(a)
(a)    Does not include a charge of $4 million to Unallocated Franchise revenues during the quarter ended September 30, 2025.
Quarter ended 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$17 $267 $1 $133 $418 
Franchise revenues44 211 66 2 323 
Property revenues4 8 1 1 14 
Franchise contributions for advertising and other services10 161 71 1 243 
China
Franchise revenues70 — 17 — 87 
Other
Company sales203 — — — 203 
Franchise revenues288 15 66 — 369 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services138 4 16 — 158 
$785 $666 $238 $137 $1,826 
Deferred Franchise Fees [Table Text Block]
Deferred Franchise Fees
Balance at December 31, 2024
$438 
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period(62)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period49 
Other(a)
6 
Balance at September 30, 2025
$431 

(a)    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$75 
1 - 2 years67 
2 - 3 years58 
3 - 4 years50 
4 - 5 years43 
Thereafter138 
Total$431 
  
v3.25.3
Reportable Operating Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Reportable Operating Segments
The Company's operating segments maintain separate financial information, and our Chief Operating Decision Maker (“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.
Quarter ended 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionTotal
Company Sales
$259 $298 $9 $130 $697 
Franchise and property revenues
459 254 146 3 861 
Franchise contributions for advertising and other services
161 178 85 1 426 
879 730 240 134 1,983 
Less:
Company restaurant expenses224 227 10 121 583 
General and administrative expenses88 50 50 13 201 
Franchise and property expenses15 8 11 1 35 
Franchise advertising and other services expense160 177 89 1 427 
Other (income) expense— — (4)— (3)
Division Operating Profit (Loss)
$392 $267 $84 $(2)$741 
Unallocated amounts:(a)
Corporate and unallocated G&A expenses(b)
$(80)
Unallocated Company restaurant expenses(c)
(4)
Unallocated Franchise and property revenues
(4)
Unallocated Refranchising gain (loss)17 
Unallocated Other income (expense)
(3)
Consolidated Operating Profit666 
Investment income (expense), net— 
Other pension income (expense)(1)
Interest expense, net(124)
Income before income taxes$541 

Other Segment Disclosures
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionCorporate and UnallocatedTotal
Depreciation and Amortization(d)
$14 $17 $6 $7 $8 $50 
Capital Spending34 26 8 14 12 94 
Quarter ended 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionTotal
Company Sales
$220 $267 $1 $133 $621 
Franchise and property revenues
417 234 150 3 804 
Franchise contributions for advertising and other services
148 165871 401 
785 666 238 137 1,826 
Less:
Company restaurant expenses192 205 1 122 520 
General and administrative expenses86 41 51 11 189 
Franchise and property expenses20 6 9 1 36 
Franchise advertising and other services expense148 163 89 1 401 
Other (income) expense— — (3)1 (2)
Division Operating Profit
$339 $251 $91 $1 $682 
Unallocated amounts:(a)
Corporate and unallocated G&A expenses(b)
$(74)
Unallocated Company restaurant expenses(c)
(3)
Unallocated Refranchising gain (loss)12 
Unallocated Other income (expense)
2 
Consolidated Operating Profit619 
Investment income (expense), net
1 
Other pension income (expense)2 
Interest expense, net(120)
Income before income taxes$502 
Other Segment Disclosures

KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionCorporate and UnallocatedTotal
Depreciation and Amortization(d)
$9 $15 $4 $7 $9 $44 
Capital Spending
13 16 4 11 8 52 
Year to Date 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionTotal
Company Sales
$721 $848 $20 $385 $1,974 
Franchise and property revenues
1,303 735 436 8 2,482 
Franchise contributions for advertising and other services
478 514 255 2 1,249 
2,501 2,098 710 395 5,704 
Less:
Company restaurant expenses635 649 21 352 1,657 
General and administrative expenses255 148 159 39 600 
Franchise and property expenses51 22 32 3 107 
Franchise advertising and other services expense472 510 268 2 1,251 
Other (income) expense1 — (9)1 (8)
Division Operating Profit
$1,088 $770 $239 $— $2,096 
Unallocated amounts:(a)
Corporate and unallocated G&A expenses(b)
$(285)
Unallocated Company restaurant expenses(c)
(11)
Unallocated Franchise and property revenues
(5)
Unallocated Refranchising gain (loss)33 
Unallocated Other income (expense)
8 
Consolidated Operating Profit1,836 
Investment income (expense), net1 
Other pension income (expense)— 
Interest expense, net(368)
Income before income taxes$1,470 
Other Segment Disclosures
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionCorporate and UnallocatedTotal
Depreciation and Amortization(d)
$35 $49 $15 $20 $22 $139 
Capital Spending71 75 23 32 35 236 
Year to Date 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionTotal
Company Sales
$488 $775 $5 $399 $1,667 
Franchise and property revenues
1,219 678 446 7 2,350 
Franchise contributions for advertising and other services
427 477 264 2 1,170 
2,134 1,930 715 408 5,187 
Less:
Company restaurant expenses428 590 5 366 1,389 
General and administrative expenses253 137 153 38 581 
Franchise and property expenses46 22 19 3 90 
Franchise advertising and other services expense424 473 270 2 1,169 
Other (income) expense(3)(1)(10)1 (13)
Division Operating Profit (Loss)
$986 $709 $278 $(2)$1,971 
Unallocated amounts:(a)
Corporate and unallocated G&A expenses(b)
$(249)
Unallocated Company restaurant expenses(c)
(4)
Unallocated Refranchising gain (loss)31 
Unallocated Other income (expense)
(3)
Consolidated Operating Profit1,746 
Investment income (expense), net(e)
(21)
Other pension income (expense)5 
Interest expense, net(358)
Income before income taxes$1,372 
Other Segment Disclosures

KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger & Grill DivisionCorporate and UnallocatedTotal
Depreciation and Amortization(d)
$19 $44 $11 $22 $24 $120 
Capital Spending
32 57 9 28 25 151 

Revenues by Country(f)
Quarter endedYear to date
2025202420252024
United States$1,063 $995 $3,085 $2,928 
United Kingdom245 216 683 492 
Other672 615 1,931 1,766 
$1,979 $1,826 $5,699 $5,187 

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

(b)Corporate and unallocated G&A expenses include charges of $5 million and $11 million in the quarters ended September 30, 2025 and 2024, respectively, related to our resource optimization program and $3 million in the quarter
ended September 30, 2025 related to our brand headquarters consolidation. Corporate and unallocated G&A expenses include charges of $37 million and $57 million in the years to date ended September 30, 2025 and 2024, respectively, related to our resource optimization program and $20 million in the year to date ended September 30, 2025, related to our brand headquarters consolidation.

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

(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)Investment income (expense), net includes $20 million of pre-tax investment losses related changes in fair value of our approximate 5% minority interest in Devyani International Limited prior to the date of sale during the year to date ended September 30, 2024.

(f)The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented.
v3.25.3
Pension Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost associated with our U.S. pension plans are as follows:
 Quarter endedYear to date
 2025202420252024
Service cost$1 $1 $3 $3 
Interest cost11 10 33 31 
Expected return on plan assets(13)(12)(40)(38)
Amortization of net (gain) / loss— — 1 1 
Amortization of prior service cost— — 1 1 
Net periodic benefit cost (income)
$(1)$(1)$(2)$(2)
Additional loss recognized due to settlements(a)
$2 $— $3 $— 

(a)Loss is a result of settlement transactions which exceeded the sum of annual service and interest costs for the applicable plan. This loss was recorded in Other pension (income) expense.
v3.25.3
Short-term Borrowings and Long-term Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings and Long-term Debt
Short-term Borrowings9/30/202512/31/2024
Current maturities of long-term debt$36 $29 
Other
15 — 
51 29 
Less current portion of debt issuance costs and discounts(3)(2)
Short-term borrowings$48 $27 
Long-term Debt  
Securitization Notes$4,306 $3,743 
Subsidiary Senior Unsecured Notes750 750 
Revolving Facility— 350 
Term Loan A Facility497 500 
Term Loan B Facility1,433 1,444 
YUM Senior Unsecured Notes4,550 4,550 
Finance lease obligations71 67 
$11,607 $11,404 
Less long-term portion of debt issuance costs and discounts(67)(69)
Less current maturities of long-term debt(36)(29)
Long-term debt$11,506 $11,306 
v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gains and losses on derivative instruments designated as cash flow hedges recognized in other comprehensive income and reclassifications from AOCI to earnings
Gains and losses on these interest rate swaps recognized in OCI and reclassifications from AOCI into Net Income were as follows:
 Quarter endedYear to date
 Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net IncomeGains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income
 2025 2024 2025 20242025 2024 2025 2024
Interest rate swaps$1 $(5)$(4)$(9)$7 $9 $(12)$(26)
Income tax benefit/(expense)— 1 1 2 (2)(3)3 6 
v3.25.3
Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 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:
9/30/202512/31/2024
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
Securitization Notes(a)
$4,306 $4,143 $3,743 $3,561 
Subsidiary Senior Unsecured Notes(b)
750 759 750 739 
Term Loan A Facility(b)
497 494 500 496 
Term Loan B Facility(b)
1,433 1,433 1,444 1,451 
YUM Senior Unsecured Notes(b)
4,550 4,534 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.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair Value
Condensed Consolidated Balance SheetLevel9/30/202512/31/2024
Assets
InvestmentsOther assets1 $1 $1 
InvestmentsOther assets3 7 7 
Interest Rate SwapsPrepaid expenses and other current assets2 4 5 
Interest Rate Swaps
Other liabilities and deferred credits
2 (4)— 
v3.25.3
Financial Statement Presentation (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
restaurants
countries_and_territiories
Rate
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
countries_and_territiories
Months
restaurants
operating_segments
Rate
Sep. 30, 2024
USD ($)
Number of Stores | restaurants 62,000   62,000  
Number of Countries in which Entity Operates | countries_and_territiories 155   155  
Percent Of System Units Located Outside United States | Rate 98.00%   98.00%  
Number of Reportable Segments | operating_segments     4  
Fiscal period months standard for each quarter | Months     3  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ $ 0 $ 0 $ 0 $ 0
v3.25.3
Business Combinations, Asset Acquisitions, and Joint Venture Formation (Details)
$ in Millions
 3 Months Ended 5 Months Ended 9 Months Ended
Apr. 29, 2024
USD ($)
restaurants
Sep. 30, 2025
USD ($)
restaurants
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
restaurants
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Asset Acquisition [Line Items]            
Number of Stores | restaurants   62,000   62,000    
Business Combination, Recognized Asset Acquired, Asset, Current $ 2          
Business Combination, Recognized Asset Acquired, Property, Plant, and Equipment 99          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 48          
Business Combination, Recognized Asset Acquired, Asset, Noncurrent 124          
Business Combination, Recognized Asset Acquired, Asset 273          
Business Combination, Recognized Liability Assumed, Liability, Current (30)          
Business Combination, Recognized Liability Assumed, Lease Obligation (115)          
Business Combination, Recognized Liability Assumed, Other Liability, Noncurrent (41)          
Business Combination, Recognized Liability Assumed, Liability (186)          
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less) 87          
Goodwill   $ 779   $ 779   $ 736
Business Combination, Consideration Transferred, Tangible and Intangible Assets, Excluding Cash 3          
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred 6          
Payments to Acquire Businesses, Gross       6 $ 174  
Payments to Acquire Long-Term Investments       100    
Other            
Asset Acquisition [Line Items]            
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets   55   55    
Business Combination, Recognized Asset Acquired, Asset, Noncurrent   52   52    
Payments to Acquire Long-Term Investments       100 $ 31  
Other Intangible Assets            
Asset Acquisition [Line Items]            
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets (1)          
Other Current Liabilities [Member]            
Asset Acquisition [Line Items]            
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities 12          
Lease Agreements            
Asset Acquisition [Line Items]            
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities 13          
Other Liabilities            
Asset Acquisition [Line Items]            
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities 10          
Other Noncurrent Assets            
Asset Acquisition [Line Items]            
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets (15)          
KFC U.K. and Ireland Store Acquisition [Member]            
Asset Acquisition [Line Items]            
Goodwill 90          
Business Combination, Consideration Transferred 177          
Goodwill, Period Increase (Decrease) 14   $ 14      
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment $ (11)          
Other            
Asset Acquisition [Line Items]            
Goodwill   $ 31   $ 31    
KFC Global Division [Member]            
Asset Acquisition [Line Items]            
Number of Stores | restaurants   19   19    
Taco Bell Global Division [Member]            
Asset Acquisition [Line Items]            
Number of Stores | restaurants   16   16    
Pizza Hut Global Division [Member]            
Asset Acquisition [Line Items]            
Number of Stores | restaurants   36   36    
Taco Bell            
Asset Acquisition [Line Items]            
Payments to Acquire Businesses, Gross   $ 670        
Total Division QTD            
Asset Acquisition [Line Items]            
Number of Stores | restaurants   8   8    
Total Division YTD            
Asset Acquisition [Line Items]            
Number of Stores | restaurants   71   71    
KFC U.K. and Ireland Store Acquisition [Member]            
Asset Acquisition [Line Items]            
Number of Stores | restaurants 216          
Acquisition of The Habit Restaurants, Inc., net of cash acquired       $ 180    
v3.25.3
Earnings Per Common Share ("EPS") (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net Income $ 397 $ 382 $ 1,024 $ 1,063
Weighted-average common shares outstanding (for basic calculation) 278.0 282.0 279.0 282.0
Effect of dilutive share-based employee compensation 3.0 3.0 2.0 3.0
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) 281.0 285.0 281.0 285.0
Basic EPS $ 1.42 $ 1.36 $ 3.67 $ 3.77
Diluted EPS $ 1.41 $ 1.35 $ 3.64 $ 3.73
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation [1] 1.2 1.7 1.4 1.8
[1] These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“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.
v3.25.3
Shareholders' Deficit (Details) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Repurchase Of Shares Of Common Stock [Line Items]        
Shares Repurchased 0 2,000 2,540 2,434
Repurchase of shares of Common Stock, value $ 36 $ 277 $ 374 $ 327
Stock Repurchase Program, Remaining Authorized Repurchase Amount 1,238   1,238  
Stock Repurchased and Retired During Period, Value     $ 372 $ 327
May 2024        
Repurchase Of Shares Of Common Stock [Line Items]        
Shares Repurchased     2,540 2,068
Repurchase of shares of Common Stock, value     $ 372 $ 277
Stock Repurchase Program, Authorized Amount 2,000   2,000  
Stock Repurchase Program, Remaining Authorized Repurchase Amount 1,238   $ 1,238  
September 2022        
Repurchase Of Shares Of Common Stock [Line Items]        
Shares Repurchased     0 366
Repurchase of shares of Common Stock, value       $ 50
Stock Repurchase Program, Remaining Authorized Repurchase Amount 0   $ 0  
Issued Common Stock        
Repurchase Of Shares Of Common Stock [Line Items]        
Repurchase of shares of Common Stock, value $ 16 $ 15 $ 20 $ 59
v3.25.3
Shareholders' Deficit (Details 2) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss $ (319)   $ (392)  
Gains (losses) arising during the year classified into AOCI, net of tax (2)   78  
(Gains) losses reclassified from AOCI, net of tax 0   (7)  
Other comprehensive income (loss), net of tax (2) $ 24 71 $ 17
Accumulated other comprehensive loss (322)   (322)  
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature        
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss (162)   (238)  
Gains (losses) arising during the year classified into AOCI, net of tax (6)   71  
(Gains) losses reclassified from AOCI, net of tax 0   0  
Other comprehensive income (loss), net of tax (6)   71  
Accumulated other comprehensive loss (167)   (167)  
Pension and Post-Retirement Benefits        
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss (141)   (143)  
Gains (losses) arising during the year classified into AOCI, net of tax 0   0  
(Gains) losses reclassified from AOCI, net of tax 3   4  
Other comprehensive income (loss), net of tax 3   4  
Accumulated other comprehensive loss (139)   (139)  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss (16)   (11)  
Gains (losses) arising during the year classified into AOCI, net of tax 4   7  
(Gains) losses reclassified from AOCI, net of tax (3)   (11)  
Other comprehensive income (loss), net of tax 1   (5)  
Accumulated other comprehensive loss $ (15)   $ (15)  
v3.25.3
Other (Income) Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other Income and Expenses [Line Items]        
Foreign Currency Transaction Gain (Loss), before Tax $ 2 $ (3) $ (5) $ 2
Impairment and closure expense 0 0 2 1
Other income (expense) excluding foreign exchange gain (loss) (3) (1) (11) (11)
Other (income) expense (1) (4) (15) (10)
Gain (Loss) on Disposition of Assets (17) (12) (33) (31)
Income tax provision $ 144 $ 120 $ 446 $ 309
v3.25.3
Supplemental Balance Sheet Information (Details)
$ in Millions
Sep. 30, 2025
USD ($)
days
Dec. 31, 2024
USD ($)
Accounts and Notes Receivable [Abstract]    
Number of days from the period in which the corresponding sales occur that trade receivables are generally due | days 30  
Accounts and notes receivable, gross $ 818 $ 849
Allowance for doubtful accounts (74) (74)
Accounts and notes receivable, net 744 775
Income Taxes Receivable, Current 108 55
Restricted Cash, Current 132 155
Short-Term Investments 0 91
Other Prepaid Expense, Current 62 58
Prepaid Expense and Other Assets, Current 415 480
Disposal Group, Including Discontinued Operation, Assets, Current 8 21
Prepaid Expense $ 105 $ 100
v3.25.3
Supplemental Balance Sheet Information (Details 2) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Property, plant and equipment, gross $ 2,909 $ 2,688    
Accumulated depreciation and amortization (1,487) (1,384)    
Property, plant and equipment, net 1,422 1,304    
Operating lease, right-of-use assets [1] 955 881    
Other assets 1,428 1,329    
Other Assets, Miscellaneous, Noncurrent 304 304    
Operating Lease, Liability, Noncurrent 926 862    
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets 1,045 616    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 1,200 807 $ 627 $ 724
Prepaid Expenses and Other Current Assets [Member]        
Restricted Cash and Cash Equivalent [2] 132 155    
Other Current Assets [Member]        
Restricted Cash and Cash Equivalent [3] 22 36    
Franchise Incentive [Member]        
Other assets $ 169 $ 144    
[1] Non-current operating lease liabilities of $926 million and $862 million as of September 30, 2025 and December 31, 2024, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
[2] Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments.
[3] Primarily trust accounts related to our self-insurance program.
v3.25.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income tax provision $ (144) $ (120) $ (446) $ (309)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%      
Revenues $ 1,979 $ 1,826 5,699 $ 5,187
Tax Adjustments, Settlements, and Unusual Provisions $ 3   $ 105  
Effective tax rate 26.70% 23.80% 30.30% 22.50%
Income Tax Examination, Increase (Decrease) in Liability from Prior Year $ 63   $ 63  
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities 6      
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities   $ 3    
One Big Beautiful Bill Act ("OBBBA")        
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability 90      
Pre One Big Beautiful Bill Act ("OBBBA")        
Income tax provision (76)      
Post One Big Beautiful Bill Act ("OBBBA")        
Income tax provision $ (14)      
v3.25.3
Revenue Recognition Accounting Policy (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues $ (1,979) $ (1,826) $ (5,699) $ (5,187)
Company Sales        
Revenues 697 621 1,974 1,667
Franchise and property revenues        
Revenues 857 804 2,476 2,350
Franchise contributions for advertising and other services        
Revenues 426 401 1,249 1,170
UNITED STATES        
Revenues (1,063) (995) (3,085) (2,928)
UNITED STATES | Company Sales        
Revenues 461 418 1,320 1,224
UNITED STATES | Franchise and property revenues        
Revenues 335 323 985 947
UNITED STATES | Property Revenues        
Revenues 13 14 40 42
UNITED STATES | Franchise contributions for advertising and other services        
Revenues 254 243 741 717
CHINA | Franchise and property revenues        
Revenues 93 87 261 251
Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 235 203 654 443
Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 408 369 1,163 1,076
Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 11 11 33 34
Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 172 158 508 453
KFC Global Division [Member]        
Revenues (879) (785) (2,501) [1] (2,134)
KFC Global Division [Member] | Company Sales        
Revenues 259 220 721 488
KFC Global Division [Member] | Franchise contributions for advertising and other services        
Revenues 161 148 478 427
KFC Global Division [Member] | UNITED STATES | Company Sales        
Revenues 26 17 72 45
KFC Global Division [Member] | UNITED STATES | Franchise and property revenues        
Revenues 46 44 130 134
KFC Global Division [Member] | UNITED STATES | Property Revenues        
Revenues 3 4 9 10
KFC Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 11 10 31 30
KFC Global Division [Member] | CHINA | Franchise and property revenues        
Revenues 74 70 209 200
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 234 203 648 443
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 325 288 923 842
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 11 11 32 33
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 150 138 447 397
Pizza Hut Global Division [Member]        
Revenues (240) (238) (710) [1] (715)
Pizza Hut Global Division [Member] | Company Sales        
Revenues 9 1 20 5
Pizza Hut Global Division [Member] | Franchise contributions for advertising and other services        
Revenues 85 87 255 264
Pizza Hut Global Division [Member] | UNITED STATES | Company Sales        
Revenues 9 1 20 5
Pizza Hut Global Division [Member] | UNITED STATES | Franchise and property revenues        
Revenues 59 66 185 200
Pizza Hut Global Division [Member] | UNITED STATES | Property Revenues        
Revenues 1 1 3 3
Pizza Hut Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 67 71 203 217
Pizza Hut Global Division [Member] | CHINA | Franchise and property revenues        
Revenues 19 17 52 51
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 0 0 0 0
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 67 66 195 191
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 0 0 1 1
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 18 16 51 47
Taco Bell Global Division [Member]        
Revenues (730) (666) (2,098) [1] (1,930)
Taco Bell Global Division [Member] | Company Sales        
Revenues 298 267 848 775
Taco Bell Global Division [Member] | Franchise contributions for advertising and other services        
Revenues 178 165 514 477
Taco Bell Global Division [Member] | UNITED STATES | Company Sales        
Revenues 296 267 843 775
Taco Bell Global Division [Member] | UNITED STATES | Franchise and property revenues        
Revenues 229 211 664 608
Taco Bell Global Division [Member] | UNITED STATES | Property Revenues        
Revenues 8 8 25 27
Taco Bell Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 174 161 504 468
Taco Bell Global Division [Member] | CHINA | Franchise and property revenues        
Revenues 0 0 0 0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 2 0 6 0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 17 15 45 43
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 0 0 0 0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 4 4 10 9
The Habit Burger Grill Global Division        
Revenues (134) (137) (395) [1] (408)
The Habit Burger Grill Global Division | Company Sales        
Revenues 130 133 385 399
The Habit Burger Grill Global Division | Franchise contributions for advertising and other services        
Revenues 1 1 2 2
The Habit Burger Grill Global Division | UNITED STATES | Company Sales        
Revenues 130 133 385 399
The Habit Burger Grill Global Division | UNITED STATES | Franchise and property revenues        
Revenues 2 2 5 5
The Habit Burger Grill Global Division | UNITED STATES | Property Revenues        
Revenues 1 1 2 2
The Habit Burger Grill Global Division | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 1 1 2 2
The Habit Burger Grill Global Division | CHINA | Franchise and property revenues        
Revenues 0 0 0 0
The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 0 0 0 0
The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 0 0 0 0
The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 0 0 0 0
The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 0 0 0 0
Total Division        
Revenues (1,983) (1,826) (5,704) [1] (5,187)
Total Division | Company Sales        
Revenues 697 621 1,974 1,667
Total Division | Franchise contributions for advertising and other services        
Revenues 426 401 1,249 1,170
Unallocated [Member]        
Revenues [2] $ 4 $ 0 $ 5 $ 0
[1] Does not include a charge of $5 million to Unallocated Franchise revenues during the year to date ended September 30, 2025.
[2] Amounts have not been allocated to any segment for performance reporting purposes.
v3.25.3
Revenue Recognition Accounting Policy (Details 2) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue $ 431 $ 438
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period (62)  
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period 49  
Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Other [1] $ 6  
[1] Primarily includes the impact of foreign currency translation.
v3.25.3
Revenue Recognition Accounting Policy (Details 3) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue $ 431 $ 438
Less than 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 75  
1 - 2 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 67  
2 - 3 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 58  
3 - 4 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 50  
4 - 5 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 43  
Thereafter    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized $ 138  
v3.25.3
Reportable Operating Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Revenues $ 1,979 $ 1,826 $ 5,699 $ 5,187  
Operating Profit [1] 666 619 1,836 1,746  
General and Administrative Expense 282 263 885 830  
Company restaurant expenses 587 523 1,668 1,393  
Franchise and property expenses 35 36 107 90  
Refranchising (gain) loss (17) (12) (33) (31)  
Other (income) expense (1) (4) (15) (10)  
Investment (income) expense, net [1] 0 (1) [2] (1) [2] 21 [2]  
Other pension income (expense) [1] (1) 2 0 5  
Interest Income (Expense), Net [1] (124) (120) (368) (358)  
Income Before Income Taxes [1] 541 502 1,470 1,372  
Franchise advertising and other services expense 427 401 1,251 1,169  
Segment, Expenditure, Addition to Long-Lived Assets 94 52 236 151  
Depreciation and amortization [3] 50 44 139 120  
Unrealized Gain (Loss) on Investments       20  
Short-term borrowings $ 48   $ 48   $ 27
Revenue Recognition     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.
Quarter ended 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$26 $296 $9 $130 $461 
Franchise revenues46 229 59 2 335 
Property revenues3 8 1 1 13 
Franchise contributions for advertising and other services11 174 67 1 254 
China
Franchise revenues74 — 19 — 93 
Other
Company sales234 2 — — 235 
Franchise revenues325 17 67 — 408 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services150 4 18 — 172 
$879 $730 $240 $134 $1,983 
(a)
(a)    Does not include a charge of $4 million to Unallocated Franchise revenues during the quarter ended September 30, 2025.

Quarter ended 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$17 $267 $1 $133 $418 
Franchise revenues44 211 66 2 323 
Property revenues4 8 1 1 14 
Franchise contributions for advertising and other services10 161 71 1 243 
China
Franchise revenues70 — 17 — 87 
Other
Company sales203 — — — 203 
Franchise revenues288 15 66 — 369 
Property revenues11 — — — 11 
Franchise contributions for advertising and other services138 4 16 — 158 
$785 $666 $238 $137 $1,826 
Year to date 9/30/2025
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$72 $843 $20 $385 $1,320 
Franchise revenues130 664 185 5 985 
Property revenues9 25 3 2 40 
Franchise contributions for advertising and other services31 504 203 2 741 
China
Franchise revenues209 — 52 — 261 
Other
Company sales648 6 — — 654 
Franchise revenues923 45 195 — 1,163 
Property revenues32 — 1 — 33 
Franchise contributions for advertising and other services447 10 51 — 508 
$2,501 $2,098 $710 $395 $5,704 
(a)

(a)    Does not include a charge of $5 million to Unallocated Franchise revenues during the year to date ended September 30, 2025.

Year to date 9/30/2024
KFC DivisionTaco Bell DivisionPizza Hut Division
Habit Burger & Grill Division
Total
U.S.
Company sales$45 $775 $5 $399 $1,224 
Franchise revenues134 608 200 5 947 
Property revenues10 27 3 2 42 
Franchise contributions for advertising and other services30 468 217 2 717 
China
Franchise revenues200 — 51 — 251 
Other
Company sales443 — — — 443 
Franchise revenues842 43 191 — 1,076 
Property revenues33 — 1 — 34 
Franchise contributions for advertising and other services397 9 47 — 453 
$2,134 $1,930 $715 $408 $5,187 
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 in our Condensed Consolidated Balance Sheets. A summary of significant changes to the contract liability balance during 2025 is presented below.
Deferred Franchise Fees
Balance at December 31, 2024
$438 
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period(62)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period49 
Other(a)
6 
Balance at September 30, 2025
$431 

(a)    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$75 
1 - 2 years67 
2 - 3 years58 
3 - 4 years50 
4 - 5 years43 
Thereafter138 
Total$431 
    
Devyani          
Segment Reporting Information [Line Items]          
Equity Method Investment, Ownership Percentage 5.00%   5.00%    
General and Administrative Expense          
Segment Reporting Information [Line Items]          
Costs Associated with Resource Optimization Initiative $ 5 11 $ 37 57  
Costs Associated with Brand Headquarters Consolidation 3   20    
UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 1,063 995 3,085 2,928  
UNITED KINGDOM          
Segment Reporting Information [Line Items]          
Revenues 245 216 683 492  
Non-US & UK          
Segment Reporting Information [Line Items]          
Revenues 672 615 1,931 1,766  
All Countries [Domain]          
Segment Reporting Information [Line Items]          
Revenues 1,979 1,826 5,699 5,187  
Company Sales          
Segment Reporting Information [Line Items]          
Revenues 697 621 1,974 1,667  
Company Sales | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 461 418 1,320 1,224  
Franchise contributions for advertising and other services          
Segment Reporting Information [Line Items]          
Revenues 426 401 1,249 1,170  
Franchise contributions for advertising and other services | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 254 243 741 717  
KFC Global Division [Member]          
Segment Reporting Information [Line Items]          
Revenues 879 785 2,501 [4] 2,134  
Operating Profit 392 339 1,088 986  
General and Administrative Expense 88 86 255 253  
Company restaurant expenses 224 192 635 428  
Costs of Franchised Outlets 15 20 51 46  
Franchise advertising and other services expense 160 148 472 424  
Other Nonoperating Income (Expense) 0 0 1 (3)  
Segment, Expenditure, Addition to Long-Lived Assets 34 13 71 32  
Depreciation and amortization [3] 14 9 35 19  
KFC Global Division [Member] | Company Sales          
Segment Reporting Information [Line Items]          
Revenues 259 220 721 488  
KFC Global Division [Member] | Company Sales | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 26 17 72 45  
KFC Global Division [Member] | Franchise and property revenue          
Segment Reporting Information [Line Items]          
Revenues 459 417 1,303 1,219  
KFC Global Division [Member] | Franchise contributions for advertising and other services          
Segment Reporting Information [Line Items]          
Revenues 161 148 478 427  
KFC Global Division [Member] | Franchise contributions for advertising and other services | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 11 10 31 30  
Pizza Hut Global Division [Member]          
Segment Reporting Information [Line Items]          
Revenues 240 238 710 [4] 715  
Operating Profit 84 91 239 278  
General and Administrative Expense 50 51 159 153  
Company restaurant expenses 10 1 21 5  
Costs of Franchised Outlets 11 9 32 19  
Franchise advertising and other services expense 89 89 268 270  
Other Nonoperating Income (Expense) (4) (3) (9) (10)  
Segment, Expenditure, Addition to Long-Lived Assets 8 4 23 9  
Depreciation and amortization [3] 6 4 15 11  
Pizza Hut Global Division [Member] | Company Sales          
Segment Reporting Information [Line Items]          
Revenues 9 1 20 5  
Pizza Hut Global Division [Member] | Company Sales | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 9 1 20 5  
Pizza Hut Global Division [Member] | Franchise and property revenue          
Segment Reporting Information [Line Items]          
Revenues 146 150 436 446  
Pizza Hut Global Division [Member] | Franchise contributions for advertising and other services          
Segment Reporting Information [Line Items]          
Revenues 85 87 255 264  
Pizza Hut Global Division [Member] | Franchise contributions for advertising and other services | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 67 71 203 217  
Taco Bell Global Division [Member]          
Segment Reporting Information [Line Items]          
Revenues 730 666 2,098 [4] 1,930  
Operating Profit 267 251 770 709  
General and Administrative Expense 50 41 148 137  
Company restaurant expenses 227 205 649 590  
Costs of Franchised Outlets 8 6 22 22  
Franchise advertising and other services expense 177 163 510 473  
Other Nonoperating Income (Expense) 0 0 0 (1)  
Segment, Expenditure, Addition to Long-Lived Assets 26 16 75 57  
Depreciation and amortization [3] 17 15 49 44  
Taco Bell Global Division [Member] | Company Sales          
Segment Reporting Information [Line Items]          
Revenues 298 267 848 775  
Taco Bell Global Division [Member] | Company Sales | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 296 267 843 775  
Taco Bell Global Division [Member] | Franchise and property revenue          
Segment Reporting Information [Line Items]          
Revenues 254 234 735 678  
Taco Bell Global Division [Member] | Franchise contributions for advertising and other services          
Segment Reporting Information [Line Items]          
Revenues 178 165 514 477  
Taco Bell Global Division [Member] | Franchise contributions for advertising and other services | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 174 161 504 468  
The Habit Burger Grill Global Division          
Segment Reporting Information [Line Items]          
Revenues 134 137 395 [4] 408  
Operating Profit (2) 1 0 (2)  
General and Administrative Expense 13 11 39 38  
Company restaurant expenses 121 122 352 366  
Costs of Franchised Outlets 1 1 3 3  
Franchise advertising and other services expense 1 1 2 2  
Other Nonoperating Income (Expense) 0 1 1 1  
Segment, Expenditure, Addition to Long-Lived Assets 14 11 32 28  
Depreciation and amortization [3] 7 7 20 22  
The Habit Burger Grill Global Division | Company Sales          
Segment Reporting Information [Line Items]          
Revenues 130 133 385 399  
The Habit Burger Grill Global Division | Company Sales | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 130 133 385 399  
The Habit Burger Grill Global Division | Franchise and property revenue          
Segment Reporting Information [Line Items]          
Revenues 3 3 8 7  
The Habit Burger Grill Global Division | Franchise contributions for advertising and other services          
Segment Reporting Information [Line Items]          
Revenues 1 1 2 2  
The Habit Burger Grill Global Division | Franchise contributions for advertising and other services | UNITED STATES          
Segment Reporting Information [Line Items]          
Revenues 1 1 2 2  
Unallocated [Member]          
Segment Reporting Information [Line Items]          
Revenues [1] (4) 0 (5) 0  
General and Administrative Expense [1],[5] (80) (74) (285) (249)  
Costs of Franchised Outlets [1],[6] (4) (3) (11) (4)  
Other Nonoperating Income (Expense) [1] (3) 2 8 (3)  
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property [1] 17 12 33 31  
Segment, Expenditure, Addition to Long-Lived Assets 12 8 35 25  
Depreciation and amortization [3] 8 9 22 24  
Total Division          
Segment Reporting Information [Line Items]          
Revenues 1,983 1,826 5,704 [4] 5,187  
Operating Profit 741 682 2,096 1,971  
General and Administrative Expense 201 189 600 581  
Company restaurant expenses 583 520 1,657 1,389  
Costs of Franchised Outlets 35 36 107 90  
Franchise advertising and other services expense 427 401 1,251 1,169  
Other Nonoperating Income (Expense) (3) (2) (8) (13)  
Total Division | Company Sales          
Segment Reporting Information [Line Items]          
Revenues 697 621 1,974 1,667  
Total Division | Franchise and property revenue          
Segment Reporting Information [Line Items]          
Revenues 861 804 2,482 2,350  
Total Division | Franchise contributions for advertising and other services          
Segment Reporting Information [Line Items]          
Revenues $ 426 $ 401 $ 1,249 $ 1,170  
[1] Amounts have not been allocated to any segment for performance reporting purposes.
[2] Investment income (expense), net includes $20 million of pre-tax investment losses related changes in fair value of our approximate 5% minority interest in Devyani International Limited prior to the date of sale during the year to date ended September 30, 2024.
(f)The United States and United Kingdom represented 10% or more of our total revenues for certain periods presented.
[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] Does not include a charge of $5 million to Unallocated Franchise revenues during the year to date ended September 30, 2025.
[5] Corporate and unallocated G&A expenses include charges of $5 million and $11 million in the quarters ended September 30, 2025 and 2024, respectively, related to our resource optimization program and $3 million in the quarter
ended September 30, 2025 related to our brand headquarters consolidation. Corporate and unallocated G&A expenses include charges of $37 million and $57 million in the years to date ended September 30, 2025 and 2024, respectively, related to our resource optimization program and $20 million in the year to date ended September 30, 2025, related to our brand headquarters consolidation.
[6] Unallocated Company restaurant expenses include amortization of reacquired franchise rights.
v3.25.3
Pension Benefits (Details) - UNITED STATES - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 1 $ 1 $ 3 $ 3
Interest cost 11 10 33 31
Expected return on plan assets (13) (12) (40) (38)
Amortization of net loss 0 0 1 1
Amortization of prior service cost 0 0 1 1
Net periodic benefit cost (1) (1) (2) (2)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement [1] $ 2 $ 0 $ 3 $ 0
[1] Loss is a result of settlement transactions which exceeded the sum of annual service and interest costs for the applicable plan. This loss was recorded in Other pension (income) expense
v3.25.3
Short-term Borrowings and Long-term Debt (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 24, 2025
Dec. 31, 2024
Debt Instrument [Line Items]        
Long-term Line of Credit $ 0     $ 350
Finance Lease, Liability, Noncurrent 71     67
Long-term debt and capital less obligations, including current maturities and debt issuance costs 11,607     11,404
Less Debt Issuance Costs, Noncurrent, Net (67)     (69)
Long-term debt 11,506     11,306
Interest Paid, Including Capitalized Interest, Operating and Investing Activities 364 $ 356    
Long-term Debt, Current Maturities 36     29
Other Short-Term Borrowings 15     0
Less current portion of debt issuance costs and discounts (3)     (2)
Short-term borrowings 48     27
Revolving credit facilities, three months or less, net (350) $ 205    
Short-term Debt, excluding debt issuance costs 51     29
Debt Issuance Costs, Gross 14      
Forward-starting interest rate swap [Member] | Cash Flow Hedging [Member]        
Debt Instrument [Line Items]        
Derivative, Notional Amount 1,500     1,500
Secured Debt [Member] | 2025        
Debt Instrument [Line Items]        
Long-Term Debt, Gross 1,500      
Subsidiary Senior Unsecured Notes [Member] | Unsecured Debt [Member]        
Debt Instrument [Line Items]        
Senior Notes [1] 750     750
Term Loan A Facility [Member] | Secured Debt [Member]        
Debt Instrument [Line Items]        
Long-term Debt [1] 497     500
Term Loan B Facility [Member] | Secured Debt [Member]        
Debt Instrument [Line Items]        
Long-term Debt [1] 1,433     1,444
YUM Senior Unsecured Notes [Member] [Domain] | Unsecured Debt [Member]        
Debt Instrument [Line Items]        
Senior Notes [1] $ 4,550     $ 4,550
Securitization Note, 2016        
Debt Instrument [Line Items]        
Short-term borrowings     $ 938  
Class A-2-I | Secured Debt [Member] | 2025        
Debt Instrument [Line Items]        
Long-term Debt     $ 1,000  
Debt Instrument, Interest Rate, Stated Percentage     4.821%  
Debt Instrument, Interest Rate, Effective Percentage     5.039%  
Class A-2-II | Secured Debt [Member] | 2025        
Debt Instrument [Line Items]        
Long-term Debt     $ 500  
Debt Instrument, Interest Rate, Stated Percentage     5.049%  
Debt Instrument, Interest Rate, Effective Percentage     5.213%  
[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.
v3.25.3
Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Forward Contracts    
Derivative, Notional Amount $ 80  
Cash Flow Hedging [Member] | Forward-starting interest rate swap [Member]    
Derivative, Notional Amount $ 1,500 $ 1,500
Interest Rate Swap [Member] | July 2021 through March 2025 | Term Loan B Facility [Member] | Designated as Hedging Instrument | Fixed Income Interest Rate    
Derivative, Forward Interest Rate 5.09%  
v3.25.3
Derivative Instruments (Details 2) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized gains (losses) arising during the period $ 5 $ (4) $ 8 $ 12
Cash Flow Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax 0 1 (2) (3)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax 1 2 3 6
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months 4      
Interest Rate Swap [Member] | Cash Flow Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized gains (losses) arising during the period 1 (5) 7 9
Derivative, Gain (Loss) on Derivative, Net $ (4) $ (9) $ (12) $ (26)
v3.25.3
Fair Value Disclosures (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Proceeds from Sale of Long-Term Investments $ 0 $ 104  
Secured Debt [Member] | Securitization Notes [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Senior Notes, Noncurrent [1] 4,306   $ 3,743
Secured Debt [Member] | Securitization Notes [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term Debt, Fair Value [1] 4,143   3,561
Secured Debt [Member] | Term Loan A Facility [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt obligations, excluding capital leases, carrying amount [2] 497   500
Secured Debt [Member] | Term Loan A Facility [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term Debt, Fair Value [2] 494   496
Secured Debt [Member] | Term Loan B Facility [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt obligations, excluding capital leases, carrying amount [2] 1,433   1,444
Secured Debt [Member] | Term Loan B Facility [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term Debt, Fair Value [2] 1,433   1,451
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Senior Notes, Noncurrent [2] 750   750
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term Debt, Fair Value [2] 759   739
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Senior Notes, Noncurrent [2] 4,550   4,550
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term Debt, Fair Value [2] 4,534   4,368
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments, Fair Value Disclosure 1   1
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments, Fair Value Disclosure 7   7
Other Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Subject to Master Netting Arrangement, before Offset (4)   0
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Subject to Master Netting Arrangement, before Offset $ 4   $ 5
[1] 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.
[2] 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.
v3.25.3
Contingencies (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Guarantor Obligations [Line Items]    
Deferred Tax Liability Not Recognized, Events that Would Cause Temporary Difference to be Taxable, Undistributed Earnings of Foreign Subsidiaries   As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, in August 2022 we received a Revenue Agent’s Report (“RAR”) from the IRS asserting an underpayment of tax of $2.1 billion plus $418 million in penalties for the 2014 fiscal year. Additionally, interest on the underpayment is estimated to be approximately $1.7 billion through the third quarter of 2025. The proposed underpayment relates primarily to a series of reorganizations we undertook during that year 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 as asserted in the RAR and intend to contest that position vigorously. In September 2022, we filed a Protest with the IRS Examination Division disputing the proposed underpayment of tax and penalties, and our matter was referred to the IRS Office of Appeals. Upon conclusion of the proceedings with the IRS Office of Appeals without resolution, we received an IRS Notice of Deficiency in March 2025. On June 4, 2025, we filed a petition in the United States Tax Court disputing the IRS Notice of Deficiency and 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 Condensed Consolidated Financial Statements in future periods.
Tax Adjustments, Settlements, and Unusual Provisions $ 3 $ 105
Property Lease Guarantee [Member]    
Guarantor Obligations [Line Items]    
Year longest lease expires   2065
Guarantor Obligations, Maximum Exposure 325 $ 325
Guarantee Obligations Maximum Exposure At Present Value $ 275 $ 275
v3.25.3
Contingencies (Details 2)
 9 Months Ended
Sep. 30, 2025
INDIA  
Loss Contingencies [Line Items]  
Litigation, Nature 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 July 9, 2025 has been rescheduled to January 6, 2026. A hearing scheduled for August 19, 2025, before the Delhi High Court has been continued to December 10, 2025, 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.