Yum! Brands Inc 2026年季度报告

FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934for the quarterly period endedMarch31, 2026 ☒ OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ YUM! BRANDS, INC.(Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☒Non-accelerated Filer☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐NoThe number of shares outstanding of the registrant’s Common Stock as of May 1, 2026, was 275,621,202 shares. YUM! BRANDS, INC. INDEX Part I.Financial InformationItem 1 - Financial StatementsCondensed Consolidated Statements of Income4Condensed Consolidated Statements of Comprehensive Income5Condensed Consolidated Statements of Cash Flows6Condensed Consolidated Balance Sheets7Condensed Consolidated Statements of Shareholders' Deficit8Notes to Condensed Consolidated Financial Statements9Item 2 - Management’s Discussion and Analysis of Financial Conditionand Results of Operations22Item 3 - Quantitative and Qualitative Disclosures About Market Risk35Item 4 - Controls and Procedures35Report of Independent Registered Public Accounting Firm37Part II.Other Information and SignaturesItem 1 - Legal Proceedings38Item 1A - Risk Factors38Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds38Item 5 - Other Information38Item 6 - Exhibits40Signatures41 Revenues LIABILITIES AND SHAREHOLDERS’ DEFICIT NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Tabular amounts in millions, except per share data) Note 1 - Financial Statement Presentation We have prepared our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordancewith 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 inconjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year endedDecember31, 2025 (“2025 Form 10-K”). Yum! Brands, Inc. and its Subsidiaries (collectively referred to herein as the “Company,” “YUM,” “we,” “us” or “our”) franchise oroperate a system of over 63,000 restaurants in 155 countries and territories.As of March31, 2026, 97% of these restaurants wereowned 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-orderchargrilled burgers, sandwiches and more. As of March31, 2026, 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 In 2025, we began a review of strategic options for the Pizza Hut brand. The objective of the review is to create value for YUM, PizzaHut and its franchise partners by determining the optimal approach to best capitalize on Pizza Hut's structural advantages — strongbrand equity, experienced franchise partners and meaning