百胜餐饮 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR []TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIESEXCHANGE ACT OF 1934 COMMISSION FILE NUMBER:1-13163 A.FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER YUM! BRANDS 401(K) PLAN B.NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THEADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE: YUM! BRANDS, INC.1441 GARDINER LANELOUISVILLE, KENTUCKY40213 YUM! BRANDS401(k) PLAN Table of Contents Financial Statements Report of Independent Registered Public Accounting Firm1Statements of Net Assets Available for Benefits as of December 31, 2025 and 20242Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 20253Notes to Financial Statements for the years ended December 31, 2025 and 20244 Supplemental Schedule Schedule H, Line4i – Schedule of Assets (Held at End of Year) – December 31, 2025 Report of Independent Registered Public Accounting Firm To the Plan Participants and Plan AdministratorYUM! Brands 401(k) Plan: Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of YUM! Brands 401(k) Plan (the Plan) as ofDecember 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31,2025, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all materialrespects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for Basis for Opinion These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on thesefinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting OversightBoard (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due toerror or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidenceregarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used Accompanying Supplemental Information The Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit proceduresperformed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of thePlan's management. Our audit procedures included determining whether the supplemental information reconciles to the financialstatements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness andaccuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we We have served as the Plan’s auditor since 1998. /s/ KPMG LLP Chicago, IllinoisJune 26, 2026 YUM! BRANDS 401(k) PLAN Statements of Net Assets Available for BenefitsDecember 31, 2025 and 2024 Assets:Investments at fair value:YUM! Stock FundCommon/commingled trustsSelf-directed brokerageTotal investments, at fair valueReceivables:Loans to participantsParticipant contributionsEmployer contributionsInterest and otherTotal receivablesTotal assetsLiabilities:Accrued fees and other liabilitiesTotal liabilitiesNet assets available for benefits YUM! BRANDS 401(k) PLAN Statement of Changes in Net Assets Available for BenefitsFor the year ended December 31, 2025 Additions to net assets attributed to:Net appreciation of investmentsLoan repayment interest incomeDividendsTotal additions to net assetsLess investment expenses Net investment incomeContributions:ParticipantEmployer Total contributionsDeductions from net assets attributed to:Benefits paid to participantsNet increase in net assetsNet assets available for benefits:Beginning of period See accompanying notes to financial statements. YUM! BRANDS 401(k) PLANNotes to Financial StatementsDecember 31, 2025 and 2024(Tabular amounts in thousands) (1)Plan Description The following description of the YUM! Brands 401(k) Plan (the "Plan") provides only general information. Participants shouldrefer to the Plan document for a more complete description of the Plan’s provisions. (a)General YUM! Brands, Inc. (the "Company") adopted the Plan effective October7, 1997. Any employee within a group or class sod