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Arphra AIPlain-English read on Yum! Brands, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $6.58B | $6.84B | $7.08B | $7.55B | $8.21B | $9.19B | $9.67B | $10.26B | $11.12B |
| Cost of revenue | $3.42B | $3.54B | $3.58B | $3.97B | $4.42B | $4.82B | $4.94B | $5.31B | $5.76B |
| Gross profit | $3.17B | $3.31B | $3.5B | $3.58B | $3.79B | $4.43B | $4.53B | $5.01B | $5.29B |
| Gross margin | +48.09% | +48.33% | +49.41% | +47.48% | +46.17% | +48.17% | +46.83% | +48.83% | +47.57% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.06B | $1.14B | $1.19B | $1.18B | $1.26B | $1.48B | $1.53B | $1.66B | $1.74B |
| Total operating expenses | $1.03B | $1.12B | $1.18B | $1.18B | $1.26B | $1.43B | $1.51B | $1.64B | $1.81B |
| Operating income | $2.14B | $2.19B | $2.32B | $2.4B | $2.53B | $2.97B | $3.12B | $3.33B | $3.61B |
| Operating margin | +32.49% | +31.96% | +32.76% | +31.83% | +30.80% | +32.29% | +32.23% | +32.47% | +32.47% |
| EBITDA | $2.38B | $2.34B | $2.48B | $2.56B | $2.78B | $3.08B | $3.26B | $3.6B | $3.75B |
| EBIT | $2.22B | $2.19B | $2.33B | $2.39B | $2.58B | $2.89B | $3.08B | $3.37B | $3.65B |
| Below the line | |||||||||
| Interest expense | $544M | $527M | $513M | $489M | $500M | $607.97M | $627.81M | $694.39M | $732.53M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$465M | -$525M | -$500M | -$503M | -$453M | — | — | — | — |
| Pre-tax income | $1.67B | $1.66B | $1.82B | $1.9B | $2.08B | $2.39B | $2.42B | $2.61B | $2.9B |
| Income tax expense | $99M | $337M | $221M | $414M | $518M | $452.32M | $492.61M | $520.85M | $540.96M |
| Earnings | |||||||||
| Net income | $1.58B | $1.33B | $1.6B | $1.49B | $1.56B | $1.84B | $1.94B | $2.16B | $2.22B |
| Net income · continuing ops | $1.58B | $1.33B | $1.6B | $1.49B | $1.56B | $1.83B | $2B | $2.13B | $2.29B |
| Net margin | +23.92% | +19.37% | +22.57% | +19.68% | +18.98% | +20.05% | +20.07% | +21.01% | +19.98% |
| EPS · basic | $5.30 | $4.63 | $5.68 | $5.28 | $5.59 | $6.92 | $7.48 | $8.56 | $9.43 |
| EPS · diluted | $5.22 | $4.57 | $5.60 | $5.22 | $5.56 | $6.77 | $7.50 | $8.36 | $9.44 |
| EPS · low estimate | — | — | — | — | — | $6.50 | $6.95 | $7.87 | $8.75 |
| EPS · high estimate | — | — | — | — | — | $7.00 | $7.86 | $9.17 | $9.73 |
| Shares · basic | 297M | 286M | 281M | 282M | 278M | 276.46M | 279.08M | 276.84M | 278.35M |
| Shares · diluted | 302M | 290M | 285M | 285M | 278M | 279.55M | 275.38M | 280.54M | 275.27M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 17 | 12 | 11 |
| Analysts (EPS) | — | — | — | — | — | 14 | 16 | 6 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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