UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ Commission file number 1-13163 ________________________ YUM! BRANDS, INC. (Exact name of registrant as specified in its cha ...

Yum! Brands, Inc. (NYSE:YUM) Q1 2023 Earnings Conference Call May 3, 2023 8:15 AM ET Company Participants Jodi Dyer - VP, Investor Relations David Gibbs - CEO & Director Christopher Turner - CFO Dave Russell - SVP and Corporate Controller Conference Call Participants Gregory Francfort - Guggenheim Securities Brian Bittner - Oppenheimer Jon Tower - Citigroup John Ivankoe - JPMorgan Chase & Co. Dennis Geiger - UBS David Palmer - Evercore ISI Andrew Charles - TD Cowen and Company Jeffrey Bernstein - Barclays D ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ Commission file number 1-13163 YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or ...

Financial Data and Key Metrics Changes - In 2022, system sales increased by 8% and core operating profit grew by 6%, despite a 2-point headwind from the removal of Russia profits [8][24] - Q4 system sales growth was 10%, driven by 6% same-store sales growth and 6% unit growth, contributing to a 22% core operating profit growth [9][24] - Excluding special items, Q4 EPS was $1.31, a 29% increase year-over-year [25] Business Line Data and Key Metrics Changes - Taco Bell achieved same-store sales growth of 8% for the full year and 11% in Q4, with system sales growth of 14% in the U.S. [9][14] - KFC's full year system sales grew by 9%, with Q4 system sales increasing by 10% [11][12] - Pizza Hut's full year system sales grew by 3%, with flat same-store sales growth [17][18] - Habit Burger Grill's digital channel ended the year with a 35% mix, and the brand is now 18% franchised [19] Market Data and Key Metrics Changes - KFC International's Q4 system sales grew by 11%, with notable performance in Japan and Africa [13] - Taco Bell International's Q4 system sales grew by 23%, driven by 29% unit growth [16] - Pizza Hut International achieved system sales growth of 4%, with a 1% decline in same-store sales in Q4 [17] Company Strategy and Development Direction - The company focuses on its "Recipe for Good Growth" strategy, emphasizing relevant, easy, and distinctive brands, along with unrivaled culture and talent [11][20] - The company plans to maintain strong momentum in unit growth, with over 80% of planned units for 2023 committed outside of China [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, particularly in the China market as it recovers from COVID [38] - The consumer environment remains positive, with increased frequency from higher-income customers and a focus on value offerings [42][55] Other Important Information - The company plans to continue its digital initiatives, including the rollout of Tictuk and Dragontail to enhance customer experiences and operational efficiency [30][31] - The Board of Directors approved an increased quarterly dividend of $0.605 [33] Q&A Session Summary Question: Profit outlook for 2023 and potential impact of China business - Management remains confident in the future, with a bullish outlook on the China market as it recovers from COVID [38] Question: Sales momentum and resilience across brands - Management noted widespread strength across all brands, with a positive consumer environment globally [41] Question: Balancing pricing versus value for Taco Bell U.S. - Management emphasized Taco Bell's existing value offerings and the brand's ability to navigate competitive environments [44][46] Question: EBIT margin outlook over time - Management indicated a focus on delivering profit growth while considering factors like royalty rate mix and foreign exchange impacts [48][49] Question: G&A expenses and 2023 outlook - Management confirmed G&A came in slightly higher than planned but remains focused on a lean model for 2023 [50][51] Question: Consumption trends in major markets - Management observed a shift to off-premise consumption and noted that lower-income consumers are focusing more on value [55] Question: Performance of Pizza Hut U.S. - Management reported share gains and increased transactions through aggregators, contributing to positive momentum for Pizza Hut U.S. [57]

Yum! Brands, Inc. (NYSE:YUM) Q3 2022 Earnings Conference Call November 2, 2022 8:15 AM ET Company Participants Gavin Felder - Chief Strategy Officer & Interim Head, Investor Relations David Gibbs - Chief Executive Officer Chris Turner - Chief Financial Officer Conference Call Participants Dennis Geiger - UBS John Glass - Morgan Stanley John Ivankoe - JPMorgan David Tarantino - Baird Andrew Charles - Cowen David Palmer - Evercore Operator Hello, everybody, and welcome to today's Yum! Brands, Inc. 2022 Third ...

Yum! Brands, Inc. (NYSE:YUM) Q2 2022 Earnings Conference Call August 3, 2022 8:15 AM ET Company Participants Jodi Dyer - Vice President, Investor Relations David Gibbs - Chief Executive Officer Chris Turner - Chief Financial Officer Dave Russell - Senior Vice President and Corporate Controller Conference Call Participants David Tarantino - Baird Sara Senatore - Bank of America David Palmer - Evercore ISI Andrew Charles - Cowen John Glass - Morgan Stanley Jon Tower - Citi Dennis Geiger - UBS Operator Hello, ...

Yum! Brands, Inc. (NYSE:YUM) Q1 2022 Earnings Conference Call May 4, 2022 8:15 AM ET Company Participants Jodi Dyer - Vice President of Investor Relations Chris Turner - Chief Financial Officer David Gibbs - Chief Executive Officer Conference Call Participants Dennis Geiger - UBS John Glass - Morgan Stanley Jon Tower - Citi David Palmer - Evercore John Ivankoe - JPMorgan David Tarantino - Baird Brian Mullan - Deutsche Bank Operator Welcome to the Q1 2022 Yum! Brands Earnings Conference Call. My name is Ruby ...