YUM · 10-Q · 2026Q3 · Full report

Guidance and Outlook

YUM BRANDS INC · 2026-11-06 · Importance 56 · Surprise 24

YUM reported annual operating cash flows exceeding $2.0 billion in 2025 and expects continued strong operating cash flows in 2026. Management intends to use cash flows to invest in growth and pay dividends, returning remaining excess cash through share repurchases. Over the medium term, YUM expects to maintain consolidated net leverage at approximately 4.0x EBITDA, with incremental debt issuance as the business grows.

Key facts

• YUM expects Taco Bell Division company restaurant margins of 21.5% to 23.5% for the quarter ended December 31, 2026. source