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Yum Brands cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$388M in Q3 2026 · $1.6B over twelve months

Operating cash flow$475M
Capital spending−$87.0M
Free cash flow+$388M
Cash / net income0.3×

Analysis

In Q3 2026, Yum Brands generated $475M of operating cash flow and spent $87.0M on capital projects, leaving free cash flow of $388M. That is $61.0M less than in Q3 2025 ($449M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.0B; the largest uses were buybacks ($1.4B), dividends ($813M), other investing ($701M); besides operations, cash came from asset & business sales ($2.5B); the cash balance rose by $1.1B.

Operating cash flow was $475M against net income of $1.6B — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred taxes +$473M, payables +$65.0M, depreciation & amortization +$57.0M.

Free cash flow

Yum Brands: free cash flow by quarterYum Brands: free cash flow by quarter$407MQ4 2024$333MQ1 2025$375MQ2 2025$449MQ3 2025$482MQ4 2025$341MQ1 2026$407MQ2 2026$388MQ3 2026
Operating cash flow less capital spending.
Yum Brands: operating cash flow against capital spendingYum Brands: operating cash flow against capital spendingOperating cash flowCapital spending$513M$106MQ4 2024$404M$71.0MQ1 2025$446M$71.0MQ2 2025$543M$94.0MQ3 2025$617M$135MQ4 2025$416M$75.0MQ1 2026$507M$100MQ2 2026$475M$87.0MQ3 2026
Latest (Q3 2026): Operating cash flow $475M, Capital spending $87.0M.

Capital allocation, year by year

Yum Brands: where the cash came from (up) and went (down), by fiscal yearYum Brands: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.7BFY2021: Net borrowing $489MFY2021: Shares issued $11.0MFY2021: Asset sales $85.0MFY2021: Capital spending −$230MFY2021: Buybacks −$1.6BFY2021: Dividends −$592M$2.3BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing $574MFY2022: Shares issued $3.0MFY2022: Asset sales $73.0MFY2022: Capital spending −$279MFY2022: Buybacks −$1.2BFY2022: Dividends −$649M$2.1BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing −$683MFY2023: Shares issued $8.0MFY2023: Asset sales $121MFY2023: Capital spending −$285MFY2023: Buybacks −$50.0MFY2023: Dividends −$678M$1.7BFY2023FY2024: Operating cash flow $1.7BFY2024: Net borrowing $95.0MFY2024: Shares issued $9.0MFY2024: Asset sales $121MFY2024: Capital spending −$257MFY2024: Acquisitions −$174MFY2024: Buybacks −$441MFY2024: Dividends −$752M$1.9BFY2024FY2025: Operating cash flow $2.0BFY2025: Net borrowing $477MFY2025: Shares issued $2.0MFY2025: Asset sales $78.0MFY2025: Capital spending −$371MFY2025: Acquisitions −$6.0MFY2025: Buybacks −$552MFY2025: Dividends −$789M$2.6BFY2025
Over these 5 years operating cash flow totalled $8.4B; the largest uses were buybacks ($3.8B) and dividends ($3.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debt$14.1B
Net debt$12.0B
Due within a year$28.0M

Yum Brands funds itself: free cash flow was $1.6B over the last twelve months, and $2.1B of cash and investments stands against $14.1B of debt ($28.0M due within a year, 75.3× covered by cash).

Yum Brands: debt maturities by year (FY2025)Yum Brands: debt maturities by year (FY2025)$28.0MYear 1$1.7BYear 2$2.0BYear 3$1.3BYear 4$1.8BYear 5$5.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.1B of cash and investments now.

Where the cash came from and went

Yum Brands: sources (+) and uses (−) of cash, Q3 2026Yum Brands: sources (+) and uses (−) of cash, Q3 2026Other investing$2.4BCash drawn (+) / kept (−)−$1.4BOther financing−$679MBuybacks−$528MOperating cash flow$475MDividends−$203MCapital spending−$87.0MNot reconciled$32.0MAsset & business sales$31.0MNet borrowing (+) / repaid (−)−$13.0MExchange rates$7.0M
Yum Brands: sources (+) and uses (−) of cash, TTM to Q3 2026Yum Brands: sources (+) and uses (−) of cash, TTM to Q3 2026Asset & business sales$2.5BOperating cash flow$2.0BBuybacks−$1.4BCash drawn (+) / kept (−)−$1.1BDividends−$813MOther investing−$701MCapital spending−$397MOther financing−$53.0MNet borrowing (+) / repaid (−)−$36.0MExchange rates$6.0M

From profit to cash

Yum Brands: net income to operating cash flow, Q3 2026Yum Brands: net income to operating cash flow, Q3 2026Net income$1.6BDepreciation & amortization$57.0MStock-based pay$16.0MDeferred taxes$473MGains on disposals−$22.0MPayables$65.0MPrepaid and other assets−$9.0MIncome taxes payable−$27.0MOperating cash flow$475M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$475M−$87.0M—−$528M−$203M−$13.0M−$1.4B$388M
Q2 2026$507M−$100M—−$489M−$206M−$6.0M$5.0M$407M
Q1 2026$416M−$75.0M—−$185M−$207M−$8.0M$34.0M$341M
Q4 2025$617M−$135M—−$178M−$197M−$21.0M$277M$482M
Q3 2025$543M−$94.0M—−$36.0M−$197M$561M−$382M$449M
Q2 2025$446M−$71.0M—−$109M−$197M−$7.0M−$36.0M$375M
Q1 2025$404M−$71.0M−$6.0M−$229M−$198M−$5.0M$25.0M$333M
Q4 2024$513M−$106M—−$114M−$187M−$7.0M−$180M$407M

Yum Brands: income statement and cash flow

Yum Brands, Q3 2026: revenue $2.1B (+4% year over year), operating margin 112.8%. The chart follows the revenue to costs, profit and cash.

Yum Brands: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.