Yum! Brands earns royalties and franchise fees from restaurants operated mostly by independent franchisees, plus company-operated restaurant sales in selected markets, across four global divisions: KFC (the largest, about $3.54 billion of 2025 revenue, roughly 43% of total), Taco Bell (about $2.86 billion, 38%), Pizza Hut (about $1.01 billion, 13%), and The Habit Burger Grill (about $600 million, 8%), acquired in 2020 for $350 million to add a fast-casual burger concept. The franchise-royalty model limits Yum's own capital exposure compared to running restaurants directly -- franchisees fund the real estate and operations, while Yum collects a percentage of sales plus fees for brand marketing, technology platforms, supply chain programs, and new-unit development support. Total 2025 revenue reached $8.214 billion with $1.559 billion in net income, up from $7.549 billion in 2024. Pizza Hut, the weakest of the four brands, has required ongoing 'Reinvention' investment to modernize its footprint against fragmented pizza-delivery competition, while Taco Bell and KFC have driven most of the company's recent growth. Yums nearly pure-franchise model, with company-operated restaurants representing a small minority of total units, distinguishes it from competitors like McDonalds that historically retained larger owned-and-operated footprints in key markets. KFC international footprint, particularly its dominant position in China through a joint-venture structure, gives Yum meaningfully different growth exposure than its more US-concentrated peers.