Yum! Brands, Inc. Revenue in 2024

Yum! Brands, Inc. reported $7.0B in revenue for fiscal year 2024. This represents a growth of 4.4% compared to the 2023 figure of $6.8B.

Revenue grew from $6.51 billion in 2022 to $7.05 billion in 2024, with system-wide sales reaching $38.5 billion in fiscal 2024. Net income of $1.21 billion on $7.05 billion in corporate revenue implies a net margin of approximately 17 percent, reflecting the royalty model's insulation from the food cost, labor, and occupancy expenses that franchisees absorb. The 41.2 percent operating margin is the most direct expression of what franchise economics produce at this scale: the corporate entity collects revenue on every transaction without carrying the operational risk of any individual restaurant. When chicken prices spike or minimum wages increase, franchisees adjust their economics; Yum!'s royalty percentage remains fixed. The $42 billion market capitalization against $7.05 billion in corporate revenue implies a price-to-sales multiple of approximately six, reasonable for a business with high-margin recurring royalty streams, 150 million loyalty program members, and exposure to long-term growth in emerging market restaurant density. The centralized procurement apparatus that leverages 55,000 global units to negotiate master commodity pricing agreements provides franchisees with input cost protection they couldn't access individually — a value that Yum!'s system scale creates and that supports franchisee unit economics, ultimately protecting the royalty stream that depends on franchisee profitability and willingness to develop new locations.