Restaurant Brands vs Yum! Brands: Revenue, Profit and Business Model
Restaurant Brands had $9.4B of annual revenue in FY2025 and $1.1B of net income. Yum! Brands had $8.2B of annual revenue in FY2025 and $1.6B of net income.
Latest financial snapshot
Restaurant Brands
- Latest annual revenue
- $9.4B (FY2025)
- Net income
- $1.1B
- Net margin
- 11.4%
- Revenue growth
- +9.6% a year, FY2016–FY2025
Yum! Brands
- Latest annual revenue
- $8.2B (FY2025)
- Net income
- $1.6B
- Net margin
- 19.0%
- Revenue growth
- +2.9% a year, FY2016–FY2025
Financial summary
Restaurant Brands
RBI reported FY2025 total revenues of $9.434 billion, up 12.2% from $8.406 billion in 2024, largely because the Carrols restaurants and Burger King China were consolidated for more of the year. Net income from continuing operations was $1.201 billion and total net income was $1.075 billion after a $126 million loss from discontinued operations. Adjusted operating income rose to $2.584 billion, and RBI returned about $1.1 billion to shareholders. In Q2 2026 revenue rose 4.5% to about $2.52 billion, system-wide sales grew 6.4% and comparable sales grew 3.8%. Restaurant Brands International (RBI) is a colossal Canadian-American multinational fast food holding company, commanding a massive market valuation generally exceeding $30 billion.
Yum! Brands
Fiscal 2025 total revenues were $8.214 billion, up 9%, with GAAP net income of $1.559 billion and GAAP EPS of $5.55 (EPS excluding Special Items of $6.05, up 10%). Fourth-quarter 2025 revenue was $2.514 billion. In the second quarter of 2026 revenue rose about 12% to $2.169 billion, GAAP EPS was $3.08 and EPS excluding Special Items was $1.62. Pizza Hut sale proceeds of about $2.7 billion arrived in the third quarter of 2026, subject to purchase price adjustments.
Revenue and profit by year
Restaurant Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $9.4B | $1.1B | 11.4% | +12.2% | Source |
| FY2024 | $8.4B | $1.4B | 17.2% | +19.7% | Source |
| FY2023 | $7B | $1.7B | 24.5% | +7.9% | Source |
| FY2022 | $6.5B | $1.5B | 22.8% | +13.3% | Source |
| FY2021 | $5.7B | $1.3B | 21.8% | +15.5% | Source |
| FY2020 | $5B | $750M | 15.1% | -11.3% | Source |
| FY2019 | $5.6B | $1.1B | 19.8% | +4.6% | Source |
| FY2018 | $5.4B | $1.1B | 21.4% | +17.1% | Source |
| FY2017 | $4.6B | $1.2B | 27.0% | +10.4% | Source |
| FY2016 | $4.1B | $956M | 23.1% | — | Source |
Yum! Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $8.2B | $1.6B | 19.0% | +8.8% | Source |
| FY2024 | $7.5B | $1.5B | 19.7% | +6.7% | Source |
| FY2023 | $7.1B | $1.6B | 22.6% | +3.4% | Source |
| FY2022 | $6.8B | $1.3B | 19.4% | +3.9% | Source |
| FY2021 | $6.6B | $1.6B | 23.9% | +16.5% | Source |
| FY2020 | $5.7B | $904M | 16.0% | +1.0% | Source |
| FY2019 | $5.6B | $1.3B | 23.1% | -1.6% | Source |
| FY2018 | $5.7B | $1.5B | 27.1% | -3.2% | Source |
| FY2017 | $5.9B | $1.3B | 22.8% | -7.5% | Source |
| FY2016 | $6.4B | $1.6B | 25.8% | — | Source |
Where the revenue comes from
Restaurant Brands
- Franchise royaltiesCore
Ongoing fees based on franchisee restaurant sales.
- Advertising and other services
Meaningful
Advertising fund contributions, technology, and service-related revenues.
- Supply chain and property revenue
Meaningful
Distribution, manufacturing, rent, and property-related activity in certain markets.
- Company-operated restaurants
Elevated after Carrols
Restaurant sales from company-operated units, including acquired Carrols restaurants before refranchising.
Yum! Brands
- Franchise and license fees and income
Not formally reported
Royalties based on franchisee sales plus initial and renewal fees, including the license fee from Yum China.
- Franchise contributions for advertising and other services
Not formally reported
Franchisee payments into advertising funds and for technology and other services provided by Yum.
- Company sales
Not formally reported
Sales from company-operated restaurants, including most Habit Burger & Grill units.
- Franchise rental income
Not formally reported
Rent on properties Yum owns or leases and subleases to franchisees.
Business model and strategy
Restaurant Brands
How it makes money
RBI makes most of its profit by franchising. Franchisees build and run the vast majority of its 33,000+ restaurants (over 90% of system restaurants are franchised) and pay RBI royalties and advertising contributions based on their sales.
Growth strategy
RBI's growth plan has three parts: lift Burger King U.S. sales through remodels, advertising and operations under the Reclaim the Flame program; refranchise the restaurants acquired with Carrols once they are remodeled; and accelerate International unit growth through master franchisees and joint ventures, including the CPE-led Burger King China venture that targets more than 4,000 restaurants by 2035.
Competitive advantage
RBI's advantage is brand scale plus a capital-light structure. Four established brands give it multiple growth paths across burgers, coffee, chicken and subs, while master franchise partners fund most international openings. Tim Hortons' dense Canadian network and its integrated supply chain also give RBI a cash-generating home market that few rivals can replicate.
Yum! Brands
How it makes money
Most Yum restaurants are owned and run by franchisees. Yum collects franchise and license fees (royalties tied to sales, plus upfront fees on new units), franchise contributions to advertising funds, rental income on some properties it subleases, and sales from a smaller set of company-operated restaurants, including most Habit locations.
Growth strategy
Under Chris Turner, Yum is concentrating on KFC unit growth in emerging and developed international markets, Taco Bell growth in the U.S. and abroad, and its Byte by Yum digital platform for ordering, kitchen, and delivery management. The 2026 portfolio review ended with the Pizza Hut sale.
Competitive advantage
KFC's development system opens restaurants at a pace few chains match, with 660 gross openings across 55 markets in the second quarter of 2026. Taco Bell holds a leading position in U.S. Mexican-style quick service. The franchise model keeps capital spending low and turns system growth into royalty income.
Questions about Restaurant Brands vs Yum! Brands
Which company has higher revenue — Restaurant Brands International Inc. or Yum! Brands, Inc.?
Restaurant Brands International Inc. had $9.4B (FY2025), while Yum! Brands, Inc. had $8.2B (FY2025). By latest annual revenue, Restaurant Brands International Inc. is the larger business, with Yum! Brands, Inc. showing a smaller revenue base.
What is the market cap of Restaurant Brands International Inc. vs Yum! Brands, Inc.?
Restaurant Brands International Inc.'s market capitalisation stands at $35.0B, while Yum! Brands, Inc.'s is $42.0B. Yum! Brands, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Restaurant Brands International Inc..
How does revenue per employee compare for Restaurant Brands International Inc. and Yum! Brands, Inc.?
Yum! Brands, Inc. generates $228k / employee in revenue per employee. A comparable figure for Restaurant Brands International Inc. requires matching employee and revenue data from the same reporting period.
How do Restaurant Brands International Inc. and Yum! Brands, Inc. make money?
Restaurant Brands International Inc. and Yum! Brands, Inc. generate revenue in fundamentally different ways. Restaurant Brands International Inc.: RBI makes most of its profit by franchising. Yum! Brands, Inc.: Most Yum restaurants are owned and run by franchisees.
Which company is valued higher relative to revenue — Restaurant Brands International Inc. or Yum! Brands, Inc.?
On a price-to-sales (P/S) basis, Restaurant Brands International Inc. trades at 3.7x P/S and Yum! Brands, Inc. at 5.1x P/S. Yum! Brands, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Restaurant Brands International Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Restaurant Brands International Inc. bigger than Yum! Brands, Inc.?
By last reported revenue, Restaurant Brands International Inc. ($9.4B (FY2025)) is the larger company compared to Yum! Brands, Inc. ($8.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Restaurant Brands vs Yum! Brands overview