Yum! Brands, Inc.

Yum Brands is a U.S.-based restaurant operator featuring a portfolio of four brands: KFC (27,760 global units), Pizza Hut (19,034 units), Taco Bell (8,203 units), and The Habit Burger (346 units) at year-end 2021. With $59 billion in 2022 systemwide sales, the firm is the second-largest restaurant company in the world, behind McDonald's ($116 billion) but ahead of Restaurant Brands International ($36 billion) and Starbucks ($27 billion). Yum is 98% franchised, with the largest franchisee, Yum China, created via a 2016 spinoff transaction (after which Yum China agreed to pay 3% royalties to Yum Brands in perpetuity). Yum is the newest evolution of Tricon Brands, formerly a division of PepsiCo, and generates the bulk of its revenue from franchise royalties and marketing contributions.