Name: YUM! Brands Inc. (NYSE:YUM) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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YUM! Brands Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 3, 2016	Jun 11, 2016	Mar 19, 2016	Dec 26, 2015	Sep 5, 2015	Jun 13, 2015	Mar 21, 2015	Dec 27, 2014	Sep 6, 2014	Jun 14, 2014	Mar 22, 2014	Dec 28, 2013	Sep 7, 2013	Jun 15, 2013	Mar 23, 2013	Dec 29, 2012	Sep 8, 2012	Jun 16, 2012	Mar 24, 2012	Dec 31, 2011	Sep 3, 2011	Jun 11, 2011	Mar 19, 2011
Company sales	2,841)	2,554)	2,165)	3,339)	2,968)	2,659)	2,179)	3,383)	2,891)	2,758)	2,292)	3,590)	3,021)	2,474)	2,099)	3,585)	3,142)	2,762)	2,344)	3,557)	2,854)	2,431)	2,051)
Franchise and license fees and income	475)	454)	454)	612)	459)	446)	443)	614)	463)	446)	432)	589)	445)	430)	436)	568)	427)	406)	399)	554)	420)	385)	374)
Revenues	3,316)	3,008)	2,619)	3,951)	3,427)	3,105)	2,622)	3,997)	3,354)	3,204)	2,724)	4,179)	3,466)	2,904)	2,535)	4,153)	3,569)	3,168)	2,743)	4,111)	3,274)	2,816)	2,425)
Food and paper	(817)	(764)	(649)	(1,045)	(933)	(841)	(688)	(1,116)	(951)	(886)	(725)	(1,188)	(996)	(805)	(680)	(1,162)	(1,029)	(916)	(767)	(1,209)	(970)	(792)	(662)
Payroll and employee benefits	(638)	(603)	(486)	(797)	(625)	(602)	(493)	(824)	(642)	(620)	(493)	(798)	(621)	(590)	(490)	(834)	(650)	(623)	(513)	(809)	(600)	(548)	(461)
Occupancy and other operating expenses	(816)	(779)	(597)	(1,043)	(871)	(805)	(616)	(1,099)	(869)	(824)	(633)	(1,095)	(873)	(769)	(596)	(1,070)	(864)	(800)	(624)	(1,026)	(790)	(705)	(568)
Company restaurant expenses	(2,271)	(2,146)	(1,732)	(2,885)	(2,429)	(2,248)	(1,797)	(3,039)	(2,462)	(2,330)	(1,851)	(3,081)	(2,490)	(2,164)	(1,766)	(3,066)	(2,543)	(2,339)	(1,904)	(3,044)	(2,360)	(2,045)	(1,691)
General and administrative expenses	(377)	(365)	(286)	(528)	(328)	(353)	(295)	(473)	(323)	(352)	(271)	(479)	(327)	(333)	(273)	(560)	(332)	(346)	(272)	(499)	(310)	(308)	(255)
Franchise and license expenses	(47)	(50)	(48)	(96)	(65)	(47)	(34)	(51)	(42)	(34)	(33)	(50)	(44)	(34)	(30)	(49)	(32)	(26)	(26)	(41)	(41)	(33)	(30)
Closures and impairment expenses	(7)	(37)	(3)	(49)	(3)	(24)	(3)	(505)	(6)	(21)	(3)	(21)	(300)	(6)	(4)	(28)	(4)	(4)	(1)	(22)	(25)	(19)	(69)
Refranchising gain (loss)	25)	53)	7)	50)	(2)	(68)	10)	6)	20)	4)	3)	13)	38)	32)	17)	37)	2)	13)	26)	(3)	(66)	(5)	2)
Other income (expense)	15)	28)	7)	(2)	3)	6)	3)	22)	9)	8)	2)	10)	7)	(9)	8)	18)	11)	7)	79)	5)	16)	13)	19)
Costs and expenses, net	(2,662)	(2,517)	(2,055)	(3,510)	(2,824)	(2,734)	(2,116)	(4,040)	(2,804)	(2,725)	(2,153)	(3,608)	(3,116)	(2,514)	(2,048)	(3,648)	(2,898)	(2,695)	(2,098)	(3,604)	(2,786)	(2,397)	(2,024)
Operating profit	654)	491)	564)	441)	603)	371)	506)	(43)	550)	479)	571)	571)	350)	390)	487)	505)	671)	473)	645)	507)	488)	419)	401)
Interest expense, net	(87)	(40)	(37)	(35)	(32)	(33)	(34)	(40)	(28)	(29)	(33)	(153)	(31)	(32)	(31)	(42)	(32)	(38)	(37)	(46)	(32)	(35)	(43)
Income before income taxes	567)	451)	527)	406)	571)	338)	472)	(83)	522)	450)	538)	418)	319)	358)	456)	463)	639)	435)	608)	461)	456)	384)	358)
Income tax (provision) benefit	65)	(116)	(132)	(131)	(145)	(102)	(111)	(36)	(119)	(112)	(139)	(103)	(182)	(82)	(120)	(127)	(161)	(102)	(147)	(104)	(67)	(62)	(91)
Net income, including noncontrolling interests	632)	335)	395)	275)	426)	236)	361)	(119)	403)	338)	399)	315)	137)	276)	336)	336)	478)	333)	461)	357)	389)	322)	267)
Net (income) loss, noncontrolling interests	(10)	4)	(4)	—)	(5)	(1)	1)	33)	1)	(4)	—)	6)	15)	5)	1)	1)	(7)	(2)	(3)	(1)	(6)	(6)	(3)
Net income, YUM! Brands, Inc.	622)	339)	391)	275)	421)	235)	362)	(86)	404)	334)	399)	321)	152)	281)	337)	337)	471)	331)	458)	356)	383)	316)	264)

Financial performance exhibits a recurring seasonal pattern, with peak revenues consistently occurring in the fourth quarter of each fiscal year and the lowest levels recorded in the first quarter. While total revenues remained relatively stable between 2011 and 2016, a slight stagnation is observable in peak quarterly figures from 2013 through 2015.

Revenue Stream Dynamics: Total revenue is comprised of company sales and franchise/license fees. While company sales demonstrate high seasonality, franchise and license fees show a gradual upward trend, increasing from a peak of 554 million in December 2011 to 612 million in December 2015, indicating a steady growth in the franchise-based income stream.
Expense Analysis: The primary cost drivers are company restaurant expenses, specifically food and paper, payroll and employee benefits, and occupancy costs. These expenditures fluctuate in direct correlation with sales volume. General and administrative expenses remain relatively stable, though they typically increase during the fourth quarter of each year.
Operating Profitability and Volatility: Operating profit exhibits significant volatility, primarily driven by non-recurring charges. Substantial impairment and closure expenses in September 2013 (-300 million) and December 2014 (-505 million) resulted in sharp declines in profitability, with the latter leading to an operating loss of 43 million in the final quarter of 2014.
Net Income and Bottom-Line Trends: Net income generally tracks the trajectory of operating profit but is further influenced by tax provisions and noncontrolling interests. A significant contraction occurred in December 2014, resulting in a net loss of 86 million for the company. A subsequent recovery is evident, culminating in a peak net income of 622 million in September 2016, which was bolstered by a tax benefit of 65 million.
Interest and Tax Impact: Interest expenses have remained relatively consistent, typically ranging between 30 million and 46 million per quarter, with a notable spike to 87 million in September 2016. Tax provisions generally fluctuate in line with pre-tax income, though the tax benefit in the final reported quarter contributed significantly to the increase in net income.

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YUM! Brands Inc. (NYSE:YUM)

Income StatementQuarterly Data

Income Statement
Quarterly Data