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AI核心结论
Yum! Brands delivered a strong Q1 2026 with revenue surging 15.2% YoY to $2.06B and net income jumping 70.8% to $432M, driven by robust top-line growth and improved profitability, though current liabilities more than doubled, raising near-term liquidity concerns.
营业收入
$2.06B
同比 ++15.22%
每股收益（基本）
$1.56
同比 ++71.43%
营业利润
$644M
同比 ++17.52%
提交于 · 来源: SEC EDGAR 10-Q 原文
Yum Brands (YUM) Q1 FY2026 营收 $2.06B，同比增长 15.2%。 净利润 $432M，同比增长 70.8%，稀释每股收益 $1.55。
Revenue increased 15.2% year-over-year to $2.06B in Q1 2026 from $1.79B in Q1 2025, reflecting broad-based growth across the company's franchise portfolio including KFC, Pizza Hut, and Taco Bell brands.
来源: Source: 10-Q Income Statement
Net income surged 70.8% YoY to $432M from $253M, with diluted EPS rising 72.2% to $1.55 from $0.90, indicating meaningful operating leverage and potentially favorable non-operating items contributing to bottom-line outperformance.
来源: Source: 10-Q Income Statement
Cost of revenue rose 30.2% YoY to $677M, outpacing revenue growth of 15.2%, which compressed gross margins. This suggests higher food, labor, or franchise-related costs that management will need to monitor closely.
来源: Source: 10-Q Income Statement
Despite cost pressures, operating margin improved modestly to 31.3% from 30.7% YoY, demonstrating that operating expense discipline partially offset the higher cost of revenue and supported operating income growth of 17.5% to $644M.
来源: Source: 10-Q Income Statement & Key Ratios
The company repurchased $185M in shares during Q1 2026, down 19.2% from $229M in Q1 2025, while operating cash flow grew modestly to $416M from $404M, reflecting continued but slightly reduced capital return activity.
来源: Source: 10-Q Cash Flow Statement
Yum! Brands carries a deeply negative stockholders' equity of -$7.28B, reflecting the company's aggressive use of debt financing and share buybacks over time. While this improved from -$7.80B a year ago, it means total liabilities of $15.49B vastly exceed total assets of $8.21B, creating structural financial fragility.
来源: Source: 10-Q Balance Sheet
Current liabilities more than doubled YoY, rising 153.3% to $3.12B from $1.23B, while current assets grew only 17.5% to $2.03B. This resulted in a current ratio of just 0.65, well below the 1.0 threshold, indicating the company may face challenges meeting short-term obligations without refinancing or drawing on credit facilities.
来源: Source: 10-Q Balance Sheet & Key Ratios
The debt-to-equity ratio of -2.13 is technically meaningless as a leverage indicator due to negative equity, but the underlying reality is that total liabilities of $15.49B represent nearly 1.9x total assets of $8.21B. This extreme leverage amplifies financial risk in a rising interest rate or economic downturn environment.
来源: Source: 10-Q Balance Sheet & Key Ratios
Cost of revenue grew 30.2% YoY versus revenue growth of 15.2%, suggesting margin compression at the gross level. If this trend persists, it could erode the strong operating margins the company currently enjoys and pressure future profitability.
来源: Source: 10-Q Income Statement
Share repurchases declined 19.2% YoY to $185M in Q1 2026, which may signal a more cautious capital allocation stance, potentially in response to the elevated current liabilities or tighter liquidity conditions. Reduced buybacks could affect EPS growth momentum going forward.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $1.50，分析师一致预期 $1.39，超预期 +7.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.06B | $1.79B | +15.22% |
营业成本 | $677M | $520M | +30.19% |
营业利润 | $644M | $548M | +17.52% |
净利润 | $432M | $253M | +70.75% |
每股收益（基本） | $1.56 | $0.91 | +71.43% |
每股收益（稀释） | $1.55 | $0.90 | +72.22% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $8.21B | $6.66B | +23.31% |
流动资产 | $2.03B | $1.73B | +17.54% |
总负债 | $15.49B | $14.46B | +7.13% |
流动负债 | $3.12B | $1.23B | +153.29% |
股东权益 | $-7.28B | $-7.8B | +6.68% |
现金及等价物 | $689M | $607M | +13.51% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $416M | $404M | +2.97% |
投资活动现金流 | $-80M | $2M | -4100.00% |
筹资活动现金流 | $-375M | $-443M | +15.35% |
股票回购 | $185M | $229M | -19.21% |
折旧及摊销 | $60M | $45M | +33.33% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 31.3% | 30.7% | +0.61% |
净利率 | 21.0% | — | — |
净资产收益率 | -5.9% | — | — |
总资产收益率 | 5.3% | — | — |
流动比率 | $0.651 | — | — |
资产负债率 | $-2.127 | — | — |
Yum! Brands reported strong Q1 2026 results with revenue of $2.06B, up 15.2% YoY, and net income of $432M, up 70.8% YoY. Diluted EPS came in at $1.55, a 72.2% increase from $0.90 in Q1 2025, driven by top-line growth and improved profitability.
The key takeaways from Yum! Brands Q1 2026 are strong revenue and earnings growth, with operating margin improving to 31.3%, but cost of revenue growing faster than revenue at 30.2% vs. 15.2% raises some concern. Additionally, current liabilities surged 153.3% YoY to $3.12B, pushing the current ratio to a low 0.65, which investors should watch closely.
Yum! Brands shows strong earnings power with a 21% net margin and $416M in operating cash flow, but its balance sheet carries significant risk with negative stockholders' equity of -$7.28B and a current ratio of just 0.65. The company's highly leveraged structure is typical for mature franchisors but requires careful monitoring of debt maturities and refinancing conditions.
Net income jumped 70.8% YoY to $432M in Q1 2026, significantly outpacing operating income growth of 17.5%, suggesting that favorable non-operating factors such as lower interest expense, tax benefits, or one-time gains contributed to the outsized bottom-line increase. The exact drivers would be detailed in the full 10-Q filing notes.
Based on the financial data, key risks include a current ratio of only 0.65 due to current liabilities more than doubling to $3.12B, deeply negative stockholders' equity of -$7.28B reflecting extreme leverage, and cost of revenue growing at twice the pace of revenue. These structural balance sheet risks could become more acute if credit markets tighten or operating performance weakens.