8-K

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934

Date of Report (Date of earliest event reported)

September 9, 2025

YUM! BRANDS, INC.

(Exact name of registrant as specified in its charter)

Commission file number 1-13163

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

¨ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

On September 9, 2025, YUM! Brands, Inc., a North Carolina corporation (the “Company”) and certain affiliates entered into a Purchase Agreement (the “Purchase Agreement”) under which a special purpose subsidiary of the Company named Taco Bell Funding, LLC (the “Issuer”) has agreed to issue and sell $1,000 million aggregate principal amount of the Issuer’s Series 2025-1 4.821% Fixed Rate Senior Secured Notes, Class A-2-I (the “Class A-2-I Notes”) and $500 million aggregate principal amount of its Series 2025-1 5.049% Fixed Rate Senior Secured Notes, Class A-2-II (the “Class A-2-II Notes” and, together with the Class A-2-I Notes, the “Notes”).

On September 9, 2025, the Company issued a press release announcing its entry into the Purchase Agreement and the pricing of the Notes. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit 99.1

YUM! BRANDS, INC.PRICES $1.5 BILLION SECURITIZED NOTES

LOUISVILLE,KY – YUM! Brands, Inc. (NYSE: YUM), the parent company of KFC, Pizza Hut and Taco Bell, today announced that it and certain affiliates have entered into a purchase agreement (the “Purchase Agreement”) under which a special purpose subsidiary of Taco Bell Corp. (“TBC”) named Taco Bell Funding, LLC (the “Issuer”) has agreed to issue and sell $1,000 million aggregate principal amount of its Series 2025-1 4.821% Fixed Rate Senior Secured Notes, Class A-2-I (the “Series 2025-1 Class A-2-I Notes”) and $500 million aggregate principal amount of its Series 2025-1 5.049% Fixed Rate Senior Secured Notes, Class A-2-II (the “Series 2025-1 Class A-2-II Notes” and, together with the Series 2025-1 Class A-2-I Notes, the “Notes”). Interest will be payable on the Notes quarterly. The legal final maturity date of the Notes will be in August 2055, but the anticipated repayment dates of the Series 2025-1 Class A-2-I Notes and the Series 2025-1 Class A-2-II Notes will be in August 2030 and August 2032, respectively.

The Notes will be issued by the Issuer in a privately placed securitization transaction pursuant to the Purchase Agreement. The Issuer owns substantially all of the U.S. franchising assets of Taco Bell and will use cash flows generated from these assets to make interest and principal payments on the Notes.

The Issuer expects to use the proceeds of the Notes for the repayment in full of the Issuer’s outstanding Series 2016-1 Fixed Rate Senior Secured Notes, Class A-2-III. The remaining net proceeds will be distributed to TBC to pay certain transaction-related expenses, for general corporate purposes, for repayment of outstanding borrowings of the revolving credit facility of YUM! Brands, Inc. and may also be used to return capital to shareholders of YUM! Brands, Inc.

The closing of the sale of the Notes is expected on September 24, 2025, subject to the satisfaction of various closing conditions.

The Notes are being sold to qualified institutional buyers in the United States in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States in accordance with Regulation S under the Securities Act. The Notes have not been, and will not be, registered under the Securities Act, any state or other jurisdiction’s securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdiction’s securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security. Any offers of the Notes will be made only by means of a private offering circular.

YUM! Brands, Inc. · 1900 Colonel Sanders Lane · Louisville, KY 40213

P: 502.874.8300 · investors.yum.com

Analysts are invited to contact:

Matt Morris, Head of Investor Relations, at 888/298-6986

Members of the media are invited to contact:

Lori Eberenz, Director, Public Relations, at 502/874-8200

Category: Financial

Source: YUM! Brands, Inc.

YUM! Brands, Inc. · 1900 Colonel Sanders Lane · Louisville, KY 40213

P: 502.874.8300 · investors.yum.com