8K EX99.1 2.4

CONFERENCE CALLYum! Brands, Inc. will host a conference call to review the company's financial performance and strategies at 8:15 a.m. Eastern Time Thursday,February 4, 2021. The number is 877/815-2029 in the U.S., 1-877-504-2267 in Canada and 1-412-902-6603 for international callers, conferenceID 4879193.The call will be available for playback beginning at 10:00 a.m. Eastern Time February 4, 2021 through February 11, 2021. To access theplayback, dial 877/344-7529 in the U.S., 855/669-9658 in Canada, and 412/317-0088 internationally, conference ID 10151194.The webcast and the playback can be accessed via the website by visiting Yum! Brands' website, investors.yum.com/events-and-presentationsand selecting “Q4 2020 Earnings Conference Call.”ADDITIONAL INFORMATION ONLINEQuarter end dates for each division, restaurant count details, definitions of terms and Restricted Group financial information are available atinvestors.yum.com. Reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures are included within thisrelease.FORWARD-LOOKING STATEMENTSThis announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of thePrivate Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relatestrictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,”“could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,”“outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/or projections,our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under thecircumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and areinherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from thoseindicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including withrespect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations,estimates or projections will be achieved.Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements,including, without limitation: the severity and duration of the COVID-19 pandemic, food safety and food borne-illness issues; health concernsarising from outbreaks of a significant health epidemic; the success of our franchisees and licensees; our significant exposure to the Chinesemarket; changes in economic and political conditions in countries and territories outside of the U.S. where we operate; our ability to protect theintegrity and security of personal information of our customers and employees; our ability to successfully implement technology initiatives; ourincreasing dependence on multiple digital commerce platforms; the impact of social media; our ability to secure and maintain distribution andadequate supply to our restaurants; the loss of key personnel, or labor shortages or difficulty finding qualified employees; the success of ourdevelopment strategy in emerging markets; changes in commodity, labor and other operating costs; harm or dilution to our brands caused byfranchisee and third party activity; pending or future litigation and legal claims or proceedings; changes in or noncompliance with governmentregulations, including labor standards and anti-bribery or anti-corruption laws; tax matters, including changes in tax laws or disagreements withtaxing authorities; consumer preferences and perceptions of our brands; failure to protect our service marks or other intellectual property;changes in consumer discretionary spending and general economic conditions; competition within the retail food industry; not realizing theanticipated benefits from past or potential future acquisitions, investments or other strategic transactions, and risks relating to our significantamount of indebtedness. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial couldaffect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of theirinherent uncertainty.The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim anyobligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. You should consult our filings withthe Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-LookingStatements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors thatcould affect our financial and other results.Yum! Brands, Inc., based in Louisville, Kentucky, has over 50,000 restaurants in more than 150 countries and territories primarily operating thecompany’s brands – KFC, Pizza Hut and Taco Bell – global leaders of the chicken, pizza and Mexican-style food categories. The Company’sfamily of brands also includes The Habit Burger Grill, a fast-casual restaurant concept specializing in made-to-order chargrilled burgers,sandwiches and more. Yum! Brands was included on the 2021 Bloomberg Gender-Equality Index and in 2020, Yum! Brands was named to theDow Jones Sustainability Index North America and was ranked among the top 100 Best Corporate Citizens by 3BL Media.Analysts are invited to contact:Keith Siegner, Vice President, Investor Relations, M&A, and Treasurer, at 888/298-6986Members of the media are invited to contact:Virginia Ferguson, Senior Director, Public Relations, at 502/874-82006

YUM! Brands, Inc.Consolidated Summary of Results(amounts in millions, except per share amounts)(unaudited)Quarter ended12/31/2012/31/19RevenuesCompany salesFranchise and property revenuesFranchise contributions for advertising and other servicesTotal revenues Costs and Expenses, NetCompany restaurant expensesGeneral and administrative expensesFranchise and property expensesFranchise advertising and other services expenseRefranchising (gain) lossOther (income) expenseTotal costs and expenses, netInterest expense, netIncome before income taxesIncome tax (benefit) provisionNet income Year (22)NMNM35220332397(91)488—(12)NM(32)5431,020116 9044861,37379 1,294(12)(26)(48)(30) 1,8102,5101,3325,652 1,5462,6601,3915,597% (4)—1,261Operating ProfitInvestment (income) expense, netOther pension (income) expense% ChangeB/(W)17(6)(4)1Basic EPSEPSAverage shares outstanding 1.10302 1.61303(32)— 2.99302 4.23306(29)1Diluted EPSEPSAverage shares outstanding 1.08307 1.58309(32)1 2.94307 4.14313(29)2Dividends declared per common share 0.47 0.42 1.88 1.68See accompanying notes.Percentages may not recompute due to rounding.7

YUM! Brands, Inc.KFC DIVISION Operating Results(amounts in millions)(unaudited)Quarter ended12/31/2012/31/19Company sales 176(9)571(11)391(1)1,2951,390(7)Franchise contributions for advertising and other services162165(2)471530(11)Total revenues711732(3)2,2722,491(9)Company restaurant expenses132150124394849General and administrative NM4659520—11NM1,3501,439922 1,052Other (income) expenseTotal costs and expenses, netOperating Profit 434444471285(6)267 506 % ChangeB/(W)389Franchise advertising and other services expenses Year ended12/31/2012/31/19Franchise and property revenuesFranchise and property expenses160% ChangeB/(W)6(12)Restaurant margin17.5 %15.3 %2.2 ppts.13.2 %15.3 %(2.1) ppts.Operating margin37.6 %39.0 %(1.4) ppts.40.6 %42.2 %(1.6) ppts.See accompanying notes.Percentages may not recompute due to rounding.8

YUM! Brands, Inc.PIZZA HUT DIVISION Operating Results(amounts in millions)(unaudited)Quarter ended12/31/20 12/31/19Company sales 1955442159166(5)552597(8)Franchise contributions for advertising and other services111112(1)374376(1)Total revenues289297(3)1,0021,027(2)Company restaurant expenses1817(1)7351(41)General and administrative (3)367(1)—NM2071667658(1)90(8)369(9)Franchise advertising and other services expensesOther (income) expense(1)Total costs and expenses, netOperating Profit 1206 83 76335 % ChangeB/(W)Franchise and property revenuesFranchise and property expenses19Year ended12/31/20 12/31/19% ChangeB/(W) Restaurant margin10.0 %6.1 %3.9 ppts.5.1 %4.2 %0.9 ppts.Operating margin28.7 %30.2 %(1.5) ppts.33.5 %35.9 %(2.4) ppts.See accompanying notes.Percentages may not recompute due to rounding.9

YUM! Brands, Inc.TACO BELL DIVISION Operating Results(amounts in millions)(unaudited)Quarter ended12/31/20 12/31/19Company sales 295(8)921(4)202213(5)662673(2)Franchise contributions for advertising and other services154157(1)487485—Total revenues628665(6)2,0312,079(2)Company restaurant 1561NM4843481(4)(1)NMFranchise and property expensesFranchise advertising and other services expensesOther (income) expense4Total costs and expenses, netOperating Profit (3)416 212 4406225(5) 882 % ChangeB/(W)Franchise and property revenuesGeneral and administrative expenses272Year ended12/31/20 12/31/19% ChangeB/(W)1,335 696 1,39646832Restaurant margin26.6 %25.9 %0.7 ppts.25.5 %24.0 %1.5 ppts.Operating margin33.8 %33.7 %0.1 ppts.34.3 %32.8 %1.5 ppts.See accompanying notes.Percentages may not recompute due to rounding.10

YUM! Brands, Inc.Consolidated Balance Sheets(amounts in millions)(unaudited)12/31/20ASSETSCurrent AssetsCash and cash equivalentsAccounts and notes receivable, less allowance: 45 in 2020 and 72 in 2019Prepaid expenses and other current assetsTotal Current AssetsProperty, plant and equipment, net of accumulated depreciation of 1,230 in 2020and 1,136 in 2019GoodwillIntangible assets, netOther assetsDeferred income taxesTotal AssetsLIABILITIES AND SHAREHOLDERS' DEFICITCurrent LiabilitiesAccounts payable and other current liabilitiesIncome taxes payableShort-term borrowingsTotal Current Liabilities 7305344251,68912/31/19 ,3134475,2311,189334531,675 9601504311,541Long-term debtOther liabilities and deferred creditsTotal holders' DeficitCommon Stock, no par value, 750 shares authorized; 300 shares issued in 2020 and 2019Accumulated deficitAccumulated other comprehensive lossTotal Shareholders' DeficitTotal Liabilities and Shareholders' Deficit—(7,480)(411)(7,891)5,852 —(7,628)(388)(8,016)5,231See accompanying notes.11

YUM! Brands, Inc.Consolidated Statements of Cash Flows(amounts in millions)(unaudited)Year ended12/31/2012/31/19Cash Flows - Operating ActivitiesNet incomeDepreciation and amortizationImpairment and closure expenseRefranchising (gain) lossInvestment (income) expense, netContributions to defined benefit pension plansDeferred income taxesShare-based compensation expenseChanges in accounts and notes receivableChanges in prepaid expenses and other current assetsChanges in accounts payable and other current liabilitiesChanges in income taxes payableOther, netNet Cash Provided by Operating Activities Cash Flows - Investing ActivitiesCapital spendingAcquisition of The Habit Restaurants, Inc., net of cash acquiredProceeds from sale of investment in Grubhub, Inc. common stockProceeds from refranchising of restaurantsOther, netNet Cash Used in Investing ActivitiesCash Flows - Financing ActivitiesProceeds from long-term debtRepayments of long-term debtRevolving credit facilities, three months or less, netShort-term borrowings, by original maturityMore than three months - proceedsMore than three months - paymentsThree months or less, netRepurchase shares of Common StockDividends paid on Common StockDebt issuance costsOther, netNet Cash Used in Financing ActivitiesEffect of Exchange Rate on Cash and Cash EquivalentsNet Increase in Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsCash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of YearCash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of YearSee accompanying notes.12 904 6)—(815)(511)(10)(75)(938)52947681,024 474768

Reconciliation of Non-GAAP Measurements to GAAP Results(amounts in millions, except per share amounts)(unaudited)In addition to the results provided in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"),the Company provides the following non-GAAP measurements. Diluted Earnings Per Share ("EPS") excluding Special Items (as defined below); Effective Tax Rate excluding Special Items; Core Operating Profit and Core Operating Profit excluding the impact of the 53rd week in 2019. Core Operating Profit excludes SpecialItems and FX and we use Core Operating Profit for the purposes of evaluating performance internally.These non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, theCompany believes that the presentation of these non-GAAP measurements provide additional information to investors to facilitate thecomparison of past and present operations.Special Items are not included in any of our Division segment results as the Company does not believe they are indicative of our ongoingoperations due to their size and/or nature. Our chief operating decision maker does not consider the impact of Special Items when assessingsegment performance. The Special Items are described in (a) - (k) in the accompanying notes.Certain non-GAAP measurements are presented excluding the impact of FX. These amounts are derived by translating current year results atprior year average exchange rates. We believe the elimination of the FX impact provides better year-to-year comparability without thedistortion of foreign currency fluctuations.For 2019 we provided Core Operating Profit excluding the impact of the 53rd week to further enhance the comparability given the 53rd weekthat was part of our fiscal calendar in 2019.Quarter ended12/31/2012/31/19Detail of Special ItemsRefranchising gain (loss)(a)Costs associated with acquisition and integration of Habit Burger Grill(b)Impairment of Habit Burger Grill goodwill(c)Unlocking Opportunity Initiative contribution(d)COVID-19 relief contribution(e)Charges associated with resource optimization(f)Costs associated with Pizza Hut U.S. Transformation Agreement(g)Other Special Items Expense(h)Special Items Expense - Operating ProfitCharges associated with resource optimization - Other Pension Expense(f)Interest expense, net(h)(i)Special Items Expense before Income TaxesTax Benefit (Expense) on Special Items(j)Tax Benefit - Intra-entity transfer of intellectual property(k)Special Items Income (Expense), net of taxAverage diluted shares outstandingSpecial Items diluted EPS13 ————(25)(4)(2)(3)(34)(1)—(35)83 (24)307 (0.07) 90.58Year ended12/31/20 12/31/19 8(9)(144)(50)(25)(36)(5)(6)(267)(2)(34)(303)6528 (210)307 (0.68) 30.59

Quarter ended12/31/2012/31/19Year ended12/31/20 12/31/19Reconciliation of GAAP Operating Profit to Core Operating Profit and CoreOperating Profit, excluding 53rd WeekConsolidatedGAAP Operating ProfitSpecial Items ExpenseForeign Currency Impact on Divisional Operating ProfitCore Operating ProfitImpact of 53rd WeekCore Operating Profit, excluding 53rd Week 482 (34)5511 N/A511 546 1,503 1,930(15)(267)(11)N/A(9)N/A561 1,779 1,94124N/A24537 1,779 1,917 267 285 263 285 KFC DivisionGAAP Operating ProfitForeign Currency Impact on Divisional Operating Profit4Core Operating ProfitImpact of 53rd Week 263922 931N/AN/ACore Operating Profit, excluding 53rd Week (9)8 277 1,052N/A 1,052N/A 9318 1,044Pizza Hut DivisionGAAP Operating ProfitForeign Currency Impact on Divisional Operating ProfitCore Operating ProfitImpact of 53rd WeekCore Operating Profit, excluding 53rd Week 83 182 N/A82 90 N/A90 387 335 —335 N/A335 369N/A3693366212 —212 N/A212 225 N/A225 13212 696 —696 N/A696 683N/A68313670Taco Bell DivisionGAAP Operating ProfitForeign Currency Impact on Divisional Operating ProfitCore Operating ProfitImpact of 53rd WeekCore Operating Profit, excluding 53rd Week Habit Burger Grill DivisionGAAP Operating ProfitForeign Currency Impact on Divisional Operating ProfitCore Operating Profit Reconciliation of Diluted EPS to Diluted EPS excluding Special ItemsDiluted EPSSpecial Items Diluted EPSDiluted EPS excluding Special ItemsReconciliation of GAAP Effective Tax Rate to Effective Tax Rate excludingSpecial ItemsGAAP Effective Tax RateImpact on Tax Rate as a result of Special ItemsEffective Tax Rate excluding Special Items14(7)—(7) 1.08(0.07) 1.155.8 %(2.5)%8.3 %N/A N/AN/A 1.580.581.00(23.0)%(48.0)%25.0 %(22)—(22) 2.94(0.68) 3.6211.4 %(4.5)%15.9 %N/AN/AN/A 4.140.593.555.7 %(14.1)%19.8 %

YUM! Brands, Inc.Segment Results(amounts in millions)(unaudited)Quarter Ended 12/31/20Total revenuesKFC 711 13212222164—4444267Company restaurant expensesGeneral and administrative expensesFranchise and property expensesFranchise advertising and other services expenseRefranchising (gain) lossOther (income) expenseTotal costs and expenses, netOperating ProfitQuarter Ended 1

Pizza Hut Division opened 337 gross new restaurants and closed 540 restaurants during the quarter. For the year, Pizza Hut Division opened 682 gross new restaurants in 58 countries and closed 1,745 restaurants. Operating margin decreased 1.5 percentage points for the quar