JPMorgan reports 7.2% Yum! Brands (YUM) ownership in 13G/A filing

Rhea-AI Filing Summary

JPMorgan Chase & Co. filed an amended Schedule 13G to report its beneficial ownership of common stock of Yum! Brands, Inc. (listed as “! BRANDS, INC.”). JPMorgan reports beneficial ownership of 20,055,649 shares, representing 7.2% of the outstanding common stock as of the event date 12/31/2025.

The filing breaks down JPMorgan’s powers over these shares, including sole voting power over 17,678,445 shares and shared voting power over 215,513 shares. It also reports sole dispositive power over 19,951,509 shares and shared dispositive power over 104,060 shares.

JPMorgan certifies that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Yum! Brands, consistent with a passive institutional investor filing on Schedule 13G.

Insights

Institutional ownership analyst

JPMorgan reports a passive 7.2% Yum! Brands stake with standard voting and sale powers.

JPMorgan Chase & Co. discloses beneficial ownership of 20,055,649 Yum! Brands common shares, equal to 7.2% of the class as of 12/31/2025. This positions JPMorgan as a significant institutional holder, but the use of Schedule 13G rather than 13D indicates a passive investment posture under SEC rules.

The filing details sole voting power over 17,678,445 shares and shared voting power over 215,513 shares, along with sole dispositive power over 19,951,509 shares. JPMorgan expressly certifies that the position is held in the ordinary course of business and not to influence control, suggesting routine asset-management activity rather than an activist or strategic move. Future ownership updates, if any, would appear in subsequent beneficial ownership reports.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

YUM! BRANDS, INC.

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

988498101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 988498101

1

Names of Reporting Persons

JPMORGAN CHASE & CO.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,678,445.00
6	Shared Voting Power 215,513.00
7	Sole Dispositive Power 19,951,509.00
8	Shared Dispositive Power 104,060.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,055,649.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.2 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: YUM! BRANDS, INC.
(b)	Address of issuer's principal executive offices: 1441 Gardiner Lane Louisville KY 40213
Item 2.
(a)	Name of person filing: JPMORGAN CHASE & CO.
(b)	Address or principal business office or, if none, residence: 270 Park Avenue,,New York, NY 10017
(c)	Citizenship: DE
(d)	Title of class of securities: Common Stock, no par value
(e)	CUSIP No.: 988498101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 20055649
(b)	Percent of class: 7.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 17678445
	(ii) Shared power to vote or to direct the vote: 215513
	(iii) Sole power to dispose or to direct the disposition of: 19951509
	(iv) Shared power to dispose or to direct the disposition of: 104060
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. J.P. Morgan Trust Company of Delaware; J.P. Morgan Securities LLC; JPMorgan Chase Bank, National Association; JPMorgan Asset Management (UK) Limited; J.P. MORGAN SE; J.P. Morgan (Suisse) SA; JPMorgan Asset Management Holdings Inc.; J.P. Morgan Investment Management Inc.; J.P. Morgan Mansart Management Limited; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (China) Company Limited; 55I, LLC
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Not Applicable
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JPMORGAN CHASE & CO.

Signature:	Rachel Tsvaygoft
Name/Title:	Vice President
Date:	01/23/2026

FAQ

How many Yum! Brands (YUM) shares does JPMorgan Chase & Co. report owning?

JPMorgan Chase & Co. reports beneficial ownership of 20,055,649 shares of Yum! Brands common stock in this amended Schedule 13G.

What percentage of Yum! Brands (YUM) does JPMorgan Chase & Co. own according to this filing?

The filing states that JPMorgan Chase & Co.’s beneficial ownership represents 7.2% of the outstanding common stock of Yum! Brands.

How much voting power does JPMorgan have over its Yum! Brands (YUM) shares?

JPMorgan reports sole voting power over 17,678,445 shares and shared voting power over 215,513 shares of Yum! Brands common stock.

What dispositive power does JPMorgan report for its Yum! Brands (YUM) position?

The filing shows sole dispositive power over 19,951,509 shares and shared dispositive power over 104,060 shares of Yum! Brands common stock.

Is JPMorgan Chase & Co. an active or passive investor in Yum! Brands (YUM) under this Schedule 13G/A?

JPMorgan certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, consistent with a passive institutional investor filing on Schedule 13G.

What is the event date for JPMorgan’s reported Yum! Brands (YUM) ownership in this Schedule 13G/A?

The date of the event requiring this Schedule 13G/A filing is listed as 12/31/2025.

Which entity signed the Yum! Brands (YUM) Schedule 13G/A for JPMorgan Chase & Co.?

The statement is signed by Rachel Tsvaygoft, Vice President, on behalf of JPMorgan Chase & Co.