Domino's vs. Yum! Brands: how they make money

• Franchise owners: dough and food · 60.5% of revenueFranchise stores in the U.S. and Canada buying dough, cheese and other food from Domino's supply chain.
• U.S. franchisees: royalties and fees · 13.7% of revenueGenerally a 5.5% royalty on the store's sales, plus fees.
• U.S. franchisees: national advertising · 11.3% of revenue6.0% of sales paid into the national advertising fund, spent in full on advertising.
• Diners at company-owned stores · 7.6% of revenueCustomers buying pizza at the U.S. stores Domino's runs itself.
• International master franchisees · 6.9% of revenueRoyalties and fees from franchisees running 14,956 stores outside the U.S. at Dec 28, 2025.

• Franchisees: fees and rent · 42.3% of revenueContinuing fees based on sales, upfront fees and rent, reported as franchise and property revenues ($3.5 billion).
• Franchisees: advertising and other services · 21.9% of revenueFranchisees' contributions for advertising and other services ($1.8 billion), which Yum spends for them; a matching $1.8 billion expense sits in costs.
• Diners at company-run restaurants · 35.9% of revenueSales at the 1,617 restaurants Yum ran itself at Dec 31, 2025 ($2.9 billion).

FY2025

FY2025

Debt

$4.9B

Cash and investments

$229M

On Sep 6, 2026.

At Sep 6, 2026 Domino's owed $4.9 billion and held $229.0 million of cash; net debt was about 5.9 times its FY2025 cash from operations.

Debt

$11.6B

Cash and investments

$2.1B

On Sep 30, 2026.

At Sep 30, 2026 Yum owed $11.6 billion and held $2.1 billion of cash; net debt was about 4.7 times its FY2025 cash from operations.

• One class of shares.
• Officers and directors as a group: 0.9% of shares (as of Feb 25, 2026).
• FMR LLC (Fidelity): 12.4% (as of Aug 6, 2026).
• Soroban Capital Partners: 7.4% (as of May 15, 2026).
• Vanguard Capital Management: 6.9% (as of Apr 29, 2026).
• 2 more holders on the Domino's page.

• One class of shares.
• Officers and directors as a group: 0.1% of shares (as of Dec 31, 2025).
• BlackRock: 9.6% (as of Feb 5, 2025).
• Vanguard Capital Management: 7.5% (as of Apr 30, 2026).
• Capital International Investors: 7.2% (as of Feb 13, 2026).
• 4 more holders on the Yum! Brands page.

• Cheese and food costs, single suppliers (commodity costs)Cheese is the largest food cost and is priced off the CME cheddar block price. One supplier provides U.S. cheese under an agreement to December 2029, and one supplier provides most U.S. meat toppings to December 2027.
• Delivery apps compete for orders (competition)The FY2025 10-K counts delivery apps among Domino's competitors, while Domino's also sells through Uber and DoorDash marketplaces.
• DPC Dash stake moves net income (other)Domino's holds shares in DPC Dash, its China master franchisee, at market value. Changes in that value were a $20.9 million pre-tax loss in the first three quarters of FY2026, inside net income but not income from operations.

• Food safety (other)After a Cyclospora outbreak in July 2026, Taco Bell U.S. removed certain lettuce that its vendor later recalled, the Q2 FY2026 10-Q says. The Q3 FY2026 release lists the outbreak's impact on sales and pace of recovery among its risk factors.
• Currency moves (currency)90% of KFC restaurants are outside the U.S. The 10-K lists currency moves, including the Chinese renminbi, Australian dollar, British pound and euro, and exchange controls as risks.
• Legal and tax matters (legal cases)An Indian penalty order of about $125 million on Yum's India subsidiary, over alleged violations of operating conditions, is stayed by the Delhi High Court; Yum denies liability. The 10-K also says a challenge to the 2016 Yum China spin-off could bring U.S. tax and China indirect transfer tax.