<SUBMISSION>
<ACCESSION-NUMBER>0001041061-05-000197
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20050519
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20050520
<DATE-OF-FILING-DATE-CHANGE>20050520
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>YUM BRANDS INC
<CIK>0001041061
<ASSIGNED-SIC>5812
<IRS-NUMBER>133951308
<STATE-OF-INCORPORATION>NC
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13163
<FILM-NUMBER>05847609
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1441 GARDINER LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
<PHONE>5028748300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1900 COLONEL SANDERS LANE
<CITY>LOUISVILLE
<STATE>KY
<ZIP>40213
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>TRICON GLOBAL RESTAURANTS INC
<DATE-CHANGED>19970627
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GREAT AMERICAN RESTAURANT CO
<DATE-CHANGED>19970618
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8kdividendincr.htm
<DESCRIPTION>FORM 8K BOARD APPROVED DIVIDEND INCREASE
<TEXT>
<HTML>
<head>
<title>Press Release dated May 19, 2005</title></head>
<BODY>

<HR SIZE=5 NOSHADE><BR><BR>

<p ALIGN=CENTER><b><FONT SIZE=4>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</font></b><BR>
<font size=3>Washington, D.C. 20549</font><BR><BR>
<font size=4><b>FORM 8-K</b><BR><BR>
CURRENT REPORT</FONT><BR><BR>
<font size=3><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act
 of 1934<BR><BR>
Date of Report (Date of earliest event reported)</b><BR>
<b>May 19, 2005</b><BR><BR>
<b>Commission file number 1-13163</b></font><BR></p>

<HR SIZE=1 WIDTH=15% ALIGN=CENTER NOSHADE>

<p align=center><b><FONT SIZE=4>YUM! BRANDS, INC.</font></b><BR>
<font size=3>(Exact name of registrant as specified in its charter)</font><BR>
<BR>

<TABLE>
<TR VALIGN="BOTTOM">
     <TD align=center width=35%>North Carolina</Td>
<td width=40%>&nbsp;</td>
     <Td  align=center width=25%>13-3951308</Td></TR>
<TR VALIGN="TOP">
     <TD align=center><HR Size=1 noshade width=85%></TD>
<td>&nbsp;</td>
     <TD align=center><HR Size=1 noshade width=70%></TD></TR>
<TR VALIGN="TOP">
     <TD align=center>(State or other jurisdiction</TD>
<td>&nbsp;</td>
     <TD align=center>(IRS Employer</TD></TR>
<TR VALIGN="TOP">
     <TD align=center>of incorporation or organization)</TD>
<td>&nbsp;</td>
     <TD align=center>Identification No.)</TD></TR>
</TABLE><BR><BR>

<p align=center>1441 Gardiner Lane, Louisville, Kentucky&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40213<BR>
(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</p>

<BR>

<p align=center>Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(502) 874-8300</p>

<BR>

<p align=center>Former name or former address, if changed since last report:
&nbsp;&nbsp;N/A</P>

<BR><BR>
<P>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:</P>

<P>[&nbsp;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P>[&nbsp;] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P>[&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-
     2(b))</P>

<P>[&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-
     4(c))</P>


<HR SIZE=5 NOSHADE>

<BR><BR>


<p>Item 8 - Other Events</p>



<blockquote>Item 8.01 &nbsp;Other Events</blockquote>

<blockquote><blockquote>On May 19, 2005, YUM! Brands, Inc. announced a 15% increase in its quarterly dividend from $0.10 per share to $0.115 per
         share of Common Stock to shareholders of record at the close of business on July 15, 2005.  YUM! Brands, Inc. also announced
         the approval of a new $500 million share repurchase program.</blockquote></blockquote>

<P> Section 9 - Financial Statements and Exhibits</P>

<blockquote>Item 9.01&nbsp;Financial Statements and Exhibits</blockquote>

<blockquote><blockquote>(c) Exhibits<BR>99.1&nbsp;&nbsp;Press Release dated May 19, 2005 from YUM! Brands, Inc.</blockquote></blockquote>


<p align=center></P>
<HR SIZE=1 NOSHADE>
<BR><BR><BR>

<p ALIGN=CENTER><FONT SIZE=3>SIGNATURE</FONT></p>

<p align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</p>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="45%">&nbsp;</td>
<TD><U>YUM! BRANDS, INC.</u><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;(Registrant)<BR>
</TD></TR>
</TABLE>
<BR>
<BR><BR><BR>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="45%">Date:&nbsp;&nbsp;May 20, 2005</td>
<TD><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;Ted F. Knopf&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Senior Vice President of Finance <BR>
and Corporate Controller<BR>
(Principal Accounting Officer)
</TD></TR>
</TABLE>
<BR><BR><BR><BR>

<p align=center></P>
<HR noshade>


<BR><BR><BR><BR><BR>




<p align=center><b>Yum! Brands Inc. Announces 15% Increase in Quarterly Dividend<BR>
                                             and New $500 Million Share Repurchase Program</b></P>


<P><B>Louisville, Ky.</b> - May 19, 2005 - Yum! Brands Inc. (NYSE: YUM) today announced that the Board of Directors</P>

<ul><LI>Approved a 15% increase in the quarterly cash dividend<BR>
<LI>Approved a new $500 million share-repurchase program.</UL>


<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David C. Novak, Chairman and Chief Executive Officer,
said, &#147;We remain focused on delivering a balanced total return to our shareholders every
year while building an even stronger balance sheet. The increase in our quarterly
dividend adds to our significant return of capital to shareholders. We had a record level
of share buybacks last year, $569 million, in addition to paying the first two quarterly
cash dividends in our company&#146;s history.</P>

<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The dividend increase reflects the Board&#146;s ongoing
confidence in the long-term strength of our company in terms of generating at least 10%
annual EPS growth and substantial cash flow each year even after investing capital in all
our growth opportunities around the world. Our confidence is based on the diversity of
our unique global portfolio and the ongoing execution of our four key growth strategies,
which make us anything but an ordinary restaurant company. Our strategies include
building dominant restaurant brands in China, driving profitable international expansion,
steadily improving restaurant operations, and multibranding U.S. category-leading brands.&#148;</P>

<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P><B><U>DIVIDEND INCREASE</U></b></P>

<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s Board of Directors approved a 15%
increase in the quarterly cash dividend payment, from $0.10 per share to $0.115 per
share, an increase of $0.015 per share. This higher cash dividend payment will be
distributed in the company&#146;s third fiscal quarter on August 5, 2005, to shareholders
of record at the close of business on July 15, 2005. The company continues to target a
payout ratio in the range of 15% to 20% of annual net earnings. The company&#146;s
first-ever quarterly cash dividend was paid August 6, 2004.</P>

<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P><B><U>SHARE REPURCHASE</U></b></P>

<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s Board of Directors authorized the
repurchase of up to an additional $500 million of the company&#146;s outstanding common
stock over a period of up to 12 months. In January 2005, the Board authorized the
repurchase of up to $500 million of the company&#146;s stock. This program is in the
process of being completed.</P>

<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The Board&#146;s action reflects the belief that the company&#146;s
shares represent an outstanding long-term investment opportunity given the performance of
the company&#146;s global business portfolio. Driven by stronger cash flow expectations for
2005, we now expect to invest at least $600 million in share buybacks for the full year,
a new record&#148; said Rick Carucci, Yum! Brands&#146; Chief Financial Officer. </P>

<!-- MARKER FORMAT-SHEET="Para with indent" FSL="Workstation" -->
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock may be made from time to
time in open market and/or privately negotiated transactions and will be subject to
market conditions and other factors. Since the company began its share repurchase program
in 1999, over 58 million shares have been repurchased for approximately $1.6 billion at
an average price of $28.26.</P>


<BR><BR><BR>
<HR SIZE=1 NOSHADE>
<BR><BR><BR>



<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P>This announcement contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements include those identified by such words as <I>may,
will, expect, project, anticipate, believe, plan</I> and other similar terminology. These &#147;forward-looking&#148; statements
reflect management&#146;s current expectations regarding future events and operating and
financial performance and are based on currently available data. However, actual results
are subject to future events and uncertainties, which could cause actual results to
differ from those projected in this announcement. Accordingly, you are cautioned not to
place undue reliance on forward-looking statements. Factors that can cause actual results
to differ materially include, but are not limited to, changes in global and local
business, economic and political conditions in the countries and territories where Yum!
Brands operates, including the effects of war and terrorist activities; changes in
currency exchange and interest rates; changes in commodity, labor and other operating
costs; changes in competition in the food industry, consumer preferences or perceptions
concerning the products of the company and/or our competitors, spending patterns and
demographic trends; the impact that any widespread illness or general health concern may
have on our business and the economy of the countries in which we operate; the
effectiveness of our operating initiatives and marketing, advertising and promotional
efforts; new-product and concept development by Yum! Brands and other food-industry
competitors; the success of our strategies for refranchising and international
development and operations; the ongoing business viability of our franchise and license
operators; our ability to secure distribution to our restaurants at competitive rates and
to ensure adequate supplies of restaurant products and equipment in our stores;
unexpected disruptions in our supply chain; publicity that may impact our business and/or
industry; severe weather conditions; effects and outcomes of pending or future legal
claims involving the company; changes in effective tax rates; our actuarially determined
casualty loss estimates; new legislation and governmental regulations or changes in
legislation and regulations and the consequent impact on our business; and changes in
accounting policies and practices. Further information about factors that could affect
Yum! Brands&#146; financial and other results are included in the company&#146;s Forms 10-Q and
10-K, filed with the Securities and Exchange Commission.</P>


<!-- MARKER FORMAT-SHEET="PARA" FSL="Workstation" -->
<P>Yum! Brands Inc., based in Louisville, Kentucky, is the world&#146;s largest restaurant
company in terms of system restaurants with nearly 34,000 restaurants in more than 100
countries and territories. Four of the company&#146;s restaurant brands - KFC, Pizza Hut, Taco
Bell and Long John Silver&#146;s - are the global leaders of the chicken, pizza, Mexican-style
food and quick-service seafood categories respectively. Yum! Brands is the worldwide
leader in multibranding, which offers consumers more choice and convenience at one
restaurant location from a combination of KFC, Taco Bell, Pizza Hut, A&amp;W or Long John
Silver&#146;s brands. The company and its franchisees today operate over 2,900 multibrand
restaurants. Outside the United States in 2004, the Yum! Brands&#146; system opened about
three new restaurants each day of the year, making it one of the fastest growing
retailers in the world. For the past two years, the company has been recognized in
<I>Fortune Magazine&#146;s</I> top 50 &#147;Best Companies for Minorities,&#148; claiming the number-one spot
for &#147;managerial diversity.&#148;</P>



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