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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows - Operating Activities    
Net Income $ 628 $ 681
Depreciation and amortization [1] 89 76
Refranchising (gain) loss (16) (19)
Investment (income) expense, net [2],[3] (1) 22
Deferred income taxes 12 12
Share-based compensation expense 37 38
Changes in accounts and notes receivable 34 15
Changes in prepaid expenses and other current assets (47) (36)
Changes in accounts payable and other current liabilities (42) (78)
Changes in income taxes payable 21 (46)
Other, net 135 40
Net Cash Provided by Operating Activities 850 705
Cash Flows - Investing Activities    
Capital spending (142) (99)
Proceeds from Sale of Long-Term Investments 0 104
Proceeds from Sale of Productive Assets 32 30
Payments to Acquire Short-Term Investments 91 (116)
Other, net (13) 2
Net Cash Used in Investing Activities (130) (253)
Cash Flows - Financing Activities    
Repayments of long-term debt (12) (463)
Revolving credit facilities, three months or less, net 50 175
Repurchase shares of Common Stock (338) (50)
Dividends paid on Common Stock (395) (377)
Other, net (48) (69)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (741) (547)
Proceeds from long-term debt 0 237
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 31 (6)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 11 (101)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 807 724
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period 818 623
Payments to Acquire Long-Term Investments (98)  
More than three months - proceeds 20 0
Repayments of Short-term Debt, Maturing in More than Three Months 18 0
Three months or less, net 0 0
KFC U.K. and Ireland Store Acquisition [Member]    
Cash Flows - Financing Activities    
Payments to Acquire Long-Term Investments 0 (174)
Other    
Cash Flows - Financing Activities    
Payments to Acquire Long-Term Investments $ (98) $ 0
[1] The amounts of depreciation and amortization disclosed by reportable segment are primarily included within the segment expense captions of Company restaurant expenses and G&A expenses
[2] Amounts have not been allocated to any segment for performance reporting purposes.
[3] Investment income (expense), net includes $20 million of pre-tax investment losses related changes in fair value of our approximate 5% minority interest in Devyani International Limited prior to the date of sale during the year to date ended June 30, 2024.