Yum! Brands, Inc. is an American multinational fast food corporation. Based in Louisville, Kentucky, the company operates KFC, Taco Bell, Habit Burger & Grill, and several technology companies. As of 2024 Yum! is the world's second largest fast food restaurant chain by gross revenues, after McDonald's, though the large majority of Yum! locations are independently owned franchises and the parent company's revenue is substantially lower than gross revenues. In 2016, Yum! had 43,617 restaurants, including 2,859 that were company-owned and 40,758 that were franchised, in 135 nations and territories worldwide. Yum! was formed as Tricon Global Restaurants in 1997 as a spin-off of PepsiCo. The spin-off consists of PepsiCo's former fast food restaurant division, which was originally established after PepsiCo first entered the restaurant business when it acquired Pizza Hut in 1977. Yum! took its current name in 2002 after merging with Yorkshire Global Restaurants, which at the time was the parent company of A&W, which also spun off an international branch. In China, the restaurant brands are operated by a company known as Yum China. One of the conditions of Yum!