YUM
Yum! Brands, Inc.151.03
-2.79-1.81%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details acceleration execution
Q&A largely reaffirmed prepared remarks on Taco Bell and KFC momentum, but surfaced execution details boosting confidence in exceeding the ex-Pizza Hut long-term algorithm--including 8% core operating profit growth--in 2026. Chris highlighted KFC's targeted accelerations, like Korea's jump to 39 net units and gains in Italy and Japan, by improving paybacks in higher-AUV markets. Taco Bell's comps rode nearly five-point transaction edges over the category, broad across incomes and ages 18-24. Byte leads in US Taco Bell; international rollout paces thoughtfully. Pizza Hut's 250 US closures? Targeted bridge. Management stayed coy on post-review portfolio. Unit economics unlock next.
Key Stats
Market Cap
41.93BP/E (TTM)
29.38Basic EPS (TTM)
5.14Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
YUM! Brands capped FY2025 ended December 31, 2025 with 4% system sales growth to $68.3B (ex-FX), fueled by KFC's 5% and Taco Bell's 7% gains while Pizza Hut dipped 3%; Q4 momentum shone through 3% worldwide same-store sales, with Taco Bell accelerating to 7% and KFC at 3% amid 4,567 gross openings netting 1,939 units. Core operating profit rose 5% to $2.7B (7% ex-53rd week in 2024), driven by Taco Bell acquisitions and KFC unit growth, though Habit margins slipped to 8.3%; Taco Bell's 24% restaurant margins held firm despite beef inflation. $2B operating cash flow funded $670M Taco Bell buy, $550M buybacks under $2B authorization ($1.1B remains), and $789M dividends—now $0.75/share. Pizza Hut strategic review eyes 2026 options; IRS tax dispute risks ongoing scrutiny.
8-K
Director Barr resigns abruptly
8-K
Yum! beats Q4 estimates
Yum! Brands reported Q4 and full-year 2025 results on February 4, 2026, with GAAP operating profit up 12% and 7%, respectively; core operating profit excluding 53rd week lap grew 11% and 7%. Taco Bell and KFC drove gains—Taco Bell 7% same-store sales, KFC nearly 3,000 new units—while Pizza Hut lagged. Board hiked dividend 6% to $0.75/share. Strategic Pizza Hut review underway.
8-K
Yum! amends bylaws
Yum! Brands amended its bylaws on November 21, 2025, tightening shareholder special meeting requests and advance notice windows for director nominations and business proposals. Nominations for the 2026 annual meeting must arrive between January 15 and February 14. Board gains flexibility to adjourn meetings anytime. Procedural tweaks strengthen governance control.
10-Q
Q3 FY2025 results
Yum! Brands posted Q3 revenues of $1.98B, up 8% y/y, with operating profit at $666M (+8% y/y) on KFC and Taco Bell strength while Pizza Hut softened. Diluted EPS hit $1.41, up 5% y/y from 281M shares, reconciled cleanly. Cash swelled to $1.2B including restricted; operating cash flow YTD $1.39B outpaced $236M capex (FCF $1.16B derived). Acquired other restaurants for $100M cash, recognizing $31M goodwill and $55M finite-lived intangibles (5-17 years); signed $670M Taco Bell deal closing Q4. Taco Bell securitization refinanced $1.5B notes (4.8-5.0% to 2030-32). Yet Pizza Hut weighs on growth.
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