YUM! Brands Inc.

11/06/2026 | Press release | Distributed by Public on 11/06/2026 13:40

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Introduction and Overview
The following Management's Discussion and Analysis ("MD&A"), should be read in conjunction with the unaudited Condensed Consolidated Financial Statements ("Financial Statements"), the Forward-Looking Statements and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, ("2025 Form 10-K"). All Note references herein refer to the Notes to the Financial Statements. Tabular amounts are displayed in millions of U.S. dollars except per share and unit count amounts, or as otherwise specifically identified. Amounts presented in the Financial Statements, notes thereto and in the tabular presentations in this MD&A are rounded to the nearest underlying whole number in millions in all instances. As a result, some totals and percentages may not recompute based on rounded figures as presented within this MD&A.
As of September 30, 2026, Yum! Brands, Inc. and its Subsidiaries (collectively referred to herein as the "Company," "YUM," "we," "us" or "our") franchise or operate a system of over 44,000 restaurants in more than 150 countries and territories, under the concepts of KFC, Taco Bell and The Habit Burger & Grill (collectively, the "Concepts"). The Company's KFC and Taco Bell brands are global leaders of the chicken and Mexican-inspired food categories, respectively. The Habit Burger & Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. Of the over 44,000 restaurants, 97% are operated by franchisees.
YUM currently consists of three operating segments:
•The KFC Division which includes our worldwide operations of the KFC concept
•The Taco Bell Division which includes our worldwide operations of the Taco Bell concept
•The Habit Burger & Grill Division which includes our worldwide operations of the Habit Burger & Grill concept
In 2025, we began a review of strategic options for the Pizza Hut brand. The objective of the review was to create value for YUM, Pizza Hut and its franchisees by determining the optimal approach to best capitalize on Pizza Hut's structural advantages - strong brand equity, experienced franchise partners and meaningful scale - in the highly fragmented pizza market. As a result of this strategic review, during the quarter ended September 30, 2026, we sold the business in two separate transactions with Pizza Hut in mainland China being sold to Yum China Holdings, Inc. ("Yum China"), on August 7, 2026 and Pizza Hut, excluding mainland China ("Pizza Hut Ex-China"), being sold to LongRange Capital, on September 1, 2026. The amounts reported within this MD&A in the quarter and year to date ended September 30, 2026 include the operations of Pizza Hut prior to these sale dates and in the quarter and year to date ended September 30, 2025 include the operations of Pizza Hut for the entirety of those periods.
As of September 1, 2026, the Company determined it has three reportable segments on a prospective basis as a result of the sale of the Pizza Hut business. The Company has included the results of our divested segment, Pizza Hut Division, through the sale dates in the accompanying Financial Statements, notes thereto and this MD&A for comparability purposes.
Through our Recipe for Good Growth, our mission is to grow iconic restaurant brands globally that are loved, trusted and connected:
Loved: We grow by delighting customers with craveable food and a distinctive experience.
Trusted: We operate responsibly with consistency and efficiency in our restaurants, across our system and in our communities. This includes a commitment to our priorities for social responsibility, risk management and sustainable stewardship of resources.
Connected: We use our teamwork, technology and global scale to serve every customer, everywhere, anytime.
In 2026 and beyond, we intend to drive the next chapter of growth for YUM by Raising the B.A.R. through three clear priorities that reflect bold aspirations and a commitment to industry-leading performance:
•Battle for the future consumer by staying relentlessly focused on their needs and wants.
•Accelerate restaurant unit economics for our franchisees and maximize performance of every restaurant, serving as a catalyst for new unit development and keeping our franchise system healthy.
•Reach the full potential of Byte by Yum! by effectively operating, innovating and expanding our connected platform built by restaurant operators for restaurant operators to unlock its full potential for our franchise partners and our business.
Key to our success fueling brand performance and franchise success is our unrivaled culture and talent and leading with smart, heart and courage.
We intend to drive long-term growth and shareholder returns primarily through consistent same-store sales growth and new unit development across all of our Concepts. We intend to support this growth and development through a capital and operating structure that:
•Invests capital in a manner consistent with an asset light, franchisor model;
•Allocates G&A in an efficient manner that provides leverage to operating profit growth while at the same time opportunistically investing in strategic growth initiatives;
•Targets a consolidated net leverage ratio that balances shareholder returns, cost of capital and flexibility against various risk factors; and
•Maximizes shareholder return through a combination of paying a competitive dividend and returning excess cash flow through share repurchases.
We intend for this MD&A to provide the reader with information that will assist in understanding our results of operations, including performance metrics that management uses to assess the Company's performance. Throughout this MD&A, we commonly discuss the following performance metrics. Performance metrics presented herein include only amounts related to KFC, Taco Bell and Habit Burger & Grill and do not include any amounts related to Pizza Hut due to the divestitures of the business.
•Same-store sales growth is the estimated percentage change in system sales of all restaurants that have been open and in the YUM system for one year or more, including those temporarily closed. From time-to-time restaurants may be temporarily closed due to remodeling or image enhancement, rebuilding, natural disasters, health epidemic or pandemic, landlord disputes, boycotts, social or civil unrest or other issues. The system sales of restaurants we deem temporarily closed remain in our base for purposes of determining same-store sales growth and the restaurants remain in our unit count (see below). We believe same-store sales growth is useful to investors because our results are heavily dependent on the results of our Concepts' existing store base. Additionally, same-store sales growth is reflective of the strength of our Brands, the effectiveness of our operational and advertising initiatives and local economic and consumer trends.
•Gross unit openings reflects new openings by us and our franchisees. Net new unit growth reflects gross unit openings offset by permanent store closures, by us and our franchisees. To determine whether a restaurant meets the definition of a unit we consider whether the restaurant has operations that are ongoing and independent from another YUM unit, serves the primary product of one of our Concepts, operates under a separate franchise agreement (if operated by a franchisee) and has substantial and sustainable sales. We believe gross unit openings and net new unit growth are useful to investors because we depend on new units for a significant portion of our growth. Additionally, gross unit openings and net new unit growth are generally reflective of the economic returns to us and our franchisees from opening and operating our Concept restaurants.
•System sales and System sales excluding the impacts of foreign currency translation ("FX") reflect the results of all restaurants regardless of ownership, including Company-owned and franchise restaurants. Sales at franchise restaurants typically generate ongoing franchise and license fees for the Company at a rate of 3% to 6% of sales. Increasingly, customers are paying a fee to a third party to deliver or facilitate the ordering of our Concepts' products. We also include in System sales any portion of the amount customers pay these third parties for which the third party is obligated to pay us a license fee as a percentage of such amount. Franchise restaurant sales and fees paid by customers to third parties to deliver or facilitate the ordering of our Concepts' products are not included in Company sales on the Condensed Consolidated Statements of Income; however, any resulting franchise and license fees we receive are included in the Company's revenues. We believe System sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates our primary revenue drivers, Company and franchise same-store sales as well as net new unit growth.
In addition to the results provided in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), the Company provides the following non-GAAP measurements:
•Diluted Earnings Per Share excluding Special Items (as defined below);
•Effective Tax Rate excluding Special Items;
•Core Operating Profit. Core Operating Profit excludes Special Items and FX and we use Core Operating Profit for the purposes of evaluating performance internally;
•Net Income excluding Special Items;
•Company restaurant profit and Company restaurant margin as a percentage of sales (as defined below).
These non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these non-GAAP measurements provide additional information to investors to facilitate the comparison of past and present operations.
Special Items are not included in any of our Division segment results as the Company does not believe they are indicative of our ongoing operations due to their size and/or nature. Our chief operating decision maker does not consider the impact of Special Items when assessing segment performance.
Company restaurant profit is defined as Company sales less Company restaurant expenses, both of which appear on the face of our Condensed Consolidated Statements of Income. Company restaurant expenses include those expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, cost of restaurant-level labor, rent, depreciation and amortization of restaurant-level assets and advertising expenses incurred by and on behalf of that Company restaurant. Company restaurant margin as a percentage of sales ("Company restaurant margin %") is defined as Company restaurant profit divided by Company sales. We use Company restaurant profit for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe Company restaurant profit provides useful information to investors as to the profitability of our Company-owned restaurants. In calculating Company restaurant profit, the Company excludes revenues and expenses directly associated with our franchise operations as well as non-restaurant-level costs included in General and administrative expenses, some of which may support Company-owned restaurant operations. The Company also excludes restaurant-level asset impairment and closures expenses, which have historically not been significant, from the determination of Company restaurant profit as such expenses are not believed to be indicative of ongoing operations. Further, while we generally include depreciation and amortization of restaurant-level assets within Divisional Company restaurant expenses used to derive Divisional Company restaurant profit, we record amortization of reacquired franchise rights arising from acquisition accounting within Corporate and unallocated Company restaurant expenses as such amortization is not believed to be indicative of ongoing Divisional results as well as to enhance comparability of acquired stores' margins with those of existing restaurants. Company restaurant profit and Company restaurant margin % as presented may not be comparable to other similarly titled measures of other companies in the industry.
Certain performance metrics and non-GAAP measurements are presented excluding the impact of FX. These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the FX impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
Certain General and administrative expenses allocations between KFC Division and Corporate and Unallocated for the prior periods have been restated to be comparable with the allocations for the quarter and year to date ended September 30, 2026.
Results of Operations
Summary
All comparisons within this summary are versus the same period a year ago.
Performance Metrics (excluding Pizza Hut):
Performance Metrics Third-Quarter % Change Year-to-Date % Change
System Sales, ex FX Same-Store Sales Units System Sales, ex FX Same-Store Sales Units
KFC Division +6 +1 +7 +6 +2 +7
Taco Bell Division (2) (4) +3 +6 +4 +3
Worldwide +3 Even +7 +6 +2 +7
Additionally:
•Gross unit openings for the quarter were 955 units resulting in 732 net new units.
◦Gross unit openings for the year to date were 2,359 units resulting in 1,602 net new units.
Operating Results:
Reported Results Third-Quarter % Change Year-to-Date % Change
GAAP Operating Profit Core Operating Profit GAAP Operating Profit Core Operating Profit
KFC Division +9 +8 +13 +8
Taco Bell Division (5) (4) +10 +10
Pizza Hut Division (41) (41) (23) (24)
Worldwide +248 (4) +97 +2
Additionally:
•Foreign currency translation favorably impacted Divisional Operating Profit by $7 million and $48 million for the quarter and year to date ended September 30, 2026, respectively.
•Excluding the results of Pizza Hut for both 2026 and 2025, Core Operating Profit grew 1% and 6% for the quarter and year to date ended September 30, 2026, respectively.
•2026 GAAP Operating Profit figures reflect a pre-tax gain of approximately $1.7 billion related to the sales of Pizza Hut.
Third Quarter Year to date
2026 2025 % Change 2026 2025 % Change
GAAP EPS $5.92 $1.41 +319 $10.51 $3.64 +188
Less Special Items EPS
$4.36 $(0.16) NM $5.83 $(0.67) NM
EPS Excluding Special Items $1.56 $1.58 (1) $4.68 $4.32 +8
Worldwide
GAAP Results
Quarter ended Year to date
2026 2025 % B/(W) 2026 2025 % B/(W)
Company sales $ 784 $ 697 13 $ 2,406 $ 1,974 22
Franchise and property revenues 854 857 - 2,605 2,476 5
Franchise contributions for advertising and other services 415 426 (3) 1,271 1,249 2
Total revenues 2,054 1,979 4 6,282 5,699 10
Company restaurant expenses 679 587 (16) 2,057 1,668 (23)
G&A expenses 305 282 (8) 950 885 (7)
Franchise and property expenses 51 35 (48) 136 107 (27)
Franchise advertising and other services expense 413 427 3 1,276 1,251 (2)
Refranchising (gain) loss (22) (17) 29 (24) (33) (27)
Other (income) expense (7) (1) NM (46) (15) NM
Total costs and expenses, net 1,419 1,313 (8) 4,349 3,863 (13)
Gain on Pizza Hut divestitures 1,683 - N/A 1,683 - N/A
Operating Profit 2,317 666 248 3,616 1,836 97
Investment (income) expense, net - - NM (6) (1) NM
Other pension (income) expense 2 1 (121) 2 - (563)
Interest expense, net 120 124 4 377 368 (3)
Income before income taxes 2,195 541 306 3,243 1,470 121
Income tax provision 572 144 (296) 335 446 25
Net Income $ 1,623 $ 397 309 $ 2,908 $ 1,024 184
Diluted EPS(a)
$ 5.92 $ 1.41 319 $ 10.51 $ 3.64 188
Effective tax rate 26.1 % 26.7 % 0.6 ppts. 10.3 % 30.3 % 20.0 ppts.
(a)See Note 4 for the number of shares used in this calculation.
Performance Metrics (excluding Pizza Hut)
Unit Count 9/30/2026 9/30/2025 % Increase (Decrease)
Franchise 43,413 40,826 6
Company-owned 1,500 1,318 14
Total 44,913 42,144 7
Quarter ended Year to date
2026 2025 2026 2025
Same-store Sales Growth % Even 4 2 4
System Sales Growth %, reported 5 8 8 6
System Sales Growth %, excluding FX 3 7 6 6
Our system sales breakdown by Company and franchise sales was as follows:
Quarter ended Year to date
2026 2025 2026 2025
Total Divisional
Company sales(a)
$ 759 $ 688 $ 2,317 $ 1,954
Franchise sales 13,750 13,187 40,500 37,557
System sales 14,508 13,874 42,817 39,511
Negative (Positive) Foreign Currency Impact(b)
(190) N/A (1,000) N/A
System sales, excluding FX $ 14,318 $ 13,874 $ 41,817 $ 39,511
KFC Division
Company sales(a)
$ 274 $ 259 $ 804 $ 721
Franchise sales 9,772 9,081 28,136 25,681
System sales 10,046 9,340 28,941 26,401
Negative (Positive) Foreign Currency Impact(b)
(191) N/A (980) N/A
System sales, excluding FX $ 9,855 $ 9,340 $ 27,961 $ 26,401
Taco Bell Division
Company sales(a)
$ 354 $ 298 $ 1,122 $ 848
Franchise sales 3,938 4,070 12,241 11,775
System sales 4,292 4,368 13,363 12,623
Negative (Positive) Foreign Currency Impact(b)
1 N/A (20) N/A
System sales, excluding FX $ 4,293 $ 4,368 $ 13,343 $ 12,623
Habit Burger & Grill Division
Company sales(a)
$ 130 $ 130 $ 390 $ 385
Franchise sales 40 36 123 101
System sales 170 166 513 486
Negative (Positive) Foreign Currency Impact(b)
- N/A - N/A
System sales, excluding FX $ 170 $ 166 $ 513 $ 486
(a)Company sales represents sales from our Company-operated stores as presented on our Condensed Consolidated Statements of Income.
(b) The foreign currency impact on System sales is presented in relation only to the immediately preceding year presented. When determining applicable System sales growth percentages, the System sales excluding FX for the current year should be compared to the prior year System sales.
Non-GAAP Items
Non-GAAP Items, along with the reconciliation to the most comparable GAAP financial measure, as presented below.
Quarter ended Year to date
2026 2025 2026 2025
Core Operating Profit Growth (Decline) % (4) 7 2 6
Diluted EPS Growth (Decline) %, excluding Special Items (1) 15 8 11
Effective Tax Rate excluding Special Items 20.9 % 20.8 % 20.5 % 21.4 %
Company restaurant profit $ 105 $ 110 $ 349 $ 306
Company restaurant margin % 13.4 % 15.8 % 14.5 % 15.5 %
Reconciliation of GAAP Operating Profit to Core Operating Profit Quarter ended Year to date
2026 2025 2026 2025
Consolidated
GAAP Operating Profit $ 2,317 $ 666 $ 3,616 $ 1,836
Detail of Special Items:
Charges associated with Pizza Hut Strategic Options Review(a)
26 8 107 8
Gain on Pizza Hut divestitures(b)
(1,683) - (1,683) -
Charges associated with Brand HQ Consolidation(c)
- 3 1 20
Charges associated with Resource Optimization
- 5 - 37
Income from Litigation Settlement(d)
- - (44) -
German acquisition and Turkey termination-related costs - 1 - 8
Special Items (Income) Expense - Operating Profit (1,656) 18 (1,618) 73
Positive Foreign Currency Impact on Division Operating Profit
(7) N/A (48) N/A
Core Operating Profit $ 654 $ 684 $ 1,950 $ 1,909
Special Items as shown above were recorded to the financial statement line items identified below.
Condensed Consolidated Statements of Income Line Item
Decrease in Franchise and property revenues
$ - $ 4 $ - $ 5
Increase in General and administrative expenses
26 14 109 71
Increase in Gain on Pizza Hut divestitures (1,683) - (1,683) -
Increase in Other (income) expense
- - (44) (3)
Special Items (Income) Expense - Operating Profit $ (1,656) $ 18 $ (1,618) $ 73
KFC Division
GAAP Operating Profit $ 425 $ 388 $ 1,217 $ 1,082
Negative (Positive) Foreign Currency Impact
(7) N/A (44) N/A
Core Operating Profit $ 418 $ 388 $ 1,174 $ 1,082
Taco Bell Division
GAAP Operating Profit $ 255 $ 267 $ 846 $ 770
Negative (Positive) Foreign Currency Impact
- N/A (1) N/A
Core Operating Profit $ 255 $ 267 $ 846 $ 770
Pizza Hut Division
GAAP Operating Profit $ 50 $ 84 $ 184 $ 239
Negative (Positive) Foreign Currency Impact
- N/A (4) N/A
Core Operating Profit $ 50 $ 84 $ 181 $ 239
Habit Burger & Grill Division
GAAP Operating Profit (Loss)
$ (1) $ (2) $ (12) $ -
Negative (Positive) Foreign Currency Impact
- N/A - N/A
Core Operating Profit (Loss) $ (1) $ (2) $ (12) $ -
Reconciliation of GAAP Net Income to Net Income excluding Special Items
GAAP Net Income $ 1,623 $ 397 $ 2,908 $ 1,024
Special Items (Income) Expense - Operating Profit (1,656) 18 (1,618) 73
Special Items Expense - Other pension (income) expense(b)
2 - 2 -
Special Items Tax Expense(e)
459 28 2 116
Net Income excluding Special Items $ 427 $ 442 $ 1,294 $ 1,214
Quarter ended
Year to date
2026 2025 2026 2025
Reconciliation of Diluted EPS to Diluted EPS excluding Special Items
Diluted EPS $ 5.92 $ 1.41 $ 10.51 $ 3.64
Less Special Items Diluted EPS 4.36 (0.16) 5.83 (0.67)
Diluted EPS excluding Special Items $ 1.56 $ 1.58 $ 4.68 $ 4.32
Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate excluding Special Items
GAAP Effective Tax Rate 26.1 % 26.7 % 10.3 % 30.3 %
Impact on Tax Rate as a result of Special Items 5.2 % 5.9 % (10.2) % 8.9 %
Effective Tax Rate excluding Special Items 20.9 % 20.8 % 20.5 % 21.4 %
(a) In 2025, we began a review of strategic options for the Pizza Hut brand which culminated in the quarter ended September 30, 2026 with two separate transactions for the sale of the brand. We recorded charges of $26 million and $107 million during the quarter and year to date ended September 30, 2026, respectively, and charges of $4 million in both the quarter and year to date ended September 30, 2025, to Corporate and unallocated General and administrative expenses, which primarily included third-party advising costs associated with this strategic options review. Additionally in 2025, we wrote off approximately $4 million of franchise incentive assets associated with rationalizing the Pizza Hut estate in preparation for a potential transaction. Given the significance of the costs incurred through the course of this strategic options review, we have reflected such amounts as Special Items.
(b)During the quarter ended September 30, 2026, we completed the divestiture of the Pizza Hut brand in two transactions. On August 7, 2026, we completed the sale of Pizza Hut in mainland China to Yum China for $1.2 billion in proceeds. On September 1, 2026, we completed the sale of Pizza Hut excluding mainland China to LongRange Capital, a private equity firm, for $1.2 billion of net proceeds. The Pizza Hut divestitures resulted in a pre-tax gain of $1.7 billion, which represented the amount of net consideration received over the carrying value of the net assets and was recorded to Gain on Pizza Hut divestitures in the quarter ended September 30, 2026. Additionally, we incurred charges of $2 million within Other Pension (income) expense associated with an option for certain Pizza Hut employees to voluntarily elect an early payout of their pension benefits in connection with the sales. Due to the nature and size of the divestitures, we have reflected such amounts as Special Items.
(c)In 2025, we decided to designate two brand headquarters in the U.S., located in Plano, Texas and Irvine, California, to foster greater collaboration among brands and employees. This involved relocating the KFC U.S. corporate office to the KFC Global headquarters and requiring the majority of our U.S.-based remote employees to relocate to an appropriate headquarter office. We also decided to relocate our YUM Corporate headquarters to a new space in Louisville, Kentucky and accordingly, donated our existing space. Costs incurred to date primarily include severance for the employees who chose not to relocate and consultant fees. As a result of these decisions, we recorded charges of approximately $3 million during the quarter ended September 30, 2025, and approximately $1 million and $20 million for the years to date ended September 30, 2026 and 2025, respectively to Corporate and unallocated General and administrative expenses. Due to their scope and size, these charges have been reflected as Special Items.
(d)During the quarter ended March 31, 2026, we received approximately $44 million, net of legal expenses, related to a credit card interchange fee litigation settlement in which we were a plaintiff. This settlement was recorded to Unallocated Other (income) expense. Due to the nature and size of the settlement, including the years to which the litigation related, it has been reflected as a Special Item within Other income.
(e)The below table includes the detail of Special Items Tax (Benefit) Expense:
Quarter ended Year to date
9/30/2026 9/30/2025 9/30/2026 9/30/2025
Tax (Benefit) on Special Items Expense - Operating Profit $ (7) $ (4) $ (16) $ (18)
Tax Expense - Income tax impacts from Gain on Pizza Hut divestitures 466 - 107 -
Tax (Benefit) - Intra-entity transfers and valuations of intellectual property - - (101) -
Tax Expense - U.S. OBBBA - 76 - 76
Tax (Benefit) - Tax audit - (47) - (47)
Tax Expense - Other Income tax impacts recorded as Special
- - 13 -
Tax Expense - Foreign tax reserve - 3 - 105
Special Items Tax Expense $ 459 $ 28 $ 2 $ 116
Tax (Benefit) on Special Items Expense - Operating Profit was determined by assessing the tax impact of each individual component within Special Items, other than the income tax impacts from Gain on Pizza Hut divestitures which is shown separately, based upon the nature of the item and jurisdictional tax law.
Tax Expense - Income tax impacts from Gain on Pizza Hut divestitures in the quarter ended September 30, 2026, reflects $466 million of tax expense recorded upon the sales of the Pizza Hut business. The year to date ended September 30, 2026 also reflects a $359 million net deferred tax benefit, reflecting the recognition of certain tax basis in entities expected to be sold with the Pizza Hut business upon entering into definitive agreements during the quarter ended June 30, 2026.
Tax (Benefit) - Intra-entity transfers and valuations of intellectual property in the year to date ended September 30, 2026, reflects tax benefits of $113 million resulting from an internal reorganization to consolidate our Pizza Hut legal entities and assets into two isolated ownership structures by aligning the legal ownership, simplifying the organizational footprint and consolidating the Pizza Hut domestic and international businesses. As part of this reorganization, certain Pizza Hut intellectual property ("IP") rights from subsidiaries in the U.S. were transferred to international subsidiaries resulting in a step-up in amortizable tax basis of those IP rights. This reorganization began in the fourth quarter of 2025 in connection with our Pizza Hut strategic options review.
Additionally, Tax (Benefit) - Intra-entity transfers and valuations of intellectual property in the year to date ended September 30, 2026, includes $12 million of tax expense representing an adjustment to the valuation allowance on tax credits previously granted by local Swiss tax authorities in connection with transferred IP rights in Switzerland. Previously recorded impacts associated with this IP transfer were recorded as Special Items.
Tax Expense - U.S. OBBBA in the quarter and year to date ended September 30, 2025, reflects the tax expense recorded upon the July 4, 2025, enactment of H.R.1, commonly known as the One Big Beautiful Bill Act ("OBBBA") in the United States. The tax expense was primarily associated with a change in management's judgment regarding our ability to utilize U.S. foreign tax credit related deferred tax assets that existed at the date of enactment and has been reflected as a Special Item due to the size of the non-recurring adjustment necessary upon enactment of the legislation.
Tax (Benefit) - Tax audit in the quarter and year to date ended September 30, 2025, reflects the benefit associated with the reversal of a reserve due to a favorable audit resolution. Such reserve was established in prior years and was originally recorded as a Special Item.
Tax Expense - Other Income tax impacts recorded as Special in the year to date ended September 30, 2026, includes a $13 million adjustment to tax expense associated with our decision to exit Russia. Consistent with previously recorded impacts associated with our decision to exit Russia, this adjustment was recorded as a Special Item.
Tax Expense - Foreign tax reserve in the quarter and year to date ended September 30, 2025, is associated with a reserve, and the related ongoing foreign exchange and inflationary adjustments, associated with a change in management's judgment around a Mexican subsidiary's ability to utilize losses to offset recapture gains triggered by a historical tax deconsolidation in Mexico. This expense was reflected as a Special Item due to its size and the time elapsed since the years to which the reserve relates.
Reconciliation of GAAP Operating Profit to Company Restaurant Profit
Quarter ended 9/30/2026
KFC Division Taco Bell Division Pizza Hut Division
Habit Burger & Grill Division
Corporate and Unallocated Consolidated
GAAP Operating Profit (Loss) $ 425 $ 255 $ 50 $ (1) $ 1,589 $ 2,317
Less:
Franchise and property revenues 497 245 109 3 - 854
Franchise contributions for advertising and other services 177 171 67 1 - 415
Gain on Pizza Hut divestitures - - - - 1,683 1,683
Add:
General and administrative expenses 90 52 43 12 108 305
Franchise and property expenses 21 11 18 1 - 51
Franchise advertising and other services expense 174 169 69 1 - 413
Refranchising (gain) loss - - - - (22) (22)
Other (income) expense (2) - (2) - (3) (7)
Company restaurant profit (loss)
$ 34 $ 72 $ 2 $ 9 $ (11) $ 105
Company sales $ 274 $ 354 $ 26 $ 130 $ - $ 784
Company restaurant margin % 12.3 % 20.2 % 8.4 % 6.6 % N/A 13.4 %
Quarter ended 9/30/2025
KFC Division Taco Bell Division Pizza Hut Division
Habit Burger & Grill Division
Corporate and Unallocated Consolidated
GAAP Operating Profit (Loss) $ 388 $ 267 $ 84 $ (2) $ (71) $ 666
Less:
Franchise and property revenues 459 254 146 3 (4) 857
Franchise contributions for advertising and other services 161 178 85 1 - 426
Add:
General and administrative expenses 92 50 50 13 77 282
Franchise and property expenses 15 8 11 1 - 35
Franchise advertising and other services expense 160 177 89 1 - 427
Refranchising (gain) loss - - - - (17) (17)
Other (income) expense - - (4) - 3 (1)
Company restaurant profit (loss)
$ 36 $ 71 $ (1) $ 9 $ (4) $ 110
Company sales $ 259 $ 298 $ 9 $ 130 $ - $ 697
Company restaurant margin % 13.7 % 23.7 % (12.2) % 7.0 % N/A 15.8 %
Year to date 9/30/2026
KFC Division Taco Bell Division Pizza Hut Division
Habit Burger & Grill Division
Corporate and Unallocated Consolidated
GAAP Operating Profit (Loss) $ 1,217 $ 846 $ 184 $ (12) $ 1,380 $ 3,616
Less:
Franchise and property revenues 1,435 767 394 9 - 2,605
Franchise contributions for advertising and other services 511 530 226 3 - 1,271
Gain on Pizza Hut divestitures - - - - 1,683 1,683
Add:
General and administrative expenses 264 158 159 37 332 950
Franchise and property expenses 57 27 49 3 - 136
Franchise advertising and other services expense 503 529 240 3 - 1,276
Refranchising (gain) loss - - - - (24) (24)
Other (income) expense (4) - (8) 8 (42) (46)
Company restaurant profit (loss)
$ 93 $ 262 $ 3 $ 26 $ (36) $ 349
Company sales $ 804 $ 1,122 $ 89 $ 390 $ - $ 2,406
Company restaurant margin % 11.6 % 23.4 % 3.9 % 6.8 % N/A 14.5 %
Year to date 9/30/2025
KFC Division Taco Bell Division Pizza Hut Division
Habit Burger & Grill Division
Corporate and Unallocated Consolidated
GAAP Operating Profit (Loss) $ 1,082 $ 770 $ 239 $ - $ (254) $ 1,836
Less:
Franchise and property revenues 1,303 735 436 8 (5) 2,476
Franchise contributions for advertising and other services 478 514 255 2 - 1,249
Add:
General and administrative expenses 261 148 159 39 279 885
Franchise and property expenses 51 22 32 3 - 107
Franchise advertising and other services expense 472 510 268 2 - 1,251
Refranchising (gain) loss - - - - (33) (33)
Other (income) expense 1 - (9) 1 (8) (15)
Company restaurant profit (loss)
$ 85 $ 199 $ (2) $ 34 $ (11) $ 306
Company sales $ 721 $ 848 $ 20 $ 385 $ - $ 1,974
Company restaurant margin % 11.9 % 23.5 % (9.2) % 8.7 % N/A 15.5 %
Items Impacting Reported Results and Reasonably Likely to Impact Future Results
The following items impacted reported results in 2026 and/or 2025 and/or are reasonably likely to impact future results. See also the Detail of Special Items in this MD&A for other items impacting results in 2026 or 2025.
Public Health Issue
Sales at Taco Bell U.S. were negatively impacted in the quarter ended September 30, 2026 by an industry-wide food safety issue. This impact resulted in U.S. same store sales for the quarter of (-4%) and Company restaurant margins in the U.S. of 20.5%. From the low point in July, Taco Bell U.S. same-store sales strengthened week after week, and since the end of September, the brand has returned to outperforming the U.S. quick-service restaurant industry on same-store sales growth. More recently, same-store sales growth for the trailing four weeks ended October 30, 2026 was approximately 3%. Given current sales trends and our projections, we currently expect Taco Bell Division Company restaurant margins for the quarter ended December 31, 2026 in the range of 21.5% to 23.5%.
Pizza Hut Strategic Options Review & Divestitures
In 2025, we began a review of strategic options for the Pizza Hut brand. The objective of the review was to create value for YUM, Pizza Hut and its franchisees by determining the optimal approach to best capitalize on Pizza Hut's structural advantages - strong brand equity, experienced franchise partners and meaningful scale - in the highly fragmented pizza market. We incurred certain costs during the quarters and years to date ended September 30, 2026 and 2025 associated with this strategic review (see Detail of Special Items section of this MD&A).
Additionally, in January 2026, we launched the Hut Forward program that represented a bridge to a longer-term acceleration of the Pizza Hut brand. This program included alignment on a vibrant marketing plan, modernization of certain technology and franchise agreements and a YUM contribution to marketing support, along with the approval of some targeted closures of underperforming units. The YUM contribution for incremental marketing in the quarter ended March 31, 2026 was recognized as advertising expense in the Pizza Hut Division through September 1, 2026.
On August 7, 2026 and September 1, 2026, we completed the divestitures of Pizza Hut (see Detail of Special Items section of this MD&A).
KFC Division
The KFC Division has 35,421 units, 90% of which are located outside the U.S. Additionally, 99% of the KFC Division units were operated by franchisees as of September 30, 2026.
Quarter ended Year to date
% B/(W) % B/(W)
2026 2025 Reported Ex FX 2026 2025 Reported Ex FX
System Sales $ 10,046 $ 9,340 8 6 $ 28,941 $ 26,401 10 6
Same-Store Sales Growth (Decline) % 1 3 N/A N/A 2 2 N/A N/A
Company sales $ 274 $ 259 6 4 $ 804 $ 721 12 7
Franchise and property revenues 497 459 8 7 1,435 1,303 10 7
Franchise contributions for advertising and other services 177 161 9 8 511 478 7 3
Total revenues $ 948 $ 879 8 6 $ 2,750 $ 2,501 10 6
Company restaurant profit $ 34 $ 36 (5) (8) $ 93 $ 85 9 3
Company restaurant margin % 12.3 % 13.7 % (1.4) ppts. (1.5) ppts. 11.6 % 11.9 % (0.3) ppts. (0.5) ppts.
G&A expenses $ 90 $ 92 2 2 $ 264 $ 261 (1) 1
Franchise and property expenses 21 15 (39) (40) 57 51 (12) (10)
Franchise advertising and other services expense 174 160 (8) (7) 503 472 (7) (2)
Operating Profit $ 425 $ 388 9 8 $ 1,217 $ 1,082 13 8
% Increase (Decrease)
Unit Count 9/30/2026 9/30/2025
Franchise 34,906 32,463 8
Company-owned 515 488 6
Total 35,421 32,951 7
Company sales and Company restaurant margin %
The quarterly increase in Company sales, excluding the impacts of foreign currency translation, was driven by unit growth, acquisitions of restaurant from franchisees and Company same-store sales growth of 1%.
The year to date increase in Company sales, excluding the impacts of foreign currency translation, was driven by Company same-store sales growth of 3%, unit growth and acquisitions of restaurants from franchisees.
The quarterly and year to date decreases in Company restaurant margin percentage were driven by higher restaurant operating costs and lower margins associated with new builds including Saucy branded restaurants inside the U.S., partially offset by Company same-store sales growth.
Franchise and property revenues
The quarterly and year to date increases in Franchise and property revenues, excluding the impacts of foreign currency translation, were driven by unit growth and franchise same-store sales growth of 1% and 2% for the quarter and year to date, respectively.
G&A
The quarterly decrease in G&A, excluding the impacts of foreign currency translation, was driven by lower professional fees.
The year to date decrease in G&A, excluding the impacts of foreign currency translation, was driven by lower expenses related to our annual incentive compensation programs and lower professional fees, partially offset by higher headcount and salaries.
Operating Profit
The quarterly and year to date increases in Operating Profit, excluding the impacts of foreign currency translation, were driven by same-store sales growth and unit growth, partially offset by higher restaurant operating costs and higher bad debt expense.
Taco Bell Division
The Taco Bell Division has 9,102 units, 86% of which are in the U.S. The Company owned 8% of the Taco Bell Division units in the U.S. as of September 30, 2026.
Quarter ended Year to date
% B/(W) % B/(W)
2026 2025 Reported Ex FX 2026 2025 Reported Ex FX
System Sales $ 4,292 $ 4,368 (2) (2) $ 13,363 $ 12,623 6 6
Same-Store Sales Growth % (4) 7 N/A N/A 4 7 N/A N/A
Company sales $ 354 $ 298 19 19 $ 1,122 $ 848 32 32
Franchise and property revenues 245 254 (3) (3) 767 735 4 4
Franchise contributions for advertising and other services 171 178 (4) (4) 530 514 3 3
Total revenues $ 770 $ 730 5 5 $ 2,420 $ 2,098 15 15
Company restaurant profit $ 72 $ 71 1 1 $ 262 $ 199 31 31
Company restaurant margin % 20.2 % 23.7 % (3.5)
ppts.
(3.5)
ppts.
23.4 % 23.5 % (0.1)
ppts.
(0.1)
ppts.
G&A expenses $ 52 $ 50 (4) (4) $ 158 $ 148 (7) (7)
Franchise and property expenses 11 8 (39) (38) 27 22 (23) (22)
Franchise advertising and other services expense 169 177 5 5 529 510 (4) (4)
Operating Profit $ 255 $ 267 (5) (4) $ 846 $ 770 10 10
% Increase (Decrease)
Unit Count 9/30/2026 9/30/2025
Franchise 8,424 8,288 2
Company-owned 678 528 28
Total 9,102 8,816 3
Company sales and Company restaurant margin %
The quarterly increase in Company sales was driven by acquisitions of restaurants from franchisees and unit growth, offset by a company same-store sales decline of 7%.
The year to date increase in Company sales was driven by acquisitions of restaurants from franchisees, unit growth and company same-store sales growth of 1%.
The quarterly restaurant margin percentage decrease was driven by higher labor, higher other restaurant operating costs, commodity inflation (primarily beef) and a same store sales decline, partially offset by the margin percentages of restaurants acquired from franchisees.
The year to date restaurant margin percentage decrease was driven by higher labor, higher other restaurant operating costs and commodity inflation (primarily beef), partially offset by same store sales growth and the margin percentages of restaurants acquired from franchisees.
Franchise and property revenues
The quarterly decrease in Franchise and property revenues was driven by a franchise same-store sales decline of 3% and the impact of our acquisition of restaurants from franchisees, partially offset by unit growth.
The year to date increase in Franchise and property revenues was driven by franchise same-store sales growth of 4% and unit growth, partially offset by the impact of our acquisition of restaurants from franchisees.
G&A
The quarterly increase in G&A was driven by higher legal and professional fees and higher headcounts including headcount associated with operating restaurants acquired from franchisees, partially offset by lower expenses related to our annual incentive compensation programs.
The year to date increase in G&A was driven by higher headcounts including headcount associated with operating restaurants acquired from franchisees, higher legal and professional fees and higher digital and technology expenses, partially offset by lower expenses related to our annual incentive compensation programs.
Operating Profit
The quarterly decrease in Operating Profit was driven by a same store sales decline and higher restaurant operating costs, partially offset by the impact of restaurants acquired from franchisees and unit growth.
The year to date increase in Operating Profit was driven by same store sales growth, the impact of restaurants acquired from franchisees and unit growth, partially offset by higher restaurant operating costs and higher G&A.
Pizza Hut Division
Quarter ended Year to date
% B/(W) % B/(W)
2026 2025 Reported Ex FX 2026 2025 Reported Ex FX
Company sales $ 26 $ 9 177 177 $ 89 $ 20 350 343
Franchise and property revenues 109 146 (25) (25) 394 436 (10) (11)
Franchise contributions for advertising and other services 67 85 (21) (21) 226 255 (11) (11)
Total revenues $ 202 $ 240 (16) (16) $ 709 $ 710 - (1)
Company restaurant profit (loss)
$ 2 $ (1) 291 290 $ 3 $ (2) 290 287
Company restaurant margin % 8.4 % (12.2) % 20.6 ppts. 20.6 ppts. 3.9 % (9.2) % 13.1 ppts. 13.1 ppts.
G&A expenses $ 43 $ 50 14 14 $ 159 $ 159 - 1
Franchise and property expenses 18 11 (72) (72) 49 32 (53) (52)
Franchise advertising and other services expense 69 89 22 22 240 268 10 10
Operating Profit $ 50 $ 84 (41) (41) $ 184 $ 239 (23) (24)
Pizza Hut Results
Other than the impact on the quarter and year to date ended September 30, 2026 from only including the operations of Pizza Hut within our results prior to the dates of the divestitures of the business, significant factors impacting the comparability of above results include:
•Higher Company sales and G&A expenses due to operating restaurants acquired from franchisees.
•Higher Franchise and property expenses driven by advertising costs associated with the Pizza Hut U.S. Hut Forward program and increased bad debt expense.
Habit Burger & Grill Division
The Habit Burger & Grill Division has 390 units, all of which are in the U.S. The Company owned 79% of the Habit Burger & Grill Division units as of September 30, 2026.
Quarter ended Year to date
% B/(W) % B/(W)
2026 2025 Reported 2026 2025 Reported
System Sales $ 170 $ 166 3 $ 513 $ 486 5
Same-Store Sales Growth (Decline) %
Even 1 N/A 3 (2) N/A
Total revenues $ 134 $ 134 - $ 403 $ 395 2
Operating Profit (Loss) $ (1) $ (2) 48 $ (12) $ - NM
Unit Count 9/30/2026 9/30/2025 % Increase (Decrease)
Franchise 83 75 11
Company-owned 307 302 2
Total 390 377 3
Corporate & Unallocated
Quarter ended Year to date
(Expense) / Income 2026 2025 % B/(W) 2026 2025 % B/(W)
Corporate and unallocated G&A $ (108) $ (77) (41) $ (332) $ (279) (19)
Unallocated Company restaurant expenses
(11) (4) (146) (36) (11) (225)
Unallocated Franchise and property revenues
- (4) NM - (5) NM
Unallocated Refranchising gain (loss) 22 17 29 24 33 (27)
Gain on Pizza Hut divestitures (See Note 3) 1,683 - NM 1,683 - NM
Unallocated Other income (expense) (See Note 6) 3 (3) NM 42 8 NM
Investment income (expense), net
- - NM 6 1 NM
Other pension income (expense)
(2) (1) (121) (2) - (563)
Interest expense, net (120) (124) 4 (377) (368) (3)
Income tax (provision) (See Note 8) (572) (144) (296) (335) (446) 25
Effective tax rate (See Note 8) 26.1 % 26.7 % 0.6 ppts. 10.3 % 30.3 % 20.0 ppts.
Corporate and unallocated G&A
The quarterly and year to date increases in Corporate and Unallocated G&A expense were driven by costs associated with the Pizza Hut Strategic Options Review, partially offset by lapping costs associated with our Resource Optimization Program and Brand Headquarters Consolidation.
Unallocated Company restaurant expenses
Unallocated Company restaurant expenses include amortization of reacquired franchise rights. The quarterly and year to date increases were driven by the acquisition of restaurants from franchisees in 2025.
Interest expense, net
The quarterly decrease in Interest expense, net was driven by higher interest income, primarily due to interest earned on the proceeds from the divestitures of the Pizza Hut business.
The year to date increase in Interest expense, net was driven by higher outstanding borrowings.
Consolidated Cash Flows
Net cash provided by operating activities was $1,398 million in 2026 versus $1,393 million in 2025. The change was primarily driven by an increase in Operating Profit before Special Items offset by higher income tax payments and higher incentive compensation payments.
Net cash provided by investing activities was $2,155 million in 2026 versus net cash used in investing activities of $208 million in 2025. The change was primarily driven by current year proceeds from the Pizza Hut divestitures and lower current year spending on franchise restaurant acquisitions, partially offset by lapping maturities of short-term investments in the prior year.
Net cash used in financing activities was $2,180 million in 2026 versus $822 million in 2025. The change was primarily driven by higher current year share repurchases and current year net debt repayments.
Consolidated Financial Condition
Our Condensed Consolidated Balance Sheet was impacted by the sale of the assets and liabilities associated with the Pizza Hut divestitures (See Note 3). The most significant balance sheet amounts included in the carrying values of the divestitures included Accounts receivable, net, Goodwill, Intangible assets, net, Other assets, Accounts payable and other current liabilities and Other liabilities and deferred credits.
Liquidity and Capital Resources
We have historically generated substantial cash flows from our extensive franchise operations, which require a limited YUM investment, and from the operations of our Company-owned stores. Our annual operating cash flows were in excess of $2.0 billion in 2025 and we expect continued strong operating cash flows in 2026. It is our intent to use these operating cash flows to continue to invest in growing our business and pay a competitive dividend, with any remaining excess then returned to shareholders through share repurchases. Subject to market conditions, we expect to maintain our consolidated net leverage ratio at approximately 4.0x Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") over the medium term by issuing incremental debt as our business grows.
To the extent operating cash flows plus other sources of cash do not cover our anticipated cash needs, we maintain a $1.5 billion Revolving Facility under our Credit Agreement which was undrawn as of September 30, 2026. Borrowings under our Revolving Facility in 2026 had original maturities of three months or less. We believe that our ongoing cash from operations, cash on hand, which was $2.1 billion at September 30, 2026, and availability under our Revolving Facility will be sufficient to fund our cash requirements over the next twelve months.
During the quarter ended September 30, 2026, we completed our previously announced transactions to sell the Pizza Hut brand for approximately $2.4 billion in net proceeds (see Note 3). A portion of these proceeds was used to pay down $675 million in drawings on the Revolving Facility in the quarter ended September 30, 2026. The majority of the remainder of these proceeds is being used for share repurchases with timing subject to market conditions.
During the quarter ended September 30, 2026, we entered into an operating lease that has not yet commenced with estimated future nominal lease payments of approximately $165 million related to the relocation of our Taco Bell and Habit Burger & Grill headquarters. The lease is expected to commence in 2027 with a lease term, excluding renewals, through 2043.
Except as discussed above, there have been no material changes to the disclosures made in Item 7 of the Company's 2025 Form 10-K regarding our material cash requirements. Due to the ongoing significance of our debt obligations, we are providing the update below.
Debt Obligations and Interest Payments
As of September 30, 2026, approximately 97%, including the impact of interest rate swaps, of our $11.5 billion of total debt outstanding, excluding the Revolving Facility balance, finance leases and debt issuance costs and discounts, is fixed with an effective overall interest rate of approximately 4.5%. We target a capital structure which we believe provides an attractive balance between optimized interest rates, duration and flexibility with diversified sources of liquidity and maturities spread over multiple years and as mentioned above, we expect to maintain our net leverage ratio at approximately 4.0x EBITDA over the medium term by issuing incremental debt as our business grows. We have credit ratings of BB+ (Standard & Poor's)/Ba2 (Moody's).
The following table summarizes the future maturities of our outstanding long-term debt, excluding finance leases and debt issuance costs and discounts, as of September 30, 2026.
2026 2027 2028 2029 2030 2031 2032 2037 2043 Total
Securitization Notes $ 884 $ 595 $ 590 $ 1,000 $ 737 $ 500 $ 4,306
Credit Agreement $ 7 34 1,424 438 1,902
Revolving Facility - -
Subsidiary Senior Unsecured Notes 750 750
YUM Senior Unsecured Notes 800 1,050 2,100 $ 325 $ 275 4,550
Total $ 7 $ 1,668 $ 2,019 $ 1,027 $ 1,800 $ 1,787 $ 2,600 $ 325 $ 275 $ 11,508
A Term Loan A Facility that is part of the Credit Agreement and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the March 15, 2028 maturity of the existing Term Loan B Facility if more than $250 million of such Term Loan B Facility remains outstanding as of such date or (iii) the date that is 91 days prior to the June
1, 2027 maturity of the existing Subsidiary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Notes remain outstanding as of such date. Given the $750 million in Subsidiary Senior Unsecured Notes outstanding as of September 30, 2026, the maturity date of the Term Loan A Facility and the Revolving Facility will occur less than 12 months from the balance sheet date of these Condensed Consolidated Financial Statements if the Company has not paid nor refinanced at least $500 million of the Subsidiary Senior Unsecured Notes 91 days prior to June 1, 2027. As such, the outstanding borrowings of the Term Loan A Facility and the Revolving Facility as of September 30, 2026 have been classified as Short-term borrowings in the Condensed Consolidated Balance Sheets as of September 30, 2026. We expect to refinance the $750 million of the existing Subsidiary Senior Unsecured Notes before 91 days prior to June 1, 2027, and as such, the table above reflects the April 26, 2029 anticipated repayment date for the Term Loan A Facility and the Revolving Facility.
See Note 12 for details on the Securitization Notes, the Credit Agreement, Revolving Facility, Subsidiary Senior Unsecured Notes and YUM Senior Unsecured Notes.
New Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. The standard is effective for the Company's Annual Report on Form 10-K for fiscal 2027, and subsequent interim periods, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact of the standard on our disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for software costs, including removing software development project stages and requiring companies to capitalize costs when both 1) management authorizes or commits to funding a software project and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for the Company in our first quarter of fiscal 2028, with early adoption permitted and can be applied on a prospective, retrospective or modified prospective basis. We are currently evaluating the impact of the standard on our condensed consolidated financial statements.
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