Yum! Brands (YUM) Q3 FY25 earnings call

Earnings call· Sep 2025 (Q3 FY25)· Consumer Discretionary· Nov 4, 2025

Source: earnings call transcript

Yum! Brands reported a strong Q3 FY25, driven by robust performance from KFC and Taco Bell, while initiating a strategic review for Pizza Hut to maximize value. The new CEO outlined a vision focused on consumer relevance, strengthening franchisee economics, and extending technology advantages. The company reaffirmed its asset-light strategy, strategically investing in the Taco Bell acquisition to unlock future unit development and EBITDA growth.

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YUM operating KPIs by quarter

YUM operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	This call Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
New restaurants opened Pizza Hut	512 At Pizza Hut, the team opened 512 units in Q4 and 1,280 for the year, driven by expansion in China, India, Saudi Arabia and Canada. Source: earnings call transcript	198 Pizza Hut delivered solid development with 198 new units across 34 markets, while Taco Bell added 24 gross units. Source: earnings call transcript	254 At Pizza Hut, we opened 254 gross new units across 32 countries with growth led by China, the US and India. Source: earnings call transcript	289 At Pizza Hut, we built 289 gross units this quarter. Source: earnings call transcript	440+ Pizza Hut globally opened over 440 gross units in Q4 and nearly 1,200 gross units in 2025 across 65 countries, representing the fifth highest gross new builds in 7 decades and a sign of brand health and strong franchise partners. Source: earnings call transcript	—	—	—
New stores opened	—	751 Our development engine remains healthy with 751 new stores opened in Q1, roughly in line with Q1 last year across 68 countries. Source: earnings call transcript	871 delivered 386 net new units, including 871 gross openings, reflecting the enduring appeal of our brands and the strength of our diversified system. Source: earnings call transcript	1,131 we opened 1,131 gross new units globally, a Q3 record with KFC opening 760 units or a store every 3 hours. Source: earnings call transcript	1,800+ We opened over 1,800 new units in Q4 and over 4,550 new units for the year. Source: earnings call transcript	130 We opened 130 new stores in the quarter. Source: earnings call transcript	720 opened 720 stores in the quarter. Source: earnings call transcript	+453.8%
New stores opened KFC	—	528 KFC led the way with 528 openings, the second highest for a first quarter in their history, driven by growth in China, India, Japan and Thailand. Source: earnings call transcript	566 At KFC, we opened 566 gross new units across 58 countries, fueled by China, India and Japan. Source: earnings call transcript	760 we opened 1,131 gross new units globally, a Q3 record with KFC opening 760 units or a store every 3 hours. Source: earnings call transcript	1,100+ KFC led unit growth with over 1,100 units opened in Q4 and nearly 3,000 units opened in the year. Source: earnings call transcript	648 KFC opened 648 new stores, driven by a strong start in China and development across 45 countries. Source: earnings call transcript	660 KFC delivered 660 gross new stores across 55 markets in Q2. Source: earnings call transcript	+1.9%
New stores opened Taco Bell	—	24 Pizza Hut delivered solid development with 198 new units across 34 markets, while Taco Bell added 24 gross units. Source: earnings call transcript	50 Taco Bell delivered a notable acceleration this quarter, opening 50 gross new restaurants or twice the number in Q1. Source: earnings call transcript	74 At Taco Bell, development accelerated this quarter with 74 gross unit openings, well above Q3 levels of last year. Source: earnings call transcript	—	30 The brand opened 30 gross units in the first quarter, including 14 in the US and 16 internationally. Source: earnings call transcript	—	—
New stores opened Taco Bell International	—	—	18 18 of those openings were in international markets across 9 countries. Source: earnings call transcript	27 Taco Bell International continued to build momentum, adding 27 gross new units and successfully launching 2 new markets, Greece and Ireland. Source: earnings call transcript	—	16 The brand opened 30 gross units in the first quarter, including 14 in the US and 16 internationally. Source: earnings call transcript	—	—
New stores opened Taco Bell US	—	—	—	—	—	14 The brand opened 30 gross units in the first quarter, including 14 in the US and 16 internationally. Source: earnings call transcript	25 The brand opened 25 gross units in the US during the quarter. Source: earnings call transcript	+78.6%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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