Jun 2026 (Q2 FY26) — Jul 30, 2026
Yum! Brands Q2 FY26 — Strong Core Performance Amidst Taco Bell Recovery and Pizza Hut Divestiture
Read the full callYum! Brands (YUM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Yum! Brands earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,169 | +12.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 30.2 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 853 | +128.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
17 of 22 judged targets kept · 40 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Completion of the Pizza Hut strategic options review | Complete the review of strategic options for the Pizza Hut brand | Sep 2025 | In June, we completed the strategic review of Pizza Hut and entered into separate agreements to sell the business to long-range capital in Yum! China | Achieved |
| Core operating profit growth excluding Pizza Hut | 8%, meeting or exceeding the long-term algorithm | Dec 2025 | coming into Q3, we were highly confident in achieving or exceeding every element of the algorithm for the full year. As we now assess recent trends, Taco Bell's U.S. same-store sales growth quarter-to-date through July 27 is negative 2% | At Risk |
| Closing of the Pizza Hut sale transactions | Both transactions close in August 2026 | Jun 2026 | Yum! entered into 2 definitive agreements to sell Pizza Hut for $2.7 billion in the aggregate to Yum! China and long-range capital with the potential of an additional $75 million in an earnout from long-range capital by 2030. We anticipate both transactions will close in August | New |
5 of YUM BRANDS INC's 62 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 59 more targets are in the full ledger.
Claimed
- Excluding Pizza Hut, system sales grew 7%, unit growth 6%, and same-store sales 4%.
- Digital sales, excluding Pizza Hut, exceeded $17 billion in the first half of the year, up 25% year-over-year.
- KFC delivered 6% system sales growth, 7% unit growth, and 2% same-store sales growth.
- Taco Bell delivered 7% same-store sales growth, outperforming the QSR industry for the 9th consecutive quarter.
- Taco Bell's digital sales mix reached 47%, up 5 percentage points year-over-year.
Qualified
- Taco Bell U.S. same-store sales quarter-to-date through July 27 were negative 2% due to a food safety issue.
- Taco Bell's Q3 equity store level margins are expected to range between 19% and 21%, reflecting lower sales and promotional investments.
- A quarterly drag of 3 percentage points on core operating profit growth was experienced due to phasing of 2026 refranchising gains and Habit store closure costs.
Price
$149.83 −0.45% · −$0.68
Performance +3.2% 1Y
1Y: $145.25 on 17 Oct 2025 → $149.83. High $168.16 (27 Feb 2026), low $135.75 (17 Sept 2026).
- Previous close
- $150.51
- 52-week range
- $135.75 – $168.16
- One year
- +1.13%
Overview
- Symbol
- YUM
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
17 of 22 judged targets kept · 40 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Completion of the Pizza Hut strategic options review | Complete the review of strategic options for the Pizza Hut brand | Sep 2025 | In June, we completed the strategic review of Pizza Hut and entered into separate agreements to sell the business to long-range capital in Yum! China | Achieved |
| Core operating profit growth excluding Pizza Hut | 8%, meeting or exceeding the long-term algorithm | Dec 2025 | coming into Q3, we were highly confident in achieving or exceeding every element of the algorithm for the full year. As we now assess recent trends, Taco Bell's U.S. same-store sales growth quarter-to-date through July 27 is negative 2% | At Risk |
| Closing of the Pizza Hut sale transactions | Both transactions close in August 2026 | Jun 2026 | Yum! entered into 2 definitive agreements to sell Pizza Hut for $2.7 billion in the aggregate to Yum! China and long-range capital with the potential of an additional $75 million in an earnout from long-range capital by 2030. We anticipate both transactions will close in August | New |
Claimed
- Excluding Pizza Hut, system sales grew 7%, unit growth 6%, and same-store sales 4%.
- Digital sales, excluding Pizza Hut, exceeded $17 billion in the first half of the year, up 25% year-over-year.
- KFC delivered 6% system sales growth, 7% unit growth, and 2% same-store sales growth.
- Taco Bell delivered 7% same-store sales growth, outperforming the QSR industry for the 9th consecutive quarter.
- Taco Bell's digital sales mix reached 47%, up 5 percentage points year-over-year.
Qualified
- Taco Bell U.S. same-store sales quarter-to-date through July 27 were negative 2% due to a food safety issue.
- Taco Bell's Q3 equity store level margins are expected to range between 19% and 21%, reflecting lower sales and promotional investments.
- A quarterly drag of 3 percentage points on core operating profit growth was experienced due to phasing of 2026 refranchising gains and Habit store closure costs.
The full ledger
Open YUM BRANDS INC’s full ledger
A free account opens 5 company ledgers a month. All 62 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Yum! Brands Q1 FY26 — Taco Bell U.S. comps up 8%, ex-Pizza Hut core operating profit up 10%
Read the full callDec 2025 (Q4 FY25) — Feb 4, 2026
Yum! Brands Q4 FY25 — Strong KFC & Taco Bell Performance Amidst Pizza Hut Review
Read the full callEvery analysed call
Yum! Brands earnings calls (YUM)
Financials
What the filings say
Net profit, year on year: +128% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,826 | 2,362 | 1,787 | 1,933 | 1,979 | 2,515 | 2,059 | 2,169 |
| Expenses | 1,207 | 1,705 | 1,239 | 1,311 | 1,313 | 1,776 | 1,415 | 1,514 |
| Operating profit | 619 | 657 | 548 | 622 | 666 | 738 | 644 | 655 |
| Operating margin | 33.9% | 27.8% | 30.7% | 32.2% | 33.6% | 29.3% | 31.3% | 30.2% |
| Profit before tax | 502 | 528 | 429 | 499 | 541 | 608 | 516 | 533 |
| Tax rate | 23.9% | 19.9% | 41.0% | 25.1% | 26.6% | 12.0% | 16.3% | −60.0% |
| Net profit | 382 | 423 | 253 | 374 | 397 | 535 | 432 | 853 |
| EPS ($ per share) | 1.36 | — | 0.91 | 1.34 | 1.42 | — | 1.56 | 3.10 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 60 | 0 | 0 |
| Reserves | -7,592 | -7,628 | -7,480 | -8,048 | -8,507 | -7,616 | -7,256 | -7,014 |
| Total liabilities | 12,056 | 13,247 | 13,743 | 14,339 | 14,722 | 14,089 | 14,375 | 15,521 |
| Fixed assets | 1,237 | 1,170 | 1,235 | 1,207 | 1,171 | 1,197 | 1,304 | 1,605 |
| Investments | — | — | — | — | — | 0 | 91 | 0 |
| Total assets | 4,130 | 5,231 | 5,852 | 5,966 | 5,846 | 6,231 | 6,727 | 8,197 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,176 | 1,315 | 1,305 | 1,706 | 1,427 | 1,603 | 1,689 | 2,010 |
| Cash from investing | 313 | -88 | -335 | -173 | -202 | -107 | -422 | -1,003 |
| Cash from financing | -2,620 | -938 | -738 | -1,767 | -1,323 | -1,429 | -1,163 | -924 |
| Net cash flow | -1,194 | 294 | 256 | -253 | -124 | 77 | 83 | 116 |
| Capital expenditure | -234 | -196 | -160 | -230 | -279 | -285 | -257 | -371 |
| Free cash flow | 942 | 1,119 | 1,145 | 1,476 | 1,148 | 1,318 | 1,432 | 1,639 |
YUM revenue by segment
Taco Bell Global Division grew from 36% to 39% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| KFC Global Division | 43% | 41% | 43% | 44% | 44% | 41% | — | 43% | +8.8% |
| Taco Bell Global Division | 36% | 39% | 37% | 37% | 37% | 40% | — | 39% | +20.0% |
| Pizza Hut Global Division | 13% | 12% | 13% | 12% | 12% | 12% | — | 12% | +6.3% |
| The Habit Burger Grill Global Division | — | — | 7% | 7% | 7% | 7% | — | 6% | +3.7% |
| Corporate and Other | — | — | 0% | 0% | 0% | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
YUM operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | 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 | 198Pizza Hut delivered solid development with 198 new units across 34 markets, while Taco Bell added 24 gross units.Source: earnings call transcript | 254At Pizza Hut, we opened 254 gross new units across 32 countries with growth led by China, the US and India.Source: earnings call transcript | 289At 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 | 751Our 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 | 871delivered 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 | 1,131we 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 | 130We opened 130 new stores in the quarter.Source: earnings call transcript | 720opened 720 stores in the quarter.Source: earnings call transcript | +453.8% |
| New stores opened KFC | 528KFC 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 | 566At KFC, we opened 566 gross new units across 58 countries, fueled by China, India and Japan.Source: earnings call transcript | 760we 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 | 648KFC opened 648 new stores, driven by a strong start in China and development across 45 countries.Source: earnings call transcript | 660KFC delivered 660 gross new stores across 55 markets in Q2.Source: earnings call transcript | +1.9% |
| New stores opened Taco Bell | 24Pizza Hut delivered solid development with 198 new units across 34 markets, while Taco Bell added 24 gross units.Source: earnings call transcript | 50Taco Bell delivered a notable acceleration this quarter, opening 50 gross new restaurants or twice the number in Q1.Source: earnings call transcript | 74At Taco Bell, development accelerated this quarter with 74 gross unit openings, well above Q3 levels of last year.Source: earnings call transcript | — | 30The 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 | — | 1818 of those openings were in international markets across 9 countries.Source: earnings call transcript | 27Taco Bell International continued to build momentum, adding 27 gross new units and successfully launching 2 new markets, Greece and Ireland.Source: earnings call transcript | — | 16The 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 | — | — | — | — | 14The brand opened 30 gross units in the first quarter, including 14 in the US and 16 internationally.Source: earnings call transcript | 25The 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.
Revenue by region
Q2 FY2026 · share of revenue
- US 55% ↓ 55 pt
- Non USUK 33%
- GB 12%
As YUM cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
138 filings between Nov 5, 2025 and Oct 7, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$13.25M
44 sales by 7 insiders
75% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 6
- Award — granted as compensation
- 43
- Option exercise — converted options into shares
- 26
- Tax withheld — shares kept back by the company to cover tax
Also filed: 19 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Skeans Tracy L | — | $5.79M | Aug 24, 2026 |
| Powell Aaron | — | $4.23M | Jul 1, 2026 |
| Russell David Eric | — | $1.22M | Aug 3, 2026 |
| Mezvinsky Scott | — | $990.4K | Oct 1, 2026 |
| Tresvant Sean | — | $464.0K | May 26, 2026 |
| Turner Christopher Lee | — | $359.6K | Oct 7, 2026 |
| Burkhardt Erika | — | $189.6K | Nov 5, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 7, 2026 | Turner Christopher Lee Chief Executive Officer | Sale 10b5-1 plan | 285 | $39.9K |
| Oct 1, 2026 | Mezvinsky Scott KFC Division CEO | Option exercise 10b5-1 plan | 482 | $32.8K |
| Oct 1, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 241 | $33.0K |
| Oct 1, 2026 | Mezvinsky Scott KFC Division CEO | Disposition to issuer 10b5-1 plan | 241 | $32.9K |
| Sep 1, 2026 | Mezvinsky Scott KFC Division CEO | Option exercise 10b5-1 plan | 482 | $32.8K |
| Sep 1, 2026 | Turner Christopher Lee Chief Executive Officer | Sale 10b5-1 plan | 261 | $40.1K |
| Sep 1, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 268 | $41.2K |
| Sep 1, 2026 | Mezvinsky Scott KFC Division CEO | Disposition to issuer 10b5-1 plan | 214 | $32.8K |
| Aug 24, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 3,494 | $552.1K |
| Aug 18, 2026 | Tresvant Sean Taco Bell, CEO, YUM CCO | Option exercise | 4,101 | $594.1K |
| Aug 18, 2026 | Tresvant Sean Taco Bell, CEO, YUM CCO | Tax withheld | 2,035 | $294.8K |
| Aug 3, 2026 | Russell David Eric Sr. Vice President, Controller | Sale 10b5-1 plan | 7,961 | $1.22M |
| Aug 3, 2026 | Russell David Eric Sr. Vice President, Controller | Disposition to issuer 10b5-1 plan | 15,202 | $2.33M |
| Aug 3, 2026 | Russell David Eric Sr. Vice President, Controller | Option exercise 10b5-1 plan | 23,163 | $1.58M |
| Aug 3, 2026 | Mezvinsky Scott KFC Division CEO | Disposition to issuer 10b5-1 plan | 215 | $33.0K |
| Aug 3, 2026 | Turner Christopher Lee Chief Executive Officer | Sale 10b5-1 plan | 261 | $40.0K |
| Aug 3, 2026 | Mezvinsky Scott KFC Division CEO | Option exercise 10b5-1 plan | 483 | $32.8K |
| Aug 3, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 268 | $41.0K |
| Jul 1, 2026 | Mezvinsky Scott KFC Division CEO | Disposition to issuer 10b5-1 plan | 206 | $32.9K |
| Jul 1, 2026 | Mezvinsky Scott KFC Division CEO | Option exercise 10b5-1 plan | 483 | $32.8K |
| Jul 1, 2026 | Powell Aaron CEO - Pizza Hut | Sale 10b5-1 plan | 6,001 | $962.7K |
| Jul 1, 2026 | Turner Christopher Lee Chief Executive Officer | Sale 10b5-1 plan | 250 | $40.1K |
| Jul 1, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 277 | $44.4K |
| Jun 1, 2026 | Turner Christopher Lee Chief Executive Officer | Sale 10b5-1 plan | 270 | $40.0K |
| Jun 1, 2026 | Mezvinsky Scott KFC Division CEO | Option exercise 10b5-1 plan | 483 | $32.8K |
| Jun 1, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 261 | $38.7K |
| Jun 1, 2026 | Mezvinsky Scott KFC Division CEO | Disposition to issuer 10b5-1 plan | 222 | $32.8K |
| May 26, 2026 | Tresvant Sean Taco Bell, CEO, YUM CCO | Sale | 3,000 | $464.0K |
| May 19, 2026 | Powell Aaron CEO - Pizza Hut | Sale 10b5-1 plan | 6,001 | $914.3K |
| May 16, 2026 | Roy Ranjith Chief Financial Officer | Option exercise | 366 | $54.9K |
| May 16, 2026 | Roy Ranjith Chief Financial Officer | Tax withheld | 91 | $13.6K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 427 | $64.9K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 33 | $5.0K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 396 | $60.2K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 22 | $3.3K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 414 | $62.9K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 521 | $79.2K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 15 | $2.3K |
| May 15, 2026 | Skeans Tracy L COO and CPO | Sale 10b5-1 plan | 9 | $1.4K |
| May 1, 2026 | Mezvinsky Scott KFC Division CEO | Disposition to issuer 10b5-1 plan | 206 | $32.9K |
| May 1, 2026 | Mezvinsky Scott KFC Division CEO | Option exercise 10b5-1 plan | 483 | $32.8K |
| May 1, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 277 | $44.5K |
| May 1, 2026 | Turner Christopher Lee Chief Executive Officer | Sale | 250 | $40.1K |
| Apr 1, 2026 | Domier Tanya L Director | Option exercise | 2,787 | $433.3K |
| Apr 1, 2026 | Oberg Kathleen K. Director | Award | 910 | $0 |
| Apr 1, 2026 | Turner Christopher Lee CEO, Chairman of Board | Sale 10b5-1 plan | 257 | $39.6K |
| Apr 1, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 271 | $41.8K |
| Apr 1, 2026 | Mezvinsky Scott KFC Division CEO | Disposition to issuer 10b5-1 plan | 212 | $33.0K |
| Apr 1, 2026 | Mezvinsky Scott KFC Division CEO | Option exercise 10b5-1 plan | 483 | $32.8K |
| Mar 2, 2026 | Mezvinsky Scott KFC Division CEO | Sale 10b5-1 plan | 287 | $47.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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