Earnings summaries and quarterly performance for YUM BRANDS.
Executive leadership at YUM BRANDS.
Chris Turner
Detailed
Chief Executive Officer
CEO
EB
Erika Burkhardt
Chief Legal Officer and Corporate Secretary
JD
Jim Dausch
Chief Digital and Technology Officer and President of Byte by Yum!
RR
Ranjith Roy
Chief Financial Officer
ST
Sean Tresvant
Chief Consumer Officer and Chief Executive Officer of Taco Bell
TS
Tracy Skeans
Chief Operating Officer and Chief People and Culture Officer
Board of directors at YUM BRANDS.
AY
Annie Young-Scrivner
Detailed
Director
BB
Brett Biggs
Detailed
Director
BC
Brian Cornell
Detailed
Non-Executive Chair of the Board
CC
Christopher Connor
Detailed
Director
DG
David Gibbs
Detailed
Director
JS
Justin Skala
Detailed
Director
KB
Keith Barr
Detailed
Director
MG
Mirian Graddick-Weir
Detailed
Director
PA
Paget Alves
Detailed
Director
SD
Susan Doniz
Detailed
Director
TD
Tanya Domier
Detailed
Director
TN
Thomas Nelson
Detailed
Director
Research analysts who have asked questions during YUM BRANDS earnings calls.
BB
Brian Bittner
Oppenheimer & Co.
6 questions for YUM
Also covers: BJRI, CAKE, CMG +11 more
DP
David Palmer
Evercore ISI
6 questions for YUM
Also covers: BGS, BRBR, CAG +21 more
DG
Dennis Geiger
UBS
6 questions for YUM
Also covers: BLMN, BROS, CAKE +18 more
John Ivankoe
JPMorgan Chase & Co.
6 questions for YUM
Also covers: BLMN, BROS, CAKE +13 more
DT
David Tarantino
Robert W. Baird & Co.
5 questions for YUM
Also covers: ATKR, BROS, CAKE +18 more
AC
Andrew Charles
TD Cowen
3 questions for YUM
Also covers: BROS, CAVA, CMG +13 more
CC
Christine Cho
Goldman Sachs Group
3 questions for YUM
Also covers: BEP, BEPC, BLMN +22 more
Danilo Gargiulo
AllianceBernstein
3 questions for YUM
Also covers: CAVA, CMG, DPZ +7 more
Brian Harbour
Morgan Stanley
2 questions for YUM
Also covers: BLMN, BROS, CAKE +21 more
Gregory Francfort
Guggenheim Securities
2 questions for YUM
Also covers: BROS, CMG, DPZ +10 more
JB
Jeffrey Bernstein
Barclays
2 questions for YUM
Also covers: BJRI, BLMN, BROS +22 more
CB
Chris Brennan
ROTH Capital Partners
1 question for YUM
Also covers: LEAT
JT
Jon Tower
Citigroup
1 question for YUM
Also covers: BJRI, BLMN, CAKE +17 more
SS
Sara Senatore
Bank of America
1 question for YUM
Also covers: BLMN, BROS, CAKE +21 more
Recent press releases and 8-K filings for YUM.
Yum Brands approves merger of Sapphire Foods and Devyani International
YUM
M&A
- The boards approved a merger under which Devyani will issue 177 equity shares for every 100 Sapphire shares, consolidating Yum! Brands’ KFC and Pizza Hut operations in India.
- The combined company will operate about 3,002 stores across multiple countries and formats.
- Management expects roughly 2.5% EBITDA synergies realizable within two years of closing.
- The merger is to take legal effect from April 1, 2026, subject to customary regulatory and shareholder approvals over 12–15 months.
6 days ago
Yum Brands plans strategic review of Pizza Hut
YUM
Demand Weakening
M&A
- Pizza Hut’s U.S. same-store sales fell 6% last quarter, marking eight consecutive quarters of declines.
- Pizza Hut accounts for about 11% of Yum’s operating profits, versus 38% for Taco Bell in the U.S..
- Yum Brands has launched a strategic review of Pizza Hut, including the possibility of spinning off the brand to realize its full value.
- Internationally, Pizza Hut’s same-store sales rose 2% last quarter outside the U.S., but overall international sales fell over 2% in 2024.
Nov 4, 2025, 1:24 PM
Yum! Brands announces Q3 2025 results and strategic review
YUM
Earnings
CEO Change
M&A
- Leadership changes: Chris Turner appointed CEO, succeeding David Gibbs, with Ranjith Roy promoted to CFO and other key roles expanded to strengthen consumer, technology, and scale capabilities.
- Pizza Hut strategic review: Initiated exploration of strategic options, including potential sale, to maximize Pizza Hut’s value and position the brand for greater success.
- Taco Bell acquisition: Agreed to purchase 128 U.S. Taco Bell restaurants for approximately $670 million, expected to add $70 million incremental EBITDA in 2026, financed largely by cash and a $1.5 billion note issuance.
- Q3 2025 results: System sales +5%, core operating profit +7%; KFC operating profit +14% (6% unit growth, 3% same-store sales) and Taco Bell same-store sales +7% with digital sales up 28% year-over-year.
- Share repurchase & Q4 outlook: Repurchased 244 K shares for $36 million in Q3 (YTD $372 million); Q4 restaurant margins targeted at 24%, full-year interest expense $505–515 million, and a $15 million FX tailwind, with Pizza Hut review costs treated as special items.
Nov 4, 2025, 1:15 PM
Yum! Brands announces Q3 2025 results
YUM
Earnings
M&A
Debt Issuance
- Yum commenced a strategic review of the Pizza Hut brand, exploring options including a potential sale to maximize value for Yum and franchise partners .
- Q3 system sales grew 5% and core operating profit increased 7%, driven by 5% unit growth and 3% same-store sales growth .
- Restaurant-level margins improved at Taco Bell U.S. to 23.9% (+50 bps) and at KFC to 13.7% (+120 bps) year-over-year .
- Digital sales reached $10 billion, comprising 60% of total sales mix, and Yum opened a Q3 record 1,131 new units globally (including 760 KFC) .
- Financial actions included a $1.5 billion issuance of Taco Bell senior secured notes, $36 million of share repurchases in Q3 (bringing YTD to $372 million), and a $670 million acquisition of 128 Taco Bell restaurants, expected to add $70 million of incremental EBITDA in 2026 .
Nov 4, 2025, 1:15 PM
Yum! Brands reports Q3 2025 results and strategic update
YUM
Earnings
CEO Change
CFO Change
- Reported Q3 system sales up 5%, unit growth 3%, same-store sales 3%; digital sales reached $10 billion with a ~60% mix; core EPS was $1.58, a 15% increase year-over-year.
- Opened a Q3 record 1,131 gross new units globally: 760 KFC, 74 Taco Bell, and 289 Pizza Hut locations.
- Announced leadership changes: David Gibbs retired and will advise through 2026; Chris Turner became CEO and Ranjith Roy was promoted to CFO, with Sean Tresvant and Jim Dausch assuming expanded global roles.
- Launched a formal strategic review of Pizza Hut to evaluate options—including potential separation or divestiture—to enhance the brand’s growth and value.
Nov 4, 2025, 1:15 PM
Yum! Brands reports third-quarter 2025 results
YUM
Earnings
Management Change
M&A
- Yum! Brands delivered GAAP EPS of $1.41 and EPS excluding special items of $1.58, a 15% year-over-year increase, with worldwide system sales up 5% excluding FX, led by Taco Bell at +9% and KFC at +6%.
- Chris Turner assumed the role of CEO, Ranjith Roy was promoted to CFO, Sean Tresvant named Taco Bell CEO and Chief Consumer Officer, and Jim Dausch appointed Chief Digital & Technology Officer and President of Byte by Yum!.
- Initiated a formal review of strategic options for the Pizza Hut brand to unlock long-term value for Yum!, franchisees, and stakeholders.
- Expects to complete the acquisition of 128 Taco Bell restaurants in the U.S. Southeast in Q4 2025 to strengthen its equity-owned base and drive EBITDA growth.
Nov 4, 2025, 12:01 PM
Yum! Brands reports Q3 2025 results
YUM
Earnings
CFO Change
M&A
- GAAP EPS of $1.41 and EPS excluding Special Items of $1.58 (15% YoY growth) in Q3 2025.
- Worldwide system sales up 5% ex F/X, unit count +3% (1,131 new units), and record $10 billion digital system sales with ~60% mix.
- Initiated a strategic review of Pizza Hut and expects to acquire 128 Taco Bell restaurants in Q4 to bolster equity ownership.
- Effective October 1, appointed Ranjith Roy as CFO, Sean Tresvant as Taco Bell CEO & Chief Consumer Officer, and Jim Dausch as Chief Digital & Technology Officer.
- Taco Bell subsidiary issued $1.5 billion of securitization notes in Q3 to refinance debt and fund corporate needs.
Nov 4, 2025, 12:00 PM
Yum! Brands initiates strategic review of Pizza Hut
YUM
M&A
- Yum! Brands has launched a formal review of strategic options for Pizza Hut to maximize shareholder value and help the brand reach its full potential.
- The review will explore a range of strategic outcomes while Pizza Hut maintains focus on near-term business imperatives.
- No definitive timetable or assurance of a transaction has been set; further disclosures will occur only if deemed appropriate.
- The company has retained Goldman Sachs and Barclays as financial advisers for this strategic review.
Nov 4, 2025, 11:50 AM
Yum! Brands plans menu revamp to regain U.S. fried chicken market share
YUM
CEO Change
Product Launch
- KFC has seen six consecutive quarters of declining U.S. same-store sales amid a shift from bone-in chicken to sandwiches and boneless tenders, losing ground to Chick-fil-A, Popeyes and Raising Cane’s.
- Since 2023, Yum! Brands has closed about 300 KFC locations in the U.S. while opening 412 new Taco Bell outlets, underscoring a strategic tilt toward Taco Bell over KFC domestically.
- KFC has not received major U.S. capital investment in over a decade, with the last significant funding of $185 million for advertising and equipment roughly 10 years ago.
- New CEO Chris Turner is spearheading a leadership overhaul and menu revamp—backed by marketing campaigns featuring an “angry Colonel Sanders”—to restore KFC’s relevance.
Oct 28, 2025, 10:17 AM
YUM Brands subsidiary issues $1.5 billion senior secured notes
YUM
Debt Issuance
- On September 24, 2025, Taco Bell Funding, LLC, a wholly owned subsidiary of Taco Bell Corp. (and indirect subsidiary of YUM! Brands), completed a refinancing and issued $1.0 billion of Series 2025-1 Class A-2-I 4.821% notes and $500 million of Series 2025-1 Class A-2-II 5.049% notes in a private offering under a Second Amended and Restated Base Indenture.
- The notes are secured by substantially all assets of the issuer and its special-purpose subsidiaries, including U.S. Taco Bell franchise and license agreements, related royalties, intellectual property, transaction accounts, and equity interests in the securitization entities.
- Interest and principal are payable quarterly from continuing franchise fees, with anticipated repayment dates in August 2030 for Class A-2-I and August 2032 for Class A-2-II, and a legal final maturity in August 2055; amortization of 1% per annum may be required if leverage exceeds 5.50x.
- The transaction amended and restated leverage covenant thresholds for issuance of additional notes, setting Senior Leverage Ratio limits of 6.50:1 (increasing to 7.00:1 post-springing amendments) and Holdco Leverage Ratio limits of 7.00:1 (increasing to 7.50:1).
Sep 30, 2025, 8:38 PM
Quarterly earnings call transcripts for YUM BRANDS.
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