Yum! Brands, Inc. (YUM) operates a global system of over 58,000 restaurants in more than 155 countries and territories under four main concepts: KFC, Taco Bell, Pizza Hut, and The Habit Burger Grill . The company specializes in offering a variety of fast-food options, including chicken products, Mexican-style food, pizza, and chargrilled burgers . The majority of Yum! Brands' restaurants are operated by franchisees, with franchise and property revenues playing a significant role in the company's financial structure .
- KFC - Specializes in chicken products, offering a wide range of fried and grilled chicken meals.
- Taco Bell - Offers Mexican-style food, including tacos, burritos, and other specialty items.
- Pizza Hut - Focuses on pizza, providing a variety of pizza styles and complementary side dishes.
- The Habit Burger Grill - Known for chargrilled burgers, offering a fast-casual dining experience.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Aaron Powell Executive | CEO of the Pizza Hut Division | None | Aaron Powell joined Yum! Brands in September 2021 as CEO of the Pizza Hut Division. He has focused on digital transformation and modernizing Pizza Hut. | |
Christopher Turner Executive | Chief Financial Officer | None | Christopher Turner has been CFO since August 2019, overseeing finance, corporate strategy, supply chain, and IT. He previously held senior roles at PepsiCo and McKinsey & Company. | |
David Russell Executive | Senior Vice President, Finance and Corporate Controller | None | David Russell has been with Yum! since 1999 and serves as SVP, Finance and Corporate Controller. He marked his 100th quarterly earnings announcement in 2024. | |
David W. Gibbs Executive | Chief Executive Officer | Director of Under Armour, Inc. | David W. Gibbs has been with YUM! Brands for over 30 years, serving in various leadership roles. He became CEO in January 2020 and has been instrumental in YUM's transformation into a capital-light franchisor. | |
Sabir Sami Executive | CEO of the KFC Division | None | Sabir Sami has been CEO of the KFC Division since January 2022. He announced his resignation effective March 1, 2025, but will remain as an advisor until March 2026. | |
Sean Tresvant Executive | CEO of the Taco Bell Division | None | Sean Tresvant became CEO of the Taco Bell Division on January 1, 2024. He joined Taco Bell in January 2022 and has a background in brand strategy from Nike. | |
Tracy Skeans Executive | Chief Operating Officer and Chief People Officer | None | Tracy Skeans joined YUM in 2000 and has held various leadership roles. She has been COO since January 2021 and CPO since January 2016, contributing to record-breaking development growth. | |
Annie Young-Scrivner Board | Director | CEO of Wella Company | Annie Young-Scrivner joined the Yum! Brands Board in 2020. She is the CEO of Wella Company and has held leadership roles at Godiva and Starbucks. | |
Brian C. Cornell Board | Non-Executive Chairman | Chairperson and CEO of Target Corporation | Brian C. Cornell has been a director at YUM since 2015 and Non-Executive Chairman since November 2018. He is also the CEO of Target Corporation. | |
Christopher Connor Board | Director | Board Member at International Paper Company | Christopher Connor has been a director at YUM since 2017. He is the former Chairman and CEO of The Sherwin-Williams Company. | |
M. Brett Biggs Board | Director | Board of Directors at Adobe, Inc. and The Procter & Gamble Company | M. Brett Biggs joined the Yum! Brands Board in August 2023. He has extensive experience in finance and strategic planning from his previous roles at Walmart. | |
P. Justin Skala Board | Director | CEO of ZO Skin Health | P. Justin Skala has been a director at YUM since 2016. He has held various leadership roles in global companies, including Colgate-Palmolive. | |
Susan Doniz Board | Director | CIO and SVP of IT & Data Analytics at Boeing Company | Susan Doniz joined the Yum! Brands Board in August 2023. She brings extensive technology and cybersecurity expertise and is also CIO at Boeing. | |
Tanya L. Domier Board | Director | Board Member at Little Leaf Farms | Tanya L. Domier has been a director at YUM since 2018. She was previously CEO of Advantage Solutions and has extensive experience in strategic planning and finance. |
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Given that sales trended below expectations this quarter due to challenges in the U.S., soft trends in China, and pressures from the Middle East conflict, can you elaborate on the specific strategies you are implementing to mitigate these headwinds and drive sales growth in these key markets?
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You've mentioned the risk of not achieving your 5% unit growth target due to increased closures, particularly in markets affected by the Middle East conflict. How do you plan to address these closures, and what measures are you taking to ensure unit growth returns to your long-term targets?
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With elevated closures impacting net new unit growth, especially in the Middle East and China, how is this affecting your overall system sales growth, and do you expect these challenges to continue into next year?
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The complex consumer environment has led to significant same-store sales declines in certain markets, with KFC same-store sales declines ranging between 15% and 45% throughout the year. How confident are you in offsetting these declines through growth in other regions, and what initiatives are you implementing to improve same-store sales performance globally?
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Your net leverage ratio ended the quarter at 4.1x, and you've stated that you have no debt maturities until 2026. Given the challenging operating environment and potential pressures on cash flow, how do you assess your balance sheet flexibility and capital allocation priorities moving forward?
Research analysts who have asked questions during YUM BRANDS earnings calls.
Brian Bittner
Oppenheimer & Co.
6 questions for YUM
David Palmer
Evercore ISI
6 questions for YUM
Dennis Geiger
UBS
6 questions for YUM
John Ivankoe
JPMorgan Chase & Co.
6 questions for YUM
David Tarantino
Robert W. Baird & Co.
5 questions for YUM
Andrew Charles
TD Cowen
3 questions for YUM
Christine Cho
Goldman Sachs Group
3 questions for YUM
Danilo Gargiulo
AllianceBernstein
3 questions for YUM
Brian Harbour
Morgan Stanley
2 questions for YUM
Gregory Francfort
Guggenheim Securities
2 questions for YUM
Jeffrey Bernstein
Barclays
2 questions for YUM
Chris Brennan
ROTH Capital Partners
1 question for YUM
Jon Tower
Citigroup
1 question for YUM
Sara Senatore
Bank of America
1 question for YUM
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Identified as a competitor in the quick service restaurant (QSR) industry, which includes entities engaged in delivery-oriented restaurant services. | |
Listed as a competitor in the QSR industry, particularly in the pizza segment. | |
Recognized as a competitor in the QSR industry, which includes coffee and snack-focused establishments. | |
Mentioned as a competitor in the QSR industry, focusing on burgers and fast food. | |
Identified as a competitor in the pizza segment of the QSR industry. | |
Includes brands such as Burger King, Tim Horton’s, and Popeye’s Chicken, competing in the QSR industry. | |
Culver’s | Listed as a competitor in the QSR industry, known for its burgers and frozen custard. |
In-N-Out Burger | Recognized as a competitor in the QSR industry, specializing in burgers. |
Sonic | Mentioned as a competitor in the QSR industry, offering drive-in fast food services. |
Hardee’s | Identified as a competitor in the QSR industry, focusing on burgers and fast food. |
Arby’s | Listed as a competitor in the QSR industry, known for its sandwiches. |
Recognized as a competitor in the QSR industry, offering a variety of fast food items. | |
Chick-fil-A | Mentioned as a competitor in the QSR industry, specializing in chicken-based menu items. |
Identified as a competitor in the QSR industry, focusing on Mexican-style food. | |
Q-doba | Listed as a competitor in the QSR industry, specializing in Mexican-style food. |
Panera Bread | Recognized as a competitor in the QSR industry, offering bakery-café style food. |
Subway | Mentioned as a competitor in the QSR industry, focusing on sandwiches. |
Dunkin’ Brands | Identified as a competitor in the QSR industry, known for coffee and baked goods. |
Five Guys | Listed as a competitor in the QSR industry, specializing in burgers and fries. |
Bojangles | Recognized as a competitor in the QSR industry, focusing on chicken and biscuits. |
Church’s | Mentioned as a competitor in the QSR industry, specializing in fried chicken. |
Del Taco | Identified as a competitor in the QSR industry, offering Mexican-style food. |
Little Caesars | Listed as a competitor in the pizza segment of the QSR industry. |
Dico’s | Recognized as a competitor in the QSR industry, particularly in international markets. |
Jollibee | Mentioned as a competitor in the QSR industry, with a strong presence in international markets. |
Blaze | Identified as a competitor in the QSR industry, focusing on fast-casual pizza. |
MOD Pizza | Listed as a competitor in the QSR industry, specializing in fast-casual pizza. |
Olive Garden | Recognized as a competitor in the casual dining segment, offering Italian-American cuisine. |
JAB Holding Company | Mentioned as a competitor in the QSR industry, owning various food and beverage brands. |
Identified as a competitor in the casual dining segment, owning multiple restaurant brands. | |
Inspire Brands | Listed as a competitor in the QSR industry, owning multiple fast food and casual dining brands. |
Focus Brands | Recognized as a competitor in the QSR industry, owning various food and beverage brands. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
218 KFC Franchise Restaurants in U.K. & Ireland | 2024 | The acquisition was completed on April 29, 2024, with a total deal value of $171 million – structured as $174 million in cash (net of cash acquired) offset by a $3 million liability, and accounted for as a business combination with allocations including $79 million in goodwill, $47 million in reacquired franchise rights (useful life of 5 years), and $85 million in property, plant, and equipment. This strategic acquisition aims to accelerate growth in the large and growing U.K. and Ireland chicken market, generating an anticipated $40 million of incremental EBITDA within 12 months, and was funded entirely using cash on hand. |
Recent press releases and 8-K filings for YUM.
- 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.
- 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.
- 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 .
- 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.
- 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.
- 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.
- 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.
- 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.
- 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).
- Chris Turner, Yum! Brands’ CFO since 2019 and Chief Franchise Officer since 2024, has been appointed to the Board effective October 1, 2025, coinciding with his start as CEO of the company.
- Turner will succeed David Gibbs, who will retire as CEO on October 1, 2025 after 36 years with Yum! Brands and step down from the Board but remain as an executive advisor through 2026.
- The Board expects Turner’s dual role to deepen collaboration between leadership and Directors and support Yum! Brands’ next stage of growth.