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.
4 questions for YUM
David Palmer
Evercore ISI
4 questions for YUM
David Tarantino
Robert W. Baird & Co.
4 questions for YUM
Dennis Geiger
UBS
4 questions for YUM
John Ivankoe
JPMorgan Chase & Co.
4 questions for YUM
Brian Harbour
Morgan Stanley
2 questions for YUM
Gregory Francfort
Guggenheim Securities
2 questions for YUM
Andrew Charles
TD Cowen
1 question for YUM
Christine Cho
Goldman Sachs Group
1 question for YUM
Danilo Gargiulo
AllianceBernstein
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.
- 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.
- Yum! Brands' Board elected Christopher Turner as CEO effective October 1, 2025; outgoing CEO David Gibbs, after 37 years, will remain until September 30, 2025 and then serve as a non-executive adviser through the end of 2026.
- Turner, age 50, has served as CFO since 2019 and Chief Franchise Officer since 2024, and he previously led PepsiCo’s retail & e-commerce operations across 25+ countries.
- For 2025, his compensation includes a $1.1 million base salary, a performance bonus target of 200% (up to 300%), and a $1.5 million long-term equity award; his 2026 equity grant is expected to total $10.1 million.
- Under Gibbs, Yum! Brands expanded to nearly 61,000 global units, with digital sales exceeding $30 billion in 2024 (>50% of total sales), and maintained 22 consecutive years of dividends (current yield 2%).
- Goldman Sachs upgraded Yum! Brands from Neutral to Buy with a 12-month price target of $167, implying ~16% upside.
- KFC led Q1 2025 growth with 528 global openings, the second-highest first-quarter result in its history.
- Approximately 98% of outlets are franchised, bolstering resilience against rising costs and macro risks.
- Yum plans to triple Taco Bell’s international footprint to over 3,000 stores by 2030, focusing on markets like the UK, Spain, Australia, and India.
- Goldman Sachs marginally revised Yum’s FY25 EBITDA to $2.90 billion (from $2.91 billion) while leaving FY26 and FY27 estimates unchanged.
- Yum! Brands reaffirmed its long-term target of 5% annual unit growth and highlighted strong international expansion, notably through KFC International and the rapid growth of Taco Bell in global markets.
- The company is advancing its digital transformation with Byte by Yum!, a SaaS platform designed to enhance consumer engagement, operational efficiency, and drive top-line growth via AI-driven marketing and voice AI capabilities.
- Executives emphasized leveraging scale across brands through integrated supply chain solutions and noted robust performance, including a 9% same-store sales growth at Taco Bell in Q1.
- Q1 2025 earnings: GAAP EPS of $0.90 and EPS excluding Special Items of $1.30, with a 5% increase in GAAP operating profit and 8% Core Operating Profit growth .
- Strong performance driven by 9% same-store sales growth at Taco Bell U.S., 7% unit growth for KFC International, and a 5% increase in worldwide system sales .
- Digital transformation remains a key focus with the success of Byte by Yum! and a new collaboration with NVIDIA to boost AI-driven initiatives, alongside Taco Bell’s investor event unveiling a 2030 growth plan .
- Strategic operational improvements at Pizza Hut and enhanced store-level margins underline ongoing cost management efforts .
- Leadership transitions include CEO David Gibbs retiring in Q1 2026 and an executive retiring next year after a 37-year career, signaling fresh management changes .
- Partnership with NVIDIA: Yum Brands is collaborating with NVIDIA to accelerate the development of innovative AI technologies across its global portfolio of restaurants, enhancing operational and customer experiences.
- AI Deployment Initiatives: The collaboration includes deploying AI-powered voice order-taking agents and computer vision analytics, with successful pilots at select Taco Bell and Pizza Hut locations and plans to expand to 500 restaurants in Q2.