YUM

Research · Sep 3, 2026

[YUM] Yum Brands Thesis 2026: Taco Bell Leads as Pizza Hut Faces Strategic Review

Yum Brands FY25 (Dec 31, 2025) at $8.21B revenue (+9%). NI $1.56B; EPS $5.56 (+7%). Taco Bell same-store +7% gaining share. KFC opened 30,000th international restaurant + record unit development. Digital mix near 60% / +20% YoY. Pizza Hut in strategic review. FY26 ex-Pizza Hut guide: meet/exceed long-term algorithm (>5% net new units), Taco Bell US restaurant-level margin 24-25%.