Yum! Brands (YUM) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$1.57

$1.50$1.63

vs $1.44+9.3%

24 analysts

Next Qtr

$1.70

$1.60$1.78

vs $1.58+7.6%

24 analysts

Current Yr

$6.77

$6.53$6.89

vs $6.05+11.9%

25 analysts

Next Yr

$7.49

$6.90$7.94

vs $6.77+10.7%

27 analysts

Revenue Estimates

Current Qtr

$2.20B

$2.16B$2.25B

vs $1.93B+13.6%

19 analysts

Next Qtr

$2.24B

$2.20B$2.30B

vs $1.98B+13.0%

19 analysts

Current Yr

$9.19B

$8.98B$9.35B

vs $8.21B+11.9%

22 analysts

Next Yr

$9.66B

$8.69B$9.93B

vs $9.19B+5.1%

24 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for YUM on EDGAR.

YUM filing events and research context
Filed	Item	Context
May 6, 2026	mda_quarterly	YUM reported first-quarter 2026 total revenues of $2.06 billion and net income of $432 million, with diluted EPS rising to $1.55. Worldwide system sales grew 6% excluding foreign exchange, driven by strong performance in the Taco Bell and KFC divisions. Taco Bell achieved 10% system sales growth (ex FX) and expanded its footprint through the $666 million acquisition of 128 restaurants in the Southeast U.S. In contrast, the Pizza Hut division saw a 16% decline in operating profit, leading to the "Hut Forward" modernization program and an ongoing strategic options review expected to conclude in 2026. The company continues its asset-light strategy, with 97% of its 63,685 restaurants franchised. Significant financial risks include a contested IRS underpayment claim of $2.1 billion plus penalties related to 2014 reorganizations and a $120 million regulatory penalty in India. YUM targets a medium-term consolidated net leverage ratio of 4.0x EBITDA, utilizing operating cash flows to fund dividends and share repurchases. While KFC and Taco Bell showed strong operating profit growth of 16% each, the Habit Burger & Grill division continues to operate at a loss.
Feb 20, 2026	risk_factors	Yum! Brands faces significant headwinds across its KFC, Taco Bell, Pizza Hut, and Habit Burger & Grill concepts. Geopolitical instability, specifically the Middle East conflict, created a one-point headwind to overall same-store sales growth in 2024, primarily impacting markets in the Middle East, Malaysia, and Indonesia. Pizza Hut is currently undergoing a strategic options review to address underperformance and determine the optimal operating model within a fragmented pizza market. Financial risks are headlined by a major IRS dispute regarding a proposed $2.1 billion underpayment and $418 million in penalties, alongside a $125 million penalty order in India. Operational volatility is evident in Turkey, where the termination of franchise agreements with IS Gida resulted in the closure of 283 KFC and 254 Pizza Hut restaurants. Additionally, Taco Bell margins are pressured by commodity inflation, particularly rising beef costs. The company remains exposed to foreign currency fluctuations across its 155-country footprint and continues to manage the financial aftermath of its exit from the Russian market. These factors, combined with the need to maintain a consolidated net leverage ratio of approximately 4.0x EBITDA, define the company's current risk profile.
Nov 7, 2025	mda_quarterly	YUM’s year-to-date system sales excluding foreign exchange grew 5%, with Core Operating Profit increasing 6% to $1.909 billion. Performance was bifurcated by brand: Taco Bell and KFC saw system sales growth of 9% and 5% respectively, while Pizza Hut’s system sales declined 2% and operating profit fell 14%. In response to this weakness, the company initiated a strategic options review for the Pizza Hut brand. Growth initiatives include the acquisition of KFC UK and Ireland restaurants and a pending $670 million agreement to acquire 128 Taco Bell restaurants in the Southeast U.S. These gains were offset by the closure of 283 KFC and 254 Pizza Hut restaurants in Turkey following the termination of the IS Gida A.S. franchise agreement. Financial risks are highlighted by a $2.1 billion IRS underpayment assertion regarding 2014 reorganizations and a $125 million regulatory penalty in India, both of which YUM is contesting. The company maintains a net leverage ratio of 3.7x EBITDA on $11.5 billion of total debt. Additionally, the enactment of the One Big Beautiful Bill Act resulted in a $90 million tax expense during the third quarter.

Filed

Item

Context

May 6, 2026

mda_quarterly

YUM reported first-quarter 2026 total revenues of $2.06 billion and net income of $432 million, with diluted EPS rising to $1.55. Worldwide system sales grew 6% excluding foreign exchange, driven by strong performance in the Taco Bell and KFC divisions. Taco Bell achieved 10% system sales growth (ex FX) and expanded its footprint through the $666 million acquisition of 128 restaurants in the Southeast U.S. In contrast, the Pizza Hut division saw a 16% decline in operating profit, leading to the "Hut Forward" modernization program and an ongoing strategic options review expected to conclude in 2026. The company continues its asset-light strategy, with 97% of its 63,685 restaurants franchised. Significant financial risks include a contested IRS underpayment claim of $2.1 billion plus penalties related to 2014 reorganizations and a $120 million regulatory penalty in India. YUM targets a medium-term consolidated net leverage ratio of 4.0x EBITDA, utilizing operating cash flows to fund dividends and share repurchases. While KFC and Taco Bell showed strong operating profit growth of 16% each, the Habit Burger & Grill division continues to operate at a loss.

Feb 20, 2026

risk_factors

Yum! Brands faces significant headwinds across its KFC, Taco Bell, Pizza Hut, and Habit Burger & Grill concepts. Geopolitical instability, specifically the Middle East conflict, created a one-point headwind to overall same-store sales growth in 2024, primarily impacting markets in the Middle East, Malaysia, and Indonesia. Pizza Hut is currently undergoing a strategic options review to address underperformance and determine the optimal operating model within a fragmented pizza market. Financial risks are headlined by a major IRS dispute regarding a proposed $2.1 billion underpayment and $418 million in penalties, alongside a $125 million penalty order in India. Operational volatility is evident in Turkey, where the termination of franchise agreements with IS Gida resulted in the closure of 283 KFC and 254 Pizza Hut restaurants. Additionally, Taco Bell margins are pressured by commodity inflation, particularly rising beef costs. The company remains exposed to foreign currency fluctuations across its 155-country footprint and continues to manage the financial aftermath of its exit from the Russian market. These factors, combined with the need to maintain a consolidated net leverage ratio of approximately 4.0x EBITDA, define the company's current risk profile.

Nov 7, 2025

mda_quarterly

YUM’s year-to-date system sales excluding foreign exchange grew 5%, with Core Operating Profit increasing 6% to $1.909 billion. Performance was bifurcated by brand: Taco Bell and KFC saw system sales growth of 9% and 5% respectively, while Pizza Hut’s system sales declined 2% and operating profit fell 14%. In response to this weakness, the company initiated a strategic options review for the Pizza Hut brand. Growth initiatives include the acquisition of KFC UK and Ireland restaurants and a pending $670 million agreement to acquire 128 Taco Bell restaurants in the Southeast U.S. These gains were offset by the closure of 283 KFC and 254 Pizza Hut restaurants in Turkey following the termination of the IS Gida A.S. franchise agreement. Financial risks are highlighted by a $2.1 billion IRS underpayment assertion regarding 2014 reorganizations and a $125 million regulatory penalty in India, both of which YUM is contesting. The company maintains a net leverage ratio of 3.7x EBITDA on $11.5 billion of total debt. Additionally, the enactment of the One Big Beautiful Bill Act resulted in a $90 million tax expense during the third quarter.

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