\nYum! Brands, Inc. (NYSE: YUM) today reported results for the first quarter ended March 31, 2026. First-quarter GAAP EPS was $1.55 and first-quarter EPS excluding Special Items was $1.50, a 15% increase year-over-year.<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20260428208705\/en\/<\/a><\/p>\n CHRIS TURNER COMMENTS<\/span><\/b><\/p>\n \nChris Turner, CEO, said “We delivered solid topline momentum to start the year, with our fundamentals as strong as ever. Taco Bell delivered an outstanding 8% same-store sales growth, meaningfully ahead of the QSR industry, building off a very strong Q1 same-store sales growth rate in 2025. KFC delivered impressive unit growth and resilient same-store growth, with many KFC markets growing system sales double-digits. Yum! is incredibly well positioned to sustain sales momentum thanks to strong global consumer appeal for our brands, long-term consumption tailwinds, and our tech and AI capabilities.”<\/p>\n FIRST-QUARTER HIGHLIGHTS<\/span><\/b><\/p>\n Reported Results<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n System Sales Same-Store Sales<\/b><\/p>\n<\/td>\n Units<\/b><\/p>\n<\/td>\n GAAP Operating Core \nKFC Division<\/p>\n<\/td>\n \n+6<\/p>\n<\/td>\n \n+2<\/p>\n<\/td>\n \n+7<\/p>\n<\/td>\n \n+16<\/p>\n<\/td>\n \n+9<\/p>\n<\/td>\n<\/tr>\n \nTaco Bell Division<\/p>\n<\/td>\n \n+10<\/p>\n<\/td>\n \n+8<\/p>\n<\/td>\n \n+3<\/p>\n<\/td>\n \n+16<\/p>\n<\/td>\n \n+16<\/p>\n<\/td>\n<\/tr>\n \nPizza Hut Division<\/p>\n<\/td>\n \nEven<\/p>\n<\/td>\n \nEven<\/p>\n<\/td>\n \n+1<\/p>\n<\/td>\n \n(14)<\/p>\n<\/td>\n \n(16)<\/p>\n<\/td>\n<\/tr>\n \nWorldwide<\/p>\n<\/td>\n \n+6<\/p>\n<\/td>\n \n+3<\/p>\n<\/td>\n \n+5<\/p>\n<\/td>\n \n+17<\/p>\n<\/td>\n \n+6<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n First-Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nGAAP EPS<\/p>\n<\/td>\n \n$1.55<\/p>\n<\/td>\n \n$0.90<\/p>\n<\/td>\n \n+72<\/p>\n<\/td>\n<\/tr>\n \nLess Special Items EPS1<\/sup><\/p>\n<\/td>\n \n$0.05<\/p>\n<\/td>\n \n$(0.40)<\/p>\n<\/td>\n \nNM<\/p>\n<\/td>\n<\/tr>\n \nEPS Excluding Special Items<\/p>\n<\/td>\n \n$1.50<\/p>\n<\/td>\n \n$1.30<\/p>\n<\/td>\n \n+15<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1 <\/sup>See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items.<\/p>\n \nAll comparisons are versus the same period a year ago.<\/p>\n \nSystem sales growth figures exclude foreign currency translation (“F\/X”) and core operating profit growth figures exclude F\/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further details.<\/p>\n \nDigital system sales includes all transactions at system restaurants where consumers utilize ordering interaction that is primarily facilitated by automated technology.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n KFC DIVISION<\/span><\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n First-Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n %\/ppts Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n Reported<\/b><\/p>\n<\/td>\n Ex F\/X<\/b><\/p>\n<\/td>\n<\/tr>\n \nRestaurants<\/p>\n<\/td>\n \n34,332<\/p>\n<\/td>\n \n31,998<\/p>\n<\/td>\n \n+7<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n<\/tr>\n \nSystem Sales ($MM)<\/p>\n<\/td>\n \n9,328<\/p>\n<\/td>\n \n8,340<\/p>\n<\/td>\n \n+12<\/p>\n<\/td>\n \n+6<\/p>\n<\/td>\n<\/tr>\n \nSame-Store Sales Growth (%)<\/p>\n<\/td>\n \n+2<\/p>\n<\/td>\n \n+2<\/p>\n<\/td>\n \nNM<\/p>\n<\/td>\n \nNM<\/p>\n<\/td>\n<\/tr>\n \nFranchise and Property Revenues ($MM)<\/p>\n<\/td>\n \n461<\/p>\n<\/td>\n \n407<\/p>\n<\/td>\n \n+13<\/p>\n<\/td>\n \n+7<\/p>\n<\/td>\n<\/tr>\n \nOperating Profit ($MM)<\/p>\n<\/td>\n \n383<\/p>\n<\/td>\n \n331<\/p>\n<\/td>\n \n+16<\/p>\n<\/td>\n \n+9<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin (%)<\/p>\n<\/td>\n \n43.6<\/p>\n<\/td>\n \n42.9<\/p>\n<\/td>\n \n+0.7<\/p>\n<\/td>\n \n+0.9<\/p>\n<\/td>\n<\/tr>\n<\/table>\n KFC Markets1<\/sup><\/b><\/p>\n<\/td>\n Percent of KFC System Sales2<\/sup><\/b><\/p>\n<\/td>\n System Sales Growth Ex F\/X<\/b><\/p>\n<\/td>\n<\/tr>\n First-Quarter<\/b><\/p>\n (% Change)<\/b><\/p>\n<\/td>\n<\/tr>\n \nChina<\/p>\n<\/td>\n \n26%<\/p>\n<\/td>\n \n+5<\/p>\n<\/td>\n<\/tr>\n \nEurope<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n \n+2<\/p>\n<\/td>\n<\/tr>\n \nUnited States<\/p>\n<\/td>\n \n12%<\/p>\n<\/td>\n \n(2)<\/p>\n<\/td>\n<\/tr>\n \nAsia<\/p>\n<\/td>\n \n12%<\/p>\n<\/td>\n \n+11<\/p>\n<\/td>\n<\/tr>\n \nLatin America<\/p>\n<\/td>\n \n8%<\/p>\n<\/td>\n \n+12<\/p>\n<\/td>\n<\/tr>\n \nAustralia<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n \n+4<\/p>\n<\/td>\n<\/tr>\n \nUnited Kingdom<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n \n+9<\/p>\n<\/td>\n<\/tr>\n \nMiddle East \/ Turkey \/ North Africa<\/p>\n<\/td>\n \n6%<\/p>\n<\/td>\n \n+19<\/p>\n<\/td>\n<\/tr>\n \nAfrica<\/p>\n<\/td>\n \n5%<\/p>\n<\/td>\n \n+8<\/p>\n<\/td>\n<\/tr>\n \nCanada<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n(1)<\/p>\n<\/td>\n<\/tr>\n \nIndia<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n+16<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup>Refer to investors.yum.com\/financial-information\/financial-reports\/ for a list of the countries within each of the markets.<\/p>\n 2<\/sup>Reflects Full Year 2025.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n TACO BELL DIVISION<\/span><\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n First-Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n %\/ppts Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n Reported<\/b><\/p>\n<\/td>\n Ex F\/X<\/b><\/p>\n<\/td>\n<\/tr>\n \nRestaurants<\/p>\n<\/td>\n \n9,021<\/p>\n<\/td>\n \n8,723<\/p>\n<\/td>\n \n+3<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n<\/tr>\n \nSystem Sales ($MM)<\/p>\n<\/td>\n \n4,394<\/p>\n<\/td>\n \n3,980<\/p>\n<\/td>\n \n+10<\/p>\n<\/td>\n \n+10<\/p>\n<\/td>\n<\/tr>\n \nSame-Store Sales Growth (%)<\/p>\n<\/td>\n \n+8<\/p>\n<\/td>\n \n+9<\/p>\n<\/td>\n \nNM<\/p>\n<\/td>\n \nNM<\/p>\n<\/td>\n<\/tr>\n \nFranchise and Property Revenues ($MM)<\/p>\n<\/td>\n \n251<\/p>\n<\/td>\n \n234<\/p>\n<\/td>\n \n+7<\/p>\n<\/td>\n \n+7<\/p>\n<\/td>\n<\/tr>\n \nOperating Profit ($MM)<\/p>\n<\/td>\n \n281<\/p>\n<\/td>\n \n241<\/p>\n<\/td>\n \n+16<\/p>\n<\/td>\n \n+16<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin (%)<\/p>\n<\/td>\n \n35.2<\/p>\n<\/td>\n \n36.7<\/p>\n<\/td>\n \n(1.5)<\/p>\n<\/td>\n \n(1.5)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PIZZA HUT DIVISION<\/span><\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n First-Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n %\/ppts Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n Reported<\/b><\/p>\n<\/td>\n Ex F\/X<\/b><\/p>\n<\/td>\n<\/tr>\n \nRestaurants<\/p>\n<\/td>\n \n19,944<\/p>\n<\/td>\n \n19,786<\/p>\n<\/td>\n \n+1<\/p>\n<\/td>\n \nN\/A<\/p>\n<\/td>\n<\/tr>\n \nSystem Sales ($MM)<\/p>\n<\/td>\n \n3,114<\/p>\n<\/td>\n \n3,028<\/p>\n<\/td>\n \n+3<\/p>\n<\/td>\n \nEven<\/p>\n<\/td>\n<\/tr>\n \nSame-Store Sales Growth (%)<\/p>\n<\/td>\n \nEven<\/p>\n<\/td>\n \n(2)<\/p>\n<\/td>\n \nNM<\/p>\n<\/td>\n \nNM<\/p>\n<\/td>\n<\/tr>\n \nFranchise and Property Revenues ($MM)<\/p>\n<\/td>\n \n142<\/p>\n<\/td>\n \n143<\/p>\n<\/td>\n \n(1)<\/p>\n<\/td>\n \n(3)<\/p>\n<\/td>\n<\/tr>\n \nOperating Profit ($MM)<\/p>\n<\/td>\n \n64<\/p>\n<\/td>\n \n74<\/p>\n<\/td>\n \n(14)<\/p>\n<\/td>\n \n(16)<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin (%)<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n32.3<\/p>\n<\/td>\n \n(6.9)<\/p>\n<\/td>\n \n(7.2)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n First-Quarter (% Change)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n International<\/b><\/p>\n<\/td>\n U.S.<\/b><\/p>\n<\/td>\n<\/tr>\n \nSystem Sales Growth Ex F\/X<\/p>\n<\/td>\n \n+4<\/p>\n<\/td>\n \n(6)<\/p>\n<\/td>\n<\/tr>\n \nSame-Store Sales Growth<\/p>\n<\/td>\n \n+2<\/p>\n<\/td>\n \n(4)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Pizza Hut Markets1<\/sup><\/b><\/p>\n<\/td>\n Percent of Pizza Hut System Sales2<\/sup><\/b><\/p>\n<\/td>\n System Sales Growth Ex F\/X<\/b><\/p>\n<\/td>\n<\/tr>\n First-Quarter<\/b><\/p>\n (% Change)<\/b><\/p>\n<\/td>\n<\/tr>\n \nUnited States<\/p>\n<\/td>\n \n40%<\/p>\n<\/td>\n \n(6)<\/p>\n<\/td>\n<\/tr>\n \nChina<\/p>\n<\/td>\n \n19%<\/p>\n<\/td>\n \n+8<\/p>\n<\/td>\n<\/tr>\n \nAsia<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n \n+6<\/p>\n<\/td>\n<\/tr>\n \nEurope<\/p>\n<\/td>\n \n12%<\/p>\n<\/td>\n \n(8)<\/p>\n<\/td>\n<\/tr>\n \nLatin America<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n \n+8<\/p>\n<\/td>\n<\/tr>\n \nMiddle East \/ Africa<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n \n+11<\/p>\n<\/td>\n<\/tr>\n \nCanada<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n \n(2)<\/p>\n<\/td>\n<\/tr>\n \nIndia<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n \n+1<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup>Refer to investors.yum.com\/financial-information\/financial-reports\/ for a list of the countries within each of the markets.<\/p>\n 2<\/sup>Reflects Full Year 2025.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n HABIT BURGER & GRILL DIVISION<\/span><\/b><\/p>\n OTHER ITEMS<\/span><\/b><\/p>\n LONG-TERM GROWTH ALGORITHM<\/span><\/b><\/p>\n 1<\/sup>At this time, we are unable to forecast any Special Items or any impact from changes in F\/X rates, and therefore cannot provide an estimate of Operating Profit Growth on a GAAP basis.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n CONFERENCE CALL<\/span><\/b><\/p>\n \nYum! Brands, Inc. will host a conference call to review the company’s financial performance and strategies at 8:15 a.m. Eastern Time April 29, 2026. The number is 800\/715-9871 for North America callers and +1\/646-307-1963 for international callers, conference ID 8719077.<\/p>\n \nThe call will be available for playback beginning at 10:00 a.m. Eastern Time April 29, 2026 through May 6, 2026. To access the playback, dial +1\/800-770-2030 in North America and +1\/609-800-9909 for all international callers, conference ID 8719077.<\/p>\n \nThe webcast and the playback can be accessed by visiting Yum! Brands’ website, investors.yum.com\/events-and-presentations<\/i> and selecting \u201cQ1 2026 Yum! Brands, Inc. Earnings Call.\u201d<\/p>\n ADDITIONAL INFORMATION ONLINE<\/span><\/b><\/p>\n \nQuarter-end dates for each division, restaurant count details, definitions of terms and Restricted Group financial information are available at investors.yum.com. <\/i>Reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures are included in our Condensed Consolidated Summary of Results.<\/p>\n FORWARD-LOOKING STATEMENTS<\/span><\/b><\/p>\n \nThis announcement may contain \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as \u201cexpect,\u201d \u201cexpectation,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cintend,\u201d \u201cbelief,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201ctarget,\u201d \u201cpredict,\u201d \u201clikely,\u201d \u201cseek,\u201d \u201cproject,\u201d \u201cmodel,\u201d \u201congoing,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cforecast,\u201d \u201coutlook\u201d or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and\/ or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and\/or projections, including with respect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations, estimates or projections will be achieved.<\/p>\n \nNumerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: food safety and food- or beverage-borne illness concerns; adverse impacts of public health conditions or other catastrophic or unforeseen events; the success and financial stability of our concepts\u2019 franchisees; the success of our development strategy; anticipated benefits from past or potential future acquisitions, investments, other strategic transactions or initiatives, or our portfolio business model; the possibility that we may not be able to realize the anticipated benefits of a strategic review of the Pizza Hut brand or any potential transaction involving Pizza Hut; our significant exposure to the Chinese market; our global operations and related exposure to geopolitical instability, including the expansion or threatened expansion of restrictive trade policies and increasing anti-American sentiment; foreign currency risks and foreign exchange controls; our ability to protect the integrity or availability of IT systems or the security of confidential information and other cybersecurity risks; compliance with data privacy, data protection and emerging technology legal requirements; our ability to successfully and securely implement technology initiatives, including utilization of artificial intelligence; our increasing dependence on digital commerce and delivery platforms; the impact of social media; our ability to protect our trademarks or other intellectual property; shortages or interruptions in the availability and the delivery of food, equipment and other supplies; the loss of key personnel or failure to successfully transition senior management, labor shortages and increased labor costs, including as a result of state and local legislation related to wages and working conditions; changes in food prices and other operating costs; our corporate reputation, the value and perception of our brands and changes in consumer preferences such as wellness trends; evolving expectations and requirements with respect to social and environmental sustainability matters; adverse effects of severe weather and climate change; pending or future litigation and legal claims or proceedings; changes in, or non-compliance with, legal requirements; tax matters, including changes in tax rates or laws, impositions of new taxes, tax implications of our restructurings, or disagreements with taxing authorities; changes in consumer discretionary spending and macroeconomic conditions, including inflationary pressures and interest rate conditions; competition within the retail food industry; and risks relating to our level of indebtedness. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances.<\/p>\n \nYou should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors that could affect our financial and other results.<\/p>\n \nYum! Brands, Inc., and its subsidiaries franchise or operate more than 63,000 restaurants in 155 countries and territories under its iconic brands \u2014 KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. KFC, Taco Bell and Pizza Hut are global leaders in the chicken, Mexican-inspired food and pizza categories, respectively. Habit is a fast-casual concept known for fresh, cooked-to-order food. Fueled by Yum!\u2019s Recipe for Good Growth, KFC, Taco Bell and Pizza Hut led Entrepreneur’s 2026 Franchise 500 rankings and its Top Global Franchises 2025 list. In 2026, Yum!\u2019s unrivaled culture and talent led it to be named one of TIME magazine\u2019s list of Best Companies for Future Leaders for the third consecutive year.<\/p>\n \nCategory: Earnings<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260428208705\/en\/<\/a><\/span><\/p>\n \nAnalysts are invited to contact: \nMembers of the media are invited to contact: KEYWORDS:<\/b> Kentucky United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Retail Restaurant\/Bar Convenience Store Food\/Beverage<\/p>\n\n
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Matt Morris, Head of Investor Relations at 888\/298-6986<\/p>\n
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Lori Eberenz, Director, Public Relations, at 502\/874-8200<\/p>\n
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