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Edge25 Jul 2025
Global Doughmination: Breaking Down Domino's Pizza
Inside the rise of Domino's Pizza: how franchising, delivery control, and supply chain mastery built one of the world's most efficient food empires.
Yum! Brands
Yum! Brands (YUM) investor relations material
Yum! Brands Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
KFC and Taco Bell delivered 10% divisional core operating profit growth year-over-year, with Taco Bell gaining market share and 7% same-store sales growth.
KFC reached 30,000 international restaurants and led record unit development, while Taco Bell's system sales rose nearly 40% since 2021.
Fourth-quarter GAAP operating profit increased 12% year-over-year; Core Operating Profit excluding the 53rd week rose 11%.
Digital sales grew 20% year-over-year, with digital mix approaching 60% and investments in technology platforms and loyalty programs driving momentum.
Strategic review of Pizza Hut is ongoing, with targeted closures and modernization efforts underway.
Financial highlights
Q4 system sales grew 5%, driven by 3% unit growth and 3% same-store sales growth; digital sales topped $11 billion, up 25% year-over-year.
Full-year system sales grew 5%, led by Taco Bell at 8% and KFC at 6%; Q4 company restaurant margins were 16%.
Q4 net income was $535M (+27% YoY); full-year net income was $1,559M (+5% YoY).
Q4 core operating profit grew 11%; ex special EPS was $1.73. Full-year core operating profit grew 7%, ex special EPS was $6.05, up 10%.
Q4 total revenues were $2,514M (+6% YoY); full-year revenues were $8,214M (+9% YoY).
Outlook and guidance
Excluding Pizza Hut, portfolio expected to meet or exceed long-term growth algorithm, including over 5% net new unit growth and Taco Bell US margins of 24%-25%.
Targets long-term average annual growth of 5% in units, 7% in system sales (ex-F/X), and at least 8% in Core Operating Profit.
Ex special G&A to grow mid-single digits; interest expense expected at $500M-$520M; tax rate in the 22%-24% range.
Pizza Hut Q1 core operating profit expected to be down ~15% due to one-time marketing support and integration costs.
Entering 2026 with strategic focus on accelerating long-term growth and 'Raise the Bar' priorities.
Pizza Hut strategic review: key objectives?
KFC U.S. sales decline: strategy to reverse?
How will recent acquisitions impact long-term unit growth?
KFC: What specific markets drive future unit growth?
Byte: What are the key hurdles for global adoption?
Taco Bell: How are new demographics driving growth?
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Next Yum! Brands earnings date
Q1 202629 Apr, 2026
Yum! Brands
Next Yum! Brands earnings date
Q1 202629 Apr, 2026
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Company Research9 Apr 2025
Yum! Brands: The Company Behind Pizza Hut, KFC, and Taco Bell
Yum! Brands started at PepsiCo in the 1970s and is home to some of the most well-known brands in the world, such as Pizza Hut, KFC, and Taco Bell.
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Business Philosophy8 Apr 2025
David Gibbs: CEO of Yum! Brands
David Gibbs has gained experience at all three of Yum! Brands' major chains – Taco Bell, KFC, and Pizza Hut – before becoming its CEO in 2020.
Frequently asked questions
Fast Food Conglomerate
Yum! Brands, Inc. is a global giant in the fast-food industry, operating a suite of well-known restaurant brands. Established in 1997 following a spin-off from PepsiCo, the company has since expanded its footprint to more than 150 countries and territories around the world. The company primarily operates through franchises, something that is relatively common in the fast food industry. Yum! Brands boasts over 50,000 restaurants worldwide, and a majority of these are run by its franchisees.
The Brands
Yum! brands act as a conglomerate and ownership group of several large multinational fast food chains. The core of their business is centered around three well-known brands: KFC, Pizza Hut, and Taco Bell. Yum Brands also has a history of owning smaller restaurant chains mainly focused on casual dining.
The Spin-off from PepsiCo
Yum! Brands has its roots in the 1997 spin-off from PepsiCo. Before becoming an independent entity, its primary restaurant chains – KFC, Pizza Hut, and Taco Bell – were integral parts of PepsiCo's portfolio. The decision to separate these restaurant businesses from PepsiCo was strategic, aiming to allow both entities to focus on their core strengths. Post-spin-off, Yum! Brands embarked on an aggressive global expansion, successfully establishing a presence in over 150 countries and territories. The company's growth wasn’t just organic; it was also marked by acquisitions, like the purchase of the casual dining chain, Long John Silver's and A&W Restaurants. However, these were later divested in 2011 to refocus on their primary brands.
Franchises and Franchisees
Yum! Brands operates primarily on a franchising model, a strategy that has significantly fueled its global reach in the industry. By franchising its core brands the company can swiftly expand without the substantial capital outlay of opening restaurants in new locations. This approach allows local entrepreneurs to adapt offerings to regional tastes and preferences, ensuring the brand's relevance and success in diverse markets. Around 90% of Yum! Brands' restaurants worldwide are operated by independent franchisees. This is nothing unique in the fast food industry, and chains like McDonald's and Restaurant Brands International operate through a franchising model.
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