Yum! Brands公布2026年二季度业绩，Taco Bell同店销售增长7%并确认出售Pizza Hut

Taco Bell Same-Store Sales Growth 7%; KFC Unit Growth 7%;
Digital System Sales Mix Excluding Pizza Hut Exceeded 60%
LOUISVILLE, Ky.--(BUSINESS WIRE)--
Yum! Brands, Inc. (NYSE: YUM) today reported results for the second quarter ended June 30, 2026. Second-quarter GAAP EPS was $3.08 and second-quarter EPS excluding Special Items was $1.62.
CHRIS TURNER COMMENTS
Chris Turner, CEO, said “We delivered another strong quarter with robust same-store sales and restaurant-level margin performance. We also reached separate definitive agreements with two exceptional buyers for the Pizza Hut business, bringing our strategic review process to a close. Yum! will enter its next chapter as a more focused organization positioned to accelerate growth. As we continue to Raise the B.A.R., our priorities are to deepen consumer relevance, improve restaurant economics, bring the benefits of Byte by Yum! to more of our system and allocate capital in a way that creates sustained shareholder value. Our message is straightforward: Yum! is built for dependable growth, disciplined execution and long-term value creation.”
STRATEGIC ANNOUNCEMENTS
- On June 15 th, KFC launched its next chapter on the journey to set the standard for the modern chicken QSR. This involves a refreshed brand identity and a menu revamp that is centered around boneless chicken, beverages and crave-worthy sauces. KFC is bringing consumers a more flavor-forward experience built to unlock flavor exploration, personalization and craveability while giving fans more ways to customize to make the menu their own. KFC's aspiration is to have core elements of its strategy live across its Top 20 markets by the end of 2027.
- On June 16 th, Yum! entered into two definitive agreements to sell Pizza Hut. Pizza Hut, excluding Mainland China, will be acquired by LongRange Capital, a private equity firm with a consumer-centric and operationally oriented approach, and Pizza Hut in Mainland China will be acquired by Yum China, which will remain Yum!'s master franchisee for KFC and Taco Bell in Mainland China. The sale provides the strongest path to maximize shareholder value while providing Pizza Hut an ownership structure tailored to its distinct markets, competitive strengths and long-term priorities.
SECOND-QUARTER HIGHLIGHTS
- Worldwide system sales grew 5%, excluding foreign currency translation.
- Unit count increased 5% including 1,053 gross new units in the quarter.
- GAAP Operating Profit grew 5% and Core Operating Profit grew 5%.
- Foreign currency translation favorably impacted divisional operating profit by $16 million.
- Excluding Pizza Hut, digital system sales approached $9 billion, with digital mix exceeding 60%.
- Excluding Pizza Hut, system sales grew 7% excluding foreign currency translation, unit count grew 6%, same-store sales grew 4% and Core Operating Profit grew 8%.
Reported Results | % Change |
| System Sales Ex F/X | Same-Store Sales | Units | GAAP Operating Profit | Core Operating Profit1 |
KFC Division | +6 | +2 | +7 | +13 | +9 |
Taco Bell Division | +9 | +7 | +3 | +19 | +19 |
Pizza Hut Division | (2) | (1) | +1 | (12) | (14) |
Worldwide | +5 | +3 | +5 | +5 | +5 |
| Second-Quarter | Year-to-Date |
| | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change |
GAAP EPS | $ | 3.08 | $ | 1.33 | | +131 | $ | 4.62 | $ | 2.23 | | +107 |
Less Special Items EPS1 | $ | 1.46 | $ | (0.11 | ) | NM | $ | 1.50 | $ | (0.51 | ) | NM |
EPS Excluding Special Items | $ | 1.62 | $ | 1.44 | | +12 | $ | 3.12 | $ | 2.74 | | +14 |
1 See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items. |
All comparisons are versus the same period a year ago. |
System 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. |
Digital system sales includes all transactions at system restaurants where consumers utilize ordering interaction that is primarily facilitated by automated technology. |
KFC DIVISION
| Second-Quarter | Year-to-Date |
| | | %/ppts Change | | | %/ppts Change |
| 2026 | 2025 | Reported | Ex F/X | 2026 | 2025 | Reported | Ex F/X |
Restaurants | 34,747 | 32,369 | +7 | N/A | 34,747 | 32,369 | +7 | N/A |
System Sales ($MM) | 9,566 | 8,721 | +10 | +6 | 18,894 | 17,061 | +11 | +6 |
Same-Store Sales Growth (%) | +2 | +2 | NM | NM | +2 | +2 | NM | NM |
Franchise and Property Revenues ($MM) | 477 | 437 | +9 | +6 | 938 | 844 | +11 | +7 |
Operating Profit ($MM) | 410 | 363 | +13 | +9 | 793 | 694 | +14 | +9 |
Operating Margin (%) | 44.3 | 42.7 | +1.6 | +1.6 | 44.0 | 42.8 | +1.2 | +1.2 |
- KFC Division opened 660 gross new restaurants across 55 countries.
- Company-owned restaurant margins were 12.0%, down 10 basis points year-over-year.
- Foreign currency translation favorably impacted operating profit by $14 million.
KFC Markets1 | Percent of KFC System Sales2 | System Sales Growth Ex F/X |
Second-Quarter
(% Change) | Year-to-Date
(% Change) |
China | 26% | +6 | +6 |
Europe | 13% | Even | +1 |
United States | 12% | (2) | (2) |
Asia | 12% | +10 | +10 |
Latin America | 8% | +10 | +11 |
Australia | 7% | +5 | +4 |
United Kingdom | 7% | +10 | +9 |
Middle East / Turkey / North Africa | 6% | +20 | +19 |
Africa | 5% | +6 | +7 |
Canada | 2% | (1) | (1) |
India | 2% | +16 | +16 |
1Refer to investors.yum.com/financial-information/financial-reports/ for a list of the countries within each of the markets. |
2Reflects Full Year 2025. |
TACO BELL DIVISION
| Second-Quarter | Year-to-Date |
| | | %/ppts Change | | | %/ppts Change |
| 2026 | 2025 | Reported | Ex F/X | 2026 | 2025 | Reported | Ex F/X |
Restaurants | 9,046 | 8,756 | +3 | N/A | 9,046 | 8,756 | +3 | N/A |
System Sales ($MM) | 4,677 | 4,275 | +9 | +9 | 9,071 | 8,255 | +10 | +10 |
Same-Store Sales Growth (%) | +7 | +4 | NM | NM | +8 | +6 | NM | NM |
Franchise and Property Revenues ($MM) | 271 | 248 | +9 | +9 | 522 | 482 | +8 | +8 |
Operating Profit ($MM) | 311 | 262 | +19 | +19 | 591 | 502 | +18 | +18 |
Operating Margin (%) | 36.4 | 36.8 | (0.4) | (0.4) | 35.8 | 36.7 | (0.9) | (0.9) |
- Taco Bell Division opened 54 gross new restaurants across 15 countries.
- Taco Bell U.S. system sales grew 9% and same-store sales grew 7%. U.S. company-owned restaurant margins were 26.2%.
- Taco Bell International system sales excluding foreign currency translation grew 13% and same-store sales grew 5%.
PIZZA HUT DIVISION
| Second-Quarter | Year-to-Date |
| | | %/ppts Change | | | %/ppts Change |
| 2026 | 2025 | Reported | Ex F/X | 2026 | 2025 | Reported | Ex F/X |
Restaurants | 19,985 | 19,768 | +1 | N/A | 19,985 | 19,768 | +1 | N/A |
System Sales ($MM) | 3,108 | 3,116 | Even | (2) | 6,223 | 6,144 | +1 | (1) |
Same-Store Sales Growth (%) | (1) | (1) | NM | NM | (1) | (1) | NM | NM |
Franchise and Property Revenues ($MM) | 143 | 147 | (3) | (4) | 285 | 290 | (2) | (3) |
Operating Profit ($MM) | 70 | 80 | (12) | (14) | 135 | 155 | (13) | (15) |
Operating Margin (%) | 27.6 | 33.5 | (5.9) | (6.3) | 26.5 | 32.9 | (6.4) | (6.7) |
- Pizza Hut Division opened 333 gross new restaurants across 33 countries.
- Foreign currency translation favorably impacted operating profit by $2 million.
| Second-Quarter (% Change) | Year-to-Date (% Change) |
| International | U.S. | International | U.S. |
System Sales Growth Ex F/X | Even | (5) | +2 | (6) |
Same-Store Sales Growth | (1) | (2) | +1 | (3) |
Pizza Hut Markets1 | Percent of Pizza Hut System Sales2 | System Sales Growth Ex F/X |
Second-Quarter
(% Change) | Year-to-Date
(% Change) |
United States | 40% | (5) | (6) |
China | 19% | +4 | +6 |
Asia | 13% | (1) | +3 |
Europe | 12% | (11) | (9) |
Latin America | 7% | +4 | +6 |
Middle East / Africa | 4% | +6 | +8 |
Canada | 3% | +3 | Even |
India | 2% | +5 |