Yum BrandsYUM

10-Q · 5 aug 2026 · for the period to 30 jun 2026

accession 0001041061-26-000160

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01The 97% franchise mix converts system-wide sales into high-margin royalty streams with minimal capital deployed, generating consistent $2B+ annual operating cash flow that funds dividends and buybacks regardless of commodity or labor volatility borne by franchisees. This capital-light model compounds returns on equity far above asset-heavy restaurant operators.

franchise royaltynot in the table

holdsread 8 sep 2026

02Net cash provided by operating activities was $923 million in 2026 versus $850 million in 2025With the anticipated net proceeds from the Pizza Hut transactions, we expect to pay down the current drawings on the Revolving Facility and the majority of the remainder will be set aside for share repurchasesIn June 2026, our Board of Directors authorized incremental share repurchases of up to $4 billion through June 30, 2028We expect to maintain our consolidated net leverage ratio at approximately 4.0x EBITDA over the medium term

capital disciplinea reason to hold, not a barrier

strengtheningread 8 sep 2026

03Taco Bell's sustained high-single-digit same-store sales growth combined with positive unit growth demonstrates pricing power and menu innovation resonance that can offset weakness elsewhere in the portfolio, providing a growth engine post-Pizza Hut divestiture.

pricing powercan hold its price and keep the customer

holdsread 8 sep 2026

04Reach the full potential of Byte by Yum! by effectively operating, innovating and expanding our connected platform built by restaurant operators for restaurant operatorsWe will continue to provide Byte by Yum!, our proprietary technology, to Pizza Hut Ex-China subsequent to the saleAdditionally, following the closing of the transaction, we will provide certain enterprise technology and finance services to Pizza Hut Ex-China under a transition services agreement

technology moatnot in the table

holdsread 8 sep 2026

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