AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 31/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Registered brands, recurring royalty obligations and pooled advertising are supported by sustained Taco Bell demand and current KFC growth. These establish a current intangible advantage; scale and margins alone do not.
durability · 2/4 · Taco Bell's sales persistence and long-duration China licensing support durability. Historical Pizza Hut erosion and renegotiation of Taco Bell development rights show that brand and contractual protection remain conditional. Pizza Hut is now sold.
customer dependency · 1/4 · Repeated sales growth indirectly supports repeat demand, but numerous food alternatives and incomplete cost pass-through indicate weak dependence at the diner level. Royalty obligations establish franchise relationships without proving systemwide switching friction or renewal rates.
erosion resilience · 2/4 · Second-quarter growth excluding Pizza Hut supports resilience in the retained portfolio. Actual Turkey closures demonstrate vulnerability, and recovery from the disclosed July outbreak is unresolved. The outbreak reference does not establish the size or persistence of damage.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Menu prices actually increased beyond typical patterns, but Yum explicitly reports incomplete recovery of cost increases. This is demonstrated constrained pricing, with no established sustained price premium.
retention · 2/4 · Taco Bell's consecutive positive-sales quarters and continued KFC and Taco Bell same-store growth support repeat demand indirectly. Sales combine traffic, price and mix; neither customer retention rates nor post-outbreak demand persistence are established.
margin resilience · 2/4 · First-half operating profit increased from $1,170 million to $1,299 million while revenue rose faster, and retained brands delivered second-quarter profit growth. Actual restaurant margin pressure and incomplete cost recovery temper resilience. Consolidated franchisor results do not establish franchisee margin protection.
contractual freedom · 2/4 · Yum monetizes franchise rights through disclosed sales-based royalty obligations, but the China counterparty's 3% fee and long-duration renewable licenses constrain unilateral royalty repricing. Conditional Taco Bell development rights provide some enforcement authority. These terms do not establish freedom to set franchisees' menu prices.
Predictability100
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 2.18
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.85
- observedAnnualPeriods
- 5.00
Financial strength26
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 10.48
- netDebtEbitGrade
- 12.97
- interestCoverageGrade
- 33.92
- currentRatioGrade
- 47.65
- Debt / FCF (x)
- 7.27
- Net debt / operating income (x)
- 4.35
- Interest coverage (x)
- 4.73
- Current ratio (x)
- 1.35
Capital allocation99
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 80.33
- 3-year average dilution (%)
- -0.82
- 3-year average SBC / revenue (%)
- 1.04
- cashConversionGrade
- 94.55
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half operating cash flow of $923 million covered $175 million of capital spending, but $674 million of repurchases and $413 million of dividends exceeded the remainder alongside $375 million of net revolver borrowing. Higher borrowings increased interest expense. Completed Pizza Hut disposals demonstrate transaction delivery, but subsequent use of proceeds and realized strategic returns are unavailable.
incentive alignment · 3/4 · An approved and implemented LTIP, issued equity awards, a 50% holding requirement and operating-profit metrics weighted 50% in 2025 bonus and PSU plans demonstrate substantive alignment mechanisms. Actual advisory approval adds shareholder feedback, but does not prove optimal compensation or ownership compliance.
execution · 2/4 · KFC and Taco Bell growth, actual Byte deployment and completed Pizza Hut sales demonstrate achievements. Turkey closures, Habit losses and renegotiated Taco Bell China development terms make execution mixed. This assessment uses operating and transaction outcomes, without attributing every outcome solely to management.
governance · 3/4 · Disclosed independent leadership and committees, actual meeting attendance, board independence determinations and the auditor's effective-controls opinion support strong governance. The 25% special-meeting threshold survived the shareholder vote, and an added record-date request introduces procedural friction. Exceptional governance outcomes are not demonstrated.
Evidence
The Company and its Concepts own numerous registered trademarks.
2025 Form 10-K, filed 2026-02-20, business: registered trademarks · Filed 20/02/2026
Franchisees also pay monthly continuing fees based on a percentage of their restaurants’ sales (typically between 4% to 6%) and are required to spend a certain amount to advertise and promote the brand.
2025 Form 10-K, filed 2026-02-20, business: continuing franchise fees and advertising obligations · Filed 20/02/2026
When multiple franchisees operate in the same country or region, the national and regional advertising spending is typically conducted by a cooperative to which the franchisees and Company-owned restaurants, if any, contribute funds as a percentage of restaurants’ sales.
2025 Form 10-K, filed 2026-02-20, business: advertising cooperatives · Filed 20/02/2026
Taco Bell continued to differentiate itself as a true category of one, delivering 8% System Sales Growth(1), 7% Same-Store Sales Growth and 10% Core Operating Profit Growth(2) — on the way to its 22nd consecutive quarter of positive sales growth.
2026 proxy, filed 2026-04-03, operating review: Taco Bell 2025 results · Filed 03/04/2026
The brand delivered 6% System Sales Growth(1), 3% Same-Store Sales Growth and 10% Core Operating Profit Growth(2), demonstrating the strength and scale of its global system.
2026 proxy, filed 2026-04-03, operating review: KFC 2025 results · Filed 03/04/2026
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.
Second-quarter earnings release, filed 2026-07-30, reported divisional results · Filed 30/07/2026
The term of the license is 50 years from October 31, 2016 for the KFC and Pizza Hut brands and, subject to achieving certain agreed-upon milestones, 50 years from April 15, 2022 for the Taco Bell brand, with automatic renewals for additional consecutive renewal terms of 50 years each, subject only to us being in “good standing” and unless we give notice of our intent not to renew.
Yum China 2025 Form 10-K, filed 2026-02-27, counterparty disclosure: master-license duration and renewal conditions · Filed 27/02/2026
In exchange, we pay a license fee to YUM equal to 3% of net system sales of the licensed brands.
Yum China 2025 Form 10-K, filed 2026-02-27, counterparty disclosure: license fee payable to YUM · Filed 27/02/2026
However, because we and our Concepts’ franchisees provide competitively priced food, we have not always been able to pass through to our customers the full amount of cost increases experienced by us and our Concepts’ franchisees.
2025 Form 10-K, filed 2026-02-20, risk factors: actual incomplete cost pass-through · Filed 20/02/2026
6
Competition
The retail food industry, in which our Concepts compete, is made up of supermarkets, supercenters, warehouse stores, convenience stores, coffee shops, snack bars, delicatessens and restaurants (including those in the QSR segment), and is intensely competitive with respect to price and quality of food products, new product development, digital engagement, advertising levels and promotional initiatives, customer service reputation, restaurant location and attractiveness and maintenance of properties.
2025 Form 10-K, filed 2026-02-20, competition: food alternatives and competitive dimensions · Filed 20/02/2026
As a result, 283 KFC restaurants and 254 Pizza Hut restaurants in Turkey were closed during the first quarter of 2025.
Second-quarter Form 10-Q, filed 2026-08-05, special items: Turkey restaurant closures · Filed 05/08/2026
Numerous 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, including the impact of the July 2026 cyclospora outbreak; the impact of such outbreak on sales and pace of recovery; adverse impacts of public health conditions or other catastrophic or unforeseen events; the success and financial stability of our concepts’ 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 the sale of the Pizza Hut business; 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.
Sale-completion release, filed 2026-09-01, risk disclosure: July 2026 outbreak and uncertain recovery · Filed 01/09/2026
G&A expenses $ 56 $ 54 (5) (5) $ 116 $ 109 (6) (5) Franchise and property expenses 13 10 (29) (28) 31 21 (44) (42) Franchise advertising and other services expense 87 90 3 3 171 179 5 5 Operating Profit $ 70 $ 80 (12) (14) $ 135 $ 155 (13) (15) % Increase (Decrease) Unit Count 6/30/2026 6/30/2025 Franchise 19,855 19,709 1 Company-owned 130 59 120 Total 19,985 19,768 1 Franchise and property revenues The quarterly and year to date decreases in Franchise and property revenues, excluding the impact of foreign currency translation, were primarily driven by franchise same-store sales declines of 1% and the impact of our acquisition of restaurants from franchisees.
Second-quarter Form 10-Q, filed 2026-08-05, Pizza Hut operating results · Filed 05/08/2026
The Company and YUM are currently in the process of renegotiating the terms with respect to the development of the Taco Bell brand in China.
Yum China 2025 Form 10-K, filed 2026-02-27, counterparty disclosure: Taco Bell development renegotiation · Filed 27/02/2026
If an agreement cannot be reached, YUM will have the right to terminate our right to enter into new Taco Bell sublicenses and territorial protections for the Taco Bell brand in China.
Yum China 2025 Form 10-K, filed 2026-02-27, counterparty disclosure: conditional termination of Taco Bell sublicensing and territorial rights · Filed 27/02/2026
or the “Company”) today announced the completion of the sale of Pizza Hut, excluding Mainland China (“Pizza Hut Ex-China”), to LongRange Capital (“LongRange”) for approximately $1.5 billion, subject to certain adjustments, with the opportunity for Yum!
Sale-completion release, filed 2026-09-01, completed Pizza Hut Ex-China sale · Filed 01/09/2026
(“Yum China”), which closed on August 7, 2026, the LongRange transaction completes Yum!’s sale of Pizza Hut through two separate transactions for $2.7 billion in the aggregate, subject to certain purchase price adjustments.
Sale-completion release, filed 2026-09-01, completion of both Pizza Hut transactions and aggregate consideration · Filed 01/09/2026
Brands
Yum! Brands, Inc., and its subsidiaries franchise or operate more than 44,000 restaurants in 151 countries and territories under its iconic brands — KFC, Taco Bell and Habit Burger & Grill.
Sale-completion release, filed 2026-09-01, business: remaining restaurant portfolio · Filed 01/09/2026
We and/or our Concepts’ franchisees have taken, and may continue to take, certain actions as a result of inflationary increases in food and other operating costs noted above, including by increasing food prices beyond typical pricing patterns at certain of our Concepts’ restaurants, attempting to negotiate favorable pricing terms with our suppliers and/or shifting to suppliers with more favorable pricing where feasible, and utilizing forward contracts and commodity futures and options contracts where possible to hedge commodity prices.
2025 Form 10-K, filed 2026-02-20, risk factors: implemented menu-price increases and cost responses · Filed 20/02/2026
In 2025, the decrease in Company restaurant margin percentage, excluding the impacts of lapping the 53rd week, was driven by commodity inflation (primarily beef), higher labor and other restaurant operating costs, partially offset by higher margin percentages of the units included in the Southeast U.S.
2025 Form 10-K, filed 2026-02-20, operating review: realized company restaurant margin pressure · Filed 20/02/2026
BRANDS, INC. AND SUBSIDIARIES (in millions, except per share data) Quarter ended Year to date Revenues 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Company sales $ 837 $ 669 $ 1,622 $ 1,277 Franchise and property revenues 895 835 1,751 1,620 Franchise contributions for advertising and other services 438 428 856 823 Total revenues 2,169 1,933 4,228 3,720 Costs and Expenses, Net Company restaurant expenses 700 560 1,378 1,081 General and administrative expenses 324 302 646 604 Franchise and property expenses 41 39 85 73 Franchise advertising and other services expense 444 428 863 824 Refranchising (gain) loss (1) (11) (2) (16) Other (income) expense 6 (7) (39) (15) Total costs and expenses, net 1,514 1,311 2,930 2,550 Operating Profit 655 622 1,299 1,170 Investment (income) expense, net (6) — (6) (1) Other pension (income) expense — (1) — (1) Interest expense, net 128 123 257 243 Income Before Income Taxes 533 499 1,049 929 Income tax (benefit) provision (320) 125 (236) 301 Net Income $ 853 $ 374 $ 1,285 $ 628 Basic Earnings Per Common Share $ 3.10 $ 1.34 $ 4.65 $ 2.25 Diluted Earnings Per Common Share $ 3.08 $ 1.33 $ 4.62 $ 2.23 Dividends Declared Per Common Share $ 0.75 $ 0.71 $ 1.50 $ 1.42 See accompanying Notes to Condensed Consolidated Financial Statements.
Second-quarter Form 10-Q, filed 2026-08-05, consolidated income statement · Filed 05/08/2026
YUM! BRANDS, INC. AND SUBSIDIARIES
(in millions)
Year to date
6/30/2026
6/30/2025
Cash Flows – Operating Activities
Net Income
$
1,285
$
628
Depreciation and amortization
119
89
Refranchising (gain) loss
(2)
(16)
Deferred income taxes
(411)
12
Share-based compensation expense
35
37
Changes in accounts and notes receivable
16
34
Changes in prepaid expenses and other current assets
(43)
(47)
Changes in accounts payable and other current liabilities
(71)
(42)
Changes in income taxes payable
(17)
21
Other, net
12
134
Net Cash Provided by Operating Activities
923
850
Cash Flows – Investing Activities
Capital spending
(175)
(142)
Acquisitions of franchise restaurants
(5)
(98)
Proceeds from refranchising of restaurants
1
32
Maturities (purchases) of Short term investments, net
—
91
Other, net
10
(13)
Net Cash Used in Investing Activities
(169)
(130)
Cash Flows – Financing Activities
Repayments of long-term debt
(14)
(12)
Revolving credit facility, three months or less, net
375
50
Repurchase shares of Common Stock
(674)
(338)
Dividends paid on Common Stock
(413)
(395)
Other, net
(31)
(46)
Net Cash Used in Financing Activities
(757)
(741)
Effect of Exchange Rates on Cash and Cash Equivalents
(4)
31
Net (Decrease) Increase in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, including Balances Classified within Assets held for sale
(7)
11
Less: Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Classified within Assets held for sale
Second-quarter Form 10-Q, filed 2026-08-05, year-to-date cash-flow statement · Filed 05/08/2026
Interest expense, net The quarterly and year to date increases in Interest expense, net were driven by higher outstanding borrowings.
Second-quarter Form 10-Q, filed 2026-08-05, MD&A: borrowing-driven interest expense increase · Filed 05/08/2026
In May 2025, following Board and shareholder approval, we implemented a new LTIP, which authorized approximately 19,000,000 shares for issuance.
2026 proxy, filed 2026-04-03, compensation: approved and implemented LTIP · Filed 03/04/2026
We have issued only stock options, SARs, RSUs and PSUs under the LTIP.
2025 Form 10-K, filed 2026-02-20, equity compensation: issued award types · Filed 20/02/2026
We chose Core Operating Profit Growth as our Company Selected Measure for evaluating Pay versus Performance because it is a key metric in our annual bonus (50% weighting) and annual PSU plans (50% weighting) in 2025.
2026 proxy, filed 2026-04-03, compensation: operating-profit performance metric weights · Filed 03/04/2026
Shareholder feedback, including the 2025 voting results on NEO compensation, has influenced and reinforced a number of compensation design changes over the years, including: ▪ Added a 50% holding requirement to the stock ownership guidelines applicable to approximately 200 of our senior employees, including the NEOs.
2026 proxy, filed 2026-04-03, compensation: implemented holding requirement · Filed 03/04/2026
Directors with experience, qualification and skills across a wide range of public and private sector companies
▪
Board access to senior management and independent advisors
▪
Independent non-executive chair
▪
Independent board committees
▪
Executive sessions of independent directors at every regular board and committee meeting
▪
Comprehensive risk oversight by board and its committees
▪
Annual board and committee self-evaluations
▪
All directors attended at least 75% of meetings held
▪
YUM’s Global Code of Conduct
▪
Political Contributions and U.S.
2026 proxy, filed 2026-04-03, governance: independent leadership, committees and actual attendance · Filed 03/04/2026
As a result of this review, the Board affirmatively determined that all of the directors are independent of the Company and its management under NYSE rules, with the exception of Chris Turner, who is not considered independent because of his employment by the Company.
2026 proxy, filed 2026-04-03, governance: board independence determinations · Filed 03/04/2026
Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
2025 Form 10-K, filed 2026-02-20, auditor opinion: effective internal financial controls · Filed 20/02/2026
For the reasons described above, the Board urges shareholders to vote AGAINST this proposal as it remains confident that the Company’s current 25% ownership threshold appropriately balances the interests of all shareholders and reflects prevailing market practice among other large public companies.
2026 proxy, filed 2026-04-03, governance: existing 25% special-meeting threshold · Filed 03/04/2026
3.The proposal to approve, by non-binding advisory vote, the executive compensation of the Company's named executive officers was approved based upon the following votes:
Votes for approval
212,220,747
Votes against
9,209,495
Abstentions
684,673
Broker non-votes
23,986,264
4.The shareholder proposal regarding reducing the ownership threshold for shareholders to call a special meeting was not approved based upon the following votes:
Votes for approval
83,507,337
Votes against
137,798,232
Abstentions
809,346
Broker non-votes
23,986,264
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Annual-meeting results, filed 2026-05-19, actual compensation and special-meeting proposal votes · Filed 19/05/2026
•Section 3 of Article 2 was amended to modify the procedural mechanics for shareholders to request that a special meeting of shareholders be called, including requiring that a shareholder first request that the Board fix a record date for the determination of the shareholders entitled to request that a special meeting of shareholders be called.
Bylaw amendment disclosure, filed 2025-11-26, special-meeting procedural requirements · Filed 26/11/2025
In 2025, Byte by Yum! processed more than 370 million digital transactions, with platform transactions growing over 60% year-over-year.
2026 proxy, filed 2026-04-03, operating review: actual Byte transaction volume · Filed 03/04/2026
At year-end, at least one Byte product was live in 38,000 restaurants globally across the YUM system.
2026 proxy, filed 2026-04-03, operating review: actual Byte product deployment · Filed 03/04/2026
This arrangement combines the purchasing power of the Company-owned and franchisee restaurants, which the Company believes leverages the system’s scale to drive cost savings and effectiveness in the purchasing function.
2025 Form 10-K, filed 2026-02-20, business: management assertion about pooled purchasing benefits · Filed 20/02/2026
Quarter ended Year to date % B/(W) % B/(W) 2026 2025 Reported 2026 2025 Reported System Sales $ 177 $ 166 7 $ 343 $ 321 7 Same-Store Sales Growth (Decline) % 3 (4) N/A 4 (3) N/A Total revenues $ 139 $ 134 4 $ 269 $ 262 3 Operating Profit (Loss) $ (4) $ 3 NM $ (11) $ 2 NM Unit Count 6/30/2026 6/30/2025 % Increase (Decrease) Franchise 84 76 11 Company-owned 304 303 — Total 388 379 2 Corporate & Unallocated Quarter ended Year to date (Expense) / Income 2026 2025 % B/(W) 2026 2025 % B/(W) Corporate and unallocated G&A $ (114) $ (97) (18) $ (225) $ (202) (11) Unallocated Company restaurant expenses (13) (4) (241) (25) (7) (279) Unallocated Franchise and property revenues — — NM — (1) NM Unallocated Refranchising gain (loss) 1 11 (88) 2 16 (85) Unallocated Other income (expense) (See Note 6) (6) 4 NM 39 10 NM Investment income (expense), net 6 — NM 6 1 NM Other pension income (expense) — 1 (93) — 1 (74) Interest expense, net (128) (123) (4) (257) (243) (6) Income tax benefit (provision) (See Note 8) 320 (125) 356 236 (301) 178 Effective tax rate (See Note 8) (60.1) % 25.1 % 85.1 ppts.
Second-quarter Form 10-Q, filed 2026-08-05, Habit operating results · Filed 05/08/2026
•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%.
Second-quarter earnings release, filed 2026-07-30, operating results excluding Pizza Hut · Filed 30/07/2026
