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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) investor relations material
Yum! Brands Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Leadership transition with Chris Turner as CEO and Ranjith Roy as CFO, emphasizing a renewed focus on growth, culture, and franchisee economics.
Strategic review of Pizza Hut announced, exploring options including a potential sale to maximize value and reposition the brand, incurring $4 million in related costs.
Acquisition of 128 Taco Bell restaurants in the Southeast U.S. to accelerate profitability and unit development, expected to close in Q4, with no change to the asset-light model.
Strong performance from KFC and Taco Bell, which together account for nearly 90% of divisional operating profit; worldwide system sales grew 5% excluding foreign currency, led by Taco Bell (+9%) and KFC (+6%).
Record digital system sales reached $10 billion, with a digital mix of approximately 60%.
Financial highlights
System sales grew 5% year-over-year in Q3, with 3% unit growth and 3% same-store sales growth.
Core operating profit up 7% year-over-year to $677 million; ex-special EPS of $1.58, up 15%.
Total revenues for the quarter were $1.98 billion, up 8% year-over-year; net income was $397 million, up 4%.
Taco Bell U.S. restaurant-level margins at 23.9%, up 50 bps year-over-year; KFC at 13.7%, up 120 bps.
Opened 1,131 gross new units globally in Q3, a record, with KFC opening 760 units.
Outlook and guidance
KFC expected to achieve record gross unit openings for the full year; Taco Bell to deliver strong international development.
Taco Bell U.S. full-year restaurant-level margins expected at 24%.
Q4 ex-special G&A to grow mid-single digits year-over-year; full-year interest expense expected at $505–$515 million.
FX expected to provide a $15 million tailwind to Q4 operating profit.
Targets long-term average annual growth of 5% in unit count, 7% in system sales (ex-FX), and at least 8% in core operating profit (ex-FX and 53rd week).
Pizza Hut strategic review: next steps
Byte expansion strategy and impact
Taco Bell acquisition: expected impact
What catalysts led to Pizza Hut strategic review?
Chief Scale Officer's key priorities?
Taco Bell acquisition: why this specific region?
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Next Yum! Brands earnings date
Q4 20254 Feb, 2026
Next Yum! Brands earnings date
Q4 20254 Feb, 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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