Yum earnings date and guidance
Yum’s next results are expected on November 3, 2026. The main thing to watch is Taco Bell traffic and margin recovery.
What has Yum guided for 2026?
Management targets 5% restaurant growth and 7% system-sales growth. It targets at least 8% core operating-profit growth. For 2026, guidance calls for $400 million of gross capital expenditure and $50 million of refranchising proceeds. Refranchising means selling company-run restaurants to independent operators who pay brand fees. Net capital expenditure is $350 million.
| period guided | low | high | date given | |
|---|---|---|---|---|
| gross capital expenditures | Year to Dec 2026 | 400 | 400 | Feb 20, 2026 |
| refranchising proceeds | Year to Dec 2026 | 50 | 50 | Feb 20, 2026 |
| net capital expenditures | Year to Dec 2026 | 350 | 350 | Feb 20, 2026 |
What this means. Net capital expenditures are lower because the company expects 50 million dollars from selling or transferring restaurants, reducing its 400 million dollars of spending to 350 million dollars.
How have Yum revenue and profit trended?
The June 2026 quarter delivered operating growth, but its earnings increase was largely tax-driven. Revenue rose 12.2% from the prior-year quarter, while operating income rose 5.3%, so sales grew faster than operating profit.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,169 | 2,059 | 2,514 | 1,979 | 1,933 | 1,787 | 2,362 | 1,826 |
| Operating income | 655 | 644 | 738 | 666 | 622 | 548 | 657 | 619 |
| Net income | 853 | 432 | 535 | 397 | 374 | 253 | 423 | 382 |
| EPS, diluted | 3.08 | 1.55 | 1.91 | 1.41 | 1.33 | 0.90 | 1.49 | 1.35 |
What this means. Net income in June 2026 is unusually high because it includes a tax benefit from the planned Pizza Hut sales, not just profit from selling food.
What should I watch in Yum’s next results?
Yum is due to discuss third-quarter results on November 3, 2026. For the September quarter, management forecast U.S. company-restaurant margins of 19.0%–21.0%. Restaurant margin is the share of sales left after restaurant operating expenses, before corporate costs and other charges. The test is whether returning customers restore that margin without sustained discounting.
The food-safety outbreak was declared over in September, but customer traffic remained an open question. From July 6 through September 11, 2026, Taco Bell visits were 12.2% below the comparable prior-year period. Visits are not sales, because prices and order sizes can change, but the decline keeps customer confidence and promotional costs in focus.