Yum Brands (YUM) Q4 2025 earnings


A customer enters a Taco Bell restaurant in El Cerrito, California, US, on Tuesday, April 29, 2025.

David Paul Morris | Bloomberg | Getty Images

Yum Brands on Wednesday reported mixed quarterly results, despite strong demand for Taco Bell.

Here’s what the company reported for the period ended Dec. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $1.73 adjusted vs. $1.77 expected
  • Revenue: $2.51 billion vs. $2.45 billion expected

Yum reported fourth-quarter net income of $535 million, or $1.91 per share, up from $423 million, or $1.49 per share, a year earlier. The company’s tax rate was higher than anticipated by Wall Street, according to Kalinowski Equity Research.

Excluding tax benefits, acquisition costs and other one-time items, the restaurant company earned $1.73 per share.

Net revenue rose 6% to $2.51 billion.

Yum’s global same-store sales increased 3%, fueled by strong performance at Taco Bell and in KFC’s international markets.

Taco Bell’s same-store sales spiked 7% in the quarter, topping Wall Street expectations of 5.6% growth, according to StreetAccount.

The Mexican-inspired chain is the gem of Yum’s portfolio, regularly outperforming the broader fast-food industry, thanks to a mix of value offerings and buzzy menu items. The chain is stealing market share from competitors, and consumers aged 18 to 24 years old are flocking to its restaurants, Yum CEO Chris Turner said on the company’s conference call.

KFC saw its global same-store sales rise 3%. The fried chicken chain’s international locations reported same-store sales growth of 3%, while restaurants in the U.S. saw a same-store sales increase of 1%.

Wall Street analysts had expected KFC to report same-store sales growth of 2.1%, according to StreetAccount.

KFC has been undergoing a turnaround in its home market, where it has ceded market share to upstarts like Raising Cane’s in recent years. To win back customers, it is taking some cues from Taco Bell’s successful playbook. The chain is planning to unveil new menu items, like sauces and beverages, at a more rapid pace than it previously did. The chain will also try to offer customers more affordable options, whether it is a “profitable low-price point products” or targeted individual value offers, executives said on the company’s conference call.

And once again, Pizza Hut was the laggard of the portfolio. The embattled pizza chain reported that its same-store sales declined 1%, driven by a 3% drop in the U.S. and slightly edging out Wall Street estimates of a 1.7% decline during the period.

In November, the company said it would explore strategic options for Pizza Hut. Yum on Wednesday said that the review had begun but did not share more details.

“As of now, we intend to complete the review of options this year,” Turner said. “Given the ongoing nature of the process at this time, we cannot share further details on the strategic review.”

While Pizza Hut undergoes the review, Yum is also implementing a strategy that will act as a “bridge to a longer-term acceleration of the brand,” according to CFO Ranjith Roy. As part of that plan, Pizza Hut will shutter about 250 underperforming U.S. locations in the first half of the year.


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