YUM! Brands: Into the 2Q26 Print

研报英文原文证据摘录

YUM! Brands: Into the 2Q26 Print

Deutsche Bank

Research

Rating Company Date

Hold YUM! Brands 9 July 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 7 Jul 2026 (USD) 167.49

YUM.N YUM US NYS YUM

Price Target 177.00

Consumer

52-week range 168.16 - 68.76

Restaurants

Into the 2Q26 Print

Valuation & Risks

Lauren Silberman, CFA

YUM 2Q26 Earnings Preview Research Analyst

YUM to report 2Q26 earnings on 7/30 BMO. +1-212-250-1285

Sentiment on YUM appears positive given continued strength at Taco Bell, what

Skyler Limber

appears to be building momentum at KFC, and an accelerated growth profile Research Associate

following the divestiture of Pizza Hut. We anticipate YUM will reiterate its 2026 +1-212-250-9185

underlying guide for 8%+ EBIT growth and 5%+ unit growth. We do not expect

Anish Chejerla

YUM to officially raise its long-term growth algorithm, but rather focus on the

Research Associate

opportunity for more consistent execution with a path for upside. We estimate the

+1-212-250-9293

Pizza Hut divestiture is ~7% dilutive to 2027 EPS, implying ~2x to the P/E multiple.

YUM's brand momentum and clean, low capital-intensive growth story have

Key changes

supported its multiple re-rating, noting YUM is now trading at a notable premium

EPS (USD) 6.75 to 6.76 ↑ 0.1%

to QSR franchised peers, though further relative multiple expansion is likely

Revenue (USDm) 9,175 to 9,179 ↑ 0.0%

contingent on a more significant step up in unit growth.

Source: Deutsche Bank

n Taco Bell SSS: We are trimming our 2Q Taco Bell SSS to 6% (from 7%),

below sell-side's 6.9%, with buy-side likely at ~6%. For reference,

Bloomberg Second Measure data suggests Taco Bell 2Q sales decelerated

~160bps from 1Q (we model 200bps decel). We believe Taco Bell continued