2Q26: Lettuce Aside, A Solid Showing as Post-PH Future Emerges

研报英文原文证据摘录

2Q26: Lettuce Aside, A Solid Showing as Post-PH Future Emerges

Idea

July 30, 2026 09:21 PM GMT

Morgan Stanley & Co. LLCMYum! Brands, Inc. | North America Brian Harbour, CFA

Equity Analyst

2Q26: Lettuce Aside, A Solid Brian.Harbour@morganstanley.comHilary Lee, CFA +1 617 856-8090

Research Associate

Hil.Lee@morganstanley.com +1 212 761-2203

Showing as Post-PH Future Kelly Merrill

Kelly.Merrill@morganstanley.com +1 212 761-4037

Emerges

Yum! Brands, Inc. (YUM.N, YUM UN)

Restaurants | United States of America

AlphaSignals Earnings Reaction

Stock Rating Overweight

Unchanged Modest upside Modest revision lower Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target $185.00

consensus EPS Shr price, close (Jul 30, 2026) $157.00

Mkt cap, curr (mm) $43,489

Source: Company data, Morgan Stanley Research 52-Week Range $170.14-137.44

EPS (12/26e)** $6.27

Cyclosporiasis impact on TB has been material but already ** = Based on consensus methodology

improving. We adjust for that but assume it gets resolved. Prior Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

trend remained strong, and KFC as expected but a more EPS ($)** 6.04 6.27 6.88 7.78

Prior EPS ($)** - 6.79 7.43 8.38

proactive future emerging. We continue to see YUM as a good, ModelWare EPS ($) 5.54 7.79 6.88 7.78

and probably faster growing compounder, remain OW. P/EEPS ($)§ 27.36.09 20.26.76 22.87.45 20.28.22

Div yld (%) 1.9 1.9 2.1 2.3

Key Takeaways Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

** = Based on consensus methodology

Solid quarter results a positive given recent lettuce concerns w/ modest EPS § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

upside and better unit growth.