YUM

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NEWS

Yum! Brands Reports Third-Quarter Results

KFC Unit Growth of 7%; Yum! Completes Pizza Hut Divestiture;

Returns $1.8 Billion to Shareholders Through Dividends and Share Repurchases Year-to-Date;

Taco Bell U.S. Outpaces the QSR Industry Since End of September

Louisville, KY (November 3, 2026) - Yum! Brands, Inc. (NYSE: YUM) today reported results for the third quarter ended September 30, 2026. Third-quarter GAAP EPS was $5.92 and third-quarter EPS excluding Special Items was $1.56.

CHRIS TURNER COMMENTS

Chris Turner, CEO, said “Yum! has entered its next chapter of growth, having completed the divestiture of Pizza Hut, with a sharper focus on our Raise the B.A.R. priorities. In support of those priorities, KFC delivered record Q3 global gross unit development and continues to scale its new global strategy reflecting the brand’s ambition of being the most modern chicken QSR. I’m also very pleased that, since the end of September, Taco Bell U.S. has been outpacing the QSR industry on same-store sales growth. Taco Bell will continue building on this momentum, with differentiated value and innovation that resonate across all consumer groups. With iconic brands, unmatched global scale and significant development white space, we remain confident in our ability to deliver consistent earnings growth and create long-term shareholder value.”

STRATEGIC ANNOUNCEMENTS

•On August 7th and September 1st, Yum! completed the sales of the Pizza Hut brand in mainland China to Yum China and Pizza Hut excluding mainland China to LongRange Capital, respectively.

PERFORMANCE METRICS EXCLUDING PIZZA HUT

•Unit count increased 7% including 955 gross new units in the quarter.

•Digital system sales over $9 billion, with digital mix reaching 64%.

Performance MetricsThird-Quarter % Change

System Sales Ex F/XSame-Store SalesUnits

KFC Division+6+1+7

Taco Bell Division(2)(4)+3

Worldwide3Even+7

OPERATING RESULTS

•2026 results presented below include the results of Pizza Hut prior to the sale dates referenced above. 2025 results include the results of Pizza Hut for the entirety of the periods presented below.

•Excluding the results of Pizza Hut from both 2026 and 2025, Core Operating Profit grew 1% for the quarter and 6% for the year to date.

•2026 GAAP Operating Profit figures presented below reflect a pre-tax gain of approximately $1.7 billion related to the sales of Pizza Hut.

•Foreign currency translation favorably impacted Divisional Operating Profit by $7 million and $48 million in the quarter and year to date, respectively.

Reported ResultsThird-Quarter % ChangeYear-to-Date % Change

GAAP Operating Profit Core

Operating Profit1 GAAP Operating Profit Core

Operating Profit1

KFC Division+9+8+13+8

Taco Bell Division(5)(4)+10+10

Pizza Hut Division(41)(41)(23)(24)

Worldwide+248(4)+97+2

Third-QuarterYear-to-Date

20262025% Change20262025% Change

GAAP EPS$5.92$1.41+319$10.51$3.64+188

Less Special Items EPS1

$4.36$(0.16)NM$5.83$(0.67)NM

EPS Excluding Special Items$1.56$1.58(1)$4.68$4.32+8

1 See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items.

All comparisons are versus the same period a year ago.

System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further details.

Digital system sales includes all transactions at system restaurants where consumers utilize ordering interaction that is primarily facilitated by automated technology.

Yum! Brands, Inc. • 1900 Colonel Sanders Lane • Louisville, KY 40213 • P: 502 874-8300 • investors.yum.com

KFC DIVISION

Third-QuarterYear-to-Date

%/ppts Change%/ppts Change

20262025ReportedEx F/X20262025ReportedEx F/X

Restaurants35,42132,951+7N/A35,42132,951+7N/A

System Sales ($MM)10,0469,340+8+628,94126,401+10+6

Same-Store Sales Growth (%)+1+3NMNM+2+2NMNM

Franchise and Property Revenues ($MM)497459+8+71,4351,303+10+7

Operating Profit ($MM)425388+9+81,2171,082+13+8

Operating Margin (%)44.844.1+0.7+0.644.343.3+1.0+1.0

•KFC Division opened 878 gross new restaurants across 66 countries.

•Company-owned restaurant margins were 12.3%, down 140 basis points year-over-year, primarily driven by the 15 lower margin stores being tested under the Saucy brand in 2026.

•Foreign currency translation favorably impacted operating profit by $7 million.

KFC Markets1

Percent of KFC System Sales2 System Sales Growth Ex F/X

Third-Quarter

(% Change)Year-to-Date (% Change)

China26%+3+5

Europe13%+2+1

United States12%(6)(3)

Asia12%+12+11

Latin America8%+11+11

Australia7%+5+4

United Kingdom7%+7+8

Middle East / Turkey / North Africa6%+25+21

Africa5%+8+7

Canada2%Even(1)

India

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NEWS

Yum! Brands Reports Second-Quarter Results

Taco Bell Same-Store Sales Growth 7%; KFC Unit Growth 7%;

Digital System Sales Mix Excluding Pizza Hut Exceeded 60%

Louisville, KY (July 30, 2026) - Yum! Brands, Inc. (NYSE: YUM) today reported results for the second quarter ended June 30, 2026. Second-quarter GAAP EPS was $3.08 and second-quarter EPS excluding Special Items was $1.62.

CHRIS TURNER COMMENTS

Chris Turner, CEO, said “We delivered another strong quarter with robust same-store sales and restaurant-level margin performance. We also reached separate definitive agreements with two exceptional buyers for the Pizza Hut business, bringing our strategic review process to a close. Yum! will enter its next chapter as a more focused organization positioned to accelerate growth. As we continue to Raise the B.A.R., our priorities are to deepen consumer relevance, improve restaurant economics, bring the benefits of Byte by Yum! to more of our system and allocate capital in a way that creates sustained shareholder value. Our message is straightforward: Yum! is built for dependable growth, disciplined execution and long-term value creation.”

STRATEGIC ANNOUNCEMENTS

•On June 15th, KFC launched its next chapter on the journey to set the standard for the modern chicken QSR. This involves a refreshed brand identity and a menu revamp that is centered around boneless chicken, beverages and crave-worthy sauces. KFC is bringing consumers a more flavor-forward experience built to unlock flavor exploration, personalization and craveability while giving fans more ways to customize to make the menu their own. KFC's aspiration is to have core elements of its strategy live across its Top 20 markets by the end of 2027.

•On June 16th, Yum! entered into two definitive agreements to sell Pizza Hut. Pizza Hut, excluding Mainland China, will be acquired by LongRange Capital, a private equity firm with a consumer-centric and operationally oriented approach, and Pizza Hut in Mainland China will be acquired by Yum China, which will remain Yum!'s master franchisee for KFC and Taco Bell in Mainland China. The sale provides the strongest path to maximize shareholder value while providing Pizza Hut an ownership structure tailored to its distinct markets, competitive strengths and long-term priorities.

SECOND-QUARTER HIGHLIGHTS

•Worldwide system sales grew 5%, excluding foreign currency translation.

•Unit count increased 5% including 1,053 gross new units in the quarter.

•GAAP Operating Profit grew 5% and Core Operating Profit grew 5%.

•Foreign currency translation favorably impacted divisional operating profit by $16 million.

•Excluding Pizza Hut, digital system sales approached $9 billion, with digital mix exceeding 60%.

•Excluding Pizza Hut, system sales grew 7% excluding foreign currency translation, unit count grew 6%, same-store sales grew 4% and Core Operating Profit grew 8%.

Reported Results% Change

System Sales Ex F/XSame-Store SalesUnitsGAAP Operating Profit Core

Operating Profit1

KFC Division+6+2+7+13+9

Taco Bell Division+9+7+3+19+19

Pizza Hut Division(2)(1)+1(12)(14)

Worldwide+5+3+5+5+5

Second-QuarterYear-to-Date

20262025% Change20262025% Change

GAAP EPS$3.08$1.33+131$4.62$2.23+107

Less Special Items EPS1

$1.46$(0.11)NM$1.50$(0.51)NM

EPS Excluding Special Items$1.62$1.44+12$3.12$2.74+14

1 See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items.

All comparisons are versus the same period a year ago.

System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further details.

Digital system sales includes all transactions at system restaurants where consumers utilize ordering interaction that is primarily facilitated by automated technology.

Yum! Brands, Inc. • 1900 Colonel Sanders Lane • Louisville, KY 40213 • P: 502 874-8300 • investors.yum.com

KFC DIVISION

Second-QuarterYear-to-Date

%/ppts Change%/ppts Change

20262025ReportedEx F/X20262025ReportedEx F/X

Restaurants34,74732,369+7N/A34,74732,369+7N/A

System Sales ($MM)9,5668,721+10+618,89417,061+11+6

Same-Store Sales Growth (%)+2+2NMNM+2+2NMNM

Franchise and Property Revenues ($MM)477437+9+6938844+11+7

Operating Profit ($MM)410363+13+9793694+14+9

Operating Margin (%)44.342.7+1.6+1.644.042.8+1.2+1.2

•KFC Division opened 660 gross new restaurants across 55 countries.

•Company-owned restaurant margins were 12.0%, down 10 basis points year-over-year.

•Foreign currency translation favorably impacted operating profit by $14 million.

KFC Markets1

Percent of KFC System Sales2 System Sales Growth Ex F/X

Second-Quarter

(% Change)Year-to-Date (% Ch

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