Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
A tax benefit, not restaurants, more than doubled net income
Pre-tax income rose only 6.8%; a deferred tax benefit from the Pizza Hut sale explains the rest.
For investorsWhat Yum! earns once Pizza Hut is gone
For foundersRunning a fee business on other people's capital
Revenue rose 12.2% and operating profit 5.3%, as owned units swap a low-cost fee for full restaurant costs.
Pizza Hut earned the equivalent of 10.7% of operating profit, so the sale shrinks the system far more than its earnings.
Franchisees fund the buildings, staff and food, so each fee dollar arrives with almost no cost attached.
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Business Lens describes Yum! Brands from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
