Expenses rise and Taco Bell structure weighs on margins
G&A expenses climbed to $293 million from $273 million, reflecting higher headcount, digital and technology spending, and legal and professional fees.
Management flagged margin pressure from the Taco Bell securitization structure, which excludes U.S. Taco Bell franchise fees while adding royalties on company stores.
Q2 results rise on sales growth and restaurant acquisitions
YUM! Brands’ Restricted Group posted Q2 2026 total revenues of $1.93 billion, up from $1.71 billion, reflecting higher company sales.
Company sales rose to $837 million from $669 million, driven by restaurant acquisitions from franchisees and 6% company same-store sales growth.
Operating profit increased to $423 million from $411 million, helped by same-store sales growth, acquired restaurants, and unit growth, but offset by higher costs.
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