Yum! Brands completed the divestiture of Pizza Hut during 3Q26, leaving a more concentrated portfolio centered on KFC and Taco Bell. Excluding Pizza Hut, system sales increased 3% ex-FX, unit count grew 7%, and Core Operating Profit increased 1% y/y, with KFC delivering 8% Core Operating Profit growth. Taco Bell U.S. same-store sales declined 4% during the quarter but recovered to approximately 1% growth QTD and 3% over the trailing four weeks through October 30. Looking ahead, KFC’s international development, Taco Bell’s continued sales recovery, and the adoption of Byte remain central to improving franchisee economics and expanding the royalty base, while stranded-cost removal and debt refinancing will influence near-term earnings growth.