Procter & Gamble for fast food

Nestle for quick-service restaurants

• KFC: Offers a variety of chicken products, including its Original Recipe fried chicken, chicken sandwiches, and sides.
• Pizza Hut: Provides a wide selection of pizzas, pasta dishes, wings, and desserts.
• Taco Bell: Serves Mexican-inspired fast food such as tacos, burritos, nachos, and quesadillas.
• The Habit Burger Grill: Specializes in made-to-order charbroiled burgers, sandwiches, salads, and shakes.

Yum Brands (YUM) operates a global quick-service restaurant business primarily through a highly franchised model. While its direct business relationships are with thousands of independent franchisees (other companies) across the globe, no single franchisee or small group of franchisees constitutes a "major customer" that would be individually identified in financial disclosures. The franchisee network is intentionally diverse and fragmented to mitigate reliance on any single entity.

Therefore, we will focus on the ultimate consumers who frequent Yum Brands' restaurants (KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill). Yum Brands primarily sells food and experiences to individuals, serving a broad spectrum of the general public. We can categorize its major customer segments as follows:

1. Families and Social Gatherers: This customer segment seeks convenient and satisfying meal solutions for groups, often for shared dining experiences at home or in casual restaurant settings. They value variety, family-sized options, and ease of ordering for multiple people. Brands like KFC and Pizza Hut, with their buckets of chicken and pizzas, particularly cater to this group for family dinners, parties, and casual get-togethers.
2. Young Adults and Value Seekers: This demographic often prioritizes affordability, speed, and customizable meal options. They are frequently students, young professionals, or individuals seeking satisfying meals on a budget. Taco Bell is a prominent example, appealing to this group with its diverse menu, value offerings, and innovative marketing. The Habit Burger Grill also attracts those looking for quality casual dining at a reasonable price.
3. Convenience-Driven Consumers: This broad category encompasses individuals and groups whose primary motivation is convenience, speed, and accessibility. They seek quick, ready-to-eat meals due to busy lifestyles, spontaneous cravings, or a preference for minimal preparation. This segment utilizes drive-thrus, delivery services, and quick counter service across all of Yum Brands' concepts, seeking ease and efficiency in their dining choices.

• Coca-Cola Company (KO)
• McLane Company

Chris Turner, Chief Executive Officer, Yum! Brands, Inc.

Chris Turner assumed the role of Chief Executive Officer of Yum! Brands on October 1, 2025, having previously served as the Chief Financial Officer since 2019 and Chief Franchise Officer since 2024. Before joining Yum! Brands, he held leadership positions at PepsiCo, where he led PepsiCo's retail and e-commerce business with Walmart across the U.S. and over 25 international markets. Turner also spent more than 13 years as a Partner at McKinsey & Company, leading the Service Operations practice in North America, the Restaurant Service Line, the Retail Operations team, and recruiting for all Southern U.S. offices. At Yum! Brands, he has been instrumental in the Company's digital and technology transformation, including the creation of Byte by Yum!, an AI-driven restaurant technology platform. He also serves on the Board of Directors of Academy Sports and Outdoors, Inc.

Ranjith Roy, Chief Financial Officer, Yum! Brands, Inc.

Ranjith Roy was appointed Chief Financial Officer of Yum! Brands on September 9, 2025. He joined Yum! Brands in 2024 as Chief Strategy Officer and Treasurer. Prior to his time at Yum!, Roy served as CFO of Goldbelly, a gourmet food e-commerce marketplace, where he contributed to scaling operations and uncovering new growth opportunities. He also dedicated over 15 years to Goldman Sachs, where he managed investment banking relationships for businesses in the restaurant, food, and food tech sectors.

Tracy Skeans, Chief Operating Officer and Chief People & Culture Officer, Yum! Brands, Inc.

Tracy Skeans serves as the Chief Operating Officer and Chief People & Culture Officer for Yum! Brands, Inc., a role she has held since joining the Company in 2000. Her responsibilities encompass global oversight for operational execution, people capability, and customer experience initiatives. Skeans' previous roles at Yum! include Chief Transformation & People Officer and President of Pizza Hut International, which involved leading a business of more than 5,900 restaurants across over 85 countries. Early in her career, she also held various finance positions at Pizza Hut, focusing on strategic planning, asset development, and accounting.

Sean Tresvant, Chief Executive Officer, Taco Bell Division, and Chief Consumer Officer, Yum! Brands, Inc.

Sean Tresvant became the Chief Executive Officer of the Taco Bell Division on January 1, 2024, and was promoted to Chief Consumer Officer for Yum! Brands on September 9, 2025. He initially joined Taco Bell in January 2022 as Global Chief Brand Officer. Before his tenure at Yum!, Tresvant spent over 15 years in leadership roles at Nike, including Chief Marketing Officer of the Jordan Brand. He also held positions as a senior brand manager at Pepsi for five years and as executive brand director at Sports Illustrated for two years. Tresvant is recognized for his leadership in successful marketing campaigns at Taco Bell, notably orchestrating the return of the Mexican Pizza.

Aaron Powell, Chief Executive Officer, Pizza Hut Division

Aaron Powell serves as the Chief Executive Officer of the Pizza Hut Division, having joined in 2021. Prior to Yum!, he spent more than 14 years at Kimberly-Clark, where he held a variety of global leadership roles, including President of Kimberly-Clark Asia-Pacific, overseeing operations in over 30 countries. His experience also includes four years with Bain & Company in its consumer practice and eight years in sales leadership and brand management roles at Procter & Gamble. Powell is currently a member of the Board of Directors for Sherwin-Williams.

Accelerated consumer shift towards plant-based and healthier fast-food options, impacting the demand for traditional offerings and increasing competition from specialized healthier or plant-based quick-service restaurants.

Proliferation of virtual restaurant brands and ghost kitchens, which leverage delivery platforms to enter the market with lower overheads and highly specialized menus, fragmenting the quick-service market and intensifying competition for digital orders and delivery occasions.

Yum! Brands operates several well-known quick-service restaurant (QSR) chains globally, each with distinct addressable markets for their main products and services. The primary brands include KFC (fried chicken), Pizza Hut (pizza), Taco Bell (Mexican-style food), and The Habit Burger Grill (chargrilled burgers/fast-casual).

Overall Fast Food and Quick Service Restaurant (QSR) Markets:

• The global fast food market was valued at approximately USD 741.25 billion in 2024 and is projected to reach USD 1,111.10 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.6% from 2025 to 2033. North America held the largest share of this market. Another source estimates the global fast food market at USD 902.1 billion in 2024, reaching USD 1,298.5 billion by 2033.
• The global quick service restaurants (QSR) market was valued at USD 971.36 billion in 2024 and is projected to grow to USD 1,930.14 billion by 2032, exhibiting a CAGR of 9.01% during the forecast period. North America dominated the quick-service restaurants market with a 37.45% share in 2024. The U.S. QSR market alone is projected to reach USD 599.87 billion by 2032. Other estimates place the global QSR market at USD 1.07 trillion in 2025, reaching USD 1.60 trillion by 2030.

Addressable Markets by Brand:

KFC (Fried Chicken)

• The global fried chicken market was valued at around USD 44.56 billion in 2024 and is predicted to grow to approximately USD 78.92 billion by 2035, with a CAGR of 5.33% from 2025 to 2035. North America was the largest regional market in 2024. Asia-Pacific is anticipated to be the fastest-growing region.

Pizza Hut (Pizza)

• The global pizza market was valued at USD 272.40 billion in 2024 and is projected to grow to USD 409.50 billion by 2032, exhibiting a CAGR of 5.42%. North America held the largest share of the pizza market with 38.83% in 2024. Quick service restaurants (QSR) accounted for the largest share within the pizza market.

Taco Bell (Mexican-style Food)

• The broader global Mexican food market was estimated at USD 319.2 billion in 2024 and is expected to reach USD 418.1 billion by 2030, growing at a CAGR of 4.6%. The U.S. Mexican food market alone was estimated at USD 86.2 billion in 2024.
• More specifically, the Mexican fast-casual restaurant market is estimated to reach USD 61.08 billion by 2032, growing at a CAGR of 9.7% from 2025 to 2032.

The Habit Burger Grill (Chargrilled Burgers / Fast Casual Burgers)

• The global fast casual restaurant market, which includes chargrilled burgers, was valued at USD 211.52 billion in 2024 and is expected to reach USD 628.20 billion by 2034, with a CAGR of 11.50% between 2025 and 2034. Other sources estimate the global fast casual restaurant market at USD 209.77 billion in 2024, projected to reach USD 451.04 billion by 2031.
• North America is a dominant region in the fast-casual restaurant market, accounting for a significant share. The burger/sandwich segment held the largest market share within the fast-casual restaurant market, capturing 29.53% in 2023.

Yum! Brands (NYSE: YUM) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic unit expansion, robust digital transformation, continuous menu innovation, and a strong franchise-centric operating model.

1. Global Unit Growth and Market Expansion: Yum! Brands targets a long-term average of 5% unit growth, with a focus on robust development outside the U.S. This expansion strategy involves adding new restaurants across its portfolio of KFC, Taco Bell, and Pizza Hut, thereby increasing its global footprint and customer reach.
2. Accelerated Digital Sales and Technology Integration: The company is significantly investing in its digital capabilities, which have already resulted in digital sales reaching approximately 60% of total system sales in Q3 2025. Initiatives include expanding kiosk adoption, with KFC aiming for 70% penetration by 2026, and leveraging AI-driven marketing and loyalty programs that have shown a 12% increase in visit frequency among members. These technological advancements enhance customer engagement and operational efficiency.
3. Menu Innovation and Value Offerings within Core Brands: Strong performance from key brands like Taco Bell and KFC, which account for approximately 90% of divisional operating profit, is driven by continuous menu innovation and strategic value offerings. Taco Bell, for instance, has demonstrated consistent positive transaction growth and market share gains across all income bands due to its innovative menu and value propositions. KFC is also focused on expanding relevant product offerings (e.g., tenders, nuggets, sandwiches) and refining pricing strategies to enhance value perception.
4. Leveraging an Asset-Light, Franchise-Centric Business Model: Yum! Brands' revenue growth is underpinned by its franchise model, which facilitates accelerated global expansion while minimizing capital investment risk. This strategy ensures robust cash flow generation through upfront franchise fees and ongoing royalty streams, enabling the company to expand its brand penetration across diverse geographies effectively.

Share Repurchases

• Yum! Brands' Board of Directors approved a new share repurchase authorization of up to $2.0 billion in common stock, effective from July 1, 2024, through December 31, 2026.
• The company returned approximately $1.5 billion in capital to stockholders in 2024.
• Yum! Brands aims to return a total of $3 billion to shareholders from 2025 through 2026.

Share Issuance

• Yum! Brands' shares outstanding for the quarter ending September 30, 2025, were 281 million, marking a 1.4% decline year-over-year.
• The company's shares outstanding were 0.285 billion in 2024, a 0% decline from 2023, and 0.285 billion in 2023, a 1.72% decline from 2022.

Outbound Investments

• In 2024, Yum! Brands acquired KFC U.K. and Ireland restaurants, which was a significant outflow in investing activities.
• The company received $104 million from the sale of its investment in Devyani in 2024.
• Yum! Brands generated $121 million in proceeds from the sale of KFC Russia in 2023.

Capital Expenditures

• Capital spending by Yum! Brands was $257 million in 2024 and $285 million in 2023.
• Net capital expenditures for Yum! Brands were $54 million in the second quarter of 2025.