Yum Brands Inc (YUM) · Nov 3, 2026 · Earnings

Yum Brands earnings narrowly beat as Taco Bell slips

Beat — Adjusted EPS $1.56 vs ~$1.51 consensus

Yum Brands’ third-quarter earnings slightly beat consensus, but weaker Taco Bell and Pizza Hut results offset KFC growth and the completed sale.

Yum is entering a post-Pizza Hut phase built around KFC, Taco Bell and Habit, after signing the divestiture agreements in June and using the sale to simplify the portfolio and redirect attention toward its remaining brands. The quarter barely clears the earnings bar. Adjusted EPS was $1.56, slightly above the published consensus of about $1.51, while revenue was essentially in line at $2.054 billion versus roughly $2.06 billion. The more important operating measure was weaker: core operating profit fell 4% to $654 million, showing that the EPS beat was not driven by broad-based operating acceleration.

Measure	Q3 2026	Q3 2025	Consensus
Adjusted diluted EPS (Reconciliation)	$1.56	$1.58	$1.51
Total revenues (Condensed Summary)	$2.054B	$1.979B	$2.06B
Core operating profit (Reconciliation)	$654M	$684M
KFC operating profit (Segment results)	$425M	$388M
Taco Bell operating profit (Segment results)	$255M	$267M
Pizza Hut operating profit (Segment results)	$50M	$84M

KFC is carrying the operating story. KFC’s system sales rose 8%, operating profit increased 9%, and operating margin expanded 0.7 percentage points; management also said it delivered record third-quarter global gross unit development. 〔0〕 That is genuine progress in the remaining portfolio, but it was not enough to offset weakness elsewhere.

Taco Bell was the clearest miss inside the continuing business. System sales fell 2%, same-store sales declined 4%, operating profit dropped 5%, and margin contracted 3.5 points. Management’s claim that U.S. same-store sales were outpacing the broader QSR industry only applies since the end of September, so it does not repair the reported quarter. 〔1〕

The Pizza Hut sale is now completed, but its earnings drag remains visible in the reported numbers. The company received $1.2 billion from each of the two transactions and recorded a $1.7 billion pretax gain, making the headline GAAP profit surge largely non-operating. The transaction was already announced, so completion is mostly confirmation; the real test is whether the leaner portfolio can replace the divested brand’s contribution with stronger KFC and Taco Bell execution.

Cash generation gives the strategic reset some financial support. Year-to-date operating cash flow was broadly unchanged at $1.398 billion, while Pizza Hut proceeds helped lift ending cash to $2.299 billion and supported $1.202 billion of share repurchases. Those proceeds improve flexibility, but they do not change the quarter’s underlying message: KFC is healthy, while Taco Bell’s near-term momentum is not yet dependable.

Bottom line: This is a narrow earnings beat, not a broad operating win. The Pizza Hut exit advances Yum’s portfolio reset, but the remaining business still needs Taco Bell to recover before the new story looks fully validated.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Yum Brands earnings narrowly beat as Taco Bell slips

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