Yum Brands to sell entire Pizza Hut business for $2.7B, announces $4B buyback

Filed June 16, 2026 · Period ending June 16, 2026 · ~1 min read

Key Changes

• high

  Yum selling global Pizza Hut operations (ex-China) to Toppings TopCo for $1.49B cash plus up to $75M earn-out based on 2027-2029 performance targets, exiting the pizza category entirely outside its remaining KFC and Taco Bell brands.

  Item 1.01: Asset Sale verify on EDGAR →
• high

  Separately selling China Pizza Hut rights to Yum China for $1.2B cash, closable as early as August 2026. Combined proceeds total approximately $2.7B, representing full exit from Pizza Hut globally.

  Item 1.01: China Transaction verify on EDGAR →
• high

  Board approved new $4.0B share repurchase program through June 2028, funded by after-tax proceeds from Pizza Hut sales. This is in addition to $400M remaining under current authorization expiring December 2026.

  Item 8.01: Buyback Authorization verify on EDGAR →