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YUM! Brands Inc. (YUM)
Mark Kalinowski

YUM (Post-Call): Another Solid Quarter to “Taco ‘Bout”

Earlier today (Wednesday), Yum Brands reported adjusted fourth-quarter EPS of $1.73. This was short of our $1.83 estimate and sell-side consensus (according to Consensus Metrix) of $1.76. However, the Q4 adjusted tax rate was 25.9%. This was unfavorable compared to our 22.5% forecast and consensus at 22.6%. We calculate that the higher-than-expected tax rate cost Yum Brands about -8 cents worth of Q4 EPS. In other words, adjusted EPS would have beat consensus by +5 cents once this factor is taken into account.

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February 4, 2026 No Comments
Chipotle Mexican Grill (CMG)
Mark Kalinowski

CMG (Post-Call): (Cilantro) Lime is On Its Side

After today’s (Tuesday’s) market close, Chipotle Mexican Grill reported fourth-quarter adjusted EPS of $0.25, coming in ahead of our $0.23 projection and sell-side consensus (according to Consensus Metrix) of $0.24.

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February 3, 2026 No Comments
Starbucks Corp. (SBUX)
Mark Kalinowski

SBUX (Post-Call): A Percolating Outlook

Before today’s (Wednesday’s) market open, Starbucks reported fiscal Q1 2026 (calendar Q4 2025) adjusted EPS of $0.56. This was short of our $0.60 forecast as well as sell-side consensus (according to Consensus Metrix) of $0.58.

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January 28, 2026 No Comments
McDonald's Corp (MCD)
Mark Kalinowski

MCD: Franchisee Survey Part 2 (Updated National Franchising Standards)

McDonald’s plans to release its Q4 earnings after the market close (not the usual before the market open) on Wednesday, February 11th. Today we publish part two of the January 2026 edition of our proprietary McDonald’s Franchisee Survey. As part of this, we asked our franchisee contacts to provide their thoughts and commentary about the updated National Franchising Standards.

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January 28, 2026 No Comments
McDonald's Corp (MCD)
Mark Kalinowski

MCD: Latest Franchisee Survey Leads to Updated Projections

McDonald’s plans to release its fourth-quarter earnings after the market close (not the usual before the market open) on Wednesday, February 11th. Ahead of that, we publish part one of our two-part, proprietary McDonald’s Franchisee Survey today.

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January 27, 2026 No Comments