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Analyst
Dave Palmer
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 105on tracked calls
- Challenge rate
- 12%13 of 105 questions
- Companies
- 13questioned at least once
- Reporting periods
- 9with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 105 of 105 questions from 13 companies
DRIDarden Restaurants12 questions · 8 reporting periods · 2 of 12 challenging
Calendar 2026 Q3
What are you seeing in the consumer environment out there, sometimes when energy and interest rates
Show response
Rick said Darden has seen little change in its consumer; external sentiment is softer but guests keep spending in casual dining. Direct.
Calendar 2026 Q2
On the same-store sales guidance for FY2027 — is it safe to say you're thinking Olive Garden is slightly below
Show response
Raj confirmed Olive Garden tracks the lower end of the range with flat-to-positive segment margins funded by cost discipline.
Calendar 2026 Q1
Do you see the gap between those two brands growing
Show response
Rick noted both brands widened industry gaps. Over time, law of large numbers suggests convergence. Cannot predict specific timing.
How would you generally explain the same-store sales growth gap between LongHorn and Olive Garden
Show response
Rick attributed LongHorn strength to long-term strategy, steak quality, and underpricing vs grocery. Raj noted 3 fewer weeks of price-pointed promotion at OG (a planned decision) likely ~100bp impact.
Calendar 2025 Q4
does your guidance anticipate additional pricing at LongHorn through the rest of the year
Show response
Raj confirmed pricing gap will narrow. At Darden level, gap expected to halve by Q3 and catch up by Q4 as inflation eases. Portfolio provides air cover for near-term pressures.
how impactful do you think this will be to sales
Show response
Raj framed back half implied comp of roughly 2.5-4% with flat traffic at midpoint. Brand initiatives and potential stimulus incorporated. Did not get brand-specific.
Calendar 2025 Q3
What are your thoughts about why casual dining is doing as well? And do you think that will continue
Show response
Rick attributed casual dining strength to generally less pricing than other segments. Guests seeking connection, value, and great meals. OG team working on back-half plans including potential lighter portions marketing.
Calendar 2025 Q2
curious about what you can share about mix and same-store sales contribution in the in fiscal 4Q and what you're contemplating for mix and same-store sales contribution from it in fiscal '26
Show response
Raj shared Uber Direct fees added 40bp to mix, 3.5% of total OG sales, roughly 2% incremental sales impact. Exit rate was 5% including free delivery offer.
Are there other [indiscernible] that you think are particular to Longhorn and the other brands
Show response
Rick noted some brands may lack curbside space. Each brand president decides; Darden can veto. Another brand expected to start around beginning of next calendar year.
Calendar 2025 Q1
to what degree do you think there was a flu impact in the quarter?
Show response
Rick couldn't quantify flu impact, attributed casual dining strength to consumer preference for treating themselves.
Calendar 2024 Q4
So you don't believe that the -- you don't believe the scale of advertising is a problem. You're comfortable at these levels of advertising spending going forward?
Show response
Rick didn't commit either way, leaving door open for marketing increases in the second half.
Olive Garden seems to be equal to that superiority in the Italian segment. I was wondering, why do you think the sales gap to the industry is not better?
Show response
Rick acknowledged narrower gap but defended strategy as profitable growth-focused. Raj clarified marketing spend decline driven by LongHorn, not Olive Garden.
HSYHershey Company (The)12 questions · 7 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
how much is market share stabilization, a priority and a necessity to do that type of growth?
Show response
Palmer asked how central share stabilization is to the 2027 organic growth target; Kirk expressed confidence in progress on both margin and share via innovation. Direct.
Calendar 2026 Q1
maybe you can give a summary of maybe what you're doing now and what's coming
Show response
Kirk detailed stand-up bag deployment, on-shelf availability monitoring, and tentpole activation on perimeter. 4th of July 250th anniversary celebration as new incremental occasion.
I'm wondering how you're thinking about seasons going forward, not just Halloween
Show response
Kirk acknowledged need to be more thoughtful and modern with seasons. Feels good about H2 seasons based on customer partnerships and retailer feedback.
Calendar 2025 Q4
things that wouldn't maybe not make we don't wanna get ahead of ourselves in terms of flow through, things that could hold back that flow through
Show response
Kirk acknowledged external factors improving. 2027 cocoa looks like potential tailwind but still volatile. Continued portfolio investment will carry over into 2027 as balancing factor. Watching macros closely including SNAP and GLP-1.
in terms of how we should think about the type of growth activations and the things that you're doing, the levers that we will see more of perhaps
Show response
Kirk teased March 31 Investor Day in New York. Will double down on portfolio strengths. Focus on fueling top-line growth while returning earnings. More detail on investments, capabilities, and expected outcomes at Investor Day.
Calendar 2025 Q3
Does it feel like retailers are sympathetic to where you are with your pricing and your input inflation
Show response
Kirk emphasized customer trust and partnership approach. Cocoa still 70% above 2023 levels grounding the pricing rationale. Fresh perspective on customer communication approach.
you noted Halloween has been disappointing. I'd love to get some color about how much is -- by what sort of level has it been disappointing
Show response
Kirk acknowledged soft start but noted interplay with strong core brands and innovation. Will analyze consumer insights for pack types, price points, product mix improvements.
Calendar 2025 Q2
So we should be expecting double-digit price mix to be flowing through in '26, starting in '26
Show response
Steve confirmed double-digit price mix starting Q1 2026 for US CMG, with Easter being first impacted season.
Does that mid-teens pricing, is that inclusive of tariff-related pricing
Show response
Steve was unequivocal: pricing is strictly cocoa catch-up, still not fully caught up on 2025 inflation. Too early to think about tariff-related pricing on top.
Calendar 2025 Q1
do you think this is a platform that has legs like long-term? This isn't just a moment where you're getting some hits with forms
Show response
Michele cited generational/demographic trends with younger diverse consumers, plus innovation power of new brands and forms driving sustained growth.
Do you think you can get to growth in your nonseasonal chocolate business in the second half
Show response
Michele confirmed expectation for low-single-digit growth in everyday CMG, driven by unannounced strong innovation in back-half.
Calendar 2024 Q4
primarily I'm curious about seasons, and how you're thinking about that this year. It's been a great area for growth
Show response
Michele highlighted strong emotional consumer connection to seasonal brands. Late Easter elongates 2025 season. C-store expected in line with forecast, continued softness until summer lap.
MDLZMondelez International12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
I wonder as we are skating through years, would you see A&C reaching past peak levels in the percent of sales.
Show response
Luca answered on quality and guidelines of spend and thinks in dollar terms, sidestepping the percent-of-sales peak question.
Is there any way to roll up the scale of innovation this year, percent of sales that you anticipate from new ideas?
Show response
Dirk declined to break out innovation precisely but gave the 10% benchmark and a 50/50 same-store versus new-store split for India and China.
Calendar 2026 Q1
how should we be thinking about gross margins going forward?
Show response
Luca confirmed $350M+ inventory phasing headwind as guided, offset by volume mix leverage, China profitability, and supply chain productivity. Additional Middle East costs absorbed.
what are you seeing from a price elasticity standpoint out there? You talked about a fragile consumer
Show response
Dirk acknowledged consumer is fragile and vigilant due to Middle East conflict effects on energy, but no current evidence of category slowdown or trade-down.
Calendar 2025 Q4
how are you thinking about the path to a profitability recovery there to sort of a pre-2025 levels that we saw for a few years
Show response
Luca said goal is to return to and exceed old European profit pool. If cocoa ranges around 3,000, 2027 can be a step change. 2026 includes more promotions and value. Selective price investments if needed. 2026 is the new base, 2027 the step change for chocolate globally.
Are there any sort of milestones this year that you're going to be really watching for
Show response
Luca gave brief but direct answer: key watchpoint is potential competitive reaction to cocoa price decline, given industry locked at higher coverage costs while spot has fallen sharply.
Calendar 2025 Q3
are you seeing certain markets where you're seeing a little bit of fatigue or maybe price gap issues
Show response
Dirk said EM volume -4.7% driven by Argentina hyperinflation and India downsizing; ex those two, decline is 3%. China negative low single-digit in Q3 (new weakness), India mid-single-digit doing well, Brazil double-digit in Q3, Mexico mid-single-digit improving. Overall no major elasticity concern in EM.
how you're thinking about the outlook for price elasticity going forward, maybe some of the gives and takes
Show response
Dirk explained 30% price increases on tablets passed key price points, especially on 300-gram bars. Two main adjustments: reduce pricing on specific items hitting painful price points, and adapt formats for competitive positioning. Competition now starting to price, which will help. Below 1.0 elasticity is still manageable.
Calendar 2025 Q1
do you think there's anything else ailing the US snacking market today other than consumer confidence in the low income consumer
Show response
Dirk said it's broadly consumer confidence driven, about 12-13 snacking categories all down except yogurt. Health and wellness trend slightly pronounced but not new. Will reverse when confidence improves.
a bit of a slowdown in this quarter to 4%. I'm wondering how you're thinking about emerging markets broadly for the rest of the year
Show response
Dirk reviewed key EMs: China high-single-digit continuing, India expected to improve from H2, Brazil mid-single-digit stable, Mexico gradually improving as Ricolino lapping eases. Not double-digit but acceleration expected.
Calendar 2024 Q4
will have the ability and that you will ultimately get to a point where you're pricing away the dollar input inflation
Show response
Luca confirmed two paths to algorithm normalization: if cocoa falls, profitability recovers quickly since pricing exceeds $3,000 base. If stays high, additional pricing in 2026 with multiple waves to minimize elasticity.
what are you going to be watching and when will you make up your mind about the need for additional pricing
Show response
Luca said 2025 coverage mostly done. Key watch: September/October main crop data, H1 global demand indicators. Will decide H2 pricing based on 2026 cocoa outlook. First waves already taken Oct-Dec, European negotiations ongoing.
CMGChipotle Mexican Grill11 questions · 7 reporting periods · 4 of 11 challenging
Calendar 2026 Q2
it feels like Chipotle is doing a lot and spending a lot to get the 1% to 2% same-store sales growth lately.
Show response
Pressed on the return on spend versus 1-2% comps; Scott cited early Recipe for Growth proof points and additional levers building into 2027 rather than hard metrics.
Calendar 2026 Q1
would certainly imply that with the comparisons we see ahead of you that comp trends would accelerate from here
Show response
Scott confirmed LTO lifts are compounding and consumers want greater menu innovation at greater frequency, deeper digital engagement, and culturally relevant marketing.
to what degree do you feel like doing new, new is going to be more important going forward
Show response
Scott confirmed new center-of-the-plate protein items are in test now with more to test in the back half, blending returning favorites with genuinely new items.
Calendar 2025 Q4
Is there any learnings you have from that pricing? You know, what does price elasticity look like as you've rolled those out selectively?
Show response
Adam confirmed selective pricing rollout performing as anticipated since October-November. Full-year impact expected 1-2%. Approach allows adjustment based on real-time data and inflation reads.
I'm just wondering if there's anything you can do to really shorten this cycle, this, you know, reinvestment in cycle rather than just wait for your price to underprice inflation for a while?
Show response
Scott shared January momentum validates strategy. Deep consumer research revealed 60% of core users above $100K income. Plans to lean into solo and group occasions with this higher-income cohort to drive meaningful transaction performance.
Calendar 2025 Q3
is this -- do you think that the solution really is going to be just giving better value to the consumer? You've tried to these other levers
Show response
Scott acknowledged potential near-term margin investment to drive transactions. Adam framed it as temporary dislocation, reaffirming lagging-industry pricing approach and eventual return to 40% flow-through at mid-single-digit comps.
Calendar 2025 Q2
What worked? What didn't work? Have you been able to already affect the change in that 2 year to the 8% or so
Show response
Scott detailed Summer of Extras metrics: 5M participants, 40% transacted, 14% YoY enrollment increase, 2M low-frequency users re-engaged. Called it a great program with key learnings.
with your digital getting those lapsed users back and maybe with some things to kind of get them back like a freebie here or there, is that an opportunity?
Show response
Scott described AI-powered welcome journey showing 46-47% uplift in engagement, informing a new win-back journey for lapsed users. In test in coming months.
Calendar 2025 Q1
I'm wondering if your study is showing that consumers are maybe trading to other traditional fast-food players
Show response
Scott confirmed Chipotle continues gaining share across all restaurants. Promotional activity is primarily trading share between QSR competitors, not affecting Chipotle.
one of the best LTOs you've ever done, but it might not be quite the chicken al pastor, which might have been a ten out of ten
Show response
Scott confirmed Honey Chicken mix is outpacing Chicken al Pastor. Adam estimated 100-200bps transaction lift, noting Easter shift is clouding comparisons.
Calendar 2024 Q4
when you think about real comp drivers for the year, I'm wondering what other things you're really thinking about that will give you momentum
Show response
Scott gave comprehensive answer covering the operations-marketing-digital flywheel, AI-powered pre-defection customer journeys, and best-ever marketing plan. Very confident tone.
SBUXStarbucks9 questions · 8 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
I wonder how has the daypart growth been if you had to separate morning versus the afternoon
Show response
Direct: morning is the biggest absolute transaction winner, afternoon growing but slower, with Refreshers and Matcha named as the afternoon platforms. No daypart figures given.
Calendar 2026 Q1
With regard to the cost of the Green Apron Service, investments in the quarter versus the year.
Show response
Smith confirmed Green Apron Service will annualize in August with costs at roughly the same level each quarter until then. Productivity via throughput improvement continues to be a focus alongside the investment.
I know a lot of people are focused on the specialty beverage market. There's forces colliding.
Show response
Niccol expressed confidence that imitation of refresher platform validates the category and benefits the market leader. Innovation pipeline across refreshers, coffee, and espresso positions Starbucks well.
Calendar 2025 Q4
What scenarios do you think would get you to the high end and the low end
Show response
Brian identified sustained comp performance as the primary driver for reaching the high end of EPS guidance ($2.15-$2.40), supported by Green Apron execution, marketing, and menu innovation. Expressed optimism about comp drivers across digital, rewards, and menu.
Calendar 2025 Q3
getting back to Starbucks, people wonder if that will bring the same sort of comp energy that the old Starbucks used to have
Show response
Brian explained Back to Starbucks spans all access modes (drive-thru, mobile, cafe, delivery), not just in-cafe. September was the first month with positive transaction-led comps, validating the holistic approach.
Calendar 2025 Q2
do you see the company going back to pre-COVID levels of margin that might be the 17%-type margin corporate-wide, a little over 20% in the Americas
Show response
Cathy pointed to 2019 margins as a guidepost with clear P&L path. Brian added he does not believe Starbucks over-earned and sees opportunity to exceed 2019 levels. Investor Day planned for early 2026.
Calendar 2025 Q1
it sounds like maybe more OpEx and less CapEx than what you might have thought originally and perhaps this is going to be more of a rapid pace
Show response
Brian confirmed labor + algorithm is replacing equipment-driven approach, noting expansion from 3 stores to 1,500-2,000 by May and 3,000+ by fiscal year-end. Too early to quantify per-store costs.
Calendar 2024 Q4
There was a previous belief that there might be a $4 billion productivity opportunity over the four years ending 2028.
Show response
Rachel acknowledged ongoing efficiency opportunities but explicitly stepped back from the prior $4B target, noting they are still working through the right level of efficiencies.
Calendar 2024 Q3
What is that service time today and where specifically are the biggest bottlenecks or pain points
Show response
Niccol said roughly 50% of stores/transactions already hit the four-minute target at peak and the worst bottlenecks get equipment first; gave no precise current service time.
DPZDomino's8 questions · 8 reporting periods · 2 of 8 challenging
Calendar 2026 Q3
how do you see the trends perhaps evolving between your own onsite ordering versus what is ordered in third party sites
Show response
Jordan said Domino's leads pizza on DoorDash and Uber but is below fair share, with incrementality still around 50%.
Calendar 2026 Q2
where do you think has been the biggest disappointment versus plan, and how much is under execution
Show response
Weiner explicitly declined the area-by-area breakdown and redirected to the Q3 product launch, leaving the execution-versus-environment split unanswered.
Calendar 2026 Q1
the concern is that maybe 3% is not appropriate in light of that, even though your long-term delivery has been strong
Show response
Russell noted 1-2% category growth has persisted since 2019 consistently despite periodic slow starts. Being on aggregators now protects delivery in ways not possible before, held total delivery this quarter despite macro headwinds. Sandeep dimensionalized: delivery is $17B category (aggregators $5B), carryout is $21B where Domino's has only 20% share vs 33% in delivery. Massive runway.
Calendar 2025 Q4
how do you reflect on the fourth quarter, the 1% for '25, and just your outlook for delivery, that that half of the business going forward on a sustainable basis
Show response
Russell emphasized not at fair share on either aggregator platform. Managing for incrementality, growing slowly and sustainably. Carryout actually bigger opportunity (1 in 5 share vs 1 in 3 delivery). Sandeep quantified: 1% SSS + store growth = 3% delivery retail sales growth, which outpaced QSR pizza delivery and gained a point of share.
Calendar 2025 Q3
could you speak to the broader ecosystem of delivery right now and what's happening there? And how you see this playing out. Is this sustainable?
Show response
Russell contrasted Domino's sustainable renowned value with competitors' desperate pricing given worse store economics. Sandeep emphasized pricing for franchisee profitability on aggregators. Mid-single digit retail sales growth on delivery channel in tough environment. Russell added aggregators are multiyear tailwind as Domino's grows toward fair share.
Calendar 2025 Q2
what are the big reasons that you could say that you feel confident looking at what your plans are
Show response
Russell cited 10-year track record of ~1 share point/year achieved before aggregators/stuffed crust existed. New tools are additive, not replacement. Products are permanent menu items, not LTOs.
Calendar 2025 Q1
what is your expectation. Any comments about the mix initially and the incrementality of that mix
Show response
Russell declined forward-looking specifics (lawyers present) but emphasized both order and dollar incrementality plus brand halo effect on deliciousness pillar beyond direct stuffed crust sales.
Calendar 2024 Q4
through twenty-six and beyond about your three percent domestic comp growth target or thereabouts
Show response
Russell declined to share specifics for competitive reasons, pointed to track record of ~1 share point/year. Sandeep cited aggregator annualization, loyalty compounding, and strong carryout flywheel.
Show 7 more companies
GISGeneral Mills8 questions · 6 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
What sort of dollar category growth do you think will happen this year?
Show response
McNabb assumes categories roughly flat, expects improved NAR results from remarkability and modest mix-driven price.
Calendar 2026 Q1
What is different today versus then, just in terms of the responses you are getting from each of these growth spending activities?
Show response
CEO noted innovation, marketing, and price gaps all approaching pre-COVID levels, with core renovation actually better; only difference is consumer more stressed than 2019 with slightly higher on-promo takeaway.
If you can have stable organic sales in fiscal 2027, where do you think gross margins can live for this company?
Show response
Kofi confirmed volume stability enables margin recovery through better leverage, cost savings, SRM levers, and multiyear transformation initiative but deferred specific FY2027 guidance to Q4.
Calendar 2025 Q4
I'm wondering maybe you could help us coach us how we should be reviewing your consumption data in North America Retail and Pet to really inform us about whether profit growth might be in the cards...
Show response
Kofi deflected FY27 specifics, acknowledging 53rd week as a built-in structural headwind next year but pointing to CAGNY as a better venue for forward discussions.
Calendar 2025 Q3
how does that work where you get past this first step? I mean is it in the plans that this will continue to ramp?
Show response
Dana outlined cooler expansion plan ramping into calendar 2026, leveraging 50-plus years of refrigerated channel experience from Pillsbury and yogurt businesses.
it also looks like there's a little bit more of an elongated timetable of the price promotion investments stretching into the second half
Show response
Dana explained shift from depth/frequency of promotion to base shelf price adjustments, with majority done in Q1 and remainder completing in Q2.
Calendar 2025 Q2
what categories and brands perhaps will get the most improved awards?
Show response
CEO said improvement needs to be broad-based across global brands and local gems, with confidence from strong innovation and marketing plans.
Calendar 2025 Q1
I wonder if you could sort of characterize for us the level of innovation activity into 2026 and how it will compare to 2025
Show response
CEO outlined fewer, bigger innovations for FY26 first half, with better support for existing innovations like Cheerios Protein and Nature Valley Granola Protein.
CPBCampbell Soup Company7 questions · 4 reporting periods · 1 of 7 challenging
Calendar 2026 Q3
Could you maybe share what some of the other insights are and other areas that you also see some improvement coming within Snacks beyond Goldfish?
Show response
Beekhuizen pointed to unflavored pretzels (America 250 activation), Snack Factory refocusing on the deli aisle, and cookies flat for the year on Milano and Chessmen innovation, while acknowledging chips will take longer to turn.
Do you see consumption possibly getting to flat or better or maybe some growth? By the end of the year in the Snacks segment?
Show response
Beekhuizen said the company is not anticipating positive Snacks consumption by year-end, only continued modest progress through the year.
Calendar 2026 Q2
where do you think are the near and medium-term potential wins, most improved areas
Show response
Beekhuizen highlighted M&B cooking soups and Rao's, Goldfish, and Pepperidge Farm as the core growth proof points.
Is there anything you can do to stabilize that part of the portfolio?
Show response
Beekhuizen said cooking condensed grows and premium RTS (Rao's, Pacific) works, but mainstream RTS needs innovation.
Calendar 2026 Q1
I wonder about how incremental you think that can be. On the other side, how much should we be worried about ongoing market share slippage on the broth side?
Show response
CEO described condensed sauces (launching June) as expanding the soup-aisle-as-cooking-ingredient proposition. Expects incrementality as complement to condensed cooking soups and broth. On broth: both Pacific (double-digit growth) and Swanson grew in Q2 but share pressure from private label recovery as anticipated. Watching price gaps to private label during key drive periods.
Sometimes when you have a margin of a segment get down towards what looks like maybe 10% this fiscal year, the implied valuation of it is compressed. There is something perhaps liberating about that
Show response
CEO acknowledged considering all alternatives for shareholder value but emphasized operating and fixing current portfolio. Framed margin compression as 'opportunity', stabilizing top line, growing Goldfish (mix benefit), fixing Fresh Bakery execution, continued productivity elevation, and network/SG&A cost savings. Did not rule out structural options but deflected to current action plans.
Calendar 2025 Q4
I know you won't be surprised to hear that people are really thinking about megatrends with regard to salty snacks right now. And, obviously, GLP one usage, people are concerned that that's gonna b...
Show response
CEO reframed salty snack concerns around evolving consumer preferences rather than category decline. Emphasized premiumization, flavor exploration, and health/wellness as the vectors of change. Argued CPB's premium snacking brands have a right to win within these trends through innovation and messaging aligned with consumer needs.
YUMYum! Brands7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
we’re seeing 2% same-store sales growth or so. 7% unit growth has been pretty steady
Show response
Turner conceded dissatisfaction with KFC comps and described the Raise the Bar levers, but gave no quantified target or timeline beyond 150 countries taking time.
Calendar 2026 Q1
I always enjoy getting some color from you on global demand trends and what you're seeing out there.
Show response
Turner gave detailed regional color citing U.K. at 7% SSS, Korea doubling system sales, and Latin America growth under new franchisee, directly addressing the progression question.
Calendar 2025 Q4
I wanted to follow-up on the prospects for reacceleration in KFC Global Development. And maybe the potential for higher franchise revenue and profitability from the composition of growth in the future
Show response
CEO detailed market-by-market acceleration examples: Korea from 5-6 to 39 net new units, Italy from 12 to 34-35, Japan from mid-30s to 69. Emphasized improving paybacks to unlock white space in higher-AUV, higher-royalty markets like Brazil (only 2 KFCs per million consuming class).
Calendar 2025 Q3
KFC might be a focus area for Sean by default. And so I just wonder, maybe it's worth giving a little bit of a review of what he will be and Scott will be thinking about
Show response
CEO detailed Scott Mezvinsky bringing Taco Bell playbook to KFC: brand relevance, AUV growth, food innovation. KFC UK up 9% SSS, KFC US early turnaround with Catherine Tan-Gillespie driving new social marketing approach.
Calendar 2025 Q2
what your examples or your top tech platform initiatives will do to comps or other metrics that you think people would care about
Show response
CFO shared firsthand experience with voice AI in Taco Bell drive-thru: only 1 intervention needed in 1.5-2 hours. Seeing lower turnover in voice AI restaurants. Digital mix expansion driving top and bottom line growth.
Calendar 2025 Q1
Maybe it's one or two years and you have something that even becomes an external revenue source for Yum! as you're sharing these tools and becomes sort of an AWS for you guys
Show response
CFO called the $1B tech investment one of Yum's best ever, cited indisputable data linking digital mix to top-line and bottom-line growth. Saucy in top 15 KFC US stores, planning phased franchise expansion.
Calendar 2024 Q4
Could you just talk a bit about the arguments for and against this type of thing for the franchisees versus an outsourced model? And then what Byte can do for you
Show response
CEO explained 10-year strategy of controlling technology destiny, reducing friction from third-party platforms; CFO noted Byte is enabling faster AI deployment across all three US brands simultaneously.
CAGConagra Brands6 questions · 5 reporting periods · 0 of 6 challenging
Calendar 2026 Q3
I wanted to ask you about the pricing, the acceptance at retail, how much is that a factor
Show response
Palmer asked how retail acceptance of pricing factors into the outlook; Brase said pricing is effective in market with no surprises versus plan.
Calendar 2026 Q2
what will be going right What are some of the key things that you are specifically going to be tracking
Show response
Brase named price elasticity as the top variable to watch on the top line, then productivity savings flowing to the bottom line.
Calendar 2026 Q1
I wonder where we are now in terms of where you think your pricing power is? Do you feel like you're in a better spot now with regard to relative price points to private label
Show response
Sean reiterated horses-for-courses strategy: frozen/snacks for volume growth, staples for cash. Emphasized portfolio responsiveness has outpaced peers. Will choose smartest course based on environment but confident in ability to pivot either way.
Calendar 2025 Q4
Just looking across your big two retail segments, consumption trends, on a two-year basis would seem to imply a return to growth in the second half of this fiscal year.
Show response
Sean provided extensive color on frozen momentum: two-year trends positive, Q2 frozen comps distorted by blockbuster prior-year quarter, market share nearly at high watermark. Snacks growing at near mid-single digits with strong Slim Jim and Fatty performance.
Calendar 2025 Q2
I'm wondering how you're thinking about price and promotion as the answer or perhaps not the answer in your major categories
Show response
Sean outlined the proven model: innovation first, then customer trade investment (end-of-aisle freezer displays), social media A&P, then product quality drives repeat. Emphasized service levels back to 98%.
is it that you're going to have a crossover in price mix or at least keep up with inflation in the second half of the year? Is this a first half, second half type of thing as you see it?
Show response
Dave declined to give specific price/mix breakdown, noting both additional merchandising investment and second-half pricing will interact with elasticity. Provided only directional H1/H2 sales cadence.
KHCKraft Heinz6 questions · 5 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
I wonder how much you would try to keep the flywheel going into next year and make that $1 billion or more
Show response
Steve reiterated 2026 as the base-setting year and said the incremental $100 million bolsters confidence in the right investment level, emphasizing maximizing ROI over an open-ended run rate.
Calendar 2025 Q4
how did you arrive at $600 million being the right number? But also perhaps discuss the phasing of that spending and maybe even categories and brands we could expect to see results earlier versus m...
Show response
CEO outlined spend ramping Q2, meaningful results in H2, targeting 5.5% of net sales on brand support. Half against price/product/packaging, half on marketing/R&D/commercial headcount. North American grocery gets disproportionate share. CFO noted Taste Elevation already flipped to share growth in last 13 weeks.
Calendar 2025 Q3
Your guidance for the fourth quarter doesn't imply much improvement. And I just wanted to get your thoughts about maybe offsets
Show response
CFO explained Q4 headwinds: >100 bps inventory phasing, lower consumption, and industry deceleration. On promotions, acknowledged ROIs are lower than last year with weak lifts. CEO cited success in back-to-school but noted consumer sentiment challenges extending.
Calendar 2025 Q2
I am just wondering how you're thinking about your pricing and promotion levels currently. Where do you see perhaps an opportunity to -- or challenge to ramp up promotions or narrow price gaps
Show response
CEO cited 100 bps pricing investment YoY plus 30 bps marketing step-up to 4.8% of net sales. Noted North America pricing is actually negative when excluding cost inflation. CFO added $300M investments concentrated on key summer windows.
We're seeing on average declines continuing in those businesses. What is your prospects, I guess, to make your growth parts growthy in the near term
Show response
CEO defended trajectory citing latest 4-week data ex cold cuts and bacon improving to -2.7% vs YTD -4%. Highlighted emerging markets growing 8% with Heinz up 18% YoY. CFO noted 20% media increase YoY in H2 and product innovations hitting market.
Calendar 2025 Q1
when it gets to a certain level of in input in inflation and your willingness to price that away
Show response
CEO emphasized promotional investments concentrated in key consumer moments like Memorial Day, July 4, and back-to-school. CFO noted alternative sourcing, reformulation, and mix optimization to minimize pricing.
MCDMcDonald's Corporation6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
what you think the near-end opportunities for the U.S. are versus perhaps medium-term ones that might be a slower build?
Show response
CEO unpacked value: base pricing now below competitors on beef/chicken/beverages, strong meal deals and EVMs, but the under $3 EDAP menu underdelivered on inconsistent execution and low awareness.
Calendar 2025 Q4
a lot of companies coming out of COVID, there was a little bit of just a disruption during that period and adjustment
Show response
Chris framed 2025 as inflection with 250M loyalty actives, common tech stack, AI and GLP-1 response; Jill credited the new category management structure for faster cross-functional work.
Calendar 2025 Q3
improving company restaurant profitability and your system restaurant profitability
Show response
Chris framed guest-count-led growth as the path to both AUV growth and restaurant margins; Ian said inflation is keeping near-term pressure on margins.
Calendar 2025 Q2
where you think McDonald's value and affordability scores are today in the U.S., perhaps before and after Snack Wrap
Show response
Chris segmented value perception by loyalty members, McValue users, and the remaining ~50% relying on core menu with combos sometimes over $10.
Calendar 2025 Q1
some of your key IOM countries, and in what ways are the consumer economic dynamics
Show response
Chris highlighted Europe's high-single digit beef-driven inflation vs US low-single digit, and cited China stabilizing.
Calendar 2024 Q4
US comp reflected a negative check, slightly positive traffic
Show response
Chris walked through pre-E. coli momentum, the E. coli nadir, and market-by-market IOM trends with France improving.
SJMJ.M. Smucker Company (The)1 question · 1 reporting period · 1 of 1 challenging
Calendar 2026 Q3
people are equally doubtful that there's going to be a return on investment from growth spending in the food space
Show response
Smucker defended discipline and ROI tooling and the new CMO but did not itemize the incremental spend by brand.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| DRI Darden Restaurants | 12 | 17%2 of 12 questions |
| HSY Hershey Company (The) | 12 | 0%none of 12 questions |
| MDLZ Mondelez International | 12 | 0%none of 12 questions |
| CMG Chipotle Mexican Grill | 11 | 36%4 of 11 questions |
| SBUX Starbucks | 9 | 0%none of 9 questions |
| DPZ Domino's | 8 | 25%2 of 8 questions |
| GIS General Mills | 8 | 0%none of 8 questions |
| CPB Campbell Soup Company | 7 | 14%1 of 7 questions |
| YUM Yum! Brands | 7 | 0%none of 7 questions |
| CAG Conagra Brands | 6 | 0%none of 6 questions |
- DRIDarden Restaurants · 12 questions17%2 of 12 questions
- HSYHershey Company (The) · 12 questions0%none of 12 questions
- MDLZMondelez International · 12 questions0%none of 12 questions
- CMGChipotle Mexican Grill · 11 questions36%4 of 11 questions
- SBUXStarbucks · 9 questions0%none of 9 questions
- DPZDomino's · 8 questions25%2 of 8 questions
- GISGeneral Mills · 8 questions0%none of 8 questions
- CPBCampbell Soup Company · 7 questions14%1 of 7 questions
- YUMYum! Brands · 7 questions0%none of 7 questions
- CAGConagra Brands · 6 questions0%none of 6 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 10 | 20%2 of 10 questions | 8 |
| 2025 Q1 | 13 | 15%2 of 13 questions | 10 |
| 2025 Q2 | 15 | 7%1 of 15 questions | 10 |
| 2025 Q3 | 13 | 15%2 of 13 questions | 10 |
| 2025 Q4 | 16 | 0%none of 16 questions | 12 |
| 2026 Q1 | 17 | 12%2 of 17 questions | 10 |
| 2026 Q2 | 14 | 21%3 of 14 questions | 12 |
| 2026 Q3 | 6 | 17%1 of 6 questions | 5 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q410 questions · challenge rate 20% (2 of 10 questions) · 8 companies
- 2025 Q113 questions · challenge rate 15% (2 of 13 questions) · 10 companies
- 2025 Q215 questions · challenge rate 7% (1 of 15 questions) · 10 companies
- 2025 Q313 questions · challenge rate 15% (2 of 13 questions) · 10 companies
- 2025 Q416 questions · challenge rate 0% (none of 16 questions) · 12 companies
- 2026 Q117 questions · challenge rate 12% (2 of 17 questions) · 10 companies
- 2026 Q214 questions · challenge rate 21% (3 of 14 questions) · 12 companies
- 2026 Q36 questions · challenge rate 17% (1 of 6 questions) · 5 companies
Topics
Topics tagged on this analyst’s questions.
- Demand39
- Competitive Dynamics32
- Revenue Growth31
- Pricing28
- Innovation & R&D19
- Margin18
- Product Launch13
- Cost Pressure7
- Geographic Expansion7
- Guidance Reliability6
Show all 16 topics
- Capex Investment5
- Macroeconomic4
- Capital Allocation4
- Cloud & AI3
- Trade Tariffs2
- Subscriber Growth1