Dennis Geiger

Rick said value scores remain strong and lighter-portions guests return more frequently, building frequency.

Rick confirmed tax refunds higher per recipient. Some impact from checks dropping in February (small amounts). Most refunds expected in March/April. All contemplated in guidance.

Rick noted Olive Garden making good push in Q3 with tests to speed up first course. 50,000 servers need convincing. Short-term: better throughput on high-volume days. Long-term: guests choosing OG for occasions they previously avoided.

Rick noted mixed progress with some brands faster than others. All making improvement. Changing habits takes time. No complaints about being too fast, only too slow.

Rick confirmed peak-time table turn improvement would increase traffic. Long term, guests will come for occasions they previously avoided due to time constraints.

Raj noted lower alcohol preference across most brands. LongHorn lunch growing faster than dinner. Fine dining seeing more weekday weakness from business travel drop-off.

Rick noted Q4 momentum contemplated in guide. If Uber overdelivers, may reduce SSS impact through affordability investments in test. Focus on 5-year plan.

Rick explained long-term comp increase driven by higher expected inflation (thus slightly more pricing), with Uber growth helping offset other investments.

Rick noted gradual value score improvement driven by better operations and unlimited first course, not a step change from Manicotti pricing.

Rick confirmed 40-50% incrementality, contemplated in guidance.

Rick confirmed rollout accelerated due to flawless technology and strong operator buy-in; no incremental sales from Uber Direct in guidance.

Adam detailed Q3 comps around plus 1% assuming the roughly 200bps cyclospora headwind persists, noting Q3 is the toughest lap of the year.

Adam clarified Q1 guide of -1% to -2% excludes further initiative impact (Chicken Al Pastor upside). Full-year guide includes modest initiative impact but conservative given consumer environment. Scott noted key opportunities are more multiyear than 2026-specific.

Adam highlighted portioning investment generating positive social media and transactions. Marketing spend staying ~3% but with strategic incremental opportunities at 4+ ROAS threshold.

Scott confirmed LTO buyers show higher lifetime value. Dips (Adobo Ranch, Red Chimichurri) were a positive surprise. 2026 will blend new and proven innovations with 3-4 protein LTOs plus sauces, dips and sides.

Scott cited easing compares, improving consumer sentiment, fall LTO, new side/dip, college rewards program, and produce slicer benefits. Confident in near-term return to mid-single-digit.

Adam walked through monthly trends: April +8% 2-year from Honey Chicken, May dipped couple hundred bps with consumer sentiment, June recovered to 8% 2-year with positive comps. July bouncing 7-8%.

Adam confirmed dinner holding up better than lunch. Scott described the operations-marketing-digital flywheel and cited produce slicer completion as key throughput unlock.

Scott confirmed mid-single-digit comp as the long-term algorithm. Acknowledged rough start to 2025 but expressed confidence in the plan and durable earnings power.

Jordan cited moving loyalty members up frequency bands and using The Domino to push pizza into new occasions.

Reddy pointed to loyalty and aggregator acquisition as drivers and said the Q3 mix impact is much more modest, without quantifying new customers per quarter.

Russell positioned Domino's as the driver of competitive intensity, not a responder. Renowned value is core pillar plus profit power to sustain it. Competitors following Domino's lead may retain customers short-term but face long-term profit erosion that leads to closures. Domino's can continue this indefinitely.

Sandeep noted comp will be higher H1 than H2. Acknowledged January weather disruption included in estimates. Key baseline: stuffed crust, DoorDash, Best Deal Ever all compound. Carryout at $4.4B is bigger than two national competitors' total business. Loyalty up 20% since relaunch. Won't reveal all new initiatives for competitive reasons.

Sandeep acknowledged sequential slowing in restaurant industry to start Q4 but reiterated 3% comp. Expects continued share gains vs QSR pizza. Best Deal Ever and DoorDash provide back-half support. Russell added that macro pressure drives share gains and long-term competitive advantage.

Russell highlighted Best Deal Ever currently running plus DoorDash volume expected in H2. Sandeep emphasized carryout strength from loyalty program with frequency compounding. Won't reveal specifics to protect competitive surprise.

Russell declined specifics for competitive reasons but emphasized Hungry for MORE strategy generates differentiated value initiatives. Sandeep highlighted loyalty as a multiyear driver with 2.5M new members.

Sandeep explained aggregator expansion timing drives H2 weighting; Russell added initiatives come from Hungry for More strategy without revealing specifics.

CEO said operations should improve fastest (within control), marketing changes limited in Q3 with adjustments in Q4, and value fixes need franchisee alignment. CFO noted July U.S. comps slightly negative but expects IOM/IDL to accelerate in Q3.

CEO expressed confidence in U.S. marketing calendar, value program, beverages as tailwind, but acknowledged macro environment is not improving and may be getting worse.

Chris framed 2026 execution around McValue plus marketing and menu news; Ian cited US Q4 positive guest count growth and strongest comp guest count gap in recent history.

Ian cited lapping the food safety event, MONOPOLY, and EVM rehit for Q4 US acceleration; international segments may decelerate on tough comps but accelerate on 2-year stack.

Ian said back half should be stronger than front half, with Q4 aided by lapping the E. coli incident and Q3 lapping the $5 Meal Deal launch.

Chris framed Q1 as always the toughest quarter with Minecraft sold out in 10 to 14 days vs a four week plan.

Management gave specific framing on take rates in line with expectations and positive value-perception gains.

Roy quantified the recovery precisely, giving the -2% quarter-to-date figure, the July 18th peak impact and the halfway-back last-four-days data point.

Turner detailed structural advantages (Mexican category growth, value model), strategy execution toward $3M AUVs by 2030, and Live Mas Cafe already delivering returns system-wide.

CEO outlined growth drivers: KFC record gross openings with strong paybacks, Taco Bell 5% international SSS, KFC two-year acceleration from Q3 to Q4. Scott Mezvinsky applying Taco Bell magic formula to KFC. Highlighted beverages, tenders, sauces, and loyalty expansion.

CEO outlined Taco Bell's three-pillar advantage: craveability, fastest drive-thru in QSR, and unmatched value. Growth across all income bands and more younger consumers entering. On track for $3M AUV plan by 2030.

CEO confirmed Taco Bell not experiencing low-income consumer pullback seen by competitors, with consistent growth across all income bands and clear trade-in from fast casual.

CFO cited gross openings in Q1 higher than 2023, KFC second-highest Q1 ever, 53 countries vs 43 last year. Strong franchisee confidence despite macro complexities.

Management provided detailed three-part breakdown of KFC international markets: high-impact Middle East (down 12% FY, up 11% Q4), no-impact markets (9% FY system sales growth), and middle markets recovering.

Geiger pressed on the 2H bridge; Tolivar quantified the low end as slightly negative SRS and the high end as mid-single digits.

Direct: tent-pole moments bracketed by seasonal launches; salmon before end of Q1, shrimp tested, plus a broad pipeline across proteins, sides and beverages.

Confirmed the 2024 cohort is flipping positive after 18 months and expects the 2025 cohort to follow the same path in 2026; exposing GMs to high-volume markets to retain guests.

CFO said recent cohorts are pulling forward strong returns (2023 class at ~50% cash-on-cash in year two, 2024 class above 40%) but declined to revise the underlying year-one AUV and returns model.