Yum! Brands' (YUM) stronger-than-expected Q4 revenue was driven by solid same-store sales performance across Taco Bell, KFC and Pizza Hut, RBC Capital Markets said in a report emailed Thursday.

Revenue topped forecasts as same-store sales rose across all three brands, led by Taco Bell, where comparable sales beat estimates by 133 basis points, the firm said.

KFC likewise exceeded forecasts, supported by strong international demand, while Pizza Hut reported a modest same-store sales decline but remained ahead of Street expectations, RBC said.

The company's management said it expects 2026 results, excluding Pizza Hut, to meet or exceed its long-term "growth algorithm," citing at least 5% net new unit growth, 7% system sales growth and at least 8% core operating profit growth, according to the report.

RBC has a sector perform rating on Yum! Brands, with a price target of $165.

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