International Developmental Licensed Markets
Comparable sales rose 1.9% in Q2 2026, the fastest of the three segments, even as growth slowed from 2025.
The numbers
What it is
Markets run by developmental licensees and affiliates, including the equity-method stakes in China and Japan. The company invests little restaurant capital here and earns royalties, so growth in this segment mainly reflects partners' openings and sales.
Why it matters to the stock. Royalty income from this segment is high-margin, and partner openings in China and Japan drive its growth.
News
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