Pizza Hut

In 1958, brothers Dan Carney and Frank Carney, then students at what was the University of Wichita (now Wichita State University), opened the first Pizza Hut at Kellogg and Bluff in Wichita at the request of a landlord who had an unrented building. They borrowed $600 from their mother, bought used equipment and opened a small beer and pizza restaurant for students; they chose the name “Pizza Hut” because the sign on the building only had room for eight letters. The original building later became a museum on the Wichita State University campus.⁠[1][2][1][2][1][1][3]

Within a year of opening, the Carney brothers began selling franchises, initially to friends and acquaintances, and the first franchised restaurant opened in Topeka, the Kansas state capital. The Aggieville restaurant in Manhattan, Kansas, which opened afterward, was the first Pizza Hut to offer delivery, initially by three-wheeled scooter, and the buffet format was conceived there when its owner was short-staffed in a packed restaurant; it operated until it closed on July 26, 2015, and had been the oldest continuously operating Pizza Hut in the world.⁠[3][1][2][2][2][2]

By 1964, the Carney brothers had established a unified brand identity for Pizza Hut in the familiar hut-style buildings with red roofs; the red roof long remained the signature of Pizza Hut restaurant decor.⁠[2][3]

By 1971, Pizza Hut had become the largest pizza chain in the world, and it dominated the industry for decades afterward. The company’s headquarters was for many years in a tower in east Wichita.⁠[1][1]

In 1977, PepsiCo acquired Pizza Hut, and the Carney brothers sold their interest. At the time of the acquisition, the Pizza Hut system had grown to nearly 3,200 restaurants.⁠[1][2][3]

In 1990, the first Pizza Hut in China opened. The China business was later run by Yum China, which by the time it completed its acquisition in 2026 had operated the brand in the market for 36 years.⁠[4][5]

Pizza Hut describes a 1994 order for its pizza as the very first online food order.⁠[6]

In January 1997, PepsiCo announced that it would spin off its restaurant business as an independent public company; on October 6, 1997, PepsiCo completed the spin-off by distributing all shares of TRICON Global Restaurants to its shareholders, and Pizza Hut moved to Tricon together with KFCKFCKFC (originally Kentucky Fried Chicken) is a global fast-food chain owned by Yum! Brands that specializes in fried chicken. It grew out of a roadside restaurant run by Harland Sanders in Corbin, Kentucky, and as of June 2026 had more than 34,000 restaurants in more than 150 countries.Open the full entry and Taco BellTaco BellTaco Bell is a Mexican-inspired quick-service restaurant brand within Yum! Brands, founded by Glen Bell in Downey, California, in 1962 and headquartered in Irvine. It serves tacos, burritos and other customizable food through franchised and company-owned restaurants. Sean Tresvant has served as division CEO since 2024.Open the full entry. Tricon’s stock began trading on the New York Stock Exchange on October 7 under the symbol “YUM.”⁠[3][3][3]

As of year-end 1997, Pizza Hut operated in 88 countries and territories, with more than 8,600 restaurants in the U.S. and more than 3,800 outside the U.S.; it was the leader in the U.S. pizza quick-service segment with a 22% share, and its 1997 worldwide system sales exceeded $7.3 billion, of which about $4.7 billion came from the U.S.⁠[3][3][3][3]

On May 16, 2002, following shareholder approval, TRICON Global Restaurants changed its name to YUM! Brands to reflect its expanding portfolio of brands. At the time Pizza Hut was based in Dallas, Texas, and as of year-end 2002 it still led the U.S. pizza quick-service segment with a 15% share.⁠[7][7][7][7]

After serving as president of Pizza Hut U.S. in 2014, David Gibbs was chief executive officer of the Pizza Hut Division from January 2015 to April 2016, and from May 2016 he served as president and chief financial officer of Yum! Brands.⁠[8][8][8]

On October 31, 2016, Yum! Brands completed the spin-off of its China business, and Yum China Holdings became an independent public company, listing on the New York Stock Exchange under the symbol “YUMC” on November 1. From then on, Pizza Hut restaurants in Mainland China were operated by Yum China under a master license agreement with Yum! Brands, with a 3% license fee payable to Yum! Brands. At the end of 2016, the Pizza Hut Division had 16,409 restaurants, 53% of them outside the U.S.⁠[8][4][4][5][8]

Pizza Hut sells ready-to-eat pizza through delivery, carryout and casual dining; in 1997 its pizza range already included Pan Pizza, Thin ’n Crispy, Stuffed Crust and Hand Tossed, along with breadsticks, pasta, salads and sandwiches. As of 2026, more than half of Pizza Hut’s worldwide transactions came from digital orders, and in the U.S. it ran the Hut Rewards loyalty program.⁠[9][3][3][6][6]

The Pizza Hut system is mainly franchised, with 99% of restaurants operated by franchisees at the end of 2025. Within Yum! Brands, the KFC and Pizza Hut divisions shared a headquarters building and research facility in Plano, Texas, owned by Pizza Hut.⁠[9][9]

Pizza Hut: Official website: https://www.pizzahut.com/ (opens in a new window).⁠[9]

LongRange Capital: Official website: https://www.longrangecapital.com/ (opens in a new window).⁠[10][11]