Taco Bell is well positioned as the only $1B+ national QSR Mexican player (category of 1) with core equity around abundant value and craveable food with a bold flavor profile. A cult, urban “hipness” brand positioning entertains with playful, engaging ads that also include close-ups of its craveable food. Notably, Taco Bell is dialed-in to Gen Z (particularly young males) with a very targeted menu and marketing strategy. A broad menu offers huge variety by mixing-and-matching various shell/wrap carriers with a choice of ground beef, steak, chicken and bean proteins along with rice, melted cheeses, sour cream and chopped lettuce/tomatoes. Mexican offerings (crunchy, spicy, melty & grilled) feature a variety of craveable tacos, burritos, specialties (Crunchwrap, Chalupa, Quesadilla, Quesarito, Gordita, Taco Salad & Mexican Pizza) and nachos. The chain’s menu strategy reflects the preference of a younger demo for snacking, happy-hour & late-night and Taco Bell provides perhaps the strongest price/abundance value equation in QSR (leveraging its use of inexpensive ingredients). A fast drive-thru speed is helped by an impressive 45% digital channel mix. The chain’s sales performance and outlook reflect strong fundamentals, and this supports solid unit-level profitability. There are not many challenges to mention about this brand. In conclusion, Taco Bell remains one of the best positioned QSR chains, supported by a craveable menu filled with a wide array of abundant value options, compelling brand positioning & marketing, and a material COGs outperformance which provides an important clue about TB’s secret sauce.