Yum China Holdings, Inc. YUMC
"U.S. dollars," "$" or "US$" refers to the legal currency of the United States, and "RMB" or "Renminbi" refers to the legal currency of the People's Republic of China (the "PRC" or "China").
The KFC, Pizza Hut, Lavazza, Huang Ji Huang, Little Sheep and Taco Bell brands are collectively referred to as the "brands" or "concepts." Throughout this Form 10-K, the terms "brands" and "concepts" are used interchangeably and "restaurants," "stores" and "units" are used interchangeably.
Yum China is the largest restaurant company in China in terms of 2025 system sales. We had $11.8 billion of revenues in 2025 and 18,101 restaurants as of December 31, 2025. Our growing restaurant network consists of our flagship KFC and Pizza Hut brands, as well as emerging brands such as Lavazza, Huang Ji Huang, Little Sheep and Taco Bell.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.80B | $11.30B | $10.98B | $9.57B | $9.85B | $8.26B | $8.78B | $8.41B | $7.77B | $7.08B |
| Cost of revenue | — | — | — | — | — | — | — | — | $5.83B | $5.61B |
| Gross profit | — | — | — | — | — | — | — | — | $1.94B | $1.47B |
| R&D | $8.0M | $6.0M | $6.0M | $6.0M | $6.0M | $3.0M | $4.0M | $4.0M | $5.0M | $5.0M |
| SG&A | $581.0M | $568.0M | $638.0M | $594.0M | $564.0M | $479.0M | $487.0M | $456.0M | $495.0M | $429.0M |
| Total operating expenses | $10.51B | $10.14B | $9.87B | $8.94B | $8.47B | $7.30B | $7.88B | $7.47B | $6.99B | $6.44B |
| Operating income | $1.29B | $1.16B | $1.11B | $629.0M | $1.39B | $961.0M | $901.0M | $941.0M | $778.0M | $634.0M |
| Interest expense | $92.0M | $129.0M | $169.0M | $84.0M | $60.0M | $43.0M | $39.0M | $36.0M | $25.0M | $11.0M |
| Pre-tax income | $1.36B | $1.33B | $1.23B | $687.0M | $1.39B | $1.11B | $1.00B | $950.0M | $803.0M | $666.0M |
| Income tax | $369.0M | $356.0M | $329.0M | $207.0M | $369.0M | $295.0M | $260.0M | $214.0M | $379.0M | $156.0M |
| Net income | $929.0M | $911.0M | $827.0M | $442.0M | $990.0M | $784.0M | $713.0M | $708.0M | $398.0M | $498.0M |
| EPS, basic | 2.52 | 2.34 | 1.99 | 1.05 | 2.34 | 2.01 | 1.89 | 1.84 | 1.03 | 1.35 |
| EPS, diluted | 2.51 | 2.33 | 1.97 | 1.04 | 2.28 | 1.95 | 1.84 | 1.79 | 1.00 | 1.35 |
| Shares, diluted (wtd. avg.) | $371.0M | $390.0M | $420.0M | $425.0M | $434.0M | $402.0M | $388.0M | $395.0M | $398.0M | $369.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $506.0M | $723.0M | $1.13B | $1.13B | $1.14B | $1.16B | $1.05B | $1.27B | $1.06B | $885.0M |
| Short-term investments | $878.0M | $1.12B | $1.47B | $2.02B | $2.86B | $3.10B | $611.0M | $122.0M | $205.0M | $79.0M |
| Receivables | $95.0M | $79.0M | $68.0M | $64.0M | $67.0M | $99.0M | $88.0M | $80.0M | $79.0M | $74.0M |
| Inventory | $438.0M | $405.0M | $424.0M | $417.0M | $432.0M | $398.0M | $380.0M | $307.0M | $297.0M | $268.0M |
| Total current assets | $2.36B | $2.69B | $3.43B | $3.94B | $4.72B | $4.94B | $2.26B | $1.95B | $1.80B | $1.43B |
| Property, plant and equipment | $2.54B | $2.41B | $2.31B | $2.12B | $2.25B | $1.76B | $1.59B | $1.61B | $1.69B | $1.65B |
| Goodwill | $1.96B | $1.88B | $1.93B | $1.99B | $2.14B | $832.0M | $254.0M | $266.0M | $108.0M | $79.0M |
| Other intangibles | $148.0M | $144.0M | $150.0M | $159.0M | $272.0M | $246.0M | $94.0M | $116.0M | $101.0M | $88.0M |
| Total assets | $10.78B | $11.12B | $12.03B | $11.83B | $13.22B | $10.88B | $6.95B | $4.61B | $4.29B | $3.73B |
| Accounts payable | $793.0M | $801.0M | $786.0M | $727.0M | $830.0M | $708.0M | $623.0M | $619.0M | $420.0M | $480.0M |
| Short-term debt | $30.0M | $127.0M | $168.0M | $2.0M | — | — | — | — | — | — |
| Total current liabilities | $2.25B | $2.28B | $2.42B | $2.17B | $2.38B | $2.07B | $1.74B | $1.25B | $1.02B | $1.00B |
| Total liabilities | $4.68B | $4.69B | $4.91B | $4.67B | $5.30B | $4.40B | $3.77B | $1.63B | $1.44B | $1.28B |
| Retained earnings | $1.76B | $2.09B | $2.31B | $2.19B | $2.89B | $2.10B | $1.42B | $944.0M | $397.0M | $40.0M |
| Total equity | $5.38B | $5.73B | $6.41B | $6.48B | $7.06B | $6.46B | $3.17B | $2.87B | $2.77B | $2.38B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.47B | $1.42B | $1.47B | $1.41B | $1.13B | $1.11B | $1.19B | $1.33B | $884.0M | $866.0M |
| Depreciation and amortisation | $448.0M | $476.0M | $453.0M | $602.0M | $516.0M | $450.0M | $428.0M | $445.0M | $409.0M | $402.0M |
| Stock-based compensation | $42.0M | $41.0M | $64.0M | $42.0M | $41.0M | $36.0M | $26.0M | $24.0M | $26.0M | $16.0M |
| Capital expenditure | $626.0M | $705.0M | $710.0M | $679.0M | $689.0M | $419.0M | $435.0M | $470.0M | $415.0M | $436.0M |
| Investing cash flow | -$5.0M | -$178.0M | -$743.0M | -$522.0M | -$855.0M | -$3.11B | -$910.0M | -$552.0M | -$557.0M | -$471.0M |
| Financing cash flow | -$1.69B | -$1.64B | -$716.0M | -$844.0M | -$313.0M | $2.06B | -$480.0M | -$518.0M | -$185.0M | $93.0M |
| Dividends paid | $353.0M | $248.0M | $216.0M | $202.0M | $203.0M | $95.0M | $181.0M | $161.0M | $38.0M | — |
| Buybacks | $1.14B | $1.25B | $613.0M | $466.0M | $75.0M | $8.0M | $265.0M | $307.0M | $128.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-157856.
Others in SIC 5812
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MCD | MCDONALDS CORP | $180.94B | 21.4x | 3.7% |
| CMG | CHIPOTLE MEXICAN GRILL INC | $46.77B | 32.4x | 5.4% |
| YUM | YUM BRANDS INC | $41.13B | 27.2x | 8.8% |
| QSR | Restaurant Brands International Inc. | $27.90B | 34.1x | 12.2% |
| DRI | DARDEN RESTAURANTS INC | $24.74B | 20.9x | 9.4% |
| ARMK | Aramark | $14.97B | 46.5x | 6.4% |
| TXRH | Texas Roadhouse, Inc. | $12.44B | 31.1x | 9.4% |
| EAT | BRINKER INTERNATIONAL, INC | $9.62B | 21.2x | 7.9% |