Yum China Holdings, Inc. YUMC

Consumer discretionary SIC 5812 - Retail-Eating Places NAICS Accommodation and Food Services › Food Services and Drinking Places › Restaurants and Other Eating Places derived NYSE

"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.

Last close 44.54 2026-10-23
Market cap $15.25B 2026-06-30 share count
52-week range 39.72 - 58.39

Valuation FY2025 figures against the last close

P/S1.3x
P/E17.7x
P/FCF18.2x
EV/EBITDA8.0x
Dividend yield2.3%
Diluted EPS2.51

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 2.522.341.991.052.342.011.891.841.031.35
EPS, diluted 2.512.331.971.042.281.951.841.791.001.35
Shares, diluted (wtd. avg.) 371.0M390.0M420.0M425.0M434.0M402.0M388.0M395.0M398.0M369.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 5B 10B 15B Revenue, FY2016: 7.1B Gross profit, FY2016: 1.5B Net income, FY2016: 498M Revenue, FY2017: 7.8B Gross profit, FY2017: 1.9B Net income, FY2017: 398M Revenue, FY2018: 8.4B Net income, FY2018: 708M Revenue, FY2019: 8.8B Net income, FY2019: 713M Revenue, FY2020: 8.3B Net income, FY2020: 784M Revenue, FY2021: 9.9B Net income, FY2021: 990M Revenue, FY2022: 9.6B Net income, FY2022: 442M Revenue, FY2023: 11B Net income, FY2023: 827M Revenue, FY2024: 11.3B Net income, FY2024: 911M Revenue, FY2025: 11.8B Net income, FY2025: 929M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $7.08B $7.77B $8.41B $8.78B $8.26B $9.85B $9.57B $10.98B $11.30B $11.80B
Gross profit $1.47B $1.94B — — — — — — — —
Net income $498.0M $398.0M $708.0M $713.0M $784.0M $990.0M $442.0M $827.0M $911.0M $929.0M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed Item 1.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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