Sunday 1 November 2026 Export YUMC’s income statement to Excel — free account

Yum China

Yum China’s revenue for fiscal 2025 (year ended December 2025) was $11.8 billion, up 4.37% from fiscal 2024.

Revenue: +12.6%
EPS: +20.7%
Free cash flow: +3.10%
Total debt: +141.7%

Quarter to June 2026, against a year earlier

45.78 0.58 +1.28%

Follow YUMC

Alert me

Market cap: $15.5B
P/E: 16.7×
Fwd P/E: 15.5×
Dividend yield: 2.43%
F-score: 7/9
Altman Z: 3.99
Beneish M: −2.51
Dividend safety: 74/100

Overview Business Profile Earnings & Analysis Segments Filings

Yum China (YUMC) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
KFC	8,871	75.20%
Pizza Hut	2,324	19.70%
All Other Segments	934	7.92%
Corporate And Unallocated	418	3.54%
Gross margin		21.71%
Operating margin		10.93%
Pre-tax margin		11.51%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Company Sales	11,039 93.57%	10,651 94.23%	10,391 94.65%	9,110 95.20%	8,961 90.95%	7,396 89.51%	7,925 90.30%	7,633 90.71%	6,993 90.01%	6,622 93.60%
Transactions With Franchisees	502 4.26%	420 3.72%	372 3.39%	287 3.00%	663 6.73%	647 7.83%	654 7.45%	603 7.17%	599 7.71%	299 4.23%
Other Revenues	152 1.29%	138 1.22%	126 1.15%	91 0.95%	76 0.77%	72 0.87%	49 0.56%	38 0.45%	36 0.46%	25 0.35%
Franchise	104 0.88%	94 0.83%	89 0.81%	81 0.85%	153 1.55%	148 1.79%	148 1.69%	141 1.68%	141 1.81%	129 1.82%
Revenue	11,797	11,303	10,978	9,569	9,853	8,263	8,776	8,415	7,769	7,075

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Company Restaurant Expenses	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transactions With Franchisees	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Franchise	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
KFC	8,871 75.20%	8,509 75.28%	8,240 75.06%	7,219 75.44%	7,003 71.07%	5,821 70.45%	6,040 68.82%	5,688 67.59%	5,066 65.21%	4,757 67.24%	4,768 69.01%	4,893 70.57%
Pizza Hut	2,324 19.70%	2,260 19.99%	2,246 20.46%	1,960 20.48%	2,109 21.40%	1,730 20.94%	2,054 23.40%	2,111 25.09%	2,093 26.94%	1,996 28.21%	2,041 29.54%	—
All Other Segments	934 7.92%	789 6.98%	779 7.10%	671 7.01%	473 4.80%	242 2.93%	158 1.80%	115 1.37%	106 1.36%	100 1.41%	100 1.45%	345 4.98%
Corporate And Unallocated	418 3.54%	353 3.12%	293 2.67%	253 2.64%	520 5.28%	—	—	—	—	—	—	—
Combined Eliminations	—	—	—	—	—	—	38 0.43%	16 0.19%	—	—	—	—
Pizza Hut Casual Dining	—	—	—	—	—	—	—	—	—	—	—	1,696 24.46%
Other, not broken out	—	—	—	—	—	470 5.69%	486 5.54%	485 5.76%	504 6.49%	222 3.14%	—	—
Eliminations	(750) (6.36%)	(608) (5.38%)	(580) (5.28%)	(534) (5.58%)	(252) (2.56%)	—	—	—	—	—	—	—
Revenue	11,797	11,303	10,978	9,569	9,853	8,263	8,776	8,415	7,769	7,075	6,909	6,934

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
KFC	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pizza Hut	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
All Other Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate And Unallocated	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pizza Hut Casual Dining	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Active members of KFC or Pizza Hut	Q2 FY2026	270.0M	—	—
Delivery contribution	Q2 FY2026	54.0%	45.0%	—
Digital ordering contribution	Q3 FY2025	95.0%	90.0%	—
Franchise mix of net new stores	Q2 FY2026	41.0%	26.0%	—
KFC delivery contribution	Q2 FY2026	54.0%	45.0%	—
KFC franchisee net new stores	Q2 FY2026	152.00	—	—
KFC net new units	Q2 FY2026	335.00	—	—
KFC restaurant count	Q2 FY2026	13.8K	12.2K	+12.67%
KFC same-store sales growth	Q2 FY2026	1.00%	1.00%	—
KFC same-store transaction growth	Q2 FY2026	4.00%	—	—
KFC system sales growth	Q2 FY2026	7.00%	5.00%	—
Member sales contribution	Q3 FY2025	57.0%	64.0%	—
Net new unit contribution	Q3 FY2025	4.00%	7.00%	—
Net new units	Q2 FY2026	560.00	336.00	+66.67%
Pizza Hut restaurant count	Q4 FY2025	4.2K	3.7K	+11.92%
Pizza Hut same-store sales growth	Q1 FY2026	−1.00%	—	—
Restaurant count	Q2 FY2026	19.3K	17.0K	+13.66%
Same-store sales growth	Q2 FY2026	1.00%	1.00%	—
Same-store transaction growth	Q2 FY2026	6.00%	2.00%	—
System sales growth	Q2 FY2026	6.00%	4.00%	—
Total membership of KFC and Pizza Hut	Q4 FY2025	590.0M	525.0M	+12.38%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Active members of KFC or Pizza Hut	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Delivery contribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Digital ordering contribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Franchise mix of net new stores	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KFC delivery contribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KFC franchisee net new stores	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KFC net new units	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KFC restaurant count	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KFC same-store sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KFC same-store transaction growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
KFC system sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Member sales contribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net new unit contribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net new units	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pizza Hut restaurant count	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pizza Hut same-store sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Restaurant count	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-store sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Same-store transaction growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
System sales growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total membership of KFC and Pizza Hut	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.