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Yum China

YUMC NYSE Restaurants Financials FY2016–FY2025

Yum China's revenue rose 4.4% to $11.8 billion in fiscal 2025. Its operating margin was 10.9%, up from 10.3% a year earlier. Free cash flow was $840 million, up 17.6%. It paid out $1.5 billion in dividends and buybacks, 178% of free cash flow. The diluted share count fell 4.9%.

Last close · Oct 23, 2026

$44.54

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$11.8B
4.4% vs prior year
Operating margin Operating income as a share of revenue.
10.9%
0.7 pts
Net income Profit after all expenses, interest and tax.
$929M
2.0%
Free cash flow Cash from operations minus capital spending.
$840M
17.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$15.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.3x
On $2.73 EPS (TTM)

About these figures. Yum China's 2025 10-K has no interest expense figure in its structured data, so interest coverage is blank for 2025.

What Yum China does

No business description yet.

Legal name
Yum China Holdings, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-082824
0001673358

Revenue and margins

Yum China had $11.8B of revenue in fiscal 2025, up 4.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $840M in fiscal 2025, 7.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Yum China returned $1.5B to shareholders in fiscal 2025, 178% of free cash flow. The diluted share count fell 4.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Yum China yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 371.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.3x · peers 20.5x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Yum China can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.0B$3.2B$2.6B$1.8B$1.4B
Interest coverage ——368.7x290.5x—
Current ratio 2.0x1.8x1.4x1.2x1.1x
Quick ratio 1.8x1.6x1.2x1.0x0.9x
Total assets $13.2B$11.8B$12.0B$11.1B$10.8B
Total liabilities $5.3B$4.7B$4.9B$4.7B$4.7B
Shareholders' equity $7.1B$6.5B$6.4B$5.7B$5.4B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −5.4%−4.4%−4.9%
Altman Z'' 3.312.992.77

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Yum China YUMC $15.5B 4.4% 10.9% 7.1% — 16.3x —
Chipotle Mexican Grill CMG $35.2B 5.4% 16.2% 12.1% 73.7% 25.2x 4 Compare →
Darden Restaurants DRI $24.3B 9.4% 12.0% 8.5% 24.8% 20.8x 6 Compare →
Restaurant Brands International QSR $34.7B 12.2% 23.3% 15.4% 9.0% 20.3x 6 Compare →
Yum! Brands YUM $41.5B 8.8% 31.3% 20.0% 54.8% 18.8x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.1B $7.8B $8.4B $8.8B $8.3B $9.9B $9.6B $11.0B $11.3B $11.8B
Gross profit $1.5B $1.9B — — — — — — — —
Research and development $5.0M $5.0M $4.0M $4.0M $3.0M $6.0M $6.0M $6.0M $6.0M $8.0M
Operating income $634M $778M $941M $901M $961M $1.4B $629M $1.1B $1.2B $1.3B
Interest expense — — — — — — — $3.0M $4.0M —
Pretax income $666M $803M $950M $1.0B $1.1B $1.4B $687M $1.2B $1.3B $1.4B
Income tax $156M $379M $214M $260M $295M $369M $207M $329M $356M $369M
Net income $498M $398M $708M $713M $784M $990M $442M $827M $911M $929M
Diluted EPS $1.35 $1.00 $1.79 $1.84 $1.95 $2.28 $1.04 $1.97 $2.33 $2.51
Diluted shares 0.37B 0.40B 0.40B 0.39B 0.40B 0.43B 0.43B 0.42B 0.39B 0.37B
Cash flow
Cash from operations $866M $884M $1.3B $1.2B $1.1B $1.1B $1.4B $1.5B $1.4B $1.5B
Capital expenditure $436M $415M $470M $435M $419M $689M $679M $710M $705M $626M
Free cash flow $430M $469M $863M $750M $695M $442M $734M $763M $714M $840M
Depreciation and amortization $402M $409M $445M $428M $450M $516M $602M $453M $476M $448M
Stock-based compensation $16.0M $26.0M $24.0M $26.0M $36.0M $41.0M $42.0M $64.0M $41.0M $42.0M
Acquisitions $0.0M $25.0M $91.0M $0.0M $288M $115M $23.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $128M $307M $265M $8.0M $75.0M $466M $613M $1.2B $1.1B
Dividends paid $0.0M $38.0M $161M $181M $95.0M $203M $202M $216M $248M $353M
Dividends and buybacks $0.0M $166M $468M $446M $103M $278M $668M $829M $1.5B $1.5B
Balance sheet
Cash and short-term investments $964M $1.3B $1.4B $1.7B $4.3B $4.0B $3.2B $2.6B $1.8B $1.4B
Finance lease liabilities $0.0M $0.0M $27.0M $28.0M $30.0M $43.0M $47.0M $49.0M $54.0M $57.0M
Current assets $1.4B $1.8B $2.0B $2.3B $4.9B $4.7B $3.9B $3.4B $2.7B $2.4B
Current liabilities $1.0B $1.0B $1.3B $1.7B $2.1B $2.4B $2.2B $2.4B $2.3B $2.2B
Inventory $268M $297M $307M $380M $398M $432M $417M $424M $405M $438M
Property and equipment, net $1.6B $1.7B $1.6B $1.6B $1.8B $2.3B $2.1B $2.3B $2.4B $2.5B
Total assets $3.7B $4.3B $4.6B $7.0B $10.9B $13.2B $11.8B $12.0B $11.1B $10.8B
Total liabilities $1.3B $1.4B $1.6B $3.8B $4.4B $5.3B $4.7B $4.9B $4.7B $4.7B
Shareholders' equity $2.4B $2.8B $2.9B $3.1B $6.2B $7.1B $6.5B $6.4B $5.7B $5.4B
Margins
Gross margin 20.7% 25.0% — — — — — — — —
Operating margin 9.0% 10.0% 11.2% 10.3% 11.6% 14.1% 6.6% 10.1% 10.3% 10.9%
EBITDA margin 14.6% 15.3% 16.5% 15.1% 17.1% 19.3% 12.9% 14.2% 14.5% 14.7%
Net margin 7.0% 5.1% 8.4% 8.1% 9.5% 10.1% 4.6% 7.5% 8.1% 7.9%
FCF margin 6.1% 6.0% 10.3% 8.6% 8.4% 4.5% 7.7% 7.0% 6.3% 7.1%
Returns
Return on capital employed 25.5% 26.0% 28.4% 21.0% 13.7% 14.1% 6.1% 11.5% 12.6% 14.9%
Return on equity 23.2% 15.5% 25.1% 24.0% 16.9% 14.9% 6.5% 12.8% 15.0% 16.7%
Return on assets 14.4% 9.9% 15.9% 12.3% 8.8% 8.2% 3.5% 6.9% 7.9% 8.5%
Growth
Revenue growth 2.4% 9.8% 8.3% 4.3% −5.9% 19.2% −2.9% 14.7% 3.0% 4.4%
Net income growth 54.2% −20.1% 77.9% 0.7% 10.0% 26.3% −55.4% 87.1% 10.2% 2.0%
EPS growth 51.7% −25.9% 79.0% 2.8% 6.0% 16.9% −54.4% 89.4% 18.3% 7.7%
FCF growth 7.2% 9.1% 84.0% −13.1% −7.3% −36.4% 66.1% 4.0% −6.4% 17.7%
Share count change 1.4% 7.9% −0.8% −1.8% 3.6% 8.0% −2.1% −1.2% −7.1% −4.9%
Financial health
Interest coverage — — — — — — — 368.7x 290.5x —
Current ratio 1.4x 1.8x 1.6x 1.3x 2.4x 2.0x 1.8x 1.4x 1.2x 1.1x
Quick ratio 1.2x 1.5x 1.3x 1.1x 2.2x 1.8x 1.6x 1.2x 1.0x 0.9x
Capital allocation
Capex / revenue 6.2% 5.3% 5.6% 5.0% 5.1% 7.0% 7.1% 6.5% 6.2% 5.3%
Stock comp / revenue 0.2% 0.3% 0.3% 0.3% 0.4% 0.4% 0.4% 0.6% 0.4% 0.4%
Payouts / FCF 0.0% 35.4% 54.2% 59.5% 14.8% 62.9% 91.0% 108.7% 209.7% 178.2%
Quality scores
Altman Z'' 3.9 4.8 5.0 2.9 4.5 4.1 3.6 3.3 3.0 2.8
Accruals ratio −10.6% −12.1% −14.1% −8.2% −3.7% −1.2% −7.8% −5.4% −4.4% −4.9%

Source: SEC EDGAR XBRL filings (CIK 0001673358). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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