Yum China
YUMC · NYSERetail-Eating Places · Fiscal year ends Dec 31
Yum China reported revenue of $11.8B in the fiscal year ended Dec 2025, up 4.4% from the year before. Operating income was $1.3B, an operating margin of 10.9%, and net income was $929M. Operating cash flow of $1.5B less capital expenditure of $626M left free cash flow of $840M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.9B | $9.6B | $11B | $11.3B | $11.8B |
| Research & development | $6M | $6M | $6M | $6M | $8M |
| Operating income | $1.4B | $629M | $1.1B | $1.2B | $1.3B |
| Net interest incomeBanks | $60M | $84M | $169M | $129M | $92M |
| Pre-tax income | $1.4B | $687M | $1.2B | $1.3B | $1.4B |
| Income tax | $369M | $207M | $329M | $356M | $369M |
| Net income | $990M | $442M | $827M | $911M | $929M |
| Diluted EPS | 2.28 | 1.04 | 1.97 | 2.33 | 2.51 |
| Diluted shares | 434M | 425M | 420M | 390M | 371M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $1.1B | $1.1B | $723M | $506M |
| Receivables | $67M | $64M | $68M | $79M | $95M |
| Inventory | $432M | $417M | $424M | $405M | $438M |
| Current assets | $4.7B | $3.9B | $3.4B | $2.7B | $2.4B |
| Net PP&E | $2.3B | $2.1B | $2.3B | $2.4B | $2.5B |
| Goodwill | $2.1B | $2B | $1.9B | $1.9B | $2B |
| Total assets | $13.2B | $11.8B | $12B | $11.1B | $10.8B |
| Payables | $830M | $727M | $786M | $801M | $793M |
| Deferred revenue | $182M | $182M | $196M | $196M | $205M |
| Current liabilities | $2.4B | $2.2B | $2.4B | $2.3B | $2.2B |
| Short-term debt | – | $2M | $168M | $127M | $30M |
| Total liabilities | $5.3B | $4.7B | $4.9B | $4.7B | $4.7B |
| Shareholders' equity | $7.1B | $6.5B | $6.4B | $5.7B | $5.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.4B | $1.5B | $1.4B | $1.5B |
| Capital expenditure | $689M | $679M | $710M | $705M | $626M |
| Free cash flow | $442M | $734M | $763M | $714M | $840M |
| Depreciation & amortisation | $516M | $602M | $453M | $476M | $448M |
| Stock-based compensation | $41M | $42M | $64M | $41M | $42M |
| Acquisitions | $115M | $23M | – | – | – |
| Share buybacks | $75M | $466M | $613M | $1.2B | $1.1B |
| Dividends paid | $203M | $202M | $216M | $248M | $353M |
| Dividend per share | 0.48 | 0.48 | 0.52 | 0.64 | 0.96 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.9% | 14.7% | 3.0% | 4.4% |
| Operating income growth (YoY) | – | −54.6% | 75.8% | 5.1% | 11.0% |
| EPS growth (YoY) | – | −54.4% | 89.4% | 18.3% | 7.7% |
| Operating margin | 14.1% | 6.6% | 10.1% | 10.3% | 10.9% |
| Net margin | 10.0% | 4.6% | 7.5% | 8.1% | 7.9% |
| Return on equityBlank when equity is negative | 14.0% | 6.8% | 12.9% | 15.9% | 17.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.8% | 6.5% | 11.5% | 13.1% | 15.1% |
| Free cash flow margin | 4.5% | 7.7% | 7.0% | 6.3% | 7.1% |
| Cash conversion (CFO ÷ net income) | 1.14x | 3.20x | 1.78x | 1.56x | 1.58x |
| Receivable days | 2 | 2 | 2 | 3 | 3 |
| Current ratio | 1.98x | 1.82x | 1.42x | 1.18x | 1.05x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.