Yum China Holdings, Inc. (YUMC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.67	$0.7	+4.5%	—	—	—
Q2 26	$0.85	$0.87	+2.4%	—	—	—
Q1 26	$0.37	$0.4	+8.1%	—	—	—
Q4 25	$0.76	$0.76	0.0%	—	—	—
Q3 25	$0.58	$0.58	0.0%	—	—	—
Q2 25	$0.78	$0.77	-1.3%	—	—	—
Q1 25	$0.29	$0.3	+3.4%	—	—	—
Q4 24	$0.68	$0.77	+13.2%	—	—	—
Q3 24	$0.47	$0.55	+17.0%	—	—	—
Q2 24	$0.65	$0.72	+10.8%	—	—	—
Q1 24	$0.16	$0.25	+56.3%	—	—	—
Q4 23	$0.67	$0.59	-11.9%	—	—	—
Q3 23	$0.46	$0.47	+2.2%	—	—	—
Q2 23	$0.46	$0.69	+50.0%	—	—	—
Q1 23	$0.15	$0.12	-20.0%	—	—	—
Q4 22	$0.31	$0.49	+58.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.52	—	—	$11.8B	—
FY24	—	$2.34	—	—	$11.3B	—
FY23	—	$1.99	—	—	$11B	—
FY22	—	$1.05	—	—	$9.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.1B	$7.8B	$8.4B	$8.8B	$8.3B	$9.9B	$9.6B	$11B	$11.3B	$11.8B
YoY change	+2.4%	+9.81%	+8.32%	+4.29%	-5.85%	+19.2%	-2.88%	+14.7%	+2.96%	+4.37%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.1B	7.8B	8.4B	8.8B	8.3B	9.9B	9.6B	11B	11.3B	11.8B
Cost of revenue	6B	6.5B	7.1B	7.4B	7B	8.4B	8.1B	9.1B	9.4B	9.8B
Gross profit	1.1B	1.3B	1.3B	1.4B	1.3B	1.4B	1.4B	1.9B	1.9B	2B
Gross margin	15.5%	16.5%	15.6%	16%	15.3%	14.3%	14.9%	17.2%	16.7%	17.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	429M	495M	456M	487M	479M	564M	594M	638M	568M	581M
Operating expenses	444M	523M	485M	524M	536M	629M	672M	750M	690M	713M
Operating income	652M	761M	830M	863M	709M	734M	658M	1.1B	1.2B	1.3B
Operating margin	9.22%	9.8%	9.86%	9.83%	8.58%	7.45%	6.88%	10.3%	10.6%	11.2%
Non-operating income, net	3M	17M	84M	101M	356M	598M	-55M	-76M	2M	-60M
Pretax income	666M	803M	950M	1B	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	510M	424M	736M	743M	813M	1B	478M	901M	980M	1B
Net margin	7.21%	5.46%	8.75%	8.47%	9.84%	10.4%	5%	8.21%	8.67%	8.51%
EBITDA	1.1B	1.2B	1.3B	1.3B	865M	695M	1.3B	1.7B	1.7B	1.8B
EPS	1.36	1.03	1.84	1.89	2.01	2.34	1.05	1.99	2.34	2.52
Diluted EPS	1.36	1	1.79	1.84	1.95	2.28	1.04	1.97	2.33	2.51

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.9B	2.5B	3B	2.7B	3.1B	2.6B	3B	2.8B	3.2B	2.8B	3.3B	3.1B
Cost of revenue	2.4B	2.2B	2.4B	2.2B	2.5B	2.2B	2.4B	2.3B	2.6B	2.4B	2.7B	2.6B
Gross profit	521M	309M	543M	441M	550M	356M	572M	476M	582M	409M	615M	537M
Gross margin	17.9%	12.4%	18.4%	16.5%	17.9%	13.7%	19.2%	17.1%	18.2%	14.5%	18.8%	17.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	169M	153M	140M	133M	139M	156M	138M	131M	143M	169M	137M	139M
Operating expenses	198M	188M	169M	162M	171M	188M	167M	161M	178M	207M	168M	177M
Operating income	323M	121M	374M	279M	379M	168M	405M	315M	404M	202M	447M	360M
Operating margin	11.1%	4.85%	12.6%	10.4%	12.3%	6.47%	13.6%	11.3%	12.6%	7.16%	13.7%	11.5%
Non-operating income, net	-4M	-28M	8M	-5M	26M	-27M	-3M	-29M	-14M	-14M	-11M	-18M
Pretax income	365M	138M	420M	305M	436M	170M	428M	311M	413M	206M	452M	354M
Income tax	100M	33M	113M	77M	119M	47M	119M	80M	114M	56M	123M	92M
Net income	267M	107M	307M	228M	319M	126M	313M	233M	305M	153M	331M	264M
Net margin	9.16%	4.29%	10.4%	8.51%	10.4%	4.86%	10.5%	8.36%	9.51%	5.42%	10.1%	8.41%
EBITDA	438M	263M	484M	402M	473M	316M	517M	455M	532M	331M	575M	498M
EPS	0.59	0.23	0.72	0.55	0.77	0.3	0.78	0.58	0.76	0.4	0.88	0.7
Diluted EPS	0.58	0.23	0.71	0.55	0.77	0.3	0.77	0.58	0.76	0.4	0.87	0.7

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9.6B	15.5B	12.9B	18.1B	22.3B	21B	23B	17.7B	18.7B	17.6B	13.9B
Enterprise value	8.7B	14.3B	11.5B	18.7B	20.4B	19.9B	22.3B	17.6B	19.3B	18.6B	15.5B
Shares outstanding	367.7M	387M	384M	377M	390M	422M	421M	416M	388M	369M	369M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.8	36.5	17.5	24.4	27.4	20.6	48.1	19.6	19.1	17.5	15
P/S	1.36	1.99	1.53	2.06	2.69	2.13	2.4	1.61	1.65	1.49	1.12
P/B	3.93	5.44	4.32	5.7	3.44	2.65	3.21	2.48	2.91	2.89	2.7
EV/EBITDA	7.85	11.7	9.17	14.8	23.6	28.6	16.9	10.6	11.5	10.1	8.22
EV/Sales	1.23	1.83	1.37	2.13	2.47	2.02	2.33	1.6	1.7	1.57	1.24
Earnings yield	5.31%	2.74%	5.72%	4.11%	3.65%	4.86%	2.08%	5.1%	5.24%	5.7%	6.65%
FCF yield	4.48%	3.03%	6.7%	4.14%	3.12%	2.1%	3.19%	4.32%	3.82%	4.77%	6.18%
PEG	—	—	—	—	—	—	—	—	—	—	0.73

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	15.5%	16.5%	15.6%	16%	15.3%	14.3%	14.9%	17.2%	16.7%	17.3%	17.1%
Operating margin	9.22%	9.8%	9.86%	9.83%	8.58%	7.45%	6.88%	10.3%	10.6%	11.2%	11.5%
Net margin	7.21%	5.46%	8.75%	8.47%	9.84%	10.4%	5%	8.21%	8.67%	8.51%	7.84%
ROE	20.9%	14.9%	24.7%	23.4%	12.6%	12.9%	6.68%	12.7%	15.2%	16.5%	16.8%
ROA	13.7%	9.89%	16%	10.7%	7.48%	7.74%	4.04%	7.49%	8.81%	9.31%	8.08%
ROIC	33.1%	24.9%	39.8%	17.1%	11.3%	7.98%	7.18%	11.7%	12.6%	13.7%	14.8%
Return on tangible assets	15%	11.8%	20.6%	12.4%	9.63%	12.6%	6.56%	11.8%	14.3%	15.8%	16.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.42	1.76	1.56	1.3	2.39	1.98	1.82	1.42	1.18	1.05	0.96
Quick ratio	1.15	1.47	1.31	1.08	2.2	1.8	1.63	1.24	1	0.85	0.78
Debt / equity	0.01	0.01	0.01	0.7	0.37	0.36	0.33	0.36	0.37	0.38	0.38
Debt / assets	0.01	0.01	0.01	0.32	0.22	0.21	0.2	0.21	0.22	0.22	0.21
Net debt / EBITDA	-0.85	-1.01	-1.09	0.44	-2.16	-1.67	-0.57	-0.04	0.34	0.52	0.47
Effective tax rate	23.4%	47.2%	22.5%	25.9%	26.6%	26.5%	30.1%	26.8%	26.7%	27.2%	27%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.2	20.1	21.9	23.3	21.2	23.3	22.7	26.4	29.1	32	34.8
EPS (basic)	1.36	1.03	1.84	1.89	2.01	2.34	1.05	1.99	2.34	2.52	2.52
EPS (diluted)	1.36	1	1.79	1.84	1.95	2.28	1.04	1.97	2.33	2.51	2.73
Book value per share	6.64	7.36	7.75	8.42	16.6	18.8	17	17.1	16.6	16.5	15.2
FCF per share	1.17	1.21	2.25	1.99	1.78	1.05	1.74	1.83	1.84	2.28	2.69
Cash per share	2.62	3.27	3.61	4.4	10.9	9.47	7.49	6.25	4.75	3.75	4.12
Capex per share	0.05	0	0	—	—	—	—	—	—	1.7	1.83

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.27%	0%	0%	—	—	—	—	—	—	5.31%	5.13%
Capex / operating cash flow	2.33%	0%	0%	—	—	—	—	—	—	42.7%	40.4%
Payout ratio	0%	8.96%	21.9%	24.4%	11.7%	19.8%	42.3%	24%	25.3%	35.2%	38.8%
Dividend yield	0%	0.25%	1.25%	1%	0.43%	0.97%	0.88%	1.22%	1.33%	2%	2.85%

Yield

2.85%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.29

ex-dividend Aug 27, 2026

Payout ratio

39%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 27, 2026	$0.29
May 27, 2026	$0.29
Mar 4, 2026	$0.29
May 28, 2025	$0.24
Mar 6, 2025	$0.24
Nov 26, 2024	$0.16
Aug 27, 2024	$0.16
May 24, 2024	$0.16

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.9B	$2.5B	$3B	$2.7B	$3.1B	$2.6B	$3B	$2.8B	$3.2B	$2.8B	$3.3B	$3.1B
YoY change	+8.53%	+19.4%	+1.41%	+0.94%	+5.39%	+4.09%	+0.78%	+4.03%	+4.4%	+8.79%	+9.73%	+12.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	964M	1.3B	1.4B	1.7B	4.3B	4B	3.2B	2.6B	1.8B	1.4B
Receivables	74M	79M	80M	88M	99M	67M	64M	68M	79M	95M
Inventory	268M	297M	307M	380M	398M	432M	417M	424M	405M	438M
Total current assets	1.4B	1.8B	2B	2.3B	4.9B	4.7B	3.9B	3.4B	2.7B	2.4B
Property, plant & equipment	-382M	-362M	-368M	1.6B	1.6B	1.9B	1.4B	1.5B	1.4B	1.5B
Goodwill & intangibles	334M	680M	1B	962M	2.4B	5.1B	4.5B	4.4B	4.3B	4.4B
Total assets	3.7B	4.3B	4.6B	7B	10.9B	13.2B	11.8B	12B	11.1B	10.8B
Accounts payable	480M	420M	619M	623M	708M	830M	727M	786M	801M	793M
Short-term debt	—	—	—	382M	448M	508M	450M	594M	544M	468M
Total current liabilities	1B	1B	1.3B	1.7B	2.1B	2.4B	2.2B	2.4B	2.3B	2.2B
Long-term debt	28M	28M	25M	1.8B	1.9B	2.3B	1.9B	1.9B	1.9B	1.9B
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	3B	3.2B	6.5B	7.9B	7.2B	7.1B	6.4B	6.1B
Total debt	28M	28M	25M	2.2B	2.4B	2.8B	2.4B	2.5B	2.4B	2.3B
Net debt	-857M	-1B	-1.2B	1.2B	1.2B	1.7B	1.3B	1.4B	1.7B	1.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.1B	2.6B	2.4B	2.5B	2.5B	1.8B	2B	2.2B	2.1B	1.4B	1.4B	1.4B
Receivables	62M	68M	74M	74M	79M	79M	81M	94M	86M	95M	103M	115M
Inventory	419M	424M	345M	362M	359M	405M	329M	360M	389M	438M	414M	459M
Total current assets	3.9B	3.4B	3.2B	3.3B	3.3B	2.7B	2.8B	3B	3B	2.4B	2.3B	2.4B
Property, plant & equipment	1.3B	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.4B
Goodwill & intangibles	4.3B	4.4B	4.3B	4.3B	4.4B	4.3B	4.3B	4.3B	4.4B	4.4B	4.5B	4.5B
Total assets	12.1B	12B	11.3B	11.6B	11.8B	11.1B	11B	11B	11B	10.8B	10.8B	10.9B
Accounts payable	758M	786M	727M	819M	775M	801M	701M	795M	822M	793M	822M	960M
Short-term debt	615M	594M	584M	834M	747M	544M	547M	422M	453M	468M	463M	499M
Total current liabilities	2.5B	2.4B	2.3B	2.7B	2.6B	2.3B	2.2B	2.2B	2.3B	2.2B	2.3B	2.4B
Long-term debt	1.8B	1.9B	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.9B	1.9B	1.8B
Total liabilities	4.8B	4.9B	4.7B	5.1B	5.1B	4.7B	4.6B	4.5B	4.6B	4.7B	4.7B	4.8B
Shareholders' equity	7.3B	7.1B	6.6B	6.5B	6.7B	6.4B	6.4B	6.5B	6.4B	6.1B	6.1B	6.1B
Total debt	2.4B	2.5B	2.5B	2.7B	2.7B	2.4B	2.4B	2.2B	2.3B	2.3B	2.3B	2.3B
Net debt	1.3B	1.4B	1.6B	1.7B	1.5B	1.7B	1.5B	1.6B	1.6B	1.8B	1.8B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	510M	424M	736M	743M	813M	1B	478M	901M	980M	1B
Depreciation & amortization	402M	409M	445M	428M	450M	516M	602M	453M	476M	448M
Stock-based compensation	16M	26M	24M	26M	36M	41M	42M	64M	41M	42M
Change in working capital	-27M	-66M	218M	-677M	-721M	-364M	-400M	-348M	-415M	-469M
Operating cash flow	815M	869M	1.4B	838M	1B	1.8B	1.1B	1.4B	1.5B	1.5B
Capital expenditure	19M	0	0	—	—	—	—	—	—	-626M
Investing cash flow	-35M	-557M	-82M	-475M	-2.7B	-166M	157M	-33M	527M	-5M
Dividends paid	0	-38M	-161M	-181M	-95M	-203M	-202M	-216M	-248M	-353M
Share repurchases	0	-128M	-307M	-265M	-8M	-75M	-466M	-613M	-1.2B	-1.1B
Financing cash flow	90M	-187M	-518M	-480M	2.1B	-313M	-844M	-816M	-2B	-1.8B
Net change in cash	870M	125M	770M	-117M	383M	1.3B	427M	549M	-2M	-357M
Free cash flow	430M	469M	863M	750M	695M	442M	734M	763M	714M	840M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	267M	107M	307M	228M	319M	126M	313M	233M	305M	153M	331M	264M
Depreciation & amortization	111M	114M	117M	118M	120M	121M	109M	110M	114M	115M	117M	120M
Stock-based compensation	17M	18M	10M	13M	9M	9M	9M	13M	10M	10M	10M	13M
Change in working capital	-74M	-138M	-165M	33M	-189M	-94M	-204M	-10M	-76M	-179M	-147M	-26M
Operating cash flow	391M	180M	382M	459M	364M	248M	363M	412M	477M	125M	550M	426M
Capital expenditure	—	—	—	—	—	—	—	-122M	-126M	-241M	-144M	-127M
Investing cash flow	-287M	520M	288M	-62M	269M	32M	65M	-218M	-24M	309M	-233M	-32M
Dividends paid	-54M	-54M	-64M	-62M	-61M	-61M	-90M	-90M	-88M	-85M	-102M	-101M
Share repurchases	-158M	-333M	-679M	-190M	-188M	-192M	-173M	-195M	-324M	-452M	-218M	-312M
Financing cash flow	0	-476M	-776M	-264M	-489M	-656M	-280M	-558M	-398M	-582M	-383M	-386M
Net change in cash	104M	224M	-106M	133M	144M	-376M	148M	-364M	55M	-148M	-66M	8M
Free cash flow	243M	-72M	253M	232M	244M	-15M	315M	290M	351M	-116M	406M	299M

Yum China Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement