Detailed financial statements for Yum China Holdings, Inc. (YUMC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Yum China Holdings, Inc. is a prominent player in China's restaurant sector, engaging in the ownership, operation, and franchising of various dining establishments. Its core operations are structured around two primary segments: KFC and Pizza Hut.
Analysis Summary
Yum China Holdings, Inc. reported revenue of $11.80B in the most recent fiscal year, growing at a 5-year CAGR of 7.4%. Net income reached $929.0M, with a 3.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 17.2%, operating margin 12.2%, net margin 7.8%. Free cash flow grew at 3.9% CAGR over 5 years.
At the current price of $39.98, YUMC trades at a P/E of 14.59 and an ROE of 17.84%. Market capitalisation stands at $14.0B, placing it among large-cap names.
Balance sheet quality for YUMC: current ratio of 1.0, net debt of $958.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $840.0M represents 90% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.75B | $7.77B | $8.41B | $8.78B | $8.26B | $9.85B | $9.57B | $10.98B | $11.30B | $11.80B |
| Cost of Revenue | $5.68B | $6.49B | $7.10B | $6.97B | $7.00B | $8.45B | $8.14B | $9.09B | $9.41B | $9.76B |
| Gross Profit | $1.10B | $1.28B | $1.31B | $1.81B | $1.27B | $1.41B | $1.43B | $1.89B | $1.89B | $2.04B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $429.0M | $495.0M | $456.0M | $896.0M | $479.0M | $564.0M | $594.0M | $638.0M | $568.0M | $581.0M |
| Operating Expenses | $444.0M | $523.0M | $485.0M | $909.0M | $306.0M | $20.0M | $798.0M | $779.0M | $728.0M | $581.0M |
| Operating Income | $634.0M | $778.0M | $941.0M | $901.0M | $961.0M | $1.39B | $629.0M | $1.11B | $1.16B | $1.46B |
| EBITDA | $1.05B | $1.17B | $1.27B | $1.29B | $1.16B | $1.25B | $1.26B | $1.59B | $1.68B | $1.82B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $666.0M | $803.0M | $950.0M | $1.00B | $1.11B | $1.39B | $685.0M | $1.23B | $1.34B | $1.37B |
| Income Tax | $156.0M | $379.0M | $214.0M | $260.0M | $295.0M | $369.0M | $207.0M | $329.0M | $356.0M | $369.0M |
| Net Income | $502.0M | $398.0M | $708.0M | $713.0M | $784.0M | $990.0M | $442.0M | $827.0M | $911.0M | $929.0M |
| EPS | $1.37 | $1.03 | $1.84 | $1.89 | $2.01 | $2.35 | $1.05 | $1.99 | $2.35 | $2.53 |
| EPS (Diluted) | $1.36 | $1.00 | $1.79 | $1.84 | $1.95 | $2.28 | $1.04 | $1.97 | $2.34 | $2.50 |
| Shares Outstanding (Diluted) | $369.1M | $398.0M | $395.0M | $388.0M | $402.0M | $434.0M | $425.0M | $420.0M | $390.0M | $359.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.21B | $2.82B | $3.27B | $3.14B |
| Gross Profit | $582.0M | $409.0M | $615.0M | $537.0M |
| Operating Income | $400.0M | $240.0M | $478.0M | $398.0M |
| EBITDA | $518.0M | $323.0M | $571.0M | $518.0M |
| Net Income | $282.0M | $140.0M | $309.0M | $244.0M |
| EPS | $0.77 | $0.39 | $0.88 | $0.70 |
| EPS (Diluted) | $0.76 | $0.39 | $0.87 | $0.70 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $885.0M | $1.06B | $1.27B | $1.05B | $1.16B | $1.14B | $1.13B | $1.13B | $723.0M | $506.0M |
| Short-term Investments | $79.0M | $205.0M | $122.0M | $611.0M | $3.10B | $2.86B | $2.02B | $1.47B | $1.12B | $878.0M |
| Receivables | $90.0M | $140.0M | $149.0M | $137.0M | $156.0M | $112.0M | $211.0M | $283.0M | $316.0M | $409.0M |
| Inventory | $268.0M | $297.0M | $307.0M | $380.0M | $398.0M | $432.0M | $417.0M | $424.0M | $405.0M | $438.0M |
| Total Current Assets | $1.43B | $1.80B | $1.95B | $2.26B | $4.94B | $4.72B | $3.94B | $3.43B | $2.69B | $2.36B |
| Property, Plant & Equipment | $1.65B | $1.69B | $1.61B | $3.58B | $3.93B | $4.86B | $4.34B | $4.55B | $4.58B | $4.73B |
| Goodwill | $79.0M | $108.0M | $266.0M | $254.0M | $832.0M | $2.14B | $1.99B | $1.93B | $1.88B | $1.96B |
| Intangible Assets | $88.0M | $232.0M | $254.0M | $227.0M | $386.0M | $410.0M | $282.0M | $265.0M | $251.0M | $148.0M |
| Total Assets | $3.73B | $4.29B | $4.61B | $6.95B | $10.88B | $13.22B | $11.83B | $12.03B | $11.12B | $10.78B |
| Accounts Payable | $480.0M | $420.0M | $619.0M | $623.0M | $708.0M | $830.0M | $727.0M | $786.0M | $801.0M | $793.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $2.0M | $168.0M | $127.0M | $30.0M |
| Total Current Liabilities | $1.00B | $1.02B | $1.25B | $1.74B | $2.07B | $2.38B | $2.17B | $2.42B | $2.28B | $2.25B |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.28B | $1.44B | $1.63B | $3.77B | $4.40B | $5.30B | $4.67B | $4.91B | $4.69B | $4.68B |
| Retained Earnings | $40.0M | $397.0M | $944.0M | $1.42B | $2.10B | $2.89B | $2.19B | $2.31B | $2.09B | $1.76B |
| Total Equity | $2.38B | $2.77B | $2.87B | $3.08B | $6.21B | $7.06B | $6.48B | $6.41B | $5.73B | $5.38B |
| Total Debt | $28.0M | $28.0M | $25.0M | $2.21B | $2.39B | $2.83B | $2.40B | $2.54B | $2.41B | $2.34B |
| Net Debt | -$936.0M | -$1.24B | -$1.36B | $554.0M | -$1.87B | -$1.16B | -$754.0M | -$63.0M | $565.0M | $958.0M |
| Working Capital | $422.0M | $778.0M | $699.0M | $523.0M | $2.87B | $2.33B | $1.77B | $1.01B | $411.0M | $111.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $648.0M | $506.0M | $473.0M | $485.0M |
| Total Assets | $11.03B | $10.78B | $10.84B | $10.87B |
| Total Liabilities | $4.65B | $4.68B | $4.73B | $4.81B |
| Total Equity | $5.69B | $5.38B | $5.43B | $5.36B |
| Total Debt | $2.27B | $2.34B | $2.31B | $2.30B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $510.0M | $424.0M | $736.0M | $743.0M | $813.0M | $1.02B | $478.0M | $901.0M | $980.0M | $1.00B |
| Depreciation & Amortization | $402.0M | $409.0M | $445.0M | $428.0M | $450.0M | $516.0M | $602.0M | $453.0M | $476.0M | $448.0M |
| Stock-based Compensation | $16.0M | $26.0M | $24.0M | $26.0M | $36.0M | $41.0M | $42.0M | $64.0M | $41.0M | $42.0M |
| Change in Working Capital | -$14.0M | -$78.0M | $213.0M | -$307.0M | -$327.0M | -$462.0M | -$168.0M | -$358.0M | -$454.0M | -$511.0M |
| Operating Cash Flow | $866.0M | $884.0M | $1.33B | $1.19B | $1.11B | $1.13B | $1.41B | $1.47B | $1.42B | $1.47B |
| Capital Expenditure | -$436.0M | -$415.0M | -$470.0M | -$435.0M | -$419.0M | -$689.0M | -$679.0M | -$710.0M | -$705.0M | -$626.0M |
| Acquisitions | 0 | -$25.0M | -$91.0M | 0 | -$305.0M | -$115.0M | -$23.0M | -$20.0M | 0 | -$14.0M |
| Stock Repurchased | 0 | -$128.0M | -$307.0M | -$265.0M | -$8.0M | -$75.0M | -$466.0M | -$613.0M | -$1.25B | -$1.14B |
| Dividends Paid | 0 | -$38.0M | -$161.0M | -$181.0M | -$95.0M | -$203.0M | -$202.0M | -$216.0M | -$248.0M | -$353.0M |
| Free Cash Flow | $430.0M | $469.0M | $863.0M | $750.0M | $695.0M | $442.0M | $734.0M | $763.0M | $714.0M | $840.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $477.0M | $125.0M | $550.0M | $434.1M |
| Capital Expenditure | -$126.0M | -$241.0M | -$144.0M | -$129.3M |
| Free Cash Flow | $351.0M | -$116.0M | $406.0M | $304.9M |
| Dividends Paid | -$88.0M | -$85.0M | -$102.0M | -$102.7M |
| Stock-based Compensation | $10.0M | $10.0M | $10.0M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.1% | +8.3% | +4.3% | -5.8% | +19.2% | -2.9% | +14.7% | +3.0% | +4.4% | |
| Net Income Growth (YoY) | -20.7% | +77.9% | +0.7% | +10.0% | +26.3% | -55.4% | +87.1% | +10.2% | +2.0% | |
| EPS Growth (YoY) | -24.8% | +78.6% | +2.7% | +6.3% | +16.9% | -55.3% | +89.5% | +18.1% | +7.7% | |
| Shares Change (YoY) | +7.8% | -0.8% | -1.8% | +3.6% | +8.0% | -2.1% | -1.2% | -7.1% | -7.9% | |
| FCF Growth (YoY) | +9.1% | +84.0% | -13.1% | -7.3% | -36.4% | +66.1% | +4.0% | -6.4% | +17.6% | |
| Gross Margin | 16.2% | 16.5% | 15.6% | 20.6% | 15.3% | 14.3% | 14.9% | 17.2% | 16.7% | 17.3% |
| Operating Margin | 9.4% | 10.0% | 11.2% | 10.3% | 11.6% | 14.1% | 6.6% | 10.1% | 10.3% | 12.4% |
| EBITDA Margin | 15.6% | 15.1% | 15.2% | 14.7% | 14.0% | 12.7% | 13.2% | 14.4% | 14.8% | 15.4% |
| Net Margin | 7.4% | 5.1% | 8.4% | 8.1% | 9.5% | 10.0% | 4.6% | 7.5% | 8.1% | 7.9% |
| FCF Margin | 6.4% | 6.0% | 10.3% | 8.5% | 8.4% | 4.5% | 7.7% | 7.0% | 6.3% | 7.1% |
| Effective Tax Rate | 23.4% | 47.2% | 22.5% | 25.9% | 26.6% | 26.5% | 30.2% | 26.7% | 26.6% | 26.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.16 | $1.18 | $2.18 | $1.93 | $1.73 | $1.02 | $1.73 | $1.82 | $1.83 | $2.34 |
| Dividends Per Share | $0.00 | $0.10 | $0.41 | $0.47 | $0.24 | $0.47 | $0.48 | $0.51 | $0.64 | $0.98 |
| Shares Outstanding (Basic) | $367.7M | $387.0M | $384.0M | $377.0M | $390.0M | $422.0M | $421.0M | $416.0M | $388.0M | $359.0M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 17.84% |
| Return on Invested Capital | 12.43% |
| Return on Assets | 8.97% |
| Gross Margin | 17.23% |
| Operating Margin | 12.19% |
| Net Margin | 7.84% |
Financial Health
| Debt / Equity | 0.43 |
| Current Ratio | 0.96 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.07 | 38.85 | 18.22 | 25.40 | 28.40 | 21.21 | 52.05 | 21.32 | 20.50 | 18.87 |
| P/B | 4.04 | 5.60 | 4.48 | 5.88 | 3.59 | 2.98 | 3.55 | 2.76 | 3.26 | 3.19 |
| P/S | 1.42 | 1.99 | 1.53 | 2.06 | 2.69 | 2.13 | 2.40 | 1.61 | 1.65 | 1.45 |
| Gross Margin | 16.2% | 16.5% | 15.6% | 20.6% | 15.3% | 14.3% | 14.9% | 17.2% | 16.7% | 17.3% |
| Operating Margin | 9.4% | 10.0% | 11.2% | 10.3% | 11.6% | 14.1% | 6.6% | 10.1% | 10.3% | 12.4% |
| Net Margin | 7.4% | 5.1% | 8.4% | 8.1% | 9.5% | 10.0% | 4.6% | 7.5% | 8.1% | 7.9% |
Related companies: BBY · DKS · DPZ · DRI · GPC · HMC · PKG
Explore sector: Consumer Cyclical · Restaurants
More sections of YUMC: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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