Yum China Holdings, Inc.

Listed Company

YUMCCIK 0001673358NYSELarge AcceleratedRetail-Eating PlacesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$11.80B

Net Income

$929.00M

Total Assets

$10.78B

Equity

$5.38B

Shares Out

353.10M

Op. Cash Flow

$1.47B

Business

Yum China operates a large restaurant business in China, developing and running major brands including KFC and Pizza Hut and emerging concepts such as Lavazza, Huang Ji Huang, Little Sheep and Taco Bell. It offers quick‑service and casual dining food and beverage products, packaged retail items, coffee shop operations and related services including delivery and digital ordering. The company organizes operations by brand and by company‑owned versus franchise restaurants, supported by centralized supply‑chain, logistics and digital technology functions. It serves customers across thousands of Chinese cities through dine‑in, delivery, takeaway, Super Apps, WeChat mini programs and third‑party aggregators.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	11,797	11,303	10,978	9,569	9,853
Food and paper	3,455	3,387	3,224	2,836	—
Payroll and employee benefits	2,987	2,787	2,725	2,389	—
Occupancy and other operating expenses	2,794	2,798	2,752	2,604	—
General and administrative expenses	581	568	638	594	564
Other operating costs and expenses	132	122	112	78	65
Closures and impairment expenses, net	37	39	29	32	34
Other income, net	−1	−1	—	94	−643
Total costs and expenses, net	10,507	10,141	9,872	8,940	8,467
Operating Profit	1,290	1,162	1,106	629	1,386
Interest income, net	92	129	169	84	60
Investment (loss) gain	−24	40	−49	−26	−54
Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments	1,358	1,331	1,226	687	1,392
Income tax provision	−369	−356	−329	−207	−369
Equity in net earnings (losses) from equity method investments	15	5	4	−2	—
Net income including noncontrolling interests	1,004	980	901	478	1,023
Net income noncontrolling interests	75	69	74	36	33
Net Income Yum China Holdings, Inc.	929	911	827	442	990
Basic	369	388	416	421	422
Diluted	371	390	420	425	434
Basic Earnings Per Common Share	2.52	2.34	1.99	1.05	2.34
Diluted Earnings Per Common Share	2.51	2.33	1.97	1.04	2.28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	506	723	1,128	1,130	1,136
Short-term investments	878	1,121	1,472	2,022	2,860
Accounts receivable, net	95	79	68	64	67
Inventories, net	438	405	424	417	432
Prepaid expenses and other current assets	440	366	339	307	221
Total Current Assets	2,357	2,694	3,431	3,940	4,716
Property, plant and equipment, net	2,543	2,407	2,310	2,118	2,251
Operating lease right-of-use assets	2,189	2,146	2,217	2,219	2,612
Goodwill	1,963	1,880	1,932	1,988	2,142
Intangible assets, net	148	144	150	159	272
Long-term bank deposits and notes	678	1,088	1,265	680	—
Equity investments	387	368	332	361	—
Deferred income tax assets	156	138	129	113	106
Other assets	362	256	265	248	742
Total Assets	10,783	11,121	12,031	11,826	13,223
Accounts payable and other current liabilities	2,127	2,080	2,164	2,096	2,332
Short-term borrowings	30	127	168	2	—
Income taxes payable	89	76	90	68	51
Total Current Liabilities	2,246	2,283	2,422	2,166	2,383
Non-current operating lease liabilities	1,823	1,816	1,899	1,906	2,286
Non-current finance lease liabilities	51	49	44	42	40
Deferred income tax liabilities	406	389	390	390	425
Other liabilities	158	157	157	162	167
Total Liabilities	4,684	4,694	4,912	4,666	5,301
Redeemable Noncontrolling Interest	0	13	13	12	14
Common stock, $0.01 par value; 1,000 million shares authorized; 355 million shares and 379 million shares issued at December 31, 2025 and 2024, respectively; 354 million shares and 378 million shares outstanding at December 31, 2025 and 2024, respectively.	4	4	4	4	4
Treasury stock	−28	−52	—	—	—
Additional paid-in capital	3,796	4,028	4,320	4,390	4,695
Retained earnings	1,764	2,089	2,310	2,191	2,892
Accumulated other comprehensive loss	−157	−341	−229	−103	268
Total Yum China Holdings, Inc. Stockholders' Equity	5,379	5,728	6,405	6,482	7,056
Noncontrolling interests	720	686	701	666	852
Total Equity	6,099	6,414	7,106	7,148	7,908
Total Liabilities, Redeemable Noncontrolling Interest and Equity	10,783	11,121	12,031	11,826	13,223

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	448	476	453	602	516
Non-cash operating lease cost	401	408	404	435	424
Closures and impairment expenses	37	39	29	32	34
Investment loss (gain)	24	−40	49	26	53
Distributions of income received from equity method investments	16	11	11	7	32
Deferred income taxes	−14	−7	−10	−20	160
Share-based compensation expense	42	41	64	42	41
Changes in accounts receivable	−11	−9	−6	−1	−5
Changes in inventories	−14	8	−19	−19	−16
Changes in prepaid expenses, other current assets and value-added tax assets	−51	−27	−35	207	−72
Changes in accounts payable and other current liabilities	−33	−3	84	16	118
Changes in income taxes payable	9	−12	25	25	−26
Changes in non-current operating lease liabilities	−411	−411	−407	−396	−461
Other, net	34	−30	−66	−23	−18
Net Cash Provided by Operating Activities	1,466	1,419	1,473	1,413	1,131
Capital spending	−626	−705	−710	−679	−689
Purchases of short-term investments, long-term bank deposits and notes	−7,583	−4,728	−3,517	−5,189	−6,139
Maturities of short-term investments, long-term bank deposits and notes	8,216	5,251	3,499	5,365	6,383
Acquisitions of equity investments	−14	—	−20	—	−300
Other, net	2	4	5	4	5
Net Cash Used in Investing Activities	−5	−178	−743	−522	−855
Proceeds from short-term borrowings	29	307	264	2	—
Repayment of short-term borrowings	−129	−346	−100	—	—
Repurchase of shares of common stock	−1,144	−1,249	−613	−466	−75
Cash dividends paid on common stock	−353	−248	−216	−202	−203
Dividends paid to noncontrolling interests	−75	−80	−77	−72	−57
Acquisitions of noncontrolling interests	−8	—	—	−113	—
Contributions from noncontrolling interests	0	—	35	18	37
Payment of acquisition related holdback	0	—	−3	−7	−8
Other, net	−9	−20	−6	−4	−7
Net Cash Used in Financing Activities	−1,689	−1,636	−716	−844	−313
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash	11	−10	−16	−53	15
Net Decrease in Cash, Cash Equivalents and Restricted Cash	−217	−405	−2	−6	−22
Cash paid for income tax	370	393	324	204	255
Cash paid for interest	—	4	3	—	—
Capital expenditures included in accounts payable and other current liabilities	166	192	226	181	269

Filings

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