Yum China Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Yum China Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,075	7,769	8,415	8,776	8,263	9,853	9,569	10,978	11,303	11,797
Cost of revenue	5,610	5,829
Gross profit	1,465	1,940
Research and development	5	5	4	4	3	6	6	6	6	8
General and administrative	429	495	456	487	479	564	594	638	568	581
Operating income	634	778	941	901	961	1,386	629	1,106	1,162	1,290
Pre-tax income	666	803	950	1,003	1,108	1,392	687	1,226	1,331	1,358
Income tax	156	379	214	260	295	369	207	329	356	369
Net income to minority interests	12	26	28	30	29	33	36	74	69	75
Net income	498	398	708	713	784	990	442	827	911	929
EBITDA	1,036	1,187	1,386	1,329	1,411	1,902	1,231	1,559	1,638	1,738
EPS, basic	1.35	1.03	1.84	1.89	2.01	2.34	1.05	1.99	2.34	2.52
EPS, diluted	1.35	1.00	1.79	1.84	1.95	2.28	1.04	1.97	2.33	2.51
Shares, basic (weighted)	368	387	384	377	390	422	421	416	388	369
Shares, diluted (weighted)	369	398	395	388	402	434	425	420	390	371
Dividend per share		0.10	0.42	0.48	0.24	0.48	0.48	0.52	0.64	0.96

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	885	1,059	1,266	1,046	1,158	1,136	1,130	1,128	723	506
Short-term investments	79	205	122	611	3,105	2,860	2,022	1,472	1,121	878
Receivables	74	79	80	88	99	67	64	68	79	95
Inventory	268	297	307	380	398	432	417	424	405	438
Other current assets	81	60	66	87	119	176	111	99	107	102
Total current assets	1,426	1,802	1,952	2,259	4,936	4,716	3,940	3,431	2,694	2,357
Property, plant and equipment	1,647	1,691	1,615	1,594	1,765	2,251	2,118	2,310	2,407	2,543
Lease right-of-use assets				1,985	2,164	2,612	2,219	2,217	2,146	2,189
Goodwill	79	108	266	254	832	2,142	1,988	1,932	1,880	1,963
Intangible assets	88	101	116	94	246	272	159	150	144	148
Other non-current assets	254	385	491	580	749	742	248	265	256	362
Total assets	3,727	4,287	4,610	6,950	10,875	13,223	11,826	12,031	11,121	10,783
Accounts payable	480	420	619	623	708	830	727	786	801	793
Accrued liabilities	191	219	200	223	238	283	285	299	235	261
Deferred revenue		72	96	135	175	182	182	196	196	205
Short-term debt							2	168	127	30
Total current liabilities	1,004	1,024	1,253	1,736	2,067	2,383	2,166	2,422	2,283	2,246
Lease liabilities				1,803	1,915	2,286	1,906	1,899	1,816	1,823
Other non-current liabilities	252	388	355	210	167	167	162	157	157	158
Total liabilities	1,284	1,440	1,633	3,775	4,404	5,301	4,666	4,912	4,694	4,684
Paid-in capital	2,352	2,375	2,402	2,427	4,658	4,695	4,390	4,320	4,028	3,796
Retained earnings	40	397	944	1,416	2,105	2,892	2,191	2,310	2,089	1,764
Treasury stock	-20	-148	-460	-721	-728	-803			-52	-28
Other comprehensive income	1	137	-17	-49	167	268	-103	-229	-341	-157
Shareholders' equity	2,377	2,765	2,873	3,077	6,206	7,056	6,482	6,405	5,728	5,379
Minority interests	66	77	103	98	253	852	666	701	686	720
Total equity	2,443	2,842	2,976	3,175	6,459	7,908	7,148	7,106	6,414	6,099
Total liabilities and equity	3,727	4,287	4,610	6,950	10,875	13,223	11,826	12,031	11,121	10,783
Shares outstanding	383	385	379	376	420	428	419	407	378	354

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	510	424	736	743	813	1,023	478	901	980	1,004
Depreciation and amortization	402	409	445	428	450	516	602	453	476	448
Stock-based compensation	16	26	24	26	36	41	42	64	41	42
Deferred income tax	-42	62	33	16	111	160	-20	-10	-7	-14
Change in receivables	-54	1	-13	-9	-15	-5	-1	-6	-9	-11
Change in inventory	-96	-11	-23	-77	17	-16	-19	-19	8	-14
Change in payables	123	-56	254	171	65	118	16	84	-3	-33
Cash from operations	866	884	1,333	1,185	1,114	1,131	1,413	1,473	1,419	1,466
Capital expenditures	-436	-415	-470	-435	-419	-689	-679	-710	-705	-626
Acquisitions		-25	-91		-288	-115	-23
Purchases of investments	-136	-596	-74	-1,024	-4,499	-6,139	-5,189	-3,517	-4,728	-7,583
Sales and maturities of investments						6,383	5,365	3,499	5,251	8,216
Cash from investing	-471	-557	-552	-910	-3,109	-855	-522	-743	-178	-5
Stock issued		5			2,195
Share buybacks		-128	-307	-265	-8	-75	-466	-613	-1,249	-1,144
Dividends paid		-38	-161	-181	-95	-203	-202	-216	-248	-353
Cash from financing	93	-185	-518	-480	2,058	-313	-844	-716	-1,636	-1,689
Exchange rate effect	-28	32	-56
Net change in cash	460	174	207	-211	103	-22	-6	-2	-405	-217
Free cash flow	430	469	863	750	695	442	734	763	714	840
Interest paid								3	4
Income taxes paid	182	232	208	255	170	255	204	324	393	370

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $40.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.1%	Operating income / revenue.
EBITDA margin	14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.5%	Pre-tax income / revenue.
Net margin	7.8%	Net income / revenue.
FCF margin	7.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.7%	Cash from operations / revenue.
Effective tax rate	27.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.0%	Net income / average total assets.
Return on invested capital (ROIC)	20.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	27.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	28.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	34.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	17.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	50.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	26.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	32.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.96x	Current assets / current liabilities.
Quick ratio	0.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.57x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	44.2%	Total liabilities / total assets.
Working capital	-$86.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.14x	Revenue / average total assets.
Fixed asset turnover	4.74x	Revenue / average property, plant and equipment.
Receivables turnover	108x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
FCF conversion	96.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	40.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.64	Revenue / diluted weighted shares.
FCF per share	$2.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.52	Cash from operations / diluted weighted shares.
Book value per share	$15.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.23	Tangible book value / shares outstanding.
Cash per share	$4.02	(Cash + short-term investments) / shares outstanding.
Payout ratio	38.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	138.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.86B	Share price x shares outstanding.
Enterprise value	$12.47B	Market cap + total debt - cash - short-term investments.
P/E	14.2x	Market cap / net income. Only when net income is positive.
P/S	1.11x	Market cap / revenue.
P/B	2.59x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.35x	Market cap / tangible book value, when positive.
P/FCF	14.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.78x	Market cap / cash from operations, when positive.
EV/Sales	1.00x	Enterprise value / revenue.
EV/EBIT	9.03x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.75x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.7%	Dividends paid over the period / market cap.
Shareholder yield	12.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.42x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Yum China Holdings, Inc.'s revenue in fiscal 2025?

Yum China Holdings, Inc. reported revenue of $11.80B for fiscal 2025, 4.4% higher than the year before.

Was Yum China Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $929.0M, a net margin of 7.9%.

How much free cash flow did Yum China Holdings, Inc. generate in fiscal 2025?

Cash from operations of $1.47B minus capital expenditures of $626.0M left free cash flow of $840.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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