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Restaurant Brands International vs Yum China: revenue, profit, margins and growth compared

Restaurant Brands International brought in $9.4B of revenue in fiscal 2025, Yum China $11.8B in fiscal 2025. Revenue changed by +12.2% at Restaurant Brands International and +4.4% at Yum China on the year before, so Restaurant Brands International grew faster. Restaurant Brands International kept 8.2% of its revenue as net profit, Yum China 7.9%. Free cash flow was $1.4B at Restaurant Brands International and $840M at Yum China.

Side by side, latest fiscal year

QSRYUMC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.4B$11.8B
Revenue growth+12.2%+4.4%
Net income$776M$929M
Net margin8.2%7.9%
Free cash flow$1.4B$840M
Free cash flow margin15.4%7.1%
Earnings per share (diluted)$2.35$2.51
Cash$1.2B$506M
Debt$13.3Bn/a
Price to earnings30.516.1
Market value$32.6B$13.9B
Dividend yield3.46%2.37%
Rank by revenue in sector#123 of 778 · Consumer discretionary#108 of 778 · Consumer discretionary

Over the years

Revenue
QSR FY2018: $5.4BQSR FY2019: $5.6BQSR FY2020: $5BQSR FY2021: $5.7BQSR FY2022: $6.5BQSR FY2023: $7BQSR FY2024: $8.4BQSR FY2025: $9.4BYUMC FY2018: $8.4BYUMC FY2019: $8.8BYUMC FY2020: $8.3BYUMC FY2021: $9.9BYUMC FY2022: $9.6BYUMC FY2023: $11BYUMC FY2024: $11.3BYUMC FY2025: $11.8BFY18FY19FY20FY21FY22FY23FY24FY25
QSR $9.4BYUMC $11.8B
Net income
QSR FY2018: $612MQSR FY2019: $643MQSR FY2020: $486MQSR FY2021: $838MQSR FY2022: $1BQSR FY2023: $1.2BQSR FY2024: $1BQSR FY2025: $776MYUMC FY2018: $708MYUMC FY2019: $713MYUMC FY2020: $784MYUMC FY2021: $990MYUMC FY2022: $442MYUMC FY2023: $827MYUMC FY2024: $911MYUMC FY2025: $929MFY18FY19FY20FY21FY22FY23FY24FY25
QSR $776MYUMC $929M
Net margin
QSR FY2018: 11.4%QSR FY2019: 11.5%QSR FY2020: 9.8%QSR FY2021: 14.6%QSR FY2022: 15.5%QSR FY2023: 16.9%QSR FY2024: 12.1%QSR FY2025: 8.2%YUMC FY2018: 8.4%YUMC FY2019: 8.1%YUMC FY2020: 9.5%YUMC FY2021: 10.0%YUMC FY2022: 4.6%YUMC FY2023: 7.5%YUMC FY2024: 8.1%YUMC FY2025: 7.9%FY18FY19FY20FY21FY22FY23FY24FY25
QSR 8.2%YUMC 7.9%
Revenue growth
QSR FY2019: +4.6%QSR FY2020: -11.3%QSR FY2021: +15.5%QSR FY2022: +13.3%QSR FY2023: +7.9%QSR FY2024: +19.7%QSR FY2025: +12.2%YUMC FY2019: +4.3%YUMC FY2020: -5.8%YUMC FY2021: +19.2%YUMC FY2022: -2.9%YUMC FY2023: +14.7%YUMC FY2024: +3.0%YUMC FY2025: +4.4%FY19FY20FY21FY22FY23FY24FY25
QSR +12.2%YUMC +4.4%
Free cash flow
QSR FY2018: $1.1BQSR FY2019: $1.4BQSR FY2020: $804MQSR FY2021: $1.6BQSR FY2022: $1.4BQSR FY2023: $1.2BQSR FY2024: $1.3BQSR FY2025: $1.4BYUMC FY2018: $863MYUMC FY2019: $750MYUMC FY2020: $695MYUMC FY2021: $442MYUMC FY2022: $734MYUMC FY2023: $763MYUMC FY2024: $714MYUMC FY2025: $840MFY18FY19FY20FY21FY22FY23FY24FY25
QSR $1.4BYUMC $840M

Fiscal years as each company reports them; the two may end in different months.

Questions about Restaurant Brands International and Yum China

Which is bigger by revenue, Restaurant Brands International or Yum China?

Yum China is bigger by revenue: $11.8B in fiscal 2025, against $9.4B for Restaurant Brands International in fiscal 2025.

Which keeps more of its revenue as profit, Restaurant Brands International or Yum China?

Restaurant Brands International had a net margin of 8.2% in fiscal 2025; Yum China had 7.9% in fiscal 2025.

Which grew revenue faster, Restaurant Brands International or Yum China?

In their latest fiscal years revenue changed by +12.2% at Restaurant Brands International and +4.4% at Yum China.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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