Yum China (YUMC) financial statements
Yum China reported revenue of $11.8B in fiscal 2025, up 5.8% a year over 9 years.
Net income was $929M and the operating margin 10.9%, against 9.0% in 2016.
Free cash flow was $840M, and the company returned $353M in dividends and $1.1B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Yum China's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.1B | $7.8B | $8.4B | $8.8B | $8.3B | $9.9B | $9.6B | $11.0B | $11.3B | $11.8B |
| Cost of revenue | $5.6B | $5.8B | — | — | — | — | — | — | — | — |
| Gross profit | $1.5B | $1.9B | — | — | — | — | — | — | — | — |
| Research and development | $5M | $5M | $4M | $4M | $3M | $6M | $6M | $6M | $6M | $8M |
| Selling, general and admin | $429M | $495M | $456M | $487M | $479M | $564M | $594M | $638M | $568M | $581M |
| Operating income | $634M | $778M | $941M | $901M | $961M | $1.4B | $629M | $1.1B | $1.2B | $1.3B |
| Pre-tax income | $666M | $803M | $950M | $1.0B | $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 | $498M | $398M | $708M | $713M | $784M | $990M | $442M | $827M | $911M | $929M |
| EPS (diluted) | $1.35 | $1.00 | $1.79 | $1.84 | $1.95 | $2.28 | $1.04 | $1.97 | $2.33 | $2.51 |
| Diluted shares | 369M | 398M | 395M | 388M | 402M | 434M | 425M | 420M | 390M | 371M |
| Gross margin | 20.7% | 25.0% | — | — | — | — | — | — | — | — |
| Operating margin | 9.0% | 10.0% | 11.2% | 10.3% | 11.6% | 14.1% | 6.6% | 10.1% | 10.3% | 10.9% |
| Net margin | 7.0% | 5.1% | 8.4% | 8.1% | 9.5% | 10.0% | 4.6% | 7.5% | 8.1% | 7.9% |
Balance sheet
Fiscal years, from Yum China's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $964M | $1.3B | $1.4B | $1.7B | $4.3B | $4.0B | $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 | $2.0B | $2.3B | $4.9B | $4.7B | $3.9B | $3.4B | $2.7B | $2.4B |
| Property, plant and equipment | $1.6B | $1.7B | $1.6B | $1.6B | $1.8B | $2.3B | $2.1B | $2.3B | $2.4B | $2.5B |
| Goodwill | $79M | $108M | $266M | $254M | $832M | $2.1B | $2.0B | $1.9B | $1.9B | $2.0B |
| Total assets | $3.7B | $4.3B | $4.6B | $7.0B | $10.9B | $13.2B | $11.8B | $12.0B | $11.1B | $10.8B |
| Total current liabilities | $1.0B | $1.0B | $1.3B | $1.7B | $2.1B | $2.4B | $2.2B | $2.4B | $2.3B | $2.2B |
| 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 | $2.9B | $3.1B | $6.2B | $7.1B | $6.5B | $6.4B | $5.7B | $5.4B |
| Net debt | -$885M | -$1.1B | -$1.3B | -$1.0B | -$1.2B | -$1.1B | -$1.1B | -$1.1B | -$723M | -$506M |
Cash flow
Fiscal years, from Yum China's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $866M | $884M | $1.3B | $1.2B | $1.1B | $1.1B | $1.4B | $1.5B | $1.4B | $1.5B |
| Capital spending | $436M | $415M | $470M | $435M | $419M | $689M | $679M | $710M | $705M | $626M |
| Free cash flow | $430M | $469M | $863M | $750M | $695M | $442M | $734M | $763M | $714M | $840M |
| Stock-based compensation | $16M | $26M | $24M | $26M | $36M | $41M | $42M | $64M | $41M | $42M |
| Dividends paid | — | $38M | $161M | $181M | $95M | $203M | $202M | $216M | $248M | $353M |
| Share buybacks (net) | — | -$128M | -$307M | -$265M | -$8M | -$75M | -$466M | -$613M | -$1.2B | -$1.1B |
| Free cash flow margin | 6.1% | 6.0% | 10.3% | 8.5% | 8.4% | 4.5% | 7.7% | 7.0% | 6.3% | 7.1% |
| Dividends per share | — | $0.10 | $0.41 | $0.47 | $0.24 | $0.47 | $0.48 | $0.51 | $0.64 | $0.95 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for YUMC.
Open YUMC in InvestinglyQuestions
What was Yum China's revenue in 2025?
$11.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Yum China generate?
$840M in fiscal 2025 (operating cash flow minus capital spending).
From Yum China's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.