Yum China Holdings Inc
yumchina.comWhat Do They Do?
Sells meals, coffee and packaged foods to diners in China through KFC, Pizza Hut and other restaurant brands.
10-K for FY2025, filed Feb 27, 2026Yum China is the largest restaurant company in China in terms of 2025 system sales. We had $11.8 billion of revenues in 2025 and 18,101…View ↗
KFC is the leading and the largest quick-service restaurant (“QSR”) brand in China in terms of 2025 system sales. Founded in Corbin…View ↗
Pizza Hut is the leading and the largest casual dining restaurant (“CDR”) brand in China in terms of 2025 system sales and number of…View ↗
Lavazza. In April 2020, we partnered with Luigi Lavazza S.p.A. (“Lavazza Group”), the world-renowned family-owned Italian coffee company…View ↗
How Do They Make Money?
Company-owned restaurant meals are the main source of revenue: diners pay when they take possession of their food. Franchisees also pay upfront fees and sales-based royalties, and buy food, paper and other services from Yum China.
10-K for FY2025, filed Feb 27, 2026Company sales represent revenues from Company-owned restaurants. Within the analysis of Company sales, Total revenue and Restaurant profit…View ↗
Revenues from Company-owned restaurants are recognized when a customer takes possession of the food and tenders payment, which is when our…View ↗
Franchise fees and income primarily include a combination of upfront franchise fees and continuing fees. We have determined that the…View ↗
Revenues from transactions with franchisees consist primarily of sales of food and paper products, advertising services, delivery services…View ↗
$11.8B
-
10-K for FY2025, filed Feb 27, 2026
$11.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Company Sales
Sold outright
10-K for FY2025, filed Feb 27, 2026 |
94%
FY2022: 95%
|
Company Sales, FY2025
$11B Sources
|
Sold outright |
|
Franchise
Licensed
|
0.9%
FY2022: 0.9%
|
Franchise, FY2025
$104M Sources
|
Licensed |
|
Transactions With Franchisees
Sold outright
|
4.3%
FY2022: 3.0%
|
Transactions With Franchisees, FY2025
$502M Sources
|
Sold outright |
|
Other Revenues
|
1.3%
FY2022: 1.0%
|
Other Revenues, FY2025
$152M Sources
|
Who Are Their Customers?
Diners buy meals at company-operated restaurants; franchisees operate some restaurants and purchase food, paper, advertising, delivery and other services from Yum China.
10-K for FY2025, filed Feb 27, 2026As of December 31, 2025, we owned and operated approximately 83% of our restaurants. Franchisees contribute to our revenue through the…View ↗
We believe that it is important to maintain strong and open relationships with our franchisees. To this end, the Company invests a…View ↗
Revenues from Company-owned restaurants are recognized when a customer takes possession of the food and tenders payment, which is when our…View ↗
Revenues from transactions with franchisees consist primarily of sales of food and paper products, advertising services, delivery services…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$1.3BView ↗
10-K for FY2025, filed Feb 27, 2026
$929MView ↗
10-K for FY2025, filed Feb 27, 2026
$840MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
-
Aug 7, 2026
Completed acquisition of Pizza Hut brand ownership in mainland China
Yum China paid US$1.2 billion; the amended KFC and Taco Bell license no longer covers Pizza Hut.
Sources
8-K, filed Aug 7, 2026
As previously disclosed, on June 16, 2026, Yum China Holdings, Inc., a Delaware corporation (the “Company” or “Yum China”) and Yum! Brands…View ↗
Growing. Revenue grew 20% in 4 years, from $9.9B in FY2021 to $11.8B in FY2025, about 5% a year.
More specific store formats
The latest report names side-by-side modules, KCOFFEE Cafes and KPRO as store formats for additional consumption occasions; the earlier report described exploring store designs and service models more generally.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 27, 2026Explore new restaurant formats. We are keen to explore various new restaurant formats to support further store expansion, including…View ↗
Explore new restaurant formats. We are keen to explore various new restaurant formats to support further store expansion and drive sales…View ↗
Who Do They Compete With?
Competes with McDonald’s, Dicos, Burger King, Domino’s, and Papa John’s
10-K for FY2025, filed Feb 27, 2026Data from the National Bureau of Statistics of China indicates that sales in the restaurant industry in China totaled approximately RMB…View ↗
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