Yum China Holdings Inc
yumchina.comYum China Holdings Inc (NYSE: YUMC) is a restaurant company that operates and franchises quick-service and casual-dining restaurants across mainland China. Revenue comes primarily from company-owned restaurant sales, supplemented by franchise fees and royalties from licensed locations. Yum China holds the exclusive right to operate and sublicense the KFC, Pizza Hut, and Taco Bell brands in China (excluding Hong Kong, Macau, and Taiwan), and owns the intellectual property of the Little Sheep and Huang Ji Huang concepts outright. As of December 31, 2025, the company operated 18,101 restaurants across its brand portfolio, making it the largest restaurant company in China by 2025 system sales. Total revenues reached $11.8 billion in FY2025. The brand portfolio includes KFC, Pizza Hut, Lavazza, Huang Ji Huang, Little Sheep, and Taco Bell. KFC entered China in 1987 and remains the flagship concept.
Products & Services
Quick-service and casual-dining restaurants under the KFC, Pizza Hut, Taco Bell, Lavazza, Huang Ji Huang, and Little Sheep brands. KFC and Pizza Hut are the flagship concepts. Little Sheep and Huang Ji Huang are company-owned IP.
Revenue Model
Company-owned restaurant sales (transactional, direct consumer) plus franchise fees and royalties from sublicensed locations. The company holds exclusive licensing rights for KFC, Pizza Hut, and Taco Bell in mainland China.
Customers & Markets
Direct consumers in mainland China dining at company-owned restaurants. Franchisees operating sublicensed KFC, Pizza Hut, and Taco Bell locations in China are secondary customers paying fees and royalties.
Geographic Exposure
Exclusively mainland China (excluding Hong Kong, Macau, and Taiwan), per the exclusive licensing agreements for KFC, Pizza Hut, and Taco Bell brands.
Peers: Luckin Coffee Inc
Source: SEC 10-K, filed 2026-02-27
Loading...
