Yum China Financials
Yum China (YUMC) reported $11.8B in revenue for fiscal year 2025, up 4.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Strong cash generation is being recycled into aggressive shareholder payouts, lifting returns while steadily thinning liquidity buffers.
From FY2023 to FY2025, operating cash flow stayed near$1.5B while equity shrank to$5.4B . That combination lifted ROE to17.3% and pushed the debt-to-equity ratio to 0.9x even though liabilities were broadly flat, so part of the stronger return profile comes from a smaller capital base created by payouts.
In FY2025, net income of
Buybacks of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Yum China's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Yum China has an operating margin of 10.9%, meaning the company retains $11 of operating profit per $100 of revenue. This strong profitability earns a score of 71/100, reflecting efficient cost management and pricing power. This is up from 10.3% the prior year.
Yum China's revenue grew a modest 4.4% year-over-year to $11.8B. This slow but positive growth earns a score of 45/100.
Yum China has a moderate D/E ratio of 0.87. This balance of debt and equity financing earns a leverage score of 49/100.
Yum China's current ratio of 1.05 is below the typical benchmark, resulting in a score of 21/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Yum China has a free cash flow margin of 7.1%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.
Yum China earns a strong 17.3% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is up from 15.9% the prior year.
Yum China scores 3.81, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($16.3B) relative to total liabilities ($4.7B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Yum China passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Yum China generates $1.58 in operating cash flow ($1.5B OCF vs $929.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Yum China earns $14.02 in operating income for every $1 of interest expense ($1.3B vs $92.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Yum China generated $11.8B in revenue in fiscal year 2025. This represents an increase of 4.4% from the prior year.
Yum China's EBITDA was $1.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.1% from the prior year.
Yum China reported $929.0M in net income in fiscal year 2025. This represents an increase of 2.0% from the prior year.
Yum China earned $2.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 7.7% from the prior year.
Cash & Balance Sheet
Yum China generated $840.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.6% from the prior year.
Yum China held $506.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Yum China paid $0.96 per share in dividends in fiscal year 2025. This represents an increase of 50.0% from the prior year.
Margins & Returns
Yum China's operating margin was 10.9% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.
Yum China's net profit margin was 7.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.
Yum China's ROE was 17.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Yum China invested $8.0M in research and development in fiscal year 2025. This represents an increase of 33.3% from the prior year.
Yum China spent $1.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 8.4% from the prior year.
Yum China invested $626.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 11.2% from the prior year.
YUMC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.4B | $11.8B+4.4% | $11.3B+3.0% | $11.0B+14.7% | $9.6B-2.9% | $9.9B+19.2% | $8.3B-5.8% | $8.8B+4.3% | $8.4B+8.3% | $7.8B+9.8% | $7.1B+2.4% | $6.9B-0.4% | $6.9B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5.8B+3.9% | $5.6B-5.4% | $5.9B-1.6% | $6.0B |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.9B+32.4% | $1.5B+49.8% | $978.0M+8.1% | $905.0M |
| R&D Expenses | N/A | $8.0M+33.3% | $6.0M0.0% | $6.0M0.0% | $6.0M0.0% | $6.0M+100.0% | $3.0M-25.0% | $4.0M0.0% | $4.0M-20.0% | $5.0M0.0% | $5.0M0.0% | $5.0M0.0% | $5.0M |
| SG&A Expenses | $588.0M | $581.0M+2.3% | $568.0M-11.0% | $638.0M+7.4% | $594.0M+5.3% | $564.0M+17.7% | $479.0M-1.6% | $487.0M+6.8% | $456.0M-7.9% | $495.0M+15.4% | $429.0M+8.6% | $395.0M+1.5% | $389.0M |
| Operating Income | $1.4B | $1.3B+11.0% | $1.2B+5.1% | $1.1B+75.8% | $629.0M-54.6% | $1.4B+44.2% | $961.0M+6.7% | $901.0M-4.3% | $941.0M+21.0% | $778.0M+22.7% | $634.0M+29.9% | $488.0M+16166.7% | $3.0M |
| Interest Expense | $69.0M | $92.0M-28.7% | $129.0M-23.7% | $169.0M+101.2% | $84.0M+40.0% | $60.0M+39.5% | $43.0M+10.3% | $39.0M+8.3% | $36.0M+44.0% | $25.0M+127.3% | $11.0M+37.5% | $8.0M-42.9% | $14.0M |
| Income Tax | $385.0M | $369.0M+3.7% | $356.0M+8.2% | $329.0M+58.9% | $207.0M-43.9% | $369.0M+25.1% | $295.0M+13.5% | $260.0M+21.5% | $214.0M-43.5% | $379.0M+142.9% | $156.0M-7.1% | $168.0M+211.1% | $54.0M |
| Net Income | $975.0M | $929.0M+2.0% | $911.0M+10.2% | $827.0M+87.1% | $442.0M-55.4% | $990.0M+26.3% | $784.0M+10.0% | $713.0M+0.7% | $708.0M+77.9% | $398.0M-20.1% | $498.0M+54.2% | $323.0M+4714.3% | -$7.0M |
| EPS (Diluted) | — | $2.51+7.7% | $2.33+18.3% | $1.97+89.4% | $1.04-54.4% | $2.28+16.9% | $1.95+6.0% | $1.84+2.8% | $1.79+79.0% | $1.00-25.9% | $1.35+51.7% | $0.89+4550.0% | -$0.02 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
YUMC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.8B-3.0% | $11.1B-7.6% | $12.0B+1.7% | $11.8B-10.6% | $13.2B+21.6% | $10.9B+56.5% | $7.0B+50.8% | $4.6B+7.5% | $4.3B+15.0% | $3.7B+16.4% | $3.2B | N/A |
| Current Assets | $2.4B-12.5% | $2.7B-21.5% | $3.4B-12.9% | $3.9B-16.5% | $4.7B-4.5% | $4.9B+118.5% | $2.3B+15.7% | $2.0B+8.3% | $1.8B+26.4% | $1.4B+78.5% | $799.0M | N/A |
| Cash & Equivalents | $506.0M-30.0% | $723.0M-35.9% | $1.1B-0.2% | $1.1B-0.5% | $1.1B-1.9% | $1.2B+10.7% | $1.0B-17.4% | $1.3B+19.5% | $1.1B+19.7% | $885.0M+108.2% | $425.0M+78.6% | $238.0M |
| Inventory | $438.0M+8.1% | $405.0M-4.5% | $424.0M+1.7% | $417.0M-3.5% | $432.0M+8.5% | $398.0M+4.7% | $380.0M+23.8% | $307.0M+3.4% | $297.0M+10.8% | $268.0M+41.8% | $189.0M | N/A |
| Accounts Receivable | $95.0M+20.3% | $79.0M+16.2% | $68.0M+6.3% | $64.0M-4.5% | $67.0M-32.3% | $99.0M+12.5% | $88.0M+10.0% | $80.0M+1.3% | $79.0M+6.8% | $74.0M+124.2% | $33.0M | N/A |
| Goodwill | $2.0B+4.4% | $1.9B-2.7% | $1.9B-2.8% | $2.0B-7.2% | $2.1B+157.5% | $832.0M+227.6% | $254.0M-4.5% | $266.0M+146.3% | $108.0M+36.7% | $79.0M-7.1% | $85.0M | N/A |
| Total Liabilities | $4.7B-0.2% | $4.7B-4.4% | $4.9B+5.3% | $4.7B-12.0% | $5.3B+20.4% | $4.4B+16.7% | $3.8B+131.2% | $1.6B+13.4% | $1.4B+12.1% | $1.3B+5.6% | $1.2B | N/A |
| Current Liabilities | $2.2B-1.6% | $2.3B-5.7% | $2.4B+11.8% | $2.2B-9.1% | $2.4B+15.3% | $2.1B+19.1% | $1.7B+38.5% | $1.3B+22.4% | $1.0B+2.0% | $1.0B+5.9% | $948.0M | N/A |
| Total Equity | $5.4B-6.1% | $5.7B-10.6% | $6.4B-1.2% | $6.5B-8.1% | $7.1B+13.7% | $6.2B+101.7% | $3.1B+7.1% | $2.9B+3.9% | $2.8B+16.3% | $2.4B+23.7% | $1.9B | N/A |
| Retained Earnings | $1.8B-15.6% | $2.1B-9.6% | $2.3B+5.4% | $2.2B-24.2% | $2.9B+37.4% | $2.1B+48.7% | $1.4B+50.0% | $944.0M+137.8% | $397.0M+892.5% | $40.0M | N/A | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
YUMC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.6B | $1.5B+3.3% | $1.4B-3.7% | $1.5B+4.2% | $1.4B+24.9% | $1.1B+1.5% | $1.1B-6.0% | $1.2B-11.1% | $1.3B+50.8% | $884.0M+2.1% | $866.0M-5.1% | $913.0M+17.8% | $775.0M |
| Capital Expenditures | $638.0M | $626.0M-11.2% | $705.0M-0.7% | $710.0M+4.6% | $679.0M-1.5% | $689.0M+64.4% | $419.0M-3.7% | $435.0M-7.4% | $470.0M+13.3% | $415.0M-4.8% | $436.0M-14.8% | $512.0M-2.5% | $525.0M |
| Free Cash Flow | $940.0M | $840.0M+17.6% | $714.0M-6.4% | $763.0M+4.0% | $734.0M+66.1% | $442.0M-36.4% | $695.0M-7.3% | $750.0M-13.1% | $863.0M+84.0% | $469.0M+9.1% | $430.0M+7.2% | $401.0M+60.4% | $250.0M |
| Investing Cash Flow | $20.0M | -$5.0M+97.2% | -$178.0M+76.0% | -$743.0M-42.3% | -$522.0M+38.9% | -$855.0M+72.5% | -$3.1B-241.6% | -$910.0M-64.9% | -$552.0M+0.9% | -$557.0M-18.3% | -$471.0M+4.5% | -$493.0M+3.7% | -$512.0M |
| Financing Cash Flow | -$1.7B | -$1.7B-3.2% | -$1.6B-128.5% | -$716.0M+15.2% | -$844.0M-169.6% | -$313.0M-115.2% | $2.1B+528.8% | -$480.0M+7.3% | -$518.0M-180.0% | -$185.0M-298.9% | $93.0M+143.1% | -$216.0M+32.3% | -$319.0M |
| Dividends Paid | $376.0M | $353.0M+42.3% | $248.0M+14.8% | $216.0M+6.9% | $202.0M-0.5% | $203.0M+113.7% | $95.0M-47.5% | $181.0M+12.4% | $161.0M+323.7% | $38.0M | N/A | N/A | N/A |
| Share Buybacks | $1.3B | $1.1B-8.4% | $1.2B+103.8% | $613.0M+31.5% | $466.0M+521.3% | $75.0M+837.5% | $8.0M-97.0% | $265.0M-13.7% | $307.0M+139.8% | $128.0M | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
YUMC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 25.0%+4.3pp | 20.7%+6.6pp | 14.2%+1.1pp | 13.1% |
| Operating Margin | 10.9%+0.6pp | 10.3%+0.2pp | 10.1%+3.5pp | 6.6%-7.5pp | 14.1%+2.4pp | 11.6%+1.4pp | 10.3%-0.9pp | 11.2%+1.2pp | 10.0%+1.0pp | 9.0%+1.9pp | 7.1%+7.0pp | 0.0% |
| Net Margin | 7.9%-0.2pp | 8.1%+0.5pp | 7.5%+2.9pp | 4.6%-5.4pp | 10.1%+0.6pp | 9.5%+1.4pp | 8.1%-0.3pp | 8.4%+3.3pp | 5.1%-1.9pp | 7.0%+2.4pp | 4.7%+4.8pp | -0.1% |
| Return on Equity | 17.3%+1.4pp | 15.9%+3.0pp | 12.9%+6.1pp | 6.8%-7.2pp | 14.0%+1.4pp | 12.6%-10.5pp | 23.2%-1.5pp | 24.6%+10.3pp | 14.4%-6.6pp | 20.9%+4.1pp | 16.8% | N/A |
| Return on Assets | 8.6%+0.4pp | 8.2%+1.3pp | 6.9%+3.1pp | 3.7%-3.7pp | 7.5%+0.3pp | 7.2%-3.0pp | 10.3%-5.1pp | 15.4%+6.1pp | 9.3%-4.1pp | 13.4%+3.3pp | 10.1% | N/A |
| Current Ratio | 1.05-0.1x | 1.18-0.2x | 1.42-0.4x | 1.82-0.2x | 1.98-0.4x | 2.39+1.1x | 1.30-0.3x | 1.56-0.2x | 1.76+0.3x | 1.42+0.6x | 0.84 | N/A |
| Debt-to-Equity | 0.87+0.1x | 0.82+0.1x | 0.770.0x | 0.720.0x | 0.750.0x | 0.71-0.5x | 1.23+0.7x | 0.570.0x | 0.520.0x | 0.54-0.1x | 0.63 | N/A |
| FCF Margin | 7.1%+0.8pp | 6.3%-0.6pp | 7.0%-0.7pp | 7.7%+3.2pp | 4.5%-3.9pp | 8.4%-0.1pp | 8.6%-1.7pp | 10.3%+4.2pp | 6.0%0.0pp | 6.1%+0.3pp | 5.8%+2.2pp | 3.6% |
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Where Yum China Ranks
Frequently Asked Questions
What is Yum China's annual revenue?
Yum China (YUMC) reported $11.8B in total revenue for fiscal year 2025. This represents a 4.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Yum China's revenue growing?
Yum China (YUMC) revenue grew by 4.4% year-over-year, from $11.3B to $11.8B in fiscal year 2025.
Is Yum China profitable?
Yes, Yum China (YUMC) reported a net income of $929.0M in fiscal year 2025, with a net profit margin of 7.9%.
What is Yum China's EBITDA?
Yum China (YUMC) had EBITDA of $1.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Yum China's operating margin?
Yum China (YUMC) had an operating margin of 10.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Yum China's net profit margin?
Yum China (YUMC) had a net profit margin of 7.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Yum China pay dividends?
Yes, Yum China (YUMC) paid $0.96 per share in dividends during fiscal year 2025.
What is Yum China's return on equity (ROE)?
Yum China (YUMC) has a return on equity of 17.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Yum China's free cash flow?
Yum China (YUMC) generated $840.0M in free cash flow during fiscal year 2025. This represents a 17.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Yum China's operating cash flow?
Yum China (YUMC) generated $1.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Yum China's total assets?
Yum China (YUMC) had $10.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Yum China's capital expenditures?
Yum China (YUMC) invested $626.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Yum China spend on research and development?
Yum China (YUMC) invested $8.0M in research and development during fiscal year 2025.
What is Yum China's current ratio?
Yum China (YUMC) had a current ratio of 1.05 as of fiscal year 2025, which is considered adequate.
What is Yum China's debt-to-equity ratio?
Yum China (YUMC) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Yum China's return on assets (ROA)?
Yum China (YUMC) had a return on assets of 8.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Yum China's Altman Z-Score?
Yum China (YUMC) has an Altman Z-Score of 3.81, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Yum China's Piotroski F-Score?
Yum China (YUMC) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Yum China's earnings high quality?
Yum China (YUMC) has an earnings quality ratio of 1.58x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Yum China cover its interest payments?
Yum China (YUMC) has an interest coverage ratio of 14.02x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Yum China?
Yum China (YUMC) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.