Here are the 10-K annual reports from Yum China Holdings, Inc. (YUMC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow YUMC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full YUMC filings page.
Yum China Holdings reports 2025 revenue of $11.8 billion and a network of 18,101 restaurants across more than 2,500 cities in China, led by KFC and Pizza Hut. About 83% of locations are company-operated, with the rest franchised.
The company is executing its “RGM 3.0” strategy to reach 20,000 stores in 2026 and over 30,000 by 2030, expand into up to 4,500 cities, and grow a hybrid equity–franchise model. Delivery contributed roughly 48% of 2025 sales, while digital ordering accounted for about 94% of sales and loyalty programs exceeded 590 million members.
Yum China emphasizes heavy investment in digitalization, AI-enabled operations and supply chain, and a rapidly expanding coffee portfolio via KCOFFEE Cafes and Lavazza. It also highlights significant legal, tax, currency and regulatory risks tied to operating and raising capital in China, including PCAOB inspection, HFCAA exposure and tight rules on cash movement and dividends from Chinese subsidiaries. In 2025, it received around $783 million in dividends from China subsidiaries, upstreamed $1,023 million from Hong Kong entities, paid $353 million in cash dividends, and repurchased $1,136 million of stock.