Yum China Q3 operating profit rises 13% to $451M

Yum China targets a 40-50% franchise mix for net new KFC and Pizza Hut stores in 2026.

Available on EDGAR 11/03/2026 - 08:24 AM EST Accepted by SEC EDGAR 11/03/2026 - 08:24 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Yum China Holdings, Inc. (YUMC) reported third-quarter 2026 revenue of $3.477 billion, up 8% year over year, and operating profit of $451 million, up 13%. Yum China net income was $311 million, up 10%; diluted EPS was $0.91, up 20%. Same-store sales reached 97% of the prior-year level, while transactions grew 3% for a 15th consecutive quarter. Operating and restaurant margins were 13.0% and 17.8%, each up 0.5 percentage point. Yum China opened a quarterly-record 692 net new stores; its total reached 19,989 as of September 30, 2026. It completed the acquisition of the Pizza Hut brand in Mainland China on August 7, 2026.

Quarterly shareholder returns were $362 million. For 2026, Yum China targets $1.5 billion in capital returns, more than 2,400 net new stores and capital expenditures of approximately $600 million to $700 million. The board appointed Alexander Dimitrief, a partner at Zeughauser Group, as an independent director effective November 4, 2026, expanding the board to 13. His annual retainer is $315,000, payable in common stock or, at his request, up to one-half in cash; his term expires at the 2027 annual meeting or earlier upon death, resignation or removal.

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Positive

• Moderate pointRevenue rose 8% to $3.477 billion in third-quarter 2026.
• Moderate pointOperating profit increased 13% to $451 million in third-quarter 2026.
• Moderate pointDiluted EPS rose 20% to $0.91 in third-quarter 2026.

Negative

• None.

8-K Event Classification

4 items: 2.02, 5.02, 7.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $3.477 billion; up 8% year over year Operating profit: $451 million; up 13% year over year Net income attributable to Yum China: $311 million; up 10% year over year +5 more

8 metrics

Revenue $3.477 billion; up 8% year over year Third quarter ended September 30, 2026

Operating profit $451 million; up 13% year over year Third quarter ended September 30, 2026

Net income attributable to Yum China $311 million; up 10% year over year Third quarter ended September 30, 2026

Diluted EPS $0.91; up 20% year over year Third quarter ended September 30, 2026

Same-store sales 97% of prior-year level Third quarter ended September 30, 2026

Same-store transactions 3% growth year over year Third quarter ended September 30, 2026

Shareholder returns $362 million Third quarter 2026

Total store count 19,989 stores As of September 30, 2026

Key Terms

Core Operating Profit, System sales growth, Same-store sales growth, F/X

4 terms

Core Operating Profit financial

"Core Operating Profit is defined as Operating Profit adjusted for Special Items"

Core operating profit is the company's profit from its normal day-to-day business activities after removing one-time items, unusual gains or losses, and financing or tax effects. Investors use it like a household budget that strips out unexpected windfalls or repairs: it shows the steady earnings power of the business and helps compare performance across periods or with peers without distortion from rare or non‑operational events.

System sales growth financial

"System sales growth reflects the results of all restaurants regardless of ownership"

Same-store sales growth financial

"same-store sales growth to represent the estimated percentage change in sales"

Same-store sales growth measures how much revenue changes at outlets that have been open for a comparable period (typically a year), excluding sales from newly opened or recently closed locations. It matters to investors because it shows whether demand is growing at the business’s existing operations — like checking whether established trees are producing more fruit rather than counting fruit from newly planted trees — and helps separate true organic performance from growth driven by expansion or closures.

F/X financial

"excluding foreign currency translation (“F/X”)"

f/x stands for foreign exchange, the market and rates used to convert one currency into another — for example, dollars to euros. It matters to investors because changes in those rates can change the value of a company’s sales, costs and profits when money moves across borders; think of it like a price tag for swapping money that can make the same sale worth more or less depending on the day.

Earnings Snapshot

Total revenues: $3.477 billion · Guidance included

Third quarter ended September 30, 2026

Total revenues $3.477 billion +8% year over year

Operating profit $451 million +13% year over year

Net income attributable to Yum China $311 million +10% year over year

Diluted earnings per common share $0.91 +20% year over year

Guidance

For 2026, Yum China targets total stores of over 20,500, or more than 2,400 net new stores; a 40-50% franchise mix of net new stores for both KFC and Pizza Hut; capital expenditures of approximately $600 million to $700 million; and $1.5 billion in capital returns to shareholders.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were YUMC's Q3 2026 revenue and diluted EPS?

Yum China reported $3.477 billion in revenue, up 8% year over year, and diluted EPS of $0.91, up 20%, for the third quarter ended September 30, 2026. Operating profit was $451 million, up 13%.

How did YUMC return money to shareholders in Q3 2026?

Yum China returned $362 million to shareholders in the quarter: $263 million through share repurchases and $99 million in cash dividends. It returned $1,080 million during the first nine months of 2026.

What is YUMC's 2026 store and capital expenditure outlook?

Yum China targets total stores of over 20,500, or more than 2,400 net new stores, in 2026. It targets a 40-50% franchise mix of net new stores for both KFC and Pizza Hut, and capital expenditures of approximately $600 million to $700 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001673358false0001673358dei:OtherAddressMember2026-11-032026-11-0300016733582026-11-032026-11-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 3, 2026

Yum China Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-37762		81-2421743
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

101 East Park Boulevard, Suite 805 Plano, Texas 75074 United States of America		Yum China Building 20 Tian Yao Qiao Road Shanghai 200030 People’s Republic of China
(Address, including zip code, of principal executive offices)

(469) 980-2898

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	YUMC	New York Stock Exchange
	9987	The Stock Exchange of Hong Kong Limited

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 3, 2026, Yum China Holdings, Inc. issued a press release announcing its unaudited results for the third quarter ended September 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 3, 2026, the Board of Directors (the “Board”) of the Company expanded its size from 12 directors to 13 directors and appointed Mr. Alexander Dimitrief, a partner at Zeughauser Group, as a director, with both actions effective as of November 4, 2026. Mr. Dimitrief will serve for a term expiring at the 2027 annual meeting of stockholders of the Company or until his earlier death, resignation or removal. The Board determined that Mr. Dimitrief is independent of the Company and its management under the New York Stock Exchange listing standards and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Mr. Dimitrief will be entitled to an annual retainer equal to $315,000 for his service as a director in accordance with the director compensation policy previously approved by the Board, which will be pro-rated and payable in Company common stock or, if requested by him, up to one-half in cash. In connection with his appointment, the Company and Mr. Dimitrief will enter into the Company’s standard form of director indemnification agreement, the form of which was filed as Exhibit 10.10 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 1, 2016.

There are no arrangements or understandings between Mr. Dimitrief and any other persons pursuant to which Mr. Dimitrief was selected as a director. There are no transactions involving the Company and Mr. Dimitrief that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.

Item 7.01. Regulation FD Disclosure.

A copy of the Company’s press release relating to Mr. Dimitrief’s appointment as a director is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished with this report:

Exhibit No.		Exhibit Description
99.1		Press Release of Yum China Holdings, Inc. issued November 3, 2026 announcing its unaudited results for the third quarter ended September 30, 2026.
99.2		Press Release of Yum China Holdings, Inc. issued November 3, 2026 announcing the director appointment.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		YUM CHINA HOLDINGS, INC.
		By:		/s/ Pingping Liu
				Name:		Pingping Liu
				Title:		Chief Legal Officer
Date: November 3, 2026

Exhibit 99.1

Yum China Reports Third Quarter 2026 Results

Grew Revenue 8%, Operating Profit 13% and Diluted EPS 20%

15th Consecutive Quarter of Same-Store Transaction Growth; Year-over-Year Expansion in Both Restaurant and OP Margins

Achieved Record Net New Store Openings in the First Nine Months, Raising 2026 Full-Year Target to Over 2,400

On Track to Return $1.5 Billion to Shareholders in 2026, ~10% of Current Market Capitalization

Shanghai, China (November 3, 2026) – Yum China Holdings, Inc. (the “Company” or “Yum China”) (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the third quarter ended September 30, 2026.

Third Quarter Highlights

•Total system sales grew 3% year over year (“YoY”), excluding foreign currency translation (“F/X”).

•Same-store sales reached 97% of the prior year’s level. Same-store transactions grew 3% YoY, the 15th consecutive quarter of growth.

•Total revenues increased 8% YoY to $3.5 billion, or a 2% increase excluding F/X.

•Opened 692 net new stores, a quarterly record high, with 44% opened by franchisees. As of September 30, 2026, total store count reached 19,989, with 19% of stores operated by franchisees.

•Operating profit grew 13% YoY to $451 million. Core operating profit grew 6% YoY.

•OP margin was 13.0%, an increase of 50 basis points YoY, the 10th consecutive quarter of OP margin expansion.

•Restaurant margin was 17.8%, an increase of 50 basis points YoY, supported by streamlined operations and favorable commodity prices, which more than offset the impact of value-for-money offerings, sales deleveraging and increased rider cost from a higher delivery mix. Pizza Hut license fee savings also contributed to margin expansion.

•Diluted EPS increased 20% YoY to $0.91, or up 12% excluding F/X, and up 8% further excluding the impact1 of mark-to-market equity investments.

•Returned $362 million to shareholders in the third quarter through $263 million in share repurchases and $99 million in cash dividends. In the first nine months of 2026, the Company returned $1,080 million to shareholders.

•Delivery sales grew 7% YoY. Delivery contributed approximately 54% of total Company sales, up from 51% in the same quarter last year and the same as the prior quarter.

•Active Members of KFC or Pizza Hut, defined as those who transacted in the past 12 months, exceeded 278 million, representing a 6% YoY increase.

•Completed the acquisition of the Pizza Hut brand in Mainland China on August 7, 2026.

CEO Comments

Joey Wat, CEO of Yum China, commented, “We delivered year-over-year growth in system sales, operating profit and OP margin for the 10th consecutive quarter, despite a dynamic operating environment. Importantly, our diluted EPS has grown by double digits year-to-date and in each of the past three years, excluding the impact of mark-to-market equity investments and foreign exchange. These results demonstrate the resilience of our business model, disciplined execution, and our commitment to delivering sustainable value to shareholders. Same-store sales faced pressure from tough comparisons against last year’s delivery platform subsidies and adverse weather in August. We captured incremental demand across a broader range of consumption occasions such as smaller orders and solo dining, and grew same-store transactions for the 15th consecutive quarter. To pursue significant opportunities in China, we accelerated store openings across Company-owned and franchise stores, leveraging our tailored store formats and menus and keeping us on track to surpass 20,500 stores this year.”

Wat continued, “We continue to build our brand and attract more customers to our stores through compelling in-store-only offers and experience, and greater takeaway convenience. Dine-in and takeaway performance improved sequentially, bucking the previous trend. Meanwhile, our side-by-side modules, which target new occasions and drive incremental sales and profit, maintained strong momentum and hit key milestones. KCOFFEE cafes crossed 4,000 locations, KPRO exceeded 700 locations, and Pizza Hut’s Burger Bar surpassed 300 locations. We are also expanding car-side pickup to drive takeaway, now covering over 9,000 KFC locations. As for our core menu, we continue to innovate around hero products to drive repeat purchases and attract new customers. Together, these growth drivers reinforce our confidence in sustainable growth. Looking ahead, on a three-year basis, we remain committed to the growth algorithm we outlined at our Investor Day.”

1 Refers to a 6-cent favorable F/X impact in this quarter and a mark-to-market loss of 2 cents in the third quarter of 2025.

1

Key Financial Results

	Third Quarter																	Year to Date Ended 9/30
									%/ppts Change																	%/ppts Change
	2026				2025				Reported				Ex F/X					2026				2025				Reported				Ex F/X
System Sales Growth (2) (%)		3				4			NM				NM						4				4			NM				NM
Same-Store Sales Growth (2) (%)		(3	)			1			NM				NM						(1	)			1			NM				NM
Operating Profit ($mn)		451				400				+13				+6					1,246				1,103				+13				+6
Adjusted Operating Profit (3) ($mn)		451				400				+13				+6					1,246				1,103				+13				+6
Core Operating Profit (3) (4) ($mn)		423				400			NM					+6					1,174				1,103			NM					+6
OP Margin (5) (%)		13.0			12.5					+0.5				+0.4				12.6				12.3					+0.3				+0.3
Core OP Margin (3) (6) (%)	12.9				12.5				NM					+0.4				12.6				12.3				NM					+0.3
Net Income ($mn)		311				282				+10				+3					864				789				+10				+3
Adjusted Net Income (3) ($mn)		311				282				+10				+3					864				789				+10				+3
Diluted Earnings   Per Common Share ($)		0.91				0.76				+20				+12					2.48				2.11				+18				+11
Adjusted Diluted Earnings   Per Common Share (3) ($)		0.91				0.76				+20				+12					2.48				2.11				+18				+11

2 System sales and same-store sales percentages exclude the impact of F/X. Effective January 1, 2018, temporary store closures are normalized in the same-store sales calculation by excluding the period during which stores are temporarily closed.

3See “Reconciliation of Reported GAAP Results to Non-GAAP Measures” included in the accompanying tables of this release for further details.

4 Core operating profit is defined as operating profit adjusted for special items, further excluding items affecting comparability and the impact of F/X. The Company uses core operating profit for the purposes of evaluating the performance of its core operations. Current period amounts are derived by translating results at average exchange rates of the prior year period.

5 OP margin refers to operating profit as a percentage of total revenues.

6 Core OP margin refers to core operating profit as a percentage of total revenues excluding F/X.

Note: All comparisons are versus the same period a year ago.

Percentages may not recompute due to rounding.

NM refers to not meaningful.

Capital Returns to Shareholders

•The Company is on track to return $1.5 billion each year from 2024 to 2026, which is annually around 10% of Yum China’s market capitalization as of October 30, 2026.

•In the first nine months of 2026, the Company returned $1,080 million in capital to shareholders through $778 million in share repurchases and $302 million in cash dividends.

•In November 2026, Yum China’s board of directors (the "Board") increased the Company's share repurchase authorization by $1 billion. With the increased authorization, approximately $1.3 billion remained available for future share repurchases.

•The Board declared a cash dividend of $0.29 per share on Yum China’s common stock, payable on December 22, 2026, to shareholders of record as of the close of business on December 1, 2026.

•Starting in 2027, the Company plans to return approximately 100% of annual free cash flow after subsidiaries’ dividend payments to non-controlling interests. This is anticipated to translate into an average annual return of approximately $900 million to over $1 billion in 2027 and 2028, and to exceed $1 billion in 2028.

KFC

	Third Quarter															Year to Date Ended 9/30
									%/ppts Change															%/ppts Change
	2026				2025				Reported				Ex F/X			2026				2025				Reported				Ex F/X
Restaurants		14,307				12,640				+13			NM				14,307				12,640				+13			NM
System Sales Growth (%)		3				5			NM				NM				5				5			NM				NM
Same-Store Sales Growth (%)		(3	)			2			NM				NM			Even					1			NM				NM
Total Revenues ($mn)		2,597				2,404				+8				+2			7,388				6,746				+10				+3
Operating Profit ($mn)		425				384				+10				+4			1,174				1,062				+10				+4
Core Operating Profit ($mn)		400				384			NM					+4			1,109				1,062			NM					+4
OP Margin (%)		16.3				16.0				+0.3				+0.3			15.9				15.8				+0.1				+0.1
Restaurant Margin (%)		18.6				18.5				+0.1				+0.1			18.3				18.4				(0.1	)			(0.1	)

•System sales for KFC grew 3% YoY. Same-store sales reached 97% of the prior year’s level. Same-store transactions grew 3% YoY, driven in part by incremental smaller orders from new customer segments and occasions such as KCOFFEE and KPRO. Ticket average was 5% lower YoY.

•Delivery sales grew 7% YoY, contributing approximately 54% of KFC’s Company sales, up from 51% in the same quarter last year and the same as the prior quarter.

2

•KFC opened 518 net new stores during the quarter, including 269 opened by franchisees, representing 52% of net new store openings. Total store count reached 14,307 as of September 30, 2026, with 18% of stores operated by franchisees.

•Operating profit grew 10% YoY to $425 million, a record third-quarter level. Core operating profit increased 4% YoY.

•OP margin was 16.3%, an increase of 30 basis points YoY.

•Restaurant margin was 18.6%, an increase of 10 basis points YoY, primarily due to streamlined operations and favorable commodity prices, partially offset by the impact of value-for-money offerings, sales deleveraging, and increased rider cost resulting from a higher delivery mix.

Pizza Hut

	Third Quarter															Year to Date Ended 9/30
									%/ppts Change															%/ppts Change
	2026				2025				Reported				Ex F/X			2026				2025				Reported				Ex F/X
Restaurants		4,740				4,022				+18			NM				4,740				4,022				+18			NM
System Sales Growth (%)		1				4			NM				NM				4				3			NM				NM
Same-Store Sales Growth (%)		(3	)			1			NM				NM				(1	)			1			NM				NM
Total Revenues ($mn)		665				635				+5				(1	)		1,913				1,784				+7				+1
Operating Profit ($mn)		73				57				+29				+21			195				163				+20				+13
Core Operating Profit ($mn)		69				57			NM					+21			184				163			NM					+13
OP Margin (%)		11.0				8.9				+2.1				+2.0			10.2				9.1				+1.1				+1.1
Restaurant Margin (%)		15.3				13.4				+1.9				+1.9			14.4				13.7				+0.7				+0.7

•System sales for Pizza Hut grew 1% YoY. Same-store sales reached 97% of the prior year’s level. Same-store transactions grew 5% YoY, marking the 15th consecutive quarter of growth. In line with Pizza Hut’s mass-market strategy, ticket average moved closer to the target range, primarily driven by value-for-money offerings and incremental smaller orders such as those from solo diners.

•Delivery sales grew 8% YoY, contributing approximately 53% of Pizza Hut’s Company sales, up from 48% in the same quarter last year and slightly up from 52% in the prior quarter.

•Pizza Hut opened 191 net new stores during the quarter, including 91 opened by franchisees, representing 48% of net new store openings. Total store count reached 4,740 as of September 30, 2026, with 13% of stores operated by franchisees.

•Operating profit grew 29% YoY to $73 million. Core operating profit increased 21% YoY.

•OP margin was 11.0%, expanding 210 bps YoY, supported by savings from Pizza Hut license fees previously payable to Yum! Brands.

•Restaurant margin was 15.3%, an increase of 190 basis points YoY, primarily due to streamlined operations, automation, savings from Pizza Hut license fees and favorable commodity prices, partially offset by the impact of value-for-money offerings, increased costs associated with a higher delivery sales mix and sales deleveraging.

2026 Outlook

The Company targets:

•Total stores of over 20,500, or more than 2,400 net new stores.

•40-50% franchise mix of net new stores for both KFC and Pizza Hut.

•Capital expenditures of approximately $600 million to $700 million.

•$1.5 billion capital return to shareholders.

Note on Non-GAAP Measures

Reported GAAP results include items that are excluded from non-GAAP measures. See “Reconciliation of Reported GAAP Results to Non-GAAP Measures” and “Segment Results” within this release for non-GAAP reconciliation details.

Conference Call

3

Yum China’s management will hold an earnings conference call at 7:00 a.m. U.S. Eastern Time on Tuesday, November 3, 2026 (8:00 p.m. Beijing/Hong Kong Time on Tuesday, November 3, 2026).

A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/dtz2kvag.

To join by phone, please register in advance through the link provided below. Upon registering, you will be provided with participant dial-in numbers and a unique access PIN.

Pre-registration Link: https://register-conf.media-server.com/register/BI1c9a9b8fd5294f0fa2f25e5677810699

A replay of the webcast will be available two hours after the event and will remain accessible until November 2, 2027. Earnings release and accompanying slides will be available at the Company’s Investor Relations website http://ir.yumchina.com.

For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China’s Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements relating to our projected capital returns for 2026, 2027, and 2028 and those set forth under the section titled “2026 Outlook.” We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook,” “commit” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investments, store openings, net new stores, franchise mix of net new stores, capital expenditures, capital returns, dividend and share repurchase plans, CAGR for system sales, operating profit and EPS, earnings, performance and returns, anticipated effects of population and macroeconomic trends, execution of the Company’s RGM 3.0 strategy, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China’s business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, our ability to control costs and expenses, including tax costs, as well as changes in political, economic, trade relations, regulatory conditions in China and the U.S., and those set forth under the caption “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Our plan of capital returns to shareholders is based on current expectations, which may change based on market conditions, capital needs or otherwise. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings, Inc.

Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company operates over 19,000 restaurants under six brands across over 2,800 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. The Pizza Hut brand in Mainland China is owned by Yum China. In addition, Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.

4

Contacts

Investor Relations Contact:

Tel: +86 21 2407 7556

IR@YumChina.com

Media Contact:

Tel: +86 21 2407 3824

Media@YumChina.com

5

Yum China Holdings, Inc.

Condensed Consolidated Statements of Income

(in US$ million, except per share data)

(unaudited)

		Quarter Ended								% Change					Year to Date Ended								% Change
		9/30/2026				9/30/2025				B/(W)					9/30/2026				9/30/2025				B/(W)
Revenues
Company sales		$	3,214			$	2,998				7				$	9,171			$	8,412				9
Franchise fees and income			32				28				17					91				79				16
Revenues from transactions with franchisees			183				140				30					494				376				31
Other revenues			48				40				19					130				107				21
Total revenues			3,477				3,206				8					9,886				8,974				10
Costs and Expenses, Net
Company restaurants
Food and paper			1,011				939				(8	)				2,892				2,623				(10	)
Payroll and employee benefits			851				785				(9	)				2,468				2,216				(11	)
Occupancy and other operating expenses			778				755				(3	)				2,215				2,112				(5	)
Company restaurant expenses			2,640				2,479				(7	)				7,575				6,951				(9	)
General and administrative expenses			155				143				(8	)				431				412				(5	)
Franchise expenses			13				11				(9	)				37				32				(15	)
Expenses for transactions with franchisees			172				134				(28	)				470				361				(30	)
Other operating costs and expenses			42				35				(19	)				111				94				(19	)
Closures and impairment expenses, net			4				4				(20	)				16				22				23
Other income, net			—				—			NM						—				(1	)		NM
Total costs and expenses, net			3,026				2,806				(8	)				8,640				7,871				(10	)
Operating Profit			451				400				13					1,246				1,103				13
Interest income, net			7				23				(70	)				35				74				(55	)
Investment gain (loss)			5				(10	)		NM						(12	)			(25	)			52
Income Before Income Taxes and   Equity in Net Earnings (Losses) from   Equity Method Investments			463				413				12					1,269				1,152				10
Income tax provision			(130	)			(114	)			(14	)				(345	)			(313	)			(10	)
Equity in net earnings (losses) from    equity method investments			2				6				(64	)				6				12				(41	)
Net income – including noncontrolling interests			335				305				10					930				851				9
Net income – noncontrolling interests			24				23				(3	)				66				62				(5	)
Net Income – Yum China Holdings, Inc.		$	311			$	282				10				$	864			$	789				10
Effective tax rate			28.2	%			27.6	%			(0.6	)	ppts.			27.2	%			27.2	%			—		ppts.
Basic Earnings Per Common Share		$	0.91			$	0.76								$	2.49			$	2.12
Weighted-average shares outstanding     (in millions)			342				368									347				372
Diluted Earnings Per Common Share		$	0.91			$	0.76								$	2.48			$	2.11
Weighted-average shares outstanding     (in millions)			343				369									348				374
OP margin			13.0	%			12.5	%			0.5		ppts.			12.6	%			12.3	%			0.3		ppts.
Company sales			100.0	%			100.0	%								100.0	%			100.0	%
Food and paper			31.5				31.3				(0.2	)	ppts.			31.5				31.2				(0.3	)	ppts.
Payroll and employee benefits			26.5				26.2				(0.3	)	ppts.			26.9				26.3				(0.6	)	ppts.
Occupancy and other operating expenses			24.2				25.2				1.0		ppts.			24.2				25.1				0.9		ppts.
Restaurant margin			17.8	%			17.3	%			0.5		ppts.			17.4	%			17.4	%			—		ppts.

Percentages may not recompute due to rounding. NM refers to not meaningful.

6

Yum China Holdings, Inc.

KFC Operating Results

(in US$ million)

(unaudited)

		Quarter Ended								% Change					Year to Date Ended								% Change
		9/30/2026				9/30/2025				B/(W)					9/30/2026				9/30/2025				B/(W)
Revenues
Company sales		$	2,547			$	2,363				8				$	7,251			$	6,630				9
Franchise fees and income			26				22				20					73				62				20
Revenues from transactions with franchisees			23				18				26					61				51				20
Other revenues			1				1				4					3				3				(1	)
Total revenues			2,597				2,404				8					7,388				6,746				10
Costs and Expenses, Net
Company restaurants
Food and paper			783				725				(8	)				2,239				2,041				(10	)
Payroll and employee benefits			673				616				(9	)				1,946				1,726				(13	)
Occupancy and other operating expenses			618				586				(5	)				1,741				1,641				(6	)
Company restaurant expenses			2,074				1,927				(8	)				5,926				5,408				(10	)
General and administrative expenses			66				66				(1	)				194				186				(4	)
Franchise expenses			12				9				(18	)				33				28				(18	)
Expenses for transactions with franchisees			17				15				(11	)				47				44				(7	)
Other operating costs and expenses			—				1				64					1				3				60
Closures and impairment expenses, net			3				2				(67	)				13				15				14
Total costs and expenses, net			2,172				2,020				(8	)				6,214				5,684				(9	)
Operating Profit		$	425			$	384				10				$	1,174			$	1,062				10
OP margin			16.3	%			16.0	%			0.3		ppts.			15.9	%			15.8	%			0.1		ppts.
Company sales			100.0	%			100.0	%								100.0	%			100.0	%
Food and paper			30.7				30.7				—		ppts.			30.9				30.8				(0.1	)	ppts.
Payroll and employee benefits			26.4				26.1				(0.3	)	ppts.			26.8				26.0				(0.8	)	ppts.
Occupancy and other operating expenses			24.3				24.7				0.4		ppts.			24.0				24.8				0.8		ppts.
Restaurant margin			18.6	%			18.5	%			0.1		ppts.			18.3	%			18.4	%			(0.1	)	ppts.

Percentages may not recompute due to rounding.

7

Yum China Holdings, Inc.

Pizza Hut Operating Results

(in US$ million)

(unaudited)

		Quarter Ended								% Change					Year to Date Ended								% Change
		9/30/2026				9/30/2025				B/(W)					9/30/2026				9/30/2025				B/(W)
Revenues
Company sales		$	654			$	624				5				$	1,885			$	1,753				8
Franchise fees and income			4				3				37					10				7				39
Revenues from transactions with franchisees			3				2				61					8				5				50
Other revenues			4				6				(38	)				10				19				(47	)
Total revenues			665				635				5					1,913				1,784				7
Costs and Expenses, Net
Company restaurants
Food and paper			224				210				(7	)				641				573				(12	)
Payroll and employee benefits			176				166				(6	)				515				483				(6	)
Occupancy and other operating expenses			154				164				6					457				456				—
Company restaurant expenses			554				540				(3	)				1,613				1,512				(7	)
General and administrative expenses			31				27				(10	)				85				79				(7	)
Franchise expenses			—				1				38					3				3				(9	)
Expenses for transactions with franchisees			2				2				(36	)				6				5				(29	)
Other operating costs and expenses			4				6				41					9				17				49
Closures and impairment expenses, net			1				2				34					2				5				48
Total costs and expenses, net			592				578				(2	)				1,718				1,621				(6	)
Operating Profit		$	73			$	57				29				$	195			$	163				20
OP margin			11.0	%			8.9	%			2.1		ppts.			10.2	%			9.1	%			1.1		ppts.
Company sales			100.0	%			100.0	%								100.0	%			100.0	%
Food and paper			34.3				33.7				(0.6	)	ppts.			34.0				32.7				(1.3	)	ppts.
Payroll and employee benefits			26.9				26.7				(0.2	)	ppts.			27.3				27.6				0.3		ppts.
Occupancy and other operating expenses			23.5				26.2				2.7		ppts.			24.3				26.0				1.7		ppts.
Restaurant margin			15.3	%			13.4	%			1.9		ppts.			14.4	%			13.7	%			0.7		ppts.

Percentages may not recompute due to rounding.

8

Yum China Holdings, Inc.

Condensed Consolidated Balance Sheets

(in US$ million)

		9/30/2026				12/31/2025
		(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents		$	535			$	506
Short-term investments			1,132				878
Accounts receivable, net			117				95
Inventories, net			434				438
Prepaid expenses and other current assets			390				440
Total Current Assets			2,608				2,357
Property, plant and equipment, net			2,660				2,543
Operating lease right-of-use assets			2,072				2,189
Goodwill			2,046				1,963
Intangible assets, net			1,416				148
Long-term bank deposits and notes			670				678
Equity investments			390				387
Deferred income tax assets			166				156
Other assets			379				362
Total Assets			12,407				10,783
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
Current Liabilities
Accounts payable and other current liabilities			2,234				2,127
Short-term borrowings			1,549				30
Income taxes payable			135				89
Total Current Liabilities			3,918				2,246
Non-current operating lease liabilities			1,709				1,823
Non-current finance lease liabilities			47				51
Deferred income tax liabilities			468				406
Other liabilities			169				158
Total Liabilities			6,311				4,684
Redeemable Noncontrolling Interest			—				—
Equity
Common stock, $0.01 par value; 1,000 million shares authorized; 339 million shares       and 355 million shares issued at September 30, 2026 and December 31, 2025, respectively;       339 million shares and 354 million shares outstanding at September 30, 2026 and December 31,       2025, respectively.			3				4
Treasury stock			(14	)			(28	)
Additional paid-in capital			3,643				3,796
Retained earnings			1,707				1,764
Accumulated other comprehensive income (loss)			22				(157	)
Total Yum China Holdings, Inc. Stockholders' Equity			5,361				5,379
Noncontrolling interests			735				720
Total Equity			6,096				6,099
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$	12,407			$	10,783

9

Yum China Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(in US$ million)

(unaudited)

		Year to Date Ended
		9/30/2026					9/30/2025
Cash Flows – Operating Activities
Net income – including noncontrolling interests		$	930				$	851
Depreciation and amortization			358					333
Non-cash operating lease cost			314					299
Closures and impairment expenses			16					22
Investment loss			12					25
Equity in net (earnings) losses from equity method investments			(6	)				(12	)
Distributions of income received from equity method investments			11					9
Deferred income taxes			(6	)				(10	)
Share-based compensation expense			33					32
Changes in accounts receivable			(19	)				(5	)
Changes in inventories			22					25
Changes in prepaid expenses, other current assets and value-added tax assets			69					(19	)
Changes in accounts payable and other current liabilities			21					(9	)
Changes in income taxes payable			42					61
Changes in non-current operating lease liabilities			(275	)				(301	)
Other, net			(41	)				40
Net Cash Provided by Operating Activities			1,481					1,341
Cash Flows – Investing Activities
Capital spending			(417	)				(385	)
Purchases of short-term investments, long-term bank deposits and notes			(6,011	)				(6,162	)
Maturities of short-term investments, long-term bank deposits and notes			5,819					6,245
Acquisition of intangible assets			(1,202	)				—
Acquisition of equity investment			—					(14	)
Other, net			9					—
Net Cash Used in Investing Activities			(1,802	)				(316	)
Cash Flows – Financing Activities
Proceeds from short-term borrowings			1,561					29
Repayment of short-term borrowings			(51	)				(129	)
Repurchase of shares of common stock			(793	)				(692	)
Cash dividends paid on common stock			(302	)				(268	)
Dividends paid to noncontrolling interests			(63	)				(31	)
Acquisition of noncontrolling interests			—					(8	)
Other, net			(11	)				(8	)
Net Cash Provided by (Used in) Financing Activities			341					(1,107	)
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash			9					7
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			29					(75	)
Cash, Cash Equivalents, and Restricted Cash - Beginning of Period			506					723
Cash, Cash Equivalents, and Restricted Cash - End of Period		$	535				$	648

10

In this press release:

•Certain performance metrics and non-GAAP measures are presented excluding the impact of foreign currency translation (“F/X”). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.

•System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned and franchise restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company’s revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth.

•Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.

11

Unit Count by Brand

KFC

		12/31/2025				New Builds				Closures				Acquired				Refranchised				9/30/2026
Company-owned			11,032				1,013				(283	)			1				(14	)			11,749
Franchisees			1,965				611				(31	)			(1	)			14				2,558
Total			12,997				1,624				(314	)			—				—				14,307

Pizza Hut

		12/31/2025				New Builds				Closures				9/30/2026
Company-owned			3,830				473				(167	)			4,136
Franchisees			338				275				(9	)			604
Total			4,168				748				(176	)			4,740

Others

		12/31/2025				New Builds				Closures				9/30/2026
Company-owned			198				107				(26	)			279
Franchisees			738				173				(248	)			663
Total			936				280				(274	)			942

12

Reconciliation of Reported GAAP Results to Non-GAAP Measures

(in millions, except per share data)

(unaudited)

In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) in this press release, the Company provides the following non-GAAP measures:

•Measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share ("EPS"), Adjusted Effective Tax Rate and Adjusted EBITDA;

•Company Restaurant Profit ("Restaurant profit") and Restaurant margin;

•Core Operating Profit and Core OP margin, which exclude Special Items, and further adjusted for Items Affecting Comparability and the impact of F/X;

These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these non-GAAP measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our core operations.

With respect to non-GAAP measures adjusted for Special Items, the Company excludes impact from Special Items for the purpose of evaluating performance internally and uses them as factors in determining compensation for certain employees. Special Items are not included in any of our segment results.

Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analysts may find it useful in measuring operating performance without regard to such non-cash items.

Restaurant Profit is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, restaurant-level payroll and employee benefits, rent, depreciation and amortization of restaurant-level assets, advertising expenses, and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales. We also use Restaurant profit and Restaurant margin for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe they provide useful information to investors as to the profitability of our Company-owned restaurants.

Core Operating Profit is defined as Operating Profit adjusted for Special Items, and further excluding Items Affecting Comparability and the impact of F/X. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Items such as charges, gains and accounting changes which are viewed by management as significantly impacting the current period or the comparable period, due to changes in policy or other external factors, or non-cash items pertaining to underlying activities that are different from or unrelated to our core operations, are generally considered “Items Affecting Comparability.” Examples of Items Affecting Comparability include, but are not limited to: temporary relief from landlords and government agencies; VAT deductions due to tax policy changes; and amortization of reacquired franchise rights recognized upon acquisitions. We believe presenting Core Operating Profit provides additional information to further enhance comparability of our operating results and we use this measure for purposes of evaluating the performance of our core operations. Core OP margin is defined as Core Operating Profit divided by Total revenues, excluding the impact of F/X.

The following tables set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit and Core Operating Profit by segment is presented in Segment Results within this release.

13

		Quarter Ended								Year to Date Ended
		9/30/2026				9/30/2025				9/30/2026				9/30/2025
Reconciliation of Operating Profit to Adjusted Operating Profit
Operating Profit		$	451			$	400			$	1,246			$	1,103
Special Items, Operating Profit			—				—				—				—
Adjusted Operating Profit		$	451			$	400			$	1,246			$	1,103
Reconciliation of Net Income to Adjusted Net Income
Net Income – Yum China Holdings, Inc.		$	311			$	282			$	864			$	789
Special Items, Net Income –Yum China Holdings, Inc.			—				—				—				—
Adjusted Net Income – Yum China Holdings, Inc.		$	311			$	282			$	864			$	789
Reconciliation of EPS to Adjusted EPS
Basic Earnings Per Common Share		$	0.91			$	0.76			$	2.49			$	2.12
Special Items, Basic Earnings Per Common Share			—				—				—				—
Adjusted Basic Earnings Per Common Share		$	0.91			$	0.76			$	2.49			$	2.12
Diluted Earnings Per Common Share		$	0.91			$	0.76			$	2.48			$	2.11
Special Items, Diluted Earnings Per Common Share			—				—				—				—
Adjusted Diluted Earnings Per Common Share		$	0.91			$	0.76			$	2.48			$	2.11
Reconciliation of Effective Tax Rate to Adjusted Effective Tax Rate
Effective tax rate			28.2	%			27.6	%			27.2	%			27.2	%
Impact on effective tax rate as a result of Special Items			—				—				—				—
Adjusted effective tax rate			28.2	%			27.6	%			27.2	%			27.2	%

Net income, along with the reconciliation to Adjusted EBITDA, is presented below:

		Quarter Ended								Year to Date Ended
		9/30/2026				9/30/2025				9/30/2026				9/30/2025
Net Income – Yum China Holdings, Inc.		$	311			$	282			$	864			$	789
Net income – noncontrolling interests			24				23				66				62
Equity in net (earnings) losses from equity method investments			(2	)			(6	)			(6	)			(12	)
Income tax provision			130				114				345				313
Interest income, net			(7	)			(23	)			(35	)			(74	)
Investment (gain) loss			(5	)			10				12				25
Operating Profit			451				400				1,246				1,103
Special Items, Operating Profit			—				—				—				—
Adjusted Operating Profit			451				400				1,246				1,103
Depreciation and amortization			121				114				358				333
Store impairment charges			6				6				24				25
Adjusted EBITDA		$	578			$	520			$	1,628			$	1,461

Operating Profit, along with the reconciliation to Core Operating Profit, is presented below:

	Quarter ended								% Change					Year to Date Ended								% Change
	9/30/2026				9/30/2025				B/(W)					9/30/2026				9/30/2025				B/(W)
Operating Profit	$	451			$	400				13				$	1,246			$	1,103				13
Special Items, Operating Profit		—				—									—				—
Adjusted Operating Profit	$	451			$	400				13				$	1,246			$	1,103				13
Items Affecting Comparability		—				—									—				—
F/X impact		(28	)			—									(72	)			—
Core Operating Profit	$	423			$	400				6				$	1,174			$	1,103				6
Total revenues		3,477				3,206				8					9,886				8,974				10
F/X impact		(203	)			—									(545	)			—
Total revenues, excluding the impact of F/X	$	3,274			$	3,206				2				$	9,341			$	8,974				4
Core OP margin		12.9	%			12.5	%			0.4		ppts.			12.6	%			12.3	%			0.3		ppts.

14

Yum China Holdings, Inc.

Segment Results

(in US$ million)

(unaudited)

		Quarter Ended 9/30/2026
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
Company sales		$	2,547			$	654			$	13			$	—			$	—			$	3,214
Franchise fees and income			26				4				2				—				—				32
Revenues from transactions with franchisees(2)			23				3				30				127				—				183
Other revenues			1				4				262				26				(245	)			48
Total revenues		$	2,597			$	665			$	307			$	153			$	(245	)		$	3,477
Company restaurant expenses			2,074				554				13				—				(1	)			2,640
General and administrative expenses			66				31				7				51				—				155
Franchise expenses			12				—				1				—				—				13
Expenses for transactions with franchisees(2)			17				2				28				125				—				172
Other operating costs and expenses			—				4				256				26				(244	)			42
Closures and impairment expenses, net			3				1				—				—				—				4
Total costs and expenses, net			2,172				592				305				202				(245	)			3,026
Operating Profit (Loss)		$	425			$	73			$	2			$	(49	)		$	—			$	451

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

		Quarter Ended 9/30/2026
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	425			$	73			$	2			$	(49	)		$	—			$	451
Less:
Franchise fees and income			26				4				2				—				—				32
Revenues from transactions with franchisees(2)			23				3				30				127				—				183
Other revenues			1				4				262				26				(245	)			48
Add:
General and administrative expenses			66				31				7				51				—				155
Franchise expenses			12				—				1				—				—				13
Expenses for transactions with franchisees(2)			17				2				28				125				—				172
Other operating costs and expenses			—				4				256				26				(244	)			42
Closures and impairment expenses, net			3				1				—				—				—				4
Restaurant profit		$	473			$	100			$	—			$	—			$	1			$	574
Company sales			2,547				654				13				—				—				3,214
Restaurant margin			18.6	%			15.3	%			(3.3	)%		N/A				N/A					17.8	%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

		Quarter Ended 9/30/2026
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	425			$	73			$	2			$	(49	)		$	—			$	451
Special Items, Operating Profit			—				—				—				—				—				—
Adjusted Operating Profit (Loss)		$	425			$	73			$	2			$	(49	)		$	—			$	451
Items Affecting Comparability			—				—				—				—				—				—
F/X impact			(25	)			(4	)			—				1				—				(28	)
Core Operating Profit (Loss)		$	400			$	69			$	2			$	(48	)		$	—			$	423

15

		Quarter Ended 9/30/2025
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
Company sales		$	2,363			$	624			$	11			$	—			$	—			$	2,998
Franchise fees and income			22				3				3				—				—				28
Revenues from transactions with franchisees(2)			18				2				23				97				—				140
Other revenues			1				6				235				18				(220	)			40
Total revenues		$	2,404			$	635			$	272			$	115			$	(220	)		$	3,206
Company restaurant expenses			1,927				540				12				—				—				2,479
General and administrative expenses			66				27				7				43				—				143
Franchise expenses			9				1				1				—				—				11
Expenses for transactions with franchisees(2)			15				2				21				96				—				134
Other operating costs and expenses			1				6				230				18				(220	)			35
Closures and impairment expenses, net			2				2				—				—				—				4
Total costs and expenses, net			2,020				578				271				157				(220	)			2,806
Operating Profit (Loss)		$	384			$	57			$	1			$	(42	)		$	—			$	400

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

		Quarter Ended 9/30/2025
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	384			$	57			$	1			$	(42	)		$	—			$	400
Less:
Franchise fees and income			22				3				3				—				—				28
Revenues from transactions with franchisees(2)			18				2				23				97				—				140
Other revenues			1				6				235				18				(220	)			40
Add:
General and administrative expenses			66				27				7				43				—				143
Franchise expenses			9				1				1				—				—				11
Expenses for transactions with franchisees(2)			15				2				21				96				—				134
Other operating costs and expenses			1				6				230				18				(220	)			35
Closures and impairment expenses, net			2				2				—				—				—				4
Restaurant profit (loss)		$	436			$	84			$	(1	)		$	—			$	—			$	519
Company sales			2,363				624				11				—				—				2,998
Restaurant margin			18.5	%			13.4	%			(8.2	)%		N/A				N/A					17.3	%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

		Quarter Ended 9/30/2025
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	384			$	57			$	1			$	(42	)		$	—			$	400
Special Items, Operating Profit			—				—				—				—				—				—
Adjusted Operating Profit (Loss)		$	384			$	57			$	1			$	(42	)		$	—			$	400
Items Affecting Comparability			—				—				—				—				—				—
F/X impact			—				—				—				—				—				—
Core Operating Profit (Loss)		$	384			$	57			$	1			$	(42	)		$	—			$	400

16

		Year to Date Ended 9/30/2026
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
Company sales		$	7,251			$	1,885			$	35			$	—			$	—			$	9,171
Franchise fees and income			73				10				8				—				—				91
Revenues from transactions with franchisees(2)			61				8				81				344				—				494
Other revenues			3				10				745				73				(701	)			130
Total revenues		$	7,388			$	1,913			$	869			$	417			$	(701	)		$	9,886
Company restaurant expenses			5,926				1,613				38				—				(2	)			7,575
General and administrative expenses			194				85				21				131				—				431
Franchise expenses			33				3				1				—				—				37
Expenses for transactions with franchisees(2)			47				6				76				341				—				470
Other operating costs and expenses			1				9				730				70				(699	)			111
Closures and impairment expenses, net			13				2				1				—				—				16
Total costs and expenses, net			6,214				1,718				867				542				(701	)			8,640
Operating Profit (Loss)		$	1,174			$	195			$	2			$	(125	)		$	—			$	1,246

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

		Year to Date Ended 9/30/2026
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	1,174			$	195			$	2			$	(125	)		$	—			$	1,246
Less:
Franchise fees and income			73				10				8				—				—				91
Revenues from transactions with franchisees(2)			61				8				81				344				—				494
Other revenues			3				10				745				73				(701	)			130
Add:
General and administrative expenses			194				85				21				131				—				431
Franchise expenses			33				3				1				—				—				37
Expenses for transactions with franchisees(2)			47				6				76				341				—				470
Other operating costs and expenses			1				9				730				70				(699	)			111
Closures and impairment expenses, net			13				2				1				—				—				16
Restaurant profit (loss)		$	1,325			$	272			$	(3	)		$	—			$	2			$	1,596
Company sales			7,251				1,885				35				—				—				9,171
Restaurant margin			18.3	%			14.4	%			(6.4	)%		N/A				N/A					17.4	%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

		Year to Date Ended 9/30/2026
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	1,174			$	195			$	2			$	(125	)		$	—			$	1,246
Special Items, Operating Profit			—				—				—				—				—				—
Adjusted Operating Profit (Loss)		$	1,174			$	195			$	2			$	(125	)		$	—			$	1,246
Items Affecting Comparability			—				—				—				—				—				—
F/X impact			(65	)			(11	)			—				4				—				(72	)
Core Operating Profit (Loss)		$	1,109			$	184			$	2			$	(121	)		$	—			$	1,174

17

		Year to Date Ended 9/30/2025
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
Company sales		$	6,630			$	1,753			$	29			$	—			$	—			$	8,412
Franchise fees and income			62				7				10				—				—				79
Revenues from transactions with franchisees(2)			51				5				59				261				—				376
Other revenues			3				19				577				52				(544	)			107
Total revenues		$	6,746			$	1,784			$	675			$	313			$	(544	)		$	8,974
Company restaurant expenses			5,408				1,512				32				—				(1	)			6,951
General and administrative expenses			186				79				23				124				—				412
Franchise expenses			28				3				1				—				—				32
Expenses for transactions with franchisees(2)			44				5				54				258				—				361
Other operating costs and expenses			3				17				565				52				(543	)			94
Closures and impairment expenses, net			15				5				2				—				—				22
Other income, net			—				—				—				(1	)			—				(1	)
Total costs and expenses, net			5,684				1,621				677				433				(544	)			7,871
Operating Profit (Loss)		$	1,062			$	163			$	(2	)		$	(120	)		$	—			$	1,103

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

		Year to Date Ended 9/30/2025
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	1,062			$	163			$	(2	)		$	(120	)		$	—			$	1,103
Less:
Franchise fees and income			62				7				10				—				—				79
Revenues from transactions with franchisees(2)			51				5				59				261				—				376
Other revenues			3				19				577				52				(544	)			107
Add:
General and administrative expenses			186				79				23				124				—				412
Franchise expenses			28				3				1				—				—				32
Expenses for transactions with franchisees(2)			44				5				54				258				—				361
Other operating costs and expenses			3				17				565				52				(543	)			94
Closures and impairment expenses, net			15				5				2				—				—				22
Other income, net			—				—				—				(1	)			—				(1	)
Restaurant profit (loss)		$	1,222			$	241			$	(3	)		$	—			$	1			$	1,461
Company sales			6,630				1,753				29				—				—				8,412
Restaurant margin			18.4	%			13.7	%			(13.0	)%		N/A				N/A					17.4	%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

		Year to Date Ended 9/30/2025
		KFC				Pizza Hut				All Other Segments				Corporate and Unallocated(1)				Elimination				Total
GAAP Operating Profit (Loss)		$	1,062			$	163			$	(2	)		$	(120	)		$	—			$	1,103
Special Items, Operating Profit			—				—				—				—				—				—
Adjusted Operating Profit (Loss)		$	1,062			$	163			$	(2	)		$	(120	)		$	—			$	1,103
Items Affecting Comparability			—				—				—				—				—				—
F/X impact			—				—				—				—				—				—
Core Operating Profit (Loss)		$	1,062			$	163			$	(2	)		$	(120	)		$	—			$	1,103

18

The above tables reconcile segment information, which is based on management responsibility, with our Condensed Consolidated Statements of Income.

(1)Amounts have not been allocated to any segment for purpose of making operating decision or assessing financial performance as the transactions are deemed corporate revenues and expenses in nature.

(2)Primarily includes revenues and associated expenses of transactions with franchisees derived from the Company’s central procurement model whereby the Company centrally purchases substantially all food and paper products from suppliers and then sells and delivers to KFC and Pizza Hut restaurants, including franchisees.

19

Exhibit 99.2

Yum China Board Welcomes New Board Member

Shanghai, China (November 3, 2026) – Yum China Holdings, Inc. (the “Company” or “Yum China”) (NYSE: YUMC and HKEX: 9987) announced today the appointment of Mr. Alexander Dimitrief to the Board of Directors, effective November 4, 2026. Effective on the same date and in connection with the appointment, the Board increased the size of the Board of Directors to 13 directors, 12 of whom are independent.

“We warmly welcome Alex as the newest member of our Board,” said Yum China’s Chairman Dr. Fred Hu. “Alex possesses extensive global business leadership experience, strong legal and public company governance expertise, and risk management expertise. I am confident that Alex will be a valuable addition to our Board."

Joey Wat, CEO of Yum China commented, “We are excited to welcome Alex to our Board of Directors. Alex’s global operational expertise and deep legal acumen will be invaluable to us. I look forward to partnering closely with Alex as we continue to drive innovation, business growth, and deliver sustainable long-term value for our shareholders.”

Alexander Dimitrief has served as the founder and principal of Dimitrief Advisory LLC, a general management consulting firm, since 2026, a partner at Zeughauser Group, a management consulting firm advising law firms, since 2020 and is a member of the advisory board of Earlylands Advisory. He previously served as Senior Vice President and General Counsel of Sotera Health Co., a global provider of sterilization, lab testing and advisory services to the healthcare industry, from November 2022 to March 2026. Prior to that, Mr. Dimitrief held various positions at General Electric (GE) from 2007 to 2019, including as President and Chief Executive Officer of GE’s Global Growth Organization from 2018 to 2019, and as GE’s General Counsel from 2015 to 2018. Before joining GE, Mr. Dimitrief spent 20 years as a litigator at Kirkland & Ellis LLP. He is currently an independent director of Eos Energy Enterprises, Inc. (NASDAQ: EOSE). Mr. Dimitrief served as an independent director of SmileDirectClub, Inc. (formerly listed on Nasdaq Stock Market) from 2022 to 2024. He earned a Bachelor of Arts from Yale College and a Juris Doctor from Harvard Law School and has taught courses on corporate citizenship and corporate law at Harvard Law School and New York Law School.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook,” “commit” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth and business plans. Forward-looking

statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factor” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings, Inc.

Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company operates over 19,000 restaurants under six brands across over 2,800 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. The Pizza Hut brand in Mainland China is owned by Yum China. In addition, Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.

Contacts

Investor Relations Contact:
Tel: +86 21 2407 7556
IR@YumChina.com

Media Contact:
Tel: +86 21 2407 3824
Media@YumChina.com

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 3.4 MB
• EX-99.2 EX-99.2 15.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 53.2 KB