YUMC financial statements

The full income statement, balance sheet, and cash-flow statement for Yum China Holdings Inc. (YUMC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-03 389.9M2024-06 384.4M2024-09 379.8M2024-12 376.1M2025-03 373.3M2025-06 368.7M2025-09 361.4M2025-12 353.1M2026-03 349.1M-10.5% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	11.8B YoY+4.4%	11.3B YoY+3.0%	11.0B YoY+14.7%	9.57B YoY-2.9%	9.85B YoY+19.2%
Research & development	8.00M YoY+33.3%	6.00M YoY+0.0%	6.00M YoY+0.0%	6.00M YoY+0.0%	6.00M YoY+100.0%
Selling, general & administrative	581M YoY+2.3%	568M YoY-11.0%	638M YoY+7.4%	594M YoY+5.3%	564M YoY+17.7%
General & administrative	581M YoY+2.3%	568M YoY-11.0%	638M YoY+7.4%	594M YoY+5.3%	564M YoY+17.7%
Amortization of intangibles	2.00M YoY+0.0%	2.00M YoY-50.0%	4.00M YoY-96.0%	99.0M YoY+120.0%	45.0M YoY+87.5%
Operating income	1.29B YoY+11.0%	1.16B YoY+5.1%	1.11B YoY+75.8%	629M YoY-54.6%	1.39B YoY+44.2%
Net interest income	92.0M YoY-28.7%	129M YoY-23.7%	169M YoY+101.2%	84.0M YoY+40.0%	60.0M YoY+39.5%
Equity-method income	15.0M YoY+200.0%	5.00M YoY+25.0%	4.00M YoY+300.0%	-2.00M YoY-104.5%	44.0M YoY-29.0%
Pre-tax income	1.36B YoY+2.0%	1.33B YoY+8.6%	1.23B YoY+78.5%	687M YoY-50.6%	1.39B YoY+25.6%
Income tax	369M YoY+3.7%	356M YoY+8.2%	329M YoY+58.9%	207M YoY-43.9%	369M YoY+25.1%
	929M YoY+2.0%	911M YoY+10.2%	827M YoY+87.1%	442M YoY-55.4%	990M YoY+26.3%
Net income to non-controlling interest	75.0M YoY+8.7%	69.0M YoY-6.8%	74.0M YoY+105.6%	36.0M YoY+9.1%	33.0M YoY+13.8%
	$2.51 YoY+7.7%	$2.33 YoY+18.3%	$1.97 YoY+89.4%	$1.04 YoY-54.4%	$2.28 YoY+16.9%
EPS (basic)	$2.52 YoY+7.7%	$2.34 YoY+17.6%	$1.99 YoY+89.5%	$1.05 YoY-55.1%	$2.34 YoY+16.4%
	369M YoY-4.9%	388M YoY-6.7%	416M YoY-1.2%	421M YoY-0.2%	422M YoY+8.2%
	371M YoY-4.9%	390M YoY-7.1%	420M YoY-1.2%	425M YoY-2.1%	434M YoY+8.0%
Dividends per share	$0.96 YoY+50.0%	$0.64 YoY+23.1%	$0.52 YoY+8.3%	$0.48 YoY+0.0%	$0.48 YoY+100.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.36B YoY-12.5%	2.69B YoY-21.5%	3.43B YoY-12.9%	3.94B YoY-16.5%	4.72B YoY-4.5%
Cash & equivalents	506M YoY-30.0%	723M YoY-35.9%	1.13B YoY-0.2%	1.13B YoY-0.5%	1.14B YoY-1.9%
Short-term investments	878M YoY-21.7%	1.12B YoY-23.8%	1.47B YoY-27.2%	2.02B YoY-29.3%	2.86B YoY-7.9%
Accounts receivable	95.0M YoY+20.3%	79.0M YoY+16.2%	68.0M YoY+6.3%	64.0M YoY-4.5%	67.0M YoY-32.3%
Inventory	438M YoY+8.1%	405M YoY-4.5%	424M YoY+1.7%	417M YoY-3.5%	432M YoY+8.5%
Prepaid expenses	102M YoY-4.7%	107M YoY+8.1%	99.0M YoY-10.8%	111M YoY-36.9%	176M YoY+47.9%
	10.8B YoY-3.0%	11.1B YoY-7.6%	12.0B YoY+1.7%	11.8B YoY-10.6%	13.2B YoY+21.6%
Property, plant & equipment	2.54B YoY+5.7%	2.41B YoY+4.2%	2.31B YoY+9.1%	2.12B YoY-5.9%	2.25B YoY+27.5%
Operating lease right-of-use	2.19B YoY+2.0%	2.15B YoY-3.2%	2.22B YoY-0.1%	2.22B YoY-15.0%	2.61B YoY+20.7%
Goodwill	1.96B YoY+4.4%	1.88B YoY-2.7%	1.93B YoY-2.8%	1.99B YoY-7.2%	2.14B YoY+157.5%
Intangible assets	148M YoY+2.8%	144M YoY-4.0%	150M YoY-5.7%	159M YoY-41.5%	272M YoY+10.6%
Deferred tax assets	156M YoY+13.0%	138M YoY+7.0%	129M YoY+14.2%	113M YoY+6.6%	106M YoY+8.2%
Other non-current assets	362M YoY+41.4%	256M YoY-3.4%	265M YoY+6.9%	248M YoY-66.6%	742M YoY-0.9%
	2.25B YoY-1.6%	2.28B YoY-5.7%	2.42B YoY+11.8%	2.17B YoY-9.1%	2.38B YoY+15.3%
Accounts payable	793M YoY-1.0%	801M YoY+1.9%	786M YoY+8.1%	727M YoY-12.4%	830M YoY+17.2%
Accrued liabilities	2.13B YoY+2.3%	2.08B YoY-3.9%	2.16B YoY+3.2%	2.10B YoY-10.1%	2.33B YoY+16.9%
Deferred revenue	205M YoY+4.6%	196M YoY+0.0%	196M YoY+7.7%	182M YoY+0.0%	182M YoY+4.0%
Short-term & current debt	30.0M YoY-76.4%	127M YoY-24.4%	168M YoY+8300.0%	2.00M	—
Current lease liability	438M YoY+5.0%	417M YoY-2.1%	426M YoY-4.9%	448M YoY-11.8%	508M YoY+13.4%
Other current liabilities	173M YoY+4.2%	166M YoY+18.6%	140M YoY-6.7%	150M YoY-20.6%	189M YoY+26.0%
Finance lease liability (current)	6.00M YoY+20.0%	5.00M YoY+0.0%	5.00M YoY+0.0%	5.00M YoY+66.7%	3.00M YoY+50.0%
	4.68B YoY-0.2%	4.69B YoY-4.4%	4.91B YoY+5.3%	4.67B YoY-12.0%	5.30B YoY+20.4%
Deferred revenue (non-current)	47.0M YoY-2.1%	48.0M YoY+50.0%	32.0M YoY+14.3%	28.0M YoY+7.7%	26.0M YoY-16.1%
Non-current lease liability	1.82B YoY+0.4%	1.82B YoY-4.4%	1.90B YoY-0.4%	1.91B YoY-16.6%	2.29B YoY+19.4%
Operating lease liability (total)	2.26B YoY+1.3%	2.23B YoY-4.0%	2.33B YoY-1.2%	2.35B YoY-15.7%	2.79B YoY+18.2%
Finance lease liability (total)	57.0M YoY+5.6%	54.0M YoY+10.2%	49.0M YoY+4.3%	47.0M YoY+9.3%	43.0M YoY+43.3%
Finance lease liability	51.0M YoY+4.1%	49.0M YoY+11.4%	44.0M YoY+4.8%	42.0M YoY+5.0%	40.0M YoY+42.9%
Deferred tax liabilities	406M YoY+4.4%	389M YoY-0.3%	390M YoY+0.0%	390M YoY-8.2%	425M YoY+87.2%
Other non-current liabilities	158M YoY+0.6%	157M YoY+0.0%	157M YoY-3.1%	162M YoY-3.0%	167M YoY+0.0%
	5.38B YoY-6.1%	5.73B YoY-10.6%	6.41B YoY-1.2%	6.48B YoY-8.1%	7.06B YoY+13.7%
Additional paid-in capital	3.80B YoY-5.8%	4.03B YoY-6.8%	4.32B YoY-1.6%	4.39B YoY-6.5%	4.70B YoY+0.8%
Retained earnings	1.76B YoY-15.6%	2.09B YoY-9.6%	2.31B YoY+5.4%	2.19B YoY-24.2%	2.89B YoY+37.4%
Treasury stock	28.0M YoY-46.2%	52.0M	—	—	803M YoY+10.3%
Accumulated other comprehensive income	-157M YoY+54.0%	-341M YoY-48.9%	-229M YoY-122.3%	-103M YoY-138.4%	268M YoY+60.5%
Non-controlling interest	720M YoY+5.0%	686M YoY-2.1%	701M YoY+5.3%	666M YoY-21.8%	852M YoY+236.8%
Total equity incl. non-controlling	6.10B YoY-4.9%	6.41B YoY-9.7%	7.11B YoY-0.6%	7.15B YoY-9.6%	7.91B YoY+22.4%
Total liabilities & equity	10.8B YoY-3.0%	11.1B YoY-7.6%	12.0B YoY+1.7%	11.8B YoY-10.6%	13.2B YoY+21.6%
	355M YoY-6.3%	379M YoY-6.9%	407M YoY-2.9%	419M YoY-6.7%	449M YoY+2.0%
	354M YoY-6.3%	378M YoY-7.1%	407M YoY-2.9%	419M YoY-2.1%	428M YoY+1.9%
	353M YoY-6.1%	376M YoY-6.1%	401M YoY-4.2%	418M YoY-1.7%	426M YoY+1.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.47B YoY+3.3%	1.42B YoY-3.7%	1.47B YoY+4.2%	1.41B YoY+24.9%	1.13B YoY+1.5%
Depreciation & amortization	448M YoY-5.9%	476M YoY+5.1%	453M YoY-24.8%	602M YoY+16.7%	516M YoY+14.7%
Intangible amortization	2.00M YoY+0.0%	2.00M YoY-50.0%	4.00M YoY-96.0%	99.0M YoY+120.0%	45.0M YoY+87.5%
Share-based compensation	42.0M YoY+2.4%	41.0M YoY-35.9%	64.0M YoY+52.4%	42.0M YoY+2.4%	41.0M YoY+13.9%
Deferred income taxes	-14.0M YoY-100.0%	-7.00M YoY+30.0%	-10.0M YoY+50.0%	-20.0M YoY-112.5%	160M YoY+44.1%
Change in receivables	11.0M YoY+22.2%	9.00M YoY+50.0%	6.00M YoY+500.0%	1.00M YoY-80.0%	5.00M YoY-66.7%
Change in inventory	14.0M YoY+275.0%	-8.00M YoY-142.1%	19.0M YoY+0.0%	19.0M YoY+18.8%	16.0M YoY+194.1%
Other operating activities	34.0M YoY+213.3%	-30.0M YoY+54.5%	-66.0M YoY-187.0%	-23.0M YoY-27.8%	-18.0M YoY+57.1%
	-5.00M YoY+97.2%	-178M YoY+76.0%	-743M YoY-42.3%	-522M YoY+38.9%	-855M YoY+72.5%
Capital expenditure	626M YoY-11.2%	705M YoY-0.7%	710M YoY+4.6%	679M YoY-1.5%	689M YoY+64.4%
Free cash flow	840M YoY+17.6%	714M YoY-6.4%	763M YoY+4.0%	734M YoY+66.1%	442M YoY-36.4%
Acquisitions	0.00	0.00	0.00 YoY-100.0%	23.0M YoY-80.0%	115M YoY-60.1%
Purchases of investments	7.58B YoY+60.4%	4.73B YoY+34.4%	3.52B YoY-32.2%	5.19B YoY-15.5%	6.14B
Sales/maturities of investments	8.22B YoY+56.5%	5.25B YoY+50.1%	3.50B YoY-34.8%	5.37B YoY-15.9%	6.38B
Other investing activities	-2.00M YoY+50.0%	-4.00M YoY+20.0%	-5.00M YoY-25.0%	-4.00M YoY+20.0%	-5.00M YoY+91.1%
	-1.69B YoY-3.2%	-1.64B YoY-128.5%	-716M YoY+15.2%	-844M YoY-169.6%	-313M YoY-115.2%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	1.14B YoY-8.4%	1.25B YoY+103.8%	613M YoY+31.5%	466M YoY+521.3%	75.0M YoY+837.5%
Dividends paid	353M YoY+42.3%	248M YoY+14.8%	216M YoY+6.9%	202M YoY-0.5%	203M YoY+113.7%
Other financing activities	-9.00M YoY+55.0%	-20.0M YoY-233.3%	-6.00M YoY-50.0%	-4.00M YoY+42.9%	-7.00M YoY-600.0%
Net change in cash	-217M YoY+46.4%	-405M YoY-20150.0%	-2.00M YoY+66.7%	-6.00M YoY+72.7%	-22.0M YoY-121.4%
Interest paid	—	4.00M YoY+33.3%	3.00M	—	—
Income taxes paid	370M YoY-5.9%	393M YoY+21.3%	324M YoY+58.8%	204M YoY-20.0%	255M YoY+50.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	16.9B YoY-7.0%	18.1B YoY+3.2%	17.6B YoY-23.2%	22.9B YoY+7.8%	21.2B YoY-11.6%
P/E	18.1× YoY-8.8%	19.9× YoY-11.3%	22.4× YoY-15.3%	26.5× YoY+23.5%	21.4× YoY-30.0%
P/S	1.4× YoY-10.9%	1.6× YoY-3.4%	1.7× YoY-29.1%	2.3× YoY+8.7%	2.2× YoY-25.9%
P/B	3.1× YoY-0.9%	3.2× YoY+18.4%	2.7× YoY-25.0%	3.6× YoY+18.5%	3.0× YoY-22.3%
P/FCF	20.1× YoY-20.9%	25.4× YoY+8.3%	23.4× YoY-31.3%	34.1× YoY-28.9%	48.0× YoY+39.0%
	5.5% YoY+9.6%	5.0% YoY+12.7%	4.5% YoY+18.1%	3.8% YoY-19.0%	4.7% YoY+42.9%
	5.0% YoY+26.4%	3.9% YoY-7.7%	4.3% YoY+45.6%	2.9% YoY+40.6%	2.1% YoY-28.0%
	2.0% YoY+51.4%	1.3% YoY+8.4%	1.2% YoY+39.5%	0.88% YoY-8.8%	0.96% YoY+129.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: YUMC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all YUMC filings on SEC EDGAR → Not investment advice.