Earnings summaries and quarterly performance for Yum China Holdings.
Executive leadership at Yum China Holdings.
Board of directors at Yum China Holdings.
Christina Xiaojing Zhu
Detailed
Director
David Hoffmann
Detailed
Director
David Wei
Detailed
Director
Edouard Ettedgui
Detailed
Director
Fred Hu
Detailed
Chairman of the Board
Grace Xin Ge
Detailed
Director
Mikel Durham
Detailed
Director
Min Zhang
Detailed
Director
Robert Aiken
Detailed
Director
Ruby Lu
Detailed
Director
William Wang
Detailed
Director
Zili Shao
Detailed
Director
Research analysts who have asked questions during Yum China Holdings earnings calls.
Lillian Lou
Morgan Stanley
7 questions for YUMC
Michelle Cheng
China Renaissance
7 questions for YUMC
Also covers: MNSO
Sijie Lin
China International Capital Corporation
7 questions for YUMC
Also covers: ATAT, HTHT
Chen Luo
Bank of America
6 questions for YUMC
Christine Peng
UBS Group AG
6 questions for YUMC
Also covers: RLX
Brian Bittner
Oppenheimer & Co.
5 questions for YUMC
Also covers: BJRI, CAKE, CMG +11 more
Anne Ling
Jefferies
3 questions for YUMC
Linda Huang
Macquarie Group
3 questions for YUMC
Ethan Wang
CLSA Limited
2 questions for YUMC
Also covers: LKNCY
Xiao Pua Wei
Citi
2 questions for YUMC
Yushen Wang
CLSA
2 questions for YUMC
Also covers: LKNCY
Kin Shun (Anne) Ling
Jefferies
1 question for YUMC
Also covers: MNSO, SMSEY
Walter Woo
CMB International
1 question for YUMC
Xiaopo Wei
CITIC Securities
1 question for YUMC
Also covers: MNSO
Recent press releases and 8-K filings for YUMC.
Yum China Holdings Outlines Strategic Priorities and Financial Targets at 2025 Investor Day
YUMC
Guidance Update
New Projects/Investments
Share Buyback
- Yum China (YUMC) is pursuing an RGM 3.0 strategy, focusing on resilience, growth, and moat, driven by innovation and operational efficiency. The company aims to reach 20,000 stores by the end of 2026 and 25,000 stores by 2028, with a long-term goal of 30,000 stores in China by 2030. KFC specifically plans to increase its lower-tier city penetration from 2,500 to 4,500 cities by 2030.
- For the period of 2026 to 2028, YUMC targets a mid to high single-digit system sales CAGR, a high single-digit operating profit CAGR, and double-digit EPS CAGR and free cash flow per share CAGR. The operating profit margin is expected to improve from 10.8%-10.9% in 2025 to 11.5% or higher in 2028, with Return on Invested Capital (ROIC) projected to reach approximately 20% in 2028 (up from 16.9% in 2024).
- The company plans to return approximately $1.5 billion to shareholders annually from 2024 to 2026, totaling $4.5 billion. For 2027 and beyond, YUMC expects to return around 100% of free cash flow to the parent company, translating to an average annual return of $900 million to $1 billion+ in 2027 and 2028, and exceeding $1 billion in 2028 and onward. Average annual capital expenditure is targeted at $600 million to $700 million from 2026 to 2028.
- Yum China plans to open over 3,000 additional franchise stores between 2026 and 2028, increasing the total franchise unit mix to the 20% range by 2028. KFC aims for ¥10 billion in operating profit by 2028 , while Pizza Hut has shortened its new store payback period to 2-3 years and expects to sell over 200 million pizzas in the current year.
Nov 18, 2025, 1:00 AM
Yum China Holdings, Inc. Unveils "RGM 3.0" Strategy and Three-Year Financial Outlook
YUMC
Guidance Update
New Projects/Investments
Share Buyback
- Yum China Holdings, Inc. announced 3-year CAGR targets from 2026 to 2028, including high-single-digit operating profit, double-digit diluted EPS, and double-digit free cash flow per share.
- The company plans significant store expansion, aiming to reach 20,000 stores by 2026 and over 30,000 stores by 2030. Specifically, KFC targets over 17,000 stores by 2028 with operating profit surpassing RMB 10 billion in 2028, while Pizza Hut expects to exceed 6,000 stores by 2028 and double its operating profit by 2029 versus 2024.
- For the 2025 full year, Yum China projects an OP margin of 10.8%-10.9% and free cash flow per share of $2.2 to $2.3. By 2028, the company targets an OP margin of at least 11.5% for Yum China.
- The company is committed to returning capital to shareholders, on track to return $1.5 billion each year from 2024 to 2026, and plans to return approximately 100% of annual free cash flow after dividend payments to non-controlling interests starting in 2027.
Nov 17, 2025, 12:30 PM
Yum China Holdings Unveils RGM 3.0 Strategy and Three-Year Financial Outlook
YUMC
Guidance Update
New Projects/Investments
Dividends
- Yum China Holdings announced 3-year CAGR targets (2026-2028) including high-single-digit operating profit, double-digit diluted EPS, and double-digit free cash flow per share.
- The company aims to significantly expand its store network, targeting 20,000 stores by 2026 and over 30,000 stores by 2030.
- KFC is projected to surpass RMB 10 billion in operating profit by 2028 and increase its store count to over 17,000 by the same year. Pizza Hut expects to double its operating profit by 2029 compared to 2024 levels and reach over 6,000 stores by 2028.
- Yum China plans to return $1.5 billion annually from 2024 to 2026. Starting in 2027, it targets returning approximately 100% of annual free cash flow after subsidiary dividend payments, anticipating $900 million to over $1 billion in 2027-2028.
- For 2025, the company forecasts an OP margin of 10.8%-10.9% and free cash flow per share of $2.2 to $2.3. By 2028, it targets an OP margin of at least 11.5% for Yum China.
Nov 17, 2025, 4:30 AM
Yum China Reports Solid Q3 2025 Results with Accelerated Store Openings and Strong Capital Returns
YUMC
Earnings
Guidance Update
Share Buyback
- Yum China reported a 4% year-over-year increase in system sales and an 8% increase in operating profit to $400 million for Q3 2025, with restaurant margin expanding to 17.3%.
- The company accelerated store openings in Q3 2025 with 536 net new stores, bringing the total count to over 17,500, and remains on track to open 1,600-1,800 net new stores in 2025 and reach 20,000 stores by the end of 2026.
- KFC achieved 2% same-store sales growth, while Pizza Hut recorded 1% same-store sales growth driven by 17% same-store transaction growth for the third consecutive quarter.
- Yum China returned $950 million to shareholders year-to-date in Q3 2025 and is committed to returning approximately $1.5 billion annually from 2024-2026; the company expects mid-single-digit system sales growth for Q4 and the full year.
Nov 4, 2025, 12:00 PM
Yum China Reports Solid Q3 2025 Results with Accelerated Store Openings
YUMC
Earnings
Guidance Update
New Projects/Investments
- Yum China reported a solid Q3 2025, with system sales growing 4% year-over-year and same-store sales up 1%. Operating profit increased 8% to $400 million, and restaurant margin expanded to 17.3%. Diluted EPS was $0.76, or up 11% year-over-year excluding the impact from the Meituan investment.
- The company accelerated store openings, adding 536 net new stores in Q3, bringing the total to over 17,500 stores. KFC achieved 2% same-store sales growth, while Pizza Hut saw 1% same-store sales growth driven by 17% same-store transaction growth. Yum China remains on track for 1,600-1,800 net new stores in 2025.
- Year-to-date, $950 million has been returned to shareholders, with a commitment to return approximately $1.5 billion in 2025 and annually from 2024 to 2026. The outlook for 2025 includes mid-single-digit system sales growth and moderately improved margins.
Nov 4, 2025, 12:00 PM
Yum China Reports Q3 2025 Results and Provides Full-Year Outlook
YUMC
Earnings
Guidance Update
Share Buyback
- Yum China reported Q3 2025 operating profit of $400 million, an 8% increase year-over-year, with an operating margin of 12.5%, up 40 basis points. Diluted EPS was $0.76, down 1% year-over-year, but up 11% excluding the impact from its Meituan investment.
- The company returned $950 million to shareholders year-to-date in 2025, including $682 million in share repurchases and $268 million in dividends, and is on track to return approximately $1.5 billion for the full year.
- Yum China is on track to open 1,600-1,800 net new stores in 2025, having opened 1,119 year-to-date, with per-store capex decreasing for both KFC and Pizza Hut.
- For Q4 2025, the company expects mid-single-digit system sales growth and aims to maintain same-store sales growth at similar levels to Q3, reaffirming full-year targets of mid-single-digit system sales growth and moderately improved margins.
- Delivery sales accounted for 51% of total sales in Q3 2025. KFC's same-store sales grew 2% , and K-Coffee Café achieved double-digit same-store sales growth.
Nov 4, 2025, 12:00 PM
Yum China Reports Q3 2025 Results
YUMC
Earnings
Dividends
Share Buyback
- Yum China reported a 4% year-over-year increase in total revenues to $3.2 billion and an 8% year-over-year increase in operating profit to $400 million for the third quarter ended September 30, 2025.
- The company achieved 1% same-store sales growth and opened 536 net new stores during the quarter, reaching a total store count of 17,514 as of September 30, 2025.
- Diluted Earnings Per Share (EPS) decreased 1% year-over-year to $0.76, but would have increased 11% excluding the negative impact of mark-to-market equity investments and foreign currency translation.
- Yum China returned $414 million to shareholders in the third quarter through share repurchases and cash dividends, and expects to return approximately $1.5 billion for the full year 2025.
Nov 4, 2025, 11:01 AM
Yum China Holdings Reports Third Quarter 2025 Results
YUMC
Earnings
Share Buyback
Guidance Update
- Yum China Holdings reported total revenues of $3.2 billion, an increase of 4% year-over-year (YoY), and operating profit grew 8% YoY to $400 million for the third quarter ended September 30, 2025.
- Diluted earnings per common share (EPS) for the quarter decreased 1% YoY to $0.76.
- The company achieved 4% system sales growth (excluding F/X) and 1% same-store sales growth YoY, with same-store transactions growing 4% YoY for the eleventh consecutive quarter.
- Yum China opened 536 net new stores in the third quarter and 1,119 in the first nine months of 2025, bringing the total store count to 17,514 as of September 30, 2025.
- The company returned $414 million to shareholders in the third quarter through $326 million in share repurchases and $88 million in cash dividends, and is on track to return approximately $1.5 billion in 2025.
Nov 4, 2025, 10:00 AM
Quarterly earnings call transcripts for Yum China Holdings.
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