Jun 2026 (Q2 FY26) — Jul 30, 2026
Yum China Q2 FY26 — Strong Growth Across Brands, Pizza Hut Brand Acquisition & Accelerated Store Openings
Read the full callYum China (YUMC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Yum China earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,138 | +12.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.1 | +0.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 244 | +13.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
34 of 34 judged targets kept · 54 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Same-store sales growth - Q2 FY26 sequential improvement | Sequential improvement in same-store sales growth for Yum China, KFC and Pizza Hut | Mar 2026 | Same-store sales growth also improved sequentially to 1%, driven by the 14th consecutive quarter of same-store transaction growth. | Achieved |
| KPRO location count (year-end) | more than 400 locations | Dec 2025 | Earlier this year, we raised our year-end rollout target from 400 to 600 locations, and we now expect to reach around 800 locations. | Revised Up |
| 3-year capital return to shareholders (2024-2026) | $4.5 billion returned to shareholders 2024-2026 ($1.5 billion per year), stepped up 50% from a prior $3 billion plan | Sep 2024 | we remain on track to return $1.5 billion to shareholders in 2026, equivalent to around 10% of our current market cap. | On Track |
54 of Yum China Holdings, Inc.'s 88 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 85 more targets are in the full ledger.
Claimed
- System sales grew 13% (reported) and 6% (ex-FX) year-over-year, outperforming the catering industry.
- Operating profit increased 14% year-over-year to $348 million, a Q2 record.
- Diluted EPS rose 21% year-over-year to $0.70.
- Opened 560 net new stores in Q2, accelerating year-over-year, contributing to 1,200 net new stores in H1.
- Pizza Hut same-store sales returned to positive at 1%, with new store openings almost doubling year-over-year.
Qualified
- Pizza Hut restaurant margin was down 40 basis points in Q2 due to increased delivery sales mix, value offerings, and Burger Bar launch expenses.
- Cost of sales increased 50 basis points year-over-year to 31.5%, mainly due to value offerings, packaging costs, and new menu items.
- Cost of labor increased 40 basis points year-over-year to 27.6%, with rider costs impacting margin by 140 basis points.
- Interest income was $13 million lower year-over-year in Q2 due to a lower cash balance and interest rates.
- Tougher sales comparisons are expected in the second half due to a higher delivery sales pace in the prior year.
Price
$45.01 −0.24% · −$0.11
Performance +2.7% 1Y
1Y: $43.82 on 17 Oct 2025 → $45.01. High $57.95 (6 Feb 2026), low $39.98 (2 Oct 2026).
- Previous close
- $45.12
- 52-week range
- $39.98 – $57.95
- One year
- +0.33%
Overview
- Symbol
- YUMC
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
34 of 34 judged targets kept · 54 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Same-store sales growth - Q2 FY26 sequential improvement | Sequential improvement in same-store sales growth for Yum China, KFC and Pizza Hut | Mar 2026 | Same-store sales growth also improved sequentially to 1%, driven by the 14th consecutive quarter of same-store transaction growth. | Achieved |
| KPRO location count (year-end) | more than 400 locations | Dec 2025 | Earlier this year, we raised our year-end rollout target from 400 to 600 locations, and we now expect to reach around 800 locations. | Revised Up |
| 3-year capital return to shareholders (2024-2026) | $4.5 billion returned to shareholders 2024-2026 ($1.5 billion per year), stepped up 50% from a prior $3 billion plan | Sep 2024 | we remain on track to return $1.5 billion to shareholders in 2026, equivalent to around 10% of our current market cap. | On Track |
Claimed
- System sales grew 13% (reported) and 6% (ex-FX) year-over-year, outperforming the catering industry.
- Operating profit increased 14% year-over-year to $348 million, a Q2 record.
- Diluted EPS rose 21% year-over-year to $0.70.
- Opened 560 net new stores in Q2, accelerating year-over-year, contributing to 1,200 net new stores in H1.
- Pizza Hut same-store sales returned to positive at 1%, with new store openings almost doubling year-over-year.
Qualified
- Pizza Hut restaurant margin was down 40 basis points in Q2 due to increased delivery sales mix, value offerings, and Burger Bar launch expenses.
- Cost of sales increased 50 basis points year-over-year to 31.5%, mainly due to value offerings, packaging costs, and new menu items.
- Cost of labor increased 40 basis points year-over-year to 27.6%, with rider costs impacting margin by 140 basis points.
- Interest income was $13 million lower year-over-year in Q2 due to a lower cash balance and interest rates.
- Tougher sales comparisons are expected in the second half due to a higher delivery sales pace in the prior year.
The full ledger
Open Yum China Holdings, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 88 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Yum China Q1 FY26 — Solid Growth and Accelerated Store Expansion
Read the full callEvery analysed call
Yum China earnings calls (YUMC)
Financials
What the filings say
Net profit, year on year: +13% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,071 | 2,595 | 2,981 | 2,787 | 3,206 | 2,823 | 3,271 | 3,138 |
| Expenses | 2,700 | 2,444 | 2,582 | 2,483 | 2,806 | 2,636 | 2,824 | 2,790 |
| Operating profit | 371 | 151 | 399 | 304 | 400 | 187 | 447 | 348 |
| Operating margin | 12.1% | 5.8% | 13.4% | 10.9% | 12.5% | 6.6% | 13.7% | 11.1% |
| Profit before tax | 436 | 170 | 428 | 311 | 413 | 206 | 452 | 354 |
| Tax rate | 27.3% | 27.6% | 27.8% | 25.7% | 27.6% | 27.2% | 27.2% | 26.0% |
| Net profit | 297 | 115 | 292 | 215 | 282 | 140 | 309 | 244 |
| EPS ($ per share) | 0.77 | — | 0.78 | 0.58 | 0.76 | — | 0.88 | 0.70 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 944 | 1,416 | 2,105 | 2,892 | 2,191 | 2,310 | 2,089 | 1,764 |
| Total liabilities | 1,633 | 3,775 | 4,404 | 5,301 | 4,666 | 4,912 | 4,694 | 4,684 |
| Fixed assets | 1,615 | 1,594 | 1,765 | 2,251 | 2,118 | 2,310 | 2,407 | 2,543 |
| Investments | 122 | 611 | 3,105 | 2,860 | 2,022 | 1,472 | 1,121 | 878 |
| Total assets | 4,610 | 6,950 | 10,875 | 13,223 | 11,826 | 12,031 | 11,121 | 10,783 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,333 | 1,185 | 1,114 | 1,131 | 1,413 | 1,473 | 1,419 | 1,466 |
| Cash from investing | -552 | -910 | -3,109 | -855 | -522 | -743 | -178 | -5 |
| Cash from financing | -518 | -480 | 2,058 | -313 | -844 | -716 | -1,636 | -1,689 |
| Net cash flow | 207 | -211 | 103 | -22 | -6 | -2 | -405 | -217 |
| Capital expenditure | -470 | -435 | -419 | -689 | -679 | -710 | -705 | -626 |
| Free cash flow | 863 | 750 | 695 | 442 | 734 | 763 | 714 | 840 |
YUMC revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| KFC | 75% | 75% | 75% | 75% | 75% | 75% | 75% | 75% | +11.5% |
| Pizza Hut | 20% | 20% | 20% | 20% | 20% | 19% | 19% | 20% | +10.6% |
| All Other Segments | 7% | 8% | 7% | 7% | 8% | 9% | 9% | 9% | +36.3% |
| Corporate and Unallocated | 3% | 3% | 3% | 3% | 4% | 4% | 4% | 4% | +37.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
YUMC operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Stores K-Pro | 280+Take Coffee cafes are now in over 2,600 locations and K-Pro in more than 280 locations.Source: earnings call transcript | 450+KPRO has expanded to over 450 locations and has proven more promising than we expected.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
138 filings between Nov 6, 2025 and Sep 17, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$10.84M
16 sales by 7 insiders
Compensation
not trading decisions- 20
- Award — granted as compensation
- 54
- Option exercise — converted options into shares
- 38
- Tax withheld — shares kept back by the company to cover tax
Also filed: 10 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Wat Joey | — | $6.00M | Feb 13, 2026 |
| HUANG Duoduo (Howard) | — | $1.37M | Aug 18, 2026 |
| Lu Xueling | — | $1.31M | Feb 24, 2026 |
| Kuai Jeff | — | $944.0K | Aug 12, 2026 |
| Zhang Leila | — | $650.0K | Feb 5, 2026 |
| Wang Warton | — | $395.3K | Nov 24, 2025 |
| DING Jerry | — | $165.4K | Feb 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 17, 2026 | DING Jerry Chief People Officer | Option exercise | 9 | $0 |
| Sep 17, 2026 | DING Jerry Chief People Officer | Tax withheld | 5 | $207 |
| Sep 1, 2026 | DING Jerry Chief People Officer | Option exercise | 1,318 | $0 |
| Sep 1, 2026 | DING Jerry Chief People Officer | Tax withheld | 594 | $26.7K |
| Aug 18, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Option exercise | 10,479 | $436.6K |
| Aug 18, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Sale | 19,513 | $918.5K |
| Aug 18, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Sale | 3,344 | $157.6K |
| Aug 18, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Disposition to issuer | 9,240 | $436.6K |
| Aug 18, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Disposition to issuer | 4,294 | $202.9K |
| Aug 18, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Option exercise | 7,638 | $202.9K |
| Aug 18, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Sale | 1,239 | $58.4K |
| Aug 12, 2026 | Kuai Jeff General Manager, Pizza Hut | Sale | 4,312 | $205.9K |
| Aug 12, 2026 | Kuai Jeff General Manager, Pizza Hut | Disposition to issuer | 6,899 | $329.5K |
| Aug 12, 2026 | Kuai Jeff General Manager, Pizza Hut | Sale | 4,961 | $236.7K |
| Aug 12, 2026 | Kuai Jeff General Manager, Pizza Hut | Option exercise | 12,212 | $329.5K |
| Aug 12, 2026 | Kuai Jeff General Manager, Pizza Hut | Disposition to issuer | 6,217 | $296.9K |
| Aug 12, 2026 | Kuai Jeff General Manager, Pizza Hut | Sale | 5,313 | $253.5K |
| Aug 12, 2026 | Kuai Jeff General Manager, Pizza Hut | Option exercise | 11,178 | $296.9K |
| Jun 1, 2026 | Durham Mikel A. Director | Award | 8,447 | $0 |
| Jun 1, 2026 | Shao Zili Director | Award | 4,544 | $0 |
| Jun 1, 2026 | Hu Fred Director | Award | 13,050 | $0 |
| Jun 1, 2026 | Zhu Christina (Xiaojing) Director | Award | 7,573 | $0 |
| Jun 1, 2026 | Ettedgui Edouard Director | Award | 8,098 | $0 |
| Jun 1, 2026 | Zhang Min (Jenny) Director | Award | 3,063 | $0 |
| Jun 1, 2026 | HOFFMANN DAVID L Director | Award | 4,602 | $0 |
| Jun 1, 2026 | Lu Ruby Rong Director | Award | 7,865 | $0 |
| Jun 1, 2026 | Ge Grace Xin Director | Award | 4,602 | $0 |
| Jun 1, 2026 | Yang William Wang Director | Award | 7,632 | $0 |
| Jun 1, 2026 | Wei Zhe David Director | Award | 4,136 | $0 |
| May 2, 2026 | Ding Adrian Chief Financial Officer | Option exercise | 3,063 | $0 |
| May 2, 2026 | Ding Adrian Chief Financial Officer | Tax withheld | 1,379 | $67.3K |
| Feb 24, 2026 | Lu Xueling Controller and PAO | Sale | 21,547 | $1.20M |
| Feb 24, 2026 | Lu Xueling Controller and PAO | Sale | 1,957 | $109.4K |
| Feb 24, 2026 | Lu Xueling Controller and PAO | Disposition to issuer | 1,769 | $99.0K |
| Feb 24, 2026 | Lu Xueling Controller and PAO | Option exercise | 3,726 | $99.0K |
| Feb 13, 2026 | Wat Joey Chief Executive Officer | Sale | 104,000 | $5.74M |
| Feb 11, 2026 | Wat Joey Chief Executive Officer | Sale | 4,613 | $263.0K |
| Feb 10, 2026 | DING Jerry Chief People Officer | Option exercise | 359 | $0 |
| Feb 10, 2026 | DING Jerry Chief People Officer | Tax withheld | 903 | $51.6K |
| Feb 10, 2026 | DING Jerry Chief People Officer | Option exercise | 1,751 | $0 |
| Feb 10, 2026 | LIU Pingping Chief Legal Officer | Option exercise | 1,751 | $0 |
| Feb 10, 2026 | LIU Pingping Chief Legal Officer | Option exercise | 269 | $0 |
| Feb 10, 2026 | Wang Warton General Manager, KFC | Tax withheld | 2,974 | $169.9K |
| Feb 10, 2026 | Wang Warton General Manager, KFC | Option exercise | 6,131 | $0 |
| Feb 10, 2026 | Wang Warton General Manager, KFC | Option exercise | 475 | $0 |
| Feb 10, 2026 | LIU Pingping Chief Legal Officer | Tax withheld | 823 | $47.0K |
| Feb 10, 2026 | Zhang Leila Chief Technology Officer | Tax withheld | 1,413 | $80.7K |
| Feb 10, 2026 | Zhang Leila Chief Technology Officer | Option exercise | 2,453 | $0 |
| Feb 10, 2026 | Zhang Leila Chief Technology Officer | Option exercise | 686 | $0 |
| Feb 10, 2026 | HUANG Duoduo (Howard) Chief Supply Chain Officer | Tax withheld | 1,483 | $84.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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