The earnings call highlights Yum China's record performance in revenue and profit, strong expansion of KFC and Pizza Hut, and innovative product launches. However, challenges such as increased competition from delivery platforms and pressure on average ticket size present headwinds. The company remains confident in achieving its full-year targets.

Company Guidance -

Q4 2025

During Yum China's second quarter 2025 earnings call, the company reported record highs in revenue, operating profit, and operating margin, driven by dual-focused strategies emphasizing same-store sales and system sales growth. Same-store sales growth turned positive at 1%, with same-store transactions increasing for the tenth consecutive quarter. Yum China opened 336 net new stores, achieving a 4% system sales growth, aligning with their mid-single-digit annual target. Restaurant margins improved by 60 basis points and operating profit by 14% to USD 304 million. KFC saw 5% system sales growth, with over 12,000 stores now operating, while Pizza Hut achieved 2% same-store sales growth and a 17% increase in same-store transactions. Delivery sales increased to 45% of the total sales mix, up from 38% the previous year, with sales outside delivery aggregators accounting for around 70% of total sales. Despite platform competition, Yum China maintained a balanced approach, focusing on long-term benefits while managing price perception and protecting margins. The company plans to open 1,600 to 1,800 net new stores in 2025 and expects to return $3 billion to shareholders from 2025 through 2026.

Record Highs in Revenue and Operating Profit

Yum China achieved second-quarter record highs in revenue, operating profit, and operating profit margin. Operating profit grew 14% year-over-year to USD 304 million.

KFC and Pizza Hut Expansion

KFC achieved 5% system sales growth and opened 295 new stores, totaling 12,238 stores. Pizza Hut expanded to 3,864 stores with 95 net new openings and sustained its growth trajectory with 2% same-store sales growth.

Innovative Product Launches

KFC's Crazy Spicy Zinger drove excitement with sales soaring over 30% during the promotion period. Pizza Hut's new thin crust pizza and All-You-Can-Eat campaign attracted new customers.

Strong Delivery Growth

Delivery sales accounted for 45% of total sales, up from 38% last year, driven by promotions on delivery platforms.

Increased Capital Returns

Yum China returned $536 million to shareholders in the first half of the year, with plans to return at least $1.2 billion in 2025.

Yum China Holdings (HK:9987) Earnings, Revenues Date & History

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HK:9987 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 10, 2026	2025 (Q4)	- / -	2.349	―	―	―
Aug 05, 2025	2025 (Q2)	4.43 / 4.54	4.306	5.45% (+0.23)
Apr 30, 2025	2025 (Q1)	6.16 / 6.03	5.559	8.45% (+0.47)
Feb 06, 2025	2024 (Q4)	2.29 / 2.35	1.957	20.00% (+0.39)
Nov 04, 2024	2024 (Q3)	5.18 / 6.03	4.619	30.51% (+1.41)
Aug 05, 2024	2024 (Q2)	3.68 / 4.31	3.695	16.53% (+0.61)
Apr 29, 2024	2024 (Q1)	5.05 / 5.56	5.379	3.35% (+0.18)
Feb 06, 2024	2023 (Q4)	1.28 / 1.96	0.939	108.33% (+1.02)
Oct 31, 2023	2023 (Q3)	5.06 / 4.62	3.836	20.41% (+0.78)
Jul 31, 2023	2023 (Q2)	3.57 / 3.70	1.581	133.66% (+2.11)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HK:9987 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	HK$371.00	HK$370.80	-0.05%
Apr 30, 2025	HK$358.97	HK$360.56	+0.44%
Feb 06, 2025	HK$346.14	HK$360.39	+4.12%
Nov 04, 2024	HK$339.00	HK$355.57	+4.89%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.