Yum China Holdings, Inc.

Yum China Holdings, Inc. is the largest restaurant company in China based on 2025 system sales. The company generated $11.8 billion in revenues in 2025 and operated 18,101 restaurants as of December 31, 2025. Its restaurant network includes flagship brands KFC and Pizza Hut, alongside emerging brands such as Lavazza, Huang Ji Huang, Little Sheep, and Taco Bell. Yum China holds the exclusive right to operate and sublicense the KFC, Pizza Hut, and Taco Bell brands in China, excluding Hong Kong, Macau, and Taiwan, subject to agreed terms for Taco Bell. The company outright owns the intellectual property for the Little Sheep and Huang Ji Huang concepts. KFC was the first major global restaurant brand to enter China in 1987. As of December 31, 2025, Yum China's 18,101 restaurants covered over 2,500 cities primarily within China. Approximately 83% of these restaurants were owned and operated by the company as of December 31, 2025.