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Yum China Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$359M in Q3 2026 · $948M over twelve months

Operating cash flow$505M
Capital spending−$146M
Free cash flow+$359M
Cash / net income1.5×

Analysis

In Q3 2026, Yum China Holdings generated $505M of operating cash flow and spent $146M on capital projects, leaving free cash flow of $359M. That is $8.0M more than in Q3 2025 ($351M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were buybacks ($1.2B), other investing ($833M), capital spending ($658M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.5B); the cash balance fell by $113M.

Operating cash flow was $505M against net income of $335M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$121M, inventory +$30.0M, income taxes payable +$27.0M.

Free cash flow

Yum China Holdings: free cash flow by quarterYum China Holdings: free cash flow by quarter−$15.0MQ4 2024$315MQ1 2025$290MQ2 2025$351MQ3 2025−$116MQ4 2025$406MQ1 2026$299MQ2 2026$359MQ3 2026
Operating cash flow less capital spending.
Yum China Holdings: operating cash flow against capital spendingYum China Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$167M$182MQ4 2024$452M$137MQ1 2025$412M$122MQ2 2025$477M$126MQ3 2025$125M$241MQ4 2025$550M$144MQ1 2026$426M$127MQ2 2026$505M$146MQ3 2026
Latest (Q3 2026): Operating cash flow $505M, Capital spending $146M.

Capital allocation, year by year

Yum China Holdings: where the cash came from (up) and went (down), by fiscal yearYum China Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$2.0MFY2021: Capital spending −$689MFY2021: Acquisitions −$115MFY2021: Buybacks −$75.0MFY2021: Dividends −$203M$1.1BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing −$4.0MFY2022: Capital spending −$679MFY2022: Acquisitions −$23.0MFY2022: Buybacks −$466MFY2022: Dividends −$202M$1.4BFY2022FY2023: Operating cash flow $1.5BFY2023: Net borrowing $159MFY2023: Capital spending −$710MFY2023: Buybacks −$613MFY2023: Dividends −$216M$1.6BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$39.0MFY2024: Capital spending −$705MFY2024: Buybacks −$1.2BFY2024: Dividends −$248M$1.4BFY2024FY2025: Operating cash flow $1.5BFY2025: Net borrowing −$100MFY2025: Capital spending −$626MFY2025: Buybacks −$1.1BFY2025: Dividends −$353M$1.5BFY2025
Over these 5 years operating cash flow totalled $6.9B; the largest uses were buybacks ($3.5B) and capital spending ($3.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7B
Debt$1.5B
Net cash$118M

Yum China Holdings funds itself: free cash flow was $948M over the last twelve months, and $1.7B of cash and investments stands against $1.5B of debt.

Where the cash came from and went

Yum China Holdings: sources (+) and uses (−) of cash, Q3 2026Yum China Holdings: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$1.5BOther investing−$1.4BOperating cash flow$505MBuybacks−$263MCapital spending−$146MDividends−$99.0MCash drawn (+) / kept (−)−$50.0MPartners−$31.0MExchange rates$2.0M
Yum China Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Yum China Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.6BNet borrowing (+) / repaid (−)$1.5BBuybacks−$1.2BOther investing−$833MCapital spending−$658MDividends−$387MCash drawn (+) / kept (−)$113MPartners−$107MExchange rates$13.0MOther financing−$12.0M

From profit to cash

Yum China Holdings: net income to operating cash flow, Q3 2026Yum China Holdings: net income to operating cash flow, Q3 2026Net income$335MDepreciation & amortization$121MStock-based pay$10.0MDeferred taxes$3.0MImpairments$6.0MGains on investments−$5.0MReceivables−$2.0MInventory$30.0MPayables−$18.0MIncome taxes payable$27.0MOperating cash flow$505M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$505M−$146M−$263M−$99.0M$1.5B−$50.0M$359M
Q2 2026$426M−$127M−$312M−$101M$44.0M−$12.0M$299M
Q1 2026$550M−$144M−$218M−$102M−$10.0M$33.0M$406M
Q4 2025$125M−$241M−$452M−$85.0M−$1.0M$142M−$116M
Q3 2025$477M−$126M−$324M−$88.0M$28.0M−$56.0M$351M
Q2 2025$412M−$122M−$195M−$90.0M−$129M$233M$290M
Q1 2025$452M−$137M−$173M−$90.0M−$1.0M−$102M$315M
Q4 2024$167M−$182M−$192M−$61.0M−$180M$470M−$15.0M

Yum China Holdings: income statement and cash flow

Yum China Holdings, Q3 2026: revenue $3.5B (+8% year over year), operating margin 13.0%. The chart follows the revenue to costs, profit and cash.

Yum China Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.