Yum China 2Q26 Results Slightly Beat Expectations

English summary

Results summary: 2026Q2 revenue was USD 3.138 billion, +13% YoY (+6% ex-FX); operating profit was USD 348 million, +14% YoY, with operating margin of 11.1%, +0.2pct YoY; net profit attributable to shareholders was USD 244 million, +14% YoY (+6% ex-FX); diluted EPS was USD 0.70, +21% YoY (+14% ex-FX). Bloomberg consensus: revenue USD 3.074 billion, +10% YoY; net profit attributable to shareholders USD 241 million, +12% YoY. System sales: In 26Q2, system sales grew +6% YoY, accelerating from +4% in 26Q1, with KFC +7% (26Q1: +5%) and Pizza Hut +6% (26Q1: +4%). Store openings: #Pizza Hut accelerates openings. As of 2026Q2, total stores were 19,297, +14% YoY, with net adds of 560 in Q2, of which franchise stores accounted for 41% of net new stores; franchise stores accounted for 18% of total stores. ...