KFC vs Wingstop: Revenue, Profit and Business Model
KFC reported $3.5B of revenue in FY2025 and — of net income. Wingstop reported $696.9M of revenue in FY2025 and $174.3M of net income.
Latest financial snapshot
Financial summary
KFC
Yum! Brands reports KFC as a separate division. KFC Division revenue rose from $2.83 billion in 2023 to $3.10 billion in 2024 and $3.54 billion in 2025, when system sales grew 6% excluding currency and the 53rd week, and core operating profit grew 10%. In Q2 2026 the division posted $924 million in revenue (up 9%), 6% system sales growth, 2% same-store sales growth and 7% unit growth. Yum does not break out KFC net income.
Wingstop
Revenue rose 11.4% to $696.9 million in fiscal 2025 (ended December 27, 2025). GAAP net income jumped 60.3% to $174.3 million, but that figure includes a one-time gain on the sale of Wingstop's minority stake in Lemon Pepper Holdings, its UK master franchisee; adjusted net income grew 3.8% to $114.5 million and adjusted EBITDA rose 15.2% to $244.2 million. In Q2 2026 (ended June 27, 2026) revenue grew 6.4% to $185.6 million and net income rose 16.9% to $31.3 million, as new restaurants offset a 7.5% drop in domestic same store sales.
Revenue and profit by year
KFC
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.5B | — | 0.0% | +14.3% | Source |
| FY2024 | $3.1B | — | 0.0% | +9.5% | Source |
| FY2023 | $2.8B | — | 0.0% | — | Source |
Wingstop
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $696.9M | $174.3M | 25.0% | +11.4% | Source |
| FY2024 | $625.8M | $108.7M | 17.4% | +36.0% | Source |
| FY2023 | $460.1M | $70.2M | 15.3% | +28.7% | Source |
| FY2022 | $357.5M | $52.9M | 14.8% | +26.6% | Source |
| FY2021 | $282.5M | $42.7M | 15.1% | +13.5% | Source |
| FY2020 | $248.8M | $23.3M | 9.4% | +24.6% | Source |
| FY2019 | $199.7M | $20.5M | 10.3% | — | Source |
Where the revenue comes from
KFC
- Franchise and property revenues
Not disclosed
Initial fees, ongoing royalties on franchisee sales and rent from leased properties.
- Yum China license fees
Not disclosed
3% license fee on KFC sales in mainland China paid by Yum China.
- Company-operated restaurant sales
Not disclosed
Sales from the small share of KFC restaurants owned by Yum.
- Franchise contributions for advertising and other services
Not disclosed
Advertising fund contributions and technology fees passed through from franchisees.
Wingstop
- Royalty revenue, franchise fees and other
~47% (Q4 2025)
Royalties on franchisee sales, development and franchise fees, and vendor rebates. This line was $81.9 million in Q4 2025.
- Advertising fees
Not disclosed here
Contributions to the national advertising fund, set at 5.5% of sales from fiscal 2025. These fees pay for system-wide marketing.
- Company-owned restaurant sales
Not disclosed here
Food and beverage sales at company-owned restaurants, which numbered 57 at the end of Q2 2026.
Business model and strategy
KFC
How it makes money
KFC is a franchisor. Independent operators and large master franchisees such as Yum China, AmRest, Collins Foods and Devyani International build and run the restaurants, and KFC collects initial fees, ongoing royalties (typically a percentage of sales), advertising contributions and some rent, plus sales from a small number of company-owned stores.
Growth strategy
Growth runs on unit openings. KFC opened close to 3,000 gross new restaurants in 2025 and kept unit growth at 7% in mid-2026, led by franchise partners in China, India, Turkey, Africa and the Middle East. Digital ordering is the second lever: Yum's digital sales mix passed 60% in 2026. In the U.S., KFC is testing new formats and a menu built around tenders and sauces to win back younger diners.
Competitive advantage
KFC's edge is reach. With nearly 34,000 restaurants in about 149 countries and territories, it is the only chicken chain with true global scale, and it opened close to 3,000 gross new units in 2025.
Wingstop
How it makes money
Wingstop earns most of its money from franchisees rather than from selling food itself. It reports three revenue lines: royalty revenue, franchise fees and other; advertising fees paid into the national advertising fund (5.5% of sales since fiscal 2025); and sales at a small group of company-owned restaurants (57 at the end of Q2 2026).
Growth strategy
Growth rests on new franchised units in the US and abroad (102 net openings in Q2 2026, six new international markets in 2025), the Smart Kitchen platform installed in all 2,586 domestic restaurants during 2025, the national Club Wingstop loyalty launch in 2026, and flavor and value promotions.
Competitive advantage
Wingstop's edge comes from a franchised, low-capital model, a digital ordering base that handles roughly seven in ten orders, a simple menu, and a development pipeline that added 493 net new restaurants in 2025.
Questions about KFC vs Wingstop
Which company has higher revenue — KFC or Wingstop Inc.?
KFC reported $3.5B (FY2025), while Wingstop Inc. reported $696.9M (FY2025). By last reported revenue, KFC is the larger business, with Wingstop Inc. reporting a smaller revenue base.
How do KFC and Wingstop Inc. make money?
KFC and Wingstop Inc. generate revenue in fundamentally different ways. KFC: KFC is a franchisor. Wingstop Inc.: Wingstop earns most of its money from franchisees rather than from selling food itself.
Is KFC bigger than Wingstop Inc.?
By last reported revenue, KFC ($3.5B (FY2025)) is the larger company compared to Wingstop Inc. ($696.9M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the KFC vs Wingstop overview