ZTO Express (Cayman)

ZTO · NYSE

Trucking & Courier Services (No Air) · Reports in CNY

ZTO Express (Cayman) reported revenue of CNY 49.1B in the fiscal year ended Dec 2025, up 10.9% from the year before. Operating income was CNY 10.5B, an operating margin of 21.3%, and net income was CNY 9.1B. Operating cash flow of CNY 12B less capital expenditure of CNY 5.2B left free cash flow of CNY 6.8B.

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 30.4B	CNY 35.4B	CNY 38.4B	CNY 44.3B	CNY 49.1B
Cost of revenue	CNY 23.8B	CNY 26.3B	CNY 26.8B	CNY 30.6B	CNY 36.8B
Gross profit	CNY 6.6B	CNY 9B	CNY 11.7B	CNY 13.7B	CNY 12.3B
Selling, general & admin	CNY 1.9B	CNY 2.1B	CNY 2.4B	CNY 2.7B	CNY 2.6B
Operating income	CNY 5.5B	CNY 7.7B	CNY 10B	CNY 11.8B	CNY 10.5B
Interest expense	CNY 127M	CNY 191M	CNY 290M	CNY 338M	CNY 249M
Pre-tax income	CNY 5.7B	CNY 8.3B	CNY 10.7B	CNY 11.7B	CNY 11.1B
Income tax	CNY 1B	CNY 1.6B	CNY 1.9B	CNY 2.8B	CNY 1.9B
Net income	CNY 4.8B	CNY 6.8B	CNY 8.7B	CNY 8.8B	CNY 9.1B
Diluted EPS	5.80	8.36	10.60	10.70	11.19
Diluted shares	820M	820M	839M	838M	821M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 9.7B	CNY 11.7B	CNY 12.3B	CNY 13.5B	CNY 10B
Receivables	CNY 933M	CNY 819M	CNY 573M	CNY 1.5B	CNY 1.3B
Inventory	CNY 83M	CNY 41M	CNY 28M	CNY 39M	CNY 41M
Current assets	CNY 18.7B	CNY 24.5B	CNY 27B	CNY 30.4B	CNY 34B
Net PP&E	CNY 24.9B	CNY 28.8B	CNY 32.2B	CNY 33.9B	CNY 35.4B
Goodwill	CNY 4.2B	CNY 4.2B	CNY 4.2B	CNY 4.2B	CNY 4.2B
Total assets	CNY 62.8B	CNY 78.5B	CNY 88.5B	CNY 92.3B	CNY 91B
Deferred revenue	CNY 1.2B	CNY 1.4B	CNY 1.7B	CNY 1.6B	CNY 1.8B
Current liabilities	CNY 13B	CNY 16.4B	CNY 20.1B	CNY 28.3B	CNY 22.9B
Short-term debt	CNY 3.5B	CNY 5.4B	CNY 7.8B	CNY 9.5B	CNY 10.9B
Total liabilities	CNY 13.8B	CNY 24.1B	CNY 28.2B	CNY 29.7B	CNY 23.9B
Shareholders' equity	CNY 48.6B	CNY 54B	CNY 59.8B	CNY 62.1B	CNY 66.4B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	CNY 7.2B	CNY 11.5B	CNY 13.4B	CNY 11.4B	CNY 12B
Capital expenditure	CNY 8.4B	CNY 7.1B	CNY 6.5B	CNY 5.2B	CNY 5.2B
Free cash flow	−CNY 1.1B	CNY 4.4B	CNY 6.8B	CNY 6.2B	CNY 6.8B
Depreciation & amortisation	CNY 2.2B	CNY 2.7B	CNY 2.9B	CNY 3B	CNY 3.4B
Stock-based compensation	CNY 248M	CNY 179M	CNY 255M	CNY 319M	CNY 229M
Acquisitions	–	–	–	–	CNY 87M
Share buybacks	CNY 3.8B	CNY 85M	CNY 1B	CNY 1.2B	CNY 1.3B
Dividends paid	CNY 1.4B	CNY 1.3B	CNY 2.1B	CNY 5.6B	CNY 3.8B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	16.3%	8.6%	15.3%	10.9%
Operating income growth (YoY)	–	40.6%	29.4%	17.7%	−11.1%
EPS growth (YoY)	–	44.1%	26.8%	0.9%	4.6%
Gross margin	21.7%	25.6%	30.4%	31.0%	25.0%
Operating margin	18.1%	21.9%	26.0%	26.6%	21.3%
Net margin	15.6%	19.2%	22.8%	19.9%	18.5%
Return on equityBlank when equity is negative	9.8%	12.6%	14.6%	14.2%	13.7%
ROCEEBIT ÷ (assets − current liabilities)	11.1%	12.5%	14.6%	18.4%	15.4%
Free cash flow margin	−3.8%	12.5%	17.8%	14.0%	13.8%
Cash conversion (CFO ÷ net income)	1.52x	1.69x	1.53x	1.30x	1.32x
Receivable days	11	8	5	12	10
Inventory days	1	1	0	0	0
Interest cover	43.5x	40.6x	34.6x	34.9x	42.1x
Current ratio	1.44x	1.49x	1.34x	1.07x	1.49x

Recent filings

20-F2026-04-17 ↗

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.