ZTO Express (Cayman) Inc. ADR (ZTO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.41	$3.79	+11.1%	—	$14.5B	—
Q1 26	$3.08	$2.95	-4.2%	—	$13.3B	—
Q3 25	$2.51	$3.06	+21.9%	—	$11.9B	—
Q2 25	$2.86	$2.48	-13.3%	—	$11.8B	—
Q1 25	$2.9	$2.71	-6.6%	—	$10.9B	—
Q4 24	$3.28	$3.24	-1.2%	—	$12.9B	—
Q3 24	$2.84	$2.91	+2.5%	—	$1.5B	—
Q2 24	$3.24	$3.38	+4.3%	—	$1.5B	—
Q1 24	$2.35	$2.68	+14.0%	—	$10B	—
Q4 23	$2.7	$2.67	-1.1%	—	$10.6B	—
Q3 23	$2.76	$2.84	+2.9%	—	$9.1B	—
Q2 23	$2.83	$3.07	+8.5%	—	$9.7B	—
Q1 23	$1.78	$2.33	+30.9%	—	$9B	—
Q4 22	$2.59	$2.61	+0.8%	—	$9.9B	—
Q3 22	$1.89	$2.37	+25.4%	—	$8.9B	—
Q2 22	$1.69	$2.23	+32.0%	—	$8.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.4	—	—	$49.1B	—
FY24	—	$10.9	—	—	$44.3B	—
FY23	—	$10.8	—	—	$38.4B	—
FY22	—	$8.41	—	—	$35.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.8B	$13.1B	$17.6B	$22.1B	$25.2B	$30.4B	$35.4B	$38.4B	$44.3B	$49.1B
YoY change	+60.8%	+33.4%	+34.8%	+25.6%	+14%	+20.6%	+16.3%	+8.6%	+15.3%	+10.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.8B	13.1B	17.6B	22.1B	25.2B	30.4B	35.4B	38.4B	44.3B	49.1B
Cost of revenue	6.3B	8.7B	12.2B	15.5B	19.4B	23.8B	26.3B	26.8B	30.6B	36.8B
Gross profit	3.4B	4.3B	5.4B	6.6B	5.8B	6.6B	9B	11.7B	13.7B	12.3B
Gross margin	35.2%	33.3%	30.5%	29.9%	23.1%	21.7%	25.6%	30.4%	31%	25%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	706M	780.5M	1.2B	1.5B	1.7B	1.9B	2.1B	2.4B	2.7B	2.6B
Operating expenses	673.9M	597.1M	1B	1.2B	1.1B	1.1B	1.3B	1.7B	1.9B	1.8B
Operating income	2.8B	3.7B	4.3B	5.5B	4.8B	5.5B	7.7B	10B	11.8B	10.5B
Operating margin	28.3%	28.7%	24.6%	24.7%	18.9%	18.1%	21.9%	26%	26.6%	21.3%
Non-operating income, net	19.5M	-78.1M	603.8M	708.9M	-127M	-1.2M	236.8M	263.5M	-756.9M	80.2M
Pretax income	2.8B	3.8B	5.3B	6.8B	5B	5.7B	8.3B	10.7B	11.7B	11.1B
Income tax	732M	646.4M	929.1M	1.1B	689.8M	1B	1.6B	1.9B	2.8B	1.9B
Net income	2.1B	3.2B	4.4B	5.7B	4.3B	4.7B	6.7B	8.8B	8.9B	9.2B
Net margin	21%	24.2%	24.9%	25.7%	17.2%	15.5%	18.8%	22.8%	20.1%	18.8%
EBITDA	3.1B	4.5B	5.6B	8.1B	7B	8.1B	10.9B	13.6B	15.8B	14.6B
EPS	2.91	4.41	5.83	7.24	5.42	5.8	8.41	10.8	10.9	11.4
Diluted EPS	2.91	4.4	5.82	7.23	5.42	5.8	8.36	10.6	10.7	11.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	9.1B	10.6B	10B	1.5B	1.5B	12.9B	10.9B	11.8B	11.9B	14.5B	13.3B	14.5B
Cost of revenue	6.4B	7.5B	7B	990.7M	1B	9.2B	8.2B	8.9B	8.9B	10.8B	10B	10.8B
Gross profit	2.7B	3.1B	3B	504.8M	469.2M	3.8B	2.7B	2.9B	3B	3.7B	3.2B	3.7B
Gross margin	29.8%	29.5%	30.1%	33.8%	31.2%	29.1%	24.7%	24.9%	24.9%	25.4%	24.4%	25.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	433.7M	700.4M	896.6M	82.7M	76.6M	655.8M	737.5M	623.6M	632.6M	643.9M	815.7M	556.7M
Operating expenses	282.8M	373.2M	735.4M	56.5M	69.4M	306.5M	319.7M	529.4M	550.9M	492.5M	741.4M	453.9M
Operating income	2.4B	2.8B	2.3B	448.3M	399.9M	3.5B	2.4B	2.4B	2.4B	3.2B	2.5B	3.3B
Operating margin	26.7%	25.9%	22.8%	30%	26.6%	26.7%	21.8%	20.4%	20.3%	22%	18.8%	22.5%
Non-operating income, net	24M	-37.9M	-429.8M	-15.7M	-14.4M	-112.1M	68.6M	-12.3M	147.2M	-27.3M	78M	-7.9M
Pretax income	2.6B	2.9B	2B	456.6M	409.7M	3.5B	2.6B	2.5B	2.7B	3.3B	2.7B	3.4B
Income tax	271.4M	636.6M	566.3M	92.7M	78.1M	1.1B	531.6M	575.5M	160M	638.1M	552.2M	258.6M
Net income	2.3B	2.2B	1.4B	364.5M	334.8M	2.4B	2B	2B	2.5B	2.7B	2.2B	3.1B
Net margin	25.9%	20.8%	14.5%	24.4%	22.3%	18.9%	18.7%	16.6%	21.4%	18.6%	16.2%	21.2%
EBITDA	2.7B	3B	2.5B	488.4M	433.4M	3.7B	2.6B	2.7B	2.6B	3.3B	2.7B	3.4B
EPS	2.91	2.72	1.77	3.24	2.98	2.97	2.5	2.42	3.16	3.31	2.73	—
Diluted EPS	2.84	2.66	1.75	3.16	2.9	2.89	2.44	2.37	3.1	3.31	2.68	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	86.3B	132.7B	168.3B	167.8B	157.7B	125.6B	—	16.7B	14.8B
Enterprise value	—	—	68.1B	117.1B	152.9B	159.6B	153.4B	121.2B	—	2.5B	840.1M
Shares outstanding	4.6B	5.2B	5.5B	5.7B	5.8B	5.9B	5.9B	5.9B	804.9M	797.6M	797.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	19.7	23.4	38.9	35.7	23.7	14.3	—	1.8	10.3
P/S	—	—	4.9	6	6.68	5.52	4.46	3.27	—	0.34	0.27
P/B	—	—	2.52	3.46	3.43	3.43	2.89	2.08	—	0.25	1.58
EV/EBITDA	—	—	12.2	14.5	21.7	19.7	14.1	8.92	—	0.17	0.38
EV/Sales	—	—	3.87	5.3	6.06	5.25	4.34	3.15	—	0.05	0.1
Earnings yield	—	—	5.09%	4.27%	2.57%	2.8%	4.22%	6.97%	—	55.4%	9.7%
FCF yield	—	—	0.49%	0.81%	-2.53%	-1.26%	2.58%	5.33%	—	35.4%	6.48%
PEG	—	—	—	—	—	—	—	—	—	—	8.79

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.2%	33.3%	30.5%	29.9%	23.1%	21.7%	25.6%	30.4%	31%	25%	25.7%
Operating margin	28.3%	28.7%	24.6%	24.7%	18.9%	18.1%	21.9%	26%	26.6%	21.3%	22.2%
Net margin	21%	24.2%	24.9%	25.7%	17.2%	15.5%	18.8%	22.8%	20.1%	18.8%	19%
ROE	10.4%	14.7%	12.8%	14.8%	8.81%	9.61%	12.2%	14.5%	14.2%	13.8%	16.3%
ROA	8.77%	12.2%	11.1%	12.4%	7.31%	7.49%	8.48%	9.9%	9.62%	10.1%	7.38%
ROIC	23%	28.2%	22.3%	20.1%	12.2%	11.1%	12.4%	14.6%	15.4%	16.4%	18.1%
Return on tangible assets	16.4%	22.5%	16.2%	17.6%	10.3%	10.8%	11.3%	12.8%	12.4%	13.4%	13.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.74	2.99	4.13	3.01	2.39	1.44	1.49	1.34	1.07	1.49	1.67
Quick ratio	3.73	2.98	4.12	3	2.38	1.43	1.49	1.34	1.07	1.48	1.67
Debt / equity	0.02	0.01	0	0.02	0.05	0.09	0.24	0.26	0.28	0.17	0.35
Debt / assets	0.02	0.01	0	0.02	0.04	0.07	0.17	0.17	0.19	0.13	0.22
Net debt / EBITDA	-3.45	-2.32	-3.26	-1.93	-2.19	-1	-0.4	-0.32	-0.31	-0.97	-0.77
Interest coverage	218.2	244.9	6.8K	—	143.6	46.4	44.5	37.9	35.6	45.5	60.3
Effective tax rate	26%	16.9%	17.4%	16%	13.7%	17.5%	19.7%	18.1%	24.4%	17.2%	13.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.13	2.51	3.23	3.89	4.37	5.11	6.03	6.51	55	61.6	69.2
EPS (basic)	2.91	4.41	5.83	7.24	5.42	5.8	8.41	10.8	10.9	11.4	11.4
EPS (diluted)	2.91	4.4	5.82	7.23	5.42	5.8	8.36	10.6	10.7	11.2	1.91
Book value per share	4.29	4.12	6.29	6.76	8.51	8.23	9.28	10.2	77.9	84.2	12.5
FCF per share	-0.03	0.15	0.08	0.19	-0.74	-0.35	0.69	1.13	6.87	7.39	1.26
Cash per share	2.45	2.05	3.34	2.88	3.1	2.11	2.97	3.35	27.7	32.1	41.2
Capex per share	0.43	0.49	0.61	0.79	1.24	1.39	1.19	1.08	6.27	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	20.3%	19.7%	18.9%	20.4%	28.5%	27.1%	19.7%	16.6%	11.4%	—	—
Capex / operating cash flow	74.3%	61%	59.4%	56.3%	134.5%	104%	61.5%	46.2%	46.7%	—	—
Payout ratio	0%	0%	20.4%	22.4%	38.1%	28.8%	19.9%	23.7%	63.1%	40.7%	37.5%
Dividend yield	—	—	1.04%	0.96%	0.98%	0.81%	0.84%	1.65%	—	22.5%	8%

Yield

trailing twelve months

Frequency

Annual

Last dividend

$0.39

ex-dividend Apr 8, 2026

Payout ratio

37%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 8, 2026	$0.39
Apr 10, 2025	$0.35
Sep 10, 2024	$0.35
Apr 9, 2024	$0.62
Apr 5, 2023	$0.37
Apr 7, 2022	$0.25
Apr 7, 2021	$0.25
Apr 7, 2020	$0.30

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$9.1B	$10.6B	$10B	$1.5B	$1.5B	$12.9B	$10.9B	$11.8B	$11.9B	$14.5B	$13.3B	$14.5B
YoY change	+1.46%	+7.58%	+10.9%	-84.6%	-83.4%	+21.7%	+9.35%	+691.2%	+689.9%	+12.3%	+22%	+23%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	11.3B	10.6B	18.2B	16.4B	17.9B	12.6B	17.4B	19.8B	22.3B	25.6B
Receivables	197.8M	351.9M	1.1B	1.2B	1.2B	2B	1.8B	1.7B	2.7B	2B
Inventory	34M	34.2M	43.8M	43.8M	53.1M	83M	40.5M	28.1M	38.6M	40.6M
Total current assets	13.2B	12.4B	21.2B	20.1B	22.3B	18.7B	24.5B	27B	30.4B	34B
Property, plant & equipment	4.1B	5.5B	7.5B	10.5B	12.5B	14.1B	14.6B	11.1B	9.7B	6B
Goodwill & intangibles	10.9B	11.8B	12.5B	13.6B	17.3B	19.2B	19.4B	19.8B	20.9B	21.9B
Total assets	23.4B	25.8B	39.7B	45.9B	59.2B	62.8B	78.5B	88.5B	92.3B	91B
Accounts payable	636.4M	889.1M	1.3B	1.5B	1.6B	2B	2.2B	2.6B	2.5B	2.6B
Short-term debt	450M	250M	—	298.7M	2B	3.9B	5.8B	8B	17B	11.1B
Total current liabilities	3.5B	4.1B	5.1B	6.7B	9.3B	13B	16.4B	20.1B	28.3B	22.9B
Long-term debt	—	—	0	504.4M	502.5M	556.1M	7.3B	7.5B	377.7M	403.4M
Total liabilities	3.7B	4.4B	5.4B	7.5B	10.1B	13.8B	24.1B	28.2B	29.7B	23.9B
Shareholders' equity	19.8B	21.4B	34.3B	38.4B	49.1B	48.9B	54.5B	60.3B	62.7B	67.1B
Total debt	450M	250M	0	803.2M	2.5B	4.4B	13.1B	15.4B	17.3B	11.5B
Net debt	-10.8B	-5.2B	-4.6B	-4.5B	-11.7B	-5.3B	1.4B	3.1B	3.9B	1.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.7B	7.5B	981.3M	1.4B	11.2B	8.8B	10.6B	13.2B	25.3B	25.6B	30.5B	31.3B
Receivables	—	—	—	—	—	—	—	—	1.9B	2B	1.8B	2.1B
Inventory	—	—	—	—	—	—	—	—	48.2M	40.6M	39M	31M
Total current assets	—	—	—	—	—	—	—	—	33.2B	34B	38.9B	40.1B
Property, plant & equipment	—	—	—	—	—	—	—	—	35.8B	6B	36.6B	4.8B
Goodwill & intangibles	—	—	—	—	—	—	—	—	20.9B	21.9B	22.2B	22.2B
Total assets	—	—	—	—	—	—	—	—	90.5B	91B	97.8B	98.7B
Accounts payable	—	—	—	—	—	—	—	—	2.3B	2.6B	2.4B	2.6B
Short-term debt	—	—	—	—	—	—	—	—	11.8B	11.1B	11.2B	11.7B
Total current liabilities	—	—	—	—	—	—	—	—	24.1B	22.9B	23.7B	24B
Long-term debt	—	—	—	—	—	—	—	—	584.2M	403.4M	10.6B	10.3B
Total liabilities	—	—	—	—	—	—	—	—	25.2B	23.9B	34.9B	35B
Shareholders' equity	—	—	—	—	—	—	—	—	65.4B	67.1B	62.9B	63.7B
Total debt	—	—	—	—	—	—	—	—	12.4B	11.5B	21.8B	22B
Net debt	—	—	—	—	—	—	—	—	3B	1.5B	10.4B	12.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.1B	3.2B	4.4B	5.7B	4.3B	4.7B	6.7B	8.8B	8.9B	9.2B
Depreciation & amortization	325M	560.4M	853.7M	1.3B	1.8B	2.2B	2.7B	2.9B	3B	3.4B
Stock-based compensation	122.5M	40.7M	249.5M	316.7M	264.2M	248M	179M	255M	318.7M	229.3M
Change in working capital	203.8M	484.4M	243.2M	811M	-821.7M	944.4M	1.5B	1.7B	-1.8B	565.9M
Operating cash flow	2.7B	4.2B	5.6B	8B	5.3B	7.9B	11.3B	13.8B	10.8B	12B
Capital expenditure	-2B	-2.6B	-3.3B	-4.5B	-7.2B	-8.2B	-7B	-6.4B	-5B	—
Investing cash flow	-2.4B	-8B	-12.3B	-3B	-1.6B	-7.8B	-15.7B	-12.1B	-5.3B	1B
Dividends paid	0	0	-895.1M	-1.3B	-1.6B	-1.4B	-1.3B	-2.1B	-5.6B	-3.8B
Share repurchases	0	-857.7M	-769.8M	-762.9M	-1.2B	-3.8B	-84.5M	-1B	-1.2B	-1.3B
Financing cash flow	8.9B	-1.8B	6.8B	-2B	7.5B	-7.8B	1.2B	-10.7B	-23B	-27.5B
Net change in cash	9.2B	-5.6B	100.5M	3.1B	11.2B	-7.7B	-3.2B	-9B	-17.4B	-14.4B
Free cash flow	-117M	803.9M	422.8M	1.1B	-4.3B	-2.1B	4.1B	6.7B	5.5B	5.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	2.2B	3.2B	4.2B	2.8B	4.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	2.2B	3.2B	4.2B	2.8B	4.6B
Free cash flow	3.8B	2.9B	-2.7B	2B	437.9M	5.1B	2.4B	-903.9M	3.2B	-1.8B	2.8B	1.8B

ZTO Express (Cayman) Inc. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement