ZTO Express (Cayman) (ZTO) financial statements

Industrials · Integrated Freight & Logistics · Market cap $14.3B

ZTO Express (Cayman) reported revenue of 49.1B CNY in fiscal 2025, up 19.6% a year over 9 years.

Net income was 9.1B CNY and the operating margin 21.3%, against 28.3% in 2016.

Free cash flow was 6.8B CNY, and the company returned 3.8B CNY in dividends and 1.3B CNY in net buybacks.

The diluted share count rose 29% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-2002040602016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from ZTO Express (Cayman)'s 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue9.8B CNY13.1B CNY17.6B CNY22.1B CNY25.2B CNY30.4B CNY35.4B CNY38.4B CNY44.3B CNY49.1B CNY
Cost of revenue6.3B CNY8.7B CNY12.2B CNY15.5B CNY19.4B CNY23.8B CNY26.3B CNY26.8B CNY30.6B CNY36.8B CNY
Gross profit3.4B CNY4.3B CNY5.4B CNY6.6B CNY5.8B CNY6.6B CNY9.0B CNY11.7B CNY13.7B CNY12.3B CNY
Selling, general and admin706M CNY781M CNY1.2B CNY1.5B CNY1.7B CNY1.9B CNY2.1B CNY2.4B CNY2.7B CNY2.6B CNY
Operating income2.8B CNY3.7B CNY4.3B CNY5.5B CNY4.8B CNY5.5B CNY7.7B CNY10.0B CNY11.8B CNY10.5B CNY
Interest expense13M CNY16M CNY780,000 CNY—35M CNY127M CNY191M CNY290M CNY338M CNY249M CNY
Pre-tax income2.8B CNY3.8B CNY5.3B CNY6.8B CNY5.0B CNY5.7B CNY8.3B CNY10.7B CNY11.7B CNY11.1B CNY
Income tax732M CNY646M CNY929M CNY1.1B CNY690M CNY1.0B CNY1.6B CNY1.9B CNY2.8B CNY1.9B CNY
Net income2.1B CNY3.2B CNY4.4B CNY5.7B CNY4.3B CNY4.8B CNY6.8B CNY8.7B CNY8.8B CNY9.1B CNY
EPS (diluted)2.91 CNY4.40 CNY5.82 CNY7.23 CNY5.42 CNY5.80 CNY8.36 CNY10.60 CNY10.70 CNY11.19 CNY
Diluted shares635M718M753M784M796M820M820M839M838M821M
Gross margin35.2%33.3%30.5%29.9%23.1%21.7%25.6%30.4%31.0%25.0%
Operating margin28.3%28.7%24.6%24.7%18.9%18.1%21.9%26.0%26.6%21.3%
Net margin21.0%24.2%24.9%25.7%17.1%15.6%19.2%22.8%19.9%18.5%

Balance sheet

Fiscal years, in CNY, from ZTO Express (Cayman)'s 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments11.3B CNY10.6B CNY18.2B CNY16.4B CNY17.9B CNY12.6B CNY17.4B CNY19.8B CNY22.3B CNY25.6B CNY
Receivables198M CNY288M CNY597M CNY676M CNY746M CNY933M CNY819M CNY573M CNY1.5B CNY1.3B CNY
Inventory34M CNY34M CNY44M CNY44M CNY53M CNY83M CNY41M CNY28M CNY39M CNY41M CNY
Total current assets13.2B CNY12.4B CNY21.2B CNY20.1B CNY22.3B CNY18.7B CNY24.5B CNY27.0B CNY30.4B CNY34.0B CNY
Property, plant and equipment4.1B CNY6.5B CNY9.0B CNY12.5B CNY18.6B CNY24.9B CNY28.8B CNY32.2B CNY33.9B CNY35.4B CNY
Goodwill4.2B CNY4.2B CNY4.2B CNY4.2B CNY4.2B CNY4.2B CNY4.2B CNY4.2B CNY4.2B CNY4.2B CNY
Total assets23.4B CNY25.8B CNY39.7B CNY45.9B CNY59.2B CNY62.8B CNY78.5B CNY88.5B CNY92.3B CNY91.0B CNY
Total current liabilities3.5B CNY4.1B CNY5.1B CNY6.7B CNY9.3B CNY13.0B CNY16.4B CNY20.1B CNY28.3B CNY22.9B CNY
Total liabilities3.7B CNY4.4B CNY5.4B CNY7.5B CNY10.1B CNY13.8B CNY24.1B CNY28.2B CNY29.7B CNY23.9B CNY
Shareholders' equity19.7B CNY21.4B CNY34.2B CNY38.3B CNY49.0B CNY48.6B CNY54.0B CNY59.8B CNY62.1B CNY66.4B CNY
Net debt-11.3B CNY-5.4B CNY-4.6B CNY-5.3B CNY-14.2B CNY-9.7B CNY-11.7B CNY-12.3B CNY-13.5B CNY-10.0B CNY

Cash flow

Fiscal years, in CNY, from ZTO Express (Cayman)'s 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow2.6B CNY3.6B CNY4.4B CNY6.3B CNY5.0B CNY7.2B CNY11.5B CNY13.4B CNY11.4B CNY12.0B CNY
Capital spending2.0B CNY2.6B CNY3.3B CNY4.6B CNY7.2B CNY8.4B CNY7.1B CNY6.5B CNY5.2B CNY5.2B CNY
Free cash flow586M CNY1.1B CNY1.1B CNY1.7B CNY-2.3B CNY-1.1B CNY4.4B CNY6.8B CNY6.2B CNY6.8B CNY
Stock-based compensation123M CNY41M CNY249M CNY317M CNY264M CNY248M CNY179M CNY255M CNY319M CNY229M CNY
Dividends paid——895M CNY1.3B CNY1.6B CNY1.4B CNY1.3B CNY2.1B CNY5.6B CNY3.8B CNY
Share buybacks (net)—-858M CNY-770M CNY-763M CNY-1.2B CNY-3.8B CNY-85M CNY-1.0B CNY-1.2B CNY-1.3B CNY
Net borrowing—————————216M CNY
Free cash flow margin6.0%8.1%6.1%7.5%-9.1%-3.8%12.5%17.8%14.0%13.8%
Dividends per share——1.19 CNY1.62 CNY2.07 CNY1.65 CNY1.61 CNY2.47 CNY6.69 CNY4.58 CNY
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Questions

What was ZTO Express (Cayman)'s revenue in 2025?

49.1B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does ZTO Express (Cayman) generate?

6.8B CNY in fiscal 2025 (operating cash flow minus capital spending).

From ZTO Express (Cayman)'s annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.