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Stocks / Foreign companies / ZTO · Trucking & Courier Services (No Air)

ZTO Express (Cayman) Inc. (ZTO)

ZTO Express (Cayman) Inc. files a 20-F with the SEC once a year, in renminbi. In the year to 31 December 2025 it reported revenue of CNY 49,099 million, up 10.9% on the year before. Its profit attributable to shareholders was CNY 9,081 million, up 3.0%, and diluted earnings per share CNY 11.19.

Earnings per share are per ordinary share, in renminbi. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on ZTO

Planned insider sales4 Form 144 notices in twelve months, $35.3 million; latest 26 August 2026
Options tapeput/call 0.62 by open interest on 26 September 2026; the straddle prices a 6.8% move to 16 October 2026
Holders6 of the followed funds hold it; largest Citadel Advisors; 0 Schedule 13D or 13G filings in twelve months
Congress0 House trades disclosed in six months
Short interest12.3 million shares short, 5.82 days to cover at 15 September 2026

Profit and loss, 12 fiscal years

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014
Revenue49,09944,28138,41935,37730,40625,21422,11017,60413,0609,7896,0863,904
Cost of sales36,82730,56426,75626,33823,81619,37715,48912,2408,7146,3463,9992,771
Gross profit12,27113,71711,6639,0396,5895,8376,6215,3654,3463,4432,0881,133
Selling, general and administrative2,6382,6902,4252,0771,8761,6641,5461,211781706592535
Operating profit10,47511,77710,0087,7365,5034,7545,4634,3323,7482,7691,529600
Profit before tax11,05411,67610,6898,2865,7395,0356,7575,3363,8212,8201,752603
Income tax1,9052,8451,9391,6331,0056901,078929646732420202
Profit for the year9,2368,8888,7546,6594,7014,3265,6714,3883,1592,0521,332406
Profit attributable to shareholders9,0818,8178,7496,8094,7554,3125,6744,3833,1602,0541,332406

CNY million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the US GAAP tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014
Diluted EPS11.1910.7010.608.365.805.427.235.824.402.912.150.68
Basic EPS11.3810.9510.838.415.805.427.245.834.412.912.150.68

CNY per ordinary share, as filed.

Cash flow

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014
Cash from operations11,96811,42913,36111,4797,2204,9516,3044,4043,6312,5722,134n/a
Purchase of property, plant and equipment5,2145,2086,5297,0688,3607,2374,6363,3242,5721,9861,062619
Free cash flow6,7546,2216,8324,412-1,140-2,2871,6691,0801,0585861,072n/a
Dividends paid3,7555,6052,0731,3231,3541,6491,271895n/an/a115n/a

CNY million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.

Balance sheet at year end

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014
Total assets91,02492,34088,46578,52462,77259,20545,89139,68325,82823,40410,582n/a
Equity attributable to shareholders66,38462,06259,80254,02948,63748,97938,30334,21721,43519,7455,8573,396
Cash and cash equivalents10,01213,46512,33411,6939,72114,2135,2704,6235,42511,2882,452163
Trade and other receivables1,2871,50457381993374667659728819858.5n/a
Inventories40.638.628.140.583.053.143.843.834.234.015.7n/a
Goodwill4,1574,2424,2424,2424,2424,2424,2424,2424,2424,1574,0912,379

CNY million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014
Gross margin25.0%31.0%30.4%25.6%21.7%23.1%29.9%30.5%33.3%35.2%34.3%29.0%
Operating margin21.3%26.6%26.0%21.9%18.1%18.9%24.7%24.6%28.7%28.3%25.1%15.4%
Net margin18.5%19.9%22.8%19.2%15.6%17.1%25.7%24.9%24.2%21.0%21.9%10.4%
Free cash flow margin13.8%14.0%17.8%12.5%-3.8%-9.1%7.5%6.1%8.1%6.0%17.6%n/a
Return on year-end equity13.7%14.2%14.6%12.6%9.8%8.8%14.8%12.8%14.7%10.4%22.7%12.0%
Effective tax rate17.2%24.4%18.1%19.7%17.5%13.7%16.0%17.4%16.9%26.0%24.0%33.6%

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202517 April 2026EDGAR
20-F31 December 202417 April 2025EDGAR
20-F31 December 202319 April 2024EDGAR
20-F31 December 202220 April 2023EDGAR
20-F31 December 202128 April 2022EDGAR
20-F31 December 202021 April 2021EDGAR
20-F31 December 201921 April 2020EDGAR
20-F31 December 201816 April 2019EDGAR
20-F31 December 201724 April 2018EDGAR
20-F31 December 201627 April 2017EDGAR

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