ZTO Express (Cayman) Inc. (ZTO)
ZTO Express is a Chinese parcel delivery company that runs the sorting hubs and the long-haul trucking itself and leaves pickup and delivery to franchised partners. The business began in January 2009 through Shanghai Zhongtongji Express Service, which operated in Shanghai, Anhui, Jiangsu and Zhejiang and authorised third parties to run ZTO-branded services elsewhere in China. ZTO Express was set up as a holding company in January 2013 by those shareholders together with 15 network partners, acquired the original operating business and eight partners in January 2014, and bought the express delivery businesses of a further 16 network partners in October 2015 for equity and cash. Because PRC law restricts foreign ownership of mail delivery companies, the express delivery business is carried out through ZTO Express, a domestic PRC company whose equity is held by PRC citizens and Shanghai-registered companies. Figures are stated in renminbi.
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 ($6.8 billion at the year's average rate), 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.
ZTO Express (Cayman) (ZTO) in brief
ZTO Express (Cayman) (ZTO) reported revenue of CNY 49.1 billion for the year to 31 December 2025, up 10.9% on the year before.
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Profit attributable to shareholders was CNY 9.1 billion and diluted earnings per share CNY 11.19. Revenue was CNY 44.3 billion in 2024, CNY 38.4 billion in 2023, CNY 35.4 billion in 2022 and CNY 30.4 billion in 2021. Profit attributable to shareholders in the same years was CNY 8.8 billion, CNY 8.7 billion, CNY 6.8 billion and CNY 4.8 billion. Revenue grew 14.3% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of ZTO Express (Cayman) was $16.2 billion, 12.2 times its earnings for 2025.The share in the US
| Last close | $20.50 on 10 November 2026 |
| 52-week range | $18.86 (17 November 2025) to $25.88 (6 May 2026) |
| Over one year | up 8.4% |
| Market cap | $16.2 billion: 790,812,316 shares outstanding at 31 December 2025 (20-F), each US share standing for one ordinary share |
| P/E, latest fiscal year | 12.2: the last close over diluted EPS for the year to Dec 2025, CNY 11.19 per ordinary share, $1.68 at 6.68 CNY per US dollar on 6 November 2026 (FRED DEXCHUS). The company reports once a year, so this is the latest fiscal year, not the last four quarters. |
US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.
Ratios
From the latest annual report, the year to Dec 2025, in dollars
ROE13.7%
ROCE15.8%
Operating margin21.3%
Net margin18.5%
FCF margin13.8%
Interest covern/a
Debt to equityn/a
Cash conversion1.32
Share count, last 12 months-2.1%
Sales CAGR, 3 years11.5%
Profit CAGR, 3 years10.1%
EPS$1.68
At the close of 10 November 2026
Price$20.50
Market cap$16.2 billion
Stock P/E12.23
Price to book1.63
EV / EBITDAn/a
Dividend yield3.2%
Market cap / sales2.20
52-week high$25.88
52-week low$18.86
Price, 1 year8.4%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Nothing here is a valuation or a view.ZTOgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on ZTO
| Dividends | CNY 3,755 million paid in cash dividends in FY2025 |
| Filings | 62 in twelve months: 61 reports on Form 6-K, most often next Day Disclosure Return (27); monthly Return for Equity Issuer and Hong Kong Depositary Receipts listed under Chapter 19B of the Exchange Listing Rules on Movements in Securities (9); next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) (6); date of board meeting (2); ZTO Reports Second Quarter 2026 Unaudited Financial Results (1) |
| Planned insider sales | 4 Form 144 notices in twelve months, $35.3 million; latest 26 August 2026 |
| Options tape | put/call 1.37 by open interest at the 10 November 2026 close; the straddle prices a 19.8% move to 20 November 2026 |
| 13F holders | 196 funds reported a position for the quarter to 30 June 2026; largest Pzena Investment Management LLC |
| Congress | 0 House trades disclosed in six months |
| Short interest | 9.9 million shares short, 5.75 days to cover at 30 October 2026 |
Income statement (profit and loss), 12 fiscal years
Figures in
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the latest year filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 63 peers in Transportation (10.8% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 45 peers in Transportation (19.3). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| Year to | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,904 | 6,086 | 9,789 | 13,060 | 17,604 | 22,110 | 25,214 | 30,406 | 35,377 | 38,419 | 44,281 | 49,099 |
| Cost of sales | 2,771 | 3,999 | 6,346 | 8,714 | 12,240 | 15,489 | 19,377 | 23,816 | 26,338 | 26,756 | 30,564 | 36,827 |
| Gross profit | 1,133 | 2,088 | 3,443 | 4,346 | 5,365 | 6,621 | 5,837 | 6,589 | 9,039 | 11,663 | 13,717 | 12,271 |
| Selling, general and administrative | 535 | 592 | 706 | 781 | 1,211 | 1,546 | 1,664 | 1,876 | 2,077 | 2,425 | 2,690 | 2,638 |
| Operating profit | 600 | 1,529 | 2,769 | 3,748 | 4,332 | 5,463 | 4,754 | 5,503 | 7,736 | 10,008 | 11,777 | 10,475 |
| Profit before tax | 603 | 1,752 | 2,820 | 3,821 | 5,336 | 6,757 | 5,035 | 5,739 | 8,286 | 10,689 | 11,676 | 11,054 |
| Income tax | 202 | 420 | 732 | 646 | 929 | 1,078 | 690 | 1,005 | 1,633 | 1,939 | 2,845 | 1,905 |
| Profit for the year | 406 | 1,332 | 2,052 | 3,159 | 4,388 | 5,671 | 4,326 | 4,701 | 6,659 | 8,754 | 8,888 | 9,236 |
| Profit attributable to shareholders | 406 | 1,332 | 2,054 | 3,160 | 4,383 | 5,674 | 4,312 | 4,755 | 6,809 | 8,749 | 8,817 | 9,081 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
CNY million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the US GAAP tags the company filed.
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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. Each year links to its own page.| Year to | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Diluted EPS | 0.68 | 2.15 | 2.91 | 4.40 | 5.82 | 7.23 | 5.42 | 5.80 | 8.36 | 10.60 | 10.70 | 11.19 |
| Basic EPS | 0.68 | 2.15 | 2.91 | 4.41 | 5.83 | 7.24 | 5.42 | 5.80 | 8.41 | 10.83 | 10.95 | 11.38 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
CNY per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.
Revenue by product or service
| Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Express delivery services | 9,370 | 12,174 | 15,400 | 19,606 | 21,900 | 27,451 | 32,576 | 35,488 | 40,953 | 45,726 | 93.1% |
| Sale of accessories | 419 | 592 | 813 | 1,090 | 1,134 | 1,231 | 1,385 | 1,877 | 2,300 | 2,444 | 5.0% |
| Freight forwarding services | n/a | 270 | 1,279 | 1,236 | 1,863 | 1,530 | 1,213 | 907 | 885 | 808 | 1.6% |
| Others | n/a | 25.1 | 113 | 178 | 318 | 194 | 204 | 147 | 142 | 120 | 0.2% |
Express delivery servicesSale of accessoriesFreight forwarding services FY2017 to FY2025Others FY2017 to FY2025
CNY billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
CNY million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.
Cash flow statement
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the latest year filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 63 peers in Transportation (10.8% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| Year to | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | n/a | 2,134 | 2,572 | 3,631 | 4,404 | 6,304 | 4,951 | 7,220 | 11,479 | 13,361 | 11,429 | 11,968 |
| Purchase of property, plant and equipment | 619 | 1,062 | 1,986 | 2,572 | 3,324 | 4,636 | 7,237 | 8,360 | 7,068 | 6,529 | 5,208 | 5,214 |
| Free cash flow | n/a | 1,072 | 586 | 1,058 | 1,080 | 1,669 | -2,287 | -1,140 | 4,412 | 6,832 | 6,221 | 6,754 |
| Cash from investing | n/a | -1,450 | -3,085 | -8,295 | -12,873 | -3,664 | -3,549 | -8,757 | -16,042 | -12,253 | -5,981 | -4,827 |
| Cash from financing | n/a | 1,869 | 9,415 | -1,062 | 7,042 | -1,982 | 8,337 | -2,904 | 7,058 | -770 | -4,995 | -10,567 |
| Depreciation and amortisation | 64.0 | 158 | 325 | 560 | 854 | 1,265 | 1,840 | 2,222 | 2,671 | 2,875 | 3,023 | 3,379 |
| Buybacks | 184 | n/a | n/a | 858 | 770 | 763 | 1,228 | 3,811 | 84.5 | 1,006 | 1,157 | 1,253 |
| Dividends paid | n/a | 115 | n/a | n/a | 895 | 1,271 | 1,649 | 1,354 | 1,323 | 2,073 | 5,605 | 3,755 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
CNY million, from the cash flow statement as filed.
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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. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.Balance sheet at year end
| Year to | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||||||
| Equity attributable to shareholders | 3,396 | 5,857 | 19,745 | 21,435 | 34,217 | 38,303 | 48,979 | 48,637 | 54,029 | 59,802 | 62,062 | 66,384 |
| Non-controlling interests | n/a | 12.0 | 5.7 | 6.0 | 52.3 | 101 | 121 | 290 | 444 | 479 | 612 | 752 |
| Borrowings, as filed | n/a | 300 | 450 | 250 | 0.0 | 0.0 | 1,433 | 3,459 | 12,183 | 14,796 | 16,784 | n/a |
| Other liabilities | n/a | 4,413 | 3,203 | 4,136 | 5,413 | 7,487 | 8,672 | 10,386 | 11,868 | 13,389 | 12,881 | 23,888 |
| Total equity and liabilities | n/a | 10,582 | 23,404 | 25,828 | 39,683 | 45,891 | 59,205 | 62,772 | 78,524 | 88,465 | 92,340 | 91,024 |
| Owned | ||||||||||||
| Property, plant and equipment | n/a | 1,753 | 4,066 | 6,473 | 9,036 | 12,471 | 18,565 | 24,930 | 28,813 | 32,181 | 33,915 | 35,434 |
| Goodwill | 2,379 | 4,091 | 4,157 | 4,242 | 4,242 | 4,242 | 4,242 | 4,242 | 4,242 | 4,242 | 4,242 | 4,157 |
| Other intangible assets | n/a | n/a | n/a | 60.4 | 54.2 | 48.0 | 41.8 | 35.6 | 29.4 | 23.2 | 17.0 | 52.8 |
| Cash and cash equivalents | 163 | 2,452 | 11,288 | 5,425 | 4,623 | 5,270 | 14,213 | 9,721 | 11,693 | 12,334 | 13,465 | 10,012 |
| Trade and other receivables | n/a | 58.5 | 198 | 288 | 597 | 676 | 746 | 933 | 819 | 573 | 1,504 | 1,287 |
| Inventories | n/a | 15.7 | 34.0 | 34.2 | 43.8 | 43.8 | 53.1 | 83.0 | 40.5 | 28.1 | 38.6 | 40.6 |
| Other assets | n/a | 2,212 | 3,662 | 9,306 | 21,088 | 23,141 | 21,344 | 22,828 | 32,887 | 39,085 | 39,159 | 40,041 |
| Total assets | n/a | 10,582 | 23,404 | 25,828 | 39,683 | 45,891 | 59,205 | 62,772 | 78,524 | 88,465 | 92,340 | 91,024 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
CNY million, at each fiscal year end.
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Both totals are the company's own; other liabilities and other assets are each total less the rows shown. 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 to | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 29.0% | 34.3% | 35.2% | 33.3% | 30.5% | 29.9% | 23.1% | 21.7% | 25.6% | 30.4% | 31.0% | 25.0% |
| Operating margin | 15.4% | 25.1% | 28.3% | 28.7% | 24.6% | 24.7% | 18.9% | 18.1% | 21.9% | 26.0% | 26.6% | 21.3% |
| Net margin | 10.4% | 21.9% | 21.0% | 24.2% | 24.9% | 25.7% | 17.1% | 15.6% | 19.2% | 22.8% | 19.9% | 18.5% |
| Free cash flow margin | n/a | 17.6% | 6.0% | 8.1% | 6.1% | 7.5% | -9.1% | -3.8% | 12.5% | 17.8% | 14.0% | 13.8% |
| Return on year-end equity | 12.0% | 22.7% | 10.4% | 14.7% | 12.8% | 14.8% | 8.8% | 9.8% | 12.6% | 14.6% | 14.2% | 13.7% |
| Effective tax rate | 33.6% | 24.0% | 26.0% | 16.9% | 17.4% | 16.0% | 13.7% | 17.5% | 19.7% | 18.1% | 24.4% | 17.2% |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F | 20-F |
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.
Questions
What was ZTO Express (Cayman)'s revenue in 2025?
ZTO Express (Cayman) (ZTO) reported revenue of CNY 49.1 billion for the year to 31 December 2025, up 10.9% on the year before.
How much did ZTO Express (Cayman) earn in 2025?
Profit attributable to shareholders was CNY 9.1 billion for the year to 31 December 2025, and diluted earnings per share CNY 11.19.
What is ZTO Express (Cayman)'s P/E ratio?
At the close of 10 November 2026, ZTO Express (Cayman) traded at 12.2 times its earnings for 2025.
What is ZTO Express (Cayman)'s market cap?
The market cap of ZTO Express (Cayman) was $16.2 billion at the close of 10 November 2026.
The exchange rates used
| Year to | Average over the year CNY per US dollar | At the year end CNY per US dollar |
|---|---|---|
| Dec 2014 | 6.16 | 6.20 |
| Dec 2015 | 6.28 | 6.48 |
| Dec 2016 | 6.64 | 6.94 |
| Dec 2017 | 6.75 | 6.51 |
| Dec 2018 | 6.60 | 6.88 |
| Dec 2019 | 6.90 | 6.96 |
| Dec 2020 | 6.90 | 6.53 |
| Dec 2021 | 6.45 | 6.37 |
| Dec 2022 | 6.72 | 6.90 |
| Dec 2023 | 7.08 | 7.10 |
| Dec 2024 | 7.20 | 7.30 |
| Dec 2025 | 7.19 | 6.99 |
Converted by us, not by the company: the Federal Reserve's daily noon buying rates in New York (H.10), FRED series DEXCHUS.
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Profit and loss, cash flow and EPS use the average of the daily rates over each fiscal year; the balance sheet uses the rate on the year end, or the last one before it. Ratios are the same in either currency. The filed figures are the ones in renminbi.Peers: Transportation
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| United Parcel Service Inc. UPS | $94.6 billion | 21.35 | 29.5% | 7.1% | 2.1% | 1.74 | 5.9% |
| Expedia Group, Inc. EXPE | $28.7 billion | 14.81 | 127.5% | 17.2% | 12.9% | 3.31 | 0.7% |
| Expeditors International of Washington Inc. EXPD | $24.5 billion | 24.01 | 44.5% | 10.1% | 18.6% | 0.00 | 0.8% |
| Southwest Airlines Co. LUV | $22.7 billion | 22.27 | 14.4% | 4.4% | 14.5% | 0.80 | 1.6% |
| Xpo, Inc. XPO | $22.0 billion | 44.39 | 25.5% | 9.9% | 9.5% | 1.58 | n/a |
| J.B. Hunt Transport Services, Inc. JBHT | $21.1 billion | 31.78 | 18.6% | 7.2% | 10.6% | 0.31 | 0.8% |
| HF Sinclair Corp. DINO | $16.9 billion | 5.01 | 30.1% | 13.5% | 29.5% | 0.24 | 2.1% |
| Plains ALL American Pipeline LP PAA | $16.8 billion | n/a | n/a | 3.0% | 22.2% | n/a | n/a |
| ZTO Express (Cayman) Inc. ZTO * | $16.2 billion | 12.23 | 13.7% | 21.3% | 10.9% | n/a | 3.2% |
| C. H. Robinson Worldwide, Inc. CHRW | $14.9 billion | 23.15 | 42.3% | 4.9% | 10.4% | 1.18 | 2.0% |
| Knight-Swift Transportation Holdings Inc. KNX | $10.1 billion | 66.78 | 2.2% | 4.2% | 7.0% | 0.26 | 1.3% |
| American Airlines Group Inc. AAL | $9.3 billion | n/a | n/a | 1.6% | 12.3% | n/a | n/a |
All 68 in Transportation
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Union Pacific Corp. UNP | $178.6 billion | 23.43 | 34.6% | 40.1% | 7.4% | 1.38 | 1.8% |
| Booking Holdings Inc. BKNG | $118.4 billion | 17.22 | n/a | 32.8% | 8.0% | n/a | 0.2% |
| Enbridge Inc. ENB | $106.4 billion | 16.58 | 10.0% | 12.2% | 40.0% | 1.56 | 7.9% |
| United Parcel Service Inc. UPS | $94.6 billion | 21.35 | 29.5% | 7.1% | 2.1% | 1.74 | 5.9% |
| CSX Corp. CSX | $94.2 billion | 26.47 | 24.9% | 36.4% | 5.8% | 1.31 | 1.1% |
| Royal Caribbean Cruises Ltd. RCL | $90.9 billion | 20.12 | 38.8% | 27.6% | 9.7% | 1.91 | 1.6% |
| Canadian Pacific Kansas City Ltd. CP | $81.6 billion | 21.66 | 8.4% | 36.4% | 6.5% | 0.49 | 1.1% |
| FedEx Corp. FDX | $74.8 billion | n/a | n/a | n/a | n/a | 0.50 | 1.7% |
| Norfolk Southern Corp. NSC | $73.6 billion | 27.48 | 16.0% | 31.5% | 6.0% | 0.99 | 1.6% |
| Delta Air Lines, Inc. DAL | $60.7 billion | 18.41 | 14.6% | 7.4% | 14.1% | 0.62 | 0.7% |
| Mplx LP MPLX | $57.4 billion | 13.25 | n/a | 42.0% | 3.1% | n/a | n/a |
| Carnival Corp. Ltd. CCL | $41.3 billion | 13.42 | 22.1% | 16.0% | 5.2% | 1.73 | n/a |
| United Airlines Holdings, Inc. UAL | $39.2 billion | 11.03 | 20.1% | 7.5% | 12.3% | 1.49 | n/a |
| Old Dominion Freight Line, Inc. ODFL | $34.7 billion | 30.22 | 24.9% | 26.6% | 3.8% | 0.00 | 0.7% |
| Expedia Group, Inc. EXPE | $28.7 billion | 14.81 | 127.5% | 17.2% | 12.9% | 3.31 | 0.7% |
| Expeditors International of Washington Inc. EXPD | $24.5 billion | 24.01 | 44.5% | 10.1% | 18.6% | 0.00 | 0.8% |
| Southwest Airlines Co. LUV | $22.7 billion | 22.27 | 14.4% | 4.4% | 14.5% | 0.80 | 1.6% |
| Xpo, Inc. XPO | $22.0 billion | 44.39 | 25.5% | 9.9% | 9.5% | 1.58 | n/a |
| J.B. Hunt Transport Services, Inc. JBHT | $21.1 billion | 31.78 | 18.6% | 7.2% | 10.6% | 0.31 | 0.8% |
| HF Sinclair Corp. DINO | $16.9 billion | 5.01 | 30.1% | 13.5% | 29.5% | 0.24 | 2.1% |
| Plains ALL American Pipeline LP PAA | $16.8 billion | n/a | n/a | 3.0% | 22.2% | n/a | n/a |
| ZTO Express (Cayman) Inc. ZTO * | $16.2 billion | 12.23 | 13.7% | 21.3% | 10.9% | n/a | 3.2% |
| C. H. Robinson Worldwide, Inc. CHRW | $14.9 billion | 23.15 | 42.3% | 4.9% | 10.4% | 1.18 | 2.0% |
| Knight-Swift Transportation Holdings Inc. KNX | $10.1 billion | 66.78 | 2.2% | 4.2% | 7.0% | 0.26 | 1.3% |
| American Airlines Group Inc. AAL | $9.3 billion | n/a | n/a | 1.6% | 12.3% | n/a | n/a |
| Saia Inc. SAIA | $9.1 billion | 32.17 | 10.0% | 10.7% | 9.3% | 0.04 | n/a |
| Norwegian Cruise Line Holdings Ltd. NCLH | $8.5 billion | 10.22 | 26.5% | 13.8% | 4.9% | 4.79 | n/a |
| Gatx Corp. GATX | $6.5 billion | 17.38 | 14.0% | 29.9% | 29.7% | 4.29 | 1.4% |
| Kirby Corp. KEX | $6.5 billion | 17.88 | 10.9% | 14.2% | 8.5% | 0.31 | n/a |
| GXO Logistics, Inc. GXO | $6.3 billion | 46.88 | 4.5% | 2.2% | 7.1% | 0.94 | n/a |
| Matson, Inc. MATX | $6.1 billion | 11.70 | 18.4% | 16.8% | 9.2% | 0.11 | 0.7% |
| Schneider National, Inc. SNDR | $5.1 billion | 35.87 | 4.6% | 3.4% | 6.0% | 0.13 | 1.3% |
| Plains GP Holdings LP PAGP | $5.1 billion | n/a | n/a | 3.0% | 22.2% | n/a | n/a |
| Landstar System Inc. LSTR | $4.9 billion | 30.87 | 19.3% | 4.1% | 10.7% | 0.00 | 2.5% |
| International Seaways, Inc. INSW | $4.9 billion | 4.65 | 44.5% | 69.9% | 100.5% | 0.30 | 3.0% |
| Brinks Co. BCO | $4.8 billion | 30.59 | 53.2% | 10.0% | 7.3% | 13.88 | 0.9% |
| Alaska Air Group, Inc. ALK | $4.6 billion | n/a | -11.2% | -1.9% | 8.2% | 1.74 | n/a |
| Rxo, Inc. RXO | $4.6 billion | n/a | -5.8% | -0.8% | 10.1% | 0.33 | n/a |
| Tidewater Inc. TDW | $3.7 billion | 13.95 | 18.9% | 17.3% | 0.3% | 0.63 | n/a |
| Skywest Inc. SKYW | $3.2 billion | 8.11 | 14.7% | 13.9% | 7.0% | 0.84 | n/a |
| Delek Logistics Partners, LP DKL | $3.1 billion | 18.57 | n/a | 14.6% | 35.5% | n/a | n/a |
| Arcbest Corp. ARCB | $3.0 billion | 105.35 | 2.2% | 1.1% | 8.1% | 0.15 | 0.4% |
| Allegiant Travel Co. ALGT | $2.6 billion | 29.05 | 3.1% | 5.5% | 27.8% | 1.66 | 0.0% |
| Lindblad Expeditions Holdings, Inc. LIND | $2.3 billion | n/a | n/a | 7.5% | 16.7% | n/a | n/a |
| Dorian LPG Ltd. LPG | $2.0 billion | 4.14 | 34.0% | 72.3% | 87.1% | 0.34 | 7.2% |
| Frontier Group Holdings, Inc. ULCC | $1.9 billion | n/a | -1,116.2% | -9.5% | 24.0% | 13.14 | n/a |
| Werner Enterprises Inc. WERN | $1.7 billion | n/a | -1.4% | 0.1% | 14.7% | 0.59 | 2.0% |
| Genesis Energy LP GEL | $1.6 billion | 68.37 | n/a | 18.3% | -2.4% | n/a | n/a |
| JetBlue Airways Corp. JBLU | $1.5 billion | n/a | -74.8% | -6.1% | 9.9% | 6.28 | n/a |
| Bristow Group Inc. VTOL | $1.2 billion | 15.01 | 7.3% | 9.5% | 10.1% | 0.68 | n/a |
| Genco Shipping & Trading Ltd. GNK | $1.1 billion | 14.71 | 8.9% | 19.2% | 54.7% | 0.41 | 6.9% |
| Marten Transport Ltd. MRTN | $981 million | 66.75 | 1.7% | 1.9% | -4.8% | 0.00 | 2.0% |
| Covenant Logistics Group, Inc. CVLG | $832 million | 204.78 | 1.3% | 0.3% | 12.5% | 0.67 | 0.9% |
| Heartland Express Inc. HTLD | $802 million | n/a | -1.7% | -1.0% | -17.2% | 0.13 | 0.8% |
| Universal Logistics Holdings, Inc. ULH | $773 million | n/a | n/a | n/a | n/a | 1.23 | 1.4% |
| GMR Solutions Inc. GMRS | $733 million | n/a | 24.9% | 10.9% | n/a | 4.69 | n/a |
| Forward Air Corp. FWRD | $617 million | n/a | n/a | -5.5% | 2.5% | n/a | 0.0% |
| Pangaea Logistics Solutions Ltd. PANL | $559 million | 7.43 | 15.3% | 12.2% | 27.8% | 0.48 | 0.6% |
| Strata Critical Medical, Inc. SRTA | $539 million | n/a | -9.0% | -6.6% | 52.0% | 0.00 | n/a |
| Ftai Infrastructure Inc. FIP | $453 million | n/a | n/a | -2.9% | 67.7% | n/a | 3.1% |
| Radiant Logistics, Inc. RLGT | $445 million | 19.35 | 9.5% | 3.1% | 6.7% | 0.10 | n/a |
| Virgin Galactic Holdings, Inc. SPCE | $393 million | n/a | -62.5% | -24,804.5% | -38.9% | 0.55 | n/a |
| Pamt Corp. PAMT | $323 million | n/a | -23.0% | -8.8% | -2.1% | 1.66 | n/a |
| Verra Mobility Corp. VRRM | $312 million | 8.54 | 14.3% | 12.7% | 6.5% | 3.90 | n/a |
| Seacor Marine Holdings Inc. SMHI | $248 million | n/a | -15.0% | 1.5% | -15.0% | 1.28 | n/a |
| Proficient Auto Logistics, Inc. PAL | $91 million | n/a | n/a | n/a | n/a | 0.23 | n/a |
| Wheels Up Experience Inc. UP | $89 million | n/a | n/a | -26.3% | -7.6% | n/a | n/a |
| T. Air Inc. AIRT | $78 million | 1.23 | 97.9% | -6.6% | 25.4% | 3.78 | n/a |
1 company shares its SEC industry code (Trucking & Courier Services (No Air)); the rest are the names nearest in size in its wider industry, Transportation, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.Annual reports on EDGAR
| Form | Year to | Filed | |
|---|---|---|---|
| 20-F | 31 December 2025 | 17 April 2026 | EDGAR |
| 20-F | 31 December 2024 | 17 April 2025 | EDGAR |
| 20-F | 31 December 2023 | 19 April 2024 | EDGAR |
| 20-F | 31 December 2022 | 20 April 2023 | EDGAR |
| 20-F | 31 December 2021 | 28 April 2022 | EDGAR |
| 20-F | 31 December 2020 | 21 April 2021 | EDGAR |
| 20-F | 31 December 2019 | 21 April 2020 | EDGAR |
| 20-F | 31 December 2018 | 16 April 2019 | EDGAR |
| 20-F | 31 December 2017 | 24 April 2018 | EDGAR |
| 20-F | 31 December 2016 | 27 April 2017 | EDGAR |