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ZTO

ZTO Express (Cayman) Inc.

ZTO

ZTO Express (Cayman) Inc. • NYSE
$20.65 ▼ -1.05% (-0.22)
Market Cap $16.47 B
52w High $22.01
52w Low $16.34
Dividend Yield 0.64%
P/E 13.59
Volume 1.25M
Outstanding Shares 797.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.803B ▼ $629.276M ▲ $2.511B ▲ 21.271% ▲ $3.16 ▲ $3.581B ▲
Q2-2025 $11.832B ▲ $469.313M ▲ $1.938B ▼ 16.382% ▼ $2.43 ▼ $2.611B ▼
Q1-2025 $10.891B ▼ $283.842M ▼ $1.993B ▼ 18.301% ▼ $2.5 ▼ $2.636B ▼
Q4-2024 $12.92B ▲ $306.548M ▼ $2.383B ▼ 18.442% ▼ $2.97 ▼ $3.563B ▲
Q3-2024 $10.675B $493.021M $2.396B 22.448% $2.98 $2.978B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $26.524B ▲ $94.621B ▲ $29.765B ▼ $64.198B ▲
Q1-2025 $23.022B ▲ $93.15B ▲ $30.284B ▲ $62.214B ▲
Q4-2024 $22.314B ▼ $92.34B ▼ $29.665B ▼ $62.062B ▲
Q3-2024 $22.917B ▲ $93.32B ▲ $32.198B ▲ $60.591B ▲
Q2-2024 $20.441B $91.104B $30.13B $60.427B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.938B ▼ $2.168B ▼ $-1.164B ▲ $-117.713M ▲ $867.272M ▲ $-757.414M ▼
Q1-2025 $1.993B ▼ $2.363B ▼ $-3.158B ▼ $-261.091M ▲ $-1.069B ▼ $2.363B ▲
Q4-2024 $2.383B ▲ $2.806B ▼ $2.974B ▲ $-4.032B ▼ $1.783B ▲ $-2.402B ▼
Q3-2024 $0 ▼ $3.112B ▼ $-1.91B ▲ $10.183M ▲ $1.169B ▲ $3.112B ▲
Q2-2024 $2.612B $3.48B $-4.666B $-1.104B $-2.293B $833.296M

Five-Year Company Overview

Income Statement

Income Statement Over the past several years, ZTO has shown steady, broad‑based growth. Sales have risen each year, and profits have grown even faster than revenue, which suggests improving efficiency and better cost control. Both operating profit and net profit have climbed consistently, with earnings per share trending upward as well. Overall, the income statement paints a picture of a business that has scaled up while protecting, and even strengthening, its profitability rather than chasing volume at any cost.

Balance Sheet

Balance Sheet ZTO’s balance sheet looks solid and progressively stronger. Total assets and shareholders’ equity have both grown, indicating ongoing reinvestment in the business and retained earnings. Debt levels have increased from earlier years, but equity has also expanded, so leverage still appears moderate rather than aggressive. The company keeps a meaningful cash cushion, which supports financial flexibility. Overall, it resembles a capital‑intensive business that has added funding to grow, but not in a way that appears extreme or unstable based on the trend shown.

Cash Flow

Cash Flow Cash generation from the core business has been consistently strong and generally rising, which is a key positive. In the earlier years, heavy capital spending on facilities and equipment meant that free cash flow was negative, signalling an investment phase. More recently, capital spending remains sizable but has moderated enough that free cash flow has turned clearly positive. That shift from investment‑heavy to cash‑generative suggests the network build‑out is maturing and that the company is now harvesting more cash from the assets it has put in place.

Competitive Edge

Competitive Edge ZTO holds a leading position in China’s express delivery market, backed by a very large and dense network. Its “network partner” model keeps the company relatively asset‑light at the local level while concentrating capital in sorting hubs and trunk routes, which supports low costs and scalability. Close integration with major e‑commerce platforms, especially Alibaba’s ecosystem, helps secure high parcel volumes and strengthens its bargaining power. Economies of scale, cost leadership, and embedded relationships with key online platforms together form a meaningful competitive moat, though the sector remains intense and price‑sensitive.

Innovation and R&D

Innovation and R&D The company leans heavily on technology to drive its edge. Automated sorting hubs, proprietary IT systems, and advanced data analytics allow it to handle huge parcel volumes efficiently and at low cost. ZTO is also experimenting with drones, unmanned vehicles, and wider use of artificial intelligence and the Internet of Things to improve routing, monitoring, and customer service. There is a visible push into “smart” and greener logistics, along with new service types such as specialized delivery, warehousing, and cross‑border solutions. This focus on continuous process and product innovation supports its cost advantage and opens new revenue streams over time.

Summary

ZTO combines strong growth with improving profitability, a generally healthy balance sheet, and robust cash generation from operations. The business appears to be transitioning from a phase of heavy network investment to one where existing assets produce more free cash. Its scale, partner model, and deep ties to major e‑commerce platforms give it a durable competitive position, reinforced by substantial investment in automation, data, and new logistics technologies. Key uncertainties lie in the highly competitive nature of China’s delivery market, ongoing capital needs, and execution risk as it expands services and international reach, but the overall financial and strategic profile looks resilient and well aligned with long‑term e‑commerce and logistics trends.

NEWS

November 19, 2025 · 5:00 PM UTC

ZTO Reports Third Quarter 2025 Unaudited Financial Results

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