ZTO Express (Cayman) Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ZTO Express (Cayman) Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,410	2,007	2,560	3,176	3,864	4,771	5,129	5,411	6,066	7,021
Cost of revenue	914	1,339	1,780	2,225	2,970	3,737	3,819	3,769	4,187	5,266
Gross profit	496	668	780	951	895	1,034	1,311	1,643	1,879	1,755
Selling, general and administrative	102	120	176	222	255	294	301	342	369	377
Operating expenses	97.1	91.8	150	166	166	170	189	233	266	257
Operating income	399	576	630	785	729	864	1,122	1,410	1,613	1,498
Interest expense	1.87	2.41	0.11		5.41	19.9	27.6	40.8	46.3	35.6
Pre-tax income	406	587	776	971	772	901	1,201	1,505	1,600	1,581
Income tax	105	99.3	135	155	106	158	237	273	390	272
Net income to minority interests	-0.32	-0.12	0.71	-0.41	2.18	-8.4	-21.8	0.77	9.69	22.2
Net income	296	486	637	815	661	746	987	1,232	1,208	1,299
EBITDA	446	662	754	966	1,011	1,212	1,509	1,815	2,028	1,981
EPS, basic	0.42	0.68	0.85	1.04	0.83	0.91	1.22	1.53	1.50	1.63
EPS, diluted	0.42	0.68	0.85	1.04	0.83	0.91	1.21	1.49	1.47	1.60
Shares, basic (weighted)	635	717	752	784	796	820	809	808	805	798
Shares, diluted (weighted)	635	718	753	784	796	820	820	839	838	821

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,626	834	672	757	2,178	1,525	1,695	1,737	1,845	1,432
Short-term investments		803	1,978	1,596	566	446	834	1,050	1,212	2,234
Receivables	28.5	44.2	86.8	97	114	146	119	80.6	206	184
Inventory	4.89	5.26	6.37	6.3	8.13	13	5.88	3.95	5.28	5.81
Other current assets	54.6	111	219	282	358	493	456	531	593	730
Total current assets	1,899	1,902	3,088	2,887	3,421	2,929	3,549	3,796	4,158	4,857
Property, plant and equipment	586	995	1,314	1,791	2,845	3,912	4,178	4,533	4,646	5,067
Lease right-of-use assets				130	134	141	117	94.7	77.6	56.9
Goodwill	599	652	617	609	650	666	615	597	581	594
Intangible assets	188	9.29	7.89	6.9	6.41	5.59	4.27	3.27	2.34	7.54
Long-term investments	77.4	93.8	321	136	282	191	1,062	1,714	1,646	747
Other non-current assets	6.62	47.5	90.6	87.9	82.3	120	118	98.8	126	134
Total assets	3,371	3,970	5,772	6,592	9,074	9,850	11,385	12,460	12,651	13,016
Accounts payable	91.7	137	191	212	251	307	319	360	337	369
Deferred revenue			63.5	174	172	192	199	246	214	262
Short-term debt	64.8	38.4			220	543	782	1,094	1,303	1,564
Total current liabilities	507	637	748	960	1,433	2,039	2,379	2,826	3,873	3,270
Lease liabilities				72.5	77	87.3	74	64.2	51.7	37.4
Other non-current liabilities		9.23	13.2	13.5
Total liabilities	526	674	787	1,075	1,549	2,173	3,487	3,970	4,064	3,416
Paid-in capital	2,296	2,455	3,511	3,208	4,692	4,430	3,874	3,409	3,341	3,432
Retained earnings	506	1,025	1,608	2,403	3,224	3,565	4,271	5,113	5,356	6,137
Treasury stock		-141	-225	-206	-395	-324	-299	-72	-155	-36.4
Other comprehensive income	42.4	-45.5	83.2	97.1	-14.6	-38	-12.6	-26.9	-40.4	-40.2
Shareholders' equity	2,844	3,295	4,977	5,502	7,506	7,632	7,833	8,423	8,503	9,493
Minority interests	0.82	0.92	7.61	14.5	18.5	45.6	64.4	67.4	83.9	108
Total equity	2,845	3,295	4,984	5,516	7,525	7,678	7,898	8,490	8,586	9,600
Total liabilities and equity	3,371	3,970	5,772	6,592	9,074	9,850	11,385	12,460	12,651	13,016
Shares outstanding			785	782	829	808	809	805	799	791

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	295	486	638	815	663	738	965	1,233	1,218	1,321
Depreciation and amortization	46.8	86.1	124	182	282	349	387	405	414	483
Stock-based compensation	17.6	6.26	36.3	45.5	40.5	38.9	26	35.9	43.7	32.8
Deferred income tax	-4.4	-4.46	-20.2	-5.82	-41.7	-30.1	35.5	22.2	40.1	-76.7
Change in receivables	-20.4	-15.4	-45	-12.1	-12.2	-32.9	-2.16	34.4	-129	32.8
Change in inventory	-2.63	-0.04	-1.39	-0.01	-1.41	-4.7	4.2	1.76	-1.44	-0.3
Cash from operations	365	558	641	906	759	1,133	1,664	1,882	1,566	1,711
Capital expenditures	-286	-395	-483	-666	-1,109	-1,312	-1,025	-920	-714	-746
Acquisitions	-16.6		-16.1	-2.81						-12.4
Purchases of investments		-1,556	-1,983	-2,020	-1,485	-2,070	-1,387	-1,586	-1,881	-2,160
Cash from investing	-492	-1,275	-1,872	-526	-544	-1,374	-2,326	-1,726	-819	-690
Debt issued										30.9
Stock issued	1,323		1,293		1,498
Share buybacks		-132	-112	-110	-188	-598	-12.3	-142	-159	-179
Dividends paid			-130	-183	-253	-212	-192	-292	-768	-537
Cash from financing	1,356	-163	1,024	-285	1,278	-456	1,023	-108	-684	-1,511
Exchange rate effect	43.5	-65.2	40.1	-0.46	-101	-23.6
Net change in cash	1,273	-945	-167	94	1,392	-720	411	63.1	65.7	-498
Free cash flow	79.3	163	157	240	-350	-179	640	962	852	966
Interest paid	1.87	2.41	0.11		5.31	19.9	25.7	35.1	40.5	37.3
Income taxes paid	93.1	134	130	204	152	179	182	235	328	378

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $19.67 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.0%	Gross profit / revenue.
Operating margin	21.3%	Operating income / revenue.
EBITDA margin	28.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.5%	Pre-tax income / revenue.
Net margin	18.5%	Net income / revenue.
FCF margin	13.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	17.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.1%	Net income / average total assets.
Return on invested capital (ROIC)	16.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.6%	Capital expenditures / revenue.
D&A / revenue	6.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	13.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	11.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.49x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.12x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.2%	Total liabilities / total assets.
Interest coverage	42.1x	Operating income / interest expense.
Working capital	$1.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.89B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	1.45x	Revenue / average property, plant and equipment.
Inventory turnover	949x	Cost of revenue / average inventory.
Days inventory	0 days	365 x average inventory / cost of revenue.
Receivables turnover	36.0x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-14 days	Days inventory + days sales outstanding - days payables.
FCF conversion	74.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	43.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.63	Net income per basic share, as reported (split-adjusted).
Revenue per share	$8.55	Revenue / diluted weighted shares.
FCF per share	$1.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.09	Cash from operations / diluted weighted shares.
Book value per share	$12.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.24	Tangible book value / shares outstanding.
Cash per share	$4.63	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	55.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	18.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.14B	Share price x shares outstanding.
Enterprise value	$11.48B	Market cap + total debt - cash - short-term investments.
P/E	11.7x	Market cap / net income. Only when net income is positive.
P/S	2.16x	Market cap / revenue.
P/B	1.60x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.70x	Market cap / tangible book value, when positive.
P/FCF	15.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.85x	Market cap / cash from operations, when positive.
EV/Sales	1.63x	Enterprise value / revenue.
EV/EBIT	7.66x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.79x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.4%	Free cash flow / market cap.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.19x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

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

ZTO Express (Cayman) Inc. reported revenue of $7.02B for fiscal 2025, 15.7% higher than the year before.

Was ZTO Express (Cayman) Inc. profitable in fiscal 2025?

Yes. Net income was $1.30B, a net margin of 18.5%.

How much free cash flow did ZTO Express (Cayman) Inc. generate in fiscal 2025?

Cash from operations of $1.71B minus capital expenditures of $745.6M left free cash flow of $965.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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