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TFI International vs ZTO Express (Cayman): revenue, profit, margins and growth compared

TFI International brought in $7.9B of revenue in fiscal 2025, ZTO Express (Cayman) $7B in fiscal 2025. Revenue changed by -6.1% at TFI International and +15.7% at ZTO Express (Cayman) on the year before, so ZTO Express (Cayman) grew faster. TFI International kept 3.9% of its revenue as net profit, ZTO Express (Cayman) 18.5%. Free cash flow was $704.6M at TFI International and $965.8M at ZTO Express (Cayman).

Side by side, latest fiscal year

TFIIZTO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$7.9B$7B
Revenue growth-6.1%+15.7%
Net income$310.6M$1.3B
Net margin3.9%18.5%
Free cash flow$704.6M$965.8M
Free cash flow margin8.9%13.8%
Earnings per share (diluted)$3.72$1.60
Cash$210.2M$1.4B
Debt$2.6Bn/a
Price to earningsn/an/a
Market value$10.1B$15.1B
Dividend yieldn/an/a
Rank by revenue in sector#87 of 587 · Industrials#101 of 587 · Industrials

Over the years

Revenue
TFII FY2020: $3.9BTFII FY2020: $3.8BTFII FY2021: $7.2BTFII FY2022: $8.8BTFII FY2023: $7.5BTFII FY2024: $8.4BTFII FY2025: $7.9BZTO FY2018: $2.6BZTO FY2019: $3.2BZTO FY2020: $3.9BZTO FY2021: $4.8BZTO FY2022: $5.1BZTO FY2023: $5.4BZTO FY2024: $6.1BZTO FY2025: $7BFY18FY19FY20FY21FY22FY23FY24FY25
TFII $7.9BZTO $7B
Net income
TFII FY2020: $233.7MTFII FY2020: $275.7MTFII FY2021: $754.4MTFII FY2022: $823.2MTFII FY2023: $504.9MTFII FY2024: $422.5MTFII FY2025: $310.6MZTO FY2018: $637.5MZTO FY2019: $815MZTO FY2020: $660.9MZTO FY2021: $746.1MZTO FY2022: $987.2MZTO FY2023: $1.2BZTO FY2024: $1.2BZTO FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
TFII $310.6MZTO $1.3B
Net margin
TFII FY2020: 6.0%TFII FY2020: 7.3%TFII FY2021: 10.4%TFII FY2022: 9.3%TFII FY2023: 6.7%TFII FY2024: 5.0%TFII FY2025: 3.9%ZTO FY2018: 24.9%ZTO FY2019: 25.7%ZTO FY2020: 17.1%ZTO FY2021: 15.6%ZTO FY2022: 19.2%ZTO FY2023: 22.8%ZTO FY2024: 19.9%ZTO FY2025: 18.5%FY18FY19FY20FY21FY22FY23FY24FY25
TFII 3.9%ZTO 18.5%
Revenue growth
TFII FY2020: -3.1%TFII FY2021: +91.0%TFII FY2022: +22.0%TFII FY2023: -14.7%TFII FY2024: +11.6%TFII FY2025: -6.1%ZTO FY2019: +24.0%ZTO FY2020: +21.7%ZTO FY2021: +23.5%ZTO FY2022: +7.5%ZTO FY2023: +5.5%ZTO FY2024: +12.1%ZTO FY2025: +15.7%FY19FY20FY21FY22FY23FY24FY25
TFII -6.1%ZTO +15.7%
Free cash flow
TFII FY2020: $227.2MTFII FY2020: $468.2MTFII FY2021: $586.7MTFII FY2022: $620.8MTFII FY2023: $652.3MTFII FY2024: $669.8MTFII FY2025: $704.6MZTO FY2018: $157.1MZTO FY2019: $239.7MZTO FY2020: -$350.4MZTO FY2021: -$178.9MZTO FY2022: $639.6MZTO FY2023: $962.3MZTO FY2024: $852.3MZTO FY2025: $965.8MFY18FY19FY20FY21FY22FY23FY24FY25
TFII $704.6MZTO $965.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about TFI International and ZTO Express (Cayman)

Which is bigger by revenue, TFI International or ZTO Express (Cayman)?

TFI International is bigger by revenue: $7.9B in fiscal 2025, against $7B for ZTO Express (Cayman) in fiscal 2025.

Which keeps more of its revenue as profit, TFI International or ZTO Express (Cayman)?

TFI International had a net margin of 3.9% in fiscal 2025; ZTO Express (Cayman) had 18.5% in fiscal 2025.

Which grew revenue faster, TFI International or ZTO Express (Cayman)?

In their latest fiscal years revenue changed by -6.1% at TFI International and +15.7% at ZTO Express (Cayman).

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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