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United Parcel Service vs ZTO Express (Cayman): revenue, profit, margins and growth compared

United Parcel Service brought in $88.7B of revenue in fiscal 2025, ZTO Express (Cayman) $7B in fiscal 2025. Revenue changed by -2.6% at United Parcel Service and +15.7% at ZTO Express (Cayman) on the year before, so ZTO Express (Cayman) grew faster. United Parcel Service kept 6.3% of its revenue as net profit, ZTO Express (Cayman) 18.5%. Free cash flow was $4.8B at United Parcel Service and $965.8M at ZTO Express (Cayman).

Open the UPS pageOpen the ZTO page

Side by side, latest fiscal year

UPSZTO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$88.7B$7B
Revenue growth-2.6%+15.7%
Net income$5.6B$1.3B
Net margin6.3%18.5%
Free cash flow$4.8B$965.8M
Free cash flow margin5.4%13.8%
Earnings per share (diluted)$6.56$1.60
Cash$5.9B$1.4B
Debt$23.6Bn/a
Price to earnings14.4n/a
Market value$80.2B$15.1B
Dividend yield6.96%n/a
Rank by revenue in sector#5 of 587 · Industrials#101 of 587 · Industrials

Over the years

Revenue
UPS FY2018: $71.9BUPS FY2019: $74.1BUPS FY2020: $84.6BUPS FY2021: $97.3BUPS FY2022: $100.3BUPS FY2023: $91BUPS FY2024: $91.1BUPS FY2025: $88.7BZTO FY2018: $2.6BZTO FY2019: $3.2BZTO FY2020: $3.9BZTO FY2021: $4.8BZTO FY2022: $5.1BZTO FY2023: $5.4BZTO FY2024: $6.1BZTO FY2025: $7BFY18FY19FY20FY21FY22FY23FY24FY25
UPS $88.7BZTO $7B
Net income
UPS FY2018: $4.8BUPS FY2019: $4.4BUPS FY2020: $1.3BUPS FY2021: $12.9BUPS FY2022: $11.5BUPS FY2023: $6.7BUPS FY2024: $5.8BUPS FY2025: $5.6BZTO FY2018: $637.5MZTO FY2019: $815MZTO FY2020: $660.9MZTO FY2021: $746.1MZTO FY2022: $987.2MZTO FY2023: $1.2BZTO FY2024: $1.2BZTO FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
UPS $5.6BZTO $1.3B
Net margin
UPS FY2018: 6.7%UPS FY2019: 6.0%UPS FY2020: 1.6%UPS FY2021: 13.2%UPS FY2022: 11.5%UPS FY2023: 7.4%UPS FY2024: 6.3%UPS FY2025: 6.3%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
UPS 6.3%ZTO 18.5%
Revenue growth
UPS FY2019: +3.1%UPS FY2020: +14.2%UPS FY2021: +15.0%UPS FY2022: +3.1%UPS FY2023: -9.3%UPS FY2024: +0.1%UPS FY2025: -2.6%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
UPS -2.6%ZTO +15.7%
Free cash flow
UPS FY2018: $6.4BUPS FY2019: $2.3BUPS FY2020: $5BUPS FY2021: $10.8BUPS FY2022: $9.3BUPS FY2023: $5.1BUPS FY2024: $6.2BUPS FY2025: $4.8BZTO FY2018: $157.1MZTO FY2019: $239.7MZTO FY2020: -$350.4MZTO FY2021: -$178.9MZTO FY2022: $639.6MZTO FY2023: $962.3MZTO FY2024: $852.3MZTO FY2025: $965.8MFY18FY19FY20FY21FY22FY23FY24FY25
UPS $4.8BZTO $965.8M

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

Questions about United Parcel Service and ZTO Express (Cayman)

Which is bigger by revenue, United Parcel Service or ZTO Express (Cayman)?

United Parcel Service is bigger by revenue: $88.7B in fiscal 2025, against $7B for ZTO Express (Cayman) in fiscal 2025.

Which keeps more of its revenue as profit, United Parcel Service or ZTO Express (Cayman)?

United Parcel Service had a net margin of 6.3% in fiscal 2025; ZTO Express (Cayman) had 18.5% in fiscal 2025.

Which grew revenue faster, United Parcel Service or ZTO Express (Cayman)?

In their latest fiscal years revenue changed by -2.6% at United Parcel Service 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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