ZTO

MKT CAP:$21B

ZTO Express (Cayman) Inc.

Market Cap

$21B

Industrials·Integrated Freight & Logistics·🇨🇳 China·NYSE

Industrials·Integrated·🇨🇳·NYSE

Stock Price

$25.52+$4.06 (+18.92%)

Apr 21, 2026

Company Details

ZTO Express (Cayman) Inc. provides express delivery and other value-added logistics services in the People's Republic of China. The company offers delivery services for e-commerce and traditional merchants, and other express service users. ...

CEO

Meisong Lai

IPO Date

Oct 27, 2016

Website

www.zto.com

Key Metrics TTM

Revenue

$7.1B

+10.4% YoY

Net Income

$1.3B

EPS (Diluted)

$1.64

Free Cash Flow

$5M

Revenue / Share

$9.00

Gross Margin

25.0%

Operating Margin

20.9%

Net Margin

18.5%

FCF Margin

0.1%

P/S

2.9x

P/E

15.6x

Earnings Reports

Q4 2025

Apr 17, 2026

NEW

$2.1B+10.8%EPS $0.48

Q3 2025

Nov 20, 2025

$1.7BEPS $0.45

Q2 2025

Aug 20, 2025

$1.7B+10.3%EPS $0.35

Q1 2025

May 21, 2025

$1.6B+9.4%EPS $0.36

FY 2024

Apr 17, 2025

$6.5B+15.3%EPS $1.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.3B	$329M	$300M
Q1 22	$1.2B	$237M	$163M
Q2 22	$1.3B	$322M	$290M
Q3 22	$1.3B	$357M	$318M
Q4 22	$1.4B	$405M	$359M
Q1 23	$1.3B	$369M	$285M
Q2 23	$1.4B	$483M	$421M
Q3 23	$1.3B	$395M	$354M
Q4 23	$1.6B	$457M	$403M
Q1 24	$1.5B	$439M	$331M
Q2 24	$1.6B	$529M	$470M
Q4 24	$1.9B	$549M	$505M
Q1 25	$1.6B	$393M	$351M
Q2 25	$1.7B	$430M	$362M
Q3 25	$1.7B	$430M	$338M
Q4 25	$2.1B	$531M	$438M

Valuation

Quarter	P/S	P/E
Q4 21	5.0x	32.2x
Q1 22	4.4x	27.2x
Q2 22	4.4x	25.6x
Q3 22	3.9x	21.0x
Q4 22	4.4x	22.8x
Q1 23	4.3x	20.9x
Q2 23	3.7x	16.7x
Q3 23	3.5x	15.3x
Q4 23	2.8x	12.4x
Q1 24	3.1x	14.3x
Q2 24	2.9x	13.7x
Q4 24	2.5x	12.6x
Q1 25	2.5x	13.3x
Q2 25	2.1x	10.9x
Q3 25	2.3x	12.1x
Q4 25	2.4x	12.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$282M	-$296M
Q3 21	$261M	$261M
Q4 21	$442M	-$780M
Q1 22	$162M	$162M
Q2 22	$552M	$78M
Q3 22	$413M	$106M
Q4 22	$551M	-$482M
Q1 23	$400M	$400M
Q2 23	$550M	-$100M
Q3 23	$429M	$429M
Q4 23	$573M	-$381M
Q1 24	$297M	$297M
Q2 24	$508M	$122M
Q4 24	$410M	-$351M
Q1 25	$345M	$345M
Q2 25	$317M	-$111M

Capital Expenditures

Quarter	CapEx
Q2 21	$579M
Q3 21	$0
Q4 21	$1.2B
Q1 22	$0
Q2 22	$474M
Q3 22	$307M
Q4 22	$1.0B
Q1 23	$0
Q2 23	$650M
Q3 23	$0
Q4 23	$954M
Q1 24	$0
Q2 24	$387M
Q4 24	$761M
Q1 25	$0
Q2 25	$427M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+11.6%	+7.1%
Q1 22	+22.1%	+16.2%
Q2 22	+18.2%	+13.7%
Q3 22	+21.0%	+12.3%
Q4 22	+7.1%	+3.5%
Q1 23	+13.7%	+3.6%
Q2 23	+12.5%	+2.9%
Q3 23	+1.5%	-1.7%
Q4 23	+7.6%	+6.1%
Q1 24	+10.9%	+9.4%
Q2 24	+10.1%	+9.5%
Q4 24	+42.4%	+42.3%
Q1 25	+2.6%	+7.9%
Q2 25	+18.8%	+21.6%
Q3 25	+10.0%	+26.4%
Q4 25	+10.8%	+19.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	-$3.9K	-0.0%
Q3 21	$3.9K	0.0%
Q4 21	$0	0.0%
Q1 22	$26M	2.3%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$26M	1.8%
Q1 23	$37M	2.8%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$44M	3.0%
Q2 24	$988.9K	0.1%
Q4 24	$988.9K	0.1%
Q1 25	$32M	2.0%
Q2 25	$437.5K	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 21	$69M
Q1 22	$90M
Q2 22	$67M
Q3 22	$64M
Q4 22	$82M
Q1 23	$115M
Q2 23	$74M
Q3 23	$63M
Q4 23	$102M
Q1 24	$131M
Q2 24	$87M
Q4 24	$96M
Q1 25	$108M
Q2 25	$91M
Q3 25	$92M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.4B	$585M	$2.0B
Q2 22	$1.5B	$761M	$2.2B
Q3 22	$2.1B	$1.0B	$3.1B
Q4 22	$1.7B	$841M	$2.5B
Q1 23	$1.4B	$1.3B	$2.7B
Q2 23	$1.1B	$1.2B	$2.3B
Q3 23	$1.4B	$1.1B	$2.5B
Q4 23	$1.8B	$1.1B	$2.9B
Q1 24	$1.8B	$1.0B	$2.9B
Q2 24	$1.5B	$1.4B	$3.0B
Q3 24	$1.7B	$1.6B	$3.3B
Q4 24	$2.0B	$1.3B	$3.3B
Q1 25	$1.8B	$1.5B	$3.4B
Q2 25	$1.9B	$1.9B	$3.9B
Q3 25	$1.4B	$2.3B	$3.7B
Q4 25	$1.5B	$2.3B	$3.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	808M	-1.0%	-2.9%
Q1 22	809M	+0.0%	-2.4%
Q2 22	821M	+1.5%	-0.7%
Q3 22	821M	0.0%	+0.6%
Q4 22	841M	+2.5%	+4.1%
Q1 23	840M	-0.1%	+3.9%
Q2 23	840M	-0.0%	+2.3%
Q3 23	838M	-0.2%	+2.1%
Q4 23	837M	-0.1%	-0.5%
Q1 24	836M	-0.1%	-0.5%
Q2 24	840M	+0.4%	-0.1%
Q4 24	837M	-0.3%	-0.2%
Q1 25	832M	-0.6%	-0.6%
Q2 25	832M	0.0%	-0.5%
Q3 25	823M	-1.1%	-2.0%
Q4 25	793M	-3.6%	-5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$56.4K	24K
Q1 22	$48.4K	24K
Q2 22	$53.0K	24K
Q3 22	$54.8K	24K
Q4 22	$58.0K	25K
Q1 23	$52.7K	25K
Q2 23	$57.2K	25K
Q3 23	$53.3K	25K
Q4 23	$65.9K	24K
Q1 24	$61.8K	24K
Q2 24	$66.5K	24K
Q4 24	$77.1K	24K
Q1 25	$65.0K	24K
Q2 25	$70.6K	24K
Q3 25	$70.5K	24K
Q4 25	$85.4K	24K

Revenue / Employee