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ZTO FINANCIAL STATEMENTS

ZTO Express (Cayman) Inc — balance sheet, income statement and cash flow trends

ZTOZTO Express (Cayman) Inc

🇺🇸 USA · US · Industrials · Integrated Freight & Logistics

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
020 B40 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue51.2 B CNYGross Profit12.8 B CNY · 25%Operating Income10.3 B CNY · 20%Pre-tax Income11.2 B CNY · 22%Net Income9.2 B CNY · 18%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue51.2 B CNY+13.3%
Gross Profit12.8 B CNY-4.9%
Operating Income10.3 B CNY-13.8%
EBITDA13.1 B CNY-11.9%
Net Income9.2 B CNY-2.4%

Peer Comparison· Integrated Freight & Logistics

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
ZTO13.3%24.9%25.6%17.9%
Industry median0.6%17.8%11.2%3.7%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
050 B100 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets97.8 B
  • Equity62.1 B CNY64%
  • Current Liabilities23.7 B CNY24%
  • Long-term Liabilities11.2 B CNY12%

Key Figures

YoY change
Total Assets97.8 B CNY+5.0%
Total Liabilities34.9 B CNY+15.2%
Total Equity62.1 B CNY-0.2%
Cash & ST Investments30.5 B CNY+32.4%
Total Debt21.8 B CNY+27.6%
Net Debt10.4 B CNY+122.6%

Peer Comparison· Integrated Freight & Logistics

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
ZTO1.6435.1%-0.6663.5%
Industry median1.2251.1%1.9633.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
010 B20 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
05 B10 B12.4 B CNYOperating-8.8 B CNYInvesting-4.5 B CNYFinancing-923.7 M CNYNet Change

Key Figures

YoY change
Operating Cash Flow12.4 B CNY+5.4%
Capital Expenditures8.1 B CNY+3.6%
Free Cash Flow4.3 B CNY-53.3%
Dividends Paid-5.8 B CNY-163.1%

Peer Comparison· Integrated Freight & Logistics

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
ZTO24.2%8.3%15.9%135.4%
Industry median7.5%4.2%3.4%198.5%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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