ZTO
$20.22+0.80%
as of close, Oct 20, 2026
☾ AH $20.22 +0.80%
ZTO Express (Cayman) Inc. American Depositary Shares each representing oneStock · Industrials
ZTO financial statements
The full income statement, balance sheet, and cash-flow statement for ZTO Express (Cayman) Inc. American Depositary Shares each representing one (ZTO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2017-12 717.6M2018-12 785.5M2019-12 781.9M2020-12 828.9M2021-12 808.4M2022-12 815.3M2023-12 812.9M2024-12 804.8M2025-12 795.5M+10.9% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 6.83B+11.0% | 6.15B+13.4% | 5.43B+3.3% | 5.26B+11.5% | 4.71B+29.0% | |
| 1.71B-10.4% | 1.91B+15.7% | 1.65B+22.7% | 1.34B+31.5% | 1.02B+20.8% | ||
| Cost of revenue | 5.12B+20.6% | 4.25B+12.4% | 3.78B-3.4% | 3.91B+6.0% | 3.69B+31.5% | |
| 250M-7.3% | 270M+15.3% | 234M+20.8% | 194M+14.9% | 168M+7.3% | ||
| Selling, general & administrative | 367M-1.8% | 374M+9.1% | 343M+11.0% | 309M+6.1% | 291M+20.6% | |
| Provision for credit losses | 9.30M-41.7% | 15.9M-20.6% | 20.1M+0.5% | 20.0M+254.5% | 5.64M+28.4% | |
| Operating income | 1.46B-10.9% | 1.64B+15.7% | 1.41B+23.0% | 1.15B+34.7% | 853M+23.8% | |
| Interest expense | 34.6M-26.3% | 47.0M+14.8% | 40.9M+44.5% | 28.3M+44.3% | 19.6M+283.3% | |
| Interest & investment income | 73.6M-19.4% | 91.3M+61.7% | 56.5M+81.8% | 31.1M-5.8% | 33.0M-31.0% | |
| Equity-method income | 12.2M+52.4% | 7.98M+1196.3% | 616K-29.1% | 868K+117.3% | -5.03M-87.4% | |
| Pre-tax income | 1.54B-5.2% | 1.62B+7.4% | 1.51B+22.7% | 1.23B+38.4% | 890M+21.9% | |
| Income tax | 265M-33.0% | 395M+44.4% | 274M+12.9% | 243M+55.7% | 156M+55.9% | |
| 1.26B+3.1% | 1.23B-0.9% | 1.24B+22.2% | 1.01B+37.2% | 737M+18.0% | ||
| Net income to non-controlling interest | 21.6M+119.3% | 9.83M+1176.3% | 771K+103.5% | -22.3M-168.9% | -8.29M-502.1% | |
| Net income to common | 1.26B+3.1% | 1.23B-0.9% | 1.24B+22.2% | 1.01B+37.2% | 737M+18.0% | |
| $1.56+4.7% | $1.49-0.7% | $1.50+20.6% | $1.24+38.1% | $0.90+14.5% | ||
| EPS (basic) | $1.58+4.1% | $1.52-0.6% | $1.53+22.5% | $1.25+39.0% | $0.90+14.5% | |
| Weighted-avg shares (basic) | 798M-0.9% | 805M-0.4% | 808M-0.2% | 809M-1.3% | 820M+3.0% | |
| Weighted-avg shares (diluted) | 821M-2.1% | 838M-0.1% | 839M+2.3% | 820M+0.0% | 820M+3.0% | |
| Dividends per share | $0.66-32.3% | $0.98+168.1% | $0.36+49.8% | $0.24-6.4% | $0.26-10.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 4.85B+16.7% | 4.16B+9.5% | 3.80B+7.0% | 3.55B+20.7% | 2.94B-14.1% | ||
| Cash & equivalents | 1.43B-22.5% | 1.84B+6.2% | 1.74B+2.5% | 1.70B+10.8% | 1.53B-29.7% | |
| Short-term investments | 2.23B+84.1% | 1.21B+15.5% | 1.05B+25.9% | 834M+86.2% | 448M-20.8% | |
| Accounts receivable | 184M-10.7% | 206M+155.5% | 80.6M-32.1% | 119M-19.2% | 147M+28.5% | |
| Inventory | 5.81M+9.9% | 5.28M+33.6% | 3.95M-32.7% | 5.88M-55.0% | 13.1M+60.6% | |
| Prepaid expenses | 729M+22.9% | 593M+11.6% | 531M+16.5% | 456M-7.8% | 495M+38.3% | |
| Other current assets | 114M+29.9% | 87.5M-14.5% | 102M+76.5% | 58.0M-20.3% | 72.7M+26.2% | |
| 13.0B+2.8% | 12.7B+1.5% | 12.5B+9.5% | 11.4B+15.2% | 9.88B+8.9% | ||
| Property, plant & equipment | 5.06B+8.9% | 4.65B+2.5% | 4.53B+8.5% | 4.18B+6.4% | 3.92B+37.9% | |
| Operating lease right-of-use | 56.9M-26.7% | 77.6M-18.0% | 94.7M-19.2% | 117M-17.0% | 141M+5.2% | |
| Goodwill | 594M+2.2% | 581M-2.7% | 597M-2.8% | 615M-7.9% | 668M+2.7% | |
| Intangible assets | 7.54M+222.7% | 2.34M-28.7% | 3.27M-23.3% | 4.27M-23.9% | 5.61M-12.5% | |
| Long-term investments | 746M-54.7% | 1.65B-3.9% | 1.71B+61.5% | 1.06B+455.2% | 191M-32.3% | |
| Deferred tax assets | 158M+16.9% | 135M+8.9% | 124M+14.0% | 109M-26.1% | 147M+33.3% | |
| Other non-current assets | 134M+6.5% | 126M+27.4% | 98.8M-16.5% | 118M-1.3% | 120M+45.7% | |
| 3.27B-15.7% | 3.87B+37.1% | 2.83B+18.8% | 2.38B+16.2% | 2.05B+42.8% | ||
| Accounts payable | 368M+9.1% | 338M-6.3% | 360M+12.8% | 319M+3.6% | 308M+22.9% | |
| Accrued liabilities | — | — | — | 50.1M+59.3% | 31.4M-7.9% | |
| Deferred revenue | 262M+22.1% | 214M-12.8% | 246M+23.4% | 199M+3.2% | 193M+12.5% | |
| Short-term & current debt | 1.56B+19.8% | 1.30B+19.2% | 1.09B+39.9% | 782M+43.6% | 544M+147.9% | |
| Current lease liability | 20.0M-20.5% | 25.1M-4.2% | 26.2M-21.2% | 33.3M-15.7% | 39.5M+4.6% | |
| Other current liabilities | — | — | — | 975M+6.9% | 912M+32.6% | |
| 3.41B-16.1% | 4.06B+2.4% | 3.97B+13.9% | 3.49B+60.0% | 2.18B+40.7% | ||
| Non-current lease liability | 37.3M-27.9% | 51.8M-19.4% | 64.2M-13.2% | 74.0M-15.5% | 87.5M+13.7% | |
| Operating lease liability (total) | 57.3M-25.5% | 76.9M-15.0% | 90.4M-15.7% | 107M-15.6% | 127M+10.7% | |
| Deferred tax liabilities | 87.9M-36.8% | 139M+54.6% | 89.9M+79.0% | 50.2M+9.1% | 46.0M+17.8% | |
| 9.48B+11.5% | 8.50B+1.0% | 8.42B+7.5% | 7.83B+2.3% | 7.66B+2.0% | ||
| Common stock | 73.3K+2.3% | 71.7K-3.1% | 73.9K-4.7% | 77.6K-7.9% | 84.2K-0.6% | |
| Additional paid-in capital | 3.43B+2.6% | 3.34B-2.0% | 3.41B-12.0% | 3.87B-12.8% | 4.44B-5.3% | |
| Retained earnings | 6.13B+14.4% | 5.36B+4.8% | 5.11B+19.7% | 4.27B+19.4% | 3.58B+10.9% | |
| Treasury stock | 36.3M-76.6% | 155M+115.5% | 72.0M-75.9% | 299M-8.1% | 325M-17.7% | |
| Accumulated other comprehensive income | -40.2M+0.5% | -40.4M-50.3% | -26.9M-113.8% | -12.6M+67.0% | -38.1M-160.2% | |
| Non-controlling interest | 107M+28.0% | 83.9M+24.5% | 67.4M+4.8% | 64.4M+40.8% | 45.7M+146.7% | |
| Total equity incl. non-controlling | 9.59B+11.7% | 8.59B+1.1% | 8.49B+7.5% | 7.90B+2.5% | 7.70B+2.4% | |
| Total liabilities & equity | 13.0B+2.8% | 12.7B+1.5% | 12.5B+9.5% | 11.4B+15.2% | 9.88B+8.9% | |
| Common shares issued | 796M-1.8% | 810M-0.3% | 813M-1.7% | 827M+0.0% | 827M-3.3% | |
| Common shares outstanding | 791M-1.0% | 799M-0.8% | 805M-0.6% | 809M+0.1% | 808M-2.5% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.67B+4.9% | 1.59B-15.9% | 1.89B+10.7% | 1.71B+52.4% | 1.12B+56.0% | ||
| Depreciation & amortization | 470M+11.9% | 420M+3.4% | 406M+2.4% | 397M+15.2% | 344M+29.1% | |
| Share-based compensation | 31.9M-28.0% | 44.3M+22.9% | 36.0M+35.5% | 26.6M-30.8% | 38.5M+0.4% | |
| Deferred income taxes | -74.6M-283.5% | 40.7M+82.4% | 22.3M-38.7% | 36.3M+222.0% | -29.8M+24.4% | |
| Change in receivables | -31.9M-124.4% | 131M+478.9% | -34.5M-1662.1% | 2.21M-93.2% | 32.5M+181.2% | |
| Change in inventory | 289K-80.2% | 1.46M+182.8% | -1.76M+59.1% | -4.30M-192.6% | 4.65M+247.5% | |
| -672M+19.2% | -831M+52.0% | -1.73B+27.4% | -2.38B-75.6% | -1.36B-163.9% | ||
| Capital expenditure | 726M+0.2% | 724M-21.5% | 923M-12.2% | 1.05B-19.0% | 1.30B+23.6% | |
| Free cash flow | 940M+8.7% | 865M-10.4% | 965M+47.3% | 655M+470.8% | -177M+46.7% | |
| Acquisitions | 12.1M | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | 27.5M+20.4% | 22.8M+12.6% | 20.3M+20.9% | 16.8M-8.5% | 18.3M+122.0% | |
| -1.47B-111.8% | -694M-538.2% | -109M-110.4% | 1.05B+332.9% | -450M-137.3% | ||
| Long-term debt issued | 30.1M | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Common stock repurchased | 174M+8.4% | 161M+13.1% | 142M+1032.0% | 12.6M-97.9% | 591M+231.9% | |
| Dividends paid | 523M-32.9% | 779M+166.0% | 293M+48.9% | 197M-6.3% | 210M-12.2% | |
| FX effect on cash | — | — | — | — | -23.3M+75.5% | |
| Net change in cash | -485M-827.4% | 66.7M+5.3% | 63.3M-85.0% | 421M+159.2% | -712M-154.1% | |
| Interest paid | 36.3M-11.6% | 41.1M+16.7% | 35.2M+33.5% | 26.4M+34.1% | 19.7M+291.9% | |
| Income taxes paid | 368M+10.3% | 333M+41.0% | 236M+26.9% | 186M+5.3% | 177M+23.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 16.6B+5.6% | 15.7B-9.3% | 17.3B-20.1% | 21.7B-4.8% | 22.8B-5.6% | |
| P/E | 13.2×+2.4% | 12.8×-25.1% | 17.1×-41.8% | 29.5×-4.8% | 30.9×-20.0% | |
| P/S | 2.4×-4.9% | 2.6×-22.5% | 3.3×-28.4% | 4.6×-4.8% | 4.8×-26.8% | |
| P/B | 1.8×-5.3% | 1.9×-16.5% | 2.2×-21.9% | 2.8×-4.8% | 3.0×-7.5% | |
| P/FCF | 17.7×-2.8% | 18.2×-31.2% | 26.5× | — | — | |
| Earnings yield | 7.6%-2.4% | 7.8%+33.5% | 5.8%+71.9% | 3.4%+5.0% | 3.2%+25.0% | |
| FCF yield | 5.7%+2.9% | 5.5%+45.4% | 3.8% | — | — | |
| Dividend yield | 3.2%-36.6% | 5.0%+191.8% | 1.7%+89.1% | 0.90%-1.7% | 0.92%-7.0% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: ZTO’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ZTO filings on SEC EDGAR → Not investment advice.