ZTO Express Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	49,099	44,281	38,419	35,377	30,406
Revenue Growth (YoY)	10.88%	15.26%	8.60%	16.35%	20.59%
Cost of Revenue	36,827	30,564	26,756	26,338	23,817
Gross Profit	12,271	13,717	11,663	9,039	6,589
Selling, General & Admin	2,638	2,690	2,425	2,077	1,876
Other Operating Expenses	-840.98	-749.78	-770.65	-774.58	-789.5
Total Operating Expenses	1,797	1,940	1,655	1,303	1,086
Operating Income	10,475	11,777	10,008	7,736	5,503
Interest Income	747.07	993.54	706.77	503.72	363.89
Interest Expense	-248.61	-337.92	-289.53	-190.52	-126.5
Other Non-Operating Income (Expense)	80.18	-756.93	263.55	236.77	-1.2
Total Non-Operating Income (Expense)	578.64	-101.31	680.78	549.97	236.19
Pretax Income	11,054	11,676	10,689	8,286	5,739
Provision for Income Taxes	1,905	2,845	1,939	1,633	1,005
Net Income	9,081	8,817	8,749	6,809	4,755
Minority Interest in Earnings	-67.62	-13.35	-1.1	155.93	21.08
Net Income to Common	9,081	8,817	8,749	6,809	4,755
Net Income Growth	2.99%	0.78%	28.49%	43.20%	10.26%
Shares Outstanding (Basic)	798	805	808	809	820
Shares Outstanding (Diluted)	821	838	839	820	820
Shares Change (YoY)	-2.10%	-0.06%	2.28%	0.04%	2.99%
EPS (Basic)	11.38	10.95	10.83	8.41	5.80
EPS (Diluted)	11.19	10.70	10.60	8.36	5.80
EPS Growth	4.58%	0.94%	26.79%	44.14%	7.01%
Shares Outstanding	790.81	798.62	804.72	809.25	815.26
Free Cash Flow	6,754	6,221	6,832	4,412	-1,140
Free Cash Flow Growth	8.57%	-8.94%	54.87%	-	-
Free Cash Flow Per Share	8.23	7.42	8.14	5.38	-1.39
Dividends Per Share	4.826	5.109	4.396	-	-
Dividend Growth	-5.54%	16.22%	-	-	-
Gross Margin	24.99%	30.98%	30.36%	25.55%	21.67%
Operating Margin	21.33%	26.60%	26.05%	21.87%	18.10%
Profit Margin	18.81%	20.07%	22.79%	18.82%	15.46%
FCF Margin	13.76%	14.05%	17.78%	12.47%	-3.75%
EBITDA	13,854	14,800	12,883	10,407	7,725
EBITDA Margin	28.22%	33.42%	33.53%	29.42%	25.41%
EBIT	10,475	11,777	10,008	7,736	5,503
EBIT Margin	21.33%	26.60%	26.05%	21.87%	18.10%
Effective Tax Rate	17.24%	24.37%	18.14%	19.71%	17.52%

Updated Mar 18, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q