ZTO Express (Cayman) Inc. (ZTO)

ZTO Express Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-	8,888	8,754	6,659	4,701
Depreciation & Amortization	-	3,023	2,875	2,671	2,222
Stock-Based Compensation	-	318.69	254.98	178.98	248.03
Other Adjustments	-	1,352	159.26	190.59	-89.99
Change in Receivables	-	-901.6	388.07	226.92	-341.88
Changes in Inventories	-	-10.5	12.46	28.96	-29.97
Changes in Accounts Payable	-	-93.62	364.58	528.3	354.48
Changes in Accrued Expenses	-	-413.29	577.81	690.46	881.4
Changes in Income Taxes Payable	-	155.63	109.11	135.88	53.73
Changes in Unearned Revenue	-	-180.58	371.04	148.14	113.8
Changes in Other Operating Activities	-	-707.93	-506	21.57	-892.48
Operating Cash Flow	11,968	11,429	13,361	11,479	7,220
Operating Cash Flow Growth	4.72%	-14.46%	16.39%	58.99%	45.84%
Capital Expenditures	-	-5,208	-6,529	-7,068	-8,360
Sale of Property, Plant & Equipment	-	164.37	143.58	112.95	118.28
Purchases of Intangible Assets	-	-693.97	-140.95	-344.99	-967.28
Purchases of Investments	-	-17,703	-21,352	-16,047	-13,988
Proceeds from Sale of Investments	-	16,542	15,039	6,998	14,899
Proceeds from Business Divestments	-	716.6	476.93	330.8	-100.51
Other Investing Activities	-	201.97	109.06	-23.87	-357.53
Investing Cash Flow	-4,827	-5,981	-12,253	-16,042	-8,757
Short-Term Debt Issued	-	19,713	12,279	7,670	6,945
Short-Term Debt Repaid	-	-17,966	-9,925	-5,884	-4,919
Net Short-Term Debt Issued (Repaid)	-	1,747	2,354	1,786	2,026
Long-Term Debt Issued	-	-	-	6,417	-
Net Long-Term Debt Issued (Repaid)	-	-	-	6,417	-
Repurchase of Common Stock	-	-1,157	-1,006	-84.55	-3,811
Net Common Stock Issued (Repurchased)	-	-1,157	-1,006	-84.55	-3,811
Common Dividends Paid	-	-5,605	-2,073	-1,323	-1,354
Other Financing Activities	-	20.34	-45.36	262.81	234.78
Financing Cash Flow	-10,567	-4,995	-769.84	7,058	-2,904
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-58.34	26.11	109.84	338.11	-150.43
Net Cash Flow	-3,484	479.64	448.22	2,834	-4,591
Free Cash Flow	11,968	6,221	6,832	4,412	-1,140
Free Cash Flow Growth	92.38%	-8.94%	54.87%	-	-
FCF Margin	24.38%	14.05%	17.78%	12.47%	-3.75%
Free Cash Flow Per Share	14.58	7.42	8.14	5.38	-1.39
Levered Free Cash Flow	9,081	7,129	8,379	12,168	1,123
Unlevered Free Cash Flow	8,669	5,472	5,468	3,368	-1,119

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q