ZTO Reports First Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
ZTO (NYSE:ZTO) reported unaudited Q1 2026 results with strong top-line and parcel growth but softer margins. Revenue rose 22.0% to RMB13.28 billion and parcel volume grew 13.2%, 7.4 points above industry average. Net income increased 5.7% to RMB2.16 billion and adjusted net income reached RMB2.38 billion. Operating cash flow was RMB2.79 billion. Gross margin was 24.4% and operating margin 19.2%, both slightly below last year. ZTO announced a new US$1.5 billion share repurchase program through March 2028 and reaffirmed 2026 parcel growth guidance of 10–13%. A non-executive director resigned following termination of an investor rights agreement.
AI-generated analysis. Not financial advice.
Positive
- Total revenue increased 22.0% year over year to RMB13,282.4 million
- Parcel volume grew 13.2% to 9.668 billion, 7.4 points above industry average
- Net income rose 5.7% to RMB2,156.4 million
- Adjusted net income increased 5.2% to RMB2,377.1 million
- Net cash from operating activities grew to RMB2,789.0 million from RMB2,363.0 million
- Core express ASP increased 8.2%, improving revenue mix toward key accounts
- Board authorized up to US$1.5 billion share repurchases over 24 months
- Management reaffirmed 2026 parcel volume growth guidance of 10–13% year over year
Negative
- Gross margin declined to 24.4% from 24.7% year over year
- Operating margin decreased to 19.2% from 22.1% year over year
- Other costs rose 80.2% to RMB3,780.9 million, driven by partner payments
- Revenue from freight forwarding services decreased 13.0% year over year
- Other operating income fell to RMB125.7 million from RMB453.7 million
- Selling, general and administrative expenses increased 10.6% to RMB815.7 million
Key Figures
Market Reality Check
Peers on Argus
Ahead of ZTO’s results, ZTO was down 1.21% while key logistics peers like UPS (+1.74%), FDX (+1.68%), CHRW (+2.16%) and EXPD (+0.97%) traded higher, with JBHT slightly lower (-0.92%). This points to stock-specific factors rather than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 17 | Q4 & FY 2025 earnings | Positive | +7.5% | Full-year revenue and parcel growth with large buyback and dividend. |
| Feb 4 | Preliminary 2025 results | Neutral | +1.2% | Preliminary 2025 revenue and gross profit ranges with volume growth detail. |
| Nov 19 | Q3 2025 earnings | Negative | -0.1% | Q3 2025 revenue growth but margin pressure and lowered volume guidance. |
| Apr 17 | 2024 annual report filing | Neutral | +0.3% | Form 20-F filing providing audited 2024 financials and disclosures. |
Earnings and earnings-related updates have typically seen modestly positive to strong positive one-day reactions, with no clear pattern of selling on good news in the recent record.
Over the past year, ZTO’s earnings and financial updates have highlighted consistent parcel-volume growth and expanding revenues, alongside rising cost pressures. The Q4 and full-year 2025 release on Mar 17, 2026 showed higher revenue and adjusted net income plus a sizable capital return plan, drawing a 7.5% gain. Earlier preliminary 2025 estimates on Feb 4, 2026 and the Q3 2025 update in Nov 2025 also paired solid volume growth with margin compression, yet price reactions stayed near flat to modestly positive.
Historical Comparison
Recent earnings and earnings-like releases for ZTO saw average one-day moves of about 2.23%, with reactions skewed modestly positive on growth and capital return updates.
Earnings communications have shown steady parcel and revenue growth while highlighting margin pressure, followed by a reinforced capital return framework and updated volume guidance.
Market Pulse Summary
This announcement highlights robust Q1 2026 expansion, with revenues up 22.0%, parcel volume rising 13.2%, and adjusted net income reaching RMB2.4 billion. Management reiterated 2026 parcel growth guidance of 10%–13% and approved a new US$1.5 billion share repurchase program. At the same time, higher other costs and a lower operating margin underscore ongoing efficiency and pricing execution as key metrics to monitor in future quarters.
Key Terms
adjusted net income financial
adjusted EBITDA financial
EBITDA financial
ADS financial
non-GAAP financial measure financial
line-haul transportation cost technical
reverse logistics technical
operating margin rate financial
AI-generated analysis. Not financial advice.
9.7 Billion Parcel Volume Grew 7.4 Points Faster than Industry Average
Adjusted Net Income Increased
First Quarter 2026 Financial Highlights
- Revenues were
RMB13,282.4 million (US ), an increase of$1,925.5 million 22.0% fromRMB10,891.5 million in the same period of 2025. - Gross profit was
RMB3,235.2 million (US ), an increase of$469.0 million 20.3% fromRMB2,689.2 million in the same period of 2025. - Net income was
RMB2,156.4 million (US ), an increase of$312.6 million 5.7% fromRMB2,039.2 million in the same period of 2025. - Adjusted EBITDA[3] was
RMB3,941.3 million (US ), an increase of$571.4 million 6.9% fromRMB3,686.7 million in the same period of 2025. - Adjusted net income was
RMB2,377.1 million (US ), an increase of$344.6 million 5.2% fromRMB2,259.3 million in the same period of 2025. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB2.73 (US ) and$0.40 RMB2.68 (US ), an increase of$0.39 9.2% and9.8% fromRMB2.50 andRMB2.44 in the same period of 2025, respectively. - Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were
RMB3.01 (US ) and$0.44 RMB2.95 (US ), an increase of$0.43 8.7% and8.9% fromRMB2.77 andRMB2.71 in the same period of 2025 respectively. - Net cash provided by operating activities was
RMB2,789.0 million (US ), compared with$404.3 million RMB2,363.0 million in the same period of 2025.
Operational Highlights for First Quarter 2026
- Parcel volume was 9,668 million, increased
13.2% from 8,539 million in the same period of 2025. - Number of pickup/delivery outlets was over 31,000 as of March 31, 2026.
- Number of direct network partners was approximately 6,000 as of March 31, 2026.
- Number of self-owned line-haul vehicles was over 10,000 as of March 31, 2026.
- Number of line-haul routes between sorting hubs was approximately 3,800 as of March 31, 2026.
- Number of sorting hubs was 93 as of March 31, 2026, among which 88 are operated by the Company and 5 by the Company's network partners.
[1] An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com. |
[2] Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations. |
[3] Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations. |
[4] One ADS represents one Class A ordinary share. |
[5] Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively. |
Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, "During the first quarter of 2026, ZTO maintained focus on quality of services and customer satisfaction, and well executed our key strategies to improve operating cost efficiencies and strengthening network pricing policy fairness and transparency. Our parcel volume reached 9.7 billion, which grew
Mr. Lai added, "
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "For the first quarter, ZTO's core express ASP increased
Ms. Yan added, "The sustainable growth strategy we focused on throughout the years is equally effective during economic stabilization and recovery. Our unique partner-franchise model requires fine tuning from time to time to maintain equitable sharing of the cost and profit. Our volume growth against industry deceleration came from the consistency of anti-involution policy as well as our initiatives to drive reasonable profit allocation for everyone under the ZTO brand. We aim to strengthen our volume leadership, and we are maintaining our annual parcel growth guidance at 10
First Quarter 2026 Unaudited Financial Results | |||||||||
Three Months Ended March 31, | |||||||||
2025 | 2026 | ||||||||
RMB | % | RMB | US$ | % | |||||
(in thousands, except percentages) | |||||||||
Express delivery services | 10,122,290 | 92.9 | 12,523,779 | 1,815,567 | 94.3 | ||||
Freight forwarding services | 179,219 | 1.7 | 155,910 | 22,602 | 1.2 | ||||
Sale of accessories | 560,297 | 5.1 | 577,675 | 83,745 | 4.3 | ||||
Others | 29,659 | 0.3 | 25,000 | 3,624 | 0.2 | ||||
Total revenues | 10,891,465 | 100.0 | 13,282,364 | 1,925,538 | 100.0 | ||||
Total Revenues were
Three Months Ended March 31, | |||||||||
2025 | 2026 | ||||||||
RMB | % | RMB | US$ | % | |||||
(in thousands, except percentages) | |||||||||
Line-haul transportation cost | 3,483,065 | 32.0 | 3,530,168 | 511,767 | 26.6 | ||||
Sorting hub operating cost | 2,314,595 | 21.3 | 2,454,271 | 355,795 | 18.5 | ||||
Freight forwarding cost | 172,792 | 1.6 | 154,265 | 22,364 | 1.2 | ||||
Cost of accessories sold | 133,259 | 1.2 | 127,589 | 18,497 | 1.0 | ||||
Other costs | 2,098,534 | 19.2 | 3,780,850 | 548,107 | 28.3 | ||||
Total cost of revenues | 8,202,245 | 75.3 | 10,047,143 | 1,456,530 | 75.6 | ||||
Total cost of revenues was
Line-haul transportation cost was
Sorting hub operating cost was
Cost of accessories sold was
Other costs were
Gross Profit was
Total Operating Expenses were
Selling, general and administrative expenses were
Other operating income, net was
Income from operations was
Interest income was
Interest expenses was
Gain from fair value changes of financial instruments was
Income tax expenses were
Net income was
Basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted net income was
EBITDA[1] was
Adjusted EBITDA was
Net cash provided by operating activities was
[1] EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations. |
Resignation of Non-Executive Director and Termination of Investor Rights Agreement
The Board announces that Ms. Di XU has tendered her resignation as a non-executive director of the Company, with effect from May 20, 2026 given the recent termination of the investor rights agreement entered by and among the Company, the Company's founders and subsidiaries of Alibaba Group Holdings Limited in June 2018. Ms. Xu has confirmed that (i) she has no disagreement with the board of directors of the Company (the "Board") and (ii) there is no matter in respect of her resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of
Company Share Repurchase Program
The Board has approved a new share repurchase program in March 2026, authorizing the repurchase of up to
Business Outlook
Based on current market and operating conditions, the Company reiterates that its parcel volume for 2026 is expected to increase by
Exchange Rate
This announcement contains translation of certain Renminbi amounts into
Use of Non-GAAP Financial Measures
The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating ZTO's operating results and for financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to its
The Company believes that such non-GAAP measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the related expenses and gains that the Company includes in income from operations and net income, and provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.
Conference Call Information
ZTO's management team will host an earnings conference call at 8:30 PM
Dial-in details for the earnings conference call are as follows:
1-888-317-6003 | |
800-963-976 | |
Mainland | 4001-206-115 |
International: | 1-412-317-6061 |
Passcode: | 2836360 |
Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until May 25, 2026:
1-855-669-9658 | |
International: | 1-412-317-0088 |
Passcode: | 1895291 |
Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com.
About ZTO Express (Cayman) Inc.
ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) ("ZTO" or the "Company") is a leading and fast-growing express delivery company in
ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in
For more information, please visit http://zto.investorroom.com.
Safe Harbor Statement
This announcement contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the
UNAUDITED CONSOLIDATED FINANCIAL DATA | |||||
Summary of Unaudited Consolidated Comprehensive Income Data: | |||||
Three Months Ended March 31, | |||||
2025 | 2026 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share and per share data) | |||||
Revenues | 10,891,465 | 13,282,364 | 1,925,538 | ||
Cost of revenues | (8,202,245) | (10,047,143) | (1,456,530) | ||
Gross profit | 2,689,220 | 3,235,221 | 469,008 | ||
Operating (expenses)/income: | |||||
Selling, general and administrative | (737,511) | (815,664) | (118,246) | ||
Other operating income, net | 453,669 | 125,711 | 18,224 | ||
Total operating expenses | (283,842) | (689,953) | (100,022) | ||
Income from operations | 2,405,378 | 2,545,268 | 368,986 | ||
Other income/(expenses): | |||||
Interest income | 198,392 | 165,945 | 24,057 | ||
Interest expense | (68,876) | (50,272) | (7,288) | ||
Gain from fair value changes of financial instruments | 36,613 | 54,944 | 7,965 | ||
Gain on disposal of equity investees, subsidiary and others | 147 | 478 | 69 | ||
Foreign currency exchange loss before tax | (4,044) | (28,834) | (4,180) | ||
Income before income tax, and share of income in equity method investments | 2,567,610 | 2,687,529 | 389,609 | ||
Income tax expense | (531,574) | (552,180) | (80,049) | ||
Share of income in equity method investments | 3,145 | 21,007 | 3,045 | ||
Net income | 2,039,181 | 2,156,356 | 312,605 | ||
Net income attributable to non-controlling interests | (45,934) | (38,023) | (5,512) | ||
Net income attributable to ZTO Express (Cayman) Inc. | 1,993,247 | 2,118,333 | 307,093 | ||
Net income attributable to ordinary shareholders | 1,993,247 | 2,118,333 | 307,093 | ||
Net earnings per share attributed to ordinary shareholders | |||||
Basic | 2.50 | 2.73 | 0.40 | ||
Diluted | 2.44 | 2.68 | 0.39 | ||
Weighted average shares used in calculating net earnings per ordinary share/ADS | |||||
Basic | 798,486,427 | 776,158,342 | 776,158,342 | ||
Diluted | 832,052,527 | 798,341,566 | 798,341,566 | ||
Net income | 2,039,181 | 2,156,356 | 312,605 | ||
Other comprehensive income/(expense) ,net of tax of nil: | |||||
Foreign currency translation adjustment | 8,701 | (9,922) | (1,438) | ||
Comprehensive income | 2,047,882 | 2,146,434 | 311,167 | ||
Comprehensive income attributable to non-controlling interests | (45,934) | (38,023) | (5,512) | ||
Comprehensive income attributable to ZTO Express (Cayman) Inc. | 2,001,948 | 2,108,411 | 305,655 | ||
Unaudited Consolidated Balance Sheets Data: | |||||
As of | |||||
December 31, | March 31, | ||||
2025 | 2026 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share data) | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 10,011,533 | 11,406,935 | 1,653,658 | ||
Restricted cash | 29,129 | 29,129 | 4,223 | ||
Accounts receivable, net | 1,287,475 | 1,264,820 | 183,360 | ||
Financing receivables | 674,880 | 532,466 | 77,191 | ||
Short-term investment | 15,620,892 | 19,079,372 | 2,765,928 | ||
Inventories | 40,648 | 39,042 | 5,660 | ||
Advances to suppliers | 719,277 | 743,940 | 107,849 | ||
Prepayments and other current assets | 5,102,997 | 5,250,750 | 761,199 | ||
Amounts due from related parties | 477,865 | 506,822 | 73,474 | ||
Total current assets | 33,964,696 | 38,853,276 | 5,632,542 | ||
Investments in equity investees | 1,951,910 | 2,164,047 | 313,721 | ||
Property and equipment, net | 35,433,509 | 36,233,881 | 5,252,810 | ||
Land use rights, net | 6,762,240 | 6,875,348 | 996,716 | ||
Intangible assets, net | 52,758 | 45,466 | 6,591 | ||
Operating lease right-of-use assets | 398,082 | 331,050 | 47,992 | ||
Goodwill | 4,157,111 | 4,157,111 | 602,655 | ||
Deferred tax assets | 1,103,655 | 1,191,798 | 172,774 | ||
Long-term investment | 5,221,110 | 6,292,110 | 912,164 | ||
Long-term financing receivables | 1,039,946 | 989,488 | 143,446 | ||
Other non-current assets | 938,980 | 645,036 | 93,511 | ||
TOTAL ASSETS | 91,023,997 | 97,778,611 | 14,174,922 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Short-term bank borrowing | 10,934,419 | 11,089,280 | 1,607,608 | ||
Accounts payable | 2,577,229 | 2,420,258 | 350,864 | ||
Advances from customers | 1,833,131 | 1,717,342 | 248,962 | ||
Income tax payable | 279,541 | 287,950 | 41,744 | ||
Amounts due to related parties | 796,660 | 92,221 | 13,369 | ||
Operating lease liabilities | 139,787 | 120,382 | 17,452 | ||
Dividends payable | 19,659 | 2,085,103 | 302,276 | ||
Other current liabilities | 6,288,714 | 5,876,810 | 851,958 | ||
Total current liabilities | 22,869,140 | 23,689,346 | 3,434,233 | ||
Long-term bank borrowing | 18,000 | 17,000 | 2,464 | ||
Non-current operating lease liabilities | 261,257 | 218,721 | 31,708 | ||
Deferred tax liabilities | 615,073 | 628,469 | 91,109 | ||
Convertible senior bond | 124,114 | 10,347,781 | 1,500,113 | ||
TOTAL LIABILITIES | 23,887,584 | 34,901,317 | 5,059,627 | ||
Shareholders' equity | |||||
Ordinary shares ( | 513 | 495 | 72 | ||
Additional paid-in capital | 24,000,698 | 22,795,854 | 3,304,705 | ||
Treasury shares, at cost | (254,480) | (245,970) | (35,658) | ||
Retained earnings | 42,918,864 | 39,859,455 | 5,778,408 | ||
Accumulated other comprehensive loss | (281,266) | (291,188) | (42,213) | ||
ZTO Express (Cayman) Inc. shareholders' equity | 66,384,329 | 62,118,646 | 9,005,314 | ||
Non-controlling interests | 752,084 | 758,648 | 109,981 | ||
Total Equity | 67,136,413 | 62,877,294 | 9,115,295 | ||
TOTAL LIABILITIES AND EQUITY | 91,023,997 | 97,778,611 | 14,174,922 | ||
Summary of Unaudited Consolidated Cash Flow Data: | |||||
Three Months Ended March 31, | |||||
2025 | 2026 | ||||
RMB | RMB | US$ | |||
(in thousands) | |||||
Net cash provided by operating activities | 2,362,976 | 2,789,045 | 404,327 | ||
Net cash used in investing activities | (3,158,465) | (7,174,549) | (1,040,091) | ||
Net cash (used in)/provided by financing activities | (261,091) | 5,831,073 | 845,328 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (12,560) | (50,167) | (7,273) | ||
Net (decrease)/increase in cash, cash equivalents and restricted cash | (1,069,140) | 1,395,402 | 202,291 | ||
Cash, cash equivalents and restricted cash at beginning of period | 13,530,947 | 10,046,717 | 1,456,468 | ||
Cash, cash equivalents and restricted cash at end of period | 12,461,807 | 11,442,119 | 1,658,759 | ||
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:
As of | |||||
December 31, | March 31, | ||||
2025 | 2026 | ||||
RMB | RMB | US$ | |||
(in thousands) | |||||
Cash and cash equivalents | 10,011,533 | 11,406,935 | 1,653,658 | ||
Restricted cash, current | 29,129 | 29,129 | 4,223 | ||
Restricted cash, non-current | 6,055 | 6,055 | 878 | ||
Total cash, cash equivalents and restricted cash | 10,046,717 | 11,442,119 | 1,658,759 | ||
Reconciliations of GAAP and Non-GAAP Results | |||||
Three Months Ended March 31, | |||||
2025 | 2026 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share and per share data) | |||||
Net income | 2,039,181 | 2,156,356 | 312,605 | ||
Add: | |||||
Share-based compensation expense (1) | 220,269 | 221,119 | 32,056 | ||
Gain on disposal of equity investees and subsidiary, net of income taxes | (121) | (395) | (57) | ||
Adjusted net income | 2,259,329 | 2,377,080 | 344,604 | ||
Net income | 2,039,181 | 2,156,356 | 312,605 | ||
Add: | |||||
Depreciation | 789,108 | 912,649 | 132,306 | ||
Amortization | 37,819 | 49,211 | 7,134 | ||
Interest expenses | 68,876 | 50,272 | 7,288 | ||
Income tax expenses | 531,574 | 552,180 | 80,049 | ||
EBITDA | 3,466,558 | 3,720,668 | 539,382 | ||
Add: | |||||
Share-based compensation expense | 220,269 | 221,119 | 32,056 | ||
Gain on disposal of equity investees and subsidiary | (147) | (478) | (69) | ||
Adjusted EBITDA | 3,686,680 | 3,941,309 | 571,369 | ||
(1) Net of income taxes of nil | |||||
Reconciliations of GAAP and Non-GAAP Results | |||||
Three Months Ended March 31, | |||||
2025 | 2026 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share and per share data) | |||||
Net income attributable to ordinary shareholders | 1,993,247 | 2,118,333 | 307,093 | ||
Add: | |||||
Share-based compensation expense (1) | 220,269 | 221,119 | 32,056 | ||
Loss/(gain) on disposal of equity investees | |||||
and subsidiary, net of income taxes | (121) | (395) | (57) | ||
Adjusted Net income attributable to ordinary shareholders | 2,213,395 | 2,339,057 | 339,092 | ||
Weighted average shares used in calculating net earnings per ordinary share/ADS | |||||
Basic | 798,486,427 | 776,158,342 | 776,158,342 | ||
Diluted | 832,052,527 | 798,341,566 | 798,341,566 | ||
Net earnings per share/ADS attributable to | |||||
ordinary shareholders | |||||
Basic | 2.50 | 2.73 | 0.40 | ||
Diluted | 2.44 | 2.68 | 0.39 | ||
Adjusted net earnings per share/ADS | |||||
attributable to ordinary shareholders | |||||
Basic | 2.77 | 3.01 | 0.44 | ||
Diluted | 2.71 | 2.95 | 0.43 | ||
(1) Net of income taxes of nil | |||||
For investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508
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SOURCE ZTO Express (Cayman) Inc.