ZTO Reports Fourth Quarter 2025 and Full Year 2025 Unaudited Financial Results
Rhea-AI Summary
ZTO (NYSE: ZTO) reported unaudited Q4 2025 and full‑year 2025 results on March 17, 2026. Full‑year revenue rose 10.9% to RMB49,098.7 million and parcel volume grew by 4.5 billion parcels (+13.3% YoY). Adjusted net income reached RMB9.5 billion. The Board approved a US$1.5 billion share repurchase program and a US$0.39 per ADS semi‑annual dividend. Gross profit and gross margin declined, while operating cash generation remained positive.
Positive
- Revenue +10.9% YoY to RMB49,098.7 million
- Parcel volume +13.3% YoY (+4.5 billion parcels) for full year 2025
- Shareholder return: US$0.39 per ADS dividend and US$1.5 billion buyback program
Negative
- Gross profit -10.5% YoY to RMB12,271.4 million
- Gross margin fell from 29.1% to 25.4% (≈370 bps decline)
- Other costs +66.8% YoY including RMB1,500.2 million increase to serve key accounts
News Market Reaction – ZTO
On the day this news was published, ZTO gained 7.50%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.2% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $1.45B to the company's valuation, bringing the market cap to $20.84B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ZTO fell 1.04% with peers EXPD, CHRW, JBHT, FDX and UPS also down (-0.22% to -1.93%), pointing to a broader freight/logistics downturn rather than company-specific trading.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 04 | Prelim FY25 results | Positive | +1.2% | Preliminary 2025 revenue growth with higher parcel volumes and lower gross profit. |
| Nov 19 | Q3 2025 earnings | Positive | -0.1% | Q3 2025 revenue and net income growth with lowered full-year volume guidance. |
| Apr 17 | 2024 annual report | Neutral | +0.3% | Filing of Form 20-F for 2024 with audited financial statements and disclosures. |
| Apr 19 | 2023 annual report | Neutral | -0.3% | Form 20-F filing for 2023 providing audited annual financial information. |
Earnings and annual reporting events have historically produced relatively small single-day moves, with a mix of slightly positive and slightly negative reactions.
Over the past two years, ZTO’s earnings and reporting cadence featured steady operational growth with some margin pressure. Preliminary 2025 figures on Feb 4, 2026 showed revenue growth but lower gross profit, and the stock moved about +1.24%. Third quarter 2025 results in November 2025 showed rising revenue and net income, yet the price reaction was muted. Annual Form 20-F filings for 2023 and 2024 also triggered only modest moves, suggesting earnings-related headlines tended to generate limited volatility.
Historical Comparison
Past earnings and annual report events led to average single-day moves of about 0.27%, indicating that this news type has usually prompted only modest price reactions.
Recent earnings flow progressed from Q3 2025 results and lowered volume guidance, to preliminary 2025 figures, and now to full Q4 and FY 2025 unaudited results, refining the same operational picture.
Market Pulse Summary
The stock moved +7.5% in the session following this news. A strong positive reaction aligns with ZTO’s mix of revenue growth and shareholder returns. Q4 and full-year 2025 revenue rose to RMB14,510.7M and RMB49,098.7M, while a new US$1.5B buyback and semi-annual dividend were announced. Historically, earnings and filings produced average moves of only 0.27%, so any large upside would have contrasted with usually modest reactions and could have been reassessed as short-term once initial enthusiasm cooled.
Key Terms
adjusted net income financial
adjusted EBITDA financial
EBITDA financial
non-GAAP financial
AI-generated analysis. Not financial advice.
Full Year Adjusted Net Income Reached
Fourth Quarter 2025 Financial Highlights
- Revenues were
RMB14,510.7 million (US ), an increase of$2,075.0 million 12.3% fromRMB12,919.7 million in the same period of 2024. - Gross profit was
RMB3,681.9 million (US ), a decrease of$526.5 million 2.1% fromRMB3,759.7 million in the same period of 2024. - Net income was
RMB2,693.2 million (US ), an increase of$385.1 million 10.1% fromRMB2,446.8 million in the same period of 2024. - Adjusted EBITDA[3] was
RMB4,241.5 million (US ), a decrease of$606.5 million 8.1% fromRMB4,615.3 million in the same period of 2024. - Adjusted net income[2] was
RMB2,694.5 million (US ), a decrease of$385.3 million 1.4% fromRMB2,733.3 million in the same period of 2024. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB3.31 (US ) and$0.47 RMB3.31 (US ), an increase of$0.47 11.4% and14.5% fromRMB2 .97andRMB2.89 in the same period of 2024, respectively. - Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were
RMB3.31 (US ) and$0.47 RMB3.31 (US ), a decrease of$0.47 0.3% and an increase of2.2% fromRMB3.32 andRMB3.24 in the same period of 2024, respectively. - Net cash provided by operating activities was
RMB4,226.3 million (US ), compared with RMB2,806.3 million in the same period of 2024.$604.3 million
Fiscal Year 2025 Financial Highlights
- Revenues were
RMB49,098.7 million (US ), an increase of$7,021.0 million 10.9% fromRMB44,280.7million in 2024. - Gross profit was
RMB12,271.4 million (US ), a decrease of$1,754.8 million 10.5% fromRMB13,717.1million in 2024. - Net income was
RMB9,235.7 million (US ), an increase of$1,320.7 million 3.9% fromRMB8,887.6million in 2024. - Adjusted EBITDA[3] was
RMB15,045.6million (US ), a decrease of$2,151.5 million 8.0% fromRMB16,354.9 million in 2024. - Adjusted net income[2] was
RMB9,512.7 million (US ), a decrease of$1,360.3 million 6.3% fromRMB10,150.4 million in 2024. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB11.38 (US ) and$1.63 RMB11.19 (US ), an increase of$1.60 3.9% and4.6% fromRMB10.95 andRMB10.70 in 2024. - Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders[5] were
RMB11.73 (US ) and$1.68 RMB11.52 (US ), a decrease of$1.65 6.3% and5.6% fromRMB12.52 andRMB12.20 in 2024. - Net cash provided by operating activities was
RMB11,968.4 million (US ), compared with$1,711.5 million RMB11,429.4 million in 2024.
Operational Highlights for Fourth Quarter 2025
- Parcel volume was 10,558 million, increased
9.2% from 9,665 million in the same period of 2024. - Number of pickup/delivery outlets was over 31,000 as of December 31, 2025.
- Number of direct network partners was over 6,000 as of December 31, 2025.
- Number of self-owned line-haul vehicles was over 10,000 as of December 31, 2025.
- Out of the over 10,000 self-owned trucks, over 9,700 were high capacity 15 to 17-meter-long models as of December 31, 2025.
- Number of line-haul routes between sorting hubs was approximately 3,800 as of December 31, 2025.
- Number of sorting hubs was 93 as of December 31, 2025, among which 88 were 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 fourth quarter, the anti-involution policy continued to take effect in eradicating extreme low pricing in the express delivery industry. ZTO prioritized quality of services and customer satisfaction, and our volume growth outpaced the industry average to reach 10.6 billion parcels. Adjusted net income was 2.7 billion which was in line with expectations. Further, the daily average non-retail volume continued to trend up throughout the year and reached 9.8 million which increased over
Mr. Lai added, "On one hand, we are encouraged by the industry's overall shift towards quality in addition to quantity growth. Low price-driven volume gain is neither sustainable nor economically sensible. For a scale-based business model, this fundamental change will help accelerate the industry's advancement from cut-throat price competition to winning customers with capabilities, hence enhance further consolidation. On another hand, we are in an era of change, and that the near-term macro environment and micro conditions may be extremely volatile. What is certain, however, is that our business and financial fundamentals are solid. With quality paving the way, we are committed to maintaining ZTO's leadership in volume and profitability. In times of change, we will pay even closer attention to equitable sharing among all vested parties. It is the consistent practice of "shared-success" that will win us the marathon and deliver sustainable return to all our investors."
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "For the fourth quarter, ZTO's core express ASP increased
Ms. Yan added, "With the Board of Directors' approval, the company has announced a shareholder return structure by combining cash dividend and stock buyback into one single plan to optimize the shareholder return. No less than
Fourth Quarter 2025 Unaudited Financial Results | |||||||||
Three Months Ended December 31, | |||||||||
2024 | 2025 | ||||||||
RMB | % | RMB | US$ | % | |||||
(in thousands, except percentages) | |||||||||
Express delivery services | 12,024,132 | 93.1 | 13,600,232 | 1,944,807 | 93.7 | ||||
Freight forwarding services | 208,931 | 1.6 | 225,860 | 32,298 | 1.6 | ||||
Sale of accessories | 646,675 | 5.0 | 657,320 | 93,996 | 4.5 | ||||
Others | 39,964 | 0.3 | 27,289 | 3,902 | 0.2 | ||||
Total revenues | 12,919,702 | 100.0 | 14,510,701 | 2,075,003 | 100.0 | ||||
Total Revenues were
Three Months Ended December 31, | |||||||||
2024 | 2025 | ||||||||
% of | % of | ||||||||
RMB | revenues | RMB | US$ | revenues | |||||
(in thousands, except percentages) | |||||||||
Line-haul transportation cost | 3,913,823 | 30.3 | 3,894,486 | 556,904 | 26.8 | ||||
Sorting hub operating cost | 2,543,707 | 19.7 | 2,714,125 | 388,115 | 18.7 | ||||
Freight forwarding cost | 197,053 | 1.5 | 212,461 | 30,382 | 1.5 | ||||
Cost of accessories sold | 196,941 | 1.5 | 157,930 | 22,584 | 1.1 | ||||
Other costs | 2,308,459 | 17.9 | 3,849,844 | 550,519 | 26.5 | ||||
Total cost of revenues | 9,159,983 | 70.9 | 10,828,846 | 1,548,504 | 74.6 | ||||
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 were
Loss 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. |
Fiscal Year 2025 Financial Results | ||||||||||
Year Ended December 31, | ||||||||||
2024 | 2025 | |||||||||
RMB | % | RMB | US$ | % | ||||||
(in thousands, except percentages) | ||||||||||
Express delivery services | 40,953,034 | 92.5 | 45,726,365 | 6,538,783 | 93.1 | |||||
Freight forwarding services | 885,410 | 2.0 | 808,000 | 115,542 | 1.7 | |||||
Sale of accessories | 2,300,392 | 5.2 | 2,444,323 | 349,534 | 5.0 | |||||
Others | 141,884 | 0.3 | 119,979 | 17,157 | 0.2 | |||||
Total revenues | 44,280,720 | 100.0 | 49,098,667 | 7,021,016 | 100.0 | |||||
Total Revenues were
Year Ended December 31, | |||||||||
2024 | 2025 | ||||||||
% of | % of | ||||||||
RMB | revenues | RMB | US$ | revenues | |||||
(in thousands, except percentages) | |||||||||
Line-haul transportation cost | 13,966,446 | 31.5 | 13,970,542 | 1,997,761 | 28.5 | ||||
Sorting hub operating cost | 9,163,784 | 20.7 | 9,837,678 | 1,406,769 | 20.0 | ||||
Freight forwarding cost | 828,270 | 1.9 | 760,308 | 108,723 | 1.5 | ||||
Cost of accessories sold | 651,729 | 1.5 | 577,950 | 82,646 | 1.2 | ||||
Other costs | 5,953,399 | 13.4 | 11,680,748 | 1,670,324 | 23.8 | ||||
Total cost of revenues | 30,563,628 | 69.0 | 36,827,226 | 5,266,223 | 75.0 | ||||
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
Impairment of goodwill was
Foreign currency exchange gain before tax 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
Recent Developments
Convertible Senior Notes
In early February 2026, the Company completed the offering of
In connection with the offering of the Notes, the Company has entered into capped call transactions with certain counterparties. The cap price of the capped call transactions is initially
Concurrently with the pricing of the Notes, the Company repurchased 18,254,400 Class A ordinary shares from certain purchasers of the Notes in off-market privately negotiated transactions (the "Concurrent Share Repurchase"). The Concurrent Share Repurchase was expected to facilitate the initial hedging by purchasers of the Notes who desired to hedge their investments in the Notes. The Concurrent Share Repurchase was made pursuant to the Company's existing share repurchase program that is effective through June 30, 2026. The purchase price in the Concurrent Share Repurchase was the closing price of the Company's Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026,
Declaration of Semi-Annual Dividend
The board of directors (the "Board") has approved a cash dividend of
Share Repurchase Update and New Authorization
Completion of the Existing Share Repurchase Program
The Board initially approved its share repurchase program in November 2018. Following subsequent modifications, the program's aggregate authorization was increased to
Adoption of New Share Repurchase Program
On March 17, 2026, the Board approved a new share repurchase program (the "New Program"), authorizing the repurchase of up to
Enhanced Shareholder Return Plan
Since March 2024, the Company has maintained a semi-annual dividend policy with a payout ratio of no less than
Board and Committee Changes
Mr. Frank Zhen Wei has tendered his resignation as an independent non-executive director of the Company, as well as the chairman and a member of the compensation committee and nominating and corporate governance committee of the Board, due to his plan to commit more time on other professional endeavors, effective on March 18, 2026. The Company extends its sincere gratitude to Mr. Wei's service and wishes him the best in his future endeavors.
The Board has appointed (i) Mr. Herman Yu as a member of the nominating and corporate governance committee, (ii) Mr. Qin Charles Huang as the chairman of the nominating and corporate governance committee and (iii) Ms. Fang Xie as the chairman of the compensation committee. These changes will be effective on March 18, 2026.
Business Outlook
Based on current market and operating conditions, the Company expects its parcel volume for 2026 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 ADS attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating the Company's operating results and for financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to its
The Company believe 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 |
800-120-5863 | |
International: | 1-412-317-6061 |
Passcode: | 5925555 |
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 March 24, 2026:
1-855-669-9658 | |
International: | 1-412-317-0088 |
Passcode: | 7894484 |
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 December 31, | Year Ended December 31, | |||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(in thousands, except for share and per share data) | ||||||||||||
Revenues | 12,919,702 | 14,510,701 | 2,075,003 | 44,280,720 | 49,098,667 | 7,021,016 | ||||||
Cost of revenues | (9,159,983) | (10,828,846) | (1,548,504) | (30,563,628) | (36,827,226) | (5,266,223) | ||||||
Gross profit | 3,759,719 | 3,681,855 | 526,499 | 13,717,092 | 12,271,441 | 1,754,793 | ||||||
Operating (expenses)/income: | ||||||||||||
Selling, general and administrative | (655,825) | (643,879) | (92,073) | (2,690,017) | (2,637,560) | (377,166) | ||||||
Other operating income, net | 349,277 | 151,380 | 21,647 | 749,784 | 840,980 | 120,259 | ||||||
Total operating expenses | (306,548) | (492,499) | (70,426) | (1,940,233) | (1,796,580) | (256,907) | ||||||
Income from operations | 3,453,171 | 3,189,356 | 456,073 | 11,776,859 | 10,474,861 | 1,497,886 | ||||||
Other income/(expenses): | ||||||||||||
Interest income | 221,927 | 154,717 | 22,124 | 993,535 | 747,072 | 106,830 | ||||||
Interest expense | (71,784) | (27,204) | (3,890) | (337,919) | (248,612) | (35,551) | ||||||
Gain/(loss) from fair value changes of | 168,003 | (9,247) | (1,322) | 202,886 | 126,038 | 18,023 | ||||||
(Loss)/gain on disposal of equity | (21,212) | 2,038 | 291 | (10,518) | 37,034 | 5,296 | ||||||
Impairment of investment in equity | ||||||||||||
investees | (258,551) | - | - | (931,367) | - | - | ||||||
Impairment of goodwill | - | - | - | - | (84,431) | (12,073) | ||||||
Foreign currency exchange (loss)/gain | ||||||||||||
before tax | (318) | (20,121) | (2,877) | (17,930) | 1,542 | 221 | ||||||
Income before income tax, and share of loss in equity method investments | 3,491,236 | 3,289,539 | 470,399 | 11,675,546 | 11,053,504 | 1,580,632 | ||||||
Income tax expense | (1,059,086) | (638,131) | (91,252) | (2,845,361) | (1,905,236) | (272,445) | ||||||
Share of income in equity method | 14,659 | 41,809 | 5,979 | 57,410 | 87,393 | 12,497 | ||||||
Net income | 2,446,809 | 2,693,217 | 385,126 | 8,887,595 | 9,235,661 | 1,320,684 | ||||||
Net income attributable to non-controlling interests | (64,119) | (67,865) | (9,705) | (70,760) | (155,010) | (22,166) | ||||||
Net income attributable to ZTO Express | ||||||||||||
(Cayman) Inc. | 2,382,690 | 2,625,352 | 375,421 | 8,816,835 | 9,080,651 | 1,298,518 | ||||||
Net income attributable to ordinary | ||||||||||||
shareholders | 2,382,690 | 2,625,352 | 375,421 | 8,816,835 | 9,080,651 | 1,298,518 | ||||||
Net earnings per share attributed to | ||||||||||||
ordinary shareholders | ||||||||||||
Basic | 2.97 | 3.31 | 0.47 | 10.95 | 11.38 | 1.63 | ||||||
Diluted | 2.89 | 3.31 | 0.47 | 10.70 | 11.19 | 1.60 | ||||||
Weighted average shares used in | ||||||||||||
calculating net earnings per ordinary | ||||||||||||
share/ADS | ||||||||||||
Basic | 803,354,580 | 792,680,220 | 792,680,220 | 804,875,816 | 797,634,860 | 797,634,860 | ||||||
Diluted | 836,920,680 | 793,297,332 | 793,297,332 | 838,441,916 | 820,802,763 | 820,802,763 | ||||||
Net income | 2,446,809 | 2,693,217 | 385,126 | 8,887,595 | 9,235,661 | 1,320,684 | ||||||
Other comprehensive income/ | ||||||||||||
(expenses), net of tax of nil: | ||||||||||||
Foreign currency translation adjustment | (124,108) | (23,046) | (3,296) | (103,970) | 13,428 | 1,920 | ||||||
Comprehensive income | 2,322,701 | 2,670,171 | 381,830 | 8,783,625 | 9,249,089 | 1,322,604 | ||||||
Comprehensive income attributable to | ||||||||||||
non-controlling interests | (64,119) | (67,865) | (9,705) | (70,760) | (155,010) | (22,166) | ||||||
Comprehensive income attributable to | ||||||||||||
ZTO Express (Cayman) Inc. | 2,258,582 | 2,602,306 | 372,125 | 8,712,865 | 9,094,079 | 1,300,438 | ||||||
Unaudited Consolidated Balance Sheets Data: | |||||
As of | |||||
December 31, | December 31, | ||||
2024 | 2025 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share data) | |||||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 13,465,442 | 10,011,533 | 1,431,630 | ||
Restricted cash | 37,517 | 29,129 | 4,165 | ||
Accounts receivable, net | 1,503,706 | 1,287,475 | 184,106 | ||
Financing receivables | 1,178,617 | 674,880 | 96,507 | ||
Short-term investment | 8,848,447 | 15,620,892 | 2,233,758 | ||
Inventories | 38,569 | 40,648 | 5,813 | ||
Advances to suppliers | 783,599 | 719,277 | 102,855 | ||
Prepayments and other current assets | 4,329,664 | 5,102,997 | 729,719 | ||
Amounts due from related parties | 168,160 | 477,865 | 68,334 | ||
Total current assets | 30,353,721 | 33,964,696 | 4,856,887 | ||
Investments in equity investees | 1,871,337 | 1,951,910 | 279,119 | ||
Property and equipment, net | 33,915,366 | 35,433,509 | 5,066,924 | ||
Land use rights, net | 6,170,233 | 6,762,240 | 966,987 | ||
Intangible assets, net | 17,043 | 52,758 | 7,544 | ||
Operating lease right-of-use assets | 566,316 | 398,082 | 56,925 | ||
Goodwill | 4,241,541 | 4,157,111 | 594,459 | ||
Deferred tax assets | 984,567 | 1,103,655 | 157,821 | ||
Long-term investment | 12,017,755 | 5,221,110 | 746,609 | ||
Long-term financing receivables | 861,453 | 1,039,946 | 148,710 | ||
Other non-current assets | 919,331 | 938,980 | 134,272 | ||
Amounts due from related parties-non current | 421,667 | - | - | ||
TOTAL ASSETS | 92,340,330 | 91,023,997 | 13,016,257 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Short-term bank borrowing | 9,513,958 | 10,934,419 | 1,563,601 | ||
Accounts payable | 2,463,395 | 2,577,229 | 368,539 | ||
Advances from customers | 1,565,147 | 1,833,131 | 262,134 | ||
Income tax payable | 488,889 | 279,541 | 39,974 | ||
Amounts due to related parties | 202,766 | 796,660 | 113,921 | ||
Operating lease liabilities | 183,373 | 139,787 | 19,989 | ||
Dividends payable | 14,134 | 19,659 | 2,811 | ||
Convertible senior bond | 7,270,081 | - | - | ||
Other current liabilities | 6,571,492 | 6,288,714 | 899,273 | ||
Total current liabilities | 28,273,235 | 22,869,140 | 3,270,242 | ||
Long-term bank borrowing | - | 18,000 | 2,574 | ||
Non-current operating lease liabilities | 377,717 | 261,257 | 37,359 | ||
Deferred tax liabilities | 1,014,545 | 615,073 | 87,954 | ||
Convertible senior bond | - | 124,114 | 17,748 | ||
TOTAL LIABILITIES | 29,665,497 | 23,887,584 | 3,415,877 | ||
Shareholders' equity | |||||
Ordinary shares ( 810,339,182 shares issued and 798,622,719 shares outstanding as of December 31, | 523 | 513 | 73 | ||
Additional paid-in capital | 24,389,905 | 24,000,698 | 3,432,054 | ||
Treasury shares, at cost | (1,131,895) | (254,480) | (36,390) | ||
Retained earnings | 39,098,553 | 42,918,864 | 6,137,316 | ||
Accumulated other comprehensive loss | (294,694) | (281,266) | (40,220) | ||
ZTO Express (Cayman) Inc. shareholders' equity | 62,062,392 | 66,384,329 | 9,492,833 | ||
Noncontrolling interests | 612,441 | 752,084 | 107,547 | ||
Total Equity | 62,674,833 | 67,136,413 | 9,600,380 | ||
TOTAL LIABILITIES AND EQUITY | 92,340,330 | 91,023,997 | 13,016,257 | ||
Summary of Unaudited Consolidated Cash Flow Data: | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands) | |||||||||||
Net cash provided by operating activities | 2,806,349 | 4,226,269 | 604,348 | 11,429,436 | 11,968,419 | 1,711,461 | |||||
Net cash provided by/(used) in investing activities | 2,974,348 | (78,533) | (11,230) | (5,980,724) | (4,827,106) | (690,267) | |||||
Net cash used in financing | |||||||||||
activities | (4,031,871) | (3,517,215) | (502,955) | (4,995,180) | (10,567,203) | (1,511,090) | |||||
Effect of exchange rate changes on cash, | |||||||||||
cash equivalents and restricted cash | 34,377 | (6,184) | (884) | 26,105 | (58,340) | (8,343) | |||||
Net increase in cash, cash equivalents | |||||||||||
and restricted cash | 1,783,203 | 624,337 | 89,279 | 479,637 | (3,484,230) | (498,239) | |||||
Cash, cash equivalents and restricted | |||||||||||
cash at beginning of period | 11,747,744 | 9,422,380 | 1,347,382 | 13,051,310 | 13,530,947 | 1,934,900 | |||||
Cash, cash equivalents and restricted | |||||||||||
cash at end of period | 13,530,947 | 10,046,717 | 1,436,661 | 13,530,947 | 10,046,717 | 1,436,661 | |||||
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, | December 31, | ||||
2024 | 2025 | ||||
RMB | RMB | US$ | |||
(in thousands) | |||||
Cash and cash equivalents | 13,465,442 | 10,011,533 | 1,431,630 | ||
Restricted cash, current | 37,517 | 29,129 | 4,165 | ||
Restricted cash, non-current | 27,988 | 6,055 | 866 | ||
Total cash, cash equivalents and restricted cash | 13,530,947 | 10,046,717 | 1,436,661 | ||
Reconciliations of GAAP and Non-GAAP Results | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Net income | 2,446,809 | 2,693,217 | 385,126 | 8,887,595 | 9,235,661 | 1,320,684 | |||||
Add: | |||||||||||
Share-based compensation expense [1] | 6,768 | 2,993 | 428 | 318,692 | 229,250 | 32,782 | |||||
Impairment of investment in equity | 258,551 | - | - | 931,367 | - | - | |||||
Impairment of goodwill | - | - | - | - | 84,431 | 12,073 | |||||
Loss / (gain) on disposal of equity | 21,212 | (1,683) | (241) | 12,705 | (36,654) | (5,241) | |||||
Adjusted net income | 2,733,340 | 2,694,527 | 385,313 | 10,150,359 | 9,512,688 | 1,360,298 | |||||
Net income | 2,446,809 | 2,693,217 | 385,126 | 8,887,595 | 9,235,661 | 1,320,684 | |||||
Add: | |||||||||||
Depreciation | 714,289 | 842,389 | 120,460 | 2,882,579 | 3,224,811 | 461,142 | |||||
Amortization | 36,793 | 39,593 | 5,662 | 140,827 | 154,667 | 22,117 | |||||
Interest expenses | 71,784 | 27,204 | 3,890 | 337,919 | 248,612 | 35,551 | |||||
Income tax expenses | 1,059,086 | 638,131 | 91,252 | 2,845,361 | 1,905,236 | 272,445 | |||||
EBITDA | 4,328,761 | 4,240,534 | 606,390 | 15,094,281 | 14,768,987 | 2,111,939 | |||||
Add: | |||||||||||
Share-based compensation expense | 6,768 | 2,993 | 428 | 318,692 | 229,250 | 32,782 | |||||
Impairment of investment in equity | 258,551 | - | - | 931,367 | - | - | |||||
Impairment of goodwill | - | - | - | - | 84,431 | 12,073 | |||||
Loss / (gain) on disposal of equity | 21,212 | (2,038) | (291) | 10,518 | (37,034) | (5,296) | |||||
Adjusted EBITDA | 4,615,292 | 4,241,489 | 606,527 | 16,354,858 | 15,045,634 | 2,151,498 | |||||
(1) Net of income taxes of nil | |||||||||||
Reconciliations of GAAP and Non-GAAP Results | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Net income attributable to ordinary | 2,382,690 | 2,625,352 | 375,421 | 8,816,835 | 9,080,651 | 1,298,518 | |||||
Add: | |||||||||||
Share-based compensation expense [1] | 6,768 | 2,993 | 428 | 318,692 | 229,250 | 32,782 | |||||
Impairment of investment in equity | 258,551 | - | - | 931,367 | - | - | |||||
Impairment of goodwill | - | - | - | - | 84,431 | 12,073 | |||||
Loss / (gain) on disposal of equity | 21,212 | (1,683) | (241) | 12,705 | (36,654) | (5,241) | |||||
Adjusted Net income attributable to | 2,669,221 | 2,626,662 | 375,608 | 10,079,599 | 9,357,678 | 1,338,132 | |||||
Weighted average shares used in | |||||||||||
Basic | 803,354,580 | 792,680,220 | 792,680,220 | 804,875,816 | 797,634,860 | 797,634,860 | |||||
Diluted | 836,920,680 | 793,297,332 | 793,297,332 | 838,441,916 | 820,802,763 | 820,802,763 | |||||
Net earnings per share/ADS | |||||||||||
Basic | 2.97 | 3.31 | 0.47 | 10.95 | 11.38 | 1.63 | |||||
Diluted | 2.89 | 3.31 | 0.47 | 10.70 | 11.19 | 1.60 | |||||
Adjusted net earnings per share/ADS | |||||||||||
Basic | 3.32 | 3.31 | 0.47 | 12.52 | 11.73 | 1.68 | |||||
Diluted | 3.24 | 3.31 | 0.47 | 12.20 | 11.52 | 1.65 | |||||
(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
View original content:https://www.prnewswire.com/news-releases/zto-reports-fourth-quarter-2025-and-full-year-2025-unaudited-financial-results-302716375.html
SOURCE ZTO Express (Cayman) Inc.
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