ZTO Reports Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

ZTO (NYSE: ZTO) reported third quarter 2025 unaudited results: revenues RMB11,864.7M (+11.1% YoY), gross profit RMB2,956.0M (-11.4% YoY), and net income RMB2,538.7M (+6.7% YoY). Adjusted net income rose to RMB2,506.1M (+5.0%). Parcel volume was 9.573 billion parcels (+9.8% YoY). Adjusted EBITDA was RMB3,582.5M (-4.2% YoY). Net cash provided by operations was RMB3,211.0M. Management lowered 2025 annual volume guidance to 38.2–38.7 billion parcels (12.3%–13.8% YoY). The company had repurchased 52.9M ADSs for US$1.3B, leaving ~US$0.7B available under the buyback program.

Positive

• Total revenue +11.1% YoY to RMB11,864.7M
• Key account revenue +141.2% YoY
• Automated sorting equipment +42% to 761 sets vs 535

Negative

• Gross profit -11.4% YoY to RMB2,956.0M
• Total cost of revenues +21.4% YoY to RMB8,908.7M
• Full-year parcel volume guidance revised down to 38.2–38.7B parcels

Insights

Equity Analyst

ZTO grew volume and revenue but suffered margin compression; watch Q4 volume and margin recovery against higher KA costs.

ZTO delivered 9.8% parcel volume growth to 9,573 million parcels and revenue of RMB11,864.7 million (up 11.1%). Adjusted net income rose to RMB2,506.1 million (up 5.0%) while adjusted EBITDA declined to RMB3,582.5 million (down 4.2%), reflecting falling unit economics despite top-line expansion.

The primary driver of margin pressure is higher cost absorption for key account service: "other costs" increased by 115.9% and included RMB1,471.7 million for serving key accounts, which materially widened total cost of revenues (up 21.4%). Gross margin fell to 24.9% from 31.2%, and operating margin moved to 20.3% from 26.6%, signaling that volume gains did not fully offset cost increases this quarter.

Concrete monitors: track reported parcel volume and unit price in the final quarter versus the revised annual range of 38.2 billion to 38.7 billion parcels for 2025, next quarter gross margin and adjusted EBITDA trends, and the impact of key-account mix on "other costs." Also note remaining share repurchase capacity of US$0.7 billion through June 30, 2026. Time horizon: near term (next quarter results) for margin trajectory and medium term (full-year 2025) for whether volume guidance and cost absorption normalize.

Parcel Volume Increased 9.8% to 9.6 Billion
Adjusted Net Income Grew 5.0% to RMB2.5 Billion

SHANGHAI, Nov. 19, 2025 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the third quarter ended September 30, 2025^[1]. The Company grew parcel volume by 9.8% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 5.0%^[2] to RMB2,506.1 million. Net cash generated from operating activities was RMB3,211.0 million.

Third Quarter 2025 Financial Highlights

• Revenues were RMB11,864.7 million (US$1,666.6 million), an increase of 11.1% from RMB10,675.0 million in the same period of 2024.
• Gross profit was RMB2,956.0 million (US$415.2 million), a decrease of 11.4% from RMB3,334.8 million in the same period of 2024.
• Net income was RMB2,538.7 million (US$356.6 million), an increase of 6.7% from RMB2,379.0 million in the same period of 2024.
• Adjusted EBITDA^[3] was RMB3,582.5 million (US$503.2 million), a decrease of 4.2% from RMB3,739.5 million in the same period of 2024.
• Adjusted net income was RMB2,506.1 million (US$352.0 million), an increase of 5.0% from RMB2,387.3 million in the same period of 2024.
• Basic and diluted net earnings per American depositary share ("ADS"^[4]) were RMB3.16 (US$0.44) and RMB3.10 (US$0.44), an increase of 6.0% and 6.9% from RMB2.98 and RMB2.90 in the same period of 2024, respectively.
• Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders^[5] were RMB3.12 (US$0.44) and RMB3.06 (US$0.43), an increase of 4.3% and 5.2% from RMB2.99 and RMB2.91 in the same period of 2024, respectively.
• Net cash provided by operating activities was RMB3,211.0 million (US$451.0 million), compared with RMB3,112.0 million in the same period of 2024.

Operational Highlights for Third Quarter 2025

• Parcel volume was 9,573 million, increased 9.8% from 8,723 million in the same period of 2024.
• Number of pickup/delivery outlets was over 31,000 as of September 30, 2025.
• Number of direct network partners was over 6,000 as of September 30, 2025.
• Number of self-owned line-haul vehicles was over 10,000 as of September 30, 2025.
• Number of line-haul routes between sorting hubs was approximately 3,900 as of September 30, 2025.
• Number of sorting hubs was 95 as of September 30, 2025, among which 91 are operated by the Company and 4 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, "Focusing on quality and increasing market presence while maintaining healthy earnings is ZTO's unwavering long-term strategy. During this quarter, we grew volume by 9.8% to reach 9.6 billion parcels and we delivered 2.51 billion adjusted net income which increased 5%. Our retail volume's growth momentum remained strong at nearly 50% and continued to bring positive contribution to margin."

Mr. Lai added, "During the third quarter, government's appeal for anti-involution not only brought mitigating effect towards social stability but also influenced the industry turning towards quality development versus merely quantity expansion. Being the industry leader, ZTO is called upon to exemplify with increasing rigor, and we renewed our commitment to strengthening our own capabilities whileaddressing genuine concerns. Nearly all industries go through stages of competition and true strength will sustain. Despite complex macro environment where uncertainties remain, we believe ZTO will continue to build strength in quality, scale and profitability and drive healthy sustainable growth for the long run."

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "ZTO's core express ASP increased by 2 cents. The 14 cents in higher volume incentives and 2 cents from lower average weight per parcel were absorbed by 18 cents increase in KA unit price. Combined unit sorting and transportation costs decreased 5 cents driven by transportation cost productivity. SG&A costs remain structurally stable at 5.3% of revenue. Cash flow from operating activities grew 3.2% to 3.2 billion, and capital spending was 1.2 billion for the quarter."

Ms. Yan added, "With visibility into the final quarter of the year, we are adjusting down the annual volume guidance to be in the range of 38.2 to 38.7 billion parcels representing a year-over-year growth of 12.3% to 13.8%. Volume is crucial to our business, and network stability is the foundation for sustainable future growth of our company. As macro environment continues to evolve and industry dynamics shifts towards healthier growth, we maintain confidence in our ability to execute the overall corporate strategy as well as tackle challenges at hand to become a world leading logistics service provider."

Third Quarter 2025 Unaudited Financial Results
	Three Months Ended September 30,										Nine Months Ended September 30,
	2024				2025						2024				2025
	RMB		%		RMB		US$		%		RMB		%		RMB		US$		%
	(in thousands, except percentages)
Express delivery services	9,812,807		91.9		11,020,092		1,547,983		92.9		28,928,902		92.2		32,126,133		4,512,731		92.9
Freight forwarding services	240,491		2.3		222,664		31,277		1.9		676,480		2.2		582,141		81,773		1.6
Sale of accessories	588,233		5.5		590,936		83,008		5.0		1,653,717		5.3		1,787,002		251,019		5.2
Others	33,517		0.3		31,002		4,356		0.2		101,919		0.3		92,690		13,020		0.3
Total revenues	10,675,048		100.0		11,864,694		1,666,624		100.0		31,361,018		100.0		34,587,966		4,858,543		100.0

Total Revenues were RMB11,864.7 million (US$ 1,666.6 million), increased 11.1% from RMB10,675.0 million in the same period of 2024. Revenue from the core express delivery business increased by 11.6% compared to the same period of 2024 as a net result of a 9.8% growth in parcel volume and a 1.7% increase in parcel unit price. Keyaccount revenue, generated by direct sales organizations, increased by 141.2% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 7.4% compared to the same period of 2024. Revenue from sales of accessories largely consisted of sales of digital thermal paper waybills, increased by 0.5%. Other revenues were derived mainly from financing services.

	Three Months Ended September 30,										Nine Months Ended September 30,
	2024				2025						2024				2025
	RMB		%		RMB		US$		%		RMB		%		RMB		US$		%
	(in thousands, except percentages)
Line-haul transportation cost	3,398,007		31.8		3,302,046		463,836		27.8		10,052,623		32.1		10,076,055		1,415,375		29.1
Sorting hub operating cost	2,224,206		20.8		2,394,119		336,300		20.2		6,620,077		21.1		7,123,554		1,000,640		20.6
Freight forwarding cost	226,111		2.1		204,820		28,771		1.7		631,217		2.0		547,847		76,956		1.6
Cost of accessories sold	161,648		1.5		135,557		19,042		1.1		454,788		1.5		420,020		59,000		1.2
Other costs	1,330,265		12.6		2,872,183		403,452		24.3		3,644,940		11.5		7,830,904		1,100,000		22.7
Total cost of revenues	7,340,237		68.8		8,908,725		1,251,401		75.1		21,403,645		68.2		25,998,380		3,651,971		75.2

Total cost of revenues was RMB8,908.7 million (US$1,251.4 million), an increase of 21.4% from RMB7,340.2 million in the same period last year.

Line-haul transportation cost was RMB3,302.0 million (US$463.8 million), decreased 2.8% from RMB3,398.0 million in the same period last year. The unit transportation cost decreased 12.8% or 5 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.

Sorting hub operating cost was RMB2,394.1 million (US$336.3 million), increased 7.6% from RMB2,224.2 million in the same period last year. The increase primarily consisted of (i) RMB93.1 million (US$13.1 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB46.8 million (US$6.6 million) increase in depreciation and amortization costs associated with equipment and facilities. As of September 30, 2025, there were 761 sets of automated sorting equipment in service, compared to 535 sets as of September 30, 2024.

Cost of accessories sold was RMB135.6 million (US$19.0 million), decreased 16.1% compared with RMB161.6 million in the same period last year.

Other costs were RMB2,872.2 million (US$403.5 million), increased 115.9% from RMB1,330.3 million in the same period last year, which included an increase of RMB1,471.7 million (US$206.7 million) for serving key account customers.

Gross Profit was RMB2,956.0 million (US$415.2 million), decreased by 11.4% from RMB3,334.8 million in the same period last year. Gross margin rate was 24.9% compared to 31.2% in the same period last year.

Total Operating Expenses were RMB550.9 million (US$77.4 million), compared to RMB493.0 million in the same period last year.

Selling, general and administrative expenses were RMB632.6 million (US$88.9 million), increased by 16.2% from RMB544.6 million in the same period last year. The increase primarily consisted of (i) RMB61.5 million (US$8.6 million) depreciation and amortization costs associated with administrative facilities and equipment, and (ii) RMB40.9 million (US$5.7 million) increase in compensation and benefits.

Other operating income, net was RMB81.7 million (US$11.5 million), compared to RMB51.6 million in the same period last year. Other operating income mainly consisted of (i) RMB63.1 million (US$8.9 million) of rental and other income, and (ii) RMB22.5 million (US$3.2 million) of government subsidies and tax rebates.

Income from operations was RMB2,405.0 million (US$337.8 million), decreased 15.4% from RMB2,841.8 million for the same period last year. The operating margin rate was 20.3% compared to 26.6% in the same period last year.

Interest income was RMB185.2 million (US$26.0 million), compared with RMB238.5 million in the same period last year.

Interest expenses was RMB54.4 million (US$7.6 million), compared with RMB66.4 million in the same period last year.

Gain from fair value changes of financial instruments was RMB102.3 million (US$14.4 million), compared with a loss of RMB62.7 million in the same period last year. Such gain or loss from fair value changes of the financial instruments were quoted by commercial banks according to market-based estimation of future redemption prices.

Income tax expenses were RMB160.0 million (US$22.5 million) compared to RMB555.0 million in the same period last year. The overall income tax rate decreased by 13.1 percentage points this quarter compared to the same period last year, attributable to an income tax refund of RMB375.8 million (US$52.8 million) received by Shanghai Zhongtongji Network(上海中通吉網絡技術有限公司), a wholly owned subsidiary of the Company, upon its recognition as a "Key Software Enterprise" qualifying for a preferential tax rate of 10% for tax year 2024.

Net income was RMB2,538.7 million (US$356.6 million), which increased by 6.7% from RMB2,379.0 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.16 (US$0.44) and RMB3.10 (US$0.44), compared to basic and diluted earnings per ADS of RMB2.98 and RMB2.90 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.12 (US$0.44) and RMB3.06 (US$0.43), compared with RMB2.99 and RMB2.91 in the same period last year, respectively.

Adjusted net income was RMB2,506.1 million (US$352.0 million), compared with RMB2,387.3 million during the same period last year.

EBITDA ^[1] was RMB3,615.1 million (US$507.8 million), compared with RMB3,731.3 million in the same period last year.

Adjusted EBITDA was RMB3,582.5 million (US$503.2 million), compared to RMB3,739.5 million in the same period last year.

Net cash provided by operating activities was RMB3,211.0 million (US$451.0 million), compared with RMB3,112.0 million in the same period last year.

(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.

Company Share Repurchase Program

The Board has approved its share repurchase program in November 2018 and made subsequent modifications, whereby the latest modification increased the aggregate value of shares that may be repurchased to US$2.0 billion and extended the effective period through June 30, 2026. As of September 30, 2025, the Company had purchased an aggregate of 52,919,506 ADSs for US$1.3billion on the open market, including repurchase commissions. The remaining funds available under the share repurchase program was US$0.7 billion.

Business Outlook

Given full-year's visibility and based on current market and operating conditions, the Company revises its previously stated annual guidance. Parcel volume for 2025 is expected to be in the range of 38.2 billion to 38.7 billion, representing a 12.3% to 13.8% increase year over year. Such estimates represent management's current and preliminary view, which are subject to change.

Exchange Rate

This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.119 to US$1.00, the noon buying rate on September 30,2025 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.

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 U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

The Company believes that such Non-GAAP measures help identify underlying trends in ZTO'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. The Company believes that 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 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 ZTO'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 7:30 PM U.S. Eastern Time on Wednesday, November 19, 2025 (8:30 AM Beijing Time on Thursday, November 20, 2025).

Dial-in details for the earnings conference call are as follows:

United States:	1-888-317-6003
Hong Kong:	800-963-976
Mainland China:	4001-206-115
Singapore:	800-120-5863
International:	1-412-317-6061
Passcode:	7602569

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 November 26, 2025:

United States:	1-855-669-9658
International:	1-412-317-0088
Passcode:	8703795

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 China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.

ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.

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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and other similar expressions. Among other things, the business outlook and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the HKEX, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about ZTO's beliefs, plans, and expectations, are forward looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company's results of operations and market share; any service disruption of the Company's sorting hubs or the outlets operated by its network partners or its technology system; ZTO's ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO's filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

UNAUDITED CONSOLIDATED FINANCIAL DATA
Summary of Unaudited Consolidated Comprehensive Income Data:
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2025				2024		2025
	RMB		RMB		US$		RMB		RMB		US$
	(in thousands, except for share and per share data)
Revenues	10,675,048		11,864,694		1,666,624		31,361,018		34,587,966		4,858,543
Cost of revenues	(7,340,237)		(8,908,725)		(1,251,401)		(21,403,645)		(25,998,380)		(3,651,971)
Gross profit	3,334,811		2,955,969		415,223		9,957,373		8,589,586		1,206,572
Operating (expenses)/income:
Selling, general and administrative	(544,573)		(632,583)		(88,858)		(2,034,192)		(1,993,681)		(280,051)
Other operating income, net	51,552		81,657		11,470		400,507		689,600		96,868
Total operating expenses	(493,021)		(550,926)		(77,388)		(1,633,685)		(1,304,081)		(183,183)
Income from operations	2,841,790		2,405,043		337,835		8,323,688		7,285,505		1,023,389
Other income/(expenses):
Interest income	238,510		185,231		26,019		771,608		592,355		83,208
Interest expense	(66,364)		(54,420)		(7,644)		(266,135)		(221,408)		(31,101)
(Loss)/gain from fair value changes of
financial instruments	(62,699)		102,307		14,371		34,883		135,285		19,003
(Loss)/gain on disposal of equity investees,
subsidiary and others	(1,440)		35,563		4,996		10,694		34,996		4,916
Impairment of investments in equity investees	-		-		-		(672,816)		-		-
Impairment of Goodwill	-		-		-		-		(84,431)		(11,860)
Foreign currency exchange gain before tax	(38,174)		9,288		1,305		(17,612)		21,663		3,043
Income before income tax, and share of
income in equity method investments	2,911,623		2,683,012		376,882		8,184,310		7,763,965		1,090,598
Income tax expense	(554,959)		(160,000)		(22,475)		(1,786,275)		(1,267,105)		(177,989)
Share of income in equity method investments	22,378		15,692		2,204		42,751		45,584		6,403
Net income	2,379,042		2,538,704		356,611		6,440,786		6,542,444		919,012
Net loss/(income) attributable to non-
controlling interests	17,255		(14,984)		(2,105)		(6,641)		(87,145)		(12,241)
Net income attributable to ZTO Express
(Cayman) Inc.	2,396,297		2,523,720		354,506		6,434,145		6,455,299		906,771
Net income attributable to ordinary
shareholders	2,396,297		2,523,720		354,506		6,434,145		6,455,299		906,771
Net earnings per share attributed to
ordinary shareholders
Basic	2.98		3.16		0.44		7.99		8.08		1.13
Diluted	2.90		3.10		0.44		7.80		7.90		1.11
Weighted average shares used in
calculating net earnings per ordinary
share/ADS
Basic	804,565,579		799,661,689		799,661,689		805,388,468		799,304,556		799,304,556
Diluted	838,131,679		822,552,945		822,552,945		838,954,568		830,201,619		830,201,619
Net income	2,379,042		2,538,704		356,611		6,440,786		6,542,444		919,012
Other comprehensive income/(loss),
net of tax of nil:
Foreign currency translation adjustment	137,698		(14,058)		(1,975)		20,138		36,474		5,123
Comprehensive income	2,516,740		2,524,646		354,636		6,460,924		6,578,918		924,135
Comprehensive (income)/loss attributable to
non-controlling interests	17,255		(14,984)		(2,105)		(6,641)		(87,145)		(12,241)
Comprehensive income attributable to ZTO
Express (Cayman) Inc.	2,533,995		2,509,662		352,531		6,454,283		6,491,773		911,894

 

Unaudited Consolidated Balance Sheets Data:
	As of
	December 31,		September 30,
	2024		2025
	RMB		RMB		US$
	(in thousands, except for share data)
ASSETS
Current assets:
Cash and cash equivalents	13,465,442		9,389,842		1,318,983
Restricted cash	37,517		22,853		3,210
Accounts receivable, net	1,503,706		1,172,149		164,651
Financing receivables	1,178,617		736,393		103,441
Short-term investment	8,848,447		15,898,686		2,233,275
Inventories	38,569		48,248		6,777
Advances to suppliers	783,599		769,715		108,121
Prepayments and other current assets	4,329,664		5,047,366		708,999
Amounts due from related parties	168,160		79,844		11,216
Total current assets	30,353,721		33,165,096		4,658,673
Investments in equity investees	1,871,337		1,916,906		269,266
Property and equipment, net	33,915,366		35,399,151		4,972,489
Land use rights, net	6,170,233		6,269,062		880,610
Intangible assets, net	17,043		20,710		2,909
Operating lease right-of-use assets	566,316		444,978		62,506
Goodwill	4,241,541		4,157,111		583,946
Deferred tax assets	984,567		1,039,418		146,006
Long-term investment	12,017,755		5,874,110		825,131
Long-term financing receivables	861,453		1,163,957		163,500
Other non-current assets	919,331		720,354		101,188
Amounts due from related parties-non current	421,667		371,167		52,137
TOTAL ASSETS	92,340,330		90,542,020		12,718,361
LIABILITIES AND EQUITY
Current liabilities
Short-term bank borrowing	9,513,958		11,627,171		1,633,259
Accounts payable	2,463,395		2,274,185		319,453
Advances from customers	1,565,147		1,720,274		241,645
Income tax payable	488,889		260,214		36,552
Amounts due to related parties	202,766		124,711		17,518
Operating lease liabilities	183,373		152,017		21,354
Dividends payable	14,134		1,728,045		242,737
Convertible senior bond	7,270,081		-		-
Other current liabilities	6,571,492		6,187,127		869,101
Total current liabilities	28,273,235		24,073,744		3,381,619
Long-term bank borrowing	-		163,000		22,896
Non-current operating lease liabilities	377,717		294,872		41,420
Deferred tax liabilities	1,014,545		517,854		72,743
Convertible senior bond	-		126,348		17,748
TOTAL LIABILITIES	29,665,497		25,175,818		3,536,426
Shareholders' equity
Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;     810,339,182 shares issued and 798,622,719 shares outstanding as of     December 31, 2024; 804.468.490 shares issued and 797,732.629 shares
outstanding as of September 30, 2025)	523		519		73
Additional paid-in capital	24,389,905		24,361,063		3,421,978
Treasury shares, at cost	(1,131,895)		(548,929)		(77,108)
Retained earnings	39,098,553		41,152,881		5,780,711
Accumulated other comprehensive loss	(294,694)		(258,220)		(36,272)
ZTO Express (Cayman) Inc. shareholders' equity	62,062,392		64,707,314		9,089,382
Non-controlling interests	612,441		658,888		92,553
Total Equity	62,674,833		65,366,202		9,181,935
TOTAL LIABILITIES AND EQUITY	92,340,330		90,542,020		12,718,361

 

Summary of Unaudited Consolidated Cash Flow Data:
	Three Months Ended  September 30,							Nine Months Ended  September 30,
	2024		2025					2024		2025
	RMB		RMB		US$		RMB			RMB		US$
	(in thousands)
Net cash provided by operating activities	3,111,972		3,210,966		451,042		8,623,087			7,742,150		1,087,533
Net cash used in investing activities	(1,910,131)		(426,591)		(59,923)		(8,955,072)			(4,748,573)		(667,028)
Net cash provided by/(used in) financing activities	10,183		(6,671,184)		(937,096)		(963,309)			(7,049,988)		(990,306)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash	(43,349)		(19,890)		(2,794)		(8,272)			(52,156)		(7,326)
Net increase/(decrease) in cash, cash equivalents
and restricted cash	1,168,675		(3,906,699)		(548,771)		(1,303,566)			(4,108,567)		(577,127)
Cash, cash equivalents and restricted cash at
beginning of period	10,579,069		13,329,079		1,872,325		13,051,310			13,530,947		1,900,681
Cash, cash equivalents and restricted cash at end of
period	11,747,744		9,422,380		1,323,554		11,747,744			9,422,380		1,323,554

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
	September 30,		September 30,
	2024		2025
	RMB		RMB		US$
			(in thousands)
Cash and cash equivalents	11,703,151		9,389,842		1,318,983
Restricted cash, current	32,350		22,853		3,210
Restricted cash, non-current	12,243		9,685		1,361
Total cash, cash equivalents and restricted cash	11,747,744		9,422,380		1,323,554

 

Reconciliations of GAAP and Non-GAAP Results
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2025				2024		2025
	RMB		RMB		US$		RMB		RMB		US$
	(in thousands, except for share and per share data)
Net income	2,379,042		2,538,704		356,611		6,440,786		6,542,444		919,012
Add:
Share-based compensation expense (1)	6,769		2,994		421		311,924		226,256		31,782
Impairment of investments in equity investees (1)	-		-		-		672,816		-		-
Impairment of Goodwill	-		-		-		-		84,431		11,860
Loss/(gain) on disposal of equity investees
and subsidiary, net of income taxes	1,440		(35,563)		(4,996)		(8,507)		(34,970)		(4,912)
Adjusted net income	2,387,251		2,506,135		352,036		7,417,019		6,818,161		957,742
Net income	2,379,042		2,538,704		356,611		6,440,786		6,542,444		919,012
Add:
Depreciation	695,241		823,044		115,612		2,168,290		2,382,422		334,657
Amortization	35,709		38,949		5,471		104,034		115,074		16,164
Interest expenses	66,364		54,420		7,644		266,135		221,408		31,101
Income tax expenses	554,959		160,000		22,475		1,786,275		1,267,105		177,989
EBITDA	3,731,315		3,615,117		507,813		10,765,520		10,528,453		1,478,923
Add:
Share-based compensation expense	6,769		2,994		421		311,924		226,256		31,782
Impairment of investments in equity investees	-		-		-		672,816		-		-
Impairment of Goodwill	-		-		-		-		84,431		11,860
Loss/(gain) on disposal of equity investees
and subsidiary	1,440		(35,563)		(4,996)		(10,694)		(34,996)		(4,916)
Adjusted EBITDA	3,739,524		3,582,548		503,238		11,739,566		10,804,144		1,517,649

 

(1) Net of income taxes of nil

 

Reconciliations of GAAP and Non-GAAP Results
	Three Months Ended September 30,						Nine Months Ended  September 30,
	2024		2025				2024		2025
	RMB		RMB		US$		RMB		RMB		US$
	(in thousands, except for share and per share data)
Net income attributable to ordinary
shareholders	2,396,297		2,523,720		354,506		6,434,145		6,455,299		906,771
Add:
Share-based compensation expense (1)	6,769		2,994		421		311,924		226,256		31,782
Impairment of investments in equity
investees (1)	-		-		-		672,816		-		-
Impairment of Goodwill	-		-		-		-		84,431		11,860
Loss/(gain) on disposal of equity investees
and subsidiary, net of income taxes	1,440		(35,563)		(4,996)		(8,507)		(34,970)		(4,912)
Adjusted Net income attributable to
ordinary shareholders	2,404,506		2,491,151		349,931		7,410,378		6,731,016		945,501
Weighted average shares used in
calculating net earnings per ordinary
share/ADS
Basic	804,565,579		799,661,689		799,661,689		805,388,468		799,304,556		799,304,556
Diluted	838,131,679		822,552,945		822,552,945		838,954,568		830,201,619		830,201,619
Net earnings per share/ADS attributable to
ordinary shareholders
Basic	2.98		3.16		0.44		7.99		8.08		1.13
Diluted	2.90		3.10		0.44		7.80		7.90		1.11
Adjusted net earnings per share/ADS
attributable to ordinary shareholders
Basic	2.99		3.12		0.44		9.20		8.42		1.18
Diluted	2.91		3.06		0.43		8.96		8.23		1.16

 

(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-third-quarter-2025-unaudited-financial-results-302620272.html

SOURCE ZTO Express (Cayman) Inc.

FAQ

What were ZTO's reported revenues and net income for Q3 2025 (ZTO)?

ZTO reported Q3 2025 revenues RMB11,864.7M and net income RMB2,538.7M.

How did ZTO's gross profit and margin change in Q3 2025 for ZTO?

Gross profit fell to RMB2,956.0M (-11.4% YoY) and gross margin declined to 24.9%.

What is ZTO's revised 2025 parcel volume guidance and growth rate?

ZTO revised 2025 parcel volume guidance to 38.2–38.7 billion, a 12.3%–13.8% YoY increase.

How much has ZTO spent on its share repurchase program as of Sept 30, 2025?

As of Sept 30, 2025 ZTO repurchased 52,919,506 ADSs for US$1.3B, with ~US$0.7B remaining.

What drove ZTO's key account revenue surge in Q3 2025 (ZTO)?

Key account revenue increased 141.2% YoY, mainly driven by higher e-commerce return parcel volumes.

Did ZTO report any change in operational automation in Q3 2025?

Yes; ZTO increased automated sorting equipment to 761 sets from 535 a year earlier.