ZTO Express (Cayman) (ZTO) Q2 2026 earnings summary

Executive summary

• Parcel volume grew 6.5% year-over-year to 10.5 billion in Q2 2026, expanding market share to 19.9% and maintaining the #1 position in China's express delivery industry since 2016.

• Retail parcel volume surged 47% year-over-year, with reverse logistics parcels averaging 9.8 million daily, up 80%.

• Sustained growth driven by a distinct network partner model, technological innovation, and disciplined investment.

• Strategic focus remains on high-quality growth, network stability, and value creation for all stakeholders.

• Expanded into adjacent logistics segments, including cross-border, cold chain, LTL, and warehousing.

Financial highlights

• Total revenue increased 23% year-over-year to RMB14.55 billion in Q2 2026.

• Adjusted net income rose 50.3% to RMB3.09 billion, aided by a RMB344.3 million tax refund.

• Gross profit increased 26.8% to RMB3.73 billion, with gross margin up to 25.7%.

• Adjusted EBITDA increased 20% to RMB4.24 billion; operating cash flow was RMB4.56 billion.

• Operating margin improved to 22.2% in Q2 2026.

Outlook and guidance

• Full-year parcel volume growth guidance updated to 6–10% year-over-year, or 40.8–42.4 billion parcels.

• Annual CapEx for 2026 expected to be around RMB6 billion.

• Management anticipates continued industry focus on quality and efficiency, with stable parcel volume growth.

• Continued investment in logistics ecosystem, automation, and clean-energy transportation.

• Aims for further expansion in last-mile, LTL, cloud warehousing, international, and cold-chain segments.