ZTO Express (Cayman) (ZTO) Q4 2025 earnings summary

Executive summary

• Parcel volume reached 38.5 billion in 2025, growing 13.3% year-over-year and maintaining #1 market share in China at 19.6%.

• Q4 2025 parcel volume was 10.56 billion, up 9.2% year-over-year, with market share up 0.8 percentage points.

• Adjusted net income for 2025 was CNY 9.5 billion, with Q4 at CNY 2.69 billion; net cash from operating activities was CNY 11,968.4 million.

• Retail parcel volume surged 46% year-over-year, outpacing e-commerce parcel growth.

• Strategic focus on high-quality development, operational excellence, technology-driven efficiencies, and expansion into adjacent logistics and international markets.

Financial highlights

• FY2025 revenue increased 10.9% to CNY 49.1 billion; Q4 revenue rose 12.3% to CNY 14.5 billion.

• Gross profit declined 10.5% to CNY 12.3 billion for the year; Q4 gross margin was 25.4%.

• Operating profit margin ranged from 18.6% to 26.6% in 2025; adjusted EBITDA margin peaked at 40.5% in Q2.

• Operating cash flow rose 50.6% to CNY 4.2 billion in Q4 and reached CNY 12 billion for the year.

• FY2025 adjusted net income margin ranged from 17.4% to 26.2%.

Outlook and guidance

• 2026 parcel volume expected to grow 10%-13% year-over-year, outpacing industry average of 8%.

• Enhanced shareholder return plan: at least 50% of prior year adjusted net income to be returned via dividends and buybacks.

• Continued investment in logistics ecosystem, automation, green initiatives, and last-mile expansion.