ZTO Express (Cayman) Inc
NYSE: ZTO · INDUSTRIALS · INTEGRATED FREIGHT & LOGISTICS
Updated 2026-06-05
ZTO Express (Cayman) Inc (ZTO) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.07B | $1.87B | $2.54B | $3.63B | $4.40B | $6.30B | $4.95B | $7.22B | $11.48B | $13.36B | $11.43B | $11.97B |
| Capital expenditures | $790.08M | $1.48B | $2.69B | $2.83B | $3.98B | $5.23B | $9.21B | $9.33B | $8.36B | $6.67B | $5.90B | $6.07B |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | $423000.00 | $116.80M | $122.50M | $40.73M | $249.48M | $316.67M | $264.15M | $248.03M | $248.03M | $254.98M | $318.69M | $229.25M |
| Free cash flow | $281.67M | $391.67M | $-152.66M | $803.95M | $422.77M | $1.08B | $-4.26B | $-2.11B | $3.12B | $6.69B | $5.53B | $5.89B |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | $300.00M | $115.00M | $0.00 | $895.14M | $895.14M | $1.27B | $1.65B | $1.35B | $1.35B | $2.07B | $5.61B | $3.76B |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — |
Frequently asked questions
What is ZTO Express (Cayman) Inc's revenue?
ZTO Express (Cayman) Inc's trailing twelve-month revenue is $51.49B, and consensus projects about $78.04B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is ZTO?
In its most recent fiscal year, ZTO ran a gross margin of 24.99%, an operating margin of 19.62%, and a net margin of 18.49%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does ZTO generate?
ZTO produced $5.89B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is ZTO's balance sheet healthy?
ZTO holds $10.05B in cash and equivalents against $142.11M in long-term debt, on $66.43B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.