Jun 2026 (Q2 FY26) — Aug 19, 2026
ZTO Q2 FY26 — Profitability and Market Share Expansion Driven by Digitization and Cost Efficiency
Read the full callZTO (ZTO) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
ZTO earnings: last reported Wed, 19 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 13 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Annual capital expenditure (FY2026) | RMB 6 billion | Mar 2026 | We anticipated annual CapEx in 2026 to be around RMB 60 billion -- to be RMB 6 billion, I'm sorry. | New |
| Full-year combined sortation + transportation unit cost reduction | at least RMB 0.03 reduction | Dec 2024 | Our combined unit cost for transportation and sorting decreased by RMB 0.06 for the full year. | Achieved |
| Annual capital expenditure (FY2025) | around RMB 5 billion to RMB 5.5 billion | Dec 2024 | Capital expenditures for the year totaled RMB 6.1 billion. | Missed |
2 of ZTO Express (Cayman) Inc.'s 27 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Parcel volume reached 10.49 billion, up 6.5% year-over-year.
- Market share expanded by 0.4 percentage points.
- Adjusted net income was RMB 3.09 billion, up 50.3% year-over-year.
- Retail parcel volume grew 47% year-over-year, with average daily volume exceeding 11.7 million.
- Combined unit cost of transportation and sorting decreased by RMB 0.02 year-over-year.
Qualified
- Temporary cost pressures caused by oil price fluctuations, impacting per parcel transportation cost by approximately RMB 0.02 in Q2.
- Anticipated continued fuel price impact of RMB 0.01 to RMB 0.02 per parcel in the second half of the year.
- Potential end-to-end cost increases in the foreseeable future due to the rollout of standardized social security initiatives.
Price
$20.06 −0.55% · −$0.11
Performance +5.7% 1Y
1Y: $18.98 on 17 Oct 2025 → $20.06. High $25.88 (6 May 2026), low $18.59 (31 Oct 2025).
- Previous close
- $20.17
- 52-week range
- $18.59 – $25.88
- One year
- +5.03%
Overview
- Symbol
- ZTO
- Sector
- Industrials
- Industry
- Trucking & Courier Services (No Air)
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 13 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Annual capital expenditure (FY2026) | RMB 6 billion | Mar 2026 | We anticipated annual CapEx in 2026 to be around RMB 60 billion -- to be RMB 6 billion, I'm sorry. | New |
| Full-year combined sortation + transportation unit cost reduction | at least RMB 0.03 reduction | Dec 2024 | Our combined unit cost for transportation and sorting decreased by RMB 0.06 for the full year. | Achieved |
| Annual capital expenditure (FY2025) | around RMB 5 billion to RMB 5.5 billion | Dec 2024 | Capital expenditures for the year totaled RMB 6.1 billion. | Missed |
Claimed
- Parcel volume reached 10.49 billion, up 6.5% year-over-year.
- Market share expanded by 0.4 percentage points.
- Adjusted net income was RMB 3.09 billion, up 50.3% year-over-year.
- Retail parcel volume grew 47% year-over-year, with average daily volume exceeding 11.7 million.
- Combined unit cost of transportation and sorting decreased by RMB 0.02 year-over-year.
Qualified
- Temporary cost pressures caused by oil price fluctuations, impacting per parcel transportation cost by approximately RMB 0.02 in Q2.
- Anticipated continued fuel price impact of RMB 0.01 to RMB 0.02 per parcel in the second half of the year.
- Potential end-to-end cost increases in the foreseeable future due to the rollout of standardized social security initiatives.
The full ledger
Open ZTO Express (Cayman) Inc.’s full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 20, 2026
ZTO Express Q1 FY26 — Strong Volume Growth and Profitability Improvement
Read the full callDec 2025 (Q4 FY25) — Mar 18, 2026
ZTO Express Q4 FY25 — Strong Volume Growth and Enhanced Shareholder Returns
Read the full callEvery analysed call
ZTO earnings calls (ZTO)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 1,608 | 2,403 | 3,224 | 3,565 | 4,271 | 5,113 | 5,356 | 6,137 |
| Total liabilities | 787 | 1,075 | 1,549 | 2,173 | 3,487 | 3,970 | 4,064 | 3,416 |
| Fixed assets | 1,314 | 1,791 | 2,845 | 3,912 | 4,178 | 4,533 | 4,646 | 5,067 |
| Investments | 1,978 | 1,596 | 566 | 446 | 834 | 1,050 | 1,212 | 2,234 |
| Total assets | 5,772 | 6,592 | 9,074 | 9,850 | 11,385 | 12,460 | 12,651 | 13,016 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 641 | 906 | 759 | 1,133 | 1,664 | 1,882 | 1,566 | 1,711 |
| Cash from investing | -1,872 | -526 | -544 | -1,374 | -2,326 | -1,726 | -819 | -690 |
| Cash from financing | 1,024 | -285 | 1,278 | -456 | 1,023 | -108 | -684 | -1,511 |
| Net cash flow | -167 | 94 | 1,392 | -720 | 411 | 63 | 66 | -498 |
| Capital expenditure | -483 | -666 | -1,109 | -1,312 | -1,025 | -920 | -714 | -746 |
| Free cash flow | 157 | 240 | -350 | -179 | 640 | 962 | 852 | 966 |
ZTO operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Parcel volume | — | 9.67BParcel volume reached 9.67 billion, up 13.2% year-over-year, significantly outpacing industry growth with market share expanding by 1.2 percentage points, further solidifying our leadership position.Source: earnings call transcript | 10.49BParcel volume reached 10.49 billion, up 6.5% year-over-year with market share expanding by 0.4 percentage points, entrenching our industry leadership position.Source: earnings call transcript | +8.5% |
| Daily retail volume | <10MIn the fourth quarter, daily retail volume reached close to 10 million parcels.Source: earnings call transcript | ~9.7MIn Q1, average daily retail parcel volume reached approximately 9.7 million, which indicates a meaningful growth rate.Source: earnings call transcript | 11.7M+In the second quarter, average daily retail parcel volume exceeded 11.7 million, of which return parcels averaged approximately 9.8 million each day, increased approximately 80% year-over-year.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
8 filings, all on Mar 23, 2026.
Open market
decisions to buy or sellNobody bought or sold ZTO on the open market in this window. The filings below are 8 option exercises.
Compensation
not trading decisions- 8
- Option exercise — converted options into shares
Latest filings (8)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Mar 23, 2026 | Zhang Jianfeng VP of Public Relations | Option exercise | 5,072 | $0 |
| Mar 23, 2026 | Zhu Jingxi President | Option exercise | 15,172 | $0 |
| Mar 23, 2026 | Zhu Jingxi President | Option exercise | 237 | $0 |
| Mar 23, 2026 | Hu Hongqun Chief Operating Officer | Option exercise | 14,218 | $0 |
| Mar 23, 2026 | Lai Jianchang VP of Overseas Operations | Option exercise | 9,621 | $0 |
| Mar 23, 2026 | Lai Meisong Chief Executive Officer | Option exercise | 154,000 | $0 |
| Mar 23, 2026 | Wang Jilei VP of Infrastr. Mgmt. | Option exercise | 13,108 | $0 |
| Mar 23, 2026 | Yan Huiping Chief Financial Officer | Option exercise | 15,248 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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