Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | $2.01B | $2.56B | $3.18B | $3.86B | $4.77B | $5.13B | $5.41B | $6.07B | $7.02B |
| Revenue growth | — | 42.4% | 27.6% | 24.0% | 21.7% | 23.5% | 7.5% | 5.5% | 12.1% | 15.7% |
| Gross profit | $496M | $668M | $780M | $951M | $895M | $1.03B | $1.31B | $1.64B | $1.88B | $1.75B |
| Gross margin | 35.2% | 33.3% | 30.5% | 29.9% | 23.2% | 21.7% | 25.6% | 30.4% | 31.0% | 25.0% |
| Operating income | $399M | $576M | $630M | $785M | $729M | $864M | $1.12B | $1.41B | $1.61B | $1.50B |
| Operating margin | 28.3% | 28.7% | 24.6% | 24.7% | 18.9% | 18.1% | 21.9% | 26.0% | 26.6% | 21.3% |
| Net income | $296M | $486M | $637M | $815M | $661M | $746M | $987M | $1.23B | $1.21B | $1.30B |
| Net margin | 21.0% | 24.2% | 24.9% | 25.7% | 17.1% | 15.6% | 19.2% | 22.8% | 19.9% | 18.5% |
| EPS (diluted) | $0.42 | $0.68 | $0.85 | $1.04 | $0.83 | $0.91 | $1.21 | $1.49 | $1.47 | $1.60 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $365M | $558M | $641M | $906M | $759M | $1.13B | $1.66B | $1.88B | $1.57B | $1.71B |
| Capital expenditures | $286M | $395M | $483M | $666M | $1.11B | $1.31B | $1.02B | $920M | $714M | $746M |
| Free cash flow | $79.3M | $163M | $157M | $240M | -$350M | -$179M | $640M | $962M | $852M | $966M |
| Share buybacks | — | $132M | $112M | $110M | $188M | $598M | $12.3M | $142M | $159M | $179M |
| Dividends paid | — | — | $130M | $183M | $253M | $212M | $192M | $292M | $768M | $537M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.63B | $834M | $672M | $757M | $2.18B | $1.53B | $1.70B | $1.74B | $1.84B | $1.43B |
| Total assets | $3.37B | $3.97B | $5.77B | $6.59B | $9.07B | $9.85B | $11.4B | $12.5B | $12.7B | $13.0B |
| Total liabilities | $526M | $674M | $787M | $1.08B | $1.55B | $2.17B | $3.49B | $3.97B | $4.06B | $3.42B |
| Shareholders' equity | $2.84B | $3.29B | $4.98B | $5.50B | $7.51B | $7.63B | $7.83B | $8.42B | $8.50B | $9.49B |
| Retained earnings | $506M | $1.03B | $1.61B | $2.40B | $3.22B | $3.56B | $4.27B | $5.11B | $5.36B | $6.14B |
| Shares (wtd avg diluted) | 635M | 718M | 753M | 784M | 796M | 820M | 820M | 839M | 838M | 821M |
Every figure is extracted from ZTO Express (Cayman) Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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