ZTO Express (Cayman) Inc. balance sheet ZTO

Annual Quarterly

As of Dec 31, 2025, ZTO Express (Cayman) Inc. had total assets of $13.0 billion and total liabilities of $3.4 billion. Total assets were up 2.9% from a year earlier. Stockholders' equity was $9.5 billion. It held $4.4 billion in cash and investments against $1.6 billion of total debt, net cash of $2.8 billion. The current ratio, current assets divided by current liabilities, was 1.49.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Assets
Cash	1,432 -22.4%	1,845 +6.2%	1,737 +2.5%	1,695 +11.1%	1,525 -30.0%	2,178 +187.7%	757 +12.6%	672 -19.4%	834 -48.7%	1,626
Short-term investments	2,234 +84.3%	1,212 +15.5%	1,050 +25.9%	834 +86.8%	446 -21.1%	566 -64.6%	1,596 -19.3%	1,978 +146.3%	803	—
Long-term investments	747 -54.7%	1,646 -4.0%	1,714 +61.5%	1,062 +457.1%	191 -32.5%	282 +107.7%	136 -57.7%	321 +242.3%	94 +21.2%	77
Cash and investments	4,412 -6.2%	4,703 +4.5%	4,501 +25.3%	3,591 +66.1%	2,163 -28.5%	3,026 +21.6%	2,489 -16.2%	2,971 +71.7%	1,731 +1.6%	1,703
Receivables	184 -10.6%	206 +155.5%	81 -32.1%	119 -18.9%	146 +28.1%	114 +17.8%	97 +11.8%	87 +96.3%	44 +55.3%	28
Inventory	6 +10.0%	5 +33.6%	4 -32.7%	6 -54.9%	13 +60.1%	8 +29.1%	6 -1.2%	6 +21.1%	5 +7.6%	5
Total current assets	4,857 +16.8%	4,158 +9.5%	3,796 +7.0%	3,549 +21.1%	2,929 -14.4%	3,421 +18.5%	2,887 -6.5%	3,088 +62.3%	1,902 +0.2%	1,899
Property and equipment, net	5,067 +9.1%	4,646 +2.5%	4,533 +8.5%	4,178 +6.8%	3,912 +37.5%	2,845 +58.8%	1,791 +36.3%	1,314 +32.1%	995 +69.9%	586
Goodwill	594 +2.3%	581 -2.7%	597 -2.9%	615 -7.6%	666 +2.4%	650 +6.7%	609 -1.2%	617 -5.4%	652 +8.9%	599
Total assets	13,016 +2.9%	12,651 +1.5%	12,460 +9.4%	11,385 +15.6%	9,850 +8.6%	9,074 +37.6%	6,592 +14.2%	5,772 +45.4%	3,970 +17.8%	3,371
Liabilities and equity
Total current liabilities	3,270 -15.6%	3,873 +37.1%	2,826 +18.8%	2,379 +16.6%	2,039 +42.4%	1,433 +49.3%	960 +28.3%	748 +17.4%	637 +25.6%	507
Total liabilities	3,416 -16.0%	4,064 +2.4%	3,970 +13.8%	3,487 +60.5%	2,173 +40.3%	1,549 +44.0%	1,075 +36.6%	787 +16.8%	674 +28.1%	526
Stockholders' equity	9,493 +11.6%	8,503 +0.9%	8,423 +7.5%	7,833 +2.6%	7,632 +1.7%	7,506 +36.4%	5,502 +10.6%	4,977 +51.1%	3,295 +15.8%	2,844
Debt
Debt due within a year	1,564 +20.0%	1,303 +19.2%	1,094 +39.9%	782 +44.1%	543 +147.1%	220	—	—	38 -40.7%	65
Lease liabilities	57 -25.4%	77 -15.0%	90 -15.7%	107 -15.3%	127 +10.4%	115 -0.5%	115	—	—	—
Total debt	1,621 +17.4%	1,380 +16.6%	1,184 +33.1%	889 +32.9%	669 +100.2%	334 +189.8%	115	—	38 -40.7%	65
Net cash	2,791 -16.0%	3,323 +0.2%	3,317 +22.8%	2,702 +80.9%	1,493 -44.5%	2,692 +13.4%	2,374	—	1,692 +3.3%	1,638
Ratios
Current ratio	1.49x	1.07x	1.34x	1.49x	1.44x	2.39x	3.01x	4.13x	2.99x	3.74x
Debt to equity	0.17x	0.16x	0.14x	0.11x	0.09x	0.04x	0.02x	—	0.01x	0.02x
Debt to EBITDA	0.82x	0.68x	0.65x	0.59x	0.55x	0.33x	0.12x	—	0.06x	0.15x
Return on equity	13.68%	14.21%	14.63%	12.60%	9.78%	8.80%	14.81%	12.81%	14.74%	10.40%
Return on assets	9.98%	9.55%	9.89%	8.67%	7.57%	7.28%	12.36%	11.05%	12.23%	8.78%
Book value per share	12.00	10.65	10.47	9.68	9.44	9.06	7.04	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

Company profile

Industry: Trucking & Courier Services (No Air) (SIC 4210)
Listed as: ZTO (NYSE), ZTOEF (OTC)
Headquarters: Shanghai, China
SEC filer status: Large accelerated filer
SEC CIK: 1677250

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.