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Jun 30, 2025
ZTO Express Q2 2025 Earnings Report
ZTO Express reported its Q2 2025 results with strong parcel growth but declining margins and profit.
Key Takeaways
ZTO Express delivered higher parcel volume and revenue in Q2 2025 but faced margin pressures, resulting in lower net income and gross profit compared to last year.
Parcel volume increased 16.5% to 9.8 billion items.
Revenue grew 10.3% year-over-year to $1.65 billion.
Net income declined 24.8% to $274.2 million.
Adjusted EPS came in at $0.35, slightly above GAAP EPS of $0.34.
Revenue by Segment
Forward Guidance
ZTO revised its full-year parcel volume guidance downward, expecting 14–18% annual growth, and reaffirmed focus on efficiency and market leadership.
Positive Outlook
- Projected parcel volume growth of up to 18%.
- Sustained momentum in e-commerce returns and retail volume.
- Operating efficiency gains reducing per-unit costs.
- Commitment to ‘Quality is Number One’ strategy.
- Strong market presence with over 31,000 outlets and 10,000 vehicles.
Challenges Ahead
- Downward revision of full-year parcel guidance.
- Decline in gross profit and margins year-over-year.
- Revenue per parcel continues to drop.
- Net income and EBITDA both fell compared to last year.
- Higher competition and mix-shift to low-margin services.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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