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Sep 30, 2025
ZTO Express Q3 2025 Earnings Report
ZTO Express reported steady growth in Q3 2025 with higher parcel volumes and improved profitability.
Key Takeaways
ZTO Express delivered strong Q3 results with increased parcel volume and solid revenue. Net income and EPS grew despite pressure on gross margin from rising costs. The company maintained stable SG&A expenses and improved its cash generation.
Parcel volume rose 9.8% to 9.6 billion parcels
Revenue reached $1.67 billion, up from $1.50 billion
Adjusted net income totaled $352 million
Gross profit margin declined due to increased service costs for key accounts
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ZTO adjusted its annual parcel volume guidance slightly downward but maintained confidence in network stability and quality growth.
Positive Outlook
- Retail parcel volume growth remained near 50%
- Stable SG&A costs at 5.3% of revenue
- Adjusted net income showed resilience at $352M
- Improved transportation productivity reduced unit cost by 5 cents
- Cash flow from operating activities increased to $451M
Challenges Ahead
- Gross margin dropped from 31.2% to 24.9%
- Total cost of revenues rose 21.4% YoY
- Key account costs surged due to service expansion
- Annual volume guidance adjusted down to 38.2–38.7B parcels
- Uncertainty remains due to macroeconomic environment
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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