China's ZTO Express Q4 revenue rises on higher parcel volume

ZTO Express (Cayman)

17/03/2026 22:14

Overview

China express delivery firm's Q4 revenue rose 12.3% yr/yr on higher parcel volume and prices

Q4 adjusted net income fell 1.4% yr/yr

Company announced US$1.5 bln new share repurchase program

ZTO announced US$0.39 per share emi-annual dividend

Outlook

ZTO expects 2026 parcel volume to rise 10%-13% to 42.37-43.52 bln parcels

Company says near-term macro environment and micro conditions may be extremely volatile

Result Drivers

PARCEL VOLUME AND PRICING - Revenue growth was driven by a 9.2% increase in parcel volume and a 2.9% rise in parcel unit price, with key account revenue up 71.5% mainly due to more e-commerce return parcels

COST PRESSURES - Gross margin declined as total cost of revenues rose 18.2%

Company press release: ID:nPn6qk50ta

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
RMB 14.51 bln
Q4 Adjusted EARNINGS PER ADS
RMB 3.31
Q4 Adjusted Net Income
RMB 2.69 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the courier, postal, air freight & land-based logistics peer group is "buy"

Wall Street's median 12-month price target for ZTO Express (Cayman) Inc is $25.00, about 5.4% above its March 17 closing price of $23.73

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)