NYSE$ZTO
ZTO Express Cayman Inc-ADR · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
ZTO Express Q1 2026: RMB13.3B revenue (+22%), 9.7B parcels (+13.2%) with adjusted net income RMB2.4B
ZTO Express reported Q1 2026 unaudited results for the quarter ended March 31, 2026, with parcel volume reaching 9.67 billion units, up 13.2% and 7.4 percentage points above industry average growth. Revenues were RMB13,282.4 million (US$1,925.5 million), increasing 22.0% year over year, driven by 13.2% volume growth and an 8.2% rise in parcel unit price. Core express delivery revenue rose 22.5% while key account revenue surged 92.2%. GAAP net income increased 5.7% to RMB2,156.4 million and adjusted net income grew 5.2% to RMB2,377.1 million. Gross profit rose 20.3% to RMB3,235.2 million with a 24.4% gross margin. Operating cash flow was RMB2,789.0 million. Management reiterated 2026 parcel volume guidance of 10% to 13% growth and emphasized quality of service, network efficiency, and retail volume mix improvement.
- Parcel volume reached 9,668 million (+13.2% YoY), outpacing industry growth by 7.4 points; revenues rose 22.0% to RMB13,282.4 million.
- Adjusted net income increased 5.2% to RMB2,377.1 million; GAAP net income was RMB2,156.4 million (+5.7%).
- Diluted EPS was US$0.39 (RMB2.68); adjusted diluted EPS was US$0.43 (RMB2.95).
- Automated sorting capacity expanded to 780 sets from 631 a year ago; unit transportation cost fell 9.8%.
- Company reiterates 2026 parcel volume growth guidance of 10% to 13% and authorized up to US$1.5 billion in share repurchases through March 2028.
Headline financials
Revenue & EPS history
ZTO Express · Revenue · Quarterly
¥13.3B
Revenue by segment
ZTO Express · ¥10B total across 1 segment · Q1 2026
- Core express delivery¥10B—100.0%
Forward guidance
ZTO reiterates 2026 parcel volume growth of 10% to 13% year over year and aims to strengthen volume leadership while improving service quality and network efficiency.
Tailwinds
- Retail volume mix improving faster than traditional e-commerce, supporting revenue structure and unit economics.
- Share-based compensation as a percentage of revenue declined to ~4.5% from 4.7%.
Headwinds
- Operating margin compressed to 19.2% from 22.1% amid higher pickup and dispatching costs for key accounts.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+0.5%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+1.6%
Avg return
30 days after
55%
18 / 33 earnings
Positive
+14.0%
Q4 2021
Best reaction
-10.2%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | — | — | |
| Q1 2024 | +9.3% | +13.8% | +4.1% | |
| Q4 2023 | +4.3% | -3.0% | -7.7% | |
| Q3 2023 | -7.2% | -9.2% | -18.4% | |
| Q2 2023 | +0.4% | +3.5% | -1.6% | |
| Q1 2023 | +1.9% | +1.9% | -3.6% | |
| Q4 2022 | +6.6% | +6.7% | +8.1% | |
| Q3 2022 | +1.8% | +5.0% | +23.3% | |
| Q2 2022 | -0.8% | +1.3% | -0.2% | |
| Q1 2022 | -0.1% | -0.0% | +7.9% | |
| Q4 2021 | +14.0% | +14.0% | +20.3% | |
| Q3 2021 | +8.9% | +12.1% | -4.0% | |
| Q2 2021 | -2.5% | -0.7% | +17.5% | |
| Q1 2021 | +4.4% | +0.1% | -7.9% | |
| Q4 2020 | -10.2% | -16.4% | -9.9% | |
| Q3 2020 | -9.3% | -11.6% | -15.5% | |
| Q2 2020 | -3.9% | -6.9% | -12.6% | |
| Q1 2020 | -6.3% | -11.4% | +11.5% | |
| Q4 2019 | +1.6% | -3.6% | +3.7% | |
| Q3 2019 | -6.0% | -7.3% | +1.4% | |
| Q2 2019 | +1.9% | +4.0% | +11.7% | |
| Q1 2019 | +5.7% | -2.5% | +0.6% | |
| Q4 2018 | -4.2% | -5.3% | -4.5% | |
| Q3 2018 | +6.7% | +2.0% | +3.9% | |
| Q2 2018 | +7.5% | +8.3% | -9.1% | |
| Q1 2018 | -0.9% | +0.8% | +23.3% | |
| Q4 2017 | -7.5% | -10.1% | -12.3% | |
| Q3 2017 | +1.2% | -2.1% | -7.0% | |
| Q2 2017 | -5.5% | -2.9% | +7.6% | |
| Q1 2017 | -6.8% | +1.5% | +0.4% | |
| Q4 2015 | +3.9% | +4.5% | +6.9% | |
| Q4 2016 | +3.9% | +4.5% | +6.9% | |
| Q4 2014 | +3.9% | +4.5% | +6.9% | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — |
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