ZTO Express (Cayman) Inc. (ZTO) Cash Flow Statement
Where ZTO’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥11.97B +4.7% vs 2024
- Capital expenditures
- CN¥6.07B 12.7% of revenue
- Free cash flow
- CN¥5.89B 12.3% margin
- Returned to shareholders
- CN¥5.01B 85% of free cash flow
- Change in cash
- −CN¥3.48B cash at year-end CN¥10.05B
Cash from operations
CN¥11.97B
Capital expenditures
−CN¥6.07B
Investments (net)
+CN¥97.3M
Acquisitions & other
+CN¥1.15B
Dividends
−CN¥3.76B
Share buybacks (net)
−CN¥1.25B
Net borrowing (repayment)
−CN¥5.54B
Currency & other
−CN¥74.2M
Change in cash
−CN¥3.48B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZTO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ZTO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥2.54B2016 | CN¥11.97B2025 | +18.8%/yr | |
| Capital expenditures | CN¥2.69B2016 | CN¥6.07B2025 | +9.5%/yr | |
| Free cash flow | −CN¥152.7M2016 | CN¥5.89B2025 | — | |
| Free cash flow margin | −1.6%2016 | 12.3%2025 | +13.9 pts | |
| Operating cash flow / net income | 1.242016 | 1.302025 | +0.06 | |
| Stock-based compensation | CN¥122.5M2016 | CN¥229.2M2025 | +7.2%/yr | |
| Dividends paid | CN¥02016 | CN¥3.76B2025 | — | |
| Share buybacks (net) | CN¥02016 | CN¥1.25B2025 | — | |
| Capex / revenue | 27.5%2016 | 12.7%2025 | −14.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZTO cash flow by activity
OperatingInvestingFinancingChange in cash
ZTO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ZTO cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥9.24B | CN¥8.89B | CN¥8.75B | CN¥4.70B | CN¥4.70B | CN¥4.33B | CN¥5.67B | CN¥4.39B | CN¥3.16B | CN¥2.05B |
| Depreciation & amortization | CN¥3.38B | CN¥3.02B | CN¥2.88B | CN¥2.22B | CN¥2.22B | CN¥1.84B | CN¥1.26B | CN¥853.7M | CN¥560.4M | CN¥325.0M |
| Stock-based compensation | CN¥229.2M | CN¥318.7M | CN¥255.0M | CN¥248.0M | CN¥248.0M | CN¥264.2M | CN¥316.7M | CN¥249.5M | CN¥40.7M | CN¥122.5M |
| Change in working capital | −CN¥384.9M | −CN¥2.15B | CN¥1.32B | CN¥114.7M | CN¥139.1M | −CN¥1.39B | −CN¥260.2M | −CN¥443.3M | −CN¥177.6M | CN¥37.8M |
| Other non-cash items | −CN¥491.1M | CN¥1.35B | CN¥164.7M | CN¥4.19B | −CN¥90.0M | −CN¥86.8M | −CN¥688.1M | −CN¥643.8M | CN¥48.3M | −CN¥370,000 |
| Cash from operating activities | CN¥11.97B | CN¥11.43B | CN¥13.36B | CN¥11.48B | CN¥7.22B | CN¥4.95B | CN¥6.30B | CN¥4.40B | CN¥3.63B | CN¥2.54B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥6.07B | −CN¥5.90B | −CN¥6.67B | −CN¥8.36B | −CN¥9.33B | −CN¥9.21B | −CN¥5.23B | −CN¥3.98B | −CN¥2.83B | −CN¥2.69B |
| Investments (net) | CN¥97.3M | −CN¥5.98B | −CN¥17.81B | −CN¥16.04B | −CN¥8.76B | −CN¥3.55B | −CN¥3.66B | −CN¥12.87B | −CN¥8.29B | −CN¥3.42B |
| Acquisitions & other investing | CN¥1.15B | CN¥5.90B | CN¥12.23B | CN¥8.36B | CN¥9.33B | CN¥9.21B | CN¥5.23B | CN¥3.98B | CN¥2.83B | CN¥3.02B |
| Cash from investing activities | −CN¥4.83B | −CN¥5.98B | −CN¥12.25B | −CN¥16.04B | −CN¥8.76B | −CN¥3.55B | −CN¥3.66B | −CN¥12.87B | −CN¥8.29B | −CN¥3.09B |
| Financing activities | ||||||||||
| Dividends paid | −CN¥3.76B | −CN¥5.61B | −CN¥2.07B | −CN¥1.35B | −CN¥1.35B | −CN¥1.65B | −CN¥1.27B | −CN¥895.1M | −CN¥895.1M | CN¥0 |
| Share repurchases & issuance (net) | −CN¥1.25B | −CN¥1.16B | −CN¥1.01B | −CN¥84.5M | −CN¥3.81B | −CN¥1.23B | −CN¥762.9M | −CN¥769.8M | −CN¥857.7M | CN¥9.25B |
| Net borrowing (repayment) | −CN¥5.54B | CN¥1.75B | CN¥2.35B | CN¥8.20B | CN¥2.03B | CN¥1.43B | CN¥1.43B | −CN¥250.0M | −CN¥200.0M | CN¥141.1M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥9.77B | CN¥0 | CN¥8.89B | CN¥0 | CN¥0 |
| Other financing | −CN¥15.9M | CN¥20.3M | −CN¥45.4M | CN¥293.6M | CN¥234.8M | CN¥10.3M | −CN¥1.38B | CN¥65.2M | CN¥891.2M | −CN¥311.5M |
| Cash from financing activities | −CN¥10.57B | −CN¥5.00B | −CN¥769.8M | CN¥7.06B | −CN¥2.90B | CN¥8.34B | −CN¥1.98B | CN¥7.04B | −CN¥1.06B | CN¥9.08B |
| Summary | ||||||||||
| Net change in cash | −CN¥3.48B | CN¥479.6M | CN¥448.2M | CN¥2.83B | −CN¥4.59B | CN¥9.08B | CN¥654.5M | −CN¥1.15B | −CN¥6.15B | CN¥8.84B |
| Cash at end of period | CN¥10.05B | CN¥13.53B | CN¥13.05B | CN¥12.60B | CN¥9.77B | CN¥14.36B | CN¥5.28B | CN¥4.62B | CN¥5.77B | CN¥11.29B |
| Free cash flow | CN¥5.89B | CN¥5.53B | CN¥6.69B | CN¥3.12B | −CN¥2.11B | −CN¥4.26B | CN¥1.08B | CN¥422.8M | CN¥803.9M | −CN¥152.7M |
| Free cash flow margin | 12.3% | 12.5% | 17.4% | 8.8% | −6.9% | −16.9% | 4.9% | 2.4% | 6.2% | −1.6% |
| Capex / revenue | 12.7% | 13.3% | 17.4% | 23.6% | 30.7% | 36.5% | 23.6% | 22.6% | 21.6% | 27.5% |
| Operating cash flow / net income | 1.30 | 1.29 | 1.53 | 2.44 | 1.54 | 1.14 | 1.11 | 1.00 | 1.15 | 1.24 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥3.05B | CN¥2.12B | CN¥2.63B | CN¥2.52B | CN¥1.94B | CN¥1.99B | CN¥2.38B | CN¥334.3M | CN¥2.61B | CN¥1.43B | CN¥2.19B | CN¥2.35B |
| Depreciation & amortization | CN¥825.4M | CN¥958.9M | CN¥883.1M | CN¥864.6M | CN¥884.7M | CN¥826.9M | CN¥751.1M | CN¥730.6M | CN¥755.3M | CN¥786.1M | CN¥779.4M | CN¥744.7M |
| Stock-based compensation | CN¥1.2M | CN¥221.1M | CN¥3.0M | CN¥3.0M | CN¥3.0M | CN¥220.3M | CN¥6.8M | CN¥6.8M | CN¥6.8M | CN¥298.4M | CN¥298.4M | — |
| Change in working capital | — | — | −CN¥534.6M | CN¥7.74B | CN¥4.53B | −CN¥2.03B | CN¥11.43B | CN¥8.62B | — | CN¥472.3M | CN¥472.3M | — |
| Other non-cash items | CN¥686.1M | −CN¥509.3M | CN¥1.25B | −CN¥7.92B | −CN¥5.19B | CN¥1.36B | −CN¥11.76B | −CN¥6.58B | CN¥106.2M | −CN¥951.9M | CN¥180.8M | −CN¥151.7M |
| Cash from operating activities | CN¥4.56B | CN¥2.79B | CN¥4.23B | CN¥3.21B | CN¥2.17B | CN¥2.36B | CN¥2.81B | CN¥3.11B | CN¥3.48B | CN¥2.03B | CN¥3.92B | CN¥2.94B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥2.66B | CN¥0 | −CN¥5.21B | CN¥0 | −CN¥2.93B | −CN¥5.21B | CN¥0 | CN¥0 | −CN¥2.65B | −CN¥6.53B | −CN¥6.53B | CN¥0 |
| Investments (net) | — | — | — | −CN¥426.6M | −CN¥1.16B | −CN¥3.16B | −CN¥5.71B | −CN¥1.91B | −CN¥4.67B | −CN¥2.38B | CN¥1.18B | −CN¥4.03B |
| Acquisitions & other investing | −CN¥868.2M | −CN¥7.17B | CN¥5.14B | CN¥0 | CN¥2.93B | CN¥5.21B | −CN¥272.2M | CN¥0 | CN¥2.65B | CN¥6.53B | CN¥6.53B | CN¥0 |
| Cash from investing activities | −CN¥3.53B | −CN¥7.17B | −CN¥78.5M | −CN¥426.6M | −CN¥1.16B | −CN¥3.16B | −CN¥5.98B | −CN¥1.91B | −CN¥4.67B | −CN¥2.38B | CN¥1.18B | −CN¥4.03B |
| Financing activities | ||||||||||||
| Dividends paid | −CN¥2.07B | — | −CN¥3.76B | — | −CN¥2.06B | −CN¥5.61B | — | — | −CN¥3.60B | −CN¥2.07B | −CN¥2.07B | — |
| Share repurchases & issuance (net) | −CN¥5.11B | — | −CN¥1.25B | — | −CN¥46.6M | −CN¥1.16B | — | — | — | −CN¥1.01B | −CN¥1.01B | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥4.75B | CN¥5.83B | CN¥1.49B | −CN¥6.67B | CN¥1.98B | CN¥6.50B | −CN¥4.03B | CN¥10.2M | CN¥2.50B | CN¥3.21B | CN¥912.9M | CN¥2.53B |
| Cash from financing activities | −CN¥2.43B | CN¥5.83B | −CN¥3.52B | −CN¥6.67B | −CN¥117.7M | −CN¥261.1M | −CN¥4.03B | CN¥10.2M | −CN¥1.10B | CN¥130.1M | −CN¥2.17B | CN¥2.53B |
| Summary | ||||||||||||
| Net change in cash | −CN¥1.48B | CN¥1.40B | CN¥624.3M | −CN¥3.91B | CN¥867.3M | −CN¥1.07B | CN¥1.78B | CN¥1.17B | −CN¥2.29B | −CN¥178.9M | CN¥2.94B | CN¥1.45B |
| Cash at end of period | CN¥9.96B | CN¥11.44B | CN¥10.05B | CN¥9.42B | CN¥13.33B | CN¥12.46B | CN¥13.53B | CN¥11.75B | CN¥10.58B | CN¥12.87B | CN¥13.05B | CN¥10.11B |
| Free cash flow | CN¥1.90B | CN¥2.79B | −CN¥988.0M | CN¥3.21B | −CN¥757.4M | CN¥2.36B | CN¥2.81B | CN¥3.11B | CN¥833.3M | CN¥2.03B | −CN¥2.61B | CN¥2.94B |
| Free cash flow margin | 13.1% | 21.0% | −6.9% | 27.2% | −6.4% | 21.7% | 21.7% | 29.2% | 7.8% | 20.4% | −24.5% | 32.4% |
| Capex / revenue | 18.3% | 0.0% | 36.4% | 0.0% | 24.7% | 47.8% | 0.0% | 0.0% | 24.7% | 65.6% | 61.5% | 0.0% |
| Operating cash flow / net income | 1.50 | 1.32 | 1.61 | 1.27 | 1.12 | 1.19 | 1.18 | 9.31 | 1.33 | 1.42 | 1.79 | 1.25 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
ZTO cash generation
In fiscal 2025 (ended December 31, 2025), ZTO Express generated CN¥12.0 billion of cash from operations (up 4.7%) and spent CN¥6.1 billion on capital expenditures, leaving free cash flow of CN¥5.9 billion, 12.3% of revenue. It returned CN¥5.0 billion to shareholders through dividends (CN¥3.8 billion) and net share buybacks (CN¥1.3 billion). Cash and equivalents fell by CN¥3.5 billion over the year.
Related: ZTO income statement, ZTO dividend history. See the ZTO stock overview for the latest quote and news.
ZTO cash flow FAQ
What is ZTO Express's free cash flow?
ZTO Express's free cash flow was CN¥5.9 billion in fiscal 2025: CN¥12.0 billion of operating cash flow minus CN¥6.1 billion of capital expenditures It was CN¥5.5 billion a year earlier..
How much cash does ZTO Express generate from operations?
ZTO Express generated CN¥12.0 billion of cash from operating activities in fiscal 2025, 1.30 times its net income of CN¥9.2 billion.
How much does ZTO Express spend on capital expenditures?
ZTO Express spent CN¥6.1 billion on capital expenditures in fiscal 2025, 12.7% of revenue, compared with CN¥5.9 billion the year before.
How much stock does ZTO Express buy back?
ZTO Express spent CN¥1.3 billion on net share repurchases in fiscal 2025.
How much does ZTO Express pay in dividends?
ZTO Express paid CN¥3.8 billion in dividends in fiscal 2025, 63.7% of free cash flow.