ZTO Express Q1 Volume Up 13.2%, Revenue Rises 22% to RMB13.28B
ZTO Express grew parcel volume 13.2% year-over-year to 9.7 billion shipments in Q1 2026, outpacing the industry by 7.4 points, while revenue rose 22.0% to RMB13.28 billion. Adjusted net income climbed 5.2% to RMB2.38 billion and operating cash flow reached RMB2.79 billion.
1. First Quarter Financial Results
In Q1 2026, revenue reached RMB13.28 billion, up 22.0% year-over-year, and gross profit rose 20.3% to RMB3.24 billion. Net income increased 5.7% to RMB2.16 billion, while adjusted net income climbed 5.2% to RMB2.38 billion and adjusted EBITDA grew 6.9% to RMB3.94 billion. Basic and diluted earnings per ADS were RMB2.73 and RMB2.68, up 9.2% and 9.8% respectively.
2. Operational Network Expansion
Parcel volume totaled 9.7 billion, a 13.2% increase that outpaced the industry by 7.4 points. The network now includes over 31,000 pickup and delivery outlets, approximately 6,000 direct network partners, more than 10,000 self-owned line-haul vehicles, about 3,800 line-haul routes and 93 sorting hubs.
3. Management Commentary
Management highlighted an 8.2% rise in core express ASP driven by key account and reverse logistics growth, which offset higher volume incentives. Combined unit sorting and transportation costs fell by RMB0.06, SG&A excluding share-based compensation improved to 4.5% of revenue, operating cash flow was RMB2.79 billion and capital expenditure amounted to RMB1.8 billion.