ZTO Express (Cayman) (ZTO) Gross Margin (2015 - 2026)
ZTO Express (Cayman) (ZTO) posted Gross Margin of 24.36% for Q1 2026, down 4.0% sequentially from 25.37% in Q4 2025, and down 33.0% YoY from 36.35% in Q1 2025.
ZTO Express (Cayman) (ZTO) Gross Margin (2015 - 2026) Analysis & Trends
ZTO Express (Cayman) has reported Gross Margin for 12 years, with the latest figure at 24.36% in Q1 2026.
- Quarterly Gross Margin fell 33.0% year-over-year to 24.36% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 24.89% (down 477.0% YoY) and the FY2025 annual result came in at 24.99%, down 598.0% from the prior year.
- Gross Margin eased to 24.36% in Q1 2026 per ZTO's latest filing, from 25.37% in the prior quarter.
- Over five years, Gross Margin peaked at 33.93% in Q2 2023 and troughed at 20.49% in Q1 2022.
- A 5-year average of 27.71% and a median of 28.09% in 2022 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2023 and 2025: Gross Margin surged 848 bps in 2023, then tumbled 887 bps in 2025.
- Over 5 years, Gross Margin stood at 28.09% in 2022, then climbed by 5 bps to 29.46% in 2023, then fell by 1 bps to 29.1% in 2024, then slipped by 13 bps to 25.37% in 2025, then slipped by 4 bps to 24.36% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 24.36%, 25.37%, and 24.91% for Q1 2026, Q4 2025, and Q3 2025 respectively.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | United Parcel Service | 87.24 Bn | 82.59 Bn | 19.65 Bn | 86.04% |
| 2 | Fedex | 77.35 Bn | 64.04 Bn | 18.84 Bn | 75.35% |
| 3 | Hunt J B Transport Services | 25.86 Bn | 25.86 Bn | - | - |
| 4 | Expeditors International Of Washington | 24.43 Bn | 23.40 Bn | 1.09 Bn | 30.99% |
| 5 | C. H. Robinson Worldwide | 17.04 Bn | 16.89 Bn | 1.11 Bn | 22.41% |
| 6 | ZTO Express (Cayman) | 17.03 Bn | 12.62 Bn | 469.01 Mn | 24.36% |
| 7 | Landstar System | 6.19 Bn | 5.84 Bn | 308.86 Mn | 21.56% |
| 8 | GXO Logistics | 5.22 Bn | 4.45 Bn | 508.00 Mn | 14.76% |
| 9 | Pitney Bowes | 2.21 Bn | 1.93 Bn | 296.14 Mn | 65.59% |
| 10 | Cryoport | 842.14 Mn | 445.45 Mn | 22.82 Mn | 46.61% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 24.36% |
| Dec 31, 2025 | 25.37% |
| Sep 30, 2025 | 24.91% |
| Jun 30, 2025 | 24.89% |
| Mar 31, 2025 | 24.69% |
| Dec 31, 2024 | 29.10% |
| Sep 30, 2024 | 31.24% |
| Jun 30, 2024 | 33.75% |
| Mar 31, 2024 | 30.14% |
| Dec 31, 2023 | 29.46% |
| Sep 30, 2023 | 29.82% |
| Jun 30, 2023 | 33.93% |
| Mar 31, 2023 | 28.09% |
| Dec 31, 2022 | 28.09% |
| Sep 30, 2022 | 27.33% |
| Jun 30, 2022 | 25.45% |
| Mar 31, 2022 | 20.49% |
| Dec 31, 2021 | 24.42% |
| Sep 30, 2021 | 21.22% |
| Jun 30, 2021 | 22.85% |