ZTO Express (Cayman) (ZTO) Gross Margin (2015 - 2026)
ZTO Express (Cayman)'s Gross Margin was 25.66% in the quarter ended Jun 30, 2026, up 0.77 percentage points from 24.89% a year earlier and up 1.30 percentage points from the prior quarter.
ZTO Express (Cayman) (ZTO) Gross Margin (2015 - 2026) Analysis & Trends
On a trailing twelve-month basis, ZTO Express (Cayman)'s Gross Margin was 25.10% through Jun 30, 2026, down 2.39 percentage points year-over-year; for the year ended Dec 31, 2025, it was 24.99%, down 5.98 percentage points from the prior year.
- Gross Margin shows a five-year change of +24.99 percentage points (years ended Dec 2020 to Dec 2025).
- In earlier years, Gross Margin was 30.98% in the year ended Dec 31, 2024 (+0.62 pp), 30.36% in the year ended Dec 31, 2023 (+4.80 pp), 25.55% in the year ended Dec 31, 2022 (+3.88 pp) and 21.67% in the year ended Dec 31, 2021 (+21.67 pp).
- The figure for the quarter ended Jun 30, 2026 marks the highest quarterly Gross Margin since the quarter ended Dec 31, 2024.
- Compared with a year earlier, Gross Margin was higher in two of the last eight quarters, with an average year-over-year change of -2.86 percentage points.
- The best year-over-year quarter for Gross Margin over five years was the quarter ended Jun 30, 2023 (a gain of 8.48 percentage points); the worst was the quarter ended Jun 30, 2025 (a drop of 8.87 percentage points).
- Per Business Quant data, ZTO's Gross Margin in the three quarters before the quarter ended Jun 30, 2026 was 24.36% (quarter ended Mar 31, 2026), 25.37% (quarter ended Dec 31, 2025) and 24.91% (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 161.62 Bn | 156.15 Bn | - | - |
| 2 | Csx | 86.16 Bn | 82.37 Bn | - | - |
| 3 | Canadian Pacific Kansas City | 74.78 Bn | 74.50 Bn | - | - |
| 4 | United Parcel Service | 70.01 Bn | 46.94 Bn | - | - |
| 5 | Norfolk Southern | 69.45 Bn | 64.09 Bn | - | - |
| 6 | Fedex | 67.46 Bn | 33.40 Bn | - | - |
| 7 | Delta Air Lines | 54.88 Bn | 37.06 Bn | - | - |
| 8 | Old Dominion Freight Line | 36.07 Bn | 35.33 Bn | - | - |
| 9 | Ryanair Holdings | 28.71 Bn | 12.72 Bn | 3.13 Bn | 61.47% |
| 10 | ZTO Express (Cayman) | 15.37 Bn | -767.84 Mn | 550.21 Mn | 25.66% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 25.66% |
| 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% |
ZTO Express (Cayman) Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=ZTO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "ZTO", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=ZTO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();