ZTO Express (Cayman) (ZTO) Operating Margin (2015 - 2026)

ZTO Express (Cayman) has disclosed Operating Margin across 12 years of filings, most recently posting 19.16% for Q1 2026.

• Operating Margin for Q1 2026 came in at 19.16%, down 292.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 20.61% (down 575.0% YoY), and the FY2025 annual result was 21.33%, down 526.0% from the prior year.
• Operating Margin came in at 19.16% for Q1 2026 at ZTO Express (Cayman), down from 21.98% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 29.98% in Q2 2024 to a low of 14.12% in Q1 2022.
• The 5-year median for Operating Margin is 22.94% (2022), against an average of 23.57%.
• Across the five-year window, Operating Margin jumped 759 bps in 2023 and sank 906 bps in 2025, its largest moves.
• ZTO Express (Cayman)'s Operating Margin stood at 24.92% in 2022, then gained by 4 bps to 25.94% in 2023, then grew by 3 bps to 26.73% in 2024, then declined by 18 bps to 21.98% in 2025, then dropped by 13 bps to 19.16% in 2026.
• The last three Operating Margin figures came in at 19.16% (Q1 2026), 21.98% (Q4 2025), and 20.27% (Q3 2025), per Business Quant data.