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

ZTO Express (Cayman) has disclosed Operating Margin across 12 years of filings, most recently posting 22.19% for Q2 2026.

• In Q2 2026, Operating Margin rose 127.0% year-over-year to 22.19%; the TTM figure through Jun 2026 stood at 20.98% (down 316.0% YoY), while the FY2025 annual figure was 21.33%, down 526.0% from the prior year.
• Operating Margin came in at 22.19% for Q2 2026 at ZTO Express (Cayman), up from 19.16% 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.
• Average Operating Margin over 5 years is 23.49%, with a median of 22.85% recorded in 2022.
• Year-over-year, Operating Margin surged 759 bps in 2023 and plunged 906 bps in 2025.
• Over 5 years, 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 grew by 1 bps to 22.19% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 22.19% in Q2 2026, 19.16% in Q1 2026, and 21.98% in Q4 2025.