ZTO Express (Cayman) (ZTO) Operating Margin (2015 - 2026)
ZTO Express (Cayman)'s Operating Margin came in at 22.19% for the quarter ended Jun 30, 2026, up 1.27 percentage points from 20.92% a year earlier and up 3.02 percentage points from the prior quarter.
ZTO Express (Cayman) (ZTO) Operating Margin (2015 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, ZTO Express (Cayman) reported Operating Margin of 20.98%, down 3.16 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 21.33%, down 5.26 percentage points from the prior year.
- Operating Margin carries a five-year change of +21.33 percentage points (years ended Dec 2020 to Dec 2025).
- Going back by year, Operating Margin was 26.60% in the year ended Dec 31, 2024 (+0.55 pp), 26.05% in the year ended Dec 31, 2023 (+4.18 pp), 21.87% in the year ended Dec 31, 2022 (+3.77 pp) and 18.10% in the year ended Dec 31, 2021 (+18.10 pp).
- The figure for the quarter ended Jun 30, 2026 represents the highest quarterly Operating Margin since the quarter ended Dec 31, 2024.
- Year-over-year, Operating Margin increased in two of the last eight quarters, with an average year-over-year change of -2.72 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in the quarter ended Mar 31, 2023 (a gain of 7.59 percentage points), and the weakest in the quarter ended Jun 30, 2025 (a drop of 9.06 percentage points).
- Business Quant data shows ZTO's Operating Margin at 19.16% (quarter ended Mar 31, 2026), 21.98% (quarter ended Dec 31, 2025) and 20.27% (quarter ended Sep 30, 2025) in the three quarters before the quarter ended Jun 30, 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 161.62 Bn | 156.15 Bn | - | 40.25% |
| 2 | Csx | 86.16 Bn | 82.37 Bn | - | 38.27% |
| 3 | Canadian Pacific Kansas City | 74.78 Bn | 74.50 Bn | - | 35.35% |
| 4 | United Parcel Service | 70.01 Bn | 46.94 Bn | - | 4.07% |
| 5 | Norfolk Southern | 69.45 Bn | 64.09 Bn | - | 32.44% |
| 6 | Fedex | 67.46 Bn | 33.40 Bn | - | 6.20% |
| 7 | Delta Air Lines | 54.88 Bn | 37.06 Bn | - | 9.43% |
| 8 | Old Dominion Freight Line | 36.07 Bn | 35.33 Bn | - | 29.94% |
| 9 | Ryanair Holdings | 28.71 Bn | 12.72 Bn | 3.13 Bn | 13.12% |
| 10 | ZTO Express (Cayman) | 15.37 Bn | -767.84 Mn | 550.21 Mn | 22.19% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 22.19% |
| Mar 31, 2026 | 19.16% |
| Dec 31, 2025 | 21.98% |
| Sep 30, 2025 | 20.27% |
| Jun 30, 2025 | 20.92% |
| Mar 31, 2025 | 22.08% |
| Dec 31, 2024 | 26.73% |
| Sep 30, 2024 | 26.62% |
| Jun 30, 2024 | 29.98% |
| Mar 31, 2024 | 22.76% |
| Dec 31, 2023 | 25.94% |
| Sep 30, 2023 | 26.70% |
| Jun 30, 2023 | 29.56% |
| Mar 31, 2023 | 21.71% |
| Dec 31, 2022 | 24.92% |
| Sep 30, 2022 | 24.31% |
| Jun 30, 2022 | 22.94% |
| Mar 31, 2022 | 14.12% |
| Dec 31, 2021 | 22.28% |
| Sep 30, 2021 | 18.41% |
ZTO Express (Cayman) Operating 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=operating-margin&ticker=ZTO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=ZTO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();