ZTO Express (cayman) Inc. cash flow statement

In fiscal 2025, ZTO Express (cayman) Inc.'s operations generated $1.67bn of cash; it spent $726m on capital projects, leaving free cash flow of $940m. It returned $523m in dividends and $174m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

ZTO Express (cayman) Inc.: cash flow statement, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	174	340	388	538	667	913	718	1,119	1,709	1,888	1,589	1,665
Depreciation and amortisation	10	25	49	83	129	183	267	344	398	406	420	470
Stock-based pay	—	19	18	6	38	46	38	38	27	36	44	32
Capital spending	100	169	299	381	504	671	1,049	1,296	1,052	923	724	726
Free cash flow	74	171	88	157	164	242	−331	−177	657	966	865	940
Free cash flow after stock pay	—	152	70	151	126	196	−370	−215	630	930	820	908
Dividends paid	—	18	—	—	136	184	239	210	197	293	779	523
Share buybacks	30	—	—	127	117	110	178	591	13	142	161	174
Shares issued	—	—	1,384	—	1,347	—	1,416	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: RXO vs ZTO EXPD vs ZTO GXO vs ZTO CHRW vs ZTO

More: Air Freight & Logistics stocks compared, Industrials sector, rankings of US companies

Figures from ZTO Express (cayman) Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to ZTO Express (cayman) Inc.