ZTO Express (Cayman) Inc ADR

ZTO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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ZTO Earnings: Earnings Beat Due to Higher Revenue and Operating Leverage; Shares Fairly Valued

Chelsey Tam

May 20, 2026

ZTO Express’ first-quarter express delivery revenue rose 23.7% year on year, with key account accounting for 32% of revenue. Core EBIT grew 24%, supported by operating leverage. ZTO's volume share improved to 20.3% from 19.6% sequentially.

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ZTO Express (Cayman) Inc ADR

ZTO Earnings: Earnings Beat Due to Higher Revenue and Operating Leverage; Shares Fairly Valued

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