ZTO Express (Cayman) (ZTO) Balance Sheet: Assets & Liabilities

ZTO Express (Cayman) (ZTO) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), ZTO Express (Cayman) reported total assets of CNY 91.08B and total liabilities of CNY 23.90B. Shareholders' equity was CNY 66.43B, up 7.0% from CNY 62.06B a year earlier. Total debt stood at CNY 11.48B against CNY 25.68B in cash and short-term investments, a net cash position of CNY 14.20B. That puts debt-to-equity at 0.17, compared with 0.28 a year earlier.

ZTO Express (Cayman) Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for ZTO Express (Cayman) Inc. (ZTO) - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	10.05	13.47	12.33	11.69	9.72	14.21	5.27	4.62	5.43
Short-Term Investments	15.63	8.85	7.45	5.75	2.85	3.69	11.11	13.60	5.22
Cash & Short-Term Investments	25.68	22.31	19.79	17.45	12.57	17.90	16.38	18.22	10.65
Accounts Receivable	2.44	2.68	1.71	4.58	2.04	3.08	0.70	0.60	0.29
Inventory	0.76	0.04	0.03	0.04	0.08	0.05	0.04	0.04	0.03
Other Current Assets	5.11	0.64	0.73	2.41	0.46	1.29	2.98	2.37	1.41
Total Current Assets	33.99	30.35	26.95	24.48	18.67	22.32	20.10	21.23	12.38
Non-Current Assets
Property, Plant & Equipment (Net)	35.85	34.48	32.85	29.62	25.83	19.44	13.37	9.04	6.47
Long-Term Investments	8.22	1.87	3.46	11.27	3.73	5.07	4.06	2.21	0.61
Goodwill	4.16	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24
Intangible Assets	0.05	6.19	5.66	5.47	5.37	4.40	2.56	2.02	1.66
Other Non-Current Assets	7.71	0.92	0.70	2.69	0.76	3.01	1.16	0.62	0.31
Total Non-Current Assets	57.10	61.99	61.51	54.05	44.11	36.88	25.79	18.45	13.45
Total Assets	91.08	92.34	88.47	78.52	62.77	59.20	45.89	39.68	25.83
Current Liabilities
Accounts Payable	2.58	2.46	2.56	2.20	1.96	1.64	1.48	1.31	0.89
Short-Term Debt	11.07	16.78	7.77	5.82	3.63	2.01	0.30	0.00	0.25
Current Portion of Long-Term Debt	-	7.27	-	6.79	-	-	-	-	-
Accrued Liabilities	0.28	0.50	0.36	0.35	0.20	1.18	-	-	-
Deferred Revenue	0.00	1.57	1.75	1.37	1.23	1.12	1.21	0.44	0.26
Other Current Liabilities	9.23	1.45	2.73	6.78	1.69	4.54	3.62	2.99	2.53
Total Current Liabilities	22.88	28.27	20.06	16.41	13.00	9.35	6.68	5.14	4.15
Non-Current Liabilities
Long-Term Debt	0.40	0.38	7.03	7.30	0.56	0.50	0.50	0.00	0.00
Deferred Tax Liabilities	0.62	1.01	0.64	0.35	0.29	0.25	0.21	0.16	0.16
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.29	0.00	0.09	0.11	0.08
Total Non-Current Liabilities	1.02	1.39	8.12	7.65	0.85	0.76	0.81	0.27	0.24
Total Liabilities	23.90	29.67	28.18	24.05	13.84	10.11	7.49	5.41	4.39
Stockholders' Equity
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	42.95	39.10	36.30	29.46	22.72	21.04	16.73	11.05	6.67
Accumulated Other Comprehensive Income	-0.28	-0.29	-0.19	-0.09	-0.24	-0.10	0.68	0.57	-0.30
Treasury Stock	0.25	1.13	0.51	2.06	2.07	-	-	-	-
Additional Paid-in Capital	23.76	24.39	24.20	24.66	28.23	28.04	20.90	22.59	15.06
Minority Interest	0.75	0.61	0.48	0.44	0.29	0.12	0.10	0.05	0.01
Shares Outstanding	0.79	0.80	0.80	0.82	0.81	-	-	-	-
Total Stockholders' Equity	66.43	62.06	59.80	54.03	48.64	48.98	38.30	34.22	21.44
Total Liabilities & Equity	91.08	92.34	88.47	78.52	62.77	59.20	45.89	39.68	25.83

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About ZTO Express (Cayman) Balance Sheet

How much debt does ZTO Express (Cayman) have?

ZTO Express (Cayman) had total debt of CNY 11.48B as of Dec 31, 2025, against CNY 25.68B in cash and short-term investments. Its debt-to-equity ratio was 0.17. Total debt was CNY 17.16B a year earlier.

What are ZTO Express (Cayman)'s total assets?

ZTO Express (Cayman) reported total assets of CNY 91.08B as of Dec 31, 2025, down 1.4% from CNY 92.34B a year earlier. Total liabilities were CNY 23.90B.

What is ZTO Express (Cayman)'s shareholders' equity?

ZTO Express (Cayman)'s shareholders' equity was CNY 66.43B as of Dec 31, 2025, or about CNY 84.00 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition