ZTO Express(ZTO Quick QuoteZTO - Free Report) reported fourth-quarter 2025 earnings of 47 cents per share, which improved from the year-ago quarter. Total revenues of $2.07 billion surpassed the Zacks Consensus Estimate of $2.00 billion and improved year over year.

Based on current market and operating conditions, ZTO Express expects its 2026 parcel volume guidance in the range of 42.37 billion to 43.52 billion (reflecting 10-13% year-over-year growth).

Detailed Operational Statistics

Revenues from the core express delivery business increased 12.4% year over year, owing to 9.2% growth in parcel volume and a 2.9% increase in parcel unit price. Key account revenues, generated by direct sales organizations, grew 71.5% year over year, owing to an increase in e-commerce return parcels.

Revenues from freight forwarding services improved 8.1% year over year. Revenues from sales of accessories, which largely consisted of sales of thermal paper for digital waybills, rose 1.6% year over year. Other revenues were derived mainly from financing services.

Gross profit decreased 2.1% from the year-ago reported quarter. Gross margin rate fell to 25.4% from 29.1% in the year-ago period.

Total operating expenses were RMB492.5 million ($70.4 million) compared with RMB306.5 million in the same period last year.

ZTO Express exited the fourth quarter of 2025 with cash and cash equivalents of $1.43 billion compared with $1.31 billion at the end of the prior quarter.

ZTO’s board has approved its share repurchase program in November 2018 and made subsequent modifications, whereby the latest modification increased the aggregate value of shares that may be repurchased to $2.0 billion and extended the effective period through June 30, 2026.

As of Dec. 31, 2025, ZTO had repurchased an aggregate of 59,839,819 ADSs for $1.39 billion on the open market, including commissions. By Feb. 28, 2026, taking into account the concurrent share repurchase, ZTO's total repurchases reached 85,467,295 Class A ordinary shares (including those in the form of ADSs). The $2.0 billion existing share repurchase program is substantially completed.

On March 17, 2026, ZTO’s board approved a new share repurchase program, authorizing the repurchase of up to $1.5 billion of its shares over the next 24 months, effective from March 20, 2026, through March 20, 2028.

Since March 2024, ZTO has maintained a semi-annual dividend policy with a payout ratio of no less than 40% of its prior year adjusted net income. Starting from 2026, ZTO aims to deliver an aggregate annual shareholder return ratio of no less than 50% of its adjusted net income for the prior fiscal year (which is inclusive of both cash dividends and share repurchases).

Currently, ZTO Express carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q4 Performances of Other Transportation Companies

Delta Air Lines (DAL Quick QuoteDAL - Free Report) reported fourth-quarter 2025 earnings (excluding 31 cents from non-recurring items) of $1.55 per share, which beat the Zacks Consensus Estimate of $1.53. Earnings decreased 16.22% on a year-over-year basis due to high labor costs.

Revenues in the December-end quarter were $16 billion, beating the Zacks Consensus Estimate of $15.63 billion and increasing 2.9% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1.2% year over year to $14.6 billion. Revenue growth was impacted by about 2 points due to the government shutdown, mainly in the domestic segment, consistent with the company's disclosure last month.

J.B. Hunt Transport Services, Inc. (JBHT Quick QuoteJBHT - Free Report) reported fourth-quarter 2025 earnings of $1.90 per share, which surpassed the Zacks Consensus Estimate of $1.81 and improved 24.2% year over year.

Total operating revenues of $3.09 billion lagged the Zacks Consensus Estimate of $3.12 billion and were down 1.6% year over year. JBHT’s fourth-quarter revenue performance was hurt by a 2% and 4% decline in revenue per load excluding fuel surcharge revenue in Intermodal (JBI) and Truckload (JBT), respectively, a 1% decrease in average trucks in Dedicated Contract Services (DCS), and a 7% and 2% decline in load volume in Integrated Capacity Solutions (ICS) and JBI, respectively. The decrease in revenue, excluding fuel surcharge revenue, was partially offset by a 15% increase in volume in JBT, a 1% uptick in productivity, excluding fuel surcharge revenue, in DCS, and an increase in revenue per load in ICS. Total operating revenue, excluding fuel surcharge revenue, decreased 2% year over year.

United Airlines Holdings, Inc. (UAL Quick QuoteUAL - Free Report) reported solid fourth-quarter 2025 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate.

UAL's fourth-quarter 2025 adjusted earnings per share (excluding 9 cents from non-recurring items) of $3.10 surpassed the Zacks Consensus Estimate of $2.98 but declined 4.9% on a year-over-year basis. The reported figure lies within the guided range of $3.00-$3.50.

Operating revenues of $15.4 billion outpaced the Zacks Consensus Estimate marginally by 0.1% and increased 4.8% year over year. Passenger revenues (which accounted for 90.4% of the top line) increased 4.9% year over year to $13.9 billion. UAL flights transported 45,679 passengers in the fourth quarter, up 3% year over year. Cargo revenues fell 6% year over year to $490 million. Revenues from other sources rose 9.1% year over year to $981 million.