In this article we consider Cherry flows on the torus which have two singularities, a source and a saddle, and no periodic orbits. We show that every Cherry flow admits a unique physical measure, whose basin has full volume. This proves a conjecture given by Saghin and Vargas [Invariant measures for Cherry flows. Comm. Math. Phys.
317(1) (2013), 55–67]. We also show that the perturbation of Cherry flows depends on the divergence at the saddle: when the divergence is negative, this flow admits a neighborhood, such that any flow in this neighborhood belongs to one of the following three cases: it has a saddle connection; it is a Cherry flow; it is a Morse–Smale flow whose non-wandering set consists of two singularities and one periodic sink. In contrast, when the divergence is non-negative, this flow can be approximated by a non-hyperbolic flow with an arbitrarily large number of periodic sinks.