J&T Global Express Reports 124% Profit Surge as International Markets Hit 50% of Revenue
The Chinese logistics giant achieved key milestones in H1 2026, exceeding 100 million daily parcels while international operations matched domestic revenue for the first time.
International Expansion Drives Growth
J&T Global Express Limited reported adjusted net profit of $350 million for the first half of 2026, representing a year-on-year increase of 124.3%, as the company's international expansion reached a historic milestone (earnings call, 2026-08-20).
For the first time, revenue contribution from non-China markets reached 50% of total revenue, up from 43% in the first half of 2025. The company also became "one of the very few express operations capable of handling 100 million parcels on a normalized basis," achieving average daily parcel volume exceeding 100 million in a single quarter (earnings call, 2026-08-20).
Total revenue reached $7.67 billion, up 39.5% year-on-year, while the company processed 17.5 billion parcels, representing a 10.1% increase. Operating cash flow rose 15.9% to $640 million (earnings call, 2026-08-20).
Southeast Asia Market Share Gains
Southeast Asia remained the primary growth driver, with the company processing 5.52 billion parcels in the region, up 21.2% year-on-year. Market share increased to 38.1%, representing a gain of 5.3 percentage points and maintaining J&T's leading position (earnings call, 2026-08-20).
Revenue from Southeast Asia surged 53.8% to $3 billion. Executive President Steven Fan highlighted the company's partnerships with "multiple mainstream e-commerce platforms, including TikTok, Lazada, Temu and Shein" as key to capturing growth (earnings call, 2026-08-20).
Vice President Charles Hou noted that "according to industry consultants data, both the social e-commerce and the express delivery industry in Southeast Asia will be expected to grow at approximately 35% in 2026," suggesting continued expansion opportunities (earnings call, 2026-08-20).
Profitability Metrics Strengthen
Gross profit increased 88.4% to $1.01 billion, with gross margin expanding from 9.8% to 13.2%. Adjusted EBIT reached $430 million, up 121.7%, with margin improving to 5.7% from 3.6% in the prior year period (earnings call, 2026-08-20).
Revenue per parcel increased 11.5% to $0.44, while adjusted EBIT per parcel rose 77.2% to $0.025. CFO Dylan Keong attributed the improvement to "more rational competition" in China under anti-evolution policy and "rapid growth in parcel volume from non-China regions with higher profitability" (earnings call, 2026-08-20).
Domestic and Emerging Markets
In China, J&T processed 1.62 billion parcels, up 9.6%, with market share increasing to 11.6%. Revenue from the China segment grew 22.4% to $3.8 billion (earnings call, 2026-08-20).
Other markets—including Latin America—processed 360 million parcels, up 19.9%, with market share rising to 8.9%. Revenue from these markets nearly doubled, increasing 99.3% to $720 million. Fan noted that annual parcel volume per capita in Latin America stands at 18 parcels compared to 149 in China, "indicating considerable growth headroom" (earnings call, 2026-08-20).
The company maintained a strong balance sheet with cash, cash equivalents, and bank wealth management products totaling $2.91 billion as of June 30, 2026, up 64.2% year-on-year. J&T completed repurchase of 99.32 million shares in the first half and announced a new HKD 2 billion buyback program (earnings call, 2026-08-20).
This article was generated by MarginX from the earnings call on 2026-08-20. It is not investment advice.