J&T Express reported a 124.3% year-on-year surge in adjusted net profit to $350 million for the first half of 2026, as total revenue climbed 39.5% to $7.67 billion. The company’s non-China markets accounted for half of total revenue for the first time, up from 43% a year earlier, executives said during an earnings call on Wednesday.
Total parcels processed rose 25.1% to 17.5 billion globally, with average daily volume exceeding 100 million parcels in the second quarter. Revenue per parcel increased 11.5% to $0.44, while adjusted EBIT per parcel rose 77.2% to $0.025. Gross profit jumped 88.4% to $1.01 billion, lifting gross margin to 13.2% from 9.8% a year ago.
Regional performance diverged sharply. Southeast Asia revenue surged 63.8% to $3.0 billion, with parcel volume up 71.2% to 5.52 billion. The segment’s market share rose to 38.1%, up 5.3 percentage points. China revenue grew 22.4% to $3.8 billion, while other international markets more than doubled to $720 million. Latin America’s parcel volume increased 119.9%, with market share rising to 8.9%.
Adjusted EBIT rose 121.7% to $430 million, while operating cash flow climbed 50.9% to $640 million. Cash and equivalents, including restricted cash and bank wealth management products, increased 64.2% to $2.91 billion. The company’s market capitalization stood at $12.52 billion, with a trailing P/E ratio of 52.33.
Capital expenditure guidance for 2026 was raised to $800 million–$900 million, primarily for automation, sorting equipment, and IT investments. The board also approved an expanded share buyback program of up to 2 billion Hong Kong dollars, following the cancellation of 115 million shares on August 12. Shares closed 1.28% lower at $10.04 in Hong Kong trading.
Executives highlighted the milestone of non-China revenue reaching 50% for the first time, with Steven Fan, executive president, noting that average daily parcel volume exceeded 100 million in a single quarter. Dylan Tey, CFO, emphasized the 77.2% increase in adjusted EBIT per parcel as a key operational improvement.
