J&T Express reported first-half 2026 net profit of $350.6 million, more than doubling from $156.3 million a year earlier, as revenue rose 39.5% to $7.7 billion. Non-China revenue reached a record 50% of total sales, up from 43% in the prior-year period, while gross margin expanded to 13.2% from 9.8%.
The Hong Kong-listed express delivery group said adjusted EBIT margin increased to 5.7% from 3.6%, with adjusted EBITDA margin rising to 9.5% from 7.9%. Operating cash flow grew 50.9% to $635.5 million. Revenue per parcel increased to $0.44 from $0.40, while adjusted EBIT per parcel rose 77.2% to $0.025.
China, still the company’s largest market, accounted for 50% of revenue in 1H2026, down from 57% a year earlier, though absolute China revenue grew 22.4% to $3.8 billion. Parcel volume in China rose 9.6% to 11.6 billion parcels, with daily volume reaching 68.2 million in Q2 2026. Market share in China increased to 11.6%, ranking fifth among domestic express delivery companies.
Southeast Asia, the group’s fastest-growing region, saw parcel volume surge 71.2% to 5.5 billion parcels, with peak daily volume reaching 47 million. Market share in the region climbed 5.3 percentage points to 38.1%, maintaining the top position for six consecutive years. Infrastructure investments included 6,100 vehicles, 11 automated sorting machines, and six new sorting centers, with outlets exceeding 10,800.
Latin America and the Middle East recorded the sharpest growth, with parcel volume surging 119.9% to 365 million parcels. Market share in these regions reached 8.9%, up 2.7 percentage points year-over-year. The company’s Tangerang, Indonesia facility saw peak sorting efficiency rise approximately 150% and parcel processing time reduced by 40% after upgrades.
J&T Express raised its 2026 capital expenditure guidance to $800-900 million, up from prior estimates. The company repurchased 99.3 million shares for HK$889 million in 1H2026, bringing cumulative buybacks since listing to 179 million shares for HK$1.39 billion. A new HK$2.0 billion share repurchase program was approved in June 2026, replacing the previous HK$1.0 billion mandate.
The group’s shares were trading at $10.04, within a 52-week range of $7.54 to $12.20. J&T Express was added to the Hang Seng Composite Index in April 2024, the FTSE China 50 Index in March 2025, and the MSCI China and Hang Seng indexes in June 2026.
