J&T Global Express' Revenue Grows 39.5% in First Half of 2026, Southeast Asia Emerges as Core Growth Driver

J&T Global Express, a logistics firm listed on the Hong Kong Stock Exchange, released its financial results for the first half of 2026. During the reporting period, the company posted total revenue of $7.67 billion, up 39.5% year-on-year. Express delivery business revenue reached $7.46 billion, rising 39.6% from a year earlier. Adjusted net profit doubled year-on-year to $350.6 million, while adjusted EBIT grew 121.7% year-on-year to $433.6 million. In June 2026, J&T was officially added to the Hang Seng Index.

In the first half of the year, J&T handled 17.5 billion parcels globally, a 25.1% year-on-year increase. The Chinese market remained its largest source of parcel volume, contributing 11.62 billion parcels, accounting for two-thirds of total handling volume, with a year-on-year growth rate of 9.6%. During the period, J&T's market share in China edged up 0.5 percentage points to 11.6%. Parcel volume in the Southeast Asian market surged 71.2% year-on-year to 5.52 billion units, while volume in other markets including Latin America and the Middle East jumped 119.9% year-on-year to 365 million units. J&T has held the largest share of the Southeast Asian express delivery market for six consecutive years.

During the reporting period, J&T's average revenue per parcel rose to $0.438 from $0.393 in the same period of 2025. This change was mainly driven by adjustments to the geographic structure of its business: the share of parcels from the Chinese market fell to 66.37% from around three-quarters in the first half of 2025, while the share of parcels from the Southeast Asian market rose to 31.54% from 23.05%. Unit prices for express delivery in emerging markets such as Southeast Asia are generally higher than in the Chinese market, where competition is more intense.

J&T operates 127 sorting centers across Southeast Asia, and its high-density regional distribution network is difficult to replicate in the short term. Current players in the Southeast Asian express delivery market include Ninja Van, Flash Express, multiple in-house logistics arms of e-commerce platforms, and local postal and express enterprises. Some competitors have secured stable parcel volumes thanks to backing from e-commerce platforms, while other players are accelerating expansion into the small and medium-sized merchant segment and the cash-on-delivery market. J&T's expansion into Latin American and Middle Eastern markets will also face competition from established local logistics firms.

Charles Hou, Vice President of the group, said J&T has always focused on enhancing operational quality and efficiency.

According to the company's announcement, J&T has completed the repurchase of 99.32 million shares, and has increased the size of its share repurchase program to $256.4 million, equivalent to 73% of the company's adjusted net profit for the first half of the year. As of the end of the reporting period, J&T's total cash reserves stood at $2.91 billion. Share repurchases can convey management confidence, boost earnings per share, and return excess cash to shareholders. The same amount of capital could also be allocated to the construction of sorting centers, upgrading last-mile delivery capabilities, deploying automation systems, improving fleet efficiency, and expanding into new markets.

In this earnings release, J&T highlighted metrics such as adjusted net profit, adjusted EBIT, and adjusted EBIT per parcel, without giving statutory net profit the same level of prominence. While adjusted metrics can strip out the impact of non-cash expenses or one-off items to better reflect underlying operational performance, the costs corresponding to statutory net profit also carry actual economic significance.

In the second quarter of 2026, J&T's average daily global parcel handling volume surpassed 100 million units for the first time. For the entire first half of 2026, J&T's average daily parcel handling volume was approximately 96.7 million units.

This article was first published on the official website of Ebrun.