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J&T revenue rose 18.5% to $12.2b on parcel growth
J&T Global Express said its 2025 revenue rose 18.5% year-on-year to US$12.2 billion as parcel volume increased 22.2% to 30.1 billion across 13 countries.
The company reported adjusted net profit of US$425 million, up 112.3%, and free cash flow rose 96.1% to US$494 million.
In Southeast Asia, J&T said revenue rose 39.8% to US$4.5 billion, while Frost & Sullivan data put its regional parcel market share by parcel volume at 34.4%, and adjusted EBIT of US$538 million.
Newer markets, including Saudi Arabia, the United Arab Emirates, Mexico, Brazil, and Egypt, posted positive adjusted EBIT of US$4 million for the first time, while its China business reported US$6.7 billion in revenue.
🔗 Source: J&T Express
🧠 Food for thought
Implications, context, and why it matters.
J&T profit comes from two very different regions
- Profit is concentrated in Southeast Asia, where parcel volume rose 67.8% and adjusted EBIT margin hit 11.9% 1.
- China brings in the most revenue, yet revenue per parcel sits at US$0.30, which leaves little room for error 2.
- Unit costs moved lower. Cost per parcel in China fell to US$0.28 in 2025, while Southeast Asia cost per parcel dropped 16% year on year in 2025 to about US$0.48 per the company’s FY2025 release 2.
- Lean operations helped in China’s price war. The China “anti-involution” policy backdrop, a government push to curb destructive, zero sum competition, also supported steadier pricing 2.
J&T growth points to a new logistics race for global e-commerce
- J&T profitability in “New Markets” links to the overseas expansion of TikTok, Temu, SHEIN and AliExpress, which management said increased demand for high quality last mile delivery networks 2.
- Those platforms depend on dependable last mile partners to enter and grow in Latin America, which management called a “blue ocean” market, an underpenetrated market with limited competition and room for growth, with “immense potential” 2.
- The plan centers on moving operating know how from China and Southeast Asia into newer regions, plus more automation such as automated sorting equipment to lift efficiency and unit economics 2.
- Logistics networks now shape platform competition. J&T said it is deepening cooperation with cross border customers while expanding ties with leading local e commerce platforms, and it referenced Mercado Libre, a major Latin American e commerce company, when discussing Latin America partnerships 2.