CJ Logistics (000120) Q3 2026 earnings summary

Executive summary

• 3Q26 sales rose 9.5% YoY to KRW 3,358.1bn, while operating profit fell 25.3% to KRW 110.5bn and net income fell 25.5% to KRW 54.7bn.

• 9M revenue rose to KRW 9,952.7bn from KRW 9,107.6bn, while operating income and net income declined to KRW 304.2bn and KRW 129.4bn; foreign-exchange translation losses weighed on comprehensive income.

Financial highlights

• 3Q26 gross profit was KRW 326.9bn, down 8.1% YoY; COGS rose 11.8% to KRW 3,031.2bn. Gross margin fell 1.9 points to 9.7% and operating margin fell 1.5 points to 3.3%.

• QoQ sales declined 0.6% to KRW 3,358.1bn, while operating profit rose 8.8% to KRW 110.5bn and net income increased 48.7% to KRW 54.7bn.

• 9M operating income was KRW 304.2bn versus KRW 348.5bn; net income was KRW 129.4bn versus KRW 172.6bn, including KRW 123.0bn attributable to owners. Basic EPS fell to KRW 5,584 from KRW 7,402.

• 9M operating cash flow was KRW 399.4bn versus KRW 681.7bn; investing cash outflow was KRW 330.4bn versus KRW 390.3bn.

Outlook and guidance

• AI and data-center project orders are expected to accelerate; plans include entering advanced project logistics and expanding high-value industry sales.

• Global strategy targets a network in 100+ countries over the mid-to-long term, focusing on key hubs, local partnerships and end-to-end transport/customs synergies; India's B2C market is projected to grow at a 9% CAGR from 2026 to 2029.

• Investment priorities include smart logistics and fulfillment capacity, including parcel Multi-Point equipment, the Jangseong complex logistics terminal and an Incheon sea-based international parcel center planned for 2026.

• The 2024–2026 dividend policy targets gradual increases funded by up to 20% of consolidated free cash flow, with a minimum KRW 800 per share; the 2025 dividend was KRW 800 per share despite negative FCF.