DHL Group upgrades 2026 outlook as Q3 EBIT hits €1.7bn

Global logistics provider DHL Group has reported a highly robust financial performance for the third quarter of 2026, characterised by substantial organic growth in both revenue and earnings across its core global operations. The Germany-based supply chain giant recorded a 12.6% year-over-year increase in group revenue, reaching €22.7 billion, up from the €20.1 billion recorded in the same period in 2025.

Operating profit (EBIT) experienced a correspondingly steep upward trajectory, rising 16.2% to €1.7 billion compared to €1.5 billion during the third quarter of the previous year. Consequently, the group’s EBIT margin witnessed a healthy improvement, climbing to 7.6% from 7.3% in 2025.

Riding on this positive earnings momentum and clear indicators of strong seasonal demand in the fourth quarter, DHL Group has confidently revised its full-year 2026 guidance upwards for the second time this year. The company now anticipates an operating profit exceeding €7.0 billion, a notable and optimistic upgrade from its previous forecast of more than €6.5 billion. Furthermore, EBIT for the core DHL divisions is now forecast at more than €6.4 billion, reflecting sustained confidence in the underlying operational strength of the organisation.

Tobias Meyer, CEO of DHL Group, emphasised the strategic milestones achieved during this period: “We successfully continued our growth trajectory in the third quarter, delivering a significant increase in revenue and earnings. Our strong operational performance enabled us to raise our full-year earnings guidance for the second time this year. We remain focused on providing our customers with high service quality and sufficient capacity. Even in challenging conditions, we help them access markets and unlock new growth opportunities. That is why we are stepping up investments in our network and in new logistics capabilities needed to tap into the markets of the future.”

The overarching quarterly success was heavily driven by the DHL Express, DHL Global Forwarding, and DHL Supply Chain divisions, all of which successfully navigated complex global supply chain environments and volatile macroeconomic conditions with remarkable agility.

DHL Express emerged as a standout performer, delivering highly impressive earnings growth for the quarter. The division generated €6.995 billion in revenue, marking a 19.2% increase, while EBIT skyrocketed by 50.0% to €1.038 billion. The EBIT margin also expanded by 3.0 percentage points to reach 14.8%. This surge was primarily fuelled by the company's targeted offering for time-critical, heavy-weight shipments catering to industrial customers. By increasing the overall transported weight of its cargo, the division significantly improved the utilisation of its expansive global aviation and ground network.

Furthermore, DHL Express maintained a disciplined approach to yield and capacity management, which, combined with structural cost improvements implemented over the preceding two years, bolstered the bottom line. Notably, temporary capacity constraints in the international air freight market generated a surge in supplementary demand. DHL Express adeptly absorbed this through its proprietary global aviation network, resulting in a positive earnings effect of approximately €100 million in the third quarter.

Meanwhile, DHL Global Forwarding also posted exceptional results despite an unpredictable macroeconomic environment. Revenue for the division swelled by 23.4% to €5.644 billion, and operating profit increased by 32.7% to €259 million. The forwarding division experienced particularly strong air freight volume growth on vital trade lanes originating in Asia. Ocean freight growth similarly benefited from heightened volumes moving out of both Asia and Europe. Leveraging its expansive global footprint and local market expertise, the forwarding arm proved instrumental in assisting shippers as they adapted their transport routes to rapidly shifting global trade flows.

DHL Supply Chain maintained a steady growth trajectory, logging a 12.0% revenue increase to €4.941 billion and an 8.1% rise in EBIT to €301 million. Growth was uniformly observed across all regions, with the Americas business contributing significantly, particularly within the highly demanding Technology and Consumer sectors. High-value e-fulfilment solutions within the Retail sector drove strong new contract wins, securing a firm foundation for future capacity expansion.

Conversely, the DHL eCommerce and Post & Parcel Germany divisions faced distinct operational hurdles. While DHL eCommerce achieved organic revenue growth of roughly 6%, reported revenue dropped 6.4% to €1.585 billion, largely due to portfolio alterations, including business deconsolidation in the United Kingdom and Portugal. EBIT fell sharply to €51 million, missing the prior year's positive one-off effects of €123 million.

Post & Parcel Germany saw flat revenue of €4.254 billion (+0.3%) and a 29.8% drop in EBIT to €153 million. Parcel volume development was heavily hampered by the abolition of the de minimis exemption within the European Union that took effect on 1 July 2026. This was compounded by continuing structural declines in traditional mail volumes and escalating personnel, energy, and transportation overheads.

Despite these regionalised pressures, the overarching financial health of the logistics group remains remarkably robust. Free cash flow (excluding M&A) stood at €901 million for the quarter, bringing the nine-month total to €2.7 billion. Consolidated net profit after non-controlling interests amounted to €907 million in the third quarter.

Melanie Kreis, CFO of DHL Group, underscored the company's stringent financial discipline: “Our continued strong earnings and cash flow generation enable us to invest selectively in further growth. We maintain a disciplined approach to capital allocation, strengthening the capabilities and efficiency of our network.”

In response to these strong cash flows, the Group raised its 2026 free cash flow guidance to more than €3.2 billion. DHL Group is correspondingly increasing capital expenditures (capex) to approximately €3.6 billion for 2026 to capture future growth. These investments are firmly targeted at sectors promising dynamic expansion, specifically Life Sciences & Healthcare, New Energy, E-commerce, and Data Centre Logistics.