DHL reports rising EBIT and cash flow amid challenging trade conditions

In the third quarter of 2025, the logistics company DHL Group achieved earnings growth despite ongoing trade conflicts. Revenue declined 2.3 percent to EUR 20.1 billion, “driven by currency effects and lower volumes on routes to the United States.”

“By combining active capacity management, structural cost improvements, and price adjustments,” DHL Group increased its operating profit (EBIT) by 7.6 percent to EUR 1.5 billion. As a result, the Group's profitability improved: the EBIT margin was 7.3 percent, up from 6.7 percent in the third quarter of 2024.

Tobias Meyer, CEO DHL Group, “Despite the volatile environment, we improved our earnings for four consecutive quarters. This is the result of our active capacity management and structural cost improvements. Thanks to this resilience, we can continue to invest in quality for our customers and in growth markets. We are well prepared for the seasonally strong year-end business.”

Gross capital expenditure (capex owned assets) amounted to EUR 632 million in the third quarter of 2025 - 8.4 percent below the same period last year. “The Group thus adjusted its investments to the global economic conditions, while continuing to invest in long-term growth areas.”

Among other initiatives, DHL Group invests in dynamically growing regions such as Asia, the Middle East, and Africa, as well as in Life Sciences and Healthcare logistics (LSH). In September 2025, the Group announced the acquisition of the U.S. pharmaceutical logistics provider SDS Rx.

DHL Group is also investing in digitalisation, including the increased usage of AI agents and robots, as well as the expansion of its parcel locker network.

The success of the efficiency measures is also reflected in the strong free cash flow (excluding M&A) in the third quarter of 2025: It grew 80.8 percent year-over-year to EUR 1.2 billion. In the same period, DHL Group generated consolidated net profit after non-controlling interests of EUR 840 million - an increase of 11.9 percent compared to the same period last year. Basic earnings per share amounted to EUR 0.75, 15.6 percent higher than the EUR 0.64 per share in the third quarter of 2024.

In anticipation of the year-end peak season, DHL Group expects a typical seasonal increase in e-commerce deliveries to consumers (B2C; Business-to-Consumer) in the fourth quarter of 2025. The Group's divisions are prepared to ensure high service quality despite the seasonal rise in shipment volumes.

For example, Express plans to temporarily deploy 10 additional Boeing 777 freighters on heavily frequented routes. Supply Chain is strengthening its team for the peak season with around 8,000 temporary full-time equivalents.

The Group continues to anticipate a subdued macroeconomic environment. However, the measures initiated are still expected to positively contribute to earnings development. Based on these assumptions, the guidance for the 2025 financial year remains unchanged. The Group continues to expect an operating profit of at least EUR 6 billion and a free cash flow (excluding M&A) of around EUR 3 billion. The guidance is also reaffirmed because the new import regulations for low-value shipments (De Minimis) into the U.S., which have been in effect since August, have so far had only a limited impact on the Group's earnings.

Express
At DHL Express, time-definite international shipments (Time Definite International, TDI) declined as expected. The division offset this development through active capacity management, structural cost improvements, and price adjustments, resulting in gains in operating profit and EBIT margin.

Global Forwarding, Freight
The lack of volume recovery in air freight, declining ocean freight rates, and continued economic weakness in Europe led to a decrease in revenue and earnings at DHL Global Forwarding, Freight in the third quarter.

Supply Chain
DHL Supply Chain achieved modest earnings growth and further improved its EBIT margin in the third quarter. Revenue grew, excluding currency effects, by 3.2 percent.

eCommerce
DHL eCommerce recorded revenue growth compared to the same quarter of the previous year. The structural e-commerce trend remains intact. EBIT for the business unit rose in the third quarter of 2025 from EUR 51 million to EUR 176 million. This includes a positive net one-off effect of EUR 123 million, due to deconsolidation effects from the merger with Evri in the United Kingdom.

Post & Parcel Germany
The ongoing decline in letter volumes and the growth in parcel volumes in the Post & Parcel Germany division continued in the third quarter. The stabilisation of earnings performance was driven by structural growth in parcel volumes, price adjustments - primarily in the parcel business - and cost measures.