Strong financial results in the third quarter of 2026 prompted the international logistics company DHL Group to raise its full-year earnings outlook for the second time this year. Revenues and operating profits are higher, particularly in its Express and Global Forwarding divisions, reflecting the group’s ability to continue to grow in difficult economic conditions and in the face of changes in global trade flows.

The German logistics group generated €22.7 billion in revenue during the quarter, a 12.6% increase compared with the €20.1 billion recorded in the third quarter of 2025. Operating profit (EBIT) also improved strongly to €1.7 billion, up 16.2% from €1.5 billion a year earlier. Therefore, the group’s EBIT margin also increased to 7.6% from 7.3% in the corresponding period last year.

Against this background and given the strong seasonality of the final quarter, DHL Group has raised its financial targets for 2026. The company now expects full-year operating profit to be above €7.0 billion, up from its previous forecast for more than €6.5 billion. The EBIT of its core DHL divisions should also be over €6.4 billion.

“We made progress in the quarter,” said Tobias Meyer, CEO of DHL Group, highlighting continued growth in revenue and earnings. He said the latest increase in the forecast had been possible due to strong operational performance. Meyer also emphasized the need to keep up high service standards and adequate capacity for customers, especially in a tough operating environment. The group will enhance its network and build new logistics capabilities to enable customers to access markets and tap into future growth opportunities.

Express and Global Forwarding drive division growth

The group's quarterly performance was driven in particular by three business units: DHL Express, DHL Global Forwarding and DHL Supply Chain. The results indicate the contribution of international transport, freight forwarding and contract logistics to the group’s overall growth.

One of the best performers was DHL Express, whose revenue rose 19.2% to €6.995 billion. Its EBIT also climbed 50% to €1.038 billion and the operating margin widened by three percentage points to 14.8%.

Much of the improvement was driven by the development of a focused service offering designed for time-sensitive, heavy-weight shipments, especially those required by industrial customers. The increase in cargo weight carried helped the division to make better use of its extensive aviation and ground transport networks.

The division also benefited from disciplined yield and capacity management and structural cost reductions that have been implemented over the last two years. The international air freight market was temporarily capacity short, creating additional demand that DHL Express was able to meet through its own global aviation network. That meant the division booked about €100 million in earnings in the third quarter.

DHL Global Forwarding also experienced significant growth. Revenues increased 23.4% to 5.644 billion euros and EBIT increased 32.7% to 259 million euros.

Growth in air freight volumes was particularly fast on the main trade routes from Asia. increased volumes leaving Asia and Europe also boosted ocean freight activity. The division’s global reach and understanding of local markets helped customers adapt their transportation plans to fast-changing global trade patterns and evolving supply chain needs.

DHL Supply Chain continued to build on positive momentum, with revenues up 12% to €4.941 billion. EBIT was up 8.1% to €301 million.

All geographical regions posted growth, with a notable contribution from the Americas. The technology and consumer sectors were particularly strong in demand. New contract wins in Retail were supported by high value e-fulfilment services, creating opportunities for future capacity development.

German parcel business and eCommerce come under pressure

Not all divisions shared in this positive trend. In the third quarter DHL eCommerce and Post & Parcel Germany faced operational and financial headwinds.

DHL eCommerce reported organic revenue growth of approximately 6%. But it said revenue reported was down 6.4% at €1.585 billion. The decrease was mainly due to changes in the group's business portfolio, such as the deconsolidation of operations in the United Kingdom and Portugal.

The division's EBIT decreased to € 51 million. The comparison with the previous year was also affected by the absence of positive one-off effects of €123 million that had benefited the prior reporting period.

Post & Parcel Germany generated revenues of €4.254 billion, an increase of only 0.3%. Operating profit fell to €153 million, down 29.8%.

Parcel volumes were affected by the removal of the European Union de minimis exemption, effective 1 July 2026. The division also continued to face declining traditional mail volumes and higher personnel, energy and transportation costs, which weighed on its operating performance.

Higher investment plans supported by cash generation

The financial position of the DHL Group remained strong, despite challenges in some business areas. In the third quarter, free cash flow, excluding mergers and acquisitions, amounted to €901 million. In the first nine months of 2026 the figure reached €2.7 billion.

For the quarter, consolidated net profit attributable to shareholders after non-controlling interests was €907 million.

The company’s ability to continue to generate strong earnings and cash flow gave it the financial flexibility to make selective growth investments, DHL Group CFO Melanie Kreis said. She also stressed the need for disciplined capital allocation, particularly in improving network capabilities and operational efficiency.

Reflecting its stronger cash generation, DHL Group raised its full-year 2026 free cash flow guidance to above €3.2 billion. The company also expects to increase its capital expenditure (capex) to around €3.6 billion for the year.

The incremental investment will be focused on markets with identified strong long term growth potential. These include Life Sciences & Healthcare, New Energy, E-commerce and Data Centre Logistics.

The investments are intended to reinforce the operational infrastructure of the DHL Group, extend the logistics capabilities and align the international network to meet changing customer needs and future demand.