DHL Group raises earnings outlook following strong quarterly performance
DHL Group has raised its earnings guidance for 2026 following stronger-than-expected business performance in the third quarter, supported by growth in its Express and Global Forwarding divisions.
The German logistics group now expects full-year reported earnings before interest and taxes (EBIT) to exceed €7 billion, compared with its previous forecast of more than €6.5 billion.
The revision follows an assessment of the outlook across its operating divisions and expectations of continued earnings momentum during the final quarter of the year.
According to DHL Group, demand growth and indications of a robust seasonal peak contributed to the decision to upgrade its annual projections.
Quarterly revenue and operating profit increase
DHL Group reported preliminary third-quarter revenue of approximately €22.6 billion, representing year-on-year growth of more than 12%.
Group EBIT reached around €1.71 billion, compared with €1.48 billion in the corresponding period of 2025, an increase of approximately 16%.
DHL Express was the largest contributor to quarterly operating earnings, reporting EBIT of approximately €1.04 billion, compared with €692 million a year earlier.
The division benefited from pricing and cost measures, increased shipment weight volumes and operating leverage. DHL also identified approximately €100 million of earnings support associated with capacity constraints in the air freight market.
DHL Global Forwarding generated EBIT of approximately €260 million, up from €195 million in the previous year.
Meanwhile, DHL Supply Chain recorded EBIT of around €300 million, compared with €278 million in the third quarter of 2025.
DHL eCommerce reported EBIT of approximately €50 million, down from €176 million a year earlier. The previous year’s figure included €123 million in positive non-recurring effects.
Post & Parcel Germany recorded EBIT of approximately €150 million, compared with €218 million in the corresponding quarter of 2025.
Full-year forecasts upgraded
Alongside its revised Group EBIT guidance, DHL increased its expected combined EBIT for the DHL divisions to more than €6.4 billion, compared with its previous forecast of more than €5.9 billion.
The outlook for Post & Parcel Germany remains unchanged at more than €900 million, while Group Functions are still expected to contribute approximately negative €400 million.
DHL also raised its full-year free cash flow forecast, excluding net mergers and acquisitions, to more than €3.2 billion from approximately €3 billion.
The group increased its capital expenditure outlook to approximately €3.6 billion, compared with its previous range of €3 billion to €3.3 billion.
Management said the higher investment forecast would allow the company to pursue selected growth opportunities.
Investment and cash flow performance
DHL reported preliminary third-quarter free cash flow, excluding net mergers and acquisitions, of approximately €900 million.
The figure included around €255 million in net outflows associated with the International Emergency Economic Powers Act (IEEPA).
Capital expenditure on owned assets reached approximately €900 million during the quarter.
For the first nine months of 2026, capital expenditure totalled approximately €2.2 billion, representing a year-on-year increase of €500 million.
The group also indicated that its medium-term earnings guidance would be reviewed in March 2027.
DHL Group is scheduled to publish its complete third-quarter financial report on 5 November 2026.
