# DHL Group reports stronger earnings as express and forwarding operations grow - **Source:** https://pelavox.com/dhl-group-reports-stronger-earnings-as-express-and-forwarding-operations-grow/ - **Publisher:** pelavox. (The voice of shipping) - **Author:** Helena Pierce - **Published:** 2026-11-06T11:00:00+00:00 - **Updated:** 2026-11-05T09:18:23+00:00 - **Section:** Business / Company Results - **Type:** News - **Topics:** Air Freight, Contract Logistics, Data Center Logistics, DHL eCommerce, DHL Express, DHL Global Forwarding, DHL Group, DHL Supply Chain, Financial Results, Freight Forwarding, Germany, Logistics, Ocean Freight, Q3 2026, Supply Chain, Tobias Meyer DHL Group reported higher revenue and operating profit for the third quarter of 2026, supported by stronger performance across its express delivery, freight forwarding and contract logistics businesses. Group revenue increased 12.6% year on year to €22.7 billion, compared with €20.1 billion in the corresponding period of 2025. Operating profit (EBIT) rose 16.2% to approximately €1.7 billion, while the EBIT margin improved to 7.6% from 7.3%. Net profit attributable to shareholders reached €907 million, compared with €840 million a year earlier, while basic earnings per share increased to €0.82 from €0.75. The results reflected stronger activity across several international markets and improvements in network utilisation, particularly in the DHL Express division. DHL maintained its upgraded full-year outlook, announced on 16 October, which anticipates operating profit exceeding €7 billion in 2026. ### Express and freight forwarding drive earnings growth DHL Express recorded revenue of €7.0 billion in the third quarter, an increase of 19.2% year on year, while operating profit climbed 50% to approximately €1.04 billion. Its EBIT margin increased to 14.8% from 11.8%. The division benefited from higher shipment weights, particularly in time-critical services for industrial customers, which improved utilisation across its international delivery network. Cost efficiency measures and disciplined capacity management also supported profitability. According to DHL, temporary capacity constraints in the international air freight market contributed approximately €100 million to the division’s quarterly earnings, as customers used the company’s existing global network to secure transportation capacity. DHL Global Forwarding also delivered substantial growth, with revenue increasing 23.4% to €5.64 billion and operating profit rising 32.7% to €259 million. Its EBIT margin improved to 4.6% from 4.3%. Air freight volumes developed particularly strongly on trade lanes originating in Asia, while ocean freight growth was supported by higher volumes from both Asia and Europe. The division continued to help customers adjust transportation routes in response to changing trade patterns and supply chain conditions. ### Supply Chain expands as eCommerce earnings decline DHL Supply Chain reported revenue of €4.94 billion, representing 12% year-on-year growth, while operating profit increased 8.1% to €301 million. The Americas contributed significantly to the division’s performance, particularly through technology and consumer-related activities. New contracts in retail, e-fulfilment and technology also supported the business, alongside continued investment in warehouse automation and digital logistics capabilities. However, the division’s EBIT margin declined slightly to 6.1% from 6.3%, indicating that operating profit grew more slowly than revenue. Performance was weaker on a reported basis in DHL eCommerce, where revenue fell 6.4% to €1.59 billion and EBIT declined to €51 million from €176 million. DHL attributed the revenue decline primarily to portfolio changes, including the deconsolidation of operations in the United Kingdom and Portugal. Excluding these effects, the division reported organic revenue growth of approximately 6%. The comparison in operating profit was also affected by €123 million of positive one-off effects recorded in the third quarter of 2025. Meanwhile, Post & Parcel Germany generated revenue of €4.25 billion, broadly unchanged from the previous year, while operating profit declined 29.8% to €153 million. Higher operating costs and the continuing structural decline in traditional mail volumes weighed on the division. ### Investment focuses on data centres and logistics capacity DHL continued expanding its logistics capabilities in response to changing customer demand, identifying data centre logistics, healthcare, new energy and e-commerce as strategic growth areas. Within its Data Center Logistics activities, DHL Supply Chain is investing in additional warehouse locations in North America and expanding capacity in the Asia-Pacific region. The company is also combining expertise across its divisions to provide integrated logistics solutions for data centre customers, while continuing investments in automation, digitalisation and existing transportation networks. Capital expenditure on acquired assets amounted to €897 million during the third quarter. For the first nine months of 2026, capital expenditure reached €2.2 billion, approximately €532 million above the corresponding period of 2025. ### DHL maintains upgraded full-year guidance DHL’s free cash flow excluding mergers and acquisitions reached €901 million in the third quarter, down from approximately €1.2 billion a year earlier. The latest result included €256 million in net cash outflows associated with US tariffs. For the first nine months, free cash flow excluding M&A increased to approximately €2.7 billion, compared with €2.3 billion in the same period of 2025. Tobias Meyer, Chief Executive Officer of DHL Group, said the company’s operational performance had supported growth across its businesses and provided the basis for investment in additional logistics capabilities. The group reaffirmed the financial guidance announced on 16 October, under which it expects full-year EBIT exceeding €7 billion, compared with its earlier forecast of more than €6.5 billion. Free cash flow excluding M&A is expected to exceed €3.2 billion, while planned capital expenditure has been increased to approximately €3.6 billion for 2026. The company will review its existing medium-term earnings guidance in March 2027. DHL’s quarterly results underline the contribution of international express delivery and freight forwarding to its earnings growth, although weaker performance in eCommerce and the German postal business highlights differences across its operating divisions. --- Cite as: "DHL Group reports stronger earnings as express and forwarding operations grow", pelavox., 6 November 2026, https://pelavox.com/dhl-group-reports-stronger-earnings-as-express-and-forwarding-operations-grow/