DHL 2025 figures: Revenue declined by 1.6 % but operating profit increased by 3.7 %
DHL Group has published its financial figures for 2025, it has exceeded its earnings forecast and increased its dividend. Revenue declined by 1.6 % to EUR 82.9 billion, partly due to currency effects and volume declines on routes to the United States, but DHL Group increased its operating profit (EBIT) by 3.7 % to EUR 6.1 billion thanks to active capacity management and structural cost improvements. This exceeded the EBIT forecast of at least EUR 6 billion. The Group also improved in terms of profitability: the EBIT margin was 7.4 percent; 0.4 percentage points above the previous year’s level.
Financial highlights
- Group revenue declines to €82.9 billion in fiscal year 2025 (FY 2024: €84.2 billion), partly due to currency effects
- EBIT forecast exceeded: Operating profit improved to EUR 6.1 billion
(FY 2024: 5.9 billion euros) - Higher profitability through active capacity management and structural cost improvements: EBIT margin at 7.4 percent (FY 2024: 7.0 percent)
- Group exceeds guidance with strong free cash flow (excluding M&A) of
EUR 3.2 billion (FY 2024: EUR 3.0 billion) - Earnings per share (basic) increased to EUR 3.09 (FY 2024: EUR 2.86 per share)
- The Executive Board and Supervisory Board will propose a dividend increase to EUR 1.90 per share at the Annual General Meeting (FY 2024: EUR 1.85 per share)
- DHL Group expects operating profit of over EUR 6.2 billion and free cash flow (excluding M&A) of around EUR 3 billion for 2026
“Thanks to active capacity management and structural cost improvements, we exceeded our financial targets. At the same time, we continue to make targeted investments in global growth markets and sectors. The volatility of the global economy will continue to accompany us in 2026. We are well positioned both globally and locally. This will allow us to stand closely by our customers and further strengthen their supply chains in a challenging environment.”
Tobias Meyer, CEO DHL Group
Free cash flow excluding M&A exceeds guidance; Earnings per share improved
The Group adjusted its investments in the 2025 financial year to the volatile development of global trade flows, but continued to invest in regions and sectors with growth potential. Investments in acquired assets in the 2025 financial year were 3.8 percent below the same period of the previous year at 3.0 billion euros.
Free cash flow (excluding M&A) increased by 8.3 percent to EUR 3.2 billion in the 2025 financial year, exceeding the forecast of around EUR 3 billion. DHL Group generated net income after non-controlling interests of EUR 3.5 billion in the same period, an increase of 5.1 percent compared to the same period last year. Basic earnings per share were 3.09 euros, 8.1 percent higher than the value of 2.86 euros in the 2024 financial year.
Implementation of Strategy 2030
DHL Group’s Group Strategy 2030 “Accelerating Sustainable Growth”, presented in September 2024, comprises the four target dimensions of “Employer of First Choice”, “Provider of First Choice”, “Investment of First Choice” and “Green Logistics of First Choice”. In the 2025 financial year, DHL Group continued to drive forward the implementation of its strategy and achieved good results across all target dimensions, including:
Employer of choice:
- Employee satisfaction of 82 % (target value of at least 80 percent)
- Accident rate per million hours worked decreased to 13.3 (FY 2024: 14.5)
Provider of first choice:
- Expansion of capacities for clinical trials and specialty pharmaceutical logistics through targeted acquisitions (CRYOPDP, SDS Rx) and investments in network infrastructure
- Developing skills in handling dangerous goods and batteries
- Expansion of the e-commerce network through targeted acquisitions (AJEX, IDS, Inmar)
Investment of first choice:
- Continued investments in countries with above-average growth forecasts (e.g. India, China and Colombia)
- Increased capital efficiency, partly due to structural cost improvements – return on invested capital (ROIC) improved by 20 basis points to 13.9 percent
- Attractive shareholder return through dividend payment and share buyback program; Share buybacks with a volume of 1.4 billion euros in 2025
Green logistics of choice:
- Reduction of greenhouse gas emissions to 32.3 million tonnes of CO2e (2025 target: maximum of 34.7 million tonnes of CO2e; Scopes 1, 2 & 3)
- Share of Sustainable Aviation Fuel in the company’s own aircraft fleet (Scope 1) increased to 10.0 percent (FY 2024: 3.5 percent)
- Expansion of the electric vehicle fleet in pick-up and delivery to around 45,400
Electric vehicles (FY 2024: approx. 39,100)
Modernization of the Group structure on schedule:
As part of the introduction of Strategy 2030, DHL Group announced a modernization of its Group structure. The aim is to align the legal structure of the group with the management structure. In addition, the listed parent company is to be renamed DHL AG. The spin-off agreement required for the process is to be submitted to the Annual General Meeting on May 5, 2026 for a decision.
Dividend increased
The Management Board and Supervisory Board plan to propose a dividend increase to EUR 1.90 per share (FY 2024: EUR 1.85 per share) to shareholders at the upcoming Annual General Meeting. Subject to shareholder approval, the Group would thus pay out a total of 2.1 billion euros. Based on the dividend proposal, the payout ratio would be 60.6 percent of net profit, slightly above the payout corridor of 40 to 60 percent. Calculated on the year-end price of the share, this would result in a dividend yield of 4.1 percent.
“We have significantly improved our earnings per share compared to the previous year. This underlines the effectiveness of our efficiency measures. Free cash flow before M&A is strong and structurally significantly higher than in the past. This is a financially sustainable basis for the proposed dividend increase. The combination of dividend and share buyback makes us an attractive investment for investors.”
Melanie Kreis, CFO DHL Group
