DHL: Despite the volatile environment, we were able to improve our earnings for four quarters in a row
The logistics group DHL Group achieved earnings growth in the third quarter of 2025 despite the ongoing trade conflicts. Revenue declined by 2.3 % to EUR 20.1 billion as a result of currency effects and volume declines on routes to the USA.
By contrast, the combination of active capacity management, structural cost improvements and price adjustments increased DHL Group’s operating profit (EBIT) to EUR 1.5 billion, or 7.6 percent. This improved the Group’s profitability: The EBIT margin was 7.3 percent, up from 6.7 percent in the third quarter of 2024.
“Despite the volatile environment, we were able to improve our earnings compared to the previous year for four quarters in a row. This is the result of our active capacity management and structural cost improvements. This resilience allows us to continue to invest in quality for our customers and in growth markets. We are well prepared for the seasonally strong year-end business,” said Tobias Meyer, CEO DHL Group.
Investments in growth areas, active capacity management and structural cost improvements
Investments in acquired assets in the third quarter of 2025 were 8.4 percent below the same period last year at 632 million euros. The Group thus adjusted its investments to the economic situation of the global economy, but continued to invest in long-term growth areas. 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, for example, the Group announced the acquisition of the pharmaceutical logistics provider SDS Rx in the USA. This strengthens DHL Group’s ability to provide the LSH industry with holistic logistics solutions along the entire supply chain.
As part of Strategy 2030 and the Fit for Growth program, DHL Group is also investing in digitalization, such as the increased use of AI agents and robots and the expansion of the network of parcel terminals (Packstations). These measures improve both the efficiency and quality of DHL’s services. DHL Group was able to compensate for the persistently volatile development of trading volumes in the third quarter through active cyclical capacity management combined with structural cost improvements as part of the “Fit for Growth” program and price adjustments. Among other things, DHL Express’ aviation costs fell by 8.5 percent compared to the same period last year.
The success of the efficiency measures is also reflected in the strong free cash flow (excluding M&A) in the third quarter of 2025: At EUR 1.2 billion, this was 80.8 percent higher than in the same period of the previous year. DHL Group generated net income after non-controlling interests of EUR 840 million in the same period, an increase of 11.9 percent compared to the same period last year. At EUR 0.75, basic earnings per share were 15.6 percent higher than EUR 0.64 per share in the third quarter of 2024.
“We further improved our EBIT margin and achieved a strong free cash flow. This underlines the effectiveness of our measures to improve profitability and capital efficiency in a challenging environment,” said Melanie Kreis, CFO DHL Group
Well positioned for year-end business
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 have made preparations to be able to offer high quality despite the seasonal increase in shipment volumes. Express, for example, plans to temporarily use 10 additional Boeing 777 freighters on busy routes. Supply Chain is strengthening its team for the peak season by around 8,000 temporary full-time positions. The Post & Parcel Germany team is supported by around 10,000 temporary workers.
Forecast unchanged
The Group continues to expect a subdued macroeconomic environment. However, the measures introduced are still expected to make a positive contribution to the development of earnings. Based on these assumptions, the forecast for the 2025 financial year remains unchanged. The Group continues to expect an operating profit of at least EUR 6 billion and free cash flow (excluding M&A) of around EUR 3 billion. The forecast is also confirmed under the impression that the new import regulations for consignments with a low value of goods (de minimis) to the USA, which have been in force since August, have so far had only a limited impact on the Group’s earnings. This outlook does not take into account possible further escalations of customs or trade policy; such changes could have a significant impact on DHL Group.
Express: slight growth in EBIT and margin
At DHL Express, time definite international (TDI) shipments declined as expected. The division was able to offset this development through active capacity management, structural cost improvements and price adjustments, and to increase operating profit and the EBIT margin.
Global Forwarding, Freight: low volume momentum and weak economy in Europe
The lack of an upturn in air freight volumes, declining ocean freight rates and a persistent economic weakness in Europe led to a decline in revenue and earnings at DHL Global Forwarding, Freight in the third quarter.
Supply chain: sustained earnings growth with high profitability
DHL Supply Chain achieved slight earnings growth in the third quarter and further improved its EBIT margin. Sales grew by 3.2 percent excluding negative currency effects.
eCommerce: Sales growth and structurally intact e-commerce trend
DHL eCommerce achieved revenue growth compared to the prior-year quarter. The structural e-commerce trend remains intact. The division’s EBIT rose from EUR 51 million to EUR 176 million in the third quarter of 2025. This includes a positive net one-off effect of EUR 123 million due to deconsolidation effects from the merger with Evri in the UK.
Post & Parcel Germany: Earnings stabilised thanks to cost measures and price measures
The continuous decline in letter volumes and the growth in parcel volumes at the Post & Parcel Germany division continued in the third quarter. The stabilization of earnings is attributable to the structural growth in parcel volumes, price adjustments – especially in the parcel segment – and cost measures.
