Successful start: DHL Group achieves earnings growth in the first quarter of 2026
DHL Group had a successful start to 2026 despite geopolitical disruptions and ongoing trade tensions.
- DHL Group records organic revenue growth of 2.0 percent; reported revenue, at EUR 20.4 billion, comes in slightly below the prior-year level, primarily due to currency effects (Q1 2025: EUR 20.8 billion)
- Operating profit increases to EUR 1.5 billion (Q1 2025: EUR 1.4 billion)
- Continued improvement in profitability: EBIT margin of 7.3 percent (Q1 2025: 6.6 percent)
- Operating performance also reflected in free cash flow (excluding M&A) increase to EUR 1.2 billion (Q1 2025: EUR 732 million)
- Guidance confirmed: EBIT of above EUR 6.2 billion and free cash flow (excluding M&A) of around EUR 3 billion expected for 2026
- CEO Tobias Meyer: "Especially in times of geopolitical disruptions, the advantages of our strong global footprint and seasoned local leadership teams become clear. Despite blocked sea routes and closed airspace, we keep cargo moving and our customers' supply chains running."
Bonn - DHL Group had a successful start to 2026 despite geopolitical disruptions and ongoing trade tensions. On an organic basis, Group revenue increased by 2.0 percent in the first quarter. Primarily by currency effects, reported revenue declined by 1.9 percent year-over-year to EUR 20.4 billion. Active capacity management, structural cost improvements and yield measures resulted in a significant operating profit (EBIT) increase of 8.3 percent to EUR 1.5 billion. Earnings growth and improved efficiency are also reflected in the EBIT margin, which improved by 0.7 percentage points year-on-year to 7.3 percent.
Capital expenditure on acquired assets (Capex) totaled EUR 518 million, up 12.4 percent year-over-year. Most of the increase reflected investments in the Supply Chain and Post & Parcel Germany divisions.
Free cash flow (excluding M&A) rose 65.0 percent to EUR 1.2 billion. DHL Group reported Group net profit attributable to non controlling interests of EUR 812 million, an increase of 3.3 percent year-over-year. Basic earnings per share were EUR 0.73, up 6.6 percent from EUR 0.68 in the first quarter of 2025.
After the first three months, we are well on track to achieve our full year targets. Our successful start to the year highlights the resilience of our business model and the impact of our efficiency measures. Especially in times of geopolitical disruptions, the advantages of our strong global footprint and seasoned local leadership teams become clear. Despite blocked sea routes and closed airspace, we keep cargo moving and our customers' supply chains running.
Tobias Meyer, CEO DHL Group
Investments in line with Strategy 2030
As part of its Strategy 2030, DHL Group continues to invest in operational efficiency and in regions and sectors with strong customer demand. The Group is expanding its capabilities in the globally growing data center market and will add more than ten additional warehouse sites in North America, with a total capacity of over 650,000 square meters by the end of 2026. The new facilities are designed to serve data center operators that require highly reliable and secure supply chains as they expand rapidly.
DHL Group is continuing to enhance its operational efficiency, among other measures, by renewing its fleet of Boeing 777 freighter aircraft. As a result of the fleet renewal program launched in 2019, DHL Group now operates the most fuel-efficient cargo aircraft fleet in the world.
In addition, the company keeps modernizing its parcel and mail infrastructure as well as its vehicle fleet. By the end of 2025, the share of electric vehicles used for pickup and delivery in Germany had reached nearly 60 percent. The expansion of the infrastructure serves to enhance quality and to integrate the growing parcel delivery business with the declining letter mail service.
Guidance confirmed
The Group expects geopolitical uncertainties to persist throughout 2026. DHL Group will continue to focus on efficiency improvements and investments for future growth. For the financial year 2026, the Group confirms its guidance and continues to anticipate an operating profit above EUR 6.2 billion and a free cash flow (excluding M&A) of around EUR 3 billion.
| DHL Express | Q1 2025 | Q1 2026 | YOY |
| Revenue (in EUR million) | 6,127 | 6,011 | -1.9 (1) |
| EBIT (in EUR million) | 662 | 799 | 20.6 (1) |
| EBIT margin (in percent) | 10.8 | 13.3 | 2.5 (2) |
| (1) in percent | (2) in percentage points |
| DHL Global Forwarding | Q1 2025 | Q1 2026 | YOY |
| Revenue (in EUR million) | 4,764 | 4,527 | -5.0 (1) |
| EBIT (in EUR million) | 202 | 164 | -18.5 (1) |
| EBIT margin (in percent) | 4.2 | 3.6 | -0.6 (2) |
| (1) in percent | (2) in percentage points |
| DHL Supply Chain | Q1 2025 | Q1 2026 | YOY |
| Revenue (in EUR million) | 4,380 | 4,502 | 2.8 (1) |
| EBIT (in EUR million) | 268 | 276 | 3.1 (1) |
| EBIT margin (in percent) | 6.1 | 6.1 | ±0 (2) |
| (1) in percent | (2) in percentage points |
| DHL eCommerce | Q1 2025 | Q1 2026 | YOY |
| Revenue (in EUR million) | 1,756 | 1,560 | -11.1 (1) |
| EBIT (in EUR million) | 52 | 50 | −4.9 (1) |
| EBIT margin (in percent) | 3.0 | 3.2 | 0.2 (2) |
| (1) in percent | (2) in percentage points |
| Post & Parcel Germany | Q1 2025 | Q1 2026 | YOY |
| Revenue (in EUR million) | 4,428 | 4,502 | 1.7 (1) |
| EBIT (in EUR million) | 281 | 264 | -5.8 (1) |
| EBIT margin (in percent) | 6.3 | 5.9 | -0.5 (2) |
| (1) in percent | (2) in percentage points |
Daniel Gabel
Financial Communications, Global Business Services
DHL Group
Charles-de-Gaulle-Str. 20
53113 Bonn
Germany