DHL Group Reports Strong Second-Quarter 2026 Growth as Revenue and Earnings Increase Significantly
DHL Group delivered strong financial and operational performance in the second quarter of 2026, reporting substantial increases in revenue and earnings as demand for international logistics and transportation services strengthened. The company benefited from higher shipment volumes, favorable market conditions in international air freight, disciplined pricing and capacity management, and structural cost improvements achieved through its ongoing “Fit for Growth” program.
Group revenue increased 13 percent compared with the second quarter of 2025 to reach EUR 22.4 billion. Operating profit, or EBIT, rose by 30 percent to EUR 1.9 billion, while the Group’s EBIT margin improved by 1.1 percentage points to 8.3 percent.
The strong quarterly performance prompted DHL Group to raise its full-year 2026 earnings guidance in July. The company now expects operating profit of more than EUR 6.5 billion for fiscal year 2026, compared with its previous forecast of more than EUR 6.2 billion.
The improved outlook reflects continued momentum across the business and growing confidence in DHL Group’s ability to navigate a complex global trade environment.
Strong Revenue Growth Across the Group
DHL Group’s second-quarter performance was supported by several factors, including higher transported shipment weight within DHL Express, capacity constraints in the international air freight market, and the pass-through of higher fuel costs.
The company also benefited from disciplined yield and capacity management. These measures allowed DHL Group to respond to changing demand while maintaining focus on profitability.
Structural cost improvements generated through the “Fit for Growth” program also contributed to earnings growth. The initiative is designed to improve efficiency and strengthen the Group’s ability to generate sustainable returns while continuing to invest in areas with strong long-term growth potential.
The increase in revenue and EBIT came despite a complicated global trade environment. The prior-year quarter had been affected by tariffs and other trade-policy conditions, making the year-over-year comparison particularly relevant.
DHL Group’s latest results demonstrate the importance of logistics providers being able to adjust quickly to changing trade flows, transportation costs, and customer requirements.
Global Supply Chains Become More Strategic
The company said the increasingly complex global business environment is making secure and efficient supply-chain management more important for customers.
Geopolitical tensions, changes in trade policies, shifting production patterns, and evolving international trade flows are encouraging companies to reconsider how their supply chains are structured.
Rather than focusing exclusively on cost efficiency, many businesses are placing greater emphasis on resilience, flexibility, reliability, and risk management.
DHL Group’s global network and local market expertise allow it to help customers adapt to these changes. The company provides transportation and logistics solutions across multiple regions and industry sectors, enabling businesses to adjust their supply chains as market conditions evolve.
The ability to reroute shipments, adjust transportation modes, secure additional capacity, and manage inventory effectively has become increasingly important for companies operating internationally.
Improved Cash Flow and Net Profit
DHL Group also reported significant improvements in cash generation during the second quarter.
Free cash flow excluding mergers and acquisitions amounted to EUR 569 million, compared with EUR 329 million in the second quarter of 2025.
The company noted that strong business growth resulted in an additional working-capital outflow. However, cash flow in June benefited from refunds related to U.S. tariff measures under the International Emergency Economic Powers Act.
The corresponding amounts are being passed on to customers as quickly as possible.
For the first half of 2026, free cash flow excluding M&A reached EUR 1.8 billion, up from EUR 1.1 billion during the first half of 2025.
Net profit after non-controlling interests increased to EUR 1.0 billion in the second quarter, representing a 23.9 percent increase compared with the prior-year period.
Basic earnings per share also improved significantly, reaching EUR 0.91 compared with EUR 0.72 in the second quarter of 2025. This represented a 26.9 percent year-over-year increase.
Continued Investment in Sustainable Growth
Despite the complex operating environment, DHL Group continues to invest heavily in its network and long-term growth capabilities.
Capital expenditures on acquired assets totaled EUR 1.3 billion during the first half of 2026, an increase of 25 percent compared with the prior-year period.
These investments form part of DHL Group’s Strategy 2030 and are intended to strengthen the company’s infrastructure while supporting long-term growth.
The company continues to invest in digitalization, automation, and logistics infrastructure modernization to meet evolving customer requirements.
These initiatives include modernization of the global DHL Express fleet, automated warehousing and sorting systems, and digital applications designed to improve service quality and operational efficiency.
The combination of physical infrastructure and digital technologies is becoming increasingly important as customers expect faster, more reliable, and more transparent logistics services.
Expansion Into Strategic Growth Markets
DHL Group is also expanding its capabilities in several strategic growth areas, including Life Sciences & Healthcare, New Energy, and Data Center Logistics.
The company is expanding its Life Sciences & Healthcare network across the United States, United Kingdom, Singapore, and South Korea.
These markets require highly specialized logistics services because products such as pharmaceuticals, medical devices, and other healthcare-related goods can have strict temperature, security, handling, and delivery requirements.
DHL Group is also investing in a new battery logistics center in the Netherlands. The investment supports the growing demand for logistics services associated with electric vehicles, batteries, and the broader transition toward new energy technologies.
At the same time, the company is strengthening its data center logistics capabilities in the Asia-Pacific region.
The rapid expansion of cloud computing, artificial intelligence, digital services, and data infrastructure is driving demand for specialized logistics solutions capable of moving sensitive and high-value equipment securely and efficiently.
By expanding its presence in these sectors, DHL Group is positioning itself to benefit from structural growth trends across the global economy.
Full-Year Guidance Raised
Following the strong first-half performance, DHL Group raised its full-year 2026 guidance on July 7.
The company now expects operating profit to exceed EUR 6.5 billion, compared with its previous guidance of more than EUR 6.2 billion.
EBIT for the DHL divisions is expected to exceed EUR 5.9 billion.
The guidance for Post & Parcel Germany remains unchanged at more than EUR 900 million in EBIT, while Group Functions are still expected to record an operating result of approximately minus EUR 400 million.
DHL Group also maintained its expectation of around EUR 3.0 billion in free cash flow excluding M&A for the full year.
The higher earnings forecast reflects the positive performance during the first half of the year and management’s confidence in the Group’s ability to sustain its operating momentum.
Share Buyback Program Expanded
DHL Group has also increased its share buyback program.
The company’s Board of Management decided to increase the program, which was originally launched in 2022, by EUR 500 million.
The total potential value of the share buyback program has therefore increased to up to EUR 6.5 billion.
The company also extended the program through the end of 2027.
The decision reflects DHL Group’s strong financial position and its approach to capital allocation. Alongside investments in infrastructure and strategic growth areas, the Group continues to return capital to shareholders through share repurchases.
DHL Express Benefits From Stronger Demand
DHL Express delivered strong performance during the second quarter, supported by improving demand.
Transported shipment weight returned to growth, while disciplined yield and capacity management contributed to a significant increase in operating profit.
The division also benefited from temporary capacity constraints in the international air freight market.
These market conditions generated a positive earnings impact of approximately EUR 150 million for DHL Express during the quarter.
The division’s performance demonstrates the importance of balancing network capacity with demand while maintaining disciplined pricing.
As international trade flows evolve, DHL Express continues to play a critical role in moving time-sensitive shipments between markets.
DHL Global Forwarding Navigates Volatile Freight Markets
DHL Global Forwarding also benefited from growing air and ocean freight volumes during the second quarter.
The division operated in an environment characterized by volatile freight rates and changing trade flows.
Its global network and local market expertise enabled it to support customers as they adapted to changes in international supply chains.
The ability to manage freight movements across air, ocean, and other transportation modes gives DHL Global Forwarding flexibility when market conditions change.
The division’s performance highlights the growing importance of logistics providers that can help customers manage uncertainty rather than simply provide transportation capacity.
DHL Supply Chain Records Revenue Growth in All Regions
DHL Supply Chain continued its growth trajectory during the second quarter, with all regions recording higher revenue growth than in the prior-year quarter.
The Americas region made a particularly strong contribution to the division’s performance.
Growth was supported by industries including Life Sciences & Healthcare, Auto-Mobility, and Engineering & Manufacturing.
While earnings were below the exceptionally high level recorded in the prior-year period, DHL explained that the previous year had benefited from positive one-off effects.
When those one-off effects are excluded, the division’s underlying operating performance continued to develop positively.
The result reflects continued demand for contract logistics and supply-chain management services across major industrial sectors.
DHL eCommerce Benefits From Structural Growth
DHL eCommerce continued to benefit from the long-term expansion of online shopping during the second quarter.
Reported revenue development was affected by the accounting impact associated with the merger with Evri and the resulting loss of the United Kingdom revenue contribution.
However, excluding consolidation and currency effects, the division recorded strong revenue growth.
The structural growth of e-commerce continues to create opportunities for parcel and delivery providers as consumers increasingly purchase products through digital channels.
DHL eCommerce is also integrating recent acquisitions and developing its network capabilities to strengthen its long-term competitiveness.
Post & Parcel Germany Remains Focused on Efficiency
Post & Parcel Germany performed in line with expectations during the second quarter.
Growth continued to be driven by domestic and international parcel operations.
At the same time, the structural decline in traditional mail volumes continued. The division also faced an unfavorable comparison with the previous year because of the absence of positive election-related effects.
Higher transportation and personnel costs also weighed on earnings.
The division continues to focus on improving productivity, maintaining cost discipline, and enhancing its network and operational processes.
Outlook for DHL Group
DHL Group enters the second half of 2026 with strong financial momentum and a raised full-year earnings outlook.
The company’s ability to increase revenue by 13 percent and EBIT by 30 percent during the second quarter demonstrates the resilience of its diversified logistics model.
Strong performance in Express, Global Forwarding, Supply Chain, and eCommerce provides the Group with exposure to multiple areas of the global logistics market.
At the same time, DHL Group continues to invest in long-term growth opportunities, including digitalization, automation, sustainable transportation, healthcare logistics, new energy, and data center logistics.
The company’s strategy is increasingly focused on helping customers build resilient supply chains capable of responding to geopolitical uncertainty, shifting trade patterns, and changing consumer demand.
With full-year EBIT guidance now raised to more than EUR 6.5 billion, DHL Group expects to build on the positive momentum generated during the first half of the year.
The combination of strong operational performance, disciplined cost management, strategic investment, and a globally integrated logistics network provides the foundation for continued growth.
As businesses around the world adapt to a rapidly changing trade environment, demand for reliable and flexible logistics solutions is likely to remain important. DHL Group’s second-quarter results demonstrate that the company is well positioned to capture these opportunities while continuing to strengthen its infrastructure, technology, and specialized industry capabilities.
The company’s focus on sustainable growth, combined with continued investment in its network and strategic sectors, is expected to remain central to its Strategy 2030 as DHL Group moves through the remainder of 2026.
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