DHL Q3 Revenue Rises 12.6% as FCF Excluding Acquisitions and Divestitures Falls 27%

DHL Group kept its 2026 earnings outlook after third-quarter revenue climbed 12.6% to €22.658 billion, while free cash flow excluding acquisitions and divestitures dropped 27% to €901 million. The results, released Thursday, Nov. 5, at 1 a.m. ET (06:00 UTC), cover the quarter ended Sept. 30.

Revenue was €20.128 billion in the third quarter of 2025. Operating profit before interest and taxes, or EBIT, rose 16.2% to €1.716 billion from €1.477 billion. The EBIT margin increased to 7.6% from 7.3% a year earlier.

DHL Express revenue grew 19.2% to €6.995 billion, while its EBIT rose 50% to €1.038 billion. DHL attributed about €100 million of Express earnings to temporary capacity constraints in international air freight. DHL Global Forwarding revenue increased 23.4% to €5.644 billion, and DHL Supply Chain revenue rose 12% to €4.941 billion.

The free cash flow figure included a €256 million net outflow related to IEEPA payments. DHL maintained its 2026 forecast for EBIT above €7 billion and free cash flow, excluding acquisitions and divestitures, above €3.2 billion. The company expects capital expenditure of about €3.6 billion, excluding leases.

DHL raised its EBIT and free cash flow targets on Oct. 16. Its previous forecast called for EBIT above €6.5 billion and free cash flow of about €3 billion.