| 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % | ||
| Revenue | €m | 60,763 | 65,445 | 7.7 | 20,128 | 22,658 | 12.6 |
| Profit from operating activities (EBIT) | €m | 4,276 | 5,052 | 18.1 | 1,477 | 1,716 | 16.2 |
| Return on sales¹ | % | 7.0 | 7.7 | - | 7.3 | 7.6 | - |
| ROIC (return on invested capital) | % | 14.0 | 15.2 | - | - | - | - |
| Consolidated net profit for the period² | €m | 2,442 | 2,726 | 11.6 | 840 | 907 | 8.0 |
| Free cash flow excluding acquisitions and divestitures | €m | 2,295 | 2,677 | 16.6 | 1,234 | 901 | -27.0 |
| Net debt³ | €m | 21,516 | 22,208 | 3.2 | - | - | - |
| Earnings per share⁴ | € | 2.14 | 2.45 | 14.3 | 0.75 | 0.82 | 9.6 |
| Number of employees⁵ | 582,766 | 583,977 | 0.2 | - | - | - | |
The German mail and parcel business of Deutsche Post AG was transferred to a separate company, and the existing listed company, Deutsche Post AG, was renamed DHL AG. Both changes took effect upon their entry in the commercial register on September 1, 2026.
As part of the initiated eleventh tranche of the 2022–2027 share buyback program, we repurchased a total of 2.8 million shares to the value of €156 million in the third quarter of 2026. Since the beginning of the share buyback program, we have so far repurchased a total of 129.2 million shares to the value of €5,156 million.
In the third quarter of 2026, consolidated revenue increased from €20,128 million to €22,658 million. This included positive currency effects of €259 million. Other operating income dropped by €142 million to €572 million.
At €1,716 million, consolidated EBIT in the third quarter of 2026 was 16.2% higher than the prior-year figure. Net finance costs of €278 million were higher than in the previous year (€208 million). Profit before income taxes grew by €170 million to €1,438 million. As a result, income taxes rose to €446 million with a slightly increased tax rate of 31.0%.
Consolidated net profit for the period improved from €888 million to €992 million in the third quarter of 2026. Of this amount, €907 million is attributable to DHL AG shareholders and €85 million to noncontrolling interest holders. Earnings per share rose from €0.75 to €0.82 (basic) and from €0.74 to €0.81 (diluted).
Return on invested capital increased from 14.0% in the previous year to 15.2%, mainly due to EBIT growth significantly exceeding the moderate rise in invested capital.
As of September 30, 2026, the Group reported centrally available liquidity in the amount of €2.1 billion, which is comprised of cash and cash equivalents as well as current financial assets. We also have access to a €4 billion syndicated credit facility, which provides a secure long-term liquidity reserve. Due to our solid liquidity position, this was not drawn during the reporting period.
Investments in property, plant and equipment and intangible assets acquired (excluding goodwill) amounted to €897 million in the third quarter of 2026 (previous year: €632 million) and were made predominantly in the maintenance and expansion of network infrastructure.
At €2,612 million, net cash from operating activities in the third quarter of 2026 was in line with the previous year. The increase in EBIT drove a positive development in operating cash flow before changes in working capital. This was offset by a lower cash inflow from changes in working capital, partly driven by a net cash outflow from the unwinding of US tariffs (IEEPA) in the Express and Global Forwarding divisions, which is being passed on to customers as quickly as possible. Net cash used in investing activities decreased from €841 million in the previous year to €775 million in the third quarter of 2026. Free cash flow excluding acquisitions and divestitures fell from €1,234 million to €901 million. This includes a net outflow for IEEPA payments of €256 million, without which free cash flow in the third quarter would have been correspondingly higher. Net cash used in financing activities fell from €1,352 million to €1,264 million. Cash and cash equivalents rose from €3,376 million as of December 31, 2025, to €4,361 million.
Net debt increased from €21,516 million as of December 31, 2025, to €22,208 million as of September 30, 2026.
Revenue in the Express division was up by 19.2% in the third quarter of 2026 to €6,995 million. This included positive currency effects amounting to €104 million and higher fuel surcharges. Excluding these, revenue rose by 9.3%. The TDI daily weight was up 9.7% year on year.
In a volatile market environment, DHL Express benefited from a continuing gradual rise in weight transported throughout the network. Capacity constraints in the air freight market also had a positive effect on earnings of around €100 million. The positive earnings performance from increased capacity utilization was additionally supported by effective cost and yield measures.
EBIT in the Express division increased by 50.0% to €1,038 million in the third quarter of 2026. The EBIT margin was 14.8%.
| €m | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Revenue | 17,862 | 20,138 | 12.7 | 5,867 | 6,995 | 19.2 |
| Europe | 8,256 | 9,111 | 10.4 | 2,725 | 3,074 | 12.8 |
| Americas | 4,277 | 4,672 | 9.2 | 1,436 | 1,635 | 13.8 |
| Asia Pacific¹ | 5,559 | 5,922 | 6.5 | 1,790 | 2,084 | 16.4 |
| MEA (Middle East and Africa)¹ | 1,225 | 1,354 | 10.5 | 403 | 470 | 16.6 |
| Consolidation/Other | -1,455 | -921 | 36.7 | -489 | -269 | 45.0 |
| Profit from operating activities (EBIT) | 2,084 | 3,037 | 45.7 | 692 | 1,038 | 50.0 |
| Return on sales (%)² | 11.7 | 15.1 | - | 11.8 | 14.8 | - |
| Operating cash flow | 3,659 | 4,634 | 26.7 | 1,343 | 1,636 | 21.8 |
| €m per day¹ | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Time Definite International (TDI) | 68.8 | 77.4 | 12.5 | 65.6 | 76.8 | 17.0 |
| Time Definite Domestic (TDD) | 6.4 | 7.1 | 10.9 | 6.1 | 6.9 | 11.7 |
| Million kg per day | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Time Definite International (TDI) | 8.0 | 8.5 | 5.7 | 7.7 | 8.5 | 9.7 |
| Time Definite Domestic (TDD) | 3.0 | 3.2 | 5.3 | 2.9 | 3.0 | 5.0 |
Revenue in the Global Forwarding division increased by 23.4% to €5,644 million in the third quarter of 2026 due to higher volumes and freight rates. Excluding positive currency effects of €79 million, revenue was 21.7% above the prior-year figure. The division's gross profit improved in the third quarter by 14.7% year on year to €1,255 million.
Air freight volumes were up by 12.0% in the third quarter of 2026, primarily on trade lanes originating in Asia. Air freight revenue increased by 30.4%, while gross profit rose by 28.5%. Ocean freight volumes were up by 4.8% year on year, with growth particularly on trade lanes from Asia and Europe. Ocean freight revenue increased by 26.8% and gross profit by 12.1% in the third quarter of 2026, reflecting volume growth and higher freight rates in a persistently volatile market.
EBIT in the Global Forwarding division increased by 32.7% to €259 million in the third quarter of 2026. The EBIT margin was 4.6%.
| €m | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Revenue | 13,956 | 15,618 | 11.9 | 4,572 | 5,644 | 23.4 |
| Air freight | 4,438 | 5,298 | 19.4 | 1,461 | 1,906 | 30.4 |
| Ocean freight | 4,097 | 4,317 | 5.4 | 1,324 | 1,679 | 26.8 |
| Road freight | 3,038 | 3,262 | 7.4 | 968 | 1,089 | 12.5 |
| Other | 2,383 | 2,741 | 15.1 | 819 | 971 | 18.5 |
| Gross profit | 3,373 | 3,613 | 7.1 | 1,094 | 1,255 | 14.7 |
| Profit from operating activities (EBIT) | 593 | 662 | 11.7 | 195 | 259 | 32.7 |
| Return on sales (%)¹ | 4.2 | 4.2 | - | 4.3 | 4.6 | - |
| Operating cash flow | 639 | 423 | -33.8 | 402 | 167 | -58.5 |
| Thousands | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % | |
| Air freight exports | metric tons | 1,308 | 1,409 | 7.7 | 444 | 497 | 12.0 |
| Ocean freight | TEU¹ | 2,439 | 2,554 | 4.8 | 854 | 895 | 4.8 |
Revenue in the Supply Chain division was up by 12.0% in the third quarter of 2026 to €4,941 million. Excluding positive currency effects of €85 million, the growth came to 10.1%. The main contributor to this development was the Americas region, including in the Technology and Consumer sectors.
Additional Supply Chain contracts with a volume of €2,088 million were concluded in the third quarter of 2026. The Retail (including e-fulfilment solutions) and Technology sectors accounted for a substantial part of this.
EBIT in the Supply Chain division increased by 8.1% to €301 million in the third quarter of 2026. The EBIT margin was 6.1%, in line with the medium-term target range of 6% to 7%.
| €m | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Revenue | 12,975 | 14,164 | 9.2 | 4,412 | 4,941 | 12.0 |
| EMEA (Europe, Middle East and Africa) | 5,863 | 6,307 | 7.6 | 2,003 | 2,237 | 11.7 |
| Americas | 5,306 | 5,935 | 11.9 | 1,811 | 2,049 | 13.1 |
| Asia Pacific | 1,824 | 1,946 | 6.7 | 605 | 665 | 9.9 |
| Consolidation/Other | -18 | -24 | -32.0 | -7 | -9 | -25.7 |
| Profit from operating activities (EBIT) | 893 | 882 | -1.3 | 278 | 301 | 8.1 |
| Return on sales (%)¹ | 6.9 | 6.2 | - | 6.3 | 6.1 | - |
| Operating cash flow | 1,269 | 1,326 | 4.5 | 565 | 575 | 1.8 |
At €1,585 million, revenue in the eCommerce division in the third quarter of 2026 was 6.4% below the prior-year level. Revenue no longer includes any UK contribution following the completion for accounting purposes of the merger with Evri at the end of September 2025. For the third quarter of 2026, this caused revenue to fall by €194 million. Excluding changes in the consolidated group (UK and Iberia) and negative currency effects of €7 million, revenue for the third quarter of 2026 increased by 6.1%.
EBIT in the eCommerce division fell from €176 million to €51 million in the third quarter of 2026. The EBIT figure for the third quarter of 2025 included a positive, net nonrecurring effect of €123 million, primarily consisting of deconsolidation effects. The EBIT margin in the third quarter of 2026 was 3.2%.
| €m | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Revenue | 5,104 | 4,739 | -7.1 | 1,693 | 1,585 | -6.4 |
| Americas | 1,592 | 1,490 | -6.4 | 515 | 483 | -6.3 |
| Europe | 2,977 | 2,720 | -8.6 | 1,000 | 914 | -8.6 |
| Asia | 527 | 536 | 1.7 | 175 | 191 | 9.2 |
| Consolidation/Other | 8 | -7 | <-100 | 3 | -3 | <-100 |
| Profit from operating activities (EBIT) | 285 | 150 | -47.4 | 176 | 51 | -70.8 |
| Return on sales (%)¹ | 5.6 | 3.2 | - | 10.4 | 3.2 | - |
| Operating cash flow | 343 | 437 | 27.5 | 112 | 169 | 50.9 |
At €4,254 million, revenue in the Post & Parcel Germany division in the third quarter of 2026 recorded a slight year-on-year increase of 0.3%. Higher prices in national and international business with goods shipments were the main contributor to this. The development in parcel volumes was negatively affected by the abolition of the de minimis rule in the European Union with effect from July 1, 2026, among other factors. Letter mail business declined due to continued substitution by electronic communication. A significant fall in volumes for advertising mail was primarily due to the loss of a major customer.
EBIT in the Post & Parcel Germany division in the third quarter of 2026 amounted to €153 million and was down 29.8% on the prior-year figure. As expected, revenue growth in the parcel business was unable to offset the impact of declining letter volumes and the increased energy, transport and labor costs driven by inflation and collective bargaining agreements. The return on sales was 3.6%.
| €m | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Revenue | 12,820 | 12,981 | 1.3 | 4,242 | 4,254 | 0.3 |
| Post Germany | 5,222 | 4,907 | -6.0 | 1,694 | 1,573 | -7.1 |
| Parcel Germany | 5,748 | 6,105 | 6.2 | 1,932 | 2,027 | 4.9 |
| International | 1,827 | 1,909 | 4.5 | 602 | 636 | 5.5 |
| Consolidation/Other | 23 | 60 | >100 | 14 | 18 | 31.4 |
| Profit from operating activities (EBIT) | 665 | 552 | -16.9 | 218 | 153 | -29.8 |
| Return on sales (%)¹ | 5.2 | 4.3 | - | 5.1 | 3.6 | - |
| Operating cash flow | 1,316 | 1,390 | 5.6 | 388 | 367 | -5.4 |
| €m | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Post Germany | 5,222 | 4,907 | -6.0 | 1,694 | 1,573 | -7.1 |
| Mail Communication | 3,524 | 3,331 | -5.5 | 1,149 | 1,070 | -6.8 |
| Dialogue Marketing | 1,170 | 1,059 | -9.5 | 378 | 337 | -11.0 |
| Other/Consolidation Post Germany | 528 | 516 | -2.1 | 167 | 167 | -0.3 |
| Parcel Germany | 5,748 | 6,105 | 6.2 | 1,932 | 2,027 | 4.9 |
| Million items | 9M 2025 | 9M 2026 | +/- % | Q3 2025 | Q3 2026 | +/- % |
| Post Germany | 8,381 | 7,017 | -16.3 | 2,671 | 2,165 | -19.0 |
| of which Mail Communication | 3,923 | 3,582 | -8.7 | 1,242 | 1,130 | -9.0 |
| of which Dialogue Marketing | 3,943 | 2,964 | -24.8 | 1,262 | 879 | -30.3 |
| Parcel Germany | 1,444 | 1,479 | 2.5 | 487 | 485 | -0.3 |
In light of the ongoing earnings momentum, particularly in the Express division, and initial indications of a robust seasonal performance in the fourth quarter, the Board of Management raised its full-year outlook for 2026 on October 16. The Group now expects reported EBIT to exceed €7.0 billion (previously: more than €6.5 billion). Expected EBIT for the DHL divisions was increased to more than €6.4 billion (previously: more than €5.9 billion). The outlook remains unchanged for the Post & Parcel Germany division (EBIT of more than €0.9 billion) and for Group Functions (around €–0.4 billion).
The full-year forecast for free cash flow excluding acquisitions and divestitures was revised upward to more than €3.2 billion (previously: around €3.0 billion). The strong operating cash flow performance – despite a growth-driven increase in working capital – allows for investment in further growth. In order to take advantage of selected opportunities amid ongoing business dynamics, forecast capital expenditure (excluding leases) for 2026 has now been increased to around €3.6 billion (previously: €3.0 billion to €3.3 billion).
The continued rise in shipment weight transported and the still limited capacity in the international air freight market are having a favorable effect on the Group's opportunity and risk situation. Given the persistently volatile context, however, specific risk predictions remain difficult. Risks may worsen again in the future; however, further opportunities may also arise, particularly from continued volatility in air freight amid further robust demand.