DHL Q2 revenue rises 13%, EBIT jumps 30%

DHL Group reported revenue and earnings growth in the second quarter of 2026 compared with the prior-year quarter, which was affected by tariffs and other trade-policy conditions. Group revenue increased 13% to €22.4 billion. Operating profit (EBIT) rose 30% to €1.9 billion, while the EBIT margin improved by 1.1 percentage points to 8.3%.

The company pointed out that revenue growth was primarily driven by higher transported shipment weight at DHL Express, capacity constraints in the international air freight market, and the pass-through of higher fuel costs. “Disciplined yield and capacity management, along with structural cost improvements achieved through the "Fit for Growth" programme, supported earnings growth,” the release reads.

The Group raised its guidance in July to an operating profit (EBIT) of more than €6.5 billion for fiscal year 2026 (previously: more than €6.2 billion).

EBIT for the DHL divisions is now expected to exceed €5.9 billion. In addition, the Board of Management decided to increase the Group's share buyback program, launched in 2022, by €500 million to up to €6.5 billion and to extend it through the end of 2027.

DHL said growing geopolitical tensions and shifting trade flows are prompting companies to build more resilient and flexible supply chains, driving demand for its globally integrated logistics network and local market expertise.

“In an environment that continues to be shaped by geopolitical tensions and shifting trade flows, our customers benefit from our global presence, local expertise, and operational flexibility. This enables us to support them in adapting their supply chains to changing market conditions while ensuring reliable logistics, even in challenging environments, says Tobias Meyer, CEO of the DHL Group.

“The strong revenue and earnings performance in the second quarter demonstrates that the consistent execution of our strategic measures is paying off. Higher productivity and efficiency, combined with the strength of our global network, enable us to capitalise on growth opportunities and translate revenue growth into even stronger earnings growth,” he added.

Free cash flow (excluding M&A) amounted to €569 million (Q2 2025: €329 million) in the second quarter.

The company said strong business growth resulted in a higher working capital outflow, while cash flow in June benefited from refunds related to U.S. tariff measures under the International Emergency Economic Powers Act (IEEPA). “The corresponding amounts are being passed on to customers as quickly as possible,” reads the release.

For the first half of the year, free cash flow (excluding M&A) increased to €1.8 billion (H1 2025: €1.1 billion). Group net profit after non-controlling interests rose to €1 billion in the second quarter, an increase of 23.9% compared with the prior-year period. Basic earnings per share were €0.91, up 26.9% from €0.72 in the second quarter of 2025.

DHL said it continued to invest in strengthening and enhancing the quality of its network, with capital expenditure on acquired assets (capex) rising 25% year on year to €1.3 billion in the first half of 2026. “The Group is thus continuing the implementation of its Strategy 2030 and strengthening the foundation for long-term growth,” it reads.

To meet evolving customer needs, the company continues to invest in digitalisation, automation, and the modernisation of its logistics infrastructure. These investments include, among others, the modernisation of the global Express fleet, automated warehousing and sorting solutions, and digital applications designed to further enhance quality and efficiency.

In addition, DHL Group continues to expand its capabilities in strategic growth areas such as Life Sciences & Healthcare, New Energy and Data Center Logistics. For example, the Group is expanding its Life Sciences & Healthcare network in the United States, the United Kingdom, Singapore and South Korea, investing in a new battery logistics centre in the Netherlands, and strengthening its data centre logistics capabilities also in the Asia Pacific region. Through these investments, DHL Group is responding to growing demand for specialised logistics solutions, helping customers in fast-growing and increasingly complex industries to manage critical supply chains securely, resiliently and efficiently.

DHL Express benefited from increased demand in the second quarter.

“The return to growth in transported shipment weight, combined with disciplined yield and capacity management, resulted in a significant increase in operating profit,” it reads. DHL pointed out that the division also benefited from temporary capacity constraints in the air freight market, which contributed around €150 million to its earnings.

DHL Global Forwarding benefited from growing air and ocean freight volumes as well as volatile freight rates in the second quarter of 2026.

“In particular, the successful management of the challenging market environment had a positive impact on business performance. Leveraging its global network and local market expertise, the division supported customers in managing changing trade flows and supply chains reliably.”

DHL Supply Chain continued its growth trajectory in the second quarter of 2026.

The group said all regions recorded higher revenue growth than in the year-ago quarter, with the Americas leading the performance, supported by strong demand from the Life Sciences & Healthcare, Auto-Mobility, and Engineering & Manufacturing sectors. “Earnings were below the exceptionally high prior-year level, which had benefited from positive one-off effects. Excluding one-offs, the division's underlying operating performance continued to develop positively,” it added.

Excluding consolidation and currency effects, DHL eCommerce recorded strong revenue growth in the second quarter, supported by the continued structural growth trend in e-commerce.

“Reported revenue development at DHL eCommerce in the second quarter of 2026 continued to be affected by the accounting impact of the merger with Evri and the resulting loss of the revenue contribution from the United Kingdom. The integration of recent acquisitions and the ongoing development of its network capabilities continue to strengthen the division's long-term competitiveness.”

Post & Parcel Germany developed in line with expectations in the second quarter of 2026. Growth continued to be driven by the domestic and international parcel business. “The structural decline in mail volumes continued and was further amplified by the absence of positive election-related effects from the previous year. At the same time, higher transportation and personnel costs weighed on earnings performance. The division remains focused on improving productivity, maintaining cost discipline, and continuously enhancing its network and processes,” it reads.