DHL (DHL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 12.6% YoY to €22.658bn and EBIT increased 16.2% to €1.716bn, with growth led by Express, Global Forwarding and Supply Chain.

• EBIT margin improved to 7.6% from 7.3%; attributable net profit was €907m, up 8.0%.

• 9M revenue increased 7.7% to €65.445bn and EBIT rose 18.1% to €5.052bn.

Financial highlights

• Q3 basic EPS rose 9.6% to €0.82; diluted EPS was €0.81, versus €0.74 a year earlier.

• Q3 FCF excluding Net M&A was €901m, including €256m of net negative IEEPA effects; 9M FCF excluding Net M&A was €2.7bn, while underlying 9M FCF excluding Net M&A and IEEPA exceeded €2.5bn.

• Operating cash flow after working-capital changes was €2.612bn, unchanged YoY; net finance costs rose to €278m from €208m.

• Net debt was €22.208bn at September 30, 2026, versus €21.516bn at December 31, 2025.

Outlook and guidance

• FY2026 EBIT guidance rose to >€7.0bn from >€6.5bn; divisional EBIT is expected to exceed €6.4bn, up from >€5.9bn previously.

• FY2026 FCF excluding Net M&A guidance increased to >€3.2bn from ~€3.0bn; gross capex excluding leases is expected at ~€3.6bn, versus prior guidance of €3.0bn–€3.3bn.

• Guidance assumes no further worsening of geopolitical conditions; medium-term guidance will be reviewed with FY results in March 2027.

• Strong Q4 Express growth and a good Global Forwarding quarter are expected; the temporary air-freight spillover benefit to Express is not expected to increase in Q4.

• Supply Chain is expected to sustain resilient EBIT growth, supported by its new-business pipeline and an anticipated strong Q4 contribution.