DHL Group (DHL) expects geopolitical uncertainties to continue weighing on global trade in 2026 and said it will prioritize efficiency measures and capacity discipline as it targets operating profit of more than €6.2 billion next year, including over €5.6 billion from its DHL divisions and around €0.9 billion from Post & Parcel Germany.
The logistics company said it successfully navigated continued trade tensions and exceeded its targets for the financial year 2025. Its revenue declined 1.6% to €82.9 billion, also due to currency effects and lower volumes on routes to the United States.
Due to active capacity management and structural cost improvements, DHL said it increased its operating profit (EBIT) 3.7% to €6.1 billion, thereby exceeding its earnings guidance of at least €6 billion.
"Active capacity management and structural cost improvements enabled us to exceed our financial targets. At the same time, we continue to invest in global growth markets and sectors," said Tobias Meyer, CEO DHL Group.
"Economic volatility will persist in 2026. We are very well-positioned both globally and locally. This enables us to work closely with our customers and further strengthen their supply chains in a challenging environment," he added.
Guidance for 2026
DHL expects geopolitical uncertainties to continue shaping market conditions in 2026 and plans to prioritize efficiency, capacity discipline, and its ongoing "Fit for Growth" program.
"In 2026, DHL expects geopolitical uncertainties to persist. DHL Group will therefore continue to focus on efficiency improvements, active capacity management, and further implementation of the "Fit for Growth" cost program," the Group said. "For the financial year 2026, the Group anticipates operating profit above €6.2 billion and free cash flow (excluding M&A) of around €3 billion."
The Group expects operating profit of more than €5.6 billion from DHL, over €0.9 billion from Post & Parcel Germany, and around €‑0.4 billion for Group Functions, it said.
At DHL Express, shipment volumes to the United States declined in the 2025 financial year due to higher tariffs and the elimination of the "de minimis" rule.
Nevertheless, DHL noted that the division achieved earnings growth with a solid double-digit margin, supported by cost discipline, productivity improvements, and flexible planning of the air network.
As part of Strategy 2030, DHL Group announced plans to modernize its Group structure with the objective to align DHL's legal structure with its management structure. In addition, the publicly listed parent company is planned to be renamed DHL AG.
Global Forwarding, Freight: challenging market environment
DHL said the global freight forwarding market in 2025 was shaped by ongoing geopolitical conflicts and rising uncertainty surrounding tariff developments.
Capacity constraints from last year eased over the course of 2025, which, together with a gradual stabilization of the situation in the Red Sea, contributed to lower air and ocean freight rates.
It added that the "structurally intact" outsourcing trend supported the growth of DHL Supply Chain in 2025. High levels of flexibility, standardized processes, and targeted data analytics ensured the reliability of customers’ supply chains even in a complex environment.
In addition to productivity gains driven by digitalization, automation, and standardization, new business wins also contributed to the division's continued earnings improvement.
eCommerce: volume growth in almost all markets
Despite ongoing geopolitical conflicts and rising living costs, DHL eCommerce recorded shipment volumes above prior-year levels in almost all markets last year.
DHL said the division continued to invest in expanding its network. Excluding negative currency effects of €148 million, revenue exceeded the prior-year level by 1.0%. Operating profit includes a positive net one-off effect of € 129 million.
On the other hand, Post & Parcel Germany saw a significant EBIT improvement. DHL said the structural decline in letter volumes and the growth in parcel volumes shaped the 2025 financial year for the Post & Parcel Germany division.
Yield management, increased parcel volumes, and strict cost management drove EBIT growth, offsetting declines in mail volumes, higher inflation-related costs, and the additional burden from collective bargaining agreements.
