In the third quarter of 2025, the logistics company DHL Group achieved earnings growth despite ongoing trade conflicts. Revenue declined 2.3 percent to EUR 20.1 billion, driven by currency effects and lower volumes on routes to the United States. By combining active capacity management, structural cost improvements, and price adjustments, DHL Group increased its operating profit (EBIT) by 7.6 percent to EUR 1.5 billion. As a result, the Group’s profitability improved: the EBIT margin was 7.3 percent, up from 6.7 percent in the third quarter of 2024.
“Despite the volatile environment, we improved our earnings four consecutive quarters. This is the result of our active capacity management and structural cost improvements. Thanks to this resilience, we can continue to invest in quality for our customers and in growth markets. We are well prepared for the seasonally strong year-end business.”
Tobias Meyer, CEO DHL Group
Investments in growth areas, active capacity management, and structural cost improvements
Gross capital expenditure (capex owned assets) amounted to EUR 632 million in the third quarter of 2025 – 8.4 percent below the same period last year. The Group thus adjusted its investments to the global economic conditions, while continuing to invest in long-term growth areas. Among other initiatives, DHL Group invests in dynamically growing regions such as Asia, the Middle East, and Africa, as well as in Life Sciences and Healthcare logistics (LSH). In September 2025, the Group announced the acquisition of the U.S. pharmaceutical logistics provider SDS Rx. This strengthens DHL Group’s ability to offer the LSH sector comprehensive logistics solutions across the entire supply chain.
As part of its Strategy 2030 and the ‘Fit for Growth’ program, DHL Group is also investing in digitalization, including the increased usage of AI agents and robots, as well as the expansion of its parcel locker network. These measures enhance both the efficiency and quality of DHL’s services. DHL Group was able to offset the continued volatility in trade volumes during the third quarter through active cyclical capacity management, combined with structural cost improvements under the ‘Fit for Growth’ program and price adjustments. For example, DHL Express reduced its aviation costs year-over-year by 8.5 percent.
The success of the efficiency measures is also reflected in the strong free cash flow (excluding M&A) in the third quarter of 2025: It grew 80.8 percent year-over-year to EUR 1.2 billion. In the same period, DHL Group generated consolidated net profit after non-controlling interests of EUR 840 million – an increase of 11.9 percent compared to the same period last year. Basic earnings per share amounted to EUR 0.75, 15.6 percent higher than the EUR 0.64 per share in the third quarter of 2024.
“We further improved our EBIT margin and generated a strong free cash flow. This highlights the effectiveness of our measures to enhance profitability and capital efficiency in a challenging market environment.“
Melanie Kreis, CFO DHL Group