Air freight capacity constraints lift DHL’s third-quarter earnings

DHL Group’s third-quarter 2026 operating profit rose 16.2% year on year to €1.716 billion, with tight international air freight capacity contributing about €100 million to earnings at DHL Express. Express EBIT increased 50% to €1.038 billion as transported weight and capacity utilisation improved. In Global Forwarding, air freight volumes grew 12%, mainly on routes originating in Asia, while air freight revenue reached €1.906 billion.

Group revenue for the quarter ended 30 September increased 12.6% to €22.658 billion. At Global Forwarding, higher volumes and freight rates lifted air freight revenue by 30.4% and gross profit by 28.5%. The division’s air freight performance was accompanied by growth in ocean freight.

DHL Express’s earnings also benefited from cost and yield measures. The group’s results provide further detail on its October revision of the 2026 EBIT forecast to more than €7 billion, from more than €6.5 billion. DHL described the freight market as volatile, making specific risk forecasts difficult.