DHL Global Forwarding revenue jumps 23.4% as Asia lanes drive volumes

DHL Global Forwarding grew third-quarter revenue 23.4% to €5.64 billion, powered by Asian trade lanes and a rate-driven ocean freight surge that lifted revenue per box faster than volumes. Ocean freight revenue climbed 26.8% year on year against volume growth of just 4.8% — a spread that tells you where the money came from.

The division's EBIT rose 32.7% to €259 million, with the operating margin improving to 4.6% from 4.3%. Air freight volumes added 12%, again on demand from routes originating in Asia. For context, forwarding revenue grew roughly five times faster than group revenue, making Global Forwarding the quarter's clear engine.

Group-level, DHL reported revenue of €22.7 billion, up 12.6% from €20.1 billion, with EBIT up 16.2% at €1.7 billion and the margin edging up to 7.6% from 7.3%. Net profit attributable to shareholders reached €907 million, against €840 million a year earlier.

What does this change for shippers?

Plenty, if you book out of Asia. DHL says changing trade flows continued to reshape customer transport requirements, and it leaned on its international network to route cargo around disruption and keep supply chains running. Translation: tariffs and rerouted sourcing aren't shrinking demand — they're moving it, and forwarders with flexible networks are collecting the margin.

The Express division collected rather well. DHL Express posted revenue of about €7 billion, up 19.2%, while operating profit jumped 50% to €1.04 billion on higher shipment weights and better network utilisation. Tight international air freight capacity handed the division an extra €100 million for the quarter. That's a one-off flavour of money, and DHL knows it.

Supply Chain gains, eCommerce slips

DHL Supply Chain grew revenue 12% to €4.94 billion, with EBIT up 8.1% at €301 million — though the margin slipped slightly to 6.1%. Growth came in every region, with the Americas the standout contributor. New contracts landed in:

• Retail
• E-commerce fulfilment
• Technology

DHL eCommerce was the quarter's laggard, with revenue down at €1.59 billion and EBIT falling to €51 million. The comparison is flattered by 2025's one-off effects and muddied by portfolio changes, so the decline is real but not entirely organic.

Guidance held at €7 billion-plus

Following the guidance upgrade announced on 16 October, DHL still expects full-year 2026 operating profit above €7 billion. Free cash flow excluding M&A should exceed €3.2 billion, and the first nine months already delivered €2.7 billion — up from €2.3 billion in the same stretch last year.

Capital expenditure is pegged at roughly €3.6 billion for the year, aimed at logistics capacity, automation and digitalisation. DHL is also building out capabilities in data centre logistics, life sciences and healthcare — sectors where it expects demand to keep climbing.

The verdict? Geopolitics is doing forwarding no harm at all. Volumes are up, rates are firmer, and Asia-origin demand is carrying both. The question is whether Express keeps its €100 million windfall when air capacity loosens — but with guidance held firm and cash flow running ahead of last year, DHL clearly expects the momentum to hold into the year-end peak.