DHL Group raised its full-year earnings guidance on Tuesday after posting strong preliminary second-quarter results, including 10% revenue growth and a 29% gain in pre-tax income, according to FreightWaves.
The Germany-based integrated parcel logistics company said it experienced positive demand compared to the same 2025 quarter, which was impacted by tariffs and other trade policy shifts, and continued savings from its Fit for Growth efficiency campaign, reported FreightWaves.
Financial Highlights
DHL Group's 2026 earnings before interest and taxes (EBIT) is now expected to exceed €6.5 billion ($7.43 billion), compared to the previous guidance of €6.2 billion ($7.1 billion), assuming geopolitical conditions in the Middle East and elsewhere do not worsen. For the second quarter, DHL reported EBIT of $2.1 billion.
| Division | Q2 2026 EBIT (USD) | Year-over-Year Change |
|---|---|---|
| DHL Express | $1.4 billion | Nearly double (approx. +100%) |
| DHL Forwarding | $274.3 million | +24.4% |
| DHL Supply Chain | $348.6 million | -12.3% |
| DHL eCommerce | $57.1 million | -10.7% |
| Post & Parcel Germany | $154.3 million | -18.7% |
Express Division Drives Growth Amid Air Cargo Constraints
DHL Express reported EBIT of about $1.4 billion, nearly double the income for the prior year period, which DHL attributed to greater weight per shipment and the higher pricing that enables, according to the report. About $171 million of that income benefit came from capacity constraints in the air cargo market, as the Iran war forced Middle East carriers to significantly reduce operations, FreightWaves reported.
Forwarding and Supply Chain Performance
DHL's forwarding division generated EBIT of about $274.3 million, up 24.4% year over year. In contrast, DHL Supply Chain earnings declined 12.3% to $348.6 million, partly due to a positive one-time gain in 2025, according to the source. DHL eCommerce reported EBIT of about $57.1 million, a 10.7% decline from the second quarter last year, while Post & Parcel Germany achieved EBIT of about $154.3 million, down 18.7%.
Outlook and Implications for Shippers
The improved earnings forecast signals that DHL is benefiting from both cost discipline and favorable market conditions in air freight, particularly the capacity crunch caused by reduced Middle East carrier operations due to the Iran war, as reported by FreightWaves. For shippers and freight forwarders, this could mean continued tight air cargo capacity and higher pricing on lanes impacted by the conflict. DHL's Express division's ability to achieve near-double EBIT underscores the pricing power that integrated carriers have when supply is constrained.
DHL also noted that during the first quarter of 2026, revenue dipped 1.9% while pre-tax income jumped 20.6% due to aggressive capacity management, cost discipline and yield management, according to FreightWaves. The company's revised guidance of over €6.5 billion EBIT for full-year 2026, up from €6.2 billion, reflects a positive view on demand and operational efficiency, though it remains contingent on geopolitical stability.
Watch list: The ongoing Iran war and its effect on Middle East air carriers remain a critical factor for air cargo capacity and pricing. Any escalation could further constrain supply, while a resolution could ease pricing. Additionally, trade policy shifts following the 2025 tariff impacts will continue to influence demand patterns.
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