DHL Group

DHL Group is a global logistics company. Its listed parent, Deutsche Post AG, changed its name to DHL AG on September 1, 2026, and its German mail and parcel business became a separate subsidiary on the same day. The group has five divisions. Express delivers time-definite international documents and parcels by air and road.

Global Forwarding moves freight by air, ocean and road. Supply Chain runs warehouses and contract logistics for customers. eCommerce delivers parcels in many countries outside Germany. Post & Parcel Germany delivers letters and parcels in Germany. In the first nine months of 2026, Express gave €3,037 million of the €5,052 million of group EBIT.

The company reports in euros under IFRS, and its shares trade on the Frankfurt Stock Exchange. DHLGY is an ADR in the United States, and one ADS represents one half of one share. Tobias Meyer is the chief executive officer.

DHL trades above the AI estimate because investors pay for its record profit in Express, where tight air freight capacity and higher weights raised earnings in 2026. In Q3 2026, revenue rose 12.6% to €22,658 million and group EBIT rose 16.2% to €1,716 million, and Express EBIT rose 50.0% to €1,038 million. DHL says that the tight capacity in the air freight market added about €100 million to Express earnings in the quarter. On October 16, 2026, it raised its 2026 outlook to group EBIT of more than €7.0 billion, against €6,103 million in 2025.

But Post & Parcel Germany EBIT fell 29.8% in the quarter as letter volumes fell, and eCommerce EBIT fell. For the price to be earned, three things must be true. Express margins must stay near 15% when air freight capacity returns to normal. Global Forwarding and Supply Chain must keep their growth.

Post & Parcel Germany must reach its EBIT outlook of more than €0.9 billion. The full-year 2026 results on March 5, 2027, with the new outlook, are the next test.

AI estimate, checked by Kevin. How it is made

1. Nov 5, 2026Passed

   Q3 2026 results: Express marginEBIT growth and an Express margin near 14% or more pass; a lower group outlook fails.Outcome: Group EBIT rose 16.2%, the Express margin was 14.8%, and DHL raised its 2026 EBIT outlook to more than €7.0 billion.
2. Mar 5, 2027Pending

   Full-year 2026 results and new outlookGroup EBIT of more than €7.0 billion and a 2027 outlook near that level pass; a much lower 2027 outlook fails.
3. Apr 29, 2027Pending

   Q1 2027 results: air freightExpress EBIT near the level of Q1 2026 or higher passes; a large fall as air freight capacity returns fails.

Every passed and failed checkpoint across all picks

• November 5, 2026DHL Group reported Q3 2026 results. Revenue rose 12.6% to €22,658 million, EBIT rose 16.2% to €1,716 million and basic EPS rose to €0.82 from €0.75. Free cash flow excluding acquisitions and divestitures fell to €901 million from €1,234 million, partly because of payments of €256 million for U.S. IEEPA tariffs that it passes on to customers.
• October 16, 2026DHL Group raised its 2026 outlook to group EBIT of more than €7.0 billion (from more than €6.5 billion) and free cash flow excluding acquisitions and divestitures of more than €3.2 billion (from about €3.0 billion). It raised its capital expenditure plan for 2026 to about €3.6 billion.
• September 1, 2026Deutsche Post AG changed its name to DHL AG, and the German mail and parcel business moved to a separate company in the group.

• Part of the 2026 profit growth comes from tight capacity in the air freight market. When capacity returns, prices and Express margins can fall.
• Tariffs and trade rules change world trade volumes. The end of the EU de minimis rule on July 1, 2026 lowered parcel volumes in Germany, and the U.S. IEEPA tariffs caused cash outflows.
• Letter volumes in Germany fall each year, and costs for labor and energy rise. Post & Parcel Germany EBIT fell 16.9% in the first nine months of 2026.
• DHL reports in euros, and the ADS price moves with the euro against the U.S. dollar. One ADS is one half of one share.
• Net debt, which includes lease liabilities, rose to €22,208 million at September 30, 2026, and the company keeps buying back shares.

DHL funds itself with bonds, lease liabilities and cash flow. At September 30, 2026, financial liabilities were €28,057 million, including leases: €4,516 million current and €23,541 million non-current. Read more

Dividend yield

3.3% (last 12 months, at today’s price of $33.09)

Paid per share

$1.103 in the last 12 months (1 payment)

Current annual rate

$1.103 ($1.103 × 1 a year)

Latest ex-dividend date

May 7, 2026, $1.103 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 6.3% a year. Over the last 10 years, the dividend grew by about 9.2% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.