DHL AG

DHL: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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DHL Group Earnings: Express and Forwarding Volumes Muted, but Margins Resilient

Matthew Young

Mar 5, 2026

Excluding foreign exchange, DHL Group’s fourth-quarter top line grew slightly (1%) year over year on yield gains at express and parcel Germany, and business wins for supply chain, partly offset by lower global forwarding revenue. Profitability increased on successful network and cost optimization.

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DHL AG

DHL Group Earnings: Express and Forwarding Volumes Muted, but Margins Resilient

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