Company Reports

Excluding foreign exchange, DHL Group’s first-quarter top line jumped 13% year over year. Growth came from yield gains at Express (including spiking fuel surcharges), airfreight forwarding strength, e-commerce-related growth across Europe, and solid business wins for supply chain.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of sales) face secular demand headwinds and are heavily regulated. However, we expect growth in the DHL segments and expansion in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of sales) face secular demand headwinds and are heavily regulated. However, we expect growth in the DHL segments and expansion in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

Excluding foreign exchange, DHL Group’s first-quarter top line grew 2% year over year. Growth came from yield gains at express, favorable e-commerce related growth across Europe, and solid business wins for supply chain, partly offset by lower global forwarding revenue.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of sales) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

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.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of sales) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

DHL Group’s third-quarter top line was flat year over year (excluding foreign exchange) as lower express and global forwarding volumes were partly offset by good yield management and higher parcel volumes in Germany and cross-border Europe. Profitability increased on successful network optimization.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

DHL Group’s second-quarter top line fell 1.5% year over year, excluding foreign exchange, driven by lower express and global forwarding volume. Despite volume headwinds, consolidated profitability increased thanks in part to network optimization.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

DHL Group’s first-quarter top line increased 2.5% year over year (excluding foreign exchange) on higher yields at express, residential ground package volume growth across Europe, and (likely) a pull forward of US imports ahead of tariffs (benefitting the global forwarding division).

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to offset declines in traditional mail-related activity (on average) over the freight cycle.

DHL Group’s fourth-quarter top-line increased 6% year over year (excluding foreign exchange), due in part to higher yields at express and robust global forwarding gross-revenue growth driven by favorable comparisons and Red Sea-related capacity disruption (tight carrier capacity).

Narrow-moat DHL Group’s third-quarter organic top line increased 6.5% (excluding foreign exchange) year over year. Revenue was mostly in line with our forecast as global air and ocean forwarding gross revenue surged, but express segment TDI volumes came in weaker than we expected—we were anticipating more of a ramp up in business-to-business shipment activity during the quarter. On the positive side, management noted that the "seasonal business-to-consumer ramp-up is developing as expected."

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to continue to offset declines in traditional mail-related activity (on average) over the freight cycle, and despite an overall soft freight and logistics backdrop in 2023 and 2024.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (12% of revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to continue to offset declines in traditional mail-related activity (on average) over the freight cycle, and despite an overall soft freight and logistics backdrop in 2023 and into first-half 2024.

Narrow-moat DHL Group’s second-quarter organic top line increased 2% (excluding foreign exchange) year over year—the first increase in more than a year. Relative to the year-ago period, the increase was due in part to higher yields and an uptick in B2B volumes at DHL express, along with strength in global forwarding segment airfreight revenue and rates driven by Red Sea-related capacity disruption. The supply chain and e-commerce solutions segments also posted higher revenue on new business wins and growth in overall e-commerce, which drives last-mile package demand and contract-logistics outsourcing. Revenue was mostly in line with our expected run rate.

DHL Group is the leading postal operator in Europe, among the top three international express package carriers, and the world's largest air and ocean forwarder. Its legacy German postal operations (roughly 12% of total revenue) face secular demand declines and are heavily regulated. However, we expect growth in the DHL segments and growth in the German (and international-domestic) parcel delivery operations to continue to offset declines in traditional mail-related activity (on average) over the freight cycle, and despite an overall soft freight and logistics backdrop in 2023 and into first-half 2024.

Narrow-moat DHL Group’s first-quarter organic top line fell 3% (excluding foreign exchange) year over year. Express and global forwarding revenue came in below our expected run rate, though we continue to expect improvement in the second half, driven by modest recovery in underlying macroeconomic trends.