Deutsche Post (DHL) Q2 2026 earnings summary

Executive summary

• Group revenue grew 13% year-over-year in Q2 2026 to €22.4 billion, with EBIT up 30% to €1.9 billion and EBIT margin improving to 8.3%.

• Free cash flow for H1 2026 increased 28% year-over-year to €1.8 billion, excluding M&A and IEEPA effects.

• Net profit after non-controlling interests increased 23.9% year-over-year to €1.0 billion in Q2 2026; EPS rose 26.9% to €0.91.

• Strategic initiatives, including Fit for Growth and Strategy 2030, drove sustainable growth and efficiency, with investments in digitalization, e-commerce, and sector-specific logistics.

• Share buyback program increased to €6.5 billion and extended through 2027.

Financial highlights

• Q2 2026 revenue: €22,367 million (+12.8% year-over-year); EBIT: €1,858 million (+30% year-over-year); EPS: €0.91 (+26.9% year-over-year).

• Free cash flow (excluding M&A) in Q2 2026 was €569 million, up 72.8% year-over-year.

• EBIT margin improved by 110bps to 8.3% in Q2 2026.

• Capital expenditures in H1 2026 totaled €1.3 billion, up 25% year-over-year.

• ROIC improved to 14.9% from 13.8% year-over-year.

Outlook and guidance

• Full-year 2026 EBIT guidance raised to over €6.5 billion, with DHL divisions expected to contribute over €5.9 billion.

• Free cash flow (excluding M&A) for 2026 expected to be around €3.0 billion; gross capex guidance confirmed at €3.0–3.3 billion.

• ROIC expected to at least match 2025 levels.

• Share buyback program extended through 2027.