DHL's Q3 2025 Report: Air Freight Revenue Declines, But Volumes Hold Steady

DHL Group's Q3 2025 financial report shows a drop in air freight revenue, yet volumes remained nearly flat, reflecting a strategic focus on effective yield and cost management amid a challenging market.

DHL-airfreight

DHL Group has just announced its third-quarter 2025 results, reporting a decline in air freight revenue even as cargo volumes held steady. This reflects the company's disciplined approach to capacity and yield management within a challenging global logistics environment.

Volumes Stable, Revenue Declines

The German logistics giant reported Q3 air volumes of 444,000 tonnes, a marginal 0.2% decrease from the 445,000 tonnes handled in the same period last year, showing "largely unchanged volume momentum versus Q2."

However, revenue within the Global Forwarding, Freight (GFF) division fell by 7% year-on-year to €1.5 billion, due to persistent pressure from weaker freight rates. Despite this revenue drop, gross profit actually increased by 5.9%, highlighting improved operational efficiency and cost management.

The GFF division's total revenue for the quarter stood at €4.6 billion, a 9.2% decrease from the prior year, while its EBIT (Earnings Before Interest and Taxes) fell by 29.6%, impacted by weaker demand and lower rates in both air and ocean freight.

DHL said performance was constrained by “the systematic withdrawal from high-volume, low-yield business,” coupled with weak economic conditions in Europe and falling ocean freight rates. “The lack of volume recovery in air freight, declining ocean freight rates, and continued economic weakness in Europe led to a decrease in revenue and earnings at DHL Global Forwarding, Freight,” the company stated.

Group-Level Performance and Policy Impacts

At the Group level, revenue fell 2.3% to €20.1 billion, primarily due to foreign exchange effects. However, through a combination of capacity optimization, structural cost savings, and selective pricing adjustments, DHL lifted its operating profit (EBIT) by 7.6% to €1.5 billion.

DHL also noted that recent changes in U.S. import regulations affecting low-value shipments - previously exempt under the de minimis threshold - have had only a limited impact so far. However, the Express division did see a decline in U.S.-bound volumes due to higher tariffs and reduced low-value imports, which has impacted peak season surcharges and market-based pricing.

“While the policy shift has reduced some lanes, it also creates opportunities to grow on trade routes with underutilized capacity and improve network balance,” DHL declared.

The company said it continues to maintain “yield discipline,” optimize its air network, and enhance productivity in its ground operations and hubs - measures it described as having “medium significance” for future earnings.

Investments and Outlook

DHL confirmed ongoing investments across Asia, the Middle East, and Africa, along with a further push into the life sciences and healthcare logistics sector. In September, the company strengthened its medical capabilities by acquiring U.S.-based pharmaceutical logistics provider SDS Rx.

Looking ahead, DHL anticipates the usual seasonal rise in e-commerce shipments in the fourth quarter and plans to temporarily deploy 10 additional Boeing 777 freighters on high-demand trade lanes to effectively handle the peak season traffic.

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