DHL Revenue Falls 3.9% as Trump Tariffs Disrupt Trade

Tariff Changes Hit Hard

CFO Melanie Kreis said trade volumes have shrunk and uncertainty is affecting customers. She described market conditions as “extremely volatile” and expects this to continue.

The main issue is changes to US “de minimis” rules. Previously, packages worth less than $800 could enter America duty-free. Trump modified these regulations, which hurt shipment volumes between China and the US.

Mixed Performance Across Units

DHL’s freight business took the biggest hit. Revenue fell 5.3% and operating profit dropped nearly 30%.

The express division also saw revenue decline, but operating profit increased 6.9% due to cost cuts.

Germany’s postal and parcel business performed well, with operating profit up 28% following postage price increases in early 2025.

Industry Faces Similar Pressures

Other logistics companies are dealing with the same issues. UPS revenue fell 3% to $21.2 billion in Q2, with adjusted profit down 13%. The company struggled particularly with de minimis rule changes affecting Chinese shipments.

FedEx cut costs to boost profits, but it provided cautious forward guidance.

Uncertain Outlook

DHL kept its full-year operating profit target at a minimum of €6 billion. However, the company warned that further tariff escalations could significantly impact results.

Kreis said tariff levels in US trade will likely rise above recent historical norms. “The uncertainty remains,” she noted.

Sources: DHL Group press release, Manager Magazin