Kuehne+Nagel Stock Reflects Softer Freight Cycle as Margins Hold Up
Kuehne+Nagel International's stock reflects a softer freight cycle as margins hold up, according to data available as of August 12, 2026. The company generated CHF 22 billion in revenue for fiscal 2023, down from CHF 39.4 billion the previous year due to normalized freight rates after pandemic-era highs.
The decline in revenue is attributed to a 50% drop in earnings before interest and taxes (EBIT) from approximately CHF 3.8 billion in 2022 to around CHF 1.9 billion in 2023, resulting in an EBIT margin of 8.5%. Despite this decrease, the company remained solidly profitable.
Sea logistics is Kuehne+Nagel International's largest division, contributing CHF 9.4 billion in revenue for 2023 compared to CHF 18.8 billion in 2022. However, even with lower revenue, sea logistics delivered segment EBIT in the high hundreds of millions of Swiss francs.