We characterize the expressive power of description logic (DL) TBoxes, both for expressive DLs such as ALC and ALCQIO and lightweight DLs such as DL-Lite and EL. Our characterizations are relative to first-order logic, based on a wide range of semantic notions such as bisimulation, equisimulation, disjoint union, and direct product. We exemplify the use of the characterizations by a first study of the following novel family of decision problems: given a TBox T formulated in one DL, decide whether T can be equivalently rewritten as a TBox in der fragment L' of L.