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EXPD

Expeditors International of Washington, Inc.

EXPD

Expeditors International of Washington, Inc. • NYSE
$146.90 ▼ -0.31% (-0.46)
Market Cap $20.14 B
52w High $148.38
52w Low $100.47
Dividend Yield 1.50%
P/E 23.93
Volume 507.90K
Outstanding Shares 137.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.895B ▲ $176.615M ▲ $222.256M ▲ 7.678% ▲ $1.64 ▲ $312.421M ▲
Q2-2025 $2.652B ▼ $165.609M ▲ $183.574M ▼ 6.922% ▼ $1.35 ▼ $271.471M ▼
Q1-2025 $2.666B ▼ $87.002M ▲ $203.795M ▼ 7.643% ▼ $1.48 ▼ $280.462M ▼
Q4-2024 $2.955B ▼ $86.466M ▲ $235.878M ▲ 7.983% ▲ $1.69 ▲ $316.28M ▼
Q3-2024 $3B $77.537M $229.574M 7.652% $1.63 $317.298M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.19B ▲ $4.78B ▼ $2.497B ▼ $2.28B ▲
Q2-2025 $1.156B ▼ $4.786B ▲ $2.589B ▲ $2.195B ▼
Q1-2025 $1.319B ▲ $4.757B ▲ $2.469B ▼ $2.286B ▲
Q4-2024 $1.148B ▼ $4.754B ▼ $2.529B ▼ $2.223B ▼
Q3-2024 $1.293B $5.171B $2.812B $2.357B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $223.078M ▲ $201.368M ▲ $-10.174M ▲ $-149.609M ▲ $34.005M ▲ $190.27M ▲
Q2-2025 $183.919M ▼ $179.212M ▼ $-15.851M ▼ $-339.875M ▼ $-162.358M ▼ $163.337M ▼
Q1-2025 $204.099M ▼ $342.622M ▲ $-12.996M ▼ $-165.971M ▲ $170.2M ▲ $329.47M ▲
Q4-2024 $235.878M ▲ $249.716M ▲ $-10.046M ▲ $-366.652M ▼ $-144.853M ▼ $239.665M ▲
Q3-2024 $229.926M $89.972M $-12.516M $-76.33M $21.32M $77.681M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Airfreight Services
Airfreight Services
 $1.06Bn ▲$900.00M ▼$950.00M ▲$1.02Bn ▲
Customs Brokerage And Other Services
Customs Brokerage And Other Services
 $980.00M ▲$980.00M ▲$1.02Bn ▲$1.13Bn ▲
Ocean Freight And Ocean Services
Ocean Freight And Ocean Services
 $910.00M ▲$780.00M ▼$680.00M ▼$750.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Expeditors’ results over the past five years tell a story of boom, normalization, and then stabilization. Revenue and profit surged during the supply‑chain disruptions of 2021–2022, then fell back as freight markets normalized. Even though sales are now well below the peak years, they remain comfortably above pre‑pandemic levels. Importantly, after the sharp reset in 2023, both revenue and profit ticked back up in 2024, suggesting the company is managing the down‑cycle reasonably well. Margins are still solid for an asset‑light logistics business, and profitability remains healthy compared with the pre‑pandemic period. Earnings per share follow the same pattern: a spike in the boom years, a reset, and then a modest recovery more recently. Overall, the income statement shows a cyclical but resilient business that has come off extraordinary highs and appears to be settling into a more normal, but still profitable, environment.

Balance Sheet

Balance Sheet The balance sheet looks conservative and consistent with an asset‑light business model. Total assets swelled during the peak years and have since come down as working capital needs normalized and excess cash was drawn down. Cash levels today are lower than during the boom but still meaningful, giving the company flexibility. Debt is modest relative to the size of the business and has only inched up over time, leaving leverage low. Shareholders’ equity has declined from its peak, likely reflecting a mix of dividends and share repurchases, but remains substantial. Overall, the company appears to be in a strong financial position with no obvious balance‑sheet stress.

Cash Flow

Cash Flow Cash generation has been a clear strength, particularly for a company that does not need to spend heavily on physical assets. Operating cash flow spiked during the freight boom and has since returned to more normal levels. Even at these normalized levels, the business consistently produces cash in excess of its modest capital spending needs. Free cash flow has been positive every year, with only small amounts reinvested into capital expenditures. This underlines the advantages of the asset‑light model: the company can turn a good portion of its accounting profits into actual cash, which can then be used for shareholder returns, technology investments, or strengthening the balance sheet.

Competitive Edge

Competitive Edge Expeditors operates in a highly competitive freight and logistics market, but it has carved out a defensible, if not impenetrable, position. Its key advantages include an asset‑light model, a large global network, and particularly deep expertise in customs brokerage and trade compliance. This depth of know‑how, combined with tight integration into customers’ supply chains, creates meaningful switching costs—changing providers can be disruptive and risky for clients. The company’s single global technology platform, long operating history, and performance‑based culture (where local managers are heavily incentivized on profitability) further reinforce its standing. That said, the industry remains cyclical and exposed to shifts in global trade flows, freight rates, and competition from both digital upstarts and large integrated logistics players.

Innovation and R&D

Innovation and R&D While Expeditors is not an R&D‑heavy manufacturer, it invests heavily in technology, data, and process innovation. A central pillar is its unified global technology platform, which ties together operations, data, and customer interfaces. On top of this, the company is layering artificial intelligence and machine learning to improve forecasting, routing, and process automation, especially in complex areas like customs brokerage. It is also using connected devices and sensor technology to enhance shipment visibility, along with digital tools like digital twins to model and optimize supply chains. Products such as its EXP.O NOW platform and specialized services (order management, trade consulting, vendor‑managed inventory) show a focus on higher‑value, information‑rich services rather than just moving freight. Future innovation appears aimed at deeper automation, richer analytics for customers, and better tools to navigate rising trade complexity. The main risk is that the technology race in logistics is intense; staying ahead will require continuous, disciplined investment rather than one‑off projects.

Summary

Expeditors today looks like a mature, well‑run logistics specialist that has successfully navigated an exceptional boom‑and‑bust cycle in global freight. Financially, the business has come down from unsustainably high pandemic‑era earnings but remains more profitable than before the crisis, with a slight recovery visible in the latest year. The balance sheet is conservative, cash generation is steady, and capital needs are low, which supports resilience through cycles. Strategically, the company leans on an asset‑light model, global reach, strong customs and trade expertise, and a cohesive technology platform. Its cultural and incentive structure encourages local accountability and cost discipline. At the same time, it still faces the usual industry risks: global trade volatility, pricing pressure, and intensifying digital competition. Overall, Expeditors appears to be a disciplined, technology‑enabled logistics operator with a reasonably durable competitive position, benefiting from its information and service capabilities more than from owning physical transport assets.

NEWS

November 4, 2025 · 4:15 PM UTC

Expeditors Announces Semi-Annual Cash Dividend of $0.77

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November 4, 2025 · 8:30 AM UTC

Expeditors Reports Third Quarter 2025 EPS of $1.64

Read more