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Expeditors InternationalEXPD

Legal name
Expeditors International of Washington, Inc.
Sector
Other
Industry
Arrangement of Transportation of Freight & Cargo
Exchange
NYSE

Stock Price $EXPD

Latest filings

You are here#70 of 87 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K134

EXPD filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Nov ’21Nov ’21
  3. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $11.07B
YoY changeLargest recent move+72.4%in FY21Latest +4.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All EXPD Financial Metrics51 metrics

Income Statement14

Balance Sheet23

Cash Flow9

Per Share5

02—Overview

Expeditors International Financial Overview 2021–2025

Updated Aug 15, 2026

Expeditors International absorbed a punishing 45%a collapse in revenues and net earnings during FY2023 as pandemic-era shipping rates evaporated, yet the logistics provider never stopped generating cash. This financial resilience underscores an asset-light operating model that navigates extreme geopolitical freight swings while consistently returning capital to shareholders.

Net earnings compressed from a supply-chain-crisis peak of $1.415 billionb in FY2021 to a normalized $810 million in FY2025. Despite this normalization, management continuously repurchased stock, shrinking the outstanding share count from 0.17 billion shares to 0.13 billion shares over that exact same period. Top-line momentum restabilized by FY2025, with total revenues climbing 4% to $10.1 billion. This recovery was driven by a 13% surge in customs brokerage services due to evolving global tariffs and a 9% jump in airfreight tied to AI infrastructure demand, which effectively offset an 11% drop in ocean freight. Even with these mixed segment results, the company generated $1.0 billion in operating cash flow and returned $875 million to shareholders through buybacks and dividends in FY2025.

The market has rewarded this cash-generative stability amidst severe global supply chain disruptions. At the close of FY2025, the stock traded at $149.01c, commanding a 25.0x P/E ratio and a $20.0 billion market cap.

Recent Developments (Q1 and Q2 2026)

Expeditors International accelerated through the first half of 2026, capped by a 32% year-over-year revenue surge to $3.50 billiond in Q2 2026. This momentum was fueled by a massive 57% spike in airfreight revenue driven by technology clients building out AI infrastructure. Ocean freight also rebounded with a 5% top-line increase during the second quarter, reversing a steep 23% contraction suffered in Q1 2026. Alongside this growth, the company initiated a restructuring of its Global Technology function, incurring $25 million in expenses to modernize operations and decouple future headcount growth from revenue expansion.

Bulls point to the company’s explosive profitability, with second-quarter net earnings jumping 45% to $266.2 millione as complex global tariffs boosted high-margin customs brokerage demand. Conversely, bears question whether this rapid earnings acceleration fully justifies a premium valuation, with the stock trading at 30.5x earnings as of August 5, 2026.

What to watch: the sustainability of structural airfreight rate increases tied to AI demand; sequential progress on ocean freight stabilization amidst Middle East routing disruptions.

03—Filings

Recent SEC Filings

  1. 8-KExpeditors International 8-K Report, Corporate Update (Nov 3, 2026)Expeditors International of Washington, Inc. (EXPD) filed an 8-K on November 3, 2026, to announce a semi-annual cash dividend. The company's Board of Directors declared a dividend of $0.81 per share, which is scheduled to be paid on December 15, 2026, to shareholders of record as of December 1, 2026. This dividend payment reinforces the company's commitment to returning capital to its shareholders. Management highlighted that, including this dividend, over $1 billion will have been returned to shareholders through dividends and share repurchases in 2026, underscoring a strategy of actively managing excess cash.
  2. 8-KExpeditors International 8-K Report, Financial Results (Nov 3, 2026)Expeditors International of Washington, Inc. (EXPD) announced strong third quarter 2026 financial results, with significant year-over-year growth across key metrics. Diluted Earnings Per Share (EPS) surged by 62% to $2.65, driven by a 55% increase in Net Earnings Attributable to Shareholders to $345 million and a 55% rise in Operating Income to $445 million. Total revenues saw a substantial 42% increase, reaching $4.1 billion, fueled by robust demand in airfreight and ocean freight services. The company reported strong operational performance with airfreight tonnage up 13% and ocean container volume up 7%. Notably, the Customs, Transcon, Distribution, and Order Management segments all achieved double-digit revenue growth for the third consecutive quarter. Management highlighted strategic market share gains, particularly in areas supporting hyperscaler demand, and a disciplined approach to expanding their customer base and diversifying revenue streams. Investments in technology, including AI, are expected to further enhance productivity and margins.
  3. 8-KExpeditors International 8-K Report, Executive Changes (Sep 16, 2026)Expeditors International of Washington Inc. (EXPD) announced a significant leadership transition effective October 1, 2026. Mr. Blake Bell will move from his current role as President, Global Business Development to Senior Vice President, Professional Services. This strategic move is intended to bolster the company's professional services segment by providing dedicated leadership. The company views this as a key initiative to accelerate growth within its professional services offerings. Investors should monitor this transition for its impact on the company's strategic direction and financial performance in this specific business unit.
  4. 8-KExpeditors International 8-K Report, Regulation FD Disclosure (Aug 11, 2026)Expeditors International of Washington Inc. (EXPD) filed an 8-K on August 11, 2026, providing an update on its operations and outlook. The filing highlights surprisingly strong airfreight performance, driven by a confluence of factors including sustained demand from the technology sector, particularly for AI infrastructure, and capacity constraints stemming from geopolitical events like the Middle East conflict. While the company acknowledges that elevated pricing may normalize, it suggests that AI-driven demand could create a more structural increase in rates. The company also addressed its recent restructuring within the Global Technology function, clarifying that it was a strategic move to modernize and improve efficiency, rather than a broad cost-cutting measure. Expeditors emphasized that this restructuring, which involved layoffs, does not signify an end to its historically low layoff approach, nor does it alter its commitment to AI and technology investments. The filing also indicated encouraging signs of stabilization in the ocean freight market, with sequential volume increases and improving rates late in the quarter, supported by carrier capacity management.
  5. 8-KExpeditors International 8-K Report, Financial Results (Aug 4, 2026)Expeditors International (EXPD) reported strong second quarter 2026 results, furnished under Item 2.02 of Form 8-K. Diluted EPS rose 51% year over year to $2.03, net earnings attributable to shareholders increased 45% to $266 million, operating income grew 41% to $350 million, and revenues climbed 32% to $3.5 billion. Growth was driven by airfreight, where tonnage rose 14% amid elevated air rates tied to Middle East conflict-related capacity constraints and strong AI hyperscaler demand, and by customs brokerage, which posted double-digit growth for a second consecutive quarter. Ocean container volumes were flat year over year but rose 7% sequentially, and management suggested the long ocean downturn may be flattening. Profitability was partly affected by a $25 million pretax restructuring charge tied to the Global Technology team, offset by a $16 million gain on the sale of an underutilized property. Management expects the restructuring to lower annual costs by about $50 million, with most headcount reductions realized in the third quarter. Operating efficiency, measured as a ratio, was 32.2% in Q2 including the charge. Capital returns were significant: $461 million in share repurchases and dividends in the quarter and $748 million in the first half, though cash and equivalents declined to $1.03 billion, and operating cash flow was lower year to date at $488 million versus $522 million a year earlier, largely due to working capital build from receivables growth. The company also announced an Investor Day on November 18, 2026, in New York City. Investors should note that the strong results reflect elevated air freight pricing tied to geopolitical disruption, which management itself described as potentially temporary, alongside a tentative but still early recovery in ocean markets.
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04—See also

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