NYSE: EXPD · Air Freight & Logistics
Expeditors International
Expeditors is a non-asset-based global logistics company: it buys air, ocean and ground capacity from carriers and resells it, and clears goods through customs. It has about 20,000 employees and 172 district offices in five geographic areas. 2025 revenues were $11,069 million: airfreight $3,983 million, ocean freight $2,815 million, and customs brokerage and other services $4,271 million. Net earnings attributable to shareholders were $810 million. It has no long-term debt. In H1 2026 revenue rose 18% as technology customers investing in AI infrastructure lifted airfreight and warehousing demand.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:02 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 2.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 9.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +25.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -1.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.24x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.5x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.73
Higher than 13% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 24% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 91% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 8% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 28% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$205.91close on 2026-11-04
Market cap$27.57B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.5x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 11.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 23.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.7%
At FY2025 year-end: 25.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 8.5x
Book value at FY2025 year-end
At FY2025 year-end: 16.8x
EBITDA for FY2025
At FY2025 year-end: 4.8%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.89B → $4.11B (vs. a year earlier)↑ +41.9%$2.89B → $4.11B (vs. a year earlier)
- Operating margin10.0% → 10.8% (vs. a year earlier)↑ +0.9 pts10.0% → 10.8% (vs. a year earlier)
- Net income$222M → $345M (vs. a year earlier)↑ +55.0%$222M → $345M (vs. a year earlier)
- Diluted EPS$1.64 → $2.65 (vs. a year earlier)↑ +61.6%$1.64 → $2.65 (vs. a year earlier)
- Cash$1.03B → $1.09B (vs. previous quarter-end)↑ +5.9%$1.03B → $1.09B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Key changes
Net earnings up 55% to $345M. Source sentence
Net Earnings Attributable to Shareholders increased 55% to $345 million
EPS up 62% to $2.65. Source sentence
Diluted Net Earnings Attributable to Shareholders per share (EPS) increased 62% to $2.65
Airfreight tonnage up 13%; ocean volume up 7%. Source sentence
Airfreight tonnage increased 13% and ocean container volume increased 7%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- EXPEDITORS INTERNATIONAL OF WASHINGTON INC
- Headquarters
- BELLEVUE, WA
- Incorporated in
- Washington
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: EXPD
- Industry
- Air Freight & Logistics
- CIK
- 746515
Workforce (as of FY2025 year-end)
Employees
20,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 49–55 days after quarter end (Feb 24, 2026; Feb 18, 2025; Feb 20, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 34–55 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 3, 2026 (+34 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 24, 2026 (+55 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 8, 2025 10-Q (+38 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 18, 2025 (+49 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 5, 2024 (+36 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 6, 2024 (+37 days) | Aug 8, 2024 10-Q (+39 days) |
| Q1 FY2024 | Mar 31, 2024 | May 7, 2024 (+37 days) | May 9, 2024 10-Q (+39 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 20, 2024 (+51 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Airfreight
Airfreight consolidation
About 36% of 2025 revenue; Expeditors typically acts as a freight consolidator.
Ocean
Ocean freight and ocean services
Examples: Expeditors International Ocean (NVOCC)
About 25% of 2025 revenue.
Customs & other
Customs brokerage, road freight, warehousing and distribution
About 39% of 2025 revenue.
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share or rank; the 10-K says it must gain profitable market share in a highly competitive industry.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Revenue $6,285M versus $5,318M; net earnings attributable to shareholders $495.8M versus $387.4M.
Source: Form 10-Q Q2 2026
Q2 2026
Revenue rose 32% and airfreight revenue 57%, driven by technology customers investing in AI infrastructure; $25M of restructuring costs in the Global Technology group.
Source: Form 10-Q Q2 2026
Shareholder returns
Returned $461M through repurchases and dividends in Q2 2026; a new $3B buyback program was authorized in February 2026.
Source: Form 10-Q Q2 2026; Form 10-K FY2025
Management
Blake Bell moves from President, Global Business Development to SVP, Professional Services on October 1, 2026.
Source: Form 8-K 2026-09-16
Capex ÷ D&A (FY2025)
0.94x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$53M ÷ $57M = 0.94x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $48M in FY2020 to $53M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$11.07B
As reported in the 10-K
Revenue CAGR (5 years)
+2.9%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($11,069M ÷ $9,584M) ^ (1÷5) − 1 = 2.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
9.5%
-0.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,053M ÷ $11,069M × 100 = 9.5%
ROE (FY2025)
35.4%▲favorable
6-year average: 35.2%
As reported in the 10-K
P/B (FY2025 end)
8.47x
formulafiscal year-end closing price ÷ book value per share
e.g.$149.01 ÷ $17.59 = 8.47x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
16.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($19,950M + $0M − $1,314M) ÷ ($1,053M + $57M) = 16.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +2.9% a year over 5 years (modest growth)
From $9.58B in FY2020 to $11.07B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 9.8% → 9.5%
How much operating profit is left per $100 of revenue. It moved -0.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 48.1% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 35.2% over 6 years (latest: 35.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Airfreight consolidation
- Ocean freight (NVOCC) services
- Customs brokerage, road freight, warehousing and distribution
06 · what it draws on
Key resources
- About 20,000 employees in 172 district offices
- Cargo capacity bought from air, ocean and ground carriers
- Common in-house IT systems in all districts
02 · why customers buy
Value propositions
- Freight consolidation, customs brokerage and logistics, backed by compensation programs that Expeditors says differentiate its performance.
04 · how it keeps them
Customer relationships
- Ongoing service for shippers; customer satisfaction depends on meeting short-term requirements.
03 · how it reaches them
Channels
- Its own offices worldwide serving importers and exporters.
01 · who it serves
Customer segments
- Importers and exporters worldwide, including technology companies
09 · where money goes
Cost structure
FY2025, share of revenue ($11.07B)
- Other operating costs (incl. cost of goods sold)90.5%
Operating profit left: 9.5% of revenue. Depreciation & amortization (inside the costs above): $57M. Capital spending: $53M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Airfreight $3,983M
- Ocean $2,815M
- Customs brokerage & other $4,271M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Consolidates customers' shipments and buys cargo space from airlines and ocean carriers, then provides customs clearance, warehousing and distribution at destination.
01 what it draws on
Inputs & resources
- About 20,000 employees in 172 district offices
- Cargo capacity bought from air, ocean and ground carriers
- Common in-house IT systems in all districts
02 what it does
Activities
- Airfreight consolidation
- Ocean freight (NVOCC) services
- Customs brokerage, road freight, warehousing and distribution
03 who it serves
Customers
- Importers and exporters worldwide, including technology companies
04 how money comes in
How it earns
- Airfreight $3,983M
- Ocean $2,815M
- Customs brokerage & other $4,271M (2025)
How the business makes money
- Owns no aircraft or ships; costs of carrier capacity are pass-through expenses.
- Salaries are the single largest expense; staffing must be set ahead of uncertain demand.
- Revenue swings with freight rates: $17.1B in 2022 versus $9.3B in 2023.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Expeditors is exposed to U.S.–China trade actions.
Trade & export rules
U.S.–China trade disputes
Activity is especially exposed to trade actions and tariff disputes between China and the U.S.
Constrains the businessTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Customs brokerage & other services
4,271.2 (39%)Airfreight services
3,982.9 (36%)Ocean freight & ocean services
2,815 (25%)
Source: Form 10-K (FY2025) — consolidated statements of earnings Revenue by service type; the company reports geographic operating segments (Americas, North Asia, South Asia, Europe, MAIR). Total $11,069M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Importers and exporters worldwide; technology customers drove 2026 demand.
Named by the company
No customer is named.
What the filings disclose
Suppliers
Airlines, ocean carriers and ground carriers that provide cargo capacity.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The global logistics industry is intensely competitive with many companies, though fewer have a global network offering a full range of services; the 10-K names no competitor.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Compensation benchmark group (14 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Transportation and logistics companies whose proxy data the Compensation Committee uses for limited comparisons.
- Alaska Air Groupsite ↗
- C.H. Robinsonsite ↗
- CSXsite ↗
- Expedia Groupsite ↗
- GXO Logisticssite ↗
- J.B. Hunt Transport Servicessite ↗
- Knight-Swift Transportationsite ↗
- Norfolk Southernsite ↗
- Old Dominion Freight Linesite ↗
- Ryder Systemsite ↗
- Schneider Nationalsite ↗
- TFI Internationalsite ↗
- Union Pacificsite ↗
- XPOsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 9,584 | 16,524 | 17,071 | 9,300 | 10,601 | 11,069 |
| Operating income | 940 | 1,909 | 1,824 | 940 | 1,041 | 1,053 |
| Pretax income | 957 | 1,925 | 1,836 | 1,015 | 1,095 | 1,094 |
| Net income (attributable) | 696 | 1,415 | 1,357 | 753 | 810 | 810 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 72.4% | 3.3% | -45.5% | 14.0% | 4.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 9.8% | 11.6% | 10.7% | 10.1% | 9.8% | 9.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 7.3% | 8.6% | 8.0% | 8.1% | 7.6% | 7.3% |
| Balance sheet ($M) | ||||||
| Total assets | 4,928 | 7,610 | 5,590 | 4,524 | 4,754 | 4,894 |
| Total equity | 2,663 | 3,498 | 3,114 | 2,391 | 2,226 | 2,358 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity ratio | 54.0% | 45.9% | 55.6% | 52.8% | 46.8% | 48.1% |
| ROE | 26.2% | 46.0% | 41.1% | 27.4% | 35.1% | 35.4% |
| Cash flow ($M) | ||||||
| Operating CF | 655 | 868 | 2,130 | 1,053 | 723 | 1,007 |
| Investing CF | -46 | -37 | -88 | -39 | -41 | -45 |
| Financing CF | -331 | -614 | -1,685 | -1,537 | -1,025 | -802 |
| Free cash flowcalccash flow from operations − capital expenditures | 607 | 832 | 2,043 | 1,014 | 683 | 953 |
| Cash and equivalents | 1,528 | 1,729 | 2,034 | 1,513 | 1,148 | 1,314 |
| Per share & other | ||||||
| EPS ($) | 4.07 | 8.27 | 8.26 | 5.01 | 5.72 | 5.95 |
| BVPS ($) | 15.71 | 20.90 | 20.15 | 16.62 | 16.11 | 17.59 |
| Dividend per share ($) | 1.04 | 1.16 | 1.34 | 1.38 | 1.46 | 1.54 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 25.6% | 14.0% | 16.2% | 27.5% | 25.5% | 25.9% |
| P/E (x) | 23.4 | 16.2 | 12.6 | 25.4 | 19.4 | 25.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.6 | 10.6 | 7.4 | 16.7 | 12.8 | 16.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 6.05 | 6.43 | 5.16 | 7.66 | 6.88 | 8.47 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.11B+41.9% | $445M+54.6% | $345M+55.0% | $2.65 |
| 2026-06-30 | $3.5B+32.1% | $350M+41.1% | $266M+45.0% | $2.03 |
| 2026-03-31 | $2.78B+4.4% | $295M+10.9% | $230M+12.7% | $1.71 |
| 2025-12-31 † | $2.86B-3.3% | $251M-16.7% | $201M-14.9% | — |
| 2025-09-30 | $2.89B | $288M | $222M | $1.64 |
| 2025-06-30 | $2.65B | $248M | $184M | $1.34 |
| 2025-03-31 | $2.67B | $266M | $204M | $1.47 |
| 2024-12-31 † | $2.95B | $301M | $236M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
34.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,053M × (1 − 26%) ÷ $2,292M × 100 = 34.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.96%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $19.95B ÷ ($19.95B + $0) = 100.0%
e.g.Debt weight: $0 ÷ ($19.95B + $0) = 0.0%
e.g.WACC: 9.0% × 100.0% + 5.0% × (1 − 26%) × 0.0% = 8.96%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.3%–11.0% and ROIC − WACC runs +23.0 to +26.6 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.96% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.73 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.96%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 26% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.96%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.73 (price-derived adjusted beta. Raw β 0.60, R² 0.12, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.602 + 0.33 = 0.733
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.73 × 5.5% = 9.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.0% − 3.6%
Past FCF growth (FY2020–FY2025)
+9.4%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+2.9%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $953M (operating CF − capex); enterprise value $26.25B = market cap $27.57B (latest close, 2026-11-04) + debt $0 − cash and short-term investments $1.31B; r = WACC of 9.0% using this page’s default assumptions (β 0.73, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$25.77B
FCF $953M ÷ (9.0% − 5.3%)
Theoretical ÷ actual enterprise value
0.98x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| 0% | 0.52x | 0.45x | 0.40x | 0.36x | 0.33x |
| 2% | 0.73x | 0.61x | 0.52x | 0.45x | 0.40x |
| 4% | 1.21x | 0.91x | 0.73x | 0.61x | 0.52x |
| 6% | 3.63x | 1.82x | 1.21x | 0.91x | 0.73x |
| 8% | — | — | 3.63x | 1.82x | 1.21x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.11x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 96%
Most profit comes from core operations.
- ✓
Days sales outstanding: 76 → 66 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,007M ÷ $810M = 1.24x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,053M ÷ $1,094M × 100 = 96%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,998M + $2,022M) ÷ 2 ÷ $11,069M × 365 = 66 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 98.6%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 1.4%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 78 of 416
- Beta (adjusted)
- 0.73
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 19% of covered companies have more
above 1 = swings more than the market
- 128.1M shares reported by 953 13F filers ÷ 130.0M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
18
Strengths & weaknessesSite analysis
Strengths
1. Debt-free balance sheet
No long-term debt at any year-end from 2020 to 2025; cash and equivalents of $1,314M at end-2025.
Evidence: Form 10-K FY2020–FY2025
2. High returns on equity
ROE of 35% in 2025.
Evidence: SEC EDGAR XBRL
3. Integrated systems
Runs fully integrated transportation, customs brokerage and accounting systems in all districts, unlike many competitors that grew by acquisition.
Evidence: Form 10-K FY2025
Weaknesses
1. Freight-rate cyclicality
Revenue fell from $17.1B (2022) to $9.3B (2023) as rates normalized.
Evidence: SEC EDGAR XBRL
2. Fixed personnel costs
Personnel costs are the largest expense and are less flexible in the near term.
Evidence: Form 10-K FY2025
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
25.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.03%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
26%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.8%
(Operating CF − capex) ÷ market cap
1. Capital returns
Shares issued fell from 169M (2020) to 134M (2025) while dividends per share rose from $1.04 to $1.54.
- What has to hold
- Cash generation continues.
- The other side
- Earnings fall when freight rates drop.
Evidence: SEC EDGAR XBRL
2. Asset-light model
Capital spending was $53M in 2025 against operating cash flow of $1,007M.
- What has to hold
- Capacity can be bought as needed.
- The other side
- Margins depend on carrier pricing.
Evidence: SEC EDGAR XBRL
Interest-bearing debt is 0 per each 10-K's statement that the company had no long-term debt; lease liabilities are excluded.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$1.31B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
4.6x
$953M vs. $207M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -45.5% in FY2023 ($17.07B → $9.3B) | Not yet, as of FY2025 |
| Operating income | -48.5% in FY2023 ($1.82B → $940M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
No debt
No long-term debt and $1.3B of cash at end-2025.
Source: Form 10-K FY2025
Variable carrier costs
Carrier costs fall with rates, cushioning margins in downturns.
Source: Form 10-K FY2025
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Expeditors reports only ordinary-course claims, lawsuits, government investigations and tax audits, none expected to be material.
Company statement: Management expects none of its claims, lawsuits, investigations or tax audits to have a material effect; amounts recorded are not significant.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
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Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Trade volumes and freight rates
- Company disclosure (summarized from the 10-K)
- Revenue depends on global trade volumes and carrier rates, which swing with economic conditions.
- Company’s stated mitigation
- Non-asset-based model.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Tariffs and trade policy
- Company disclosure (summarized from the 10-K)
- Higher U.S. tariffs since 2025 and retaliatory measures can reduce trade volumes.
- Company’s stated mitigation
- Customs brokerage demand rises with complexity.
- This site’s assessment
- Impact High / Likelihood Med
- 3Competition & technology shift
Intense competition
- Company disclosure (summarized from the 10-K)
- Many competitors, including well-funded technology-based entrants and carriers offering onshore services.
- Company’s stated mitigation
- Global network and in-house systems.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Supply chain
Carrier capacity disruptions
- Company disclosure (summarized from the 10-K)
- Disruptions at air, ocean and ground carriers can limit capacity and cause price volatility.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Governance & quality
Cybersecurity
- Company disclosure (summarized from the 10-K)
- Operations depend on proprietary IT systems that could be disrupted by cyberattacks.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
The current volatile international trade environment as a result of intergovernmental disputes, trade actions, increased tariffs and other geo-political risks may adversely impact our business and operating results.
The United States has undertaken a substantial global tariff rebalancing effort, resulting in higher tariffs on imports, including significantly higher tariffs on goods made in China and sectoral tariffs on a range of materials and products. Read more
These measures led to threatened or actual retaliatory tariffs on goods made in the United States from several countries, including China and Canada. This created an unpredictable trade environment for shippers to determine if and how to adapt their sourcing patterns given these new and fast-changing regulations. If these conditions result in a significant, short-term or longer-term, decrease or redistribution of international trade volumes, it could negatively affect our business volumes and revenues. Expeditors' activity is particularly exposed to trade volume impacts from trade actions and tariff disputes between China and the United States, as…
We are exposed to risks relating to evaluations of internal control over financial reporting and disclosure controls and procedures.
Management is required to assess the effectiveness of internal control over financial reporting and disclosure controls and procedures. Read more
If we are unable to maintain effective internal control over financial reporting or disclosure controls and procedures, we may be unable to record, process and report financial information accurately or timely, which could result in misstatements in our financial statements, subject us to litigation or regulatory investigations, require significant management attention and resources, and adversely affect investor confidence in our financial reporting and our stock price. In addition, uncertainties related to the design and operation of controls over operational and financial systems in connection with further development of our IT systems and processes and could further increase these risks.
No longer in the text (2)
We identified material weaknesses in our internal control over financial reporting related to ineffective information technology general controls which, if not remediated appropriately or timely, could result in loss of investor confidence and adversely impact our stock price.
Internal controls related to the operation of technology systems are critical to maintaining adequate internal control over financial reporting. Read more
As disclosed in Part II, Item 9A, during the fourth quarter of 2022, management identified material weaknesses in internal control related to certain database changes made to information technology (IT) systems that support the Company’s financial reporting processes. As management continued the remediation process and reviews, we identified additional IT controls that were not designed or operated appropriately that relate to these material weaknesses. Management concluded that unauthorized access and changes to databases and related applications could have gone undetected as controls to review and authorize access and direct changes that support several key operational and accounting systems excluded certain changes from review or were not…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
24
What to watch going forwardSite analysis
- Whether AI-infrastructure-related airfreight demand persists after the 57% Q2 2026 airfreight revenue increase.
- Ocean rates: Q2 2026 ocean revenue rose 5% after three quarters of declines.
- Use of the new $3 billion share repurchase authorization approved February 23, 2026.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:02 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Expeditors International’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.