olivLaw · US equity research
Expeditors International of Washington, Inc. EXPD
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
Expeditors International of Washington, Inc. (NYSE: EXPD) is a global logistics provider that operates as a non-asset-based company, reselling cargo capacity bought from airlines, ocean carriers and trucking lines. Revenues rose 32% in the second quarter of 2026 to $3.5 billion, driven by demand linked to artificial intelligence infrastructure and tight air capacity. The outlook could still be sensitive to tariffs and to volatility in carrier rates.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Expeditors International of Washington, Inc. (EXPD) stock was 204.31 USD (+1.87% on the day), with market capitalisation 26.6 bn USD, P/E 29.7 on diluted EPS of 6.87 USD over the last 12 months, dividend yield 0.75%, beta 0.65, 52-week range 134.54–204.31 USD. Latest reported quarter (Q2 2026): revenue of 3.5 bn USD (+32.1% YoY), net income of 266.2 m USD (+45.0% YoY), diluted EPS 2.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.8
- strong (55–70)
- Bollinger (20, 2)
- 191.11 – 202.61
- above the upper band · %B 1.15 · band width 5.8%
- SMA 50 / 200
- 192.33 / 167.29
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.73 / 2.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.2% | −2.0% | +8.1 pp | — |
| 3 months | +12.6% | −2.2% | +14.7 pp | — |
| 6 months | +33.5% | +4.3% | +29.2 pp | — |
| Year to date | +37.1% | +10.6% | +26.5 pp | — |
| 1 year | +66.8% | +10.5% | +56.4 pp | −52.6% |
| 3 years | +80.9% | +73.7% | +7.2 pp | −74.3% |
| 5 years | +56.3% | +61.7% | −5.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 3.0 bn | 2.7 bn | 2.7 bn | 2.9 bn | 2.9 bn | 2.8 bn | 3.5 bn |
| Operating income | 301.5 m | 301.1 m | 265.9 m | 247.7 m | 288.0 m | 250.9 m | 294.8 m | 349.6 m |
| Depreciation & amortisation | 15.8 m | 15.2 m | 14.6 m | 13.8 m | 14.2 m | 14.1 m | 13.9 m | 12.7 m |
| Pre-tax income | 312.4 m | 313.3 m | 275.9 m | 258.0 m | 298.2 m | 262.0 m | 306.5 m | 358.5 m |
| Income tax | 82.5 m | 77.1 m | 71.8 m | 74.1 m | 75.1 m | 61.1 m | 76.4 m | 91.2 m |
| Net income | 229.6 m | 235.9 m | 203.8 m | 183.6 m | 222.3 m | 200.7 m | 229.6 m | 266.2 m |
| Diluted EPS | 1.63 | 1.68 ≈ | 1.47 | 1.34 | 1.64 | 1.49 ≈ | 1.71 | 2.03 |
| Operating cash flow | 90.0 m | 249.7 m | 342.6 m | 179.2 m | 201.4 m | 283.3 m | 309.2 m | 178.6 m |
| Capex | 12.3 m | 10.1 m | 13.2 m | 15.9 m | 11.1 m | 13.0 m | 12.6 m | 12.0 m |
| Dividends paid | 0 | 101.4 m | — | 104.1 m | 0 | 103.3 m | — | 105.8 m |
| Share repurchases | 140.0 m | 252.2 m | 177.4 m | 231.1 m | 212.3 m | 46.5 m | 287.6 m | 354.9 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 43-quarter history (min 9.3, median 21.5, max 26.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.1 bn | 7.9 bn | 9.6 bn | 16.5 bn | 17.1 bn | 9.3 bn | 10.6 bn | 11.1 bn |
| Revenue YoY | +17.6% | −2.4% | +20.7% | +72.4% | +3.3% | −45.5% | +14.0% | +4.4% |
| Net income | 618.2 m | 590.4 m | 696.1 m | 1.4 bn | 1.4 bn | 752.9 m | 810.1 m | 810.3 m |
| Net income YoY | +26.3% | −4.5% | +17.9% | +103.3% | −4.1% | −44.5% | +7.6% | +0.0% |
| Diluted EPS | 3.48 | 3.39 | 4.07 | 8.27 | 8.26 | 5.01 | 5.72 | 5.95 |
| Diluted EPS YoY | +29.4% | −2.6% | +20.1% | +103.2% | −0.1% | −39.3% | +14.2% | +4.0% |
| net % | 7.6% | 7.4% | 7.3% | 8.6% | 8.0% | 8.1% | 7.6% | 7.3% |
| Free cash flow | 525.3 m | 724.7 m | 607.4 m | 832.2 m | 2.0 bn | 1.0 bn | 682.9 m | 953.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.4 bn USD
- Total assets
- 4.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.81x
- ROE
- 35.4%
- ROA
- 16.8%
- FCF margin
- 8.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 9.6 bn | 16.5 bn | 17.1 bn | 9.3 bn | 10.6 bn | 11.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 940.4 m | 1.9 bn | 1.8 bn | 939.9 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 57.0 m | 51.3 m | 57.3 m | 67.8 m | 61.1 m | 56.8 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 997.4 m ≈ | 2.0 bn ≈ | 1.9 bn ≈ | 1.0 bn ≈ | 1.1 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 219.0 k | 411.0 k | 23.3 m | 4.8 m | — | — | SEC (XBRL)· 23 Feb 2024verified |
| Pre-tax income | 956.6 m | 1.9 bn | 1.8 bn | 1.0 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 258.4 m | 505.8 m | 475.3 m | 263.2 m | 283.2 m | 282.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 696.1 m | 1.4 bn | 1.4 bn | 752.9 m | 810.1 m | 810.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 4.07 | 8.27 | 8.26 | 5.01 | 5.72 | 5.95 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 170.9 m | 171.3 m | 164.4 m | 150.2 m | 141.7 m | 136.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 1.04 | 1.16 | 1.34 | 1.38 | 1.46 | 1.54 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 1.7 bn | 2.0 bn | 1.5 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 2.0 bn | 3.8 bn | 2.1 bn | 1.5 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 4.0 bn | 6.6 bn | 4.5 bn | 3.4 bn | 3.7 bn | 3.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 506.4 m | 487.9 m | 501.9 m | 479.2 m | 449.4 m | 462.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 7.9 m | 7.9 m | 7.9 m | 7.9 m | 7.9 m | 7.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 4.9 bn | 7.6 bn | 5.6 bn | 4.5 bn | 4.8 bn | 4.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 1.1 bn | 2.0 bn | 1.1 bn | 860.9 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 1.9 bn | 3.7 bn | 2.1 bn | 1.7 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 2.7 bn | 3.5 bn | 3.1 bn | 2.4 bn | 2.2 bn | 2.4 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 655.0 m | 868.5 m | 2.1 bn | 1.1 bn | 723.4 m | 1.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 47.5 m | 36.2 m | 86.8 m | 39.3 m | 40.5 m | 53.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 607.4 m ≈ | 832.2 m ≈ | 2.0 bn ≈ | 1.0 bn ≈ | 682.9 m ≈ | 953.4 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -46.0 m | -36.6 m | -87.7 m | -39.4 m | -40.5 m | -44.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -331.5 m | -613.5 m | -1.7 bn | -1.5 bn | -1.0 bn | -802.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 174.9 m | 195.8 m | 213.8 m | 202.0 m | 204.1 m | 207.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 332.4 m | 514.6 m | 1.6 bn | 1.4 bn | 855.1 m | 667.3 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 26.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation19
- Returns76
- Quality100
- Balance sheet64
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.05 – 169.12 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.05 – 169.12 (Mid 164.70)5 companies used · median multiple 24.0x · quartiles 0.6x – 24.6xBCO, CHRW, GVH, HUBG, RLGT
- Dividend discount (DDM)outside the aggregate20.24 – 27.22 (Mid 23.21)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.6% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 100.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -13.4% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -10.4% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 29.7x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 43 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.2% | 60 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 22.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial64/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation19/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. (EXPD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 11.1 bn USD in 2025; YoY growth 4.4%; net margin 7.6%; ROE 42.6%.
The estimated value range is 4.05–169.12 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 164.70 USD, the price of 204.31 USD leaves a potential of -19.4% (value / price − 1) and a margin of safety of -24.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.6%
- FCF conversion: 100.6%
- Payout ratio (FCF): 22.6%
What contradicts it
- Revenue CAGR 3Y: -13.4%
- EPS CAGR 3Y: -10.4%
- P/E (TTM): 29.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 26.6 bn | 29.7 | 42.6% | 7.6% | +4.4% | +67% / +81% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 26.1 | 64.0% | 3.3% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for EXPD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 112.38 Total return -44% · Per year -44% | 199.67 Total return -2% · Per year -2% | 302.14 Total return 49% · Per year 49% |
| 3 years | 89.23 Total return -55% · Per year -23% | 180.21 Total return -10% · Per year -3% | 302.14 Total return 51% · Per year 15% |
| 5 years | 70.85 Total return -63% · Per year -18% | 162.64 Total return -17% · Per year -4% | 302.14 Total return 52% · Per year 9% |
- Exit P/E± 45.05
- Net margin± 31.54
- Annual revenue growth± 28.48
- Annual dilution± 2.65
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).
In brief
Expeditors International of Washington, Inc. (NYSE: EXPD) is a global logistics provider that operates as a non-asset-based company, reselling cargo capacity bought from airlines, ocean carriers and trucking lines 1. Revenues rose 32% in the second quarter of 2026 to $3.5 billion, driven by demand linked to artificial intelligence infrastructure and tight air capacity 23. The outlook could still be sensitive to tariffs and to volatility in carrier rates 12.
SWOT
Strengths
- The non-asset-based model offers flexibility without heavy investment in physical transport assets, and the global office network and single technology platform support operational efficiency 1.
- The company's culture, which focuses on its own trained personnel and on customer service, is regarded as a point of differentiation from competitors 1.
- Diversification across services and regions gives a broader revenue base, and in the second quarter of 2026 growth was reported across the main lines of business 23.
Weaknesses
- Reliance on a small number of export regions, particularly North Asia, exposes the company to changes in trade policy 1.
- The ocean services segment has experienced a prolonged period of revenue decline, which shows its sensitivity to imbalances in capacity 12.
- The company depends on third-party carriers for capacity, so disruptions at those carriers can directly affect deliveries and margins 1.
Opportunities
- Demand from the artificial intelligence and data center sectors could continue to grow, particularly in air freight and temperature-controlled logistics 23.
- Lower costs from the restructuring of the technology team could improve long-term margins if the expected savings are realized 3.
- Greater complexity in customs regulations could bring new clients to customs brokerage services if that demand persists 2.
Threats
- Tariffs and political conflicts could reduce international trade volumes and increase volatility in rates 1.
- Competition from companies with greater resources and from new technology firms could reduce margins and market share 1.
- Limited capacity and higher fuel costs could strain carriers and affect the company's ability to deliver services on time 13.
Risks
- Tariffs and trade conflicthigh
High tariffs and retaliatory trade actions could reduce shipment volumes and lead to lost business or uncollected receivables 1.
- Exposure to China-US tradehigh
A significant share of revenues comes from exports from China and Hong Kong, so a change in trade relations could affect financial results 1.
- Reliance on third-party carriersmedium
Insufficient capacity or disruptions at airlines and ocean carriers could affect deliveries and margins, because the company does not own transport assets 1.
- Cybersecuritymedium
A cyber-attack or system disruption could affect operations, reduce revenues and lead to legal claims 1.
- Dependence on key personnellow
Difficulty attracting and retaining key employees, particularly as remote-work policies spread, could affect execution of the strategy 1.
Investment thesis
What would need to be true (bull case)
- Strong growth in revenues and operating income in the second quarter of 2026, supported by demand linked to artificial intelligence infrastructure and rising airfreight, could point to a favorable trend for the company 23.
- The restructuring of the technology group could lower annual costs by about $50 million, which could improve operating margins over the long term 3.
- The late-quarter recovery in ocean rates could suggest that pressure in that segment is easing, if the trend holds 23.
What would break the thesis
- Tariffs and trade uncertainty could reduce international volumes and make short-term results volatile 12.
- Growth in air freight is tied in part to a geopolitical conflict and to concentrated demand from a few sectors, which could prove temporary 23.
- If competitive pressure rises or customers demand more favorable contract terms, margins could decline even if volumes remain high 1.
What to watch
- Evolution of tariffs and the impact of the court ruling on IEEPA tariffs on customs brokerageQ3 2026
- Effects of the Global Technology restructuring on costs and headcountQ3 2026
- Development of ocean rates and volumes after the second quarter of 2026Q3 2026
- Investor Day presentation and any new financial targets from the companyInvestor Day 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).
The business
Expeditors does not own aircraft or ships; it buys cargo space from carriers on a volume basis and resells it to customers, offering air and ocean freight, customs brokerage, warehousing and distribution, and order management 1. In fiscal 2025 airfreight accounted for approximately 36% of total revenues 1. The network includes 172 district offices grouped into five geographic areas and about 20,000 employees 1.
The company pursues organic growth on a single enterprise technology platform built in-house, and it emphasizes customer service and an incentive-based compensation model 1. In fiscal 2025 North Asia was the largest export-oriented region, accounting for 25% of revenues 1. In the second quarter of 2026 Expeditors also announced a restructuring of its Global Technology group 2.
Segments
Market context
Expeditors operates in over 60 countries and its activity is closely tied to the global economy and international trade 1. Trade between China and the United States is a key exposure: in fiscal 2025, 19% of revenues came from exports from China and Hong Kong 1. Tariff policy could redirect trade flows and increase volatility in carrier rates 1.
Demand from the technology, cloud and data center sectors has become an important growth driver, particularly in air freight 2. On the other hand, carrier capacity and fuel prices could keep pressure on rates, and changes in e-commerce flows out of North Asia add further uncertainty 21.
Trends
- Demand for artificial intelligence infrastructuretailwind
Strong demand from customers investing in artificial intelligence infrastructure supported growth in airfreight and warehousing and distribution in the second quarter of 2026 23.
- Tariffs and trade policymixed
High tariffs and frequent changes in trade rules add uncertainty to trade volumes but have also increased the complexity of customs brokerage 12.
- Constrained air capacitymixed
The conflict in the Middle East and fewer passenger flights reduced available belly capacity, which pushed rates higher but could also strain carriers 3.
- Ocean market recoverytailwind
After several quarters of decline, ocean rates and volumes began rising late in the second quarter of 2026, which could signal stabilization in the market 23.
Competitive position
The global logistics industry is intensely competitive, with pressure coming from niche players, large carriers and emerging technology companies 1. Only a limited number of firms offer a full global range of services, but many competitors have significantly more resources than Expeditors 1. Customers regularly solicit competing bids, which could reduce margins or cost market share 1.
Expeditors states that its focus on operational excellence is helping it take market share 3. Other providers may offer more flexible contract terms, and competitors' acceptance of such terms could weigh on margins 1.
- Airlines and ocean carriers
Carriers are both suppliers and potential competitors, since they could sell transport services directly to customers 1.
- Global logistics providers with full service networks
Only a limited number of firms offer a full complement of global logistics services, and many of them have larger resources 1.
- Niche logistics providers
Specialized firms focused on narrow segments can compete with the company on particular routes or services 1.
- Emerging technology companies
New firms developing logistics technology may gain competitive advantages and attract customers looking for digital solutions 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Expeditors Stock Outperforming the S&P 500?Yahoo Finance — News · 21 Sept 2026 · EN
- Expeditors (EXPD) Posts A 51% Earnings Jump, But Some Of It Won’t LastYahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report16 Sept 2026Departure or appointment of officers
- Current report11 Aug 2026Regulation FD disclosure
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Regulation FD disclosure
- Current report06 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report05 May 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Expeditors International of Washington, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Expeditors International of Washington, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Expeditors International of Washington, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.