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Expeditors International of Washington, Inc.

EXPD Industrials Integrated Freight & Logistics

Expeditors International of Washington, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.1 billion, up 4.42% from fiscal 2024.

Revenue
+41.9%
EPS
+60.7%
Free cash flow
+2.11%

Quarter to September 2026, against a year earlier

188.70 8.99 −4.55%
Market cap
$24.6B
P/E
23.9×
Fwd P/E
25.2×
Dividend yield
0.84%
F-score
8/9
Altman Z
8.90
Beneish M
−2.65
Dividend safety
97/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • United States Segment
  • North Asia Segment
  • Europe Segment
  • South Asia Segment
  • Middle East Africa and India Segment
  • Other North America Segment
  • Latin America Segment

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 0.88
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 0.58%

Capital & Financial Ratios $m

Size
Market Cap 24,550.00
Revenue ttm 13,248.90
Net income ttm 1,042.83
Free cash flow ttm 927.87
Net debt Q (1,092.46)
Valuation
P/E 23.88
Forward P/E 25.20
Price / sales 1.85
Forward P/S Powerpack
Price / FCF 26.42
Price / book 10.46 (above 6: high)
Financial health
Current ratio Q 1.56 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 62.33
Growth
Revenue growth Q +41.90% (above 0%: growing)
Operating income growth Q +54.64% (above 0%: growing)
EPS, this year +42.63% (at or above 15%: strong)
EPS, next year A +3.03%
Revenue, next year A +19.66% (at or above 10%: strong)
EPS, past 5 yrs +7.89%
EPS, next 5 yrs A +14.25%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.4×; over the ten years it ranged from 0.6× in 2022 to 2.0× in 2026.
P/E against its own 10 years 74.37%
10-year low 10-year high
P/S against its own 10 years 86.18%
10-year low 10-year high
P/B against its own 10 years 97.07%
10-year low 10-year high
EV/Sales against its own 10 years 91.46%
10-year low 10-year high
EV/FCF against its own 10 years 88.49%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.84%
Annual rate
1.58
Payout ratio
20.1%
Growth, 2017–25
+7.87%/yr
  1. 0.84 ’17
  2. 0.90 ’18 +7
  3. 1.00 ’19 +11
  4. 1.04 ’20 +4
  5. 1.16 ’21 +12
  6. 1.34 ’22 +16
  7. 1.38 ’23 +3
  8. 1.46 ’24 +6
  9. 1.54 ’25 +5
  10. 1.57 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,513 1,148 1,314 1,092
Receivables 1,533 1,998 2,022 3,086
Inventory — — — —
Other 171 164 136 125
3,435 3,660 3,756 4,641
2023 2024 2025 Q'26
Payables 861 1,037 1,123 1,742
ST’ Debt — — — —
Other 281 442 358 450
1,704 2,066 2,073 2,979

Compound Annual Growth %

10y 5y 3y
Sales 5.28% 2.92% (13.45%)
Cash Flow 5.91% 8.97% (22.11%)
Earnings 5.89% 3.08% (15.80%)
Book Value 3.36% (2.40%) (8.85%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.24 Actual 2.65

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.46 1.49 Beat by 0.03
Q1 FY26 1.33 1.71 Beat by 0.38
Q2 FY26 1.68 2.03 Beat by 0.35
Q3 FY26 2.24 2.65 Beat by 0.41
Q4 FY26 1.95 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.71 2.03 2.65 — —
’25 1.47 1.34 1.64 1.49 5.95
’24 1.17 1.24 1.63 1.68 5.72
’23 1.45 1.30 1.16 1.09 5.01
’22 2.05 2.27 2.54 1.38 8.26
’21 1.67 1.84 2.09 2.66 8.27
’20 0.71 1.09 1.12 1.16 4.07
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,783 3,502 4,108 — —
’25 2,666 2,652 2,895 2,856 11,069
’24 2,207 2,439 3,000 2,955 10,601
’23 2,593 2,240 2,190 2,278 9,300
’22 4,664 4,603 4,362 3,442 17,071
’21 3,199 3,609 4,319 5,396 16,524
’20 1,902 2,411 2,349 2,923 9,584
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 309 179 213 — —
’25 343 179 201 283 1,007
’24 257 127 90 250 723
’23 546 158 190 158 1,053
’22 414 559 670 487 2,130
’21 356 30 177 305 868
’20 165 187 162 142 655
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 297 167 194 — —
’25 329 163 190 270 953
’24 247 119 78 240 683
’23 536 148 182 148 1,014
’22 400 520 654 468 2,043
’21 347 24 168 294 832
’20 159 165 152 132 607
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.1% a year for ten years. It grew 5.8% a year over the last ten.

Implied
10.1%
10 years, reported
5.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,098 6,921 8,138 7,942 9,584 16,524 17,071 9,300 10,601 11,069 13,249 +6.8% 13,245 13,289 13,507 +6.9%
Gross margin, % 35.49 33.51 32.20 33.19 30.55 27.02 26.33 34.90 32.20 33.13 31.66 (2.4) pt
EBT 687 719 818 796 957 1,925 1,836 1,015 1,095 1,094 1,375 +5.3%
EBT margin, % 11.26 10.38 10.06 10.02 9.98 11.65 10.75 10.91 10.33 9.88 10.38 (1.4) pt
Net income 433 490 620 592 698 1,419 1,361 752 812 812 1,043 +7.2%
Per share, $
Per share, $ Revenue 33.64 38.61 46.74 46.47 56.94 97.69 104.73 62.36 75.19 81.50 101.98 +10.3%
Earnings 2.38 2.73 3.55 3.39 4.14 8.37 8.33 5.05 5.75 5.97 7.90 +10.8%
Cash flow 2.92 2.73 3.29 4.52 3.89 5.13 13.06 7.06 5.13 7.41 7.57 +10.9%
Capex (0.33) (0.06) (0.27) (0.28) (0.28) (0.21) (0.53) (0.26) (0.29) (0.39) (0.43) +2.0%
Free cash flow 2.59 2.67 3.02 4.24 3.61 4.92 12.53 6.80 4.84 7.02 7.14 +11.7%
Book value 10.19 11.13 11.42 12.86 15.82 20.68 19.10 16.03 15.79 17.36 18.04 +6.1%
Shares, m 181 179 174 171 168 169 163 149 141 136 133 (3.2%)
Valuation, ×
Valuation, × P/E 22.41 23.89 19.18 22.68 22.97 16.03 12.63 25.26 19.30 24.92 23.88 20.9
P/S 1.58 1.68 1.46 1.68 1.67 1.37 1.00 2.04 1.47 1.83 1.85 1.6
P/B 5.21 5.84 5.97 6.07 6.01 6.49 5.50 7.93 7.02 8.58 10.46 6.5
EV/Sales 1.42 1.53 1.34 1.52 1.51 1.27 0.88 1.88 1.37 1.71 1.77 1.4
EV/FCF 18.39 22.17 20.81 16.70 23.84 25.22 7.38 17.20 21.19 19.85 25.24 19.3
Cash, $m
Cash, $m Operating cash flow 529 489 573 772 655 868 2,130 1,053 723 1,007 984 +7.4%
Capex (59) (11) (47) (47) (48) (36) (87) (39) (40) (53) (56) (1.2%)
Free cash flow 470 478 525 725 607 832 2,043 1,014 683 953 928 +8.2%
Balance, $m
Balance, $m Working capital 1,289 1,448 1,408 1,602 2,071 2,909 2,464 1,731 1,593 1,683 1,662 +3.0%
Net debt (974) (1,051) (924) (1,230) (1,528) (1,729) (2,034) (1,513) (1,148) (1,314) (1,092) +3.4%
Shareholders’ equity 1,847 1,994 1,988 2,197 2,663 3,498 3,114 2,391 2,226 2,358 2,344 +2.8%
Returns, %
Returns, % ROA 16.09 16.57 19.22 16.85 16.15 22.58 20.57 14.89 17.46 16.80 19.71 +0.7 pt
ROIC 47.99 46.40 46.79 49.57 51.77 67.45 105.64 66.87 60.40 63.02 66.97 +15.0 pt
ROE 24.33 25.48 31.05 28.22 28.65 45.95 41.06 27.35 35.09 35.36 45.01 +11.0 pt
People
People Employees 16,000 16,500 17,500 18,000 17,500 19,000 20,000 18,000 18,400 19,800 — +2.4%
Revenue/emp, $m 0.38 0.42 0.47 0.44 0.55 0.87 0.85 0.52 0.58 0.56 — +4.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Expeditors International of Washington, Inc. is a global third-party logistics provider founded in 1979 and headquartered in Seattle. Daniel R. Wall is President and Chief Executive Officer.

It helps customers move and position goods internationally without owning aircraft or ships. Rather than operating transportation assets, it combines carrier capacity with freight forwarding, customs work and supply-chain services. Its customers can use the company for airfreight and ocean freight, customs clearance, warehouse and distribution work, order management, ground transportation, cargo insurance, temperature-controlled transit, monitoring and tracking, and logistics consulting.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
United States Segment 3,584 32.38%
North Asia Segment 2,738 24.73%
Europe Segment 1,829 16.53%
South Asia Segment 1,555 14.05%
Middle East Africa and India Segment 639 5.77%
Other North America Segment 471 4.25%
Latin America Segment 262 2.37%
Gross margin 33.13%
Operating margin 9.51%
Pre-tax margin 9.88%

Revenue by segment since 2008

Expeditors International of Washington, Inc. vs peers in Integrated Freight & Logistics (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UPS United Parcel Service, Inc. $94.5B 21.3× 18.5× +6.71% (above 0%: growing) −11.83% (below 0%: shrinking) +33.65% (above 0%: growing) 75.37% 7.63% Compare
FDX FedEx Corporation $74.2B 19.4× 15.0× +11.86% (above 0%: growing) −68.48% (below 0%: shrinking) +62.20% (above 0%: growing) 66.20% 4.67% Compare
EXPD Expeditors International of Washington, Inc. $24.6B 23.9× 25.2× +41.90% (above 0%: growing) +60.74% (above 0%: growing) +2.11% (above 0%: growing) 29.55% 10.84%
JBHT J.B. Hunt Transport Services, Inc. $20.4B 30.7× 30.5× +20.44% (above 0%: growing) +3.41% (above 0%: growing) −39.44% (below 0%: shrinking) 41.09% 6.72% Compare
FDXF FedEx Freight Holding Company Inc. $18.6B — — — — −60.91% (below 0%: shrinking) 90.38% 10.36% Compare
CHRW C.H. Robinson Worldwide, Inc. $14.9B 22.7× 20.4× +29.52% (above 0%: growing) +24.26% (above 0%: growing) −58.50% (below 0%: shrinking) 15.09% 5.07% Compare
ZTO ZTO Express (Cayman) Inc. $11.4B 11.0× 10.2× +29.83% (above 0%: growing) +73.53% (above 0%: growing) +121.35% (above 0%: growing) 25.66% 22.19% Compare
GXO GXO Logistics, Inc. $6.3B 46.3× 30.9× +5.74% (above 0%: growing) +9.75% (above 0%: growing) −54.55% (below 0%: shrinking) 14.65% 2.67% Compare
LSTR Landstar System, Inc. $4.9B 30.8× 25.0× +25.26% (above 0%: growing) +153.29% (above 0%: growing) −17.47% (below 0%: shrinking) 21.93% 4.33% Compare
Median of peers $16.7B 22.7× 20.4× +20.44% +9.75% −28.45% 33.38% 5.90%

All 32 Integrated Freight & Logistics stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.88%
Held by the ten largest 48.22%
Holder Shares Stake Change
Vanguard 16.55m 12.73% −170.87k
BlackRock 13.46m 10.35% +1.05m
State Street 7.34m 5.64% +109.80k
Natixis Investment Managers 6.34m 4.88% +49.71k
First Eagle Investment Management, LLC 4.04m 3.11% −1.90m
Geode Capital Management 3.56m 2.74% −32.55k
Fidelity International (FIL) 3.09m 2.38% +6.89k
Boston Partners 3.01m 2.31% +70.52k
UBS 2.73m 2.10% +158.99k
Bank of America 2.59m 1.99% +21.40k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 March 2026

Ownership

Directors and executive officers, together less than 1%
VANGUARD GROUP INC PO Box 12.39%
BlackRock, Inc. 8.87%
STATE STREET CORP State Street Financial Center One Congress Street, Ste 5.76%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Expeditors International of Washington, Inc. (EXPD) Latest News

3 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · FreightWaves
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Business Wire

27 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

23 Oct

Impact 3 ·

22 Oct

Impact 3 · · Business Wire

20 Oct

Impact 3 · · Barchart

16 Oct

Impact 3 · · Trefis

12 Oct

Impact 3 · · Zacks

5 Oct

Impact 3 · · StockStory

2 Oct

Impact 4 · · Zacks
Impact 3 · · MT Newswires

30 Sep

Impact 3 · · Simply Wall St.

28 Sep

Impact 3 ·

24 Sep

Impact 3 · · StockStory

22 Sep

Impact 3 · · Trefis

21 Sep

Impact 4 · · Barchart

18 Sep

Impact 3 ·

10 Sep

Impact 3 ·

1 Sep

Impact 3 ·

18 Aug

Impact 3 ·

11 Aug

Impact 3 ·

4 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·

EXPD metrics, ten years each

stockrow.com/EXPD · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com