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Expeditors International

EXPD NYSE Air Freight & Logistics Financials FY2016–FY2025

Expeditors International's revenue rose 4.4% to $11.1 billion in fiscal 2025. Its operating margin was 9.5%, down from 9.8% a year earlier. Free cash flow was $953 million, up 39.6%. It paid out $875 million in dividends and buybacks, 92% of free cash flow. The diluted share count fell 3.9%.

Last close · Oct 23, 2026

$196.21

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$11.1B
4.4% vs prior year
Operating margin Operating income as a share of revenue.
9.5%
0.3 pts
Net income Profit after all expenses, interest and tax.
$810M
0.0%
Free cash flow Cash from operations minus capital spending.
$953M
39.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$25.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.6x
On $6.87 EPS (TTM)

About these figures. Expeditors has no long-term debt; its only borrowings are small overseas credit lines (US$30 million at the end of 2025) that its filings tag only from 2023, so debt and debt-based ratios are left blank rather than shown for some years only.

What Expeditors International does

No business description yet.

Legal name
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-071569
0000746515

Revenue and margins

Expeditors International had $11.1B of revenue in fiscal 2025, up 4.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $953M in fiscal 2025, 8.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Expeditors International returned $875M to shareholders in fiscal 2025, 92% of free cash flow. The diluted share count fell 3.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Expeditors International yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 136.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.6x · peers 22.9x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Expeditors International can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.7B$2.0B$1.5B$1.1B$1.3B
Interest coverage 4,645.6x78.4x195.8x——
Current ratio 1.8x2.2x2.0x1.8x1.8x
Quick ratio 1.8x2.2x2.0x1.8x1.8x
Total assets $7.6B$5.6B$4.5B$4.8B$4.9B
Total liabilities $4.1B$2.5B$2.1B$2.5B$2.5B
Shareholders' equity $3.5B$3.1B$2.4B$2.2B$2.4B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$3.3M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Feb 27, 2026 Blake R BellPresident Global Business Dev Sold 10,351 $144.08 $1.5M Form 4
Feb 27, 2026 Daniel R WallPresident and CEO Sold 6,100 $145.07 $0.9M Form 4
Nov 7, 2025 Mark A EmmertDirector Sold 5,400 $135.25 $0.7M Form 4
Nov 5, 2025 Jeffrey F DickermanSenior VP/Gen Counsel/Corp Sec Sold 1,500 $134.17 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets — — —
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −5.9%1.9%−4.1%
Altman Z'' 6.946.286.37

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Expeditors International EXPD $25.8B 4.4% 9.5% 8.6% — 28.6x —
GXO Logistics GXO $5.6B 12.6% 1.9% 0.8% 2.3% 42.9x 5 Compare →
C.H. Robinson CHRW $16.9B −8.4% 4.9% 5.5% 22.6% 26.9x 6 Compare →
United Parcel Service UPS $86.0B −2.7% 8.9% 5.4% 18.4% 18.8x 5 Compare →
FedEx FDX $71.4B 7.7% 5.8% 5.4% 9.4% 16.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.1B $6.9B $8.1B $7.9B $9.6B $16.5B $17.1B $9.3B $10.6B $11.1B
Operating income $670M $700M $797M $767M $940M $1.9B $1.8B $940M $1.0B $1.1B
Interest expense — — — — $0.2M $0.4M $23.3M $4.8M — —
Pretax income $687M $719M $818M $796M $957M $1.9B $1.8B $1.0B $1.1B $1.1B
Income tax $254M $228M $199M $204M $258M $506M $475M $263M $283M $282M
Net income $431M $489M $618M $590M $696M $1.4B $1.4B $753M $810M $810M
Diluted EPS $2.36 $2.69 $3.48 $3.39 $4.07 $8.27 $8.26 $5.01 $5.72 $5.95
Diluted shares 0.18B 0.18B 0.18B 0.17B 0.17B 0.17B 0.16B 0.15B 0.14B 0.14B
Cash flow
Cash from operations $530M $489M $573M $772M $655M $869M $2.1B $1.1B $723M $1.0B
Capital expenditure $59.3M $95.0M $47.5M $47.0M $47.5M $36.2M $86.8M $39.3M $40.5M $53.1M
Free cash flow $470M $394M $525M $725M $607M $832M $2.0B $1.0B $683M $953M
Depreciation and amortization $46.8M $49.3M $54.0M $50.9M $57.0M $51.3M $57.3M $67.8M $61.1M $56.8M
Stock-based compensation $45.2M $50.9M $56.1M $61.5M $62.5M $69.4M $64.4M $58.4M $64.4M $69.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $338M $478M $648M $389M $332M $515M $1.6B $1.4B $855M $667M
Dividends paid $145M $151M $157M $171M $175M $196M $214M $202M $204M $207M
Dividends and buybacks $483M $629M $805M $560M $507M $710M $1.8B $1.6B $1.1B $875M
Balance sheet
Cash and short-term investments $974M $1.1B $924M $1.2B $1.5B $1.7B $2.0B $1.5B $1.1B $1.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.2B $2.5B $2.7B $2.8B $4.0B $6.6B $4.5B $3.4B $3.7B $3.8B
Current liabilities $930M $1.1B $1.3B $1.2B $1.9B $3.7B $2.1B $1.7B $2.1B $2.1B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $537M $525M $504M $499M $506M $488M $502M $479M $449M $462M
Total assets $2.8B $3.1B $3.3B $3.7B $4.9B $7.6B $5.6B $4.5B $4.8B $4.9B
Total liabilities $944M $1.1B $1.3B $1.5B $2.3B $4.1B $2.5B $2.1B $2.5B $2.5B
Shareholders' equity $1.8B $2.0B $2.0B $2.2B $2.7B $3.5B $3.1B $2.4B $2.2B $2.4B
Margins
Operating margin 11.0% 10.1% 9.8% 9.7% 9.8% 11.6% 10.7% 10.1% 9.8% 9.5%
EBITDA margin 11.8% 10.8% 10.5% 10.3% 10.4% 11.9% 11.0% 10.8% 10.4% 10.0%
Net margin 7.1% 7.1% 7.6% 7.4% 7.3% 8.6% 8.0% 8.1% 7.6% 7.3%
FCF margin 7.7% 5.7% 6.5% 9.1% 6.3% 5.0% 12.0% 10.9% 6.4% 8.6%
Returns
Return on capital employed 37.6% 36.1% 39.7% 34.0% 33.8% 55.2% 49.2% 29.6% 37.8% 38.2%
Return on equity 24.4% 25.5% 31.1% 28.2% 28.7% 46.0% 41.1% 27.4% 35.1% 35.4%
Return on assets 16.1% 16.6% 19.2% 16.9% 16.2% 22.6% 20.6% 14.9% 17.5% 16.8%
Growth
Revenue growth −7.8% 13.5% 17.6% −2.4% 20.7% 72.4% 3.3% −45.5% 14.0% 4.4%
Net income growth −5.8% 13.6% 26.3% −4.5% 17.9% 103.3% −4.1% −44.5% 7.6% 0.0%
EPS growth −1.7% 14.0% 29.4% −2.6% 20.1% 103.2% −0.1% −39.4% 14.2% 4.0%
FCF growth −10.0% −16.3% 33.5% 38.0% −16.2% 37.0% 145.5% −50.4% −32.7% 39.6%
Share count change −4.0% −0.6% −2.1% −2.0% −1.9% 0.2% −4.0% −8.7% −5.6% −3.9%
Financial health
Interest coverage — — — — 4,294.2x 4,645.6x 78.4x 195.8x — —
Current ratio 2.4x 2.3x 2.1x 2.4x 2.1x 1.8x 2.2x 2.0x 1.8x 1.8x
Quick ratio 2.4x 2.3x 2.1x 2.4x 2.1x 1.8x 2.2x 2.0x 1.8x 1.8x
Capital allocation
Capex / revenue 1.0% 1.4% 0.6% 0.6% 0.5% 0.2% 0.5% 0.4% 0.4% 0.5%
Stock comp / revenue 0.7% 0.7% 0.7% 0.8% 0.7% 0.4% 0.4% 0.6% 0.6% 0.6%
Payouts / FCF 102.7% 159.7% 153.2% 77.2% 83.5% 85.4% 87.9% 157.3% 155.1% 91.8%
Quality scores
Altman Z'' 9.0 8.6 8.0 7.8 7.0 6.6 8.3 6.9 6.3 6.4
Accruals ratio −3.7% 0.0% 1.4% −5.2% 1.0% 8.7% −11.7% −5.9% 1.9% −4.1%

Source: SEC EDGAR XBRL filings (CIK 0000746515). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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