Company file · EXPD
Expeditors International
Customs Brokerage and Other Services was Expeditors International's fastest-growing product or service in FY2025, up 12.9%
Revenue rose 4.4% to $11.1B in FY2025, from $10.6B in FY2024. Net income rose 0.0% to $810M. Customs Brokerage and Other Services was the largest product or service, at 39% of revenue.
Key facts
Expeditors International (NYSE: EXPD) closed fiscal 2025 on Dec 31, 2025 with revenue of $11.1B, up 4.4% from a year before; net income came to $810M, roughly unchanged. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $4.1B, up 41.9% on the same stretch of the prior year, and net income of $345M. Broken down by product or service, Customs Brokerage and Other Services led with 39% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Customs Brokerage and Other Services$4.3B39%+12.9%
- Airfreight Services$4.0B36%+8.5%
- Ocean Freight and Ocean Services$2.8B25%−10.6%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Customs Brokerage and Other Services (39%), Airfreight Services (36%) and Ocean Freight and Ocean Services (25%), as shares of total revenue. Total revenue was $11.1B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Expeditors International 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
By product or service
Source: Expeditors International 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
The bull case and the bear case
The bull case
- Revenue rose 4.4% in FY2025 to $11.1B, from $10.6B a year earlier. 10-K, FY2025
- Net income rose 0.0% in FY2025 to $810M, from $810M. 10-K, FY2025
- Operating cash flow rose 39.1% in FY2025 to $1.0B. 10-K, FY2025
- Diluted shares fell 3.9% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
The bear case
- Ocean Freight and Ocean Services revenue fell 10.6% in FY2025 to $2.8B. 10-K, FY2025
- North Asia revenue fell 6.7% in FY2025 to $2.7B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Expeditors International is in the air freight & logistics industry, part of the industrials sector. The SEC files it under Arrangement Of Transportation Of Freight & Cargo.
The full description of Expeditors International's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the air freight & logistics industry. They are not a summary of Expeditors International’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Economic cyclesDemand for equipment and services rises and falls with business investment.
- Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
- Trade and tariffsTariffs and trade policy affect costs and sales.
- Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
- Regulation and liabilitySafety, environmental and product-liability rules can raise costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $9.3B | $10.6B | $11.1B |
| Net income | $753M | $810M | $810M |
| Operating cash flow | $1.1B | $723M | $1.0B |
| Cash & equivalents (year end) | $1.5B | $1.1B | $1.3B |
| Diluted shares | 150M | 142M | 136M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- The cash flow statement
- Remaining performance obligations (RPO)
- Debt-to-equity ratio
- Return on equity (ROE)
- Share buybacks
- Schedule 13D vs. 13G
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 4, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 6, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 24, 2026 | May 5, 2026 |
| 10-K | Feb 25, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Expeditors International
How does Expeditors International make money?
Fiscal 2025 revenue: $11.1B. By product or service in FY2025: Customs Brokerage and Other Services (39%), Airfreight Services (36%) and Ocean Freight and Ocean Services (25%), as shares of total revenue. Total revenue was $11.1B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Expeditors International's revenue in fiscal 2025?
$11.1B, up 4.4% from fiscal 2024 ($10.6B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $9.3B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Expeditors International profitable?
Net income was $810M in fiscal 2025 (roughly unchanged; fiscal 2024 was $810M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $345M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Expeditors International report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $4.1B (up 41.9% from $2.9B) and net income $345M (up 55.0% from $222M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.
What are the main risks Expeditors International faces?
Expeditors International's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the air freight & logistics industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.
Where do these Expeditors International numbers come from?
The 10-K filed Feb 25, 2026 (fiscal 2025) and the 10-Q filed Nov 4, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Expeditors International
- Citadel Advisors: 648,840 shares, reported value $105.7M at Jun 30, 2026 (+820.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Renaissance Technologies: 425,516 shares, reported value $69.4M at Jun 30, 2026 (+95.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Point72 Asset Management: 240,505 shares, reported value $39.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 75,978 shares, reported value $12.4M at Jun 30, 2026 (−78.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 22,183 shares, reported value $3.6M at Jun 30, 2026 (+53.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in EXPD
- The editor holds no position in Expeditors International (EXPD). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell EXPD from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold EXPD, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Expeditors InternationalEXPD | FY2025 | $11.1B | +4.4% | $810M |
| UPS | FY2025 | $88.7B | −2.6% | $5.6B |
| FedExFDX | FY2026 | $94.7B | +7.7% | $4.4B |
| C.H. RobinsonCHRW | FY2025 | $16.2B | −8.4% | $587M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.