Expeditors International of Washington
EXPD · NYSEArrangement of Transportation of Freight & Cargo · Fiscal year ends Dec 31
Expeditors International of Washington reported revenue of $11.1B in the fiscal year ended Dec 2025, up 4.4% from the year before. Operating income was $1.1B, an operating margin of 9.5%, and net income was $810M. Operating cash flow of $1B less capital expenditure of $53M left free cash flow of $953M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.5B | $17.1B | $9.3B | $10.6B | $11.1B |
| Operating income | $1.9B | $1.8B | $940M | $1B | $1.1B |
| Interest expense | $411,000 | $23M | $5M | – | – |
| Pre-tax income | $1.9B | $1.8B | $1B | $1.1B | $1.1B |
| Income tax | $506M | $475M | $263M | $283M | $282M |
| Net income | $1.4B | $1.4B | $753M | $810M | $810M |
| Diluted EPS | 8.27 | 8.26 | 5.01 | 5.72 | 5.95 |
| Diluted shares | 171M | 164M | 150M | 142M | 136M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.7B | $2B | $1.5B | $1.1B | $1.3B |
| Receivables | $3.8B | $2.1B | $1.5B | $2B | $2B |
| Current assets | $6.6B | $4.5B | $3.4B | $3.7B | $3.8B |
| Net PP&E | $488M | $502M | $479M | $449M | $462M |
| Goodwill | $8M | $8M | $8M | $8M | $8M |
| Total assets | $7.6B | $5.6B | $4.5B | $4.8B | $4.9B |
| Payables | $2B | $1.1B | $861M | $1B | $1.1B |
| Deferred revenue | $1.1B | $323M | $281M | $442M | $358M |
| Current liabilities | $3.7B | $2.1B | $1.7B | $2.1B | $2.1B |
| Shareholders' equity | $3.5B | $3.1B | $2.4B | $2.2B | $2.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $868M | $2.1B | $1.1B | $723M | $1B |
| Capital expenditure | $36M | $87M | $39M | $40M | $53M |
| Free cash flow | $832M | $2B | $1B | $683M | $953M |
| Depreciation & amortisation | $51M | $57M | $68M | $61M | $57M |
| Stock-based compensation | $69M | $64M | $58M | $64M | $69M |
| Share buybacks | $515M | $1.6B | $1.4B | $855M | $667M |
| Dividends paid | $196M | $214M | $202M | $204M | $207M |
| Dividend per share | 1.16 | 1.34 | 1.38 | 1.46 | 1.54 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.3% | −45.5% | 14.0% | 4.4% |
| Operating income growth (YoY) | – | −4.4% | −48.5% | 10.8% | 1.1% |
| EPS growth (YoY) | – | −0.1% | −39.3% | 14.2% | 4.0% |
| Operating margin | 11.6% | 10.7% | 10.1% | 9.8% | 9.5% |
| Net margin | 8.6% | 8.0% | 8.1% | 7.6% | 7.3% |
| Return on equityBlank when equity is negative | 40.5% | 43.6% | 31.5% | 36.4% | 34.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 49.2% | 51.6% | 33.3% | 38.7% | 37.3% |
| Free cash flow margin | 5.0% | 12.0% | 10.9% | 6.4% | 8.6% |
| Cash conversion (CFO ÷ net income) | 0.61x | 1.57x | 1.40x | 0.89x | 1.24x |
| Receivable days | 84 | 45 | 60 | 69 | 67 |
| Interest cover | 4646x | 78.4x | 196x | – | – |
| Current ratio | 1.78x | 2.20x | 2.02x | 1.77x | 1.81x |
Recent filings
More in Arrangement Of Transportation Of Freight & Cargo
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.