Earnings quality remains high as evidenced by an OCF/NI ratio of 1.35 in 2026Q1, though free cash flow margins remain sensitive to trade cycles, fluctuating between 2.6% and 12.4% over the last two years.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 973.11M | 1.01B | 723.36M | 1.05B | 2.13B | 868.49M | 655.01M | 771.93M | 572.8M | 488.64M | 529.1M | 564.71M | 394.97M | 407.54M | 370.13M | 457.13M | 395.52M | 330.8M | 408.97M | 312.58M | 333.29M | 279.55M | 192.66M | 114.33M | 116.49M | 167.61M | 154.46M | 53.31M | 53.24M | 59.8M | 24.17M |
| Operating CF Margin % | - | 9.09% | 6.82% | 11.32% | 12.48% | 5.26% | 6.83% | 9.72% | 7.04% | 7.06% | 8.68% | 8.53% | 6.02% | 6.7% | 6.18% | 7.42% | 6.63% | 8.08% | 7.26% | 5.97% | 7.19% | 7.16% | 5.81% | 4.36% | 5.07% | 8.9% | 8.1% | 3.69% | 5% | 6.27% | 3.31% |
| Operating CF Growth % | 168.88% | 39.14% | -31.32% | -50.55% | 145.21% | 32.59% | -15.15% | 34.76% | 17.22% | -7.65% | -6.31% | 42.98% | -3.08% | 10.11% | -19.03% | 15.58% | 19.56% | -19.11% | 30.83% | -6.21% | 19.22% | 45.1% | 68.5% | -1.85% | -30.5% | 8.52% | 189.73% | 0.14% | -10.98% | 147.46% | 2.65% |
| Net Income | 836.64M | 812.05M | 810.07M | 751.78M | 1.36B | 1.42B | 698.21M | 592.02M | 619.79M | 490.38M | 432.53M | 459.5M | 379.46M | 350.01M | 332.97M | 386.24M | 344.2M | 240.4M | 301.01M | 269.15M | 235.09M | 218.63M | 156.13M | 121.95M | 112.53M | 97.24M | 83.03M | 59.17M | 47.27M | 38.41M | 24.26M |
| Depreciation & Amortization | 56.04M | 56.77M | 61.09M | 67.76M | 57.34M | 51.31M | 56.96M | 50.95M | 54.02M | 49.31M | 46.8M | 46.01M | 49.29M | 48.07M | 39.94M | 36.78M | 36.9M | 40.03M | 40M | 40.79M | 36.82M | 32.31M | 26.7M | 24.39M | 22.73M | 23.54M | 22.48M | 20.82M | 15.55M | 11.16M | 8.15M |
| Stock-Based Compensation | 70.5M | 69.23M | 64.36M | 58.4M | 64.4M | 69.39M | 62.5M | 61.54M | 56.15M | 50.91M | 45.22M | 43.41M | 42.53M | 43.81M | 44.06M | 44.28M | 43.74M | 39.13M | 44.88M | 44.92M | 41.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -13.79M | -13.71M | -5.14M | -22.92M | -33.24M | -3.69M | 8.37M | 4.48M | -12.03M | -43.7M | 15.84M | 18M | -6.58M | -20.98M | 11.64M | -4.07M | 10.57M | -1.61M | 16.35M | 18.99M | 4.17M | -4.78M | 19.51M | -69K | -687K | 2.38M | 1.2M | 16.17M | 3.7M | 2.25M | -37K |
| Other Non-Cash Items | 23.38M | 18.75M | 1.65M | 12.4M | 12.3M | 11.33M | 9.54M | 940K | 4.46M | 974K | -1.32M | 299K | -12K | 621K | -627K | -1.48M | -19.23M | -2.99M | -5.69M | -27.51M | -22.48M | 20.12M | 25.07M | 5.5M | 11.1M | 49.23M | 13.89M | -35.96M | 3.15M | 3.84M | 2.48M |
| Working Capital Changes | -1.02M | 63.41M | -208.68M | 185.76M | 668.27M | -678.69M | -180.57M | 62M | -149.58M | -59.24M | -9.96M | -2.51M | -69.73M | -14.01M | -57.85M | -4.62M | -20.66M | 15.84M | 12.41M | -33.75M | 37.95M | 13.26M | -34.75M | -37.44M | -29.17M | -4.78M | 33.85M | -6.89M | -16.43M | 4.14M | -10.69M |
| Change in Receivables | -125.55M | 41.8M | -531.62M | 573.72M | 1.59B | -1.87B | -647.19M | 265.92M | -214.97M | -184.77M | -102.3M | 62.62M | -206.89M | -64.58M | -89.86M | 46.91M | -188.82M | -1.08M | 85.84M | -84.95M | -96.41M | -95.02M | -150.21M | -66.24M | -99.15M | 64.77M | -34.4M | -73.16M | -18.4M | -39M | -45.8M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 57.87M | 8.5M | -18.47M | -22.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.1M | 1.62M | 0 | 0 | 0 | 0 | 25K | 41K | 5K |
| Change in Payables | 107.36M | 20.59M | 259.31M | -300.35M | -798.12M | 1.04B | 430.5M | -181.99M | 86.04M | 114.63M | 102.72M | -84.16M | 153.42M | 44.15M | 30.63M | 0 | 0 | 0 | 0 | 0 | 94.83M | 0 | 113.9M | 34.47M | 71.09M | -32.77M | 57.8M | 33.49M | 5.6M | 44.6M | 35.7M |
| Cash from Investing | -44.19M | -44.7M | -40.52M | -39.43M | -87.71M | -36.65M | -46.03M | -46.02M | -48.4M | -11.69M | -53.2M | -7.43M | -78.91M | -76.81M | -46.99M | -80.34M | -42.18M | -41.35M | -59.23M | -87.97M | -142.51M | -90.77M | -64.98M | -25.9M | -113.15M | -52.86M | -29.48M | -31.71M | -52.67M | -43.92M | -23.8M |
| Capital Expenditures | -52.56M | -53.1M | -40.47M | -39.31M | -86.82M | -36.25M | -47.54M | -47.02M | -47.47M | -95.02M | -59.32M | -44.38M | -64.57M | -53.41M | -47.63M | -78.11M | -42.41M | -34.7M | -59.73M | -82.79M | -141.22M | -90.78M | -66.24M | -20.75M | -81.43M | -37.38M | -25.58M | -26.58M | -52.45M | -36.01M | -20.82M |
| CapEx % of Revenue | 0.47% | 0.48% | 0.38% | 0.42% | 0.51% | 0.22% | 0.5% | 0.59% | 0.58% | 1.37% | 0.97% | 0.67% | 0.98% | 0.88% | 0.79% | 1.27% | 0.71% | 0.85% | 1.06% | 1.58% | 3.05% | 2.33% | 2% | 0.79% | 3.55% | 1.99% | 1.34% | 1.84% | 4.93% | 3.77% | 2.85% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 579K | 183K | 84.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.08M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 8.37M | 8.4M | -57K | -119K | -890K | -398K | 1.52M | 428K | -1.14M | 83.33M | 6.16M | -3.34M | -338K | 2.81M | 632K | -2.25M | 229K | -6.67M | 573K | -5.17M | -863K | 26K | 1.29M | -5.15M | -31.69M | -17.17M | -3.08M | -4.38M | -93K | -838K | -3.06M |
| Cash from Financing | -926.33M | -802.48M | -1.03B | -1.54B | -1.68B | -613.55M | -331.54M | -418.04M | -627.74M | -424.56M | -298.42M | -634.97M | -605.53M | -332.03M | -363.05M | -157.09M | -208.59M | -117.35M | -160.75M | -174.56M | -160.11M | -119.75M | -21.76M | -18.02M | -12.71M | -58.08M | -22.95M | 2.04M | 6.86M | -4.79M | 643K |
| Debt Issued (Net) | -1.04M | -3.71M | -20.06M | -5.94M | 51.47M | 7.51M | 43K | 246K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.06M | 1.86M | -1.17M | -395K | -5.26M | -14.5M | 14.66M | 20.17M | -2.9M | 6.36M |
| Equity Issued (Net) | -706.86M | -579.13M | -785.8M | -1.31B | -1.5B | -408.49M | -146.04M | -240.81M | -465.17M | -273.17M | -152.34M | -499.03M | -481.51M | -202.18M | -249.9M | -55.42M | -146.53M | -41.44M | -102.72M | -142.6M | -126.47M | -85.64M | -257K | -81K | 165K | -45.03M | -1.26M | -265K | 241K | 500K | -588K |
| Dividends Paid | -207.44M | -207.44M | -204.09M | -202.03M | -213.8M | -195.77M | -174.93M | -170.55M | -156.84M | -150.5M | -145.12M | -135.67M | -124.63M | -123.29M | -117.26M | -106.01M | -84.87M | -81.64M | -68.1M | -59.75M | -47.02M | -32.05M | -23.37M | -16.77M | -12.48M | -10.41M | -7.18M | -5.03M | -3.45M | -2.44M | -1.93M |
| Share Repurchases | -785.12M | -667.31M | -855.06M | -1.39B | -1.58B | -514.59M | -332.39M | -389.06M | -647.9M | -478.26M | -337.66M | -629.99M | -550.78M | -261.94M | -302.41M | -112.07M | -246.31M | -88.36M | -154.18M | -207.58M | -175.78M | -126.85M | -29.24M | -20.11M | -16.59M | -60.31M | -11.5M | -8.99M | -4.74M | -3.1M | -3.32M |
| Other Financing | -10.99M | -12.2M | -15.35M | -20.59M | -21.28M | -16.8M | -10.57M | -6.67M | -5.73M | -904K | -949K | -272K | 612K | -6.55M | 4.12M | 4.34M | 22.81M | 4.64M | 10.07M | 27.79M | 13.38M | 0 | 0 | 0 | 0 | 2.63M | 0 | -7.33M | -10.1M | 0 | -3.2M |
| Net Change in Cash | -2.02M | 165.97M | -364.56M | -521.25M | 305.44M | 200.9M | 297.3M | 306.76M | -127.36M | 76.66M | 166.64M | -119.31M | -320.55M | -13.19M | -33.51M | 209.89M | 158.54M | 184.9M | 166.43M | 63.24M | 47.46M | 54.91M | 113.15M | 83.97M | -6.82M | 49.67M | 97.82M | 21.75M | 7.33M | 5.13M | 824K |
| Free Cash Flow | 920.55M | 953.4M | 682.89M | 1.01B | 2.04B | 832.25M | 607.47M | 724.91M | 525.33M | 393.62M | 469.78M | 520.33M | 330.39M | 354.13M | 322.5M | 379.02M | 353.11M | 296.1M | 349.24M | 229.8M | 192.06M | 188.77M | 126.42M | 93.59M | 35.07M | 130.23M | 128.88M | 26.73M | 783K | 23.8M | 3.34M |
| FCF Margin % | 8.23% | 8.61% | 6.44% | 10.9% | 11.97% | 5.04% | 6.34% | 9.13% | 6.46% | 5.69% | 7.7% | 7.86% | 5.03% | 5.82% | 5.38% | 6.15% | 5.92% | 7.24% | 6.2% | 4.39% | 4.14% | 4.84% | 3.81% | 3.57% | 1.53% | 6.92% | 6.76% | 1.85% | 0.07% | 2.49% | 0.46% |
| FCF Growth % | 20.23% | 39.61% | -32.65% | -50.37% | 145.46% | 37% | -16.2% | 37.99% | 33.46% | -16.21% | -9.71% | 57.49% | -6.7% | 9.81% | -14.91% | 7.34% | 19.25% | -15.22% | 51.98% | 19.65% | 1.75% | 49.32% | 35.07% | 166.9% | -73.07% | 1.05% | 382.16% | 3313.67% | -96.71% | 611.85% | -76.53% |
| FCF per Share | 6.87 | 7.00 | 4.82 | 6.75 | 12.42 | 4.86 | 3.55 | 4.16 | 2.95 | 2.17 | 2.57 | 2.74 | 1.68 | 1.71 | 1.52 | 1.76 | 1.63 | 1.37 | 1.59 | 1.04 | 0.86 | 0.86 | 0.57 | 0.43 | 0.16 | 0.59 | 0.59 | 0.12 | 0.00 | 0.12 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.10x | 1.24x | 0.89x | 1.40x | 1.57x | 0.61x | 0.94x | 1.31x | 0.93x | 1.00x | 1.23x | 1.24x | 1.05x | 1.17x | 1.11x | 1.19x | 1.15x | 1.38x | 1.36x | 1.16x | 1.42x | 1.47x | 1.48x | 1.16x | 1.04x | 1.72x | 1.86x | 0.90x | 1.13x | 1.56x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 515K | 296K | 110K | 497K | 173K | 83K | 194K | 0 | 41K | 166K | 176K | 524K | 208K | 989K | 500K | 900K | 300K |
| Taxes Paid | 214.32M | 0 | 257.17M | 356.38M | 566.53M | 442.55M | 239.85M | 222.08M | 239.25M | 249.7M | 254.31M | 239.37M | 254.44M | 235.37M | 207.17M | 266.62M | 171.62M | 158.75M | 172.15M | 146.35M | 103.72M | 0 | 43.95M | 78.82M | 37.11M | 41.83M | 19.44M | 19.34M | 27M | 21.1M | 13.6M |
Cyclical Trade Volume Sensitivity
Based on reported financial statements, EXPD consistently demonstrates high-quality earnings, with the OCF/NI ratio frequently exceeding 1.0, peaking at 1.68 in 2025Q1, which suggests that the company's reported net income is reliably backed by actual cash inflows rather than aggressive accounting accruals or non-cash adjustments.
The consistent ability to convert net income into operating cash flow at a ratio above parity indicates a conservative approach to revenue recognition and expense management. Investors should monitor this relationship, as it confirms that the company's profit-sharing compensation model effectively aligns cash outflows with realized operational performance.
As indicated by quarterly data, EXPD's free cash flow trajectory remains highly sensitive to global trade cycles, with FCF margins fluctuating from a low of 2.6% in 2024Q3 to a peak of 12.4% in 2025Q1, highlighting the inherent volatility of an asset-light freight forwarding business model.
While the FCF margins are subject to significant quarterly swings, the company maintains a positive cash generation profile even during periods of lower trade activity. This resilience appears to be a direct result of the variable cost structure, which allows the firm to preserve cash when freight volumes contract.
According to recent SEC filings, EXPD experiences substantial quarterly fluctuations in working capital, ranging from a $164 million outflow in 2024Q3 to a $109.2 million inflow in 2025Q1, which underscores the company's exposure to the timing of carrier payments and customer collection cycles in international logistics.
These working capital movements are typical for a global forwarder but warrant close attention as they can temporarily mask underlying operational cash generation. The ability to manage these swings without external financing highlights the strength of the company's internal liquidity management.
Based on reported figures, EXPD prioritizes shareholder returns through aggressive buybacks, such as the $360.5 million deployed in 2024Q1, while maintaining a fortress balance sheet that avoids debt-funded acquisitions, reflecting a long-standing commitment to organic growth and capital efficiency over inorganic expansion strategies.
The company's consistent use of excess cash for share repurchases suggests management's confidence in the long-term durability of their business model. By eschewing M&A, the firm avoids the integration risks that often erode cash flow quality in the broader logistics and freight forwarding industry.
Quick answers to the most common questions about buying EXPD stock.
Expeditors International of Washington, Inc. (EXPD) generated $1.01B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Expeditors International of Washington, Inc. (EXPD) generated $953.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Expeditors International of Washington, Inc. (EXPD) spent $53.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Expeditors International of Washington, Inc. (EXPD) returned $207.4M to shareholders via cash dividends and spent $667.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.