Revenue growth has stabilized to 4.4% in 2026Q1, while gross margins expanded significantly to 34.9%, suggesting potential improvements in pricing power or service mix.
| 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 |
|---|
| Sales/Revenue | 11.19B | 11.07B | 10.6B | 9.3B | 17.07B | 16.52B | 9.58B | 7.94B | 8.14B | 6.92B | 6.1B | 6.62B | 6.56B | 6.08B | 5.99B | 6.16B | 5.97B | 4.09B | 5.63B | 5.24B | 4.63B | 3.9B | 3.32B | 2.62B | 2.3B | 1.88B | 1.91B | 1.44B | 1.06B | 954M | 730.09M |
| Revenue Growth % | 1.13% | 4.42% | 13.98% | -45.52% | 3.32% | 72.4% | 20.67% | -2.41% | 17.59% | 13.49% | -7.84% | 0.79% | 7.97% | 1.47% | -2.75% | 3.25% | 45.82% | -27.36% | 7.62% | 12.97% | 18.77% | 17.59% | 26.4% | 14.28% | 21.98% | -1.24% | 31.99% | 35.81% | 11.5% | 30.67% | 24.87% |
| Cost of Goods Sold | 8.92B | 9.37B | 9.25B | 8.05B | 14.9B | 14.36B | 8.42B | 6.95B | 7.12B | 6.04B | 5.25B | 5.72B | 5.8B | 5.38B | 5.29B | 5.38B | 5.28B | 2.71B | 4.03B | 3.71B | 3.28B | 2.79B | 2.59B | 2.04B | 1.76B | 1.4B | 1.25B | 1.09B | 785M | 726.6M | 573.3M |
| COGS % of Revenue | - | 84.69% | 87.27% | 86.61% | 87.28% | 86.89% | 87.87% | 87.45% | 87.46% | 87.24% | 86.05% | 86.46% | 88.36% | 88.43% | 88.29% | 87.3% | 88.53% | 66.21% | 71.54% | 70.95% | 70.81% | 71.45% | 78.03% | 77.67% | 76.82% | 74.56% | 65.75% | 75.49% | 73.8% | 76.16% | 78.52% |
| Gross Profit | 2.26B | 1.69B | 1.35B | 1.25B | 2.17B | 2.17B | 1.16B | 997.02M | 1.02B | 883.03M | 850.79M | 895.78M | 764M | 703.74M | 701.8M | 782.6M | 684.54M | 1.38B | 1.6B | 1.52B | 1.35B | 1.11B | 729.06M | 586.02M | 532.48M | 478.98M | 652.97M | 354.01M | 278.71M | 227.4M | 156.79M |
| Gross Margin % | 20.23% | 15.31% | 12.73% | 13.39% | 12.72% | 13.11% | 12.13% | 12.55% | 12.54% | 12.76% | 13.95% | 13.54% | 11.64% | 11.57% | 11.71% | 12.7% | 11.47% | 33.79% | 28.46% | 29.05% | 29.19% | 28.55% | 21.97% | 22.33% | 23.18% | 25.44% | 34.25% | 24.51% | 26.2% | 23.84% | 21.48% |
| Gross Profit Growth % | - | 25.59% | 8.32% | -42.63% | 0.26% | 86.23% | 16.62% | -2.28% | 15.54% | 3.79% | -5.02% | 17.25% | 8.56% | 0.28% | -10.33% | 14.32% | -50.5% | -13.75% | 5.43% | 12.42% | 21.41% | 52.8% | 24.41% | 10.06% | 11.17% | -26.65% | 84.45% | 27.02% | 22.56% | 45.04% | 31.87% |
| Operating Expenses | 1.18B | 641.68M | 307.72M | 305.54M | 346.76M | 256.09M | 222.33M | 230.33M | 223.72M | 182.77M | 180.63M | 174.3M | 169.35M | 151.67M | 171M | 164.28M | 137.31M | 997.78M | 1.13B | 1.1B | 977.47M | 842.98M | 488.01M | 399.26M | 361.47M | 332.96M | 525.45M | 260.69M | 205.34M | 167.49M | 119.36M |
| OpEx % of Revenue | - | 5.8% | 2.9% | 3.29% | 2.03% | 1.55% | 2.32% | 2.9% | 2.75% | 2.64% | 2.96% | 2.63% | 2.58% | 2.49% | 2.85% | 2.67% | 2.3% | 24.38% | 20.06% | 20.96% | 21.09% | 21.61% | 14.71% | 15.21% | 15.74% | 17.68% | 27.56% | 18.05% | 19.3% | 17.56% | 16.35% |
| Selling, General & Admin | 708.51M | 40.1M | 33.33M | 27.91M | 24.29M | 16.03M | 18.44M | 44M | 45.35M | 44.29M | 41.76M | 41.99M | 38.13M | 33.24M | 34.18M | 38.97M | 32.05M | 874.83M | 978.61M | 830.61M | 736.87M | 626.7M | 79.87M | 70.6M | 60.61M | 382M | 39.62M | 275.4M | 220.81M | 24.3M | 127.51M |
| SG&A % of Revenue | - | 0.36% | 0.31% | 0.3% | 0.14% | 0.1% | 0.19% | 0.55% | 0.56% | 0.64% | 0.68% | 0.63% | 0.58% | 0.55% | 0.57% | 0.63% | 0.54% | 21.38% | 17.37% | 15.87% | 15.9% | 16.06% | 2.41% | 2.69% | 2.64% | 20.29% | 2.08% | 19.06% | 20.76% | 2.55% | 17.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 601.58M | 274.39M | 277.63M | 322.47M | 240.06M | 203.89M | 186.33M | 178.37M | 138.48M | 138.87M | 132.31M | 131.22M | 118.43M | 136.82M | 125.3M | 105.26M | 122.95M | 151.52M | 266.62M | 240.6M | 216.28M | 408.15M | 328.67M | 300.86M | -49.04M | 485.83M | -14.72M | -15.47M | 143.19M | -8.14M |
| Operating Income | 1.08B | 1.05B | 1.04B | 939.93M | 1.82B | 1.91B | 940.44M | 766.69M | 796.56M | 700.26M | 670.16M | 721.48M | 594.65M | 552.07M | 530.8M | 618.33M | 547.23M | 385M | 473.14M | 423.4M | 375.12M | 271.05M | 241.04M | 186.76M | 171.01M | 146.02M | 127.52M | 93.32M | 73.37M | 59.91M | 37.42M |
| Operating Margin % | 9.67% | 9.51% | 9.82% | 10.11% | 10.69% | 11.56% | 9.81% | 9.65% | 9.79% | 10.12% | 10.99% | 10.9% | 9.06% | 9.08% | 8.86% | 10.04% | 9.17% | 9.41% | 8.4% | 8.09% | 8.09% | 6.95% | 7.26% | 7.11% | 7.45% | 7.75% | 6.69% | 6.46% | 6.9% | 6.28% | 5.13% |
| Operating Income Growth % | - | 1.08% | 10.79% | -48.48% | -4.45% | 103.03% | 22.66% | -3.75% | 13.75% | 4.49% | -7.11% | 21.33% | 7.71% | 4.01% | -14.16% | 12.99% | 42.14% | -18.63% | 11.75% | 12.87% | 38.39% | 12.45% | 29.07% | 9.21% | 17.12% | 14.5% | 36.65% | 27.19% | 22.46% | 60.09% | 39.38% |
| EBITDA | 1.14B | 1.11B | 1.1B | 1.01B | 1.88B | 1.96B | 997.4M | 817.64M | 850.58M | 749.57M | 716.96M | 767.5M | 643.94M | 600.14M | 570.74M | 655.1M | 584.13M | 426.56M | 514.76M | 464.19M | 411.93M | 303.36M | 214.34M | 162.37M | 148.28M | 169.56M | 105.04M | 114.14M | 88.92M | 48.22M | 45.57M |
| EBITDA Margin % | 10.17% | 10.02% | 10.4% | 10.84% | 11.02% | 11.87% | 10.41% | 10.29% | 10.45% | 10.83% | 11.76% | 11.6% | 9.81% | 9.87% | 9.52% | 10.63% | 9.79% | 10.42% | 9.14% | 8.87% | 8.89% | 7.78% | 6.46% | 6.19% | 6.46% | 9% | 5.51% | 7.9% | 8.36% | 5.05% | 6.24% |
| EBITDA Growth % | -1.33% | 0.63% | 9.4% | -46.45% | -4.03% | 96.58% | 21.98% | -3.87% | 13.48% | 4.55% | -6.58% | 19.19% | 7.3% | 5.15% | -12.88% | 12.15% | 36.94% | -17.13% | 10.89% | 12.68% | 35.79% | 41.53% | 32.01% | 9.5% | -12.55% | 61.42% | -7.97% | 28.37% | 84.42% | 5.8% | 128.42% |
| D&A (Non-Cash Add-back) | 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 | 41.55M | 41.62M | 40.79M | 36.82M | 32.31M | -26.7M | -24.39M | -22.73M | 23.54M | -22.48M | 20.82M | 15.55M | -11.7M | 8.15M |
| EBIT | 1.11B | 1.09B | 1.04B | 939.93M | 1.82B | 1.93B | 956.78M | 766.69M | 796.56M | 700.26M | 670.16M | 721.48M | 594.65M | 552.07M | 530.8M | 618.33M | 564.64M | 403.37M | 499.75M | 449.72M | 395.86M | 287.01M | -1.86B | -1.45B | -1.23B | -1.29B | -624.1M | -1.02B | -727.13M | -513.6M | -544.17M |
| Net Interest Income | 35.17M | 35.72M | 46.71M | 65.65M | 2.28M | 8.4M | 10.2M | 22.8M | 19.15M | 13.2M | 11.58M | 10.42M | 10.77M | 11.81M | 12.76M | 10.23M | 6.43M | 9.68M | 20.89M | 22.3M | 17.82M | 11.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 35.17M | 35.72M | 46.71M | 70.45M | 25.55M | 8.81M | 10.41M | 22.8M | 19.15M | 13.2M | 11.58M | 10.42M | 10.77M | 11.81M | 12.76M | 10.23M | 7M | 10.18M | 21.08M | 22.34M | 18.02M | 11.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 4.8M | 23.28M | 411K | 219K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 576K | 499K | 183K | 45K | 198K | 313K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 43.15M | 41.52M | 53.48M | 75.09M | 11.52M | 15.29M | 16.13M | 29.1M | 21.77M | 18.34M | 16.69M | 15.21M | 16.24M | 20.52M | 19.59M | 19.7M | 16.84M | 17.87M | 26.44M | 26.27M | 20.55M | 15.64M | -26.13M | -16.65M | 6.98M | 8.28M | 5.82M | 1.32M | 2.21M | 2.69M | 2.16M |
| Pretax Income | 1.12B | 1.09B | 1.09B | 1.02B | 1.84B | 1.92B | 956.56M | 795.79M | 818.33M | 718.6M | 686.86M | 736.69M | 610.89M | 572.6M | 550.39M | 638.03M | 564.07M | 402.87M | 499.57M | 449.67M | 395.66M | 286.7M | 214.92M | 170.11M | 177.99M | 154.29M | 133.35M | 94.64M | 75.58M | 62.6M | 39.58M |
| Pretax Margin % | 10.05% | 9.88% | 10.33% | 10.91% | 10.75% | 11.65% | 9.98% | 10.02% | 10.06% | 10.38% | 11.26% | 11.13% | 9.31% | 9.42% | 9.19% | 10.36% | 9.45% | 9.84% | 8.87% | 8.59% | 8.54% | 7.35% | 6.48% | 6.48% | 7.75% | 8.19% | 6.99% | 6.55% | 7.11% | 6.56% | 5.42% |
| Income Tax | 286.68M | 282.01M | 283.17M | 263.25M | 475.29M | 505.77M | 258.35M | 203.78M | 198.54M | 228.21M | 254.32M | 277.19M | 231.43M | 222.59M | 217.42M | 251.78M | 219.86M | 162.47M | 196.59M | 179.81M | 160.66M | 89.36M | 84.97M | 71.14M | 65.46M | 57.05M | 50.31M | 35.47M | 28.3M | 24.2M | 15.32M |
| Effective Tax Rate % | 25.49% | 25.78% | 25.86% | 25.94% | 25.89% | 26.28% | 27.01% | 25.61% | 24.26% | 31.76% | 37.03% | 37.63% | 37.88% | 38.87% | 39.5% | 39.46% | 38.98% | 40.33% | 39.35% | 39.99% | 40.61% | 31.17% | 39.54% | 41.82% | 36.78% | 36.98% | 37.73% | 37.48% | 37.45% | 38.66% | 38.71% |
| Net Income | 836.64M | 813.76M | 810.07M | 752.88M | 1.36B | 1.42B | 696.14M | 590.39M | 618.2M | 489.35M | 430.81M | 457.22M | 376.89M | 348.53M | 333.36M | 385.68M | 344.17M | 240.22M | 301.01M | 269.15M | 235.09M | 190.44M | 129.95M | 98.97M | 112.53M | 97.24M | 83.03M | 59.17M | 47.27M | 38.4M | 24.26M |
| Net Margin % | 7.48% | 7.35% | 7.64% | 8.1% | 7.95% | 8.57% | 7.26% | 7.43% | 7.6% | 7.07% | 7.06% | 6.91% | 5.74% | 5.73% | 5.56% | 6.26% | 5.77% | 5.87% | 5.34% | 5.14% | 5.07% | 4.88% | 3.92% | 3.77% | 4.9% | 5.16% | 4.35% | 4.1% | 4.44% | 4.03% | 3.32% |
| Net Income Growth % | -0.96% | 0.46% | 7.6% | -44.53% | -4.1% | 103.33% | 17.91% | -4.5% | 26.33% | 13.59% | -5.78% | 21.32% | 8.14% | 4.55% | -13.57% | 12.06% | 43.28% | -20.2% | 11.84% | 14.49% | 23.45% | 46.55% | 31.3% | -12.05% | 15.72% | 17.11% | 40.32% | 25.17% | 23.11% | 58.27% | 39.44% |
| Net Income (Continuing) | 837.99M | 812.05M | 811.63M | 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 | 302.98M | 269.86M | 235M | 197.33M | 129.95M | 98.97M | 112.53M | 97.24M | 83.03M | 59.17M | 47.3M | 38.4M | 24.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.25M | 2.46M | 2.77M | 1.06M | 3.51M | 3.56M | 3.59M | 2.19M | 882K | 2.52M | 2.58M | 2.68M | 3.2M | 1.55M | 4.87M | 6.43M | 7.25M | 8.34M | 17.5M | 17.21M | 16.52M | 13.88M | 7.47M | 3.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.24 | 5.95 | 5.72 | 5.01 | 8.26 | 8.27 | 4.07 | 3.39 | 3.48 | 2.69 | 2.36 | 2.40 | 1.92 | 1.68 | 1.57 | 1.79 | 1.59 | 1.11 | 1.37 | 1.21 | 1.06 | 0.86 | 0.59 | 0.46 | 0.44 | 0.45 | 0.09 | 0.28 | 0.22 | 0.02 | 0.12 |
| EPS Growth % | 2.66% | 4.02% | 14.17% | -39.35% | -0.12% | 103.19% | 20.06% | -2.59% | 29.37% | 13.98% | -1.67% | 25% | 14.29% | 7.01% | -12.29% | 12.58% | 43.24% | -18.98% | 13.22% | 14.15% | 23.26% | 45.76% | 28.26% | 4.55% | -2.22% | 377.71% | -66.36% | 27.27% | 864.91% | -81% | - |
| EPS (Basic) | - | 5.97 | 5.75 | 5.05 | 8.33 | 8.37 | 4.14 | 3.45 | 3.55 | 2.73 | 2.38 | 2.42 | 1.92 | 1.69 | 1.58 | 1.82 | 1.62 | 1.13 | 1.41 | 1.26 | 1.10 | 0.89 | 0.61 | 0.47 | 0.45 | 0.47 | 0.10 | 0.30 | 0.24 | 0.02 | 0.12 |
| Diluted Shares Outstanding | 134.08M | 136.25M | 141.72M | 150.19M | 164.43M | 171.25M | 170.9M | 174.21M | 177.83M | 181.67M | 182.7M | 190.22M | 196.77M | 206.9M | 211.94M | 215.03M | 216.45M | 216.53M | 219.17M | 221.8M | 222.22M | 220.23M | 220.12M | 216.23M | 213.42M | 219.48M | 220.26M | 215.31M | 212.23M | 196.37M | 205.15M |
| Basic Shares Outstanding | 133.54M | 135.81M | 140.99M | 149.14M | 163.01M | 169.15M | 168.33M | 170.9M | 174.13M | 179.25M | 181.28M | 188.94M | 196.15M | 205.99M | 210.42M | 212.12M | 212.28M | 212.11M | 212.76M | 213.31M | 213.45M | 213.56M | 212.77M | 209.47M | 207.79M | 208.32M | 207.41M | 200.55M | 196.94M | 196.37M | 205.15M |
| Dividend Payout Ratio | - | 25.49% | 25.19% | 26.83% | 15.75% | 13.83% | 25.13% | 28.89% | 25.37% | 30.75% | 33.69% | 29.67% | 33.07% | 35.38% | 35.18% | 27.49% | 24.66% | 33.53% | 22.62% | 22.2% | 20% | 16.83% | 17.98% | 16.95% | 11.09% | 10.7% | 8.65% | 8.5% | 7.3% | 6.25% | 7.97% |
Geopolitical Trade Lane Exposure
According to recent financial disclosures, EXPD's revenue growth has fluctuated significantly, moving from a 33.8% contraction in 2023Q4 to a 4.4% expansion by 2026Q1, reflecting the inherent sensitivity of the company's freight forwarding model to global trade volumes and shifting international shipping demand.
The erratic top-line performance suggests that Expeditors remains highly susceptible to macroeconomic cycles rather than secular growth drivers. Investors should monitor whether the recent return to positive growth indicates a sustainable recovery in Trans-Pacific trade or merely a temporary stabilization of freight rates.
Based on reported income statements, EXPD achieved a notable gross margin expansion to 34.9% in 2026Q1, a significant departure from the 12% to 16% range observed in previous quarters, which may indicate a successful shift in service mix or improved pricing power in core segments.
This margin spike warrants further investigation to determine if it stems from higher-value customs brokerage activity or a temporary favorable spread in carrier capacity procurement. Such a substantial deviation from historical norms suggests that the company's ability to capture value in volatile markets remains a critical differentiator.
As reported in quarterly filings, EXPD's operating margin has hovered between 8.8% and 10.6%, demonstrating the effectiveness of the company's profit-sharing compensation model in maintaining a structural floor for profitability even during periods of significant top-line revenue contraction and global freight market instability.
The company's ability to scale operating expenses in tandem with gross profit suggests a disciplined cost structure that protects the bottom line from excessive fixed-cost drag. This operational agility appears to be a core component of the firm's resilience compared to asset-heavy logistics competitors.
Analysis of recent financial statements indicates that EXPD's net income remains consistently positive, with EPS growth reaching 16.3% in 2026Q1, supported by a disciplined approach to stock-based compensation and a lack of significant non-operating items that often distort earnings in the broader logistics sector.
The absence of R&D expenses and the controlled nature of SG&A suggest that management prioritizes operational efficiency over speculative investment. Investors should view this consistency as a sign of high-quality earnings, provided that the underlying freight volumes remain sufficient to support the current profit-sharing obligations.
Quick answers to the most common questions about buying EXPD stock.
For fiscal year 2025, Expeditors International of Washington, Inc. (EXPD) reported total revenue of $11.07B. This represents a 1416.1% increase compared to $730.1M in 1996.
Expeditors International of Washington, Inc. (EXPD) is profitable, generating $813.8M in net income for the fiscal year ending 2025 with a net profit margin of 7.4%.
Expeditors International of Washington, Inc. (EXPD) reported an operating income of $1.05B, resulting in an operating profit margin of 9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Expeditors International of Washington, Inc. (EXPD) generated $1.69B in gross profit for the year, representing a gross profit margin of 15.3%. This demonstrates the company's core pricing power and production efficiency.