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Expeditors International of Washington Inc logo

Expeditors International of Washington Inc

expeditors.com

What Do They Do?

Moves goods internationally for businesses by arranging air and ocean freight, customs clearance and other logistics services.

How Do They Make Money?

Customers pay for freight space that Expeditors buys and resells, plus shipment services such as customs clearance. It generally has a right to payment when services start or soon after, while most shipments are completed within one to two months.

revenue
SegmentShareRevenue
Airfreight services
Usage-based

36%
FY2022: 34%
Ocean freight and ocean services
Usage-based

25%
FY2022: 38%
Customs brokerage and other services
Usage-based

39%
FY2022: 27%

Who Are Their Customers?

Serves businesses of different sizes, industries and locations, selling and delivering services directly through its district offices. Sales teams focus on customers’ logistics and supply-chain staff.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025
10% of revenue
▲ +1% vs FY2024 ($1B, 10%)
Net income, FY2025
7% of revenue
▲ 0% vs FY2024 ($810.1M, 8%)
Free cash flow, FY2025
9% of revenue
▲ +40% vs FY2024 ($682.9M, 6%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +32%
vs $2.7B in Q2 FY2025
Net income
▲ +45%
vs $183.6M in Q2 FY2025
Customs brokerage and other services share of revenue vs 38.6% in Q2 FY2025

Shrinking. Revenue fell 33% in 4 years, from $16.5B in FY2021 to $11.1B in FY2025, about 10% a year.

Revenue over time
Airfreight services Ocean freight and ocean services Customs brokerage and other services
$20B$10B$0

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