At a glance
Expeditors International of Washington, Inc. is worth $26.07B, about 34 times its fiscal 2025 earnings. Revenue grew 4.4% to $11.07B in fiscal 2025, with 7.3% kept as profit; over 5 years it has grown 2.9% a year. It pays a 0.79% dividend yield, raised every year for at least 9 years, and returned $6.03B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +66.2% over the past year with dividends reinvested and +11.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.9% in the 2020 crash (S&P 500: 33.7%) and 33.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 15 months after the lows.
The business in plain English
Expeditors International of Washington is a third-party logistics provider. That means it organizes shipping for other companies instead of moving goods with its own fleet. It owns no aircraft or ships. It buys cargo space in bulk from airlines, ocean shipping lines and trucking companies, then resells that space to customers, often at lower rates than a single shipper could get on its own. It does not compete for overnight courier or small-parcel business.
Revenue was about $11.1 billion in the fiscal year ended December 31, 2025. Customs brokerage and other services made up 38.6%. This group includes clearing goods through customs, paying duties on customers' behalf, warehousing and ground transport. Airfreight brought in 36% and ocean freight 25.4%. Expeditors also charges fees for export and import paperwork, order management and specialized cargo such as oversized project shipments.
The company has about 20,000 employees and 172 district offices. It also works with 35 independent agents in places where it has no office of its own. By location, the United States produced 32.4% of fiscal 2025 revenue, North Asia 24.7%, Europe 16.5% and South Asia 14%. Expeditors prefers to grow by opening offices rather than buying rivals, and it builds its core technology in-house.
Price history
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EXPD +66.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Customs Brokerage And Other Services | $4.27B | 38.6% |
| Airfreight Services | $3.98B | 36% |
| Ocean Freight And Ocean Services | $2.81B | 25.4% |
By geography
| US | $3.58B | 32.4% |
| North Asia Segment | $2.74B | 24.7% |
| Europe | $1.83B | 16.5% |
| South Asia Segment | $1.56B | 14% |
| EMEA | $638.8M | 5.8% |
| Other North America Segment | $470.6M | 4.3% |
| Latin America | $262.4M | 2.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.50B, up 32.1% from a year earlier, and net income was $266.2M (+45.0%).
- For fiscal 2025, revenue was $11.07B (+4.4% year over year; +2.9% a year from FY2020 to FY2025) with a 7.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.9% watch |
|---|---|
| Operating margin | 9.5% watch |
| Free cash flow margin | 8.6% watch |
| Return on equity (FY2025) | 34.4% good |
| Return on assets (FY2025) | 16.6% good |
| Cash and investments | $1.03B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.58B | $696.1M | $607.4M |
| FY2021 | $16.52B | $1.42B | $832.2M |
| FY2022 | $17.07B | $1.36B | $2.04B |
| FY2023 | $9.30B | $752.9M | $1.01B |
| FY2024 | $10.60B | $810.1M | $682.9M |
| FY2025 | $11.07B | $810.3M | $953.4M |
Valuation snapshot
| Market value | $26.07B |
|---|---|
| P/E ratio | 33.7 |
| Dividend yield | 0.79% |
Rank among 1514 US companies
Market value at each year end
Expeditors International of Washington’s market value went from $9.55B at the end of 2016 to $26.07B on Nov 2, 2026, about 2.7 times as much; since the end of 2025 it is up 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $26.07B | +30.5% |
| 2025 | $19.97B | +28.8% |
| 2024 | $15.51B | -16.2% |
| 2023 | $18.49B | +11.8% |
| 2022 | $16.54B | -27.3% |
| 2021 | $22.75B | +41.3% |
| 2020 | $16.10B | +21.2% |
| 2019 | $13.29B | +13.1% |
| 2018 | $11.75B | +2.2% |
| 2017 | $11.50B | +20.3% |
| 2016 | $9.55B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EXPD price data to Nov 2, 2026 | +35.3% | +66.2% | +22.6% | +11.8% | +16.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.3% |
| 2025 | +36.2% |
| 2024 | -11.9% |
| 2023 | +23.9% |
| 2022 | -21.7% |
| 2021 | +42.5% |
| 2020 | +23.4% |
| 2019 | +16.2% |
| 2018 | +6.5% |
| 2017 | +23.9% |
| 2016 | +19.3% |
| 2015 | +2.6% |
| 2014 | +2.2% |
| 2013 | +13.5% |
| 2012 | -2.0% |
| 2011 | -24.2% |
| 2010 | +58.5% |
| 2009 | +5.7% |
| 2008 | -24.9% |
| 2007 | +11.0% |
| 2006 | +20.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.2% over that stretch · deepest drop along the way 54.5%, back to its old high 20.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.7% over that stretch · deepest drop along the way 27.9%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.6% over that stretch · deepest drop along the way 33.2%, back to its old high 14.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.8% | Mar 31, 2025 |
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.01% | Mar 31, 2026 |
ETFs with the most weight in EXPD
| NRSH Aztlan North America Nearshoring Stock Selection ETF | 5.24% |
| SUPL ProShares Supply Chain Logistics ETF | 4.05% |
| SEA U.S. Global Sea to Sky Cargo ETF | 3.06% |
| IYT iShares US Transportation ETF | 2.98% |
| RISN Inspire Tactical Balanced ETF | 2.77% |
| DFND Siren DIVCON Dividend Defender ETF | 2.3% |
| KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 1.5% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 1.48% |
What could go wrong
- Heavy exposure to U.S.-China trade tensions. Exports from China and Hong Kong produced 19% of revenue and 15% of operating income in 2025. Tariffs and retaliation between the two countries could shrink or reroute those shipments.
- Revenue swings with freight rates and volumes. Revenue reached $17.1 billion in 2022, then fell to $9.3 billion in 2023. Shipment volumes and carrier rate changes are hard to predict and can squeeze margins.
- Relies on carriers it does not own. Expeditors owns no planes or ships. If airlines, ocean lines or truckers cut capacity or change schedules, it may struggle to get space for customers at profitable prices.
- Fierce competition and tougher customer terms. Many rivals have more resources. Large customers use several logistics providers and regularly ask for bids, pushing for lower prices, longer payment terms, higher liability limits and performance penalties.
- Complex customs and trade-compliance rules. Fast-changing tariffs make customs filings harder and may require more staff. Errors, or breaches of anti-corruption and trade laws in its many countries, could bring fines and harm its reputation.
- Technology failures or cyberattacks. Expeditors runs on a single global platform it builds itself. An outage, unauthorized access or failure to keep its systems updated could disrupt operations and weaken its position against competitors.
Recent events
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
Expeditors has raised its regular dividend for at least 9 straight years, and the streak may be longer. It paid $1.54 per share in fiscal 2025, up from $1.04 in fiscal 2020, about 8.2% growth a year. That used 25.6% of earnings and 21.8% of free cash flow (cash left after running and investing in the business). But the yield was only 0.8% as of October 28, 2026, so the income is modest. The company returns more cash by buying back its own shares: $5.0 billion from FY2021 to FY2025, versus $1.0 billion in dividends. The share count fell 23.5% between August 2021 and July 2026.
In past slumps, the stock fell 54.5% in the 2008 financial crisis, 27.9% in the 2020 COVID crash and 33.2% in the 2022 bear market. From each low, it took 20.5, 2.3 and 14.8 months, respectively, to regain its prior peak. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Expeditors make money?
Expeditors makes money in two ways. It buys cargo space in bulk from airlines, ocean lines and truckers and resells it to shippers. It also charges for services such as customs brokerage and warehousing. In the fiscal year ended December 31, 2025, customs brokerage and other services made up 38.6% of its roughly $11.1 billion in revenue, airfreight 36% and ocean freight 25.4%. Because it owns no planes or ships, it depends on carriers for capacity.
Does Expeditors raise its dividend every year?
Yes, so far. SEC filings covering fiscal 2016 through 2025 show at least 9 consecutive yearly increases in the regular dividend, and the streak may be longer. Dividends per share grew from $1.04 in fiscal 2020 to $1.54 in fiscal 2025. The payout used 25.6% of fiscal 2025 earnings. The yield was a modest 0.8% as of October 28, 2026. Past increases do not guarantee future ones.
How much of Expeditors' business comes from China?
Exports from China and Hong Kong made up 19% of Expeditors' revenue and 15% of its operating income in 2025, down from 22% and 17% in 2024. That leaves the company exposed to U.S.-China tariffs and trade disputes. The company says some volumes are moving to other routes as customers try to avoid China-specific tariffs. It also says it is too early to know how much overall volume might decline.
Why does Expeditors' revenue rise and fall so much?
Expeditors buys cargo space from carriers and resells it, so its revenue tends to move with freight rates and shipping volumes. Revenue jumped from $9.6 billion in fiscal 2020 to $17.1 billion in fiscal 2022. It then fell to $9.3 billion in fiscal 2023 before climbing back to $11.1 billion in fiscal 2025. In the quarter ended June 30, 2026, revenue rose 32.1% from a year earlier to $3.5 billion, and net income rose 45%.
Does Expeditors have any debt?
It appears not. Expeditors' SEC filings show no borrowings as of June 30, 2026, which suggests the company may carry no debt. On that date it held about $1.03 billion in cash and investments and $2.12 billion in shareholders' equity. Free cash flow, meaning the cash left after running and investing in the business, was about $953 million in fiscal 2025.