Expeditors International
EXPDFinancial Snapshot
ticker: EXPD step: 04 generated: 2026-05-12 source: quick-research
Expeditors International of Washington (EXPD) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $17.07B | $9.30B | $10.60B | +14% |
| Gross Margin | ~13% | ~14% | ~13.3% | |
| Operating Margin | ~11% | ~9% | ~9.8% | |
| Net Income | ~$1.4B | ~$770M | ~$880M | +14% |
| EPS (diluted) | ~$9.40 | $5.05 | $5.75 | +13.9% |
FY2022 revenue was inflated by pandemic-era freight rate spikes. The 45% revenue decline in FY2023 reflects normalization of global freight rates, not volume loss. Net revenue (gross profit) is a better indicator of operating performance — it declined ~30% in 2023 but recovered in 2024.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$723M |
| Free Cash Flow | ~$683M |
| Capital Expenditures | ~$40M |
| Cash & Equivalents | ~$1.5B |
| Total Debt | Minimal — negative net debt position |
Key Ratios (approximate)
- P/E: ~20x | EV/EBITDA: ~14x | FCF Yield: ~4.5%
- Revenue Growth (FY2024): +14% | FCF Margin: ~6.4% of gross revenue, ~48% of net revenue
- ROIC: 40%+ (among highest in logistics sector)
Growth Profile
Expeditors is a cyclical business whose gross revenue swings dramatically with freight rate environments. The company demonstrated its quality in FY2023 — despite a brutal rate environment, FCF remained robust at $680M+ because costs are largely variable (carrier capacity purchases). FY2024 saw recovery as volumes grew: airfreight tonnage +11%, ocean containers +14%, driven by strong demand from Asia. The asset-light model means capex is minimal ($40M), making FCF conversion from operating income extremely high.
Forward Estimates
- FY2025 Revenue: ~$11.1B (actual TTM, +4.4% YoY — freight rate stabilization)
- FY2026 Consensus: Potential earnings flatness as ocean freight rates soften and tax rate pressure (28.7% effective in Q2 2025 vs. 25.8% in FY2024) weighs on net income
- Q4 2024 EPS: $1.68 (beat estimates); FY2024 EPS: $5.75
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $EXPD.