# Expeditors International (EXPD) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EXPD/thesis · /stocks/EXPD/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EXPD/fundamental

## Navigation

- Overview: /stocks/EXPD
- Financials (this page): /stocks/EXPD/financials
- Thesis: /stocks/EXPD/thesis
- Investment Memo: /stocks/EXPD/memo
- Coverage universe: /stocks