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Expeditors Int'l
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Latest analysis
Updated Nov 4, 2026
Expeditors Q3 2026: Revenue +42% and operating income +55% YoY as AI infrastructure demand and Asia ocean rate surge drive broad-based outperformance.
Expeditors delivered its strongest quarterly growth in recent memory, with Q3 2026 revenues rising 42% and operating income up 55% year-over-year, driven by two compounding tailwinds: persistent AI infrastructure investment from technology customers lifting airfreight tonnage (+13%) and warehousing volumes, and a sharp ocean rate recovery out of Asia as tariff-driven pull-forward and port congestion tightened capacity. Air average sell rates rose 38% and ocean consolidation buy rates surged 58% sequentially from Q2 to Q3 2026. The Strait of Hormuz closure added airfreight capacity constraints and carrier surcharges beginning March 2026, further inflating rates across the MAIR region and beyond.
Tone: bullishRevenue
$11.1B
EXPD 10-K · FY 2025
Revenue FY2024
$10.6B
Headquarters
Bellevue, WA
Profile
EXPD 10-K Item 1 · Feb 25, 2026Expeditors International of Washington is a non-asset-based global logistics company providing air and ocean freight forwarding, customs brokerage, warehousing, and supply chain solutions across more than 60 countries. The company generates revenue by consolidating freight volumes to negotiate favorable carrier rates and reselling that capacity to customers. It operates through five geographic segments and does not own or operate transportation assets.
Read filing description ↓ Collapse description ↑
Expeditors International of Washington, Inc. provides a full suite of global logistics services. Our services include air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking, and other supply chain solutions. We do not compete for overnight courier or small parcel business. As a non-asset-based carrier, we do not own or operate transportation assets. We derive our revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by our customer. We generate the major portion of our air and ocean freight revenues by purchasing transportation services on a volume basis from direct (asset-based) carriers and then reselling that space to our customers. By consolidating shipments from multiple customers and concentrating our buying power, we are able to negotiate favorable buy rates from the direct carriers, while at the same time offering lower sell rates than customers would otherwise be able to negotiate themselves. Customs brokerage and other services involve providing services at destination, such as helping customers clear shipments through customs by preparing and filing required documentation, calculating and providing for payment of duties and other taxes on behalf of customers as well as arranging for any required inspections by governmental agencies. We manage our company along five geographic areas of responsibility: Americas; North Asia; South Asia; Europe; and Middle East, Africa and India (MAIR).
Primary products
- Airfreight services
- Ocean freight and ocean services
- Customs brokerage and other services
- Warehousing and distribution
- Purchase order management
- Vendor consolidation
Business segments
End markets
Geographies
“The global logistics services industry is intensely competitive and is expected to remain so for the foreseeable future. There are a large number of companies competing in one or more segments of the industry, but the number of firms with a global network that offer a full complement of logistics services is more limited.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenues increased 4% in 2025 as strong demand for most services was partially offset by a drop in ocean revenues.
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