Expeditors (NYSE: EXPD) Q4 EPS dips as revenue edges lower

Rhea-AI Filing Summary

Expeditors International of Washington, Inc. reported softer fourth quarter 2025 results, with diluted EPS down 11% to $1.49 and net earnings attributable to shareholders decreasing 15% to $200.7M. Revenue slipped 3% to $2.86B, as airfreight tonnage grew 6% but ocean container volume fell 6% amid weaker ocean rates.

For full-year 2025, revenue increased to $11.07B and diluted EPS rose to $5.95, slightly above 2024. Operating cash flow strengthened to $1.01B. The company returned $875M to shareholders through dividends and buybacks in 2025, and the Board approved a new $3B share repurchase program.

Insights

Equity research analyst

Quarter shows margin pressure in ocean, steadier air and solid cash generation.

Expeditors delivered mixed Q4 2025 results. EPS fell to $1.49 on lower operating income of $250.9M, while revenue declined modestly to $2.86B. Ocean revenue-per-container dropped sharply, but airfreight and customs-related services partly offset the weakness.

Full-year figures are more resilient: revenue reached $11.07B and diluted EPS improved to $5.95, supported by over $1.0B in operating cash flow. Management emphasized diversification across products and regions, and highlighted investment priorities such as AI and customer vertical solutions.

The Board’s new $3B repurchase authorization, following $875M returned in 2025, signals ongoing capital return. Actual impact will depend on execution of buybacks and how long ocean rate softness and margin pressure persist into future reporting periods.

0000746515false00007465152025-02-242025-02-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2025

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

(Exact name of Registrant as Specified in Its Charter)

Washington			001-41871	91-1069248
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
3545 Factoria Blvd SE Sterling Plaza 2 3rd Floor
Bellevue, Washington				98006
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 206 674-3400

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		EXPD		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 24, 2026, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing fourth quarter financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) The following items are filed as exhibits to this report:

99.1		Press release, dated February 24, 2026 issued by Expeditors International of Washington, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
Date:	February 24, 2026	By:	/S/ David A. Hackett
			David A. Hackett, Senior Vice President and Chief Financial Officer

Exhibit 99.1

EARNINGS RELEASE

By:		Expeditors International of Washington, Inc.
		3545 Factoria Blvd. SE Sterling Plaza 2, 3rd Floor Bellevue, Washington 98006
		CONTACTS:
		Daniel R. Wall		David A. Hackett		Geoffrey Buscher
		President and Chief Executive Officer		Senior Vice President and Chief Financial Officer		Director - Investor Relations
		(206) 674-3455		(206) 288-8794		(206) 892-4510

FOR IMMEDIATE RELEASE

EXPEDITORS REPORTS FOURTH QUARTER 2025 EPS OF $1.49

BELLEVUE, WASHINGTON - February 24, 2026, Expeditors International of Washington, Inc. (NYSE: EXPD) today announced fourth quarter 2025 financial results, including the following comparisons to the same quarter of 2024:

•Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 11% to $1.49

•Net Earnings Attributable to Shareholders decreased 15% to $201 million

•Operating Income decreased 17% to $251 million

•Revenues decreased 3% to $2.9 billion

•Airfreight tonnage increased 6% and ocean container volume decreased 6%

•Returned $150 million and $875 million to shareholders in dividends and share repurchases during the fourth quarter and full year of 2025, respectively

•Our Board of Directors approved a new $3 billion share repurchase program

Daniel R. Wall, President and Chief Executive Officer, commented:

"While we knew comparisons to 2024 were going to be tough given the current ocean environment, I am quite pleased with the increased business we are taking on, including customs, Transcon, warehousing & distribution, and order management. This shows that our strategy to diversify the breadth of our portfolio is making a difference. We are focused on growing in every region, product, and customer segment to achieve a healthy balance of revenue, which ultimately creates unlimited opportunities for our employees. In 2026, we will continue to focus on growth diversification, pricing optimization, and further alignment of our cost structure with current market conditions. Finally, we will also make strategic investments in high-return opportunities, such as artificial intelligence (AI) and other customer vertical solutions where we see the most growth potential.”

Comparing Q4 2025 to Q4 2024

Airfreight services: “Air freight gross margins declined modestly on lower per-kilo profitability despite an increase in tonnage. That increase, both year-over-year and compared to Q3 2025, was driven by export volumes from North and South Asia, primarily by customers continuing to invest in technology. During the quarter, a surge in e‑commerce and tech demand pushed buy rates higher, further pressuring margins.”

Ocean freight and ocean services: “Ocean sell rates began declining in the latter part of 2024 and fell more sharply in the third and fourth quarters of 2025, particularly out of North and South Asia. Average revenue-per-container fell 41% compared to the fourth quarter of 2024, and fell 17% compared to the third quarter of 2025, as capacity continued to increase and lower volumes added further pressure. These impacts were partially offset by higher order management volumes from customers seeking greater control over their supply chains, as well as increased demand for freight forwarding and ancillary ocean services. Ocean rates may remain soft in 2026, as capacity is likely to

1Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements in this release.

increase further as vessels resume transit via the Suez Canal. We will continue to adjust our ocean operating costs to more properly align with current market conditions.”

Customs brokerage and other services: “Demand for customs brokerage remained strong, reflecting both the complexity and volume of work required to support our customers. We are beginning to realize meaningful benefits from investments we have made in advanced technology to reduce the time required to file customs entries. In addition, we continue to invest in technology solutions, including AI, to further enhance our productivity. Each of our other products in this category achieved double‑digit growth year‑over‑year, led by Transcon road freight and warehousing and distribution, both of which continued to benefit from volume growth tied to ongoing customer investments in global AI hyperscaler infrastructure.

“I would like to extend a special thank you to our operations team for their exceptional performance in a challenging and fast-changing environment. Their dedication enabled us to support customers with comprehensive solutions, while volumes grew across all products.”

David A. Hackett, Senior Vice President and Chief Financial Officer, added:

“We are pleased with our results considering the weakness in the ocean business, coupled with the approximate two percentage point decline in margins in our air business in Q4 2025. While we are not providing future guidance, we have seen air margins recover much of this two percent decline in 2026 through the date of this release.

“Expenses were higher than we would like, driven primarily by strategic headcount additions to address higher‑growth opportunities, particularly in customs brokerage, as well as investments in technology. We believe these investments are critical to our long‑term growth and expect them to generate attractive returns over time. Excluding transportation‑related costs, operating expenses increased less than one percent sequentially compared to the third quarter of 2025.”

Mr. Hackett noted that the Company returned $150 million in dividends and share repurchases during the fourth quarter, and $875 million in share repurchases and dividends in all of 2025. Mr. Hackett also noted that on February 23, 2026, the Board of Directors authorized a new share repurchase program that permits the repurchase of up to $3 billion of the Company's common stock, effective upon the expiration of the current program, which will occur when the outstanding shares of common stock reach 130 million.

About Expeditors International of Washington, Inc.

Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

Disclaimer on Forward-Looking Statements:

Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding new business and diverse areas of growth; growth in all of our regions, products, and customer segmentation to create balanced revenue; pricing optimization; strategic investments in high-return opportunities; inflation; continued changes in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets; the demand for our customs brokerage and other products; geopolitical uncertainty; national policy changes on tariffs and other similar measures; new capacity in the marketplace; longer ocean transit times; e-commerce demand in the air market; and volatile rates. Future financial performance could differ materially because of factors such as: our ability to benefit from the significant investments being made by our technology customers in artificial intelligence infrastructure; the ability of our customs brokerage business to continue to deliver strong growth from high demand for our services; our ability to deliver differentiated performance because of our customer service culture and compensation model; our ability to align our operating cost structure with a lower growth environment; our ability to continue to process an increasing number of more complex customs clearances; our ability to find solutions to keep cargo moving for our customers during highly uncertain market conditions; the strength of our non-asset-based operating model; and our ability to remain a strong, healthy, unified and resilient organization. Geopolitical risks, port actions, other labor disruptions, tariffs, and the current uncertainty in the global economy could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our

information technology systems, the ability of third-party providers to perform, and potential litigation and contingencies, including risks associated with tax audits, as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.

Expeditors International of Washington, Inc.

Fourth quarter 2025 Earnings Release, February 24, 2026

Financial Summary for the three and twelve months ended December 31, 2025 and 2024 (Unaudited)

(in 000's of US dollars except share data)

		Three months ended December 31,										Twelve months ended December 31,
		2025				2024				% Change		2025				2024				% Change
Revenues		$	2,855,954			$	2,954,705			(3)%		$	11,069,009			$	10,600,515			4%
Directly related cost of transportation and other expenses 1		$	1,932,392			$	2,020,066			(4)%		$	7,402,081			$	7,186,718			3%
Salaries and other operating expenses 2		$	672,652			$	633,535			6%		$	2,614,382			$	2,372,474			10%
Operating income		$	250,910			$	301,104			(17)%		$	1,052,546			$	1,041,323			1%
Net earnings attributable to shareholders		$	200,707			$	235,878			(15)%		$	810,332			$	810,073			— %
Diluted earnings attributable to shareholders per share		$	1.49			$	1.68			(11)%		$	5.95			$	5.72			4%
Basic earnings attributable to shareholders per share		$	1.50			$	1.69			(11)%		$	5.97			$	5.75			4%
Diluted weighted average shares outstanding			134,630				139,992						136,249				141,722
Basic weighted average shares outstanding			134,195				139,357						135,810				140,992

1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services, and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion, and Other as shown in the Condensed Consolidated Statements of Earnings.

During the three and twelve months ended December 31, 2025, we repurchased 0.3 million and 5.6 million shares of common stock at an average price of $149.47 and $118.01 per share, respectively. During the three and twelve months ended December 31, 2024, we repurchased 2.0 million and 7.1 million shares of common stock at an average price of $120.14 and $119.47 per share, respectively. In addition, during 2025 and 2024, we paid cash dividends of $1.54 and $1.46 per share, respectively.

		Employee Full-time Equivalents as of December 31,
		2025				2024
North America			7,507				6,999
Europe			4,217				3,882
North Asia			2,321				2,280
South Asia			2,038				1,827
Middle East, Africa and India			1,493				1,389
Latin America			884				796
Information Systems			1,493				1,326
Corporate			406				418
Total			20,359				18,917

		Fourth quarter year-over-year percentage increase (decrease):
2025		Airfreight kilos		Ocean freight FEU
October		4%		(8)%
November		5%		(7)%
December		8%		(4)%
Quarter		6%		(6)%

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on February 27, 2025 will be considered in management's 8-K “Responses to Selected Questions.”

___________________________________

NOTE: See Disclaimer on Forward-Looking Statements in this release.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

		December 31, 2025				December 31, 2024
Assets:
Current Assets:
Cash and cash equivalents		$	1,314,285			$	1,148,320
Accounts receivable, less allowance for credit loss of $7,241 and $6,878 at December 31, 2025 and 2024, respectively			2,021,889				1,997,840
Deferred contract costs			283,281				349,343
Other			136,167				164,272
Total current assets			3,755,622				3,659,775
Property and equipment, less accumulated depreciation and amortization of $651,087 and $615,533 at December 31, 2025 and 2024, respectively			462,122				449,404
Operating lease right-of-use assets			550,162				551,652
Goodwill			7,927				7,927
Deferred income tax asset, net			101,671				70,671
Other assets, net			16,134				15,029
Total assets		$	4,893,638			$	4,754,458
Liabilities:
Current Liabilities:
Accounts payable		$	1,123,429			$	1,036,749
Accrued expenses, primarily salaries and related costs			448,055				451,921
Contract liabilities			358,386				441,927
Current portion of operating lease liabilities			110,891				106,736
Federal, state and foreign income taxes payable			32,046				29,140
Total current liabilities			2,072,807				2,066,473
Noncurrent portion of operating lease liabilities			459,698				462,201
Deferred income tax liability, net			3,040				—
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued			—				—
Common stock, par value $0.01 per share. Issued and outstanding: 133,884 shares and 138,003 shares at December 31, 2025 and 2024, respectively			1,339				1,380
Additional paid-in capital			—				—
Retained earnings			2,538,455				2,455,132
Accumulated other comprehensive loss			(184,161	)			(233,500	)
Total shareholders’ equity			2,355,633				2,223,012
Noncontrolling interest			2,460				2,772
Total equity			2,358,093				2,225,784
Total liabilities and equity		$	4,893,638			$	4,754,458

24-February-2025 Expeditors International of Washington, Inc. Page 5 of 8

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

		Three months ended December 31,								Twelve months ended December 31,
		2025				2024				2025				2024
Revenues:
Airfreight services		$	1,109,077			$	1,063,026			$	3,982,882			$	3,669,673
Ocean freight and ocean services			611,393				908,435				2,814,960				3,148,514
Customs brokerage and other services			1,135,484				983,244				4,271,167				3,782,328
Total revenues			2,855,954				2,954,705				11,069,009				10,600,515
Operating Expenses:
Airfreight services			866,314				808,437				2,979,993				2,731,552
Ocean freight and ocean services			430,167				681,021				2,029,847				2,356,952
Customs brokerage and other services			635,911				530,608				2,392,241				2,098,214
Salaries and related			496,222				472,753				1,915,932				1,762,654
Rent and occupancy			65,499				59,140				263,891				241,013
Depreciation and amortization			14,070				15,176				56,769				61,090
Selling and promotion			11,940				10,965				40,099				33,331
Other			84,921				75,501				337,691				274,386
Total operating expenses			2,605,044				2,653,601				10,016,463				9,559,192
Operating income			250,910				301,104				1,052,546				1,041,323
Other Income:
Interest income			8,857				10,007				35,715				46,706
Other, net			2,273				2,172				5,802				6,771
Other income (expense), net			11,130				12,179				41,517				53,477
Earnings before income taxes			262,040				313,283				1,094,063				1,094,800
Income tax expense			61,088				77,127				282,015				283,167
Net earnings			200,952				236,156				812,048				811,633
Less net earnings attributable to the noncontrolling interest			245				278				1,716				1,560
Net earnings attributable to shareholders		$	200,707			$	235,878			$	810,332			$	810,073
Diluted earnings attributable to shareholders per share		$	1.49			$	1.68			$	5.95			$	5.72
Basic earnings attributable to shareholders per share		$	1.50			$	1.69			$	5.97			$	5.75
Weighted average diluted shares outstanding			134,630				139,992				136,249				141,722
Weighted average basic shares outstanding			134,195				139,357				135,810				140,992

24-February-2025 Expeditors International of Washington, Inc. Page 6 of 8

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

		Three months ended December 31,								Twelve months ended December 31,
		2025				2024				2025				2024
Operating Activities:
Net earnings		$	200,952			$	236,156			$	812,048			$	811,633
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for losses on accounts receivable			946				1,991				3,597				3,447
Deferred income tax (benefit) expense			(4,700	)			542				(13,712	)			(5,138	)
Stock compensation expense			12,369				16,528				69,231				64,364
Depreciation and amortization			14,070				15,176				56,769				61,090
Other, net			6,773				(7,391	)			15,154				(3,359	)
Changes in operating assets and liabilities:
Decrease (Increase) in accounts receivable			29,465				116,178				41,802				(531,616	)
(Decrease) increase in accounts payable and accrued expenses			(6,130	)			(143,508	)			20,589				259,310
(Increase) decrease in deferred contract costs			(21,653	)			69,292				81,152				(147,685	)
Increase (decrease) in contract liabilities			25,519				(75,349	)			(100,166	)			179,553
Increase in income taxes payable, net			19,687				13,225				27,099				26,388
Increase (decrease) in other, net			6,001				6,876				(7,062	)			5,374
Net cash from operating activities			283,299				249,716				1,006,501				723,361
Investing Activities:
Purchase of property and equipment			(12,976	)			(10,051	)			(53,101	)			(40,466	)
Other, net			7,294				5				8,398				(57	)
Net cash from investing activities			(5,682	)			(10,046	)			(44,703	)			(40,523	)
Financing Activities:
Payments on borrowings on lines of credit, net			(5,989	)			(14,520	)			(3,713	)			(20,058	)
Proceeds from issuance of common stock			8,815				1,523				88,177				69,257
Repurchases of common stock			(46,542	)			(252,206	)			(667,306	)			(855,061	)
Dividends Paid			(103,298	)			(101,449	)			(207,437	)			(204,087	)
Payments for taxes related to net share settlement of equity awards			—				—				(10,353	)			(15,348	)
Distributions to noncontrolling interest			(8	)			—				(1,845	)			—
Net cash from financing activities			(147,022	)			(366,652	)			(802,477	)			(1,025,297	)
Effect of exchange rate changes on cash and cash equivalents			(6,477	)			(17,871	)			6,644				(22,104	)
Change in cash and cash equivalents			124,118				(144,853	)			165,965				(364,563	)
Cash and cash equivalents at beginning of period			1,190,167				1,293,173				1,148,320				1,512,883
Cash and cash equivalents at end of period		$	1,314,285			$	1,148,320			$	1,314,285			$	1,148,320
Taxes Paid:
Income taxes		$	45,606			$	60,521			$	265,035			$	257,170

24-February-2025 Expeditors International of Washington, Inc. Page 7 of 8

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited

		UNITED STATES				OTHER NORTH AMERICA				LATIN AMERICA				NORTH ASIA				SOUTH ASIA				EUROPE				MIDDLE EAST, AFRICA AND INDIA				ELIMI- NATIONS				CONSOLI- DATED
For the three months ended December 31, 2025:
Revenues		$	923,194				123,157				65,048				684,367				424,977				468,852				168,606				(2,247	)			2,855,954
Directly related cost of transportation and other expenses1		$	495,548				76,673				38,592				563,609				337,134				299,677				122,734				(1,575	)			1,932,392
Salaries and related		$	267,176				21,816				12,139				41,742				31,926				99,685				21,738				—				496,222
Other operating expenses2		$	32,076				16,304				8,989				36,998				26,918				42,753				13,062				(670	)			176,430
Operating income		$	128,394				8,364				5,328				42,018				28,999				26,737				11,072				(2	)			250,910
Identifiable assets at period end		$	2,681,989				163,328				101,107				460,856				379,262				818,822				299,375				(11,101	)			4,893,638
Capital expenditures		$	8,219				109				124				153				1,202				1,960				1,209				—				12,976
Depreciation and amortization		$	7,433				499				245				1,402				714				2,859				918				—				14,070
Equity		$	1,574,358				37,914				37,821				219,503				145,078				271,816				167,652				(96,049	)			2,358,093
For the three months ended December 31, 2024:
Revenues		$	866,606				97,443				63,212				837,644				430,161				459,487				201,591				(1,439	)			2,954,705
Directly related cost of transportation and other expenses1		$	462,106				48,715				38,336				681,226				341,281				296,273				152,643				(514	)			2,020,066
Salaries and related		$	257,491				20,110				10,806				44,814				29,542				88,369				21,621				—				472,753
Other operating expenses2		$	9,143				16,550				9,065				43,121				25,605				43,789				14,435				(926	)			160,782
Operating income (loss)		$	137,866				12,068				5,005				68,483				33,733				31,056				12,892				1				301,104
Identifiable assets at period end		$	2,565,372				171,872				104,172				582,331				338,759				753,064				270,356				(31,468	)			4,754,458
Capital expenditures		$	6,474				221				104				317				1,301				1,117				517				—				10,051
Depreciation and amortization		$	9,153				519				258				1,067				547				2,704				928				—				15,176
Equity		$	1,500,901				43,155				42,535				228,747				119,823				174,536				156,748				(40,661	)			2,225,784
		UNITED STATES				OTHER NORTH AMERICA				LATIN AMERICA				NORTH ASIA				SOUTH ASIA				EUROPE				MIDDLE EAST, AFRICA AND INDIA				ELIMI- NATIONS				CONSOLI- DATED
For the twelve months ended December 31, 2025:
Revenues		$	3,583,826				470,612				262,439				2,737,513				1,555,189				1,829,248				638,771				(8,589	)			11,069,009
Directly related cost of transportation and other expenses1		$	1,880,586				295,043				158,309				2,210,147				1,214,598				1,183,664				465,596				(5,862	)			7,402,081
Salaries and related		$	1,066,878				83,591				44,769				159,947				118,522				361,448				80,777				—				1,915,932
Other operating expenses2		$	116,151				62,799				37,548				150,287				102,798				174,995				56,636				(2,764	)			698,450
Operating income		$	520,211				29,179				21,813				217,132				119,271				109,141				35,762				37				1,052,546
Identifiable assets at period end		$	2,681,989				163,328				101,107				460,856				379,262				818,822				299,375				(11,101	)			4,893,638
Capital expenditures		$	28,391				845				863				6,015				4,437				6,356				6,194				—				53,101
Depreciation and amortization		$	32,085				2,001				993				5,076				2,599				11,246				2,769				—				56,769
Equity		$	1,574,358				37,914				37,821				219,503				145,078				271,816				167,652				(96,049	)			2,358,093
For the twelve months ended December 31, 2024:
Revenues		$	3,251,998				429,280				214,999				2,934,353				1,391,131				1,700,919				683,191				(5,356	)			10,600,515
Directly related cost of transportation and other expenses1		$	1,733,087				248,425				126,413				2,383,627				1,098,448				1,092,478				506,482				(2,242	)			7,186,718
Salaries and related		$	974,911				79,481				38,337				158,201				106,183				329,757				75,784				—				1,762,654
Other operating expenses2		$	64,558				59,863				31,454				154,322				84,267				166,119				52,371				(3,134	)			609,820
Operating income		$	479,442				41,511				18,795				238,203				102,233				112,565				48,554				20				1,041,323
Identifiable assets at period end		$	2,565,372				171,872				104,172				582,331				338,759				753,064				270,356				(31,468	)			4,754,458
Capital expenditures		$	24,249				2,393				487				1,250				4,239				5,977				1,871				—				40,466
Depreciation and amortization		$	36,240				2,120				1,104				5,032				2,016				11,277				3,301				—				61,090
Equity		$	1,500,901				43,155				42,535				228,747				119,823				174,536				156,748				(40,661	)			2,225,784

1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services, and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

2 Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion, and other as shown in the consolidated statements of earnings.

24-February-2025 Expeditors International of Washington, Inc. Page 8 of 8

FAQ

How did Expeditors (EXPD) perform in Q4 2025?

Expeditors posted Q4 2025 diluted EPS of $1.49, down 11% year over year. Net earnings attributable to shareholders were $200.7 million, while total revenue declined 3% to $2.86 billion, reflecting weaker ocean freight but stronger airfreight tonnage and customs services.

What were Expeditors’ full-year 2025 results?

For 2025, Expeditors generated $11.07 billion in revenue and diluted EPS of $5.95. Net earnings attributable to shareholders were $810.3 million, and operating income totaled $1.05 billion, showing overall stability compared with 2024 despite a weaker fourth quarter.

How did Expeditors’ airfreight and ocean businesses perform in Q4 2025?

In Q4 2025, airfreight services revenue rose to $1.11 billion with tonnage up 6%, though per‑kilo profitability declined. Ocean revenue fell to $611.4 million, with average revenue‑per‑container down 41% year over year as capacity increased and volumes softened.

What cash flow did Expeditors generate in 2025?

Expeditors produced strong operating cash flow of $1.01 billion in 2025, up from $723.4 million in 2024. This was driven by solid profitability and working capital movements, supporting shareholder returns through dividends and share repurchases during the year.

How much capital did Expeditors return to shareholders in 2025?

The company returned $875 million to shareholders in 2025 via dividends and share repurchases. In Q4 alone, it returned $150 million. This capital return sits alongside a new $3 billion share repurchase program approved by the Board of Directors.

What strategic priorities did Expeditors highlight for 2026?

Management plans to focus on growth diversification, pricing optimization, and aligning the cost structure with current market conditions. They also intend to invest in artificial intelligence (AI) and other customer vertical solutions where they see strong long‑term growth potential.

Filing Exhibits & Attachments

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