Expeditors International of Washington (EXPD) FY2020 results: revenue $9.6 billion, up 20.7% on the year
Expeditors International of Washington Inc. (EXPD) reported revenue of $9.6 billion for fiscal 2020, the year ended 31 December 2020, up 20.7% on the year before. Net income was $696 million, up 17.9%, and diluted earnings per share $4.07. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$9.6 billion
+20.7% on the year
FY2013FY2020
Operating margin
9.8%
9.7% a year earlier
FY2013FY2020
Net income
$696 million
+17.9% on the year
FY2013FY2020
Diluted EPS
$4.07
+20.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,584
7,942
8,138
+20.7%
Operating income
940
767
797
+22.7%
Operating margin
9.8%
9.7%
9.8%
Interest expense
0.2
n/a
n/a
Pre-tax income
957
796
818
+20.2%
Income tax
258
204
199
+26.8%
Effective tax rate
27.0%
25.6%
24.3%
Net income
696
590
618
+17.9%
Net margin
7.3%
7.4%
7.6%
Diluted EPS
$4.07
$3.39
$3.48
+20.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
655
772
573
-15.1%
Capital expenditure
47.5
47.0
47.5
+1.1%
Free cash flow
607
725
525
-16.2%
Free cash flow margin
6.3%
9.1%
6.5%
Cash from investing
-46.0
-46.0
-48.4
Cash from financing
-332
-418
-628
Depreciation and amortisation
57.0
51.0
54.0
+11.8%
Share-based compensation
62.5
61.5
56.1
+1.6%
Buybacks
332
389
648
-14.6%
Dividends paid
175
171
157
+2.6%
Dividend per share
$1.04
$1.00
$0.90
+4.0%
Diluted shares, weighted
171m
174m
178m
-1.9%
Shares outstanding at period end
169m
170m
172m
-0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,660
2,195
1,987
+21.2%
Non-controlling interest
3.6
2.2
0.9
+63.9%
Debt
0.0
0.0
0.0
Operating lease liabilities
364
326
0.0
+11.6%
Other liabilities
1,900
1,168
1,327
+62.6%
Total liabilities and equity
4,928
3,692
3,315
+33.5%
Fixed assets
506
499
504
+1.4%
Goodwill
7.9
7.9
7.9
0.0%
Cash and equivalents
1,528
1,230
924
+24.2%
Receivables
1,998
1,315
1,582
+51.9%
Other assets
887
639
297
+38.9%
Total assets
4,928
3,692
3,315
+33.5%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.