Expeditors International of Washington (EXPD) FY2025 results: revenue $11.1 billion, up 4.4% on the year

Expeditors is a third-party logistics provider. It buys cargo space from airlines, ocean shipping lines and trucking lines on a volume basis and resells that space to its customers, and it owns no aircraft or ships and does not compete for overnight courier or small parcel work. Around that sit customs brokerage, order management, time-definite transportation, warehousing and distribution, temperature-controlled transit, cargo insurance, cargo monitoring and tracking, and consulting, plus a Project Cargo unit for shipments whose size or nature needs special handling. The three primary services are airfreight, ocean freight and ocean services, and customs brokerage and other services. No single customer accounts for five percent or more of revenues.

Airfreight

In airfreight the company acts either as a consolidator or as an agent for the airline carrying the shipment, offering routing expertise, familiarity with local business practice, knowledge of export and import documentation, ancillary services and help securing capacity when demand is high. As a consolidator it buys capacity from airlines in volume and resells it below what a customer could negotiate alone for a single shipment, sets the routing, groups shipments bound for one airport distribution point and picks the airline, after which the consolidated lot is broken down and each shipment moves on to its final destination. As a forwarder it receives and forwards individual unconsolidated shipments and arranges carriage with the airline.

Ocean

Ocean work comes in three forms. In ocean freight consolidation the company contracts with shipping lines for an allocation of containers between points over a set period at agreed rates, handling both full container loads and less-than-container-load freight, and it earns fees for ancillary services such as preparing export and import documentation. In direct ocean forwarding the customer contracts with the carrier and Expeditors acts as agent for handling and ancillary fees. Order management consolidates cargo from many suppliers at an origin into as few containers as possible and gives customers visibility of the orders they are moving.

Customs and the rest

Customs brokerage and import services cover preparing and filing documentation, calculating and paying duties and taxes for the customer, arranging government inspections, and local pickup, storage and delivery, including screening commercial documents for assessed value, country of origin, special trade programmes and classification. The target customers are those wanting fewer brokers, better compliance and reporting, or access to special trade programmes. Transcon handles intra-continental ground transport, including time-definite less-than-truck and full-truck work. Warehousing and distribution covers inventory management, multi-channel order fulfilment and vendor managed inventory, generally in multi-client facilities so customers share space, labour and equipment.

The network

There are 172 district offices, 70 in the Americas, 45 in Europe, 24 across the Middle East, Africa and India, 17 in North Asia and 16 in South Asia, supported by branch offices and 35 independent agent relationships where the company has no office of its own. Strategy, global products and services, processes, technology and compliance programmes are set at the corporate level, while districts are staffed mainly with local managers and are responsible for selling and executing the services and for selecting logistics providers. The company has generally preferred organic growth to acquisition, buying only to obtain technology or specialised industry expertise. It runs a single enterprise technology platform, built from proprietary, third party and open-source components and designed and implemented by its own logistics and information technology staff.

What it moves and who moves it

The goods handled follow whatever dominates trade between a given origin and destination, including technology, cloud and data centre services, hyperscalers, semiconductors, personal computers and compute hardware, along with healthcare, automotive, aviation, aerospace, retail and high fashion, served by industry vertical teams. Headcount was 19,800 at 31 December 2025: 6,800 in the United States, 4,250 in Europe, 2,250 in North Asia, 2,100 across the Middle East, Africa and India, 1,950 in South Asia, 1,600 elsewhere in North America and 850 in Latin America. The global logistics services industry is described as intensely competitive.

From Expeditors International's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.