EXPD EXPEDITORS INTERNATIONAL OF WASHINGTON INC

Overview and Growth

In fiscal 2025, EXPEDITORS INTERNATIONAL OF WASHINGTON INC recorded $11.07B of revenue, net income of $810.33M, and an operating cash inflow of $1.01B. At $11.07B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $10.60B in fiscal 2024, revenue recorded a 4.4% year-over-year increase. Diluted earnings per share were $5.95, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 4.0% increase from fiscal 2024 diluted EPS of $5.72. Total assets stood at $4.89B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 2.26x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operating income was $1.05B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 9.5% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $810.33M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 7.3% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $1.09B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 9.9%, relating income before taxes directly to revenue. Income tax expense totaled $282.01M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 25.8% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 34.4% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 16.6%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

Total assets were $4.89B, supported by $2.54B of liabilities and $2.36B of shareholder equity. The near-term balance sheet paired $3.76B of current assets with $2.07B of current liabilities at the reporting date. The current ratio was 1.81x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $1.31B in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 63.4% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Liabilities represented 51.8% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 26.9%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 2.9% from $4.75B in fiscal 2024, leaving current total assets higher year over year. Against $2.23B of equity in fiscal 2024, the current book-equity balance moved 5.9% and ended higher. Compared with $1.15B in fiscal 2024, the current cash balance moved 14.5% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.01B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.24x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $53.10M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 5.3%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $953.40M, leaving a positive amount after capital expenditures. Free cash flow represented 8.6% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 19.5% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.