# Expeditors International of Washington, Inc. (EXPD)

> Source: Nexqual · https://nexqual.com/EXPD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Expeditors International of Washington, Inc. (EXPD), nexqual.com/EXPD" · informational, not investment advice.

**Price:** USD 196.19 (-0.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 197.01 · day 194.22–199.61 · 52w 116.84–200.66 · market cap $25.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.0B, net income $919M (7.6% margin), free cash flow $924M (SEC filings).
- Valuation: P/E 27.8x (avg 23.3x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold EXPD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 3.17 on a 1–5 scale) (18 analysts), mean target USD 181.47 (range 100–220).
- Total return with dividends: 1Y +67.3% vs S&P 500 +14.9%; 5Y +68.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 2.23, revenue estimate $3.60B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.5B | $17.1B | $9.30B | $10.6B | $11.1B | $12.0B |
| Operating income | $1.91B | $1.82B | $940M | $1.04B | $1.05B | $1.18B |
| Net income | $1.42B | $1.36B | $753M | $810M | $810M | $919M |
| EPS (diluted) | $8.27 | $8.26 | $5.01 | $5.72 | $5.95 | — |
| Free cash flow | $832M | $2.04B | $1.01B | $683M | $953M | $924M |
| Operating margin | 11.6% | 10.7% | 10.1% | 9.8% | 9.5% | 9.8% |
| Net margin | 8.6% | 8.0% | 8.1% | 7.6% | 7.3% | 7.6% |
| Revenue growth | +72.4% | +3.3% | -45.5% | +14.0% | +4.4% | — |
| Cash + short-term investments | $1.73B | $2.03B | $1.51B | $1.15B | $1.31B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.8x · P/S 2.1x · P/FCF 27.6x · P/B 12.0x · FCF yield 3.62% · Earnings yield 3.60% · Buyback yield (TTM) 3.53%
P/E at fiscal year-ends: Dec 2025 25.1x, Dec 2024 19.4x, Dec 2023 25.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold EXPD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.55% | $329M | Reduced -66.0% |

## Analysts
Consensus Hold (mean 3.17 on a 1–5 scale), 18 analysts; mean target USD 181.47 (low 100, high 220).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | JP Morgan | Target raised | Neutral | $200 → $214 |
| 2026-10-02 | UBS | Target raised | Buy | $210 → $220 |
| 2026-10-01 | Baird | Target raised | Neutral | $190 → $200 |
| 2026-09-30 | BNP Paribas | Initiated | Neutral | $180 |
| 2026-09-29 | Barclays | Target raised | Underweight | $160 → $165 |
| 2026-08-05 | UBS | Target raised | Buy | $191 → $210 |
| 2026-08-05 | TD Cowen | Target raised | Sell | $148 → $176 |
| 2026-08-05 | Barclays | Target raised | Underweight | $150 → $160 |
| 2026-08-05 | JP Morgan | Upgrade | Underweight → Neutral | $200 |
| 2026-07-21 | B of A Securities | Target raised | Buy | $181 → $189 |
| 2026-07-15 | Citizens | Initiated | Market Perform |  |
| 2026-07-15 | Truist Securities | Target raised | Hold | $145 → $175 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +67.3% | +68.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +67.6% | +11.0% |
| Volatility (annualized) | 30.9% | 25.9% |
| Max drawdown | -15.9% (Feb 2026→Feb 2026) | -34.3% (Dec 2021→Sep 2022) |

## Peers (Integrated Freight & Logistics)
JBHT (J.B. Hunt Transport Services, I) USD 230.59 +0.87% · CHRW (C.H. Robinson Worldwide, Inc.) USD 142.31 +0.96% · FDXF (FedEx Freight Holding Company, ) USD 111.02 +2.84% · ZTO (ZTO Express (Cayman) Inc.) USD 20.06 +0.96% · FDX (FedEx Corporation) USD 303.92 +1.91% · UPS (United Parcel Service, Inc.) USD 101.52 +1.96%

## More
Full page: https://nexqual.com/EXPD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Airfreight Services | $1.49B | 42.7% | +57.1% |
| Customs Brokerage & Other Services | $1.30B | 37.0% | +26.6% |
| Ocean Freight & Ocean Services | $710.9M | 20.3% | +5.2% |
| Total revenue | $3.50B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.16B | 33.2% | +32.7% |
| North Asia | $817.0M | 23.3% | +28.3% |
| South Asia | $568.8M | 16.2% | +58.2% |
| Europe | $519.9M | 14.8% | +15.6% |
| EMEA | $225.2M | 6.4% | +44.9% |
| Other North America | $141.9M | 4.1% | +31.2% |
| Latin America | $68.2M | 1.9% | +1.9% |
| Total revenue | $3.50B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "While this was a strategic restructuring not driven by cost reduction, we expect it will lower our cost structure going forward by approximately $50 million annually, which equates to nearly 10% of our total corporate overhead expenses."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.23 | $1.84 | +21.1% | $3.60B | 13 |
| Next quarter (ends 2026-12-31) | $1.97 | $1.68 | +17.4% | $3.42B | 13 |
| Current fiscal year (ends 2026-12-31) | $7.90 | $6.88 | +14.8% | $13.24B | 15 |
| Next fiscal year (ends 2027-12-31) | $8.20 | $7.12 | +15.2% | $13.29B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±7.1%; last 8 reports averaged ±5.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.3% | ±7.1% |
| 2026-12-18 | 56 | 28.1% | ±8.9% |
| 2027-02-19 | 119 | 26.2% | ±12.0% |
| 2027-05-21 | 210 | 27.3% | ±16.6% |