Expeditors二季度业绩显著超预期，EPS同比增51%、营收同比增32%

BELLEVUE, Wash.
--(BUSINESS WIRE)--
Expeditors International of Washington, Inc. (NYSE:EXPD) today announced second quarter 2026 financial results including the following comparisons to the same quarter of 2025:
Diluted Net Earnings Attributable to Shareholders per share (EPS
1
) increased 51% to
$2.03
Net Earnings Attributable to Shareholders increased 45% to
$266 million
Operating Income increased 41% to
$350 million
Revenues increased 32% to
$3.5 billion
Airfreight tonnage increased 14% and ocean container volume remained flat
Customs, Transcon, Distribution, and Order Management each achieved double-digit revenue growth for a second consecutive quarter
Cash returned to shareholders in the form of share repurchases and dividends was
$461 million
and
$748 million
, respectively, for the second quarter and year-to-date period of 2026
Daniel R. Wall, President and Chief Executive Officer, commented:
“Our excellent performance this quarter, with double-digit growth across most of our products, is demonstrating that our strategy around operational excellence is working and allowing us to take market share. By focusing on increasing growth in each region, product, and district, we generated tremendous growth and diversification. Our sales, account management, and operations teams all executed extremely well globally this quarter to drive and support this momentum.
“In July we announced the expansion of our Critical Logistics Services (CLS) to include expanded global Aircraft on Ground (AOG) capabilities, further strengthening our presence in time-critical aviation and aerospace logistics. We also continue to invest in our facilities to expand our capacity to meet growing demand for temperature-controlled solutions. By focusing on high-growth markets, we will be able to better serve an even more diverse range of customer needs.”
Q2 2026 Operational Highlights
Airfreight services
: “Air buy and sell rates were highly elevated during the quarter, as demand for air capacity continued to outweigh available space, particularly late in the quarter and driven largely by a reduction in passenger flights and constrained belly capacity due to the conflict in the
Middle East
, home to some of the world's largest commercial air cargo operators. Tonnage increased 14% compared to a year ago and was up 16% compared to Q1 2026, primarily from trade lanes that have been relatively unaffected by the conflict, particularly
Asia
-
U.S
. and
Asia
-
Europe
. The ongoing heavy demand from AI hyperscalers shows no sign of slowing down, and we have seen increased demand for freighter space, as some hyperscalers are requiring upper-deck access for their servers. In addition, e-commerce out of
North Asia
has been climbing closer to where it was before the
U.S
. government began restricting de minimis entries in Q2 2025, putting further pressure on capacity and rates. Given the current geopolitical state of the world and rising fuel costs along with tight capacity and routing challenges, air carriers are under enormous strain and may continue to be for some time.”
Ocean freight and ocean services
: “Despite all of the complications impacting the ocean markets, the carriers have adapted well and managed capacity very carefully, driving an increase in rates particularly late in the quarter as demand also increased. As a result, we may be starting to see a flattening of the long downturn in the ocean market. Volumes increased 7% compared to Q1 2026, the first sequential increase since the third quarter of 2025. Strengthening demand combined with heightened pricing late in the quarter led to an increase in profitability per-container in Q2 2026.”
Customs brokerage and other services
: “For a second consecutive quarter, customs and our other products within Customs brokerage and other services all generated double-digit growth from a diverse range of geographies and business sectors, led by demand from AI hyperscalers and other high-value technology customers. Our customs business benefited from tariff-related complexity, along with solid growth from new customers and increased declarations from existing customers. A temporary surge in IEEPA-related filings drove higher pricing, while cost discipline and productivity investments also helped improve our results.”
David A. Hackett, Senior Vice President and Chief Financial Officer, added:
“Our business performed exceptionally this quarter, and our pipeline of new business is very strong. Included in our results is a
$25 million
pretax restructuring charge related to our Global Technology team. This restructuring was done to modernize and reshape our Global Technology function for the future. 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. We will continue making high-return investments, including additional investments in artificial intelligence and in our technology talent, capabilities, and solutions, consistent with our modernization strategy, to further increase our operating margins over the long term. The restructuring charge was partially offset by a
$16 million
gain on the sale of an underutilized property during the quarter.
“As shown above, our strategic investments continue to enhance productivity as our operating efficiency increased to 32.2% in Q2, inclusive of the restructuring charge and before the lower operating costs noted above take effect. In addition, our second quarter headcount remained essentially flat vs. the first quarter of 2026; these measures do not yet fully include the reduction in headcount from the restructuring activities, which will primarily be realized in the third quarter.”
Mr. Hackett noted that the Company returned
$461 million
in dividends and share repurchases during the quarter and
$748 million
in dividends and share repurchases for the first half of 2026.
2026 Investor Day
Expeditors plans to hold an Investor Day for its shareholders and analysts on the morning of Wednesday, November 18, 2026, in
New York City
.
About Expeditors International of Washington, Inc.:
Expeditors is a global logistics company headquartered in
Bellevue, Washington
. The Company employs trained professionals in 171 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 our ability to take market share, to strengthen our presence in time-critical aviation and aerospace logistics, to expand our capacity to meet growing demand for temperature-controlled solutions, and to better serve an even more diverse range of customer needs; the resilience of our non-asset-based model; strategies and solutions to keep customer freight moving out of and around impacted areas; our disciplined cost control; a strong pipeline of new business and diverse areas of growth; robust demand for our customs brokerage services; our ability to work closely with our customers and carrier partners to find solutions and deliver value, while aligning our resources to maximize profitability; and our ability to achieve benefits from restructuring our Global Technology team and from making investments in technology, including artificial intelligence to help drive productivity gains. Future financial performance could differ materially because of factors such as: 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; volatile rates; the price of fuel or fuel shortages; our ability to deliver differentiated performance because of our customer service culture and compensation model; our ability to continue to process an increasing number of more complex customs clearances; and our ability to remain a strong, healthy, unified and resilient organization. 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, 2025, 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.
1
Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
Expeditors International of Washington, Inc.
Second Quarter 2026 Earnings Release, August 4, 2026
Financial Summary for three and six months ended June 30, 2026 and 2025 (Unaudited)
(in 000's of US dollars except share data)
Three months ended June 30,
Six months ended June 30,
2026
2025
% Change
2026
2025
% Change
Revenues
$
3,502,335
$
2,651,885
32%
$
6,285,297
$
5,318,304
18%
Directly related cost of transportation and other expenses
1
$
2,416,840
$
1,753,357
38%
$
4,227,991
$
3,530,032
20%
Salaries and other operating expenses
2
$
735,877
$
650,792
13%
$
1,412,860
$
1,274,678
11%
Operating income
$
349,618
$
247,736
41%
$
644,446
$
513,594
25%
Net earnings attributable to shareholders
$
266,226
$
183,574
45%
$
495,836
$
387,369
28%
Basic earnings attributable to shareholders per share
$
2.03
$
1.35
50%
$
3.75
$
2.83
33%
Diluted earnings attributable to shareholders per share
$
2.03
$
1.34
51%
$
3.74
$
2.82
33%
Basic weighted average shares outstanding
130,953
136,266
132,241
137,045
Diluted weighted average shares outstanding
131,372
136,631
132,724
137,537
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
Salaries 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 six months ended June 30, 2026, we repurchased 2.3 million and 4.3 million shares of common stock at an average price of
$151.50
and
$148.87
. During the three and six months ended June 30, 2025, we repurchased 2.0 million and 3.5 million shares of common stock at an average price of
$112.05
and
$114.31
per share.
Employee Full-time Equivalents as of June 30,
2026
2025
North America
7,530
7,214
Europe
4,204
4,040
North Asia
2,302
2,306
South Asia
2,111
1,934
Middle East
,
Africa
and
India
1,534
1,463
Latin America
900
877
Global Technology
1,406
1,419
Corporate
402
413
Total
20,389
19,666
Second quarter year-over-year percentage increase (decrease) in:
2026
Airfreight
kilos
Ocean freight
FEU
April
13%
(9)%
May
14%
(1)%
June
15%
9%
Quarter
14%
—
Investors may submit written questions via email to:
[email protected]
. Questions received by the end of business on August 7, 2026 will be considered in management's 8-K “Responses to Selected Questions.”
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
June 30, 2026
December 31, 2025
Assets:
Current Assets:
Cash and cash equivalents
$
1,031,448
$
1,314,285
Accounts receivable, less allowance for credit loss of
$7,299
at June 30, 2026 and
$7,241
at December 31, 2025
2,631,118
2,021,889
Deferred contract costs
259,486
283,281
Other
84,969
136,167
Total current assets
4,007,021
3,755,622
Property and equipment, less accumulated depreciation and amortization of
$665,264
at June 30, 2026 and
$651,087
at December 31, 2025
451,086
462,122
Operating lease right-of-use assets
546,607
550,162
Goodwill
7,927
7,927
Deferred income tax asset, net
103,092
101,671
Other assets, net
19,177
16,134
Total assets
$
5,134,910
$
4,893,638
Liabilities:
Current Liabilities:
Accounts payable
$
1,468,305
$
1,123,429
Accrued expenses
607,664
448,055
Contract liabilities
348,857
358,386
Current portion of operating lease liabilities
116,234
110,891
Federal, state and foreign income taxes payable
18,378
32,046
Total current liabilities
2,559,438
2,072,807
Noncurrent portion of operating lease liabilities
451,051
459,698
Deferred income tax liability, net
3,348
3,040
Shareholders’ Equity:
Common stock, par value
$0.01
per share. Issued and outstanding: 130,021 shares at June 30, 2026 and 133,884 shares at December 31, 2025
1,300
1,339
Additional paid-in capital
—
—
Retained earnings
2,309,720
2,538,455
Accumulated other comprehensive loss
(192,318
)
(184,161
)
Total shareholders’ equity
2,118,702
2,355,633
Noncontrolling interest
2,371
2,460
Total equity
2,121,073
2,358,093
Total liabilities and equity
$
5,134,910
$
4,893,638
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Revenues:
Airfreight services
$
1,494,842
$
951,787
$
2,525,705
$
1,853,547
Ocean freight and ocean services
710,922
675,782
1,309,806
1,457,447
Customs brokerage and other services
1,296,571
1,024,316
2,449,786
2,007,310
Total revenues
3,502,335
2,651,885
6,285,297
5,318,304
Operating Expenses:
Airfreight services
1,134,773
698,402
1,904,256
1,346,896
Ocean freight and ocean services
531,886
483,475
947,907
1,057,376
Customs brokerage and other services
750,181
571,480
1,375,828
1,125,760
Salaries and related
573,698
471,336
1,073,269
929,273
Rent and occupancy
68,428
65,741
136,884
130,084
Depreciation and amortization
12,695
13,847
26,570
28,451
Selling and promotion
9,894
9,928
20,265
18,502
Other
71,162
89,940
155,872
168,368
Total operating expenses
3,152,717
2,404,149
5,640,851
4,804,710
Operating income
349,618
247,736
644,446
513,594
Other Income:
Interest income
6,821
9,183
15,461
18,367
Other, net
2,022
1,050
5,040
1,889
Other income, net
8,843
10,233
20,501
20,256
Earnings before income taxes
358,461
257,969
664,947
533,850
Income tax expense
91,203
74,050
167,645
145,832
Net earnings
267,258
183,919
497,302
388,018
Less net earnings attributable to the noncontrolling interest
1,032
345
1,466
649
Net earnings attributable to shareholders
$
266,226
$
183,574
$
495,836
$
387,369
Basic earnings attributable to shareholders per share
$
2.03
$
1.35
$
3.75
$
2.83
Diluted earnings attributable to shareholders per share
$
2.03
$
1.34
$
3.74
$
2.82
Weighted average basic shares outstanding
130,953
136,266
132,241
137,045
Weighted average diluted shares outstanding
131,372
136,631
132,724
137,537
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Operating Activities:
Net earnings
$
267,258
$
183,919
$
497,302
$
388,018
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for losses on accounts receivable
2,381
1,051
3,181
1,812
Deferred income tax benefit
794
(7,523
)
(968
)
(7,447
)
Stock compensation expense
32,200
27,267
45,023
38,816
Depreciation and amortization
12,695
13,847
26,570
28,451
Other, net
(14,261
)
4,474
(16,144
)
6,765
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(575,863
)
(57,984
)
(625,376
)
50,165
Increase in accounts payable and accrued liabilities
441,269
61,885
509,620
43,466
(Increase) decrease in deferred contract costs
(84,703
)
(21,617
)
16,433
54,356
Increase (decrease) in contract liabilities
96,590
16,961
(1,999
)
(72,327
)
(Decrease) increase in income taxes payable, net
(1,124
)
(44,668
)
37,459
(14,328
)
Decrease (increase) in other, net
1,404
1,600
(3,227
)
4,087
Net cash from operating activities
178,640
179,212
487,874
521,834
Investing Activities:
Purchase of property and equipment
(11,991
)
(15,875
)
(24,603
)
(29,027
)
Other, net
21,356
24
21,486
180
Net cash from investing activities
9,365
(15,851
)
(3,117
)
(28,847
)
Financing Activities:
Proceeds on borrowings on lines of credit, net
(15
)
92
2,849
287
Proceeds from issuance of common stock
1,236
5,132
4,362
18,175
Repurchases of common stock
(354,907
)
(231,116
)
(642,531
)
(408,470
)
Dividends paid
(105,770
)
(104,139
)
(105,770
)
(104,139
)
Payments for taxes related to net share settlement of equity awards
(13,999
)
(9,844
)
(21,543
)
(10,353
)
Distribution to noncontrolling interest
(869
)
—
(1,519
)
(1,346
)
Net cash from financing activities
(474,324
)
(339,875
)
(764,152
)
(505,846
)
Effect of exchange rate changes on cash and cash equivalents
1,270
14,156
(3,442
)
20,701
Change in cash and cash equivalents
(285,049
)
(162,358
)
(282,837
)
7,842
Cash and cash equivalents at beginning of period
1,316,497
1,318,520
1,314,285
1,148,320
Cash and cash equivalents at end of period
$
1,031,448
$
1,156,162
$
1,031,448
$
1,156,162
Taxes Paid:
Income taxes
$
93,513
$
125,277
$
129,030
$
165,901
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 June 30, 2026:
Revenues
$1,164,252
141,860
68,181
817,046
568,779
519,885
225,216
(2,884)
3,502,335
Directly related cost of transportation and other expenses
1
$666,578
89,325
39,879
670,698
449,872
336,532
166,068
(2,112)
2,416,840
Salaries and related costs
$328,706
24,597
12,690
45,558
37,556
99,696
24,895
-
573,698
Other operating expenses
2
$(504)
16,705
10,276
40,834
32,091
49,880
13,670
(773)
162,179
Operating income
$169,472
11,233
5,336
59,956
49,260
33,777
20,583
1
349,618
Identifiable assets at period end
$2,499,046
199,633
136,582
580,755
518,374
858,781
350,672
(8,933)
5,134,910
Capital expenditures
$6,240
796
186
282
775
2,563
1,149
-
11,991
Depreciation and amortization
$7,133
515
248
1,184
737
2,095
783
-
12,695
Equity
$1,270,494
58,576
61,342
175,652
205,374
320,189
190,235
(160,789)
2,121,073
For the three months ended June 30, 2025:
Revenues
$877,325
108,128
66,904
636,785
359,531
449,712
155,458
(1,958)
2,651,885
Directly related cost of transportation and other expenses
1
$454,354
67,428
40,945
507,413
277,355
293,878
113,243
(1,259)
1,753,357
Salaries and related costs
$266,018
20,205
11,030
36,686
28,567
88,913
19,917
-
471,336
Other operating expenses
2
$31,859
16,726
9,745
36,820
28,117
41,878
15,015
(704)
179,456
Operating income
$125,094
3,769
5,184
55,866
25,492
25,043
7,283
5
247,736
Identifiable assets at period end
$2,554,090
186,248
105,069
523,858
354,318
789,514
286,466
(13,082)
4,786,481
Capital expenditures
$6,146
257
274
4,545
1,189
1,928
1,536
-
15,875
Depreciation and amortization
$7,896
499
253
1,176
622
2,791
610
-
13,847
Equity
$1,475,449
57,602
37,810
192,012
119,338
191,551
162,159
(38,638)
2,197,283
UNITED
STATES
OTHER
NORTH
AMERICA
LATIN
AMERICA
NORTH
ASIA
SOUTH
ASIA
EUROPE
MIDDLE
EAST,
AFRICA
AND
INDIA
ELIMI-
NATIONS
CONSOLI-
DATED
For the six months ended June 30, 2026:
Revenues
$2,118,829
271,494
127,176
1,419,962
991,955
968,759
392,374
(5,252)
6,285,297
Directly related cost of transportation and other expenses
1
$1,157,712
170,618
73,421
1,152,422
774,117
618,601
284,840
(3,740)
4,227,991
Salaries and related costs
$610,875
47,589
24,082
82,546
69,233
193,350
45,594
-
1,073,269
Other operating expenses
2
$36,023
31,439
18,829
75,959
59,697
92,649
26,493
(1,498)
339,591
Operating income
$314,219
21,848
10,844
109,035
88,908
64,159
35,447
(14)
644,446
Identifiable assets at period end
$2,499,046
199,633
136,582
580,755
518,374
858,781
350,672
(8,933)
5,134,910
Capital expenditures
$13,808
1,047
335
1,082
1,813
4,662
1,856
-
24,603
Depreciation and amortization
$14,386
1,015
494
2,526
1,565
5,010
1,574
-
26,570
Equity
$1,270,494
58,576
61,342
175,652
205,374
320,189
190,235
(160,789)
2,121,073
For the six months ended June 30, 2025:
Revenues
$1,731,774
224,613
129,293
1,331,793
724,108
872,507
308,330
(4,114)
5,318,304
Directly related cost of transportation and other expenses
1
$906,271
140,621
77,380
1,061,907
558,850
565,594
222,091
(2,682)
3,530,032
Salaries and related costs
$524,107
39,797
21,468
77,047
56,639
170,462
39,753
-
929,273
Other operating expenses
2
$54,407
31,554
19,659
74,566
51,402
85,237
30,043
(1,463)
345,405
Operating income
$246,989
12,641
10,786
118,273
57,217
51,214
16,443
31
513,594
Identifiable assets at period end
$2,554,090
186,248
105,069
523,858
354,318
789,514
286,466
(13,082)
4,786,481
Capital expenditures
$14,553
483
499
5,050
2,063
3,084
3,295
-
29,027
Depreciation and amortization
$16,834
996
504
2,232
1,192
5,437
1,256
-
28,451
Equity
$1,475,449
57,602
37,810
192,012
119,338
191,551
162,159
(38,638)
2,197,283
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.
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Daniel R. Wall
President and Chief Executive Officer
(206) 674-3455
David A. Hackett
Senior Vice President and Chief Financial Officer
(206) 674-3400
Geoffrey Buscher
Director - Investor Relations
(206) 892-4510
Source: Expeditors International of Washington, Inc.