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Expeditors Int'l
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Updated Aug 5, 2026
Expeditors Q2 2026: AI infrastructure demand drives 57% airfreight revenue surge; Strait of Hormuz closure and Supreme Court IEEPA ruling introduce new structural trade risks.
Expeditors delivered its strongest quarterly airfreight performance in recent history, with Q2 2026 airfreight revenues rising 57% year-over-year on a 44% increase in average sell rates and 14% volume growth, driven directly by technology customers scaling AI infrastructure. The Strait of Hormuz closure — a new geopolitical disruption not present in prior filings — constrained airfreight capacity beyond the Middle East and triggered carrier surcharges beginning March 2026, adding cost pressure even as demand remained robust. Ocean freight returned to modest growth in Q2 after three consecutive quarters of rate and volume declines, with South Asia container volumes up 6-9%, though the six-month picture remains in decline as H1 2025 tariff pull-forward demand sets a difficult comparable.
Tone: mixedRevenue
$11.1B
EXPD 10-K · FY 2025
Revenue FY2024
$10.6B
Headquarters
Bellevue, WA
Profile
EXPD 10-K Item 1 · Feb 25, 2026Expeditors International of Washington is a non-asset-based global logistics company providing air and ocean freight forwarding, customs brokerage, warehousing, and supply chain solutions across more than 60 countries. The company generates revenue by consolidating freight volumes to negotiate favorable carrier rates and reselling that capacity to customers. It operates through five geographic segments and does not own or operate transportation assets.
Read filing description ↓ Collapse description ↑
Expeditors International of Washington, Inc. provides a full suite of global logistics services. Our services include air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking, and other supply chain solutions. We do not compete for overnight courier or small parcel business. As a non-asset-based carrier, we do not own or operate transportation assets. We derive our revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by our customer. We generate the major portion of our air and ocean freight revenues by purchasing transportation services on a volume basis from direct (asset-based) carriers and then reselling that space to our customers. By consolidating shipments from multiple customers and concentrating our buying power, we are able to negotiate favorable buy rates from the direct carriers, while at the same time offering lower sell rates than customers would otherwise be able to negotiate themselves. Customs brokerage and other services involve providing services at destination, such as helping customers clear shipments through customs by preparing and filing required documentation, calculating and providing for payment of duties and other taxes on behalf of customers as well as arranging for any required inspections by governmental agencies. We manage our company along five geographic areas of responsibility: Americas; North Asia; South Asia; Europe; and Middle East, Africa and India (MAIR).
Primary products
- Airfreight services
- Ocean freight and ocean services
- Customs brokerage and other services
- Warehousing and distribution
- Purchase order management
- Vendor consolidation
Business segments
End markets
Geographies
Named customers
“The global logistics services industry is intensely competitive and is expected to remain so for the foreseeable future. There are a large number of companies competing in one or more segments of the industry, but the number of firms with a global network that offer a full complement of logistics services is more limited.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenues increased 4% in 2025 as strong demand for most services was partially offset by a drop in ocean revenues.
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