Expeditors International of Washington (EXPD) 10-K Summaries & Annual Filing History
Review Expeditors International of Washington, Inc. (EXPD) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Expeditors International of Washington filed its annual report for the most recent fiscal year. The filing describes a global logistics and customs brokerage business, with financial results showing growth in revenue and operating cash flow compared to the prior period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11.1B
Revenue reported for the fiscal year.
Operating income
$1.1B
Income from operations reported for the year.
Net income
$810.3M
Net income reported for the year.
Operating cash flow
$1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $17.1B | +3.3% |
| Dec 31, 2023 | $9.3B | -45.5% |
| Dec 31, 2024 | $10.6B | +14.0% |
| Dec 31, 2025 | $11.1B | +4.4% |
Business overview
The company is a global logistics provider offering freight forwarding, customs brokerage, and related services. It acts as a customs broker, making short-term cash advances for select customers to pay duties and taxes, which are treated as pass-through items. The business operates through a network of offices worldwide, focusing on managing the movement of goods across borders.
Financial performance
Revenue increased compared to the prior year, while operating income and net income followed a similar direction. Operating cash flow improved substantially, driven primarily by collection of accounts receivable.
Material risks
The filing states that higher duty rates have increased the amounts advanced on behalf of customers, which could affect liquidity if reimbursement is delayed. The company also notes that it has no long-term debt, but contingent liabilities related to standby letters of credit exist. As a customs broker, the business is exposed to changes in trade regulations and customs policies.
Liquidity and capital
The company generates liquidity primarily from cash and cash equivalents and operating activities, with working capital and cash balances at the end of the period. Management expects current cash and operating cash flows to meet capital requirements for at least the next twelve months and beyond, including contingent liabilities.
What to watch
Monitor changes in the level of customer cash advances for duties and taxes, as higher duty rates could pressure liquidity if reimbursement cycles lengthen.