Expeditors International of Washington (EXPD) 10-K Summary — Year Ended Dec 31, 2023
Expeditors International filed its annual report for the period ended December 31, 2023. The report highlights a significant decline in revenue, a strong liquidity position with no debt, and a decrease in operating cash flow due to a slowdown in operations.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Expeditors International filed its annual report for the period ended December 31, 2023. The report highlights a significant decline in revenue, a strong liquidity position with no debt, and a decrease in operating cash flow due to a slowdown in operations.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$9.3B
Revenue reported for the fiscal year.
Operating income
$939.9M
Income from operations reported for the year.
Net income
$752.9M
Net income reported for the year.
Operating cash flow
$1.1B
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, 2021 | $16.5B | n/a |
| Dec 31, 2022 | $17.1B | +3.3% |
| Dec 31, 2023 | $9.3B | -45.5% |
Business overview
The filing does not provide a description of the company's business. The referenced Item 1 (Business) is not included in the supplied text.
Financial performance
Revenue for the year decreased substantially from the prior year. Operating cash flow also declined compared to the prior year, primarily due to lower net earnings and changes in working capital reflecting a slowdown in operations and declining sell and buy rates. Net income and operating income were reported as positive figures.
Material risks
The filing does not include a detailed risk factors section. The only risk-related context is the mention of a slowdown in operations and declining sell and buy rates in the management discussion, which could indicate ongoing challenges.
Liquidity and capital
The company's principal liquidity source is cash and operating cash flows. At period end, the company had significant working capital and no long-term debt. Operating cash flow decreased as noted. The company also makes cash advances to customers for customs duties and taxes.
What to watch
The next filing should provide updated revenue and operating cash flow figures to assess whether the slowdown in operations and declining sell and buy rates have persisted.