Expeditors International of Washington (EXPD) 10-K Summary — Year Ended Dec 31, 2024
Expeditors International of Washington, Inc. is a customs broker and logistics services provider. In the most recent fiscal year, revenue grew but operating cash flow declined as the company invested in working capital.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Expeditors International of Washington, Inc. is a customs broker and logistics services provider. In the most recent fiscal year, revenue grew but operating cash flow declined as the company invested in working capital.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$10.6B
Revenue reported for the fiscal year.
Operating income
$1B
Income from operations reported for the year.
Net income
$810.1M
Net income reported for the year.
Operating cash flow
$723.4M
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% |
| Dec 31, 2024 | $10.6B | +14.0% |
Business overview
The company operates as a customs broker, making significant cash advances to cover customer duties and taxes to customs authorities worldwide. It also provides related logistics services. The company has no long-term debt and relies on operating cash flows and its cash position for liquidity.
Financial performance
Revenue increased compared to the prior year. Operating cash flow decreased due to working capital investments made to support business growth. Operating income and net income were positive.
Material risks
The company's cash advances to customers may increase if duty rates rise, potentially affecting liquidity. The company also faces contingent liabilities related to standby letters of credit. No other specific risk factors were detailed in the supplied filing context.
Liquidity and capital
The company maintains a strong cash position with no long-term debt aside from lease liabilities. Management believes current cash and operating cash flows are sufficient for the coming year and beyond.
What to watch
Monitor the trend in operating cash flow, as it declined in the most recent period due to working capital investments.