Company Reports

Expeditors International ranks among the top 10 global freight forwarders in a fragmented industry, and its record of impressive financial performance leads the industry. It operates more than 250 offices on six continents, with exposure to a wide range of trade lanes. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space and then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, as well as multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has posted strong returns on capital of nearly 35% over the past decade, with help from its wide economic moat, rooted in a self-reinforcing network effect.

Expeditors International's second-quarter gross revenue surged 32% on strong airfreight tonnage and customs brokerage growth, coupled with spiking fuel surcharges. Operating profitability posted a solid improvement as well.

Expeditors International's first-quarter gross revenue trend flipped positive year over year (up 4%) on strong airfreight tonnage and customs brokerage growth, partly offset by tough comps for ocean demand and pricing (previous import pull-forward). Operating profitability also inflected upward.

Expeditors International ranks among the top 10 global freight forwarders in a fragmented industry, and its record of impressive financial performance leads the pack. It operates more than 250 offices on six continents, with exposure to a wide range of trade lanes. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space and then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, as well as multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has posted strong returns on capital of nearly 3% over the past decade, with help from its wide economic moat, rooted in a self-reinforcing network effect.

Expeditors International ranks among the top 10 global freight forwarders in a fragmented industry, and its record of impressive financial performance leads the pack. It operates more than 250 offices on six continents, with exposure to a wide range of trade lanes. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space and then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has posted strong returns on capital near 35% over the past decade, with help from its wide economic moat, which is rooted in the self-reinforcing network effect.

Expeditors International ranks among the top 10 global freight forwarders in a fragmented industry, and its record of impressive financial performance leads the pack. It operates more than 250 offices on six continents, with exposure to a wide range of trade lanes. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space and then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has posted excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the self-reinforcing network effect.

Expeditors International's fourth-quarter gross revenue fell 3% year over year as the US import pull-forward ended, creating tough comps for ocean demand and pricing. Operating profitability deteriorated but remains strong relative to competitors.

Several North American freight brokerage names, including truck brokers and global forwarders, sold off on Feb. 12. We suspect this was driven by speculative concerns over potential AI-related disruption—a dynamic that seems to be making its way around several sectors of the economy.

Expeditors International's third-quarter gross revenue flipped negative, falling 3.5% year over year as the US import pull-forward dissipated and the end of the US de minimis exemption tempered airfreight shipments. Operating profitability worsened but remains strong relative to competitors.

Expeditors International ranks among the top 10 global freight forwarders in a fragmented industry, and its record of impressive financial performance leads the pack. It operates more than 250 offices on six continents, with exposure to a wide range of trade lanes. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space and then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has generated excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the self-reinforcing network effect.

Expeditors International ranks among the top 10 global freight forwarders in a fragmented industry, and its record of impressive financial performance leads the industry. The company operates more than 250 offices on six continents, with exposure to a wide range of trade lanes. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has generated excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the self-reinforcing network effect.

Expeditors International's second-quarter gross revenue grew 9% year over year as shippers continued pulling forward imports ahead of tariffs in the quarter. While still quite strong relative to competitors, operating profitability declined year over year.

Expeditors International ranks among the top 10 global freight forwarders in a highly fragmented industry, and its record of impressive financial performance leads the industry. The company operates more than 250 offices on six continents, with exposure to a wide range of trade lanes. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has generated excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the self-reinforcing network effect.

Expeditors International's first-quarter gross revenue grew 21% year over year, largely because shippers continued pulling forward imports ahead of US tariffs. As a result, operating profitability also held strong in the quarter.

Expeditors International ranks among the top 10 global freight forwarders in a highly fragmented industry, and its record of impressive financial performance leads the industry. The company operates more than 250 offices on six continents, with a core focus on Asia-North America trade lanes, though it has expanded its presence on key intra-China and European freight lanes over the past decade. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has generated excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the self-reinforcing network effect.

Expeditors International ranks among the top 10 global freight forwarders in a highly fragmented industry, and its record of impressive financial performance leads the industry. The company operates more than 250 offices on six continents, with a core focus on Asia-North America trade lanes, though it has expanded its presence on key intra-China and European freight lanes over the past decade. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space then fills that capacity with customers' freight. A large customs brokerage operation (including value-added warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has generated excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the self-reinforcing network effect.

Expeditors International ranks among the top 10 global freight forwarders in a highly fragmented industry, and its record of impressive financial performance leads the industry. The company operates more than 250 offices on six continents, with a core focus on Asia-North America trade lanes, though it's also been expanding its presence on key intra-China and European freight lanes over the past decade. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space then fills that capacity with customers' freight. A large customs brokerage operation (including warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has generated excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the network effect.

Expeditors International's fourth-quarter gross revenue jumped 30% year over year as air and ocean capacity stayed tight and shippers continued pulling forward imports ahead of potential East Coast port disruption and tariffs. As a result, operating profitability also held strong in the quarter.

Expeditors International ranks among the top 10 global freight forwarders in a highly fragmented industry, and its record of impressive financial performance leads the industry. The company operates more than 250 offices on six continents, with a core focus on Asia-North America trade lanes, though it's also been expanding its presence on key intra-China and European freight lanes over the past decade. As a global forwarder, the company contracts with airlines and ocean carriers for cargo space then fills that capacity with customers' freight. A large customs brokerage operation (including warehousing and distribution services) complements air and ocean services, along with multimodal and final-mile delivery services in North America (Transcon). Expeditors' asset-light model has generated excellent returns on capital near 40% over the past decade, with help from its wide economic moat, which is rooted in the network effect.

Expeditors International's third-quarter gross revenue surged 37% year over year—it was up 9% last quarter and down 15% in the first quarter. Revenue handily beat our forecast on significantly higher-than-expected air and ocean volume and pricing momentum driven in large part by Red Sea-related disruption (firm capacity) and shippers pulling forward peak season freight ahead of labor disruption at the East Coast ports. Strong demand growth among e-commerce end market shippers also played a role.