EXPDEXPEDITORS INTERNATIONAL OF WASHINGTON INC

Arrangement Of Transportation Of Freight & Cargo

Revenue: $11.1B; 4.4% YoY
Operating margin: 9.5%; 3.2% YoY
EBITDA: $1.1B; 0.6% YoY
Market cap: $25.9B
Employees: 20,000; $553K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.2; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
124% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
87% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$553K · 58th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 58th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$25.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.5B	$17.1B	$9.3B	$10.6B	$11.1B	4.4%
Operating income	$1.9B	$1.8B	$940M	$1.0B	$1.1B	1.1%
Net income	$1.4B	$1.4B	$753M	$810M	$810M	0.0%
Operating cash flow	$868M	$2.1B	$1.1B	$723M	$1.0B	39%
Capex	$36M	$87M	$39M	$40M	$53M	31%
Stock-based comp	$69M	$64M	$58M	$64M	$69M	7.6%
Buybacks	$515M	$1.6B	$1.4B	$855M	$667M	22%
Dividends	$196M	$214M	$202M	$204M	$207M	1.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 4
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.