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Expeditors International of Washington Inc EXPD Stock Quote

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Morningstar‘s Stock Analysis EXPD

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Expeditors' Volume and Pricing Surge Unwinding, but Net EBIT Margins Holding Strong

Matthew Young, CFA Senior Equity Analyst

Business Strategy and Outlook

| Matthew Young, CFA |

Expeditors International ranks among the top 10 global freight forwarders in a fragmented industry, and its record of impressive financial performance leads the pack. 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 gradually expanding its presence on key intra-China and European freight 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 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 generates impressive returns on capital, with help from its wide economic moat, which is rooted in the network effect.

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Key Statistics EXPD

Company Profile EXPD

Business Description

Expeditors International of Washington is a non-asset-based third-party logistics provider, mainly focused on international freight forwarding. It employs sophisticated IT systems and contracts with airlines and ocean carriers to move customers' freight across the globe. The firm operates more than 200 full-service office locations worldwide, in addition to numerous satellite locations. In 2021, Expeditors derived 38% of consolidated net revenue from airfreight, 27% from ocean freight, and 35% from customs brokerage and other services.

1015 Third Avenue
Seattle, WA, 98104
T +1 206 674-3400
Industry Integrated Freight & Logistics
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 19,000

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