EXPD earnings analysis
What we found in EXPD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Expeditors International reported strong Q1 2026 results with revenues of $2.78 billion, exceeding expectations by 6.66%, and earnings per share of $1.71, which was a 27.61% surprise compared to estimates. However, segment analysis reveals a significant 23% decline in ocean freight revenues, while airfreight services grew by 14% and customs brokerage by 17%. Management highlights a mix of strengths and headwinds moving forward, including robust demand for customs services but trouble in ocean freight due to changing economic conditions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue reached $2.78 billion, up 4% YoY, exceeding estimates by 6.66%.
- Significant EPS Beat
- EPS increased to $1.71, beating estimates by 27.61%, up 16% from the previous year.
- Airfreight Services Surge
- Airfreight revenues up 14%, driven by increased tonnage from technology sector demand.
- Customs Brokerage Expansion
- Customs brokerage revenues grew 17%, reflecting higher demand and complex clearances.
- Operating Income Improvement
- Operating income increased 11% year-over-year.
- Return to Shareholders
- $288 million returned to shareholders via common stock repurchases.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Ocean Freight Decline
- Ocean freight revenues dropped 23% due to reduced demand and falling rates.
- Geopolitical Risks
- Conflict in the Middle East may affect air and ocean freight capacities and pricing.
- Uncertain Economic Conditions
- General economic volatility could impact demand and pricing in logistics.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.71
- Segment
- Airfreight Services: $1.03B
- Segment
- Ocean Freight Services: $598.88M
- Segment
- Customs Brokerage: $1.15B
What they said about what is next.
Outlook indicates robust demand for customs brokerage despite ocean freight challenges.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- Expeditors reported a Q4 beat with revenue of $2,855,000,000 and diluted EPS of $1.49, while the 10-K emphasizes scale (≈20,000 employees, 172 district offices), a service mix skewed to air (36%) and customs brokerage…
- 10-Q · May 8, 2025
- Expeditors reported a strong Q1 with revenue of $2,666,419,000 and operating income of $265,858,000, driving a 20% increase in net earnings attributable to shareholders to $203,795,000 versus Q1 2024. Cash from…
- 10-K · February 21, 2025
- Expeditors emphasizes organic, technology-driven, non-asset logistics growth with a global district network and a single enterprise technology platform. 2024 results show diversified revenue mix (Air ~34%, Ocean ~30%,…
- 10-Q · November 5, 2024
- Expeditors reported a strong third quarter with revenue of $3.0 billion and diluted EPS of $1.63, driven by sharp rate and volume gains in ocean and airfreight. Operating income increased to $301.5 million (up 40% YoY)…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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