Expeditors International Of Washington Inc

Company facts

Industry

Arrangement of Transportation of Freight & Cargo

Headquarters

Bellevue, Washington

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

Washington

Filings on record

1,000+ filings

On EDGAR

CIK 746515

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 13 sections worth reading, with 6 positive, 13 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes with restructuring, tax dispute, and buyback details.
  Positive

  • Favorable Supreme Court of India ruling dismissed a significant portion of the ITA's tax claims.
  Notable

  • Indian tax authority still claims additional income and service tax; remaining matters could add significant expense.
  • Effective tax rate fell to 23.1% in Q3 2026 from 25.2% in Q3 2025, helped by licensing income and R&D credits.
  • Board authorized a new $3.0B share repurchase program effective July 1, 2026, with no expiration.
  • Restructuring of Global Technology group with $25M expected charges, most recognized in Q2 2026.

• Management's Discussion (Item 2)

  Revenue +42%, operating income +55%, EPS +62% to $2.65; strong results across all services.
  Positive

  • Revenue +42%, operating income +55%, EPS +62% to $2.65 in Q3 2026 vs Q3 2025.
  • Returned $197M to shareholders via stock repurchases in Q3 2026.
  • Airfreight tonnage up 13% in Q3 2026, driven by tech customers investing in AI infrastructure.
  • Ocean containers shipped up 7% in Q3 2026; average sell rates up 52%, buy rates up 61%.
  • Cash from operations $213M in Q3 2026 vs $201M in Q3 2025; working capital $1.66B, no long-term debt.
  Notable

  • Borrowings on credit lines $37M; contingent liability for $88M in standby letters of credit and guarantees.
  • Fixed lease obligations $814M total, $151M due within 12 months; purchase obligations $302M.
  • $656M cash held by non-U.S. subsidiaries; earnings not considered indefinitely reinvested.
  Negative

  • New U.S. tariffs imposed July 2026 create uncertainty; customers accelerating shipments to manage exposure.
  • Middle East conflict disrupted MAIR operations since Feb 2026; Strait of Hormuz closure affects capacity.

• Market Risk (Item 3)

  Quantified FX sensitivity and transactional losses; no derivatives used; no debt.
  Notable

  • 10% USD weakening would raise operating income ~$60M; 10% strengthening would cut ~$49M.
  • Net FX transactional losses $10M for nine months ended Sep 30, 2026, vs $20M in prior year.
  • Translation losses in OCI: $9M loss for nine months ended Sep 30, 2026 vs $44M gain in prior year.
  • No derivatives used; instead accelerates intercompany settlements. $244M net unsettled intercompany at Sep 30, 2026.
  • No long-term debt at September 30, 2026; cash of $1.092B, $360M at short-term rates.

• Unregistered Sales and Repurchases (Item 2)

  New $3.0B buyback program active; 1.1M shares repurchased in Q3 2026 at $178.36 avg.
  Notable

  • Prior program expired July 1, 2026 when shares outstanding hit 130M; 21 shares bought under it.

What changed: Sep 2026 vs. Jun 2026

About 6% of EXPD's Sep 2026 10-Q is new information. 13 paragraphs were added, 64 changed, and 35 removed. Below are the most important lines SECSift identified.

• Item 2 45
• Item 1 13
• Item 3 3
• Item 6 2
• Item 4 1
• Item 5 1