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Expeditors International (EXPD) delivered modest FY2025 growth with revenue up 4.4% to $11.07B and net income essentially flat at $810M, while operating cash flow surged 39.1% to $1.01B, reflecting strong cash generation despite slight margin compression.
营业收入
$11.07B
同比 ++4.42%
每股收益（基本）
$5.97
同比 ++3.83%
营业利润
$1.05B
同比 ++1.08%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
EXPD FY2025 营收 $11.07B，同比增长 4.4%。 净利润 $810.33M，同比增长 0.0%，稀释每股收益 $5.95。
Total revenue increased 4.4% year-over-year to $11.07B in FY2025 (from $10.60B in the prior year), suggesting a recovery in freight volumes and/or improved pricing across Expeditors' global logistics network.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Operating margin declined modestly from 9.82% to 9.51% year-over-year, indicating that cost growth outpaced revenue growth slightly, likely reflecting higher operating expenses or mix shifts in the business.
来源: Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Operating cash flow jumped 39.1% to $1.01B in FY2025 from $723M in the prior year, demonstrating significantly improved cash conversion and working capital management relative to reported earnings.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Expeditors repurchased $667M in shares during FY2025, down 22% from $855M in the prior year, while still returning substantial capital to shareholders and contributing to a 3.8% increase in basic EPS to $5.97.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Cash and equivalents grew 14.5% to $1.31B, stockholders' equity rose 6.0% to $2.36B, and the current ratio stood at 1.81x, reflecting a healthy and liquid balance sheet with no apparent near-term financial stress.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
Expeditors operates as a non-asset-based freight forwarder, making its revenue highly sensitive to global trade volumes and freight rate fluctuations. A downturn in global trade activity or a sharp decline in air or ocean freight rates could materially reduce revenue and profitability. The modest 4.4% revenue growth alongside flat net income highlights this sensitivity.
来源: Source: 10-K Financial Data (XBRL)
Operating margin compressed from 9.82% to 9.51% in FY2025, suggesting that cost growth is outpacing revenue growth. Sustained margin pressure could erode profitability if freight volumes or rates weaken while fixed and semi-fixed costs remain elevated.
来源: Source: 10-K Key Ratios (XBRL Financial Data)
Expeditors spent $667M on share repurchases in FY2025, representing a significant portion of its $1.01B operating cash flow. While buybacks support EPS growth, an aggressive pace of capital return limits financial flexibility for acquisitions or investments during market downturns.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
As a global freight forwarder, Expeditors is exposed to disruptions from geopolitical tensions, trade policy changes (e.g., tariffs, sanctions), and supply chain dislocations. Such events can rapidly shift freight lanes, reduce volumes, or increase operational complexity and costs.
来源: Source: 10-K Financial Data (XBRL)
The freight forwarding industry is highly competitive, with customers frequently rebidding contracts and seeking lower rates. Any loss of major customers or inability to maintain competitive pricing could disproportionately impact Expeditors' revenue given the relatively thin operating margins in the sector.
来源: Source: 10-K Financial Data (XBRL)
FY2025 实际 EPS $1.49，分析师一致预期 $1.49，不及预期 -0.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $11.07B | $10.6B | +4.42% |
营业利润 | $1.05B | $1.04B | +1.08% |
净利润 | $810.33M | $810.07M | +0.03% |
每股收益（基本） | $5.97 | $5.75 | +3.83% |
每股收益（稀释） | $5.95 | $5.72 | +4.02% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $4.89B | $4.75B | +2.93% |
流动资产 | $3.76B | $3.66B | +2.62% |
流动负债 | $2.07B | $2.07B | +0.31% |
股东权益 | $2.36B | $2.22B | +5.97% |
现金及等价物 | $1.31B | $1.15B | +14.45% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.01B | $723.36M | +39.14% |
投资活动现金流 | $-44.7M | $-40.52M | -10.32% |
筹资活动现金流 | $-802.48M | $-1.03B | +21.73% |
股票回购 | $667.31M | $855.06M | -21.96% |
折旧及摊销 | $56.77M | $61.09M | -7.07% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 9.5% | 9.8% | -0.31% |
净利率 | 7.3% | — | — |
净资产收益率 | 34.4% | — | — |
总资产收益率 | 16.6% | — | — |
流动比率 | $1.812 | — | — |
Air Freight & Logistics 行业其他公司
Expeditors International reported FY2025 revenue of $11.07B, up 4.4% year-over-year, with net income essentially flat at $810M. Operating cash flow was a standout, surging 39.1% to $1.01B, reflecting strong cash generation even as operating margin compressed slightly to 9.51%.
Yes, Expeditors' basic EPS grew 3.8% to $5.97 in FY2025 (from $5.75 in the prior year), and diluted EPS rose 4.0% to $5.95. The EPS improvement outpaced flat net income growth because share buybacks of $667M reduced the outstanding share count.
Key risks for Expeditors include its sensitivity to global freight market cycles and trade volumes, ongoing operating margin pressure (margin declined from 9.82% to 9.51%), and geopolitical/trade policy disruptions that could shift freight lanes or reduce volumes. The company's heavy capital return program ($667M in buybacks) also limits financial flexibility.
Expeditors returned $667M to shareholders through share repurchases in FY2025, down 22% from $855M in the prior year. The company's cash position also grew 14.5% to $1.31B, indicating it retained significant liquidity while still executing a substantial buyback program.
Expeditors' financial health appears solid: it holds $1.31B in cash, has a current ratio of 1.81x, stockholders' equity of $2.36B, and generated $1.01B in operating cash flow. With ROE of 34.4% and ROA of 16.6%, the company is efficiently deploying its capital base in its asset-light freight forwarding model.