10-Q · May 6, 2026
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,…
Earnings analysis · 10-Q
EXPD earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Expeditors delivered a materially stronger Q3 2026, with revenue of $4.108 billion and diluted EPS of $2.65, both substantially above the prior quarter, prior-year quarter, and consensus estimates. Operating income rose…
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Expeditors delivered a materially stronger Q3 2026, with revenue of $4.108 billion and diluted EPS of $2.65, both substantially above the prior quarter, prior-year quarter, and consensus estimates. Operating income rose 55% year over year to $445 million, while liquidity remained strong at $1.092 billion of cash and no long-term debt. The principal disclosed headwind is foreign-exchange exposure, including a potential $49 million operating-income reduction from a hypothetical 10% dollar strengthening; the company provided no formal quantitative guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.65
- Operating margin
- 10.8%
What stood out
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Revenue growth accelerated
Revenue was $4.108 billion, up approximately 17.4% from $3.5 billion in Q2 2026 and 42.1% from $2.89 billion in Q3 2025. The reported revenue also exceeded the $3.603 billion consensus estimate by approximately 14.0%.
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EPS materially beat estimates
Diluted EPS was $2.65, up from $2.03 in Q2 2026 and $1.64 in Q3 2025, representing sequential and year-over-year increases of approximately 30.5% and 61.6%, respectively. EPS exceeded the $2.23 consensus estimate by 18.8%.
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Strong operating leverage
Operating income increased 55% year over year to $445 million, implying an operating margin of approximately 10.8% on $4.108 billion of revenue, versus 9.9% in Q3 2025.
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Strong liquidity and no debt
The company held $1.092 billion of cash and cash equivalents at September 30, 2026, including $360 million invested at short-term market rates, and had no long-term debt.
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Aggressive capital returns
The company repurchased 1.1 million shares during the quarter at an average price of $178.36, leaving approximately $2.807 billion available under the repurchase program at September 30, 2026.
What to watch
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Foreign-exchange earnings sensitivity
A hypothetical 10% weakening of the U.S. dollar would have increased nine-month 2026 operating income by approximately $60 million, while a 10% strengthening would have reduced it by approximately $49 million, demonstrating material earnings sensitivity to foreign exchange movements.
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Currency transaction losses
Net foreign-currency transactional losses were approximately $5 million in Q3 2026 and $10 million for the first nine months, compared with $3 million and $20 million, respectively, in the prior-year periods.
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Intercompany FX exposure
The company had approximately $244 million of net unsettled intercompany transactions at September 30, 2026. Although most intercompany billings are resolved within 30 days, the balance creates continuing foreign-exchange exposure.
Management's outlook
The filing provides no formal quantitative revenue or EPS guidance. Management's outlook is not quantified; the report states that there were no material changes to risk factors from the February 25, 2026 Form 10-K.
Earlier filings 4
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%,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.