Expeditors (EXPD) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 42% YoY to $4.108B, operating income rose 55% to $445.4M, and diluted EPS increased 62% to $2.65.

• Airfreight tonnage increased 13% and ocean containers shipped increased 7%; Customs, Transcon, Distribution, and Order Management each posted double-digit revenue growth for a third consecutive quarter.

• Strong demand, market-share gains, and a robust new-business pipeline supported performance; AI infrastructure investment drove demand across airfreight, road freight, and warehousing.

Financial highlights

• Q3 net earnings attributable to shareholders rose 55% YoY to $344.5M; nine-month net earnings increased 38% to $840.3M.

• Nine-month revenue increased 27% to $10.393B and operating income rose 36% to $1.090B.

• Q3 directly related transportation costs rose 49% to $2.894B; salaries and other operating expenses increased 15% to $768M.

• Q3 operating cash flow was $212.6M versus $201.4M; nine-month operating cash flow was $700.4M versus $723.2M, reflecting working-capital changes.

Outlook and guidance

• Ocean congestion and supply-chain challenges were expected to persist through the remainder of 2026.

• Investments in temperature-controlled facilities, critical logistics services, AI, and other technology aim to support productivity and long-term net operating margins; high-return investments and new-business opportunities remain priorities.

• 2026 capital expenditures were estimated at ~$60M; cash and operating cash flows were expected to cover liquidity needs for at least 12 months and the foreseeable future.