Expeditors (EXPD) Q4 2025 earnings summary

Executive summary

• Q4 2025 EPS was $1.49, down 11% year-over-year; net earnings fell 15% to $201 million and operating income dropped 17% to $251 million.

• Revenues decreased 3% to $2.86 billion compared to Q4 2024.

• Airfreight tonnage rose 6% while ocean container volume declined 6% year-over-year.

• $150 million returned to shareholders in Q4 2025; $875 million for the full year via dividends and share repurchases.

• Board approved a new $3 billion share repurchase program.

Financial highlights

• Q4 2025 revenues: $2.86 billion (down 3% year-over-year); full-year 2025 revenues: $11.07 billion (up 4%).

• Q4 2025 net earnings: $200.7 million (down 15% year-over-year); full-year net earnings: $810.3 million (flat year-over-year).

• Q4 2025 operating income: $250.9 million (down 17% year-over-year); full-year operating income: $1.05 billion (up 1%).

• Q4 2025 diluted EPS: $1.49 (down 11% year-over-year); full-year diluted EPS: $5.95 (up 4%).

• Cash and cash equivalents at year-end: $1.31 billion.

Outlook and guidance

• Focus remains on growth diversification, pricing optimization, and aligning cost structure with market conditions in 2026.

• Strategic investments planned in AI and customer vertical solutions for high-return opportunities.

• Air margins have recovered much of the Q4 2025 decline in early 2026.