Short answer
Expeditors International (EXPD) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.9B (down 3.5% year over year) with net income of $222M.
Q3 2025 key financials · XBRL
- Revenue
- $2.9B
- −3.5% YoY · +9.2% QoQ
- Net income
- $222M
- −3.2% YoY · +21.1% QoQ
- Operating margin
- 10.0%
- EPS (diluted)
- $1.64
- +0.6% YoY · +21.5% QoQ
Source: XBRL data from the Expeditors International (EXPD) Q3 2025 10-Q on SEC EDGAR. USD.
Expeditors International Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $2.89B Q3 2025, down 4% YoY from $3.01B in Q3 2024; ocean freight revenue fell 27% to $746M, customs brokerage up 13% to $1.13B
- Operating income $288M Q3 2025, down 4% YoY from $302M; operating margin approx. 10.0% vs 10.0% YoY (calculated from revenues and operating income)
- Best segment: Customs brokerage revenue up 13% to $1.13B, expenses up 11%; worst segment: Ocean freight revenue down 27% to $746M, expenses down 31%
- Operating cash flow $201M Q3 2025, increased $111M YoY; cash used in financing $150M including $212M for share repurchases YTD
- Management notes near-term headwinds from tariff-related demand shifts, ocean capacity increases, and geopolitical risks; expects continued pricing volatility and uncertain trade environment
Risk Factors
- New risk: increased tariffs and trade disputes from U.S. tariff rebalancing, impacting volumes, with China exports revenue 22% in 2024, declining in 2025
- Updated regulatory risk: U.S. 2025 Tax Act and OECD Pillar Two tax rules causing uncertainty in effective tax rate and liabilities
- Most impactful legal risk: Indian tax authority transfer pricing claims, potential significant penalties and interest if resolved adversely
- Operational risk: volatile international trade causing freight carrier capacity and rate fluctuations affecting near-term operations and results
- Financial risk: multiple global tax jurisdictions with unpredictable audits and resolutions could materially alter tax provisions and financial outcomes
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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