Expeditors International of Washington, Inc.

Earlier demand and the latest result

Dollar amounts are millions. Calendar quarters ended June 30 and September 30, 2026. Revenue and operating income are reported figures; volume growth compares each quarter with the corresponding prior-year quarter.

Artificial-intelligence infrastructure demand was already prominent in the August release. The later quarter added stronger ocean volumes and rate increases. The latest freight and cash analysis compares the operating leverage with cash generation.

Third-quarter full-time-equivalent headcount was 20,463, versus 20,170 a year earlier. The global technology restructuring had $25.4 million of charges recognized in the first half. Quarter cash payments were $21.1 million, with $2.4 million still accrued at September 30. Management's August plan targeted approximately $50 million of annual cost benefits.

Cash and obligations

Third-quarter operating cash flow was $212.6 million, versus $201.4 million a year earlier. The nine-month figures were $700.4 million and $723.2 million. Higher receivables and freight activity can delay cash collection relative to reported profit; customs-duty advances also affect receivables without entering freight revenue.

Cash and cash equivalents totaled $1.09 billion at September 30, compared with $1.31 billion at the preceding year-end. The company reported no long-term financial debt, but had $37 million of short-term credit-line borrowings. Operating lease liabilities were a separate $575.8 million.

Capital returns

Nine-month cash spending on share repurchases was $839.9 million, with another $105.8 million paid in dividends. The $3 billion repurchase program was authorized in February and became effective July 1; $2.807 billion remained available at September 30.

On November 2, the board declared a semiannual dividend of $0.81 a share, payable December 15 to holders of record December 1.