# EDGAR Filing Document

**Accession Number:** 0000746515
**File Stem:** 0000950170-25-102569
**Filing Date:** 2025-8
**Character Count:** 31208
**Document Hash:** debcf33cc8465dd50d1401c40d5bf981
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-102569.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000950170-25-102569

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXPEDITORS INTERNATIONAL OF WASHINGTON INC
- **CENTRAL INDEX KEY:** 0000746515
- **STANDARD INDUSTRIAL CLASSIFICATION:** ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 911069248
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41871
- **FILM NUMBER:** 251183480

**BUSINESS ADDRESS:**
- **STREET 1:** STERLING PLAZA 2, 3RD FLOOR
- **STREET 2:** 3545 FACTORIA BLVD. SE
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98006
- **BUSINESS PHONE:** 2066743400

**MAIL ADDRESS:**
- **STREET 1:** 1200 THIRD AVENUE
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 05, 2025<br>

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Washington | 001-41871 | 91-1069248 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| Sterling Plaza 2<br>3rd Floor<br>3545 Factoria Blvd SE |  |  |
| Bellevue**,** Washington |  | 98006 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 206 674-3400<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | EXPD | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On August 5, 2025, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing second quarter 2025 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

## **Item 9.01 Financial Statements and Exhibits.** 
(d) The following items are filed as exhibits to this report:

99.1 [<u>Press release, dated August 5, 2025 issued by Expeditors International of Washington, Inc.</u>](expd-ex99_1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.  |
| Date: | August 5, 2025 | By:  | */S/ Bradley S. Powell* |
|  |  |  | Bradley S. Powell, Senior Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img147555614_0.jpg](img147555614_0.jpg)<br>

**<u>EARNINGS RELEASE</u>**

---

| | | | |
|:---|:---|:---|:---|
| **By:** | Expeditors International of Washington, Inc. | Expeditors International of Washington, Inc. |  |
|  | Sterling Plaza 2, 3rd Floor<br>3545 Factoria Blvd. SE<br>Bellevue, Washington 98006 | Sterling Plaza 2, 3rd Floor<br>3545 Factoria Blvd. SE<br>Bellevue, Washington 98006 |  |
|  | **CONTACTS**: |  |  |
|  | Daniel R. Wall | Bradley S. Powell | Geoffrey Buscher |
|  | President and Chief Executive Officer | Senior Vice President and Chief Financial Officer | Director - Investor Relations |
|  | (206) 674-3455 | (206) 674-3412 | (206) 892-4510 |

---

**FOR IMMEDIATE RELEASE**

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**EXPEDITORS REPORTS SECOND QUARTER 2025 EPS OF $1.34**

BELLEVUE, WASHINGTON - August 5, 2025, Expeditors International of Washington, Inc. (NYSE:EXPD) today announced second quarter 2025 financial results including the following comparisons to the same quarter of 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Diluted Net Earnings Attributable to Shareholders per share (EPS<sup>1</sup>) increased 8% to $1.34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net Earnings Attributable to Shareholders increased 5% to $184 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating Income increased 11% to $248 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues increased 9% to $2.7 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Airfreight tonnage increased 7% and ocean container volume increased 7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash returned to shareholders in the form of dividends and share repurchases was $335 million

"Throughout the Expeditors global network, we are seeing the positive impact of our strategic initiatives to maximize operational excellence," said Daniel R. Wall, President and Chief Executive Officer. "Our focus on growth and execution puts us in a strong position to quickly adapt to this highly unpredictable environment. We are working with each of our regions and districts to increase efficiency and further optimize customer service to drive organic growth and boost profitability.

"We continued to grow all of our businesses during another quarter in which on-and-off tariffs and geopolitical uncertainty prompted many of our customers to re-evaluate their supply chains in anticipation of higher tariffs. Average buy and sell rates, for both air and ocean, remained highly volatile. We once again processed a substantial increase in customs clearances requiring greater skill as they have become more complex, while also growing air tonnage and ocean volumes.

"Our airfreight business increased on growth in tonnage and higher rates in most regions, as capacity remained tight despite new government limits on de minimis shipments, and particularly as customers sought to ship technology and other high-value inventory ahead of trade deadlines. Our ocean business also grew largely on increased volumes, particularly exports out of South Asia, as customers relocated sourcing to that region and moved freight in advance of extended tariff deadlines. Ocean rates softened throughout the quarter, with demand unable to match increased ocean capacity. Our other businesses within the customs brokerage segment, including road freight and warehousing and distribution, also grew on strong volumes and new business, as we worked with a mix of current and new customers to navigate the unpredictable and changing state of global supply chains.

"Looking ahead, we continue to expect the freight environment to remain unpredictable. Our resilience comes from the experience and expertise of our global network. Our customers have become accustomed to this unsettled environment and have come to trust that we can help them navigate uncertainty. This has not come without enormous extra effort and diligence from all our employees over the past months, and we are deeply appreciative."

<sup>1</sup>Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements in this release.

------

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, "We continued to watch expenses closely during the quarter, increasing operating income by 11%. As many costs have increased, we have been careful to limit headcount growth only in support of additional business activity, and to make essential investments to further strengthen our critical information systems."

Mr. Powell noted that the Company's second quarter net earnings grew at a lower rate than operating income as our effective tax rate increased from 25.8% a year ago to 28.7% during the most recent quarter, driven by changes in foreign exchange rates and certain non-deductible expenses. Mr. Powell further commented that the Company returned $335 million to shareholders in common stock repurchases and dividends during the second quarter of 2025.

Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

**<u>Disclaimer on Forward-Looking Statements</u>:**

Certain statements contained in this news release are "forward-looking statements," based on management's views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding inflation; continued changes in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets; geopolitical uncertainty; national policy changes on tariffs and other similar measures; port actions and other labor disruptions; new capacity in the marketplace; longer ocean transit times; e-commerce demand in the air market; changing de minimis laws; and volatile rates. Future financial performance could differ materially because of factors such as: our ability to produce organic growth and boost profitability as a result of strategic initiatives to maximize operational performance; our ability to continue to process an increasing number of more complex customs clearances; our ability to secure higher air tonnage and ocean volumes; our ability to carefully add headcount and keep other costs in check while continuing to generate efficiency that meets our historical expectations; the alignment of our variable compensation structure with performance; our ability to enhance and bolster our network security; our ability to take market share; our ability to offer cross-border customs expertise; our ability to offer solutions to address the ever shifting tariff changes and customer sourcing decisions; our ability to find solutions to keep cargo moving for our customers during highly uncertain market conditions; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; and our ability to remain a strong, healthy, unified and resilient organization. Geopolitical risks, port actions, other labor disruptions, tariffs, the removal of the de minimis exemption, and the current uncertainty in the global economy could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform, and potential litigation and contingencies, including risks associated with tax audits, as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company's regulatory filings with the Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company's most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.

------

**Expeditors International of Washington, Inc.**

**Second Quarter 2025 Earnings Release, August 5, 2025**

**Financial Summary for three and six months ended June 30, 2025 and 2024 (Unaudited)**

(in 000's of US dollars except share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **Revenues** | $2651885 | $2439001 | 9% | $5318304 | $4645679 | 14% |
| **Directly related cost of transportation and other expenses** <sup>1</sup> | $1753357 | $1639408 | 7% | $3530032 | $3072688 | 15% |
| **Salaries and other operating expenses** <sup>2</sup> | $650792 | $575674 | 13% | $1274678 | $1134296 | 12% |
| **Operating income** | $247736 | $223919 | 11% | $513594 | $438695 | 17% |
| **Net earnings attributable to shareholders** | $183574 | $175469 | 5% | $387369 | $344621 | 12% |
| **Diluted earnings attributable to shareholders per share** | $1.34 | $1.24 | 8% | $2.82 | $2.41 | 17% |
| **Basic earnings attributable to shareholders per share** | $1.35 | $1.24 | 9% | $2.83 | $2.43 | 16% |
| **Diluted weighted average shares outstanding** | 136631 | 141716 |  | 137537 | 142928 |  |
| **Basic weighted average shares outstanding** | 136266 | 141013 |  | 137045 | 142104 |  |

---

<sup>1</sup>Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

<sup>2</sup>Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.

During the three and six months ended June 30, 2025 we repurchased 2.0 million and 3.5 million shares of common stock at an average price of $112.05 and $114.31 per share. During the three and six months ended June 30, 2024 we repurchased 0.9 million and 3.9 million shares of common stock at an average price of $116.88 and $119.43 per share.

---

| | | |
|:---|:---|:---|
|  | **Employee Full-time Equivalents as of June 30,** | **Employee Full-time Equivalents as of June 30,** |
|  | **2025** | **2024** |
| **North America** | 7214 | 6847 |
| **Europe** | 4040 | 3812 |
| **North Asia** | 2306 | 2238 |
| **South Asia** | 1934 | 1717 |
| **Middle East, Africa and India** | 1463 | 1391 |
| **Latin America** | 877 | 754 |
| **Information Systems** | 1419 | 1291 |
| **Corporate** | 413 | 413 |
| **Total** | 19666 | 18463 |

---

---

| | | |
|:---|:---|:---|
|  | **Second quarter year-over-year percentage increase in:** | **Second quarter year-over-year percentage increase in:** |
| **2025** | **Airfreight<br>kilos** | **Ocean freight<br>FEU** |
| **April** | 9% | 12% |
| **May** | 4% | 7% |
| **June** | 7% | 4% |
| **Quarter** | 7% | 7% |

---

*Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 8, 2025 will be considered in management's 8-K "Responses to Selected Questions."*

___________________________________

NOTE: See Disclaimer on Forward-Looking Statements in this release.

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Assets:** |  |  |
| Current Assets: |  |  |
| Cash and cash equivalents | $1156162 | $1148320 |
| Accounts receivable, less allowance for credit loss of<br>&nbsp;&nbsp;&nbsp;&nbsp;$7,575 at June 30, 2025 and $6,878 at December 31, 2024 | 2005094 | 1997840 |
| Deferred contract costs | 309371 | 349343 |
| Other | 180949 | 164272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3651576 | 3659775 |
| Property and equipment, less accumulated depreciation and<br>&nbsp;&nbsp;&nbsp;&nbsp;amortization $651,685 at June 30, 2025 and $615,533 at December 31, 2024 | 469714 | 449404 |
| Operating lease right-of-use assets | 565367 | 551652 |
| Goodwill | 7927 | 7927 |
| Deferred federal and state income taxes, net | 75943 | 70671 |
| Other assets, net | 15954 | 15029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4786481 | $4754458 |
| **Liabilities:** |  |  |
| Current Liabilities: |  |  |
| Accounts payable | $1118283 | $1036749 |
| Accrued liabilities, primarily salaries and related costs | 468426 | 451921 |
| Contract liabilities | 385414 | 441927 |
| Current portion of operating lease liabilities | 113626 | 106736 |
| Federal, state and foreign income taxes | 30525 | 29140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2116274 | 2066473 |
| Noncurrent portion of operating lease liabilities | 472924 | 462201 |
| **Shareholders' Equity:** |  |  |
| Common stock, par value $0.01 per share. Issued and outstanding:<br>&nbsp;&nbsp;&nbsp;&nbsp;135,134 shares at June 30, 2025 and 138,003 shares at December 31, 2024 | 1351 | 1380 |
| Additional paid-in capital |  |  |
| Retained earnings | 2380278 | 2455132 |
| Accumulated other comprehensive loss | (186275) | (233500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 2195354 | 2223012 |
| Noncontrolling interest | 1929 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 2197283 | 2225784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $4786481 | $4754458 |

---

5-August-2025 Expeditors International of Washington, Inc. Page 4 of 7

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| Airfreight services | $951787 | $860323 | $1853547 | $1619697 |
| Ocean freight and ocean services | 675782 | 651675 | 1457447 | 1222461 |
| Customs brokerage and other services | 1024316 | 927003 | 2007310 | 1803521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 2651885 | 2439001 | 5318304 | 4645679 |
| **Operating Expenses:** |  |  |  |  |
| Airfreight services | 698402 | 645168 | 1346896 | 1182759 |
| Ocean freight and ocean services | 483475 | 478121 | 1057376 | 892104 |
| Customs brokerage and other services | 571480 | 516119 | 1125760 | 997825 |
| Salaries and related | 471336 | 426431 | 929273 | 839593 |
| Rent and occupancy | 65741 | 59597 | 130084 | 120849 |
| Depreciation and amortization | 13847 | 14979 | 28451 | 30140 |
| Selling and promotion | 9928 | 7998 | 18502 | 14777 |
| Other | 89940 | 66669 | 168368 | 128937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2404149 | 2215082 | 4804710 | 4206984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 247736 | 223919 | 513594 | 438695 |
| **Other Income (Expense):** |  |  |  |  |
| Interest income | 9183 | 11904 | 18367 | 26782 |
| Other, net | 1050 | 98 | 1889 | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 10233 | 12002 | 20256 | 30408 |
| Earnings before income taxes | 257969 | 235921 | 533850 | 469103 |
| Income tax expense | 74050 | 60770 | 145832 | 123552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | 183919 | 175151 | 388018 | 345551 |
| Less net earnings (losses) attributable to the noncontrolling<br> interest | 345 | (318) | 649 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings attributable to shareholders | $183574 | $175469 | $387369 | $344621 |
| Diluted earnings attributable to shareholders per share | $1.34 | $1.24 | $2.82 | $2.41 |
| Basic earnings attributable to shareholders per share | $1.35 | $1.24 | $2.83 | $2.43 |
| Weighted average diluted shares outstanding | 136631 | 141716 | 137537 | 142928 |
| Weighted average basic shares outstanding | 136266 | 141013 | 137045 | 142104 |

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5-August-2025 Expeditors International of Washington, Inc. Page 5 of 7

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating Activities:** |  |  |  |  |
| Net earnings | $183919 | $175151 | $388018 | $345551 |
| Adjustments to reconcile net earnings to net cash from operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for losses on accounts receivable | 1051 | 1644 | 1812 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (7523) | (6917) | (7447) | (4623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 27267 | 25704 | 38816 | 38076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13847 | 14979 | 28451 | 30140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 4474 | 1885 | 6765 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in accounts receivable | (57984) | (286085) | 50165 | (346627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable and accrued liabilities | 61885 | 211692 | 43466 | 295283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in deferred contract costs | (21617) | (122258) | 54356 | (186320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in contract liabilities | 16961 | 135067 | (72327) | 204375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in income taxes payable, net | (44668) | (29854) | (14328) | (7168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other, net | 1600 | 5761 | 4087 | 9078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 179212 | 126769 | 521834 | 383673 |
| **Investing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (15875) | (7943) | (29027) | (18124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 24 | 66 | 180 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash from investing activities | (15851) | (7877) | (28847) | (17961) |
| **Financing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds (payments) on borrowings on lines of credit, net | 92 | 1259 | 287 | (15983) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 5132 | 6449 | 18175 | 14478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (231116) | (102300) | (408470) | (462824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (104139) | (102638) | (104139) | (102638) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for taxes related to net share settlement of equity awards | (9844) | (10163) | (10353) | (15348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution to noncontrolling interest |  |  | (1346) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash from financing activities | (339875) | (207393) | (505846) | (582315) |
| Effect of exchange rate changes on cash and cash equivalents | 14156 | (10102) | 20701 | (24427) |
| Change in cash and cash equivalents | (162358) | (98603) | 7842 | (241030) |
| Cash and cash equivalents at beginning of period | 1318520 | 1370456 | 1148320 | 1512883 |
| Cash and cash equivalents at end of period | $1156162 | $1271853 | $1156162 | $1271853 |
| **Taxes Paid:** |  |  |  |  |
| Income taxes | $125277 | $96739 | $165901 | $133603 |

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5-August-2025 Expeditors International of Washington, Inc. Page 6 of 7

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **UNITED<br>STATES** | **OTHER<br>NORTH<br>AMERICA** | **LATIN<br>AMERICA** | **NORTH<br>ASIA** | **SOUTH<br>ASIA** | **EUROPE** | **MIDDLE<br>EAST,<br>AFRICA<br>AND<br>INDIA** | **ELIMI-<br>NATIONS** | **CONSOLI-<br>DATED** |
| **For the three months ended June 30, 2025:** |  |  |  |  |  |  |  |  |  |
| Revenues | $877325 | 108128 | 66904 | 636785 | 359531 | 449712 | 155458 | (1958) | 2651885 |
| Directly related cost of transportation<br> and other expenses<sup>1</sup> | $454354 | 67428 | 40945 | 507413 | 277355 | 293878 | 113243 | (1259) | 1753357 |
| Salaries and related costs | $266018 | 20205 | 11030 | 36686 | 28567 | 88913 | 19917 |  | 471336 |
| Other operating expenses<sup>2</sup> | $31859 | 16726 | 9745 | 36820 | 28117 | 41878 | 15015 | (704) | 179456 |
| Operating income | $125094 | 3769 | 5184 | 55866 | 25492 | 25043 | 7283 | 5 | 247736 |
| Identifiable assets at period end | $2554090 | 186248 | 105069 | 523858 | 354318 | 789514 | 286466 | (13082) | 4786481 |
| Capital expenditures | $6146 | 257 | 274 | 4545 | 1189 | 1928 | 1536 |  | 15875 |
| Depreciation and amortization | $7896 | 499 | 253 | 1176 | 622 | 2791 | 610 |  | 13847 |
| Equity | $1475449 | 57602 | 37810 | 192012 | 119338 | 191551 | 162159 | (38638) | 2197283 |
| **For the three months ended June 30, 2024:** |  |  |  |  |  |  |  |  |  |
| Revenues | $779170 | 110723 | 45314 | 637351 | 287943 | 409455 | 170349 | (1304) | 2439001 |
| Directly related cost of transportation<br> and other expenses<sup>1</sup> | $423102 | 65374 | 24640 | 512146 | 223238 | 262451 | 128949 | (492) | 1639408 |
| Salaries and related costs | $238974 | 19976 | 8860 | 35955 | 24463 | 80088 | 18115 |  | 426431 |
| Other operating expenses<sup>2</sup> | $24701 | 14363 | 5691 | 34807 | 18621 | 39625 | 12237 | (802) | 149243 |
| Operating income | $92393 | 11010 | 6123 | 54443 | 21621 | 27291 | 11048 | (10) | 223919 |
| Identifiable assets at period end | $2566053 | 173764 | 93967 | 626892 | 336598 | 738068 | 284672 | (31673) | 4788341 |
| Capital expenditures | $2948 | 575 | 129 | 355 | 1955 | 1094 | 887 |  | 7943 |
| Depreciation and amortization | $9106 | 535 | 278 | 1098 | 419 | 2784 | 759 |  | 14979 |
| Equity | $1546936 | 32700 | 41135 | 163913 | 129886 | 151165 | 153155 | (40463) | 2178427 |
|  | **UNITED<br>STATES** | **OTHER<br>NORTH<br>AMERICA** | **LATIN<br>AMERICA** | **NORTH<br>ASIA** | **SOUTH<br>ASIA** | **EUROPE** | **MIDDLE<br>EAST,<br>AFRICA<br>AND<br>INDIA** | **ELIMI-<br>NATIONS** | **CONSOLI-<br>DATED** |
| **For the six months ended June 30, 2025:** |  |  |  |  |  |  |  |  |  |
| Revenues | $1731774 | 224613 | 129293 | 1331793 | 724108 | 872507 | 308330 | (4114) | 5318304 |
| Directly related cost of transportation<br> and other expenses<sup>1</sup> | $906271 | 140621 | 77380 | 1061907 | 558850 | 565594 | 222091 | (2682) | 3530032 |
| Salaries and related costs | $524107 | 39797 | 21468 | 77047 | 56639 | 170462 | 39753 |  | 929273 |
| Other operating expenses<sup>2</sup> | $54407 | 31554 | 19659 | 74566 | 51402 | 85237 | 30043 | (1463) | 345405 |
| Operating income | $246989 | 12641 | 10786 | 118273 | 57217 | 51214 | 16443 | 31 | 513594 |
| Identifiable assets at period end | $2554090 | 186248 | 105069 | 523858 | 354318 | 789514 | 286466 | (13082) | 4786481 |
| Capital expenditures | $14553 | 483 | 499 | 5050 | 2063 | 3084 | 3295 |  | 29027 |
| Depreciation and amortization | $16834 | 996 | 504 | 2232 | 1192 | 5437 | 1256 |  | 28451 |
| Equity | $1475449 | 57602 | 37810 | 192012 | 119338 | 191551 | 162159 | (38638) | 2197283 |
| **For the six months ended June 30, 2024:** |  |  |  |  |  |  |  |  |  |
| Revenues | $1530713 | 217573 | 89806 | 1182292 | 515662 | 807772 | 304455 | (2594) | 4645679 |
| Directly related cost of transportation<br> and other expenses<sup>1</sup> | $827051 | 132084 | 49104 | 938620 | 387262 | 516970 | 222741 | (1144) | 3072688 |
| Salaries and related costs | $472287 | 38882 | 17707 | 70897 | 47380 | 157660 | 34780 |  | 839593 |
| Other operating expenses<sup>2</sup> | $47096 | 28541 | 13608 | 67125 | 36616 | 79141 | 24036 | (1460) | 294703 |
| Operating income | $184279 | 18066 | 9387 | 105650 | 44404 | 54001 | 22898 | 10 | 438695 |
| Identifiable assets at period end | $2566053 | 173764 | 93967 | 626892 | 336598 | 738068 | 284672 | (31673) | 4788341 |
| Capital expenditures | $8476 | 1974 | 282 | 637 | 2099 | 3312 | 1344 |  | 18124 |
| Depreciation and amortization | $18126 | 1032 | 567 | 2191 | 967 | 5754 | 1503 |  | 30140 |
| Equity | $1546936 | 32700 | 41135 | 163913 | 129886 | 151165 | 153155 | (40463) | 2178427 |

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<sup>1</sup>Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

<sup>2</sup>Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings.

5-August-2025 Expeditors International of Washington, Inc. Page 7 of 7

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