Expeditors International of Washington(EXPD) - 2025 Q3 - Quarterly Results

Financial Performance - Q3 2025 diluted earnings per share (EPS) increased by 1% to $1.64 compared to Q3 2024[6] - Net earnings attributable to shareholders decreased by 3% to $222 million, while operating income also decreased by 4% to $288 million[6] - Revenues for Q3 2025 decreased by 4% to $2.9 billion, but year-to-date revenues increased by 7% to $8.2 billion[6][13] - Total revenues for Q3 2025 were $2,894,751, a decrease of 3.5% compared to $3,000,131 in Q3 2024[21] - Operating income for Q3 2025 was $288,042, a decrease of 4.5% from $301,524 in Q3 2024[21] - Net earnings attributable to shareholders for Q3 2025 were $222,256, down 3.4% from $229,574 in Q3 2024[21] - Diluted earnings per share for Q3 2025 was $1.64, slightly up from $1.63 in Q3 2024[21] - For the nine months ended September 30, 2025, revenues amounted to $8,213,055, compared to $7,645,810 for the same period in 2024, reflecting an increase of approximately 7.4%[25] - Operating income for the nine months ended September 30, 2025, was $801,636, up from $740,219 in the same period of 2024, indicating a growth of about 8.3%[25] Shareholder Returns - Cash returned to shareholders through share repurchases was $212 million, totaling $725 million for the year-to-date period[6][9] - The company repurchased 1.8 million shares at an average price of $119.65 during Q3 2025[15] - The company repurchased common stock amounting to $212,294 in Q3 2025, compared to $140,031 in Q3 2024[23] Operating Expenses - The company experienced a 10% increase in salaries and other operating expenses year-to-date, totaling $1.94 billion[13] - Salaries and related costs for the three months ended September 30, 2025, were $490,437, compared to $450,308 in the same period of 2024, representing an increase of approximately 8.9%[25] - The company reported a decrease in operating expenses to $2,606,709 in Q3 2025, down from $2,698,607 in Q3 2024[21] - Directly related cost of transportation and other expenses for the three months ended September 30, 2025, was $1,939,657, compared to $2,093,964 in the same period of 2024, showing a decrease of about 7.4%[25] Assets and Liabilities - Total assets as of September 30, 2025, were $4.78 billion, with total liabilities of $2.05 billion[19] - Identifiable assets at the end of September 30, 2025, totaled $4,779,582, a decrease from $5,170,917 at the end of September 30, 2024, representing a decline of approximately 7.6%[25] - Equity at the end of September 30, 2025, was $2,282,638, compared to $2,359,170 at the end of September 30, 2024, reflecting a decline of approximately 3.2%[25] Cash Flow - Net cash from operating activities for the nine months ended September 30, 2025, was $723,202, an increase of 52.7% compared to $473,645 in the same period of 2024[23] - Cash and cash equivalents at the end of Q3 2025 were $1,190,167, compared to $1,293,173 at the end of Q3 2024[23] Business Operations - Airfreight tonnage increased by 4%, while ocean container volume decreased by 3% during the quarter[6] - The customs brokerage business continued to show strong growth due to high demand, driven by a dynamic trade environment[7][8] - Airfreight services revenue increased to $1,020,258 in Q3 2025, up 3.4% from $986,950 in Q3 2024[21] Capital Expenditures - Capital expenditures for the three months ended September 30, 2025, were $11,098, down from $12,291 in the same period of 2024, showing a reduction of about 9.7%[25] Depreciation and Amortization - Depreciation and amortization for the three months ended September 30, 2025, totaled $14,248, slightly down from $15,774 in the same period of 2024, indicating a decrease of about 9.7%[25]