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Here are 1-3 brief analogies for Expeditors International of Washington (EXPD):

• The UPS or FedEx for large-scale international business freight.
• A global travel agent for business cargo, orchestrating its movement across borders without owning the ships or planes.
• Like a general contractor for global supply chains, managing all the carriers and customs for companies worldwide.

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• Airfreight Services: Expediting the movement of goods globally via air cargo.
• Oceanfreight Services: Managing the transportation of goods worldwide using sea freight.
• Customs Brokerage: Facilitating the clearance of goods through customs, ensuring compliance with international trade regulations.
• Distribution & Warehousing: Providing storage, inventory management, and fulfillment services for goods.
• Ground Transportation: Offering domestic and cross-border trucking and rail services for various cargo types.
• Supply Chain Solutions: Delivering integrated logistics and information services to optimize client supply chains.

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Expeditors International of Washington (symbol: EXPD) sells primarily to other companies, providing global logistics, freight forwarding, customs brokerage, and supply chain solutions.

Due to the competitive and confidential nature of client relationships in the logistics industry, Expeditors International does not publicly disclose the names of its specific major customer companies. Therefore, it is not possible to list individual customer company names and their symbols.

However, Expeditors serves a diverse range of businesses across numerous sectors that require complex global supply chain management. The types of companies that constitute their major customer base include:

• Technology and Electronics Companies: This category includes manufacturers and distributors of high-tech products, components, semiconductors, and consumer electronics that rely on efficient and often time-sensitive global shipping for production and market delivery.
• Retail and Consumer Goods Companies: This sector encompasses brands and retailers involved in the global sourcing, manufacturing, and distribution of apparel, general merchandise, household goods, and other consumer products, requiring robust international logistics and inventory management.
• Industrial and Automotive Companies: This group consists of manufacturers of industrial machinery, heavy equipment, automotive components, and finished vehicles that depend on intricate global supply chains for both inbound raw materials and parts, and outbound finished product distribution.
• Healthcare and Life Sciences Companies: This category includes organizations in pharmaceuticals, medical devices, and biotechnology that need specialized logistics services, including temperature-controlled shipping, cold chain management, and strict regulatory compliance, for their global operations.

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• A.P. Møller – Mærsk A/S (MAERSK-B.CO)
• COSCO Shipping Holdings Co., Ltd. (1919.HK)
• Hapag-Lloyd AG (HLAG.DE)
• FedEx Corporation (FDX)
• United Parcel Service, Inc. (UPS)
• Deutsche Lufthansa AG (LHA.DE)

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Daniel R. Wall, President and Chief Executive Officer

Mr. Daniel R. Wall assumed the role of President and Chief Executive Officer, and a Director, effective April 1, 2025, succeeding Jeffrey S. Musser who retired. He previously served as President – Global Geographies. Mr. Wall held leadership positions at KPMG and Arthur Andersen. He also serves as a Director at MicroVision, Inc. and Virginia Mason Franciscan Health. His tenure is characterized by a deep understanding of the logistics industry, a commitment to operational excellence, and a focus on driving innovation.

David A. Hackett, Senior Vice President and Chief Financial Officer

Mr. David A. Hackett was appointed Senior Vice President and Chief Financial Officer, effective October 1, 2025, following the retirement of Bradley S. Powell. He joined Expeditors in May 2024 as Vice President, Finance. Prior to joining Expeditors, Mr. Hackett spent nearly 16 years at NIKE, Inc., where he held various finance leadership roles, including Controller of North America and Vice President of Global Treasury and Financial Risk Management. Before NIKE, he worked for nearly 9 years in the audit function of KPMG as a senior manager, leading audit teams for major public clients. He obtained his CPA certification in Oregon in 1998.

Robert P. Carlile, Chairman Executive Board

Mr. Robert P. Carlile has served as the Chairman of the company since 2022 and as a Director since 2019. Previously, he was a Partner at KPMG LLP from 2002 to 2016 and a Partner at Arthur Andersen LLP from 1987 to 2002. He also served as a Director of publicly traded MicroVision Inc since 2017.

Benjamin G. Clark, Chief Strategy Officer; Senior Vice President - Global Enterprise Services

Mr. Benjamin G. Clark assumed the role of Chief Strategy Officer and Senior Vice President - Global Enterprise Services in 2025. He plays a pivotal role in the company's strategic direction.

Courtney Hawkins, Senior Vice President & Chief Information Officer

Ms. Courtney Hawkins has served as Senior Vice President & Chief Information Officer since 2024. She is responsible for overseeing Expeditors' global information technology infrastructure, driving innovation, and ensuring the seamless integration of cutting-edge solutions to support the company's extensive logistics network.

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The key risks to Expeditors International of Washington (EXPD) are primarily rooted in the unpredictable nature of global trade and economic conditions, compounded by competitive pressures and operational challenges.

1. Global Economic and Trade Environment Uncertainty: Expeditors' business is highly susceptible to fluctuations in global economic and political conditions, currency exchange rates, and international trade policies. The implementation of new tariffs, increased trade restrictions, and geopolitical conflicts can significantly disrupt global trade flows, directly impacting transaction volumes and revenue for logistics providers. Uncertainty in the global economic and trade environments, including factors like inflation and oil price volatility, further complicates operations and outlook.
2. Weakening Demand and Pricing Challenges: The freight industry is experiencing a softening demand environment, characterized by weaker ocean freight rates and anticipated contraction in key trade routes such as trans-Pacific trade. This weakening demand translates into volume pressure and pricing challenges for Expeditors, making it difficult to maintain or increase rates in a market with excess capacity.
3. Intense Competition and Operational/Technological Risks: Expeditors operates in a highly competitive global logistics industry, facing challenges from new technology-based competitors with substantial capital, niche players, and larger entities. Beyond market competition, the company is exposed to operational risks, including dependency on personnel, potential technological disruptions, and reliance on external service providers. Furthermore, Expeditors has identified material weaknesses in its internal control over financial reporting, which could potentially affect investor confidence and its stock price.

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• Freight Forwarding (Air and Ocean Freight Services): The global freight forwarding market size is estimated at USD 572.25 billion in 2025 and is expected to reach USD 740.85 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.30% during the forecast period (2025-2030).
• Customs Brokerage: The global customs brokerage market is projected to be USD 27.6 billion in 2024 and is anticipated to increase to USD 57.7 billion by 2035, with a CAGR of 6.93% from 2025 to 2035.
• Supply Chain Management Solutions: The global supply chain management market size was estimated at USD 25.67 billion in 2024 and is projected to reach USD 48.59 billion by 2030, demonstrating a CAGR of 11.4% from 2025 to 2030.

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Expeditors International of Washington (EXPD) is expected to drive future revenue growth over the next 2-3 years through several strategic areas, despite a generally cautious market outlook from analysts. These drivers leverage the company's established strengths and focus on evolving market demands:

1. Growth in Airfreight Services: Expeditors has demonstrated recent growth in its airfreight services, with a 4% increase in airfreight tonnage and a 3.4% year-over-year revenue increase in the third quarter of 2025. This growth is particularly driven by exports, especially from North and South Asia, and the transportation of technology and other high-value inventory. The company has noted increased airfreight business due to higher tonnage and rates, particularly as customers sought to ship technology and other high-value inventory ahead of trade deadlines.
2. Strength in Customs Brokerage and Other Services: The customs brokerage segment has been a strong performer, with revenues increasing by 13.5% year-over-year in the third quarter of 2025. This growth is attributed to high demand for services amidst a dynamic trade environment. This segment's continued robust performance is expected to contribute to overall revenue.
3. Focus on Strategic Verticals and AI Infrastructure Investment: Expeditors is concentrating its efforts on strategic verticals such as technology, pharmaceuticals, and aviation. The company is actively benefiting from significant investments made by its technology customers in artificial intelligence (AI) infrastructure. Expeditors believes its expertise in handling high-value technologies positions it well to support this demand.
4. Expansion in Emerging Markets: Analysts have identified opportunities for Expeditors to further penetrate emerging markets. By leveraging its existing global network and expertise, the company can capture new business in regions experiencing increasing trade activities and infrastructure development.
5. Leveraging its Non-Asset-Based Model and Advanced IT Systems: Expeditors' non-asset-based logistics model and sophisticated IT systems provide a competitive advantage in the global logistics industry. The company's management remains committed to investing strategically in high-return areas, particularly in technology and AI infrastructure, while maintaining efficiency and discipline in a slower market. This operational efficiency and technological edge are expected to support sustained profitability and growth.

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Share Repurchases

• On February 19, 2024, Expeditors' Board of Directors authorized further share repurchases down to 130 million shares of common stock, with no expiration date.
• In 2022, the company repurchased 14.5 million shares of common stock at an average price of $108.88 per share, totaling approximately $1.582 billion.
• In 2023, Expeditors repurchased 12.1 million shares of common stock at an average price of $114.68 per share. For the nine months ended September 30, 2025, the company repurchased 5.3 million shares at an average price of $116.10 per share.

Share Issuance

• Proceeds from the issuance of common stock were $61.187 million for the nine months ended September 30, 2025.
• For the nine months ended September 30, 2024, the proceeds from common stock issuance were $53.256 million.

Outbound Investments

• In May 2020, Expeditors acquired Fleet Logistics' Digital Platform to enhance its online LTL (less-than-truckload) shipping platform, Koho.
• This acquisition aligns with Expeditors' strategy and focus on Digital Solutions and continued investment in technology and people.

Capital Expenditures

• Expeditors operates with an asset-light model, resulting in negligible capital expenditures, typically less than 1% of revenue.
• Capital expenditures are generally very low, estimated around $50 million per year.
• The primary focus of capital expenditures is on IT systems and strategic investments in high-return areas, including AI infrastructure, to drive sustainable growth.