EXPEDITORS INTERNATIONAL OF WASHINGTON INC Segments Disclosure
NOTE 10. BUSINESS SEGMENT INFORMATION
Financial information regarding 2025, 2024 and 2023 operations by the Company’s designated geographic areas is as follows:
|
|
UNITED |
|
OTHER |
|
LATIN |
|
NORTH |
|
SOUTH |
|
EUROPE |
|
MIDDLE |
|
ELIMINATIONS |
|
CONSOLIDATED |
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$3,583,826 |
|
470,612 |
|
262,439 |
|
2,737,513 |
|
1,555,189 |
|
1,829,248 |
|
638,771 |
|
(8,589) |
|
11,069,009 |
Directly related cost of transportation and other expenses 1 |
|
$1,880,586 |
|
295,043 |
|
158,309 |
|
2,210,147 |
|
1,214,598 |
|
1,183,664 |
|
465,596 |
|
(5,862) |
|
7,402,081 |
Salaries and related costs |
|
$1,066,878 |
|
83,591 |
|
44,769 |
|
159,947 |
|
118,522 |
|
361,448 |
|
80,777 |
|
- |
|
1,915,932 |
Other operating expenses2 |
|
$116,151 |
|
62,799 |
|
37,548 |
|
150,287 |
|
102,798 |
|
174,995 |
|
56,636 |
|
(2,764) |
|
698,450 |
Operating income |
|
$520,211 |
|
29,179 |
|
21,813 |
|
217,132 |
|
119,271 |
|
109,141 |
|
35,762 |
|
37 |
|
1,052,546 |
Identifiable assets at period end |
|
$2,681,989 |
|
163,328 |
|
101,107 |
|
460,856 |
|
379,262 |
|
818,822 |
|
299,375 |
|
(11,101) |
|
4,893,638 |
Capital expenditures |
|
$28,391 |
|
845 |
|
863 |
|
6,015 |
|
4,437 |
|
6,356 |
|
6,194 |
|
- |
|
53,101 |
Depreciation and amortization |
|
$32,085 |
|
2,001 |
|
993 |
|
5,076 |
|
2,599 |
|
11,246 |
|
2,769 |
|
- |
|
56,769 |
Equity |
|
$1,574,358 |
|
37,914 |
|
37,821 |
|
219,503 |
|
145,078 |
|
271,816 |
|
167,652 |
|
(96,049) |
|
2,358,093 |
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$3,251,998 |
|
429,280 |
|
214,999 |
|
2,934,353 |
|
1,391,131 |
|
1,700,919 |
|
683,191 |
|
(5,356) |
|
10,600,515 |
Directly related cost of transportation and other expenses 1 |
|
$1,733,087 |
|
248,425 |
|
126,413 |
|
2,383,627 |
|
1,098,448 |
|
1,092,478 |
|
506,482 |
|
(2,242) |
|
7,186,718 |
Salaries and related costs |
|
$974,911 |
|
79,481 |
|
38,337 |
|
158,201 |
|
106,183 |
|
329,757 |
|
75,784 |
|
- |
|
1,762,654 |
Other operating expenses2 |
|
$64,558 |
|
59,863 |
|
31,454 |
|
154,322 |
|
84,267 |
|
166,119 |
|
52,371 |
|
(3,134) |
|
609,820 |
Operating income |
|
$479,442 |
|
41,511 |
|
18,795 |
|
238,203 |
|
102,233 |
|
112,565 |
|
48,554 |
|
20 |
|
1,041,323 |
Identifiable assets at period end |
|
$2,565,372 |
|
171,872 |
|
104,172 |
|
582,331 |
|
338,759 |
|
753,064 |
|
270,356 |
|
(31,468) |
|
4,754,458 |
Capital expenditures |
|
$24,249 |
|
2,393 |
|
487 |
|
1,250 |
|
4,239 |
|
5,977 |
|
1,871 |
|
- |
|
40,466 |
Depreciation and amortization |
|
$36,240 |
|
2,120 |
|
1,104 |
|
5,032 |
|
2,016 |
|
11,277 |
|
3,301 |
|
- |
|
61,090 |
Equity |
|
$1,500,901 |
|
43,155 |
|
42,535 |
|
228,747 |
|
119,823 |
|
174,536 |
|
156,748 |
|
(40,661) |
|
2,225,784 |
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$3,311,327 |
|
436,331 |
|
197,344 |
|
2,180,808 |
|
865,261 |
|
1,808,624 |
|
505,194 |
|
(4,779) |
|
9,300,110 |
Directly related cost of transportation and other expenses 1 |
|
$1,809,526 |
|
270,080 |
|
117,376 |
|
1,700,025 |
|
612,606 |
|
1,200,753 |
|
345,873 |
|
(2,239) |
|
6,054,000 |
Salaries and related costs |
|
$946,527 |
|
76,398 |
|
37,689 |
|
145,166 |
|
95,895 |
|
329,403 |
|
69,438 |
|
- |
|
1,700,516 |
Other operating expenses2 |
|
$91,470 |
|
66,839 |
|
31,906 |
|
127,908 |
|
79,875 |
|
163,932 |
|
46,272 |
|
(2,541) |
|
605,661 |
Operating income |
|
$463,804 |
|
23,014 |
|
10,373 |
|
207,709 |
|
76,885 |
|
114,536 |
|
43,611 |
|
1 |
|
939,933 |
Identifiable assets at period end |
|
$2,595,576 |
|
174,509 |
|
109,380 |
|
449,529 |
|
237,470 |
|
721,259 |
|
256,199 |
|
(20,113) |
|
4,523,809 |
Capital expenditures |
|
$23,845 |
|
1,247 |
|
442 |
|
1,534 |
|
971 |
|
7,830 |
|
3,445 |
|
- |
|
39,314 |
Depreciation and amortization |
|
$44,039 |
|
1,879 |
|
1,123 |
|
4,597 |
|
1,940 |
|
11,313 |
|
2,869 |
|
- |
|
67,760 |
Equity |
|
$1,774,874 |
|
19,222 |
|
54,581 |
|
158,329 |
|
103,573 |
|
167,141 |
|
154,038 |
|
(40,345) |
|
2,391,413 |
1Directly 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 consolidated statements of earnings.
2Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings.
Other than the United States, only the People’s Republic of China, including Hong Kong, represented more than 10% of the Company’s total revenue, total operating income, total identifiable assets or equity in any period presented as noted in the table below.
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
Revenues |
|
|
19 |
% |
|
|
22 |
% |
|
|
18 |
% |
|
Operating income |
|
|
15 |
% |
|
|
17 |
% |
|
|
17 |
% |
|
Identifiable assets at year end |
|
|
7 |
% |
|
|
10 |
% |
|
|
8 |
% |
|
Equity |
|
|
8 |
% |
|
|
9 |
% |
|
|
5 |
% |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 15, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.