Expeditors International of Washington, Inc.

Based only on the annual revenue and operating income figures provided, Expeditors shows a longer-term pattern of revenue growth alongside a margin that has narrowed from its high. Revenue rose from $8.14 billion in 2018 to $11.07 billion in 2025, and operating income rose from $796.56 million to $1.05 billion over the same span. However, the operating margin moved from about 9.8% in 2018 to a peak of about 11.6% in 2021 and then to about 9.5% in 2025, so profit has grown more slowly than revenue in recent years. The 2021 to 2023 period is the most striking part of the record: revenue rose to $17.07 billion in 2022 and then fell to $9.3 billion in 2023, and operating income followed a similar path. No forensic scores are on file for this company, including the Beneish M-Score, Piotroski F-Score, Altman Z-Score, or Fog Index, so this synthesis does not assign any of them a value or reading. Those scores are screening tools that check financial statements for patterns that call for a closer look, and their absence here means that check is not part of this synthesis. The MD&A and risk-factor text that would explain the 2022 to 2023 swing, and any current drivers, are also not on file. Readers may want to read the full annual report, comparing management's explanation of revenue changes against the operating income trend, before forming their own view of the business.

Catalyst.The filing data provided for Expeditors includes only annual revenue and operating income, with no MD&A text, so the business drivers management cites cannot be confirmed here. The reported figures show revenue of $11.07 billion for 2025, up from $10.6 billion in 2024, an increase of about 4.4%. Operating income was $1.05 billion in 2025 compared with $1.04 billion in 2024, a rise of about 1%. Because operating income grew much more slowly than revenue, the operating margin (operating income divided by revenue) slipped from about 9.8% in 2024 to about 9.5% in 2025. The reasons behind these movements are not in the data provided, so readers may want to check the MD&A section of the full filing for management's explanation.

Hidden risk.No risk-factor text is on file, so this section relies on the reported figures. Revenue moved sharply over the period: it was $17.07 billion in 2022 and $9.3 billion in 2023, a decline of about 45%, while operating income fell from $1.82 billion to $939.93 million, a decline of about 48%. A business whose top line can move this much in one year may be exposed to conditions that the annual figures alone do not explain. The risks management identifies for this pattern are not in the data provided, so readers may want to review the risk factors section of the full filing before drawing conclusions.