Q1 2026 Quarterly Earnings Release

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expd-ex99_1.htm

Exhibit 99.1

EARNINGS RELEASE

Expeditors International of Washington, Inc.

3545 Factoria Blvd. SE

Sterling Plaza 2, 3rd Floor

Bellevue, Washington 98006

Daniel R. Wall

David A. Hackett

Geoffrey Buscher

President and Chief Executive Officer

Senior Vice President and Chief Financial Officer

(206) 674-3455

(206) 674-3400

(206) 892-4510

FOR IMMEDIATE RELEASE

EXPEDITORS REPORTS FIRST QUARTER 2026 EPS OF $1.71

BELLEVUE, WASHINGTON - May 5, 2026, Expeditors International of Washington, Inc. (NYSE:EXPD) today announced first quarter 2026 financial results including the following comparisons to the same quarter of 2025:

- Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased 16% to $1.71

- Net Earnings Attributable to Shareholders increased 13% to $230 million

- Operating Income increased 11% to $295 million

- Revenues increased 4% to $2.8 billion

- Airfreight tonnage increased 5% and ocean container volume decreased 4%

- Customs, Transcon, Distribution, and Order Management each achieved double-digit revenue growth

- Cash returned to shareholders in the form of share repurchases was $288 million

Daniel R. Wall, President and Chief Executive Officer, commented:

"During a period marked by significant disruption in the final month of the quarter, we continued to demonstrate our ability to bring solutions to our customers. This quarter also demonstrates the resilience of our non-asset-based model, as we grew revenues and margins in most of our products and geographies. We relied heavily on the hard work of our people, especially those close to the conflict in the Middle East. We were well prepared for disruption and adapted quickly. As soon as hostilities began, we developed strategies and solutions for our customers to keep freight moving out of and around impacted areas. In periods of heightened disruption, our teams demonstrate their capabilities and advance our aspiration to be the world's most trusted and valued logistics provider. I want to thank our people for their dedication and focus during this challenging time."

Q1 2026 Operational Highlights

"Airfreight gross margins increased sequentially from the fourth quarter of 2025 on higher per-kilo profitability, from higher rates and a more stable balance between sell and buy pricing for the first two months of the quarter, as air capacity was less constrained until the conflict in the Middle East began. Airfreight tonnage increased from the first quarter of 2025 as demand from technology customers remained strong. We remained agile and focused on risk management while also managing buy and sell rates during this dynamic time."

"As expected, the imbalance of global capacity versus demand, which we began to see in the latter half of 2025, continued to impact the ocean industry and led to a decline in our ocean revenues. The decline was due to decreases in both pricing and volume compared to Q1 of 2025. We were impacted by lower average profitability per-container and volume, primarily on exports from Asia. However, with favorable buy rates and disciplined cost control, we partially offset top-line pressure."

1Diluted earnings attributable to shareholders per share.

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