Expeditors International of Washington "Visible Growth: Highlights from a..."

Research evidence excerpt

Expeditors International of Washington "Visible Growth: Highlights from a..."

Global Research

8 June 2026ab

Expeditors International of Washington Equities

United StatesVisible Growth: Highlights from a Meeting with

Management Transportation Services

12-month rating Buy

12m price target US$175.00Optimistic view on growth; drivers are broad based

On June 1 we hosted a virtual meeting with EXPD management including their

CEO Daniel Wall and CFO David Hackett. EXPD presented an optimistic view on their Price (05 Jun 2026) US$160.44

growth over the next several quarters which is supported by growth in key markets and RIC: EXPD.N BBG: EXPD US

a pipeline of new customers. While tech / data center airfreight activity is providing a

tailwind, EXPD indicated they are seeing growth across all of their customer segments in Trading data and key metrics

airfreight with the exception of retail / consumer. EXPD also continues to realize growth 52-wk range US$165.04-111.37

across its other five business segments with the exception of the ocean business. In our Market cap. US$21.4b

view, visibility to attractive revenue growth remains a key reason to own EXPD. Shares o/s 134m (COM)

Free float 89%

Continuing momentum in customs / other; pipeline is strong Avg. daily volume ('000) 380

While airfreight and ocean forwarding remain important drivers for EXPD, strategically Avg. daily value (m) US$56.7

management is focused on growing in its other four core services (customs brokerage, Common s/h equity (12/26E) US$2.44b

order management, transcon and warehouse / distribution) which are all reported on P/BV (12/26E) 8.7x

the customs / other line. EXPD indicated the pipeline of customs business is stronger Net debt to EBITDA (12/26E) NM

today than it was 6 to 12 months ago.