EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$11.1B
Gross margin	— not reported
Operating income	$1.1B
Net income	$810.3M
Diluted EPS	$5.95
Cash & equivalents	$1.3B
Total assets	$4.9B
Long-term debt	— not reported

Key takeaway

As a non-asset-based, third-party logistics provider, Expeditors purchases cargo space from carriers and resells it, without owning aircraft or ships.

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Beneath the surface

Operating cash flow of $1.007 billion exceeded net income of $810 million, but financing activities used $802 million, suggesting heavy capital return (dividends/buybacks) versus reinvestment, though specific buyback figures aren't broken out in the provided facts.

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