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Expeditors International of Washington cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$194M in Q3 2026 · $928M over twelve months

Operating cash flow$213M
Capital spending−$18.3M
Free cash flow+$194M
Cash / net income0.6×

Analysis

In Q3 2026, Expeditors International of Washington generated $213M of operating cash flow and spent $18.3M on capital projects, leaving free cash flow of $194M. That is $4.0M more than in Q3 2025 ($190M).

Over the twelve months to Sep 30, 2026, operating cash flow was $984M; the largest uses were buybacks ($886M), dividends ($209M), capital spending ($55.9M); besides operations, cash came from shares issued ($74.6M), other investing ($28.8M); the cash balance fell by $97.7M.

Operating cash flow was $213M against net income of $345M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$459M, payables +$284M, deferred revenue +$109M.

Free cash flow

Expeditors International of Washington: free cash flow by quarterExpeditors International of Washington: free cash flow by quarter$240MQ4 2024$329MQ1 2025$163MQ2 2025$190MQ3 2025$270MQ4 2025$297MQ1 2026$167MQ2 2026$194MQ3 2026
Operating cash flow less capital spending.
Expeditors International of Washington: operating cash flow against capital spendingExpeditors International of Washington: operating cash flow against capital spendingOperating cash flowCapital spending$250M$10.1MQ4 2024$343M$13.2MQ1 2025$179M$15.9MQ2 2025$201M$11.1MQ3 2025$283M$13.0MQ4 2025$309M$12.6MQ1 2026$179M$12.0MQ2 2026$213M$18.3MQ3 2026
Latest (Q3 2026): Operating cash flow $213M, Capital spending $18.3M.

Capital allocation, year by year

Expeditors International of Washington: where the cash came from (up) and went (down), by fiscal yearExpeditors International of Washington: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $868MFY2021: Net borrowing $7.5MFY2021: Shares issued $106MFY2021: Capital spending −$36.2MFY2021: Buybacks −$515MFY2021: Dividends −$196M$982MFY2021FY2022: Operating cash flow $2.1BFY2022: Net borrowing $51.5MFY2022: Shares issued $81.0MFY2022: Capital spending −$86.8MFY2022: Buybacks −$1.6BFY2022: Dividends −$214M$2.3BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$5.9MFY2023: Shares issued $84.9MFY2023: Capital spending −$39.3MFY2023: Buybacks −$1.4BFY2023: Dividends −$202M$1.1BFY2023FY2024: Operating cash flow $723MFY2024: Net borrowing −$20.1MFY2024: Shares issued $69.3MFY2024: Capital spending −$40.5MFY2024: Buybacks −$855MFY2024: Dividends −$204M$793MFY2024FY2025: Operating cash flow $1.0BFY2025: Net borrowing −$3.7MFY2025: Shares issued $88.2MFY2025: Capital spending −$53.1MFY2025: Buybacks −$667MFY2025: Dividends −$207M$1.1BFY2025
Over these 5 years operating cash flow totalled $5.8B; the largest uses were buybacks ($5.0B) and dividends ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debtnone
Net cash$1.1B

Expeditors International of Washington funds itself: free cash flow was $928M over the last twelve months, with $1.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Expeditors International of Washington: sources (+) and uses (−) of cash, Q3 2026Expeditors International of Washington: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$213MBuybacks−$197MShares issued$61.4MCash drawn (+) / kept (−)−$61.0MCapital spending−$18.3MNet borrowing (+) / repaid (−)$3.7MExchange rates−$1.7MOther financing$803KPartners−$154KOther investing$56K
Expeditors International of Washington: sources (+) and uses (−) of cash, TTM to Q3 2026Expeditors International of Washington: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$984MBuybacks−$886MDividends−$209MCash drawn (+) / kept (−)$97.7MShares issued$74.6MCapital spending−$55.9MOther investing$28.8MTaxes on employees’ shares−$21.5MExchange rates−$11.6MPartners−$1.7MNet borrowing (+) / repaid (−)$875KOther financing$482K

From profit to cash

Expeditors International of Washington: net income to operating cash flow, Q3 2026Expeditors International of Washington: net income to operating cash flow, Q3 2026Net income$345MDepreciation & amortization$14.2MStock-based pay$16.0MDeferred taxes−$3.8MOther non-cash$1.7MReceivables−$459MPayables$284MDeferred revenue$109MContract assets−$86.0MIncome taxes payable$14.2MOperating cash flow$213M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$213M−$18.3M−$197M—$3.7M$61.4M−$61.0M$194M
Q2 2026$179M−$12.0M−$355M−$106M$24K$1.2M$285M$167M
Q1 2026$309M−$12.6M−$288M—$3.1M$3.1M−$2.2M$297M
Q4 2025$283M−$13.0M−$46.5M−$103M−$6.0M$8.8M−$124M$270M
Q3 2025$201M−$11.1M−$212M—$2.0M$61.2M−$34.0M$190M
Q2 2025$179M−$15.9M−$231M−$104M$92K$5.1M$162M$163M
Q1 2025$343M−$13.2M−$177M—$195K$13.0M−$170M$329M
Q4 2024$250M−$10.1M−$252M−$101M−$14.5M$1.5M$145M$240M

Expeditors International of Washington: income statement and cash flow

Expeditors International of Washington, Q3 2026: revenue $4.1B (+42% year over year), operating margin 10.8%. The chart follows the revenue to costs, profit and cash.

Expeditors International of Washington: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.