Expeditors International of Washington (EXPD) has set the tone for Q1 2026 with recent results that sit against a backdrop of quarterly revenue between US$2.65b and US$3.00b over the past six reported periods, alongside basic EPS that has ranged from US$1.35 to US$1.69 and trailing twelve month EPS between US$5.15 and US$6.17. The company has seen total revenue move from US$9,923.6m to US$11,069.0m on a trailing twelve month basis while net income over the same window has held between US$732.9m and US$852.8m. This provides a clearer view of how topline scale and EPS have been tracking into the current release. With revenue growth forecasts in the low single digits and earnings growth expectations also modest, investors are likely to focus closely on how consistently management is holding margins around recent levels.

See our full analysis for Expeditors International of Washington.

With the headline numbers in place, the next step is to see how this earnings print lines up against the widely held narratives on growth, quality and risk that have built up around Expeditors over the past year.

TTM net income at US$810m with margins just over 7%

• On a trailing twelve month basis, Expeditors earned US$810.3m of net income on US$11.1b of revenue, which lines up with the 7.3% net margin cited for the last year versus 7.6% in the prior year.
• What stands out for a more bullish view is that trailing EPS of US$5.97 sits above the US$5.15 level from six quarters ago. The last year of earnings growth of about 0.03% is set against a five year pattern of roughly 9% annual declines, which heavily supports the idea of more resilient earnings than the longer run trend implied, even if margins eased slightly from 7.6% to 7.3%.

Premium 25.1x P/E despite modest 4.1% earnings growth forecast

• The stock trades on a P/E of 25.1x, which is above both the Global Logistics industry average of 15.9x and a peer average of 20.7x, while earnings are forecast to grow about 4.1% per year compared with a 16% forecast for the wider US market.
• Bears argue that paying a premium multiple for slower growth is a stretch, and the numbers give them material support because:
  • Forecast revenue growth of roughly 3.3% a year and earnings growth of around 4.1% a year both sit below broader US market expectations, so the premium P/E is not tied to higher growth in the current forecasts.
  • Net margin at 7.3% versus 7.6% a year earlier shows only a small compression, which challenges any sharply negative view on profitability but still leaves the rich multiple more dependent on investors being comfortable paying up for steadier rather than faster growth.

Quarterly EPS between US$1.35 and US$1.65 supports “steady, cyclical” framing

• Over the last six reported quarters, basic EPS has moved within a band of roughly US$1.35 to US$1.69 per share, with the most recent four quarters ranging from US$1.35 to US$1.65, while quarterly revenue held between about US$2.65b and US$3.00b.
• Consensus style commentary often frames a logistics business like this as “quality but cyclical,” and the data largely fits that label because:
  • Trailing revenue has ranged from about US$9.9b to US$11.1b and trailing EPS from US$5.15 to US$6.17, which supports the idea of earnings that move with trade conditions but stay within a relatively contained range.
  • The combination of high quality past earnings, modest growth forecasts, and only slight movement in margin supports a view that the business behaves like a stable trade proxy rather than a high growth story. This is useful context when weighing that 25.1x P/E against the US$153.08 share price.

For a fuller picture of how other investors are interpreting this mix of modest growth, steady margins, and a premium multiple, it can help to see how different narratives line up against the same numbers, and that is where the Curious how numbers become stories that shape markets? Explore Community Narratives

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Expeditors International of Washington's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Mixed signals on growth and valuation so far, or a balanced risk reward setup that fits your style. If you want to weigh those risks and upsides directly against the numbers, take a closer look at the 1 key reward and 1 important warning sign.

See What Else Is Out There

Expeditors is combining modest revenue and earnings growth forecasts with a premium 25.1x P/E and slightly softer margins, which leaves some investors questioning value.

If paying a higher price for slower growth is a concern, it may be worth quickly checking the 52 high quality undervalued stocks to find stocks where valuations appear more in line with their prospects.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.