Expeditors International
23 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Retail and technology industries
earns fromnamed as a riskA significant portion of Expeditors' revenues is derived from customers in retail and technology industries whose shipping patterns are tied closely to consumer demand, as well as the scaling of AI infrastructure, and from customers in industries whose shipping patterns are dependent upon just-in-time production schedules.Risk factors (Item 1A)
Suppliers
Commercial airlines
depends on · approximately 36% and 34% of Expeditors' total revenuesnamed as a riskBecause we rely on commercial airlines to transport our shipments, our business may be adversely affected by changes in carrier financial stability, policies and practices such as pricing, payment terms, scheduling, capacity and frequency of service.Business (Item 1)
Ocean shipping carriers
depends on · approximately 25% and 30% of Expeditors' total revenuesnamed as a riskThis carrier behavior, and the subsequent changes in available capacity, along with fluctuations in demand, creates pricing volatility that could impact Expeditors' ability to maintain historical unitary profitability.Business (Item 1)
Places
China
concentrated in · 19% and 22% of our revenues and 15% and 17% of our operating income in 2025 and 2024named as a riskExpeditors' activity is particularly exposed to trade volume impacts from trade actions and tariff disputes between China and the United States, as we generated 19% and 22% of our revenues and 15% and 17% of our operating income in 2025 and 2024, respectively, on exports from China and Hong Kong.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Hong Kong
concentrated in · 19% and 22% of our revenuesnamed as a riskExpeditors' activity is particularly exposed to trade volume impacts from trade actions and tariff disputes between China and the United States, as we generated 19% and 22% of our revenues and 15% and 17% of our operating income in 2025 and 2024, respectively, on exports from China and Hong Kong.Risk factors (Item 1A)
Also named by CG, DECK, EWBC, LZB, MCO, MPWR, MXL, NVDA and 1 more
Canada
named as a riskThese measures led to threatened or actual retaliatory tariffs on goods made in the United States from several countries, including China and Canada.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Puget Sound, Washington
operates innamed as a riskOur corporate headquarters and certain other critical business operations are in the Puget Sound area of Washington, which is near major earthquake faults.Risk factors (Item 1A)
Hazards
Commodities and inputs
U.S. dollar exchange rate
exposed to its price · approximately $60 millionnamed as a riskAll other things being equal, an average 10% weakening of the U.S. dollar, throughout the year ended December 31, 2025, would have had the effect of raising operating income by approximately $60 million.Market risk (Item 7A)
Chinese Yuan
exposed to its pricenamed as a riskThe principal foreign exchange risks to which Expeditors is exposed include Chinese Yuan, Indian Rupee, Euro, Mexican Peso, Canadian Dollar, British Pound and Vietnamese Dong.Market risk (Item 7A)
Also named by ABT, ASO, BEN, CHRW, CROX, CYRX, DORM, ESI and 13 more
Jet and marine fuel
exposed to its pricenamed as a riskTo the extent that future fuel prices increase, and we are unable to pass through the increase to our customers, fuel price increases could adversely affect our operating income.Business (Item 1)
Regulators
U.S. Customs and Border Protection (CBP)
subject to · approximately 39% and 36% of Expeditors' total revenuesExpeditors is licensed as a customs broker by the Customs and Border Protection (CBP) agency of DHS, nationally and in each U.S. customs district in which we do business.Business (Item 1)
Also named by BALL, BJ, CHRW, CROX, FDX, FDXF, JBHT, KLAC and 12 more
Indian Tax Authority (ITA)
subject tonamed as a riskHowever, if these matters are adversely resolved, we would recognize significant additional tax expense including interest and penalties.Risk factors (Item 1A)
Also named by AMZN
Transportation Security Administration (TSA)
subject toWith respect to activities in the air transportation industry in the United States, Expeditors is subject to regulation by the Transportation Security Administration (TSA) of the Department of Homeland Security (DHS) as an indirect air carrier.Business (Item 1)
Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, FDX and 13 more
Federal Maritime Commission (FMC)
subject toExpeditors is licensed as an Ocean Transportation Intermediary (OTI) (sometimes referred to as an NVOCC) by the Federal Maritime Commission (FMC).Business (Item 1)
International Air Transport Association (IATA)
subject toThe majority of our airfreight forwarding business is conducted with airlines that are IATA members.Business (Item 1)
Also named by RXO
Laws and programs
OECD Pillar Two
subject to · minimum 15% tax rateSome of these legislative changes could impact our effective tax rate and tax liabilities, but we expect the impact to be insignificant because we pay tax at a rate of over 15% in the great majority of countries in which we do business.Risk factors (Item 1A)
Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more
U.S. Foreign Corrupt Practices Act
subject tonamed as a riskIn addition, we operate in parts of the world where common business practices could constitute violations of the anti-corruption laws, rules, regulations and decrees of the United States and of other countries in which we conduct business, including the U.S. Foreign Corrupt Practices Act as well as trade and exchange control laws, or laws, regulations and Executive Orders imposing embargoes and sanctions; and anti-boycott laws and regulations.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
One Big Beautiful Bill Act
subject tonamed as a riskGovernmental authorities frequently implement new tax laws, including the One, Big, Beautiful Bill Act (Public Law 119-21), (the 2025 Tax Act), enacted in July of 2025 in the U.S., and change their tax rates and rules, including interpretations of those rules.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
U.S. tariffs on Chinese imports
subject tonamed as a riskThe United States has undertaken a substantial global tariff rebalancing effort, resulting in higher tariffs on imports, including significantly higher tariffs on goods made in China and sectoral tariffs on a range of materials and products.Risk factors (Item 1A)
EU Emissions Trading System
subject tonamed as a riskIn addition, the increasing concern over climate change has resulted and may continue to result in more regulations relating to climate change, including regulating greenhouse gas emissions, restrictions on modes of transportation, alternative energy policies and sustainability initiatives, such as the FuelEU Maritime initiative or the EU Emissions Trading System.Risk factors (Item 1A)
FuelEU Maritime
subject tonamed as a riskIn addition, the increasing concern over climate change has resulted and may continue to result in more regulations relating to climate change, including regulating greenhouse gas emissions, restrictions on modes of transportation, alternative energy policies and sustainability initiatives, such as the FuelEU Maritime initiative or the EU Emissions Trading System.Risk factors (Item 1A)
Customs Trade Partnership Against Terrorism (CTPAT)
subject toExpeditors participates in various governmental supply chain security programs, such as the Air Cargo Advance Screening (ACAS), the Customs Trade Partnership Against Terrorism (CTPAT) in the United States and Authorized Economic Operator (AEO) programs in other countries.Business (Item 1)