Expeditors Q3 update: AI growth, de minimis impact, customs brokerage expansion

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

AI infrastructure shipments positively impacted airfreight, customs, Transcon, and warehousing in Q3 2025.
U.S. de minimis exemption expiration eased air capacity; shippers accelerated orders ahead of tariffs.
Ocean rates declined substantially in Q3; carrier capacity increased since late 2024.
Customs brokerage grew on higher entries, more line items/entry, and price increases; expects added 'post entry' filings work.
Headcount up ~10% from early 2024 to handle increased shipment and customs complexity; IT costs drove other expenses higher.

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