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Expeditors International of Washington vs Forward Air: revenue, profit, margins and growth compared

Expeditors International of Washington brought in $11.1B of revenue in fiscal 2025, Forward Air $2.5B in fiscal 2025. Revenue changed by +4.4% at Expeditors International of Washington and +0.8% at Forward Air on the year before, so Expeditors International of Washington grew faster. Expeditors International of Washington kept 7.3% of its revenue as net profit, Forward Air -4.3%. Free cash flow was $953.4M at Expeditors International of Washington and $15.3M at Forward Air.

Side by side, latest fiscal year

EXPDFWRD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11.1B$2.5B
Revenue growth+4.4%+0.8%
Net income$810.3M-$107.8M
Net margin7.3%-4.3%
Free cash flow$953.4M$15.3M
Free cash flow margin8.6%0.6%
Earnings per share (diluted)$5.95-$3.51
Cash$1.3B$106M
Debtn/a$1.7B
Price to earnings31.5n/a
Market value$24.4B$496.2M
Dividend yield0.82%n/a
Rank by revenue in sector#60 of 451 · Industrials#201 of 451 · Industrials

Over the years

Revenue
EXPD FY2018: $8.1BEXPD FY2019: $7.9BEXPD FY2020: $9.6BEXPD FY2021: $16.5BEXPD FY2022: $17.1BEXPD FY2023: $9.3BEXPD FY2024: $10.6BEXPD FY2025: $11.1BFWRD FY2018: $1.1BFWRD FY2019: $1.2BFWRD FY2020: $1.3BFWRD FY2021: $1.4BFWRD FY2022: $1.7BFWRD FY2023: $1.4BFWRD FY2024: $2.5BFWRD FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
EXPD $11.1BFWRD $2.5B
Net income
EXPD FY2018: $618.2MEXPD FY2019: $590.4MEXPD FY2020: $696.1MEXPD FY2021: $1.4BEXPD FY2022: $1.4BEXPD FY2023: $752.9MEXPD FY2024: $810.1MEXPD FY2025: $810.3MFWRD FY2018: $92.1MFWRD FY2019: $87.1MFWRD FY2020: $23.7MFWRD FY2021: $105.9MFWRD FY2022: $193.2MFWRD FY2023: $167.4MFWRD FY2024: -$817MFWRD FY2025: -$107.8MFY18FY19FY20FY21FY22FY23FY24FY25
EXPD $810.3MFWRD -$107.8M
Net margin
EXPD FY2018: 7.6%EXPD FY2019: 7.4%EXPD FY2020: 7.3%EXPD FY2021: 8.6%EXPD FY2022: 8.0%EXPD FY2023: 8.1%EXPD FY2024: 7.6%EXPD FY2025: 7.3%FWRD FY2018: 8.1%FWRD FY2019: 7.2%FWRD FY2020: 1.9%FWRD FY2021: 7.6%FWRD FY2022: 11.5%FWRD FY2023: 12.2%FWRD FY2024: -33.0%FWRD FY2025: -4.3%FY18FY19FY20FY21FY22FY23FY24FY25
EXPD 7.3%FWRD -4.3%
Revenue growth
EXPD FY2019: -2.4%EXPD FY2020: +20.7%EXPD FY2021: +72.4%EXPD FY2022: +3.3%EXPD FY2023: -45.5%EXPD FY2024: +14.0%EXPD FY2025: +4.4%FWRD FY2019: +6.8%FWRD FY2020: +4.5%FWRD FY2021: +9.3%FWRD FY2022: +21.1%FWRD FY2023: -18.4%FWRD FY2024: +80.5%FWRD FY2025: +0.8%FY19FY20FY21FY22FY23FY24FY25
EXPD +4.4%FWRD +0.8%
Free cash flow
EXPD FY2018: $525.3MEXPD FY2019: $724.7MEXPD FY2020: $607.4MEXPD FY2021: $832.2MEXPD FY2022: $2BEXPD FY2023: $1BEXPD FY2024: $682.9MEXPD FY2025: $953.4MFWRD FY2018: $113MFWRD FY2019: $137MFWRD FY2020: $75.8MFWRD FY2021: $82.2MFWRD FY2022: $210.9MFWRD FY2023: $168.5MFWRD FY2024: -$106.1MFWRD FY2025: $15.3MFY18FY19FY20FY21FY22FY23FY24FY25
EXPD $953.4MFWRD $15.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Expeditors International of Washington and Forward Air

Which is bigger by revenue, Expeditors International of Washington or Forward Air?

Expeditors International of Washington is bigger by revenue: $11.1B in fiscal 2025, against $2.5B for Forward Air in fiscal 2025.

Which keeps more of its revenue as profit, Expeditors International of Washington or Forward Air?

Expeditors International of Washington had a net margin of 7.3% in fiscal 2025; Forward Air had -4.3% in fiscal 2025.

Which grew revenue faster, Expeditors International of Washington or Forward Air?

In their latest fiscal years revenue changed by +4.4% at Expeditors International of Washington and +0.8% at Forward Air.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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