Expeditors International

Balance sheet quality is excellent. Expeditors ended 2025 with no long‑term debt, 1.31 billion dollars in cash, and working capital of 1.68 billion dollars. Operating cash flow was 1.01 billion dollars and capex only 53 million dollars, yielding roughly 953 million dollars of free cash flow.

Such low capital intensity, positive working‑capital dynamics, and no structural leverage provide strong downside protection through cycles and flexibility to continue buybacks and dividends.