Expeditors International

The company has a long record of positive free cash flow and high conversion, but top‑line and gross profit are cyclical with global trade, capacity, and rates. 2025 revenue was 11.07 billion dollars and diluted EPS was 5.95 dollars, up modestly from 2024, while segment mix shifted toward customs brokerage as ocean rates softened.

The business has no single‑country concentration risk inherent to asset owners and benefits from diversified services and geographies, yet earnings can swing with freight cycles and macro shocks, including cyber disruptions as experienced in February 2022. Predictability is therefore mid‑range: resilient cash flow generation across cycles, but revenue and margins are not toll‑like.