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Side-by-side financial comparison of Expeditors International (EXPD) and Garmin (GRMN). Click either name above to swap in a different company.
Expeditors International is the larger business by last-quarter revenue ($2.9B vs $1.8B, roughly 1.6× Garmin). Garmin runs the higher net margin — 23.1% vs 7.0%, a 16.1% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (14.0% vs -3.3%). Garmin produced more free cash flow last quarter ($469.4M vs $270.3M). Over the past eight quarters, Expeditors International's revenue compounded faster (13.8% CAGR vs 7.9%).
Expeditors International of Washington, Inc. is an American Fortune 500 service-based logistics company with headquarters in Bellevue, Washington. Expeditors generates highly optimized and customized supply chain solutions for clients with unified technology systems integrated through a global network of over 340+ locations in 100+ countries on six continents.
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
EXPD vs GRMN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $1.8B |
| Net Profit | $200.7M | $405.1M |
| Gross Margin | — | 59.4% |
| Operating Margin | 8.8% | 24.6% |
| Net Margin | 7.0% | 23.1% |
| Revenue YoY | -3.3% | 14.0% |
| Net Profit YoY | -14.9% | 21.7% |
| EPS (diluted) | $1.50 | $2.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $2.9B | $2.1B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.7B | $1.8B | ||
| Q1 25 | $2.7B | $1.5B | ||
| Q4 24 | $3.0B | $1.8B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.4B | $1.5B |
| Q1 26 | — | $405.1M | ||
| Q4 25 | $200.7M | $528.7M | ||
| Q3 25 | $222.3M | $401.6M | ||
| Q2 25 | $183.6M | $400.8M | ||
| Q1 25 | $203.8M | $332.8M | ||
| Q4 24 | $235.9M | $435.7M | ||
| Q3 24 | $229.6M | $399.1M | ||
| Q2 24 | $175.5M | $300.6M |
| Q1 26 | — | 59.4% | ||
| Q4 25 | — | 59.2% | ||
| Q3 25 | — | 59.1% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 57.6% | ||
| Q4 24 | — | 59.3% | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | 57.3% |
| Q1 26 | — | 24.6% | ||
| Q4 25 | 8.8% | 28.9% | ||
| Q3 25 | 10.0% | 25.8% | ||
| Q2 25 | 9.3% | 26.0% | ||
| Q1 25 | 10.0% | 21.7% | ||
| Q4 24 | 10.2% | 28.3% | ||
| Q3 24 | 10.1% | 27.6% | ||
| Q2 24 | 9.2% | 22.7% |
| Q1 26 | — | 23.1% | ||
| Q4 25 | 7.0% | 24.9% | ||
| Q3 25 | 7.7% | 22.7% | ||
| Q2 25 | 6.9% | 22.1% | ||
| Q1 25 | 7.6% | 21.7% | ||
| Q4 24 | 8.0% | 23.9% | ||
| Q3 24 | 7.7% | 25.2% | ||
| Q2 24 | 7.2% | 20.0% |
| Q1 26 | — | $2.09 | ||
| Q4 25 | $1.50 | $2.72 | ||
| Q3 25 | $1.64 | $2.08 | ||
| Q2 25 | $1.34 | $2.07 | ||
| Q1 25 | $1.47 | $1.72 | ||
| Q4 24 | $1.68 | $2.24 | ||
| Q3 24 | $1.63 | $2.07 | ||
| Q2 24 | $1.24 | $1.56 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $2.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.4B | — |
| Total Assets | $4.9B | $11.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.3B | $2.3B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $1.3B | $2.0B | ||
| Q2 24 | $1.3B | $1.9B |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $9.0B | ||
| Q3 25 | $2.3B | $8.5B | ||
| Q2 25 | $2.2B | $8.1B | ||
| Q1 25 | $2.3B | $8.2B | ||
| Q4 24 | $2.2B | $7.8B | ||
| Q3 24 | $2.4B | $7.5B | ||
| Q2 24 | $2.2B | $7.0B |
| Q1 26 | — | $11.0B | ||
| Q4 25 | $4.9B | $11.0B | ||
| Q3 25 | $4.8B | $10.5B | ||
| Q2 25 | $4.8B | $10.3B | ||
| Q1 25 | $4.8B | $9.8B | ||
| Q4 24 | $4.8B | $9.6B | ||
| Q3 24 | $5.2B | $9.3B | ||
| Q2 24 | $4.8B | $8.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $283.3M | $536.0M |
| Free Cash FlowOCF − Capex | $270.3M | $469.4M |
| FCF MarginFCF / Revenue | 9.5% | 26.8% |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | 1.41× | 1.32× |
| TTM Free Cash FlowTrailing 4 quarters | $953.4M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $536.0M | ||
| Q4 25 | $283.3M | $553.8M | ||
| Q3 25 | $201.4M | $485.6M | ||
| Q2 25 | $179.2M | $173.2M | ||
| Q1 25 | $342.6M | $420.8M | ||
| Q4 24 | $249.7M | $483.9M | ||
| Q3 24 | $90.0M | $258.0M | ||
| Q2 24 | $126.8M | $255.3M |
| Q1 26 | — | $469.4M | ||
| Q4 25 | $270.3M | $429.6M | ||
| Q3 25 | $190.3M | $425.1M | ||
| Q2 25 | $163.3M | $127.5M | ||
| Q1 25 | $329.5M | $380.7M | ||
| Q4 24 | $239.7M | $399.2M | ||
| Q3 24 | $77.7M | $219.4M | ||
| Q2 24 | $118.8M | $218.2M |
| Q1 26 | — | 26.8% | ||
| Q4 25 | 9.5% | 20.2% | ||
| Q3 25 | 6.6% | 24.0% | ||
| Q2 25 | 6.2% | 7.0% | ||
| Q1 25 | 12.4% | 24.8% | ||
| Q4 24 | 8.1% | 21.9% | ||
| Q3 24 | 2.6% | 13.8% | ||
| Q2 24 | 4.9% | 14.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 5.8% | ||
| Q3 25 | 0.4% | 3.4% | ||
| Q2 25 | 0.6% | 2.5% | ||
| Q1 25 | 0.5% | 2.6% | ||
| Q4 24 | 0.3% | 4.6% | ||
| Q3 24 | 0.4% | 2.4% | ||
| Q2 24 | 0.3% | 2.5% |
| Q1 26 | — | 1.32× | ||
| Q4 25 | 1.41× | 1.05× | ||
| Q3 25 | 0.91× | 1.21× | ||
| Q2 25 | 0.98× | 0.43× | ||
| Q1 25 | 1.68× | 1.26× | ||
| Q4 24 | 1.06× | 1.11× | ||
| Q3 24 | 0.39× | 0.65× | ||
| Q2 24 | 0.72× | 0.85× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
GRMN
Segment breakdown not available.
