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Side-by-side financial comparison of Expeditors International (EXPD) and PPG Industries (PPG). Click either name above to swap in a different company.
PPG Industries is the larger business by last-quarter revenue ($3.9B vs $2.9B, roughly 1.4× Expeditors International). PPG Industries runs the higher net margin — 9.8% vs 7.0%, a 2.8% gap on every dollar of revenue. On growth, PPG Industries posted the faster year-over-year revenue change (6.7% vs -3.3%). Over the past eight quarters, Expeditors International's revenue compounded faster (13.8% CAGR vs -9.5%).
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.
PPG Industries, Inc. is an American supplier of paints, coatings, and specialty materials based in Pittsburgh, Pennsylvania. It operates in more than 70 countries globally. A member of the Fortune 500, PPG is the second largest coatings company in the world by revenue, behind Sherwin-Williams. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Postmodern architect Philip Johnson.
EXPD vs PPG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $3.9B |
| Net Profit | $200.7M | $385.0M |
| Gross Margin | — | — |
| Operating Margin | 8.8% | — |
| Net Margin | 7.0% | 9.8% |
| Revenue YoY | -3.3% | 6.7% |
| Net Profit YoY | -14.9% | 1.9% |
| EPS (diluted) | $1.50 | — |
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 | — | $3.9B | ||
| Q4 25 | $2.9B | $3.9B | ||
| Q3 25 | $2.9B | $4.1B | ||
| Q2 25 | $2.7B | $4.2B | ||
| Q1 25 | $2.7B | $3.7B | ||
| Q4 24 | $3.0B | $2.2B | ||
| Q3 24 | $3.0B | $4.6B | ||
| Q2 24 | $2.4B | $4.8B |
| Q1 26 | — | $385.0M | ||
| Q4 25 | $200.7M | $300.0M | ||
| Q3 25 | $222.3M | $453.0M | ||
| Q2 25 | $183.6M | $450.0M | ||
| Q1 25 | $203.8M | $373.0M | ||
| Q4 24 | $235.9M | $-280.0M | ||
| Q3 24 | $229.6M | $468.0M | ||
| Q2 24 | $175.5M | $528.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 40.8% | ||
| Q3 25 | — | 40.6% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 41.9% | ||
| Q4 24 | — | 34.9% | ||
| Q3 24 | — | 41.8% | ||
| Q2 24 | — | 43.0% |
| Q1 26 | — | — | ||
| Q4 25 | 8.8% | 9.9% | ||
| Q3 25 | 10.0% | 16.9% | ||
| Q2 25 | 9.3% | 17.7% | ||
| Q1 25 | 10.0% | 16.5% | ||
| Q4 24 | 10.2% | 0.5% | ||
| Q3 24 | 10.1% | 15.6% | ||
| Q2 24 | 9.2% | 17.3% |
| Q1 26 | — | 9.8% | ||
| Q4 25 | 7.0% | 7.7% | ||
| Q3 25 | 7.7% | 11.1% | ||
| Q2 25 | 6.9% | 10.7% | ||
| Q1 25 | 7.6% | 10.1% | ||
| Q4 24 | 8.0% | -12.9% | ||
| Q3 24 | 7.7% | 10.2% | ||
| Q2 24 | 7.2% | 11.0% |
| Q1 26 | — | — | ||
| Q4 25 | $1.50 | $1.33 | ||
| Q3 25 | $1.64 | $2.00 | ||
| Q2 25 | $1.34 | $1.98 | ||
| Q1 25 | $1.47 | $1.63 | ||
| Q4 24 | $1.68 | $-1.18 | ||
| Q3 24 | $1.63 | $2.00 | ||
| Q2 24 | $1.24 | $2.24 |
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 | $1.6B |
| Total DebtLower is stronger | — | $6.4B |
| Stockholders' EquityBook value | $2.4B | — |
| Total Assets | $4.9B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.3B | $1.9B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.3B | $1.2B |
| Q1 26 | — | $6.4B | ||
| Q4 25 | — | $7.3B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $7.3B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.4B |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $7.9B | ||
| Q3 25 | $2.3B | $7.8B | ||
| Q2 25 | $2.2B | $7.6B | ||
| Q1 25 | $2.3B | $6.9B | ||
| Q4 24 | $2.2B | $6.8B | ||
| Q3 24 | $2.4B | $7.8B | ||
| Q2 24 | $2.2B | $7.8B |
| Q1 26 | — | — | ||
| Q4 25 | $4.9B | $22.1B | ||
| Q3 25 | $4.8B | $22.1B | ||
| Q2 25 | $4.8B | $22.1B | ||
| Q1 25 | $4.8B | $21.1B | ||
| Q4 24 | $4.8B | $19.4B | ||
| Q3 24 | $5.2B | $21.9B | ||
| Q2 24 | $4.8B | $21.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.94× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.82× |
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 | — |
| Free Cash FlowOCF − Capex | $270.3M | — |
| FCF MarginFCF / Revenue | 9.5% | — |
| Capex IntensityCapex / Revenue | 0.5% | 5.0% |
| Cash ConversionOCF / Net Profit | 1.41× | — |
| TTM Free Cash FlowTrailing 4 quarters | $953.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $283.3M | $887.0M | ||
| Q3 25 | $201.4M | $685.0M | ||
| Q2 25 | $179.2M | $387.0M | ||
| Q1 25 | $342.6M | $-18.0M | ||
| Q4 24 | $249.7M | $346.0M | ||
| Q3 24 | $90.0M | $769.0M | ||
| Q2 24 | $126.8M | $365.0M |
| Q1 26 | — | — | ||
| Q4 25 | $270.3M | $586.0M | ||
| Q3 25 | $190.3M | $538.0M | ||
| Q2 25 | $163.3M | $266.0M | ||
| Q1 25 | $329.5M | $-227.0M | ||
| Q4 24 | $239.7M | $148.0M | ||
| Q3 24 | $77.7M | $620.0M | ||
| Q2 24 | $118.8M | $247.0M |
| Q1 26 | — | — | ||
| Q4 25 | 9.5% | 15.0% | ||
| Q3 25 | 6.6% | 13.2% | ||
| Q2 25 | 6.2% | 6.3% | ||
| Q1 25 | 12.4% | -6.2% | ||
| Q4 24 | 8.1% | 6.8% | ||
| Q3 24 | 2.6% | 13.6% | ||
| Q2 24 | 4.9% | 5.2% |
| Q1 26 | — | 5.0% | ||
| Q4 25 | 0.5% | 7.7% | ||
| Q3 25 | 0.4% | 3.6% | ||
| Q2 25 | 0.6% | 2.9% | ||
| Q1 25 | 0.5% | 5.7% | ||
| Q4 24 | 0.3% | 9.1% | ||
| Q3 24 | 0.4% | 3.3% | ||
| Q2 24 | 0.3% | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.41× | 2.96× | ||
| Q3 25 | 0.91× | 1.51× | ||
| Q2 25 | 0.98× | 0.86× | ||
| Q1 25 | 1.68× | -0.05× | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 0.39× | 1.64× | ||
| Q2 24 | 0.72× | 0.69× |
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% |
PPG
| Industrial Coatings | $1.6B | 42% |
| Performance Coatings | $1.3B | 34% |
| Global Architectural Coatings | $965.0M | 25% |
