Expeditors dividend: cash, history and yield
MyStockButler's October 2026 analysis: Expeditors pays dividends per share, with the years shown in the dividend history. Its cash generation is compared with dividends, buybacks, and the cash left after capital spending.
How much dividend does Expeditors pay over the years shown?
The dividend rises from $1.70 per share to $1.90 in the base case. The bear case freezes it at $1.62, matching two payments at the latest $0.81 rate. The bull case reaches $2.05. The base follows the latest 5.2% increase while recognizing that dividends remain discretionary.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 7.00 | 4.82 | 6.75 | 12.42 | 4.86 |
| − Dividends paid, per share | 1.52 | 1.44 | 1.35 | 1.30 | 1.14 |
| − Share buybacks, per share | 4.90 | 6.03 | 9.27 | 9.62 | 3.00 |
| = FCF not paid out, per share | 0.56 | 1.49 | 0.70 |
What this means. In 2024 and 2023, the company paid shareholders more cash than its business generated, so it had to use other money or borrow.
How much would Expeditors's dividend pay you?
$10,000 invested in Expeditors at its 0.8% dividend yield (our report of October 21, 2026) pays $80.00 in the first year, before tax. If its dividend per share keeps changing 7.5% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $168.41, with $1,188.34 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is Expeditors’ dividend covered by its cash?
A stricter measure subtracts stock compensation. The expense is not a cash payment, but it gives employees ownership and can dilute existing shareholders. Deducting it produces “real free cash flow,” an analytical measure of cash after recognizing that economic cost.
Capital spending is not the full cost of maintaining the business. Training, technology staff and control work may already appear as operating expenses. Customs-duty advances can also tie up cash without increasing revenue. Dividends therefore deserve comparison with multi-year cash generation, not one favorable working-capital year.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 953,400 | 682,895 | 1,013,877 | 2,042,851 | 832,247 |
| − Dividends paid | 207,437 | 204,087 | 202,029 | 213,799 | 195,766 |
| − Share buybacks | 667,306 | 855,061 | 1,392,886 | 1,581,908 | 514,594 |
| = Free cash flow not paid out | 76,812 | 245,199 | 120,256 | ||
| Paid out, % of free cash flow | 91.7% | 155.1% | 157.3% | 87.9% | 85.4% |
What this means. In some years, the company paid shareholders more cash than it made, using savings or new borrowing to cover the difference.
What could change Expeditors’ dividend?
The bear view would gain credibility from air and ocean spread compression from late 2026 through 2028. It would strengthen if tariff-related filings fade in 2027 while ocean volume remains flat. Delayed savings or service disruption between 2027 and 2029 would also reduce operating margins and the multiple.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 1,200 (900 / 1,400) | 1,250 (950 / 1,500) | 1,300 (1,000 / 1,600) |
| Shares (millions) | 126 (128 / 124) | 122 (125 / 119) | 118 (123 / 114) |
| Dividends per share | 1.70 (1.62 / 1.75) | 1.80 (1.62 / 1.90) | 1.90 (1.62 / 2.05) |
| Net debt | -685 (-950 / -560) | -434 (-944 / -186) | -214 (-979 / 154) |
What this means. Negative net debt means the company has more cash than borrowed money, so it has money left over after paying its debts.
What is Expeditors’ dividend yield today?
Operating profitability declined from 2021 through 2025 even as revenue recovered in 2024 and 2025. EPS was nearly unchanged in 2025 from 2024, while diluted shares declined as buybacks exceeded dividends. The company’s free cash flow yield is 3.7%; its real free cash flow yield is 3.4%. Buyback yield is 2.6% versus a 0.8% dividend yield. At $198.58 per share, trailing P/E is 28.9x. Next-twelve-month P/E is 25.1x.