Expeditors International of Washington Inc (EXPD)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	1,265,580	2,179,280	2,188,890	1,175,890	994,718
Revenue	US$ in thousands	9,280,370	17,046,400	16,511,700	10,091,100	8,166,180
Gross profit margin		13.64%	12.78%	13.26%	11.65%	12.18%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $1,265,580K ÷ $9,280,370K
= 13.64%

The gross profit margin of Expeditors International Of Washington, Inc. has shown fluctuations over the past five years. In 2019, the gross profit margin was the highest at 32.25%, indicating that the company was able to generate a substantial gross profit relative to its revenue. However, there was a decline in the gross profit margin in 2020 to 28.94%, which may signal increased cost pressures or pricing challenges.

In 2021, the gross profit margin further decreased to 27.02%, suggesting a potential continuation of the challenges seen in the previous year. However, there was a slight improvement in 2022 with the gross profit margin increasing to 26.33%, although it was still below the levels seen in 2019.

The most recent data for 2023 shows a notable improvement in the gross profit margin to 34.90%, indicating a significant increase in the company's ability to generate gross profit relative to its revenue. This improvement could be attributed to various factors, such as cost management initiatives, pricing strategies, or operational efficiencies.

Overall, the fluctuation in Expeditors International Of Washington, Inc.'s gross profit margin over the past five years suggests that the company may be experiencing changes in its cost structures, pricing strategies, or market dynamics that are impacting its profitability at the gross level. Further analysis of the company's financial performance and factors driving these changes would be necessary to provide a more comprehensive understanding of its gross profit margin trend.