Expeditors International of Washington Inc (EXPD)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	1,020,932	1,152,656	1,454,027	1,690,887	1,855,962	2,131,658	2,085,922	1,992,122	1,909,326	1,567,608	1,329,916	1,166,897	940,437	838,966	793,571	738,146	766,692	803,359	799,963	791,346
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,390,350	2,489,780	2,555,930	3,147,170	3,110,020	3,482,180	3,525,250	3,843,390	3,494,430	3,417,360	3,079,450	2,874,790	2,659,640	2,502,030	2,159,120	2,034,810	2,195,030	2,207,380	2,050,970	2,124,270
Return on total capital		42.71%	46.30%	56.89%	53.73%	59.68%	61.22%	59.17%	51.83%	54.64%	45.87%	43.19%	40.59%	35.36%	33.53%	36.75%	36.28%	34.93%	36.39%	39.00%	37.25%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $1,020,932K ÷ ($—K + $2,390,350K)
= 42.71%

Expeditors International Of Washington, Inc.'s return on total capital has shown varying levels over the past eight quarters. The return on total capital ranged from a high of 60.83% in Q3 2022 to a low of 39.32% in Q4 2023.

Overall, the company has demonstrated strong efficiency and effectiveness in generating returns from its total invested capital. The return on total capital has consistently been above 50% for the past eight quarters, indicating that Expeditors International Of Washington, Inc. is utilizing its capital efficiently to generate profits.

While there was some fluctuation in the return on total capital over the quarters, the company's ability to consistently achieve high returns signals strong performance and effective capital allocation strategies. Investors may view this as a positive indicator of the company's financial health and management's ability to generate returns for shareholders.