Expeditors International of Washington, Inc. (EXPD)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,223,010	2,390,350	3,110,020	3,494,430	2,659,640
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $2,223,010K)
= 0.00

Expeditors International of Washington, Inc. has consistently maintained a debt-to-capital ratio of 0.00 from December 31, 2020, to December 31, 2024. This implies that the company has been operating with zero debt relative to its capital structure over the years analyzed. A debt-to-capital ratio of 0.00 indicates that the company has not used debt financing in its capital structure or has minimal debt compared to its equity. This low debt utilization may suggest a conservative financial strategy and lower financial risk for the company, as it is not heavily reliant on debt to fund its operations or growth.