EXPD · 8-K · 20260804PR332198

Airfreight Demand and Capacity

EXPEDITORS INTERNATIONAL OF WASHINGTON INC · 2026-08-04 · Importance 30 · Surprise 40

Airfreight tonnage increased 14% year over year and 16% sequentially, led by Asia-U.S. and Asia-Europe trade lanes. Demand for air capacity exceeded available space, particularly late in the quarter, as reduced passenger flights and constrained belly capacity affected the market. AI hyperscalers continued to generate heavy demand, including demand for freighter space and upper-deck access for servers. North Asia e-commerce also recovered toward pre-Q2 2025 levels, adding pressure to capacity and rates.

Key facts

• Airfreight tonnage increased 14% in Q2 2026 compared to a year ago. source
• Tonnage was up 16% compared to Q1 2026. source
• Second quarter year-over-year percentage increase in airfreight kilos was 14% (April 13%, May 14%, June 15%, Quarter 14%). source
• Air buy and sell rates were highly elevated during the quarter as demand for air capacity continued to outweigh available space, particularly late in the quarter. source
• Ongoing heavy demand from AI hyperscalers shows no sign of slowing down and increased demand for freighter space was observed. source
• E-commerce out of North Asia has been climbing closer to where it was before the U.S. government began restricting de minimis entries in Q2 2025. source