EXPD · 10-Q · 2026Q3 · Full report
Airfreight Demand and Capacity
EXPEDITORS INTERNATIONAL OF WASHINGTON INC · 2026-11-04 · Importance 49 · Surprise 40 · In source text
Third-quarter airfreight tonnage increased 13%, with growth primarily in exports from South Asia, North Asia and MAIR as demand from technology customers remained strong. For the first nine months of 2026, tonnage increased 11%. Higher demand, Middle East conflict-related capacity constraints and increased jet fuel prices contributed to higher carrier buy rates, while Expeditors increased air-charter use to meet technology-customer demand out of Asia. Variable demand from direct e-commerce and hyperscalers, along with disruptions and geopolitical conditions, may affect airfreight volumes and capacity on particular routes.
Key facts
- Airfreight services revenues and expenses increased 51% and 53%, respectively, in the third quarter of 2026, as average sell rates rose 38%, average buy rates rose 37%, and tonnage increased 13%. source
- For the nine months ended September 30, 2026, airfreight services revenues and expenses increased 42% and 45%, respectively; average sell and buy rates increased 32% and 33%, respectively, and tonnage increased 11%. source
- Expeditors continued to increase its use of air charter arrangements to meet technology-customer demand out of Asia. source
- Expeditors’ airfreight average buy rates increased in the three and nine months ended September 30, 2026, as demand remained strong, the Middle East conflict constrained available capacity, and jet fuel prices increased. source
- Expeditors’ airfreight services, road freight, and warehousing and distribution services benefited from continued strong demand from technology customers investing in AI infrastructure in the third quarter of 2026. source
- Expeditors’ airfreight tonnage increased primarily on exports from South Asia, North Asia, and MAIR in the three and nine months ended September 30, 2026, as technology-customer demand remained strong. source
- Expeditors’ airfreight average sell rates increased across all regions in the three and nine months ended September 30, 2026, as higher carrier buy rates were passed on to customers. source
- Volatile conditions could negatively affect airfreight demand and significantly reduce Expeditors’ volumes in coming quarters; they could also result in significant decreases in revenues and operating income. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | For the nine months ended September 30, 2026, airfreight services revenues and expenses increased 42% and 45%, respectively; average sell… |
| operating_income | negative | realized | — | For the nine months ended September 30, 2026, airfreight services revenues and expenses increased 42% and 45%, respectively; average sell… |