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The air freight cycle received a rare double impulse in the second quarter of 2026, with Middle East disruptions constraining belly capacity on major cargo routes at precisely the moment AI hyperscalers scaled up demand for freighter and upper-deck space for their servers.
Against that backdrop, Expeditors International of Washington (NYSE: EXPD) reported second-quarter results on August 4 that pushed diluted earnings per share up 51% year over year to $2.03, net earnings up 45% to $266 million, and revenue up 32% to $3.5 billion.
The breadth of the result stands out. Customs brokerage, Transcon, Distribution, and Order Management each posted double-digit revenue growth for a second consecutive quarter.
Airfreight tonnage rose 14% year over year and 16% sequentially versus the first quarter of 2026.
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