Expeditors is a capital-light logistics compounder that monetizes cross-border trade complexity rather than freight volume. As tariff uncertainty and regulatory complexity increase globally, the company's customs brokerage segment — now its fastest-growing and highest-margin business — transforms geopolitical disruption into a structural tailwind. The non-asset model generates ~40% ROIC and ~$950M annual FCF, funding aggressive buybacks ($3B new authorization) that compound EPS growth above revenue growth.