Flexport at $2.1B revenue

Jan-Erik Asplund
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TL;DR: Mexican tariffs and Houthi rebel attacks in the Red Sea are proving to be powerful tailwinds for Flexport as it re-accelerates from its steep contraction in 2023. Sacra estimates that Flexport generated $2.1 billion in revenue in 2024, up 30% from $1.6 billion in 2023, with the company now projecting that it will be profitable in 2025. For more, check out our full report and dataset on Flexport.

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We first covered Flexport at $3.3B revenue in 2021, growing 146% YoY, when its Uber/Postmates-style order tracking platform for global shippers recorded its first profitable year (20% gross margin, 1% net margin).

Here's our Flexport update with key points via Sacra AI:

  • After revenue peaked in 2022 at an estimated $4.1B during post-COVID supply chain bottlenecks that spiked freight rates, Flexport’s revenue dropped to $1.6B in 2023 as freight rates reverted to pre-COVID levels and higher interest rates dampened consumer demand—now, Sacra estimates that Flexport has rebounded to $2.1B in revenue in 2024, up 31%.
  • As a macro-sensitive business exposed to global events, freight forwarding has seen COVID & post-COVID drive massive growth for Flexport, post-ZIRP correction killing trucking-centric forwarder Convoy ($828M raised, $320M revenue in 2023) and now Houthi rebel attacks in the Red Sea in 2024 kickstarting Flexport’s re-acceleration by tripling Asia-Europe shipping rates to over $5,500 per container.
  • With its acquisition of Shopify’s ecommerce fulfillment arm in 2023, Flexport gains a hedge against tariffs as a drag on global shipping—doubling in revenue as a line of business and driving warehouse utilization from below 50% to 75% as Mexico announced 15-35% apparel tariffs in December and ecommerce brands started relocating warehouses to the U.S.

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