It does. Although I talked to my friend who's a dermatologist and she said its not necessary. But I just purchased a new container late last year and the expiration date is for 9/2014. Hope that helps!
It does carry an expiration date, but I have never experienced an issue with it. In fact, last winter, I found a small unopened jar of Aquaphor that had fallen behind some of the things in the cabinet that was about 6 months past its date, and found it to be every bit as wonderful as if it wasn't "expired". It has a long shelf life!