A simple explicit formula for the transport rate of windblown sand is derived based on physical reasoning. The curve relating the dimensionless transport rate to the dimensionless friction speed exhibits the empirically well-established peak. In fact, the theory developed in the paper can explain the peaked shape of this curve. Three empirically determined coefficients in the formula can be given a physical interpretation. The formula is shown to fit transport rates measured in wind-tunnel experiments well, except for very coarse sand. Formulae for the wind profile in the saltation layer and for the grain dislodgement rate in dependence on the friction speed are obtained as part of the theory.