10-K 0001043277-26-000009 (2026-02-13) vs 10-K 0001043277-25-000012 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,360 |
9.3% |
| MD&A | Item 7 | 5,880 |
36.3% |
| Legal Proceedings | Item 3, via Note 7 – COMMITMENTS AND CONTINGENCIES | 262 |
0.0% |
| Accounting Policies | Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2,255 |
0.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 200 words changed in this paragraph; it is 38% similar to last year's version.
Total revenues and direct costs. Global Forwarding total revenues and direct costs increased, decreased driven by higher significantly lower pricing and purchased transportation costs in ocean services services, in addition to lower volume increases across all in our ocean services. In 2024, ocean transportation revenues and direct costs were elevated due to global forwarding transportation services. The higher pricing supply chain disruptions, including the Red Sea conflict, which strained capacity and purchased transportation costs in elevated ocean services were freight rates. While short periods of rate volatility occurred during 2025, driven by the volatile market conditions in 2024 discussed in the market trends section above, which significantly impacted carrier capacity shifting trade policies, front-loading, seasonal factors, and led to increased carriers’ use of blank sailings, overall ocean freight rates have largely remained depressed as weak demand outweighed these pressures. Many of these same market dynamics contributed to declines in 2024. Additionally, total revenues and direct costs within our air freight services. During 2024, disruptions in the ocean freight market resulted in increased air freight tonnage in 2024, driven by ocean freight conversions in many trade lanes. These ocean freight conversions, coupled with and heightened ecommerce demand out of North Asia and stronger peak season volumes compared to 2023, elevated increased air freight costs volumes and pricing in certain trade lanes in 2024. The volatile market conditions in 2024 lanes. This contrasted with the comparatively weak demand, elevated capacity, consumer demand environment in 2025, which contributed to lower pricing and suppressed direct costs and lower volumes in air freight rates experienced in 2023. services.
Source: Item 7, 10-K 0001043277-26-000009 vs Item 7, 10-K 0001043277-25-000012
Risk Factors 118 words changed in this paragraph; it is 77% similar to last year's version.
We are subject to claims arising from our transportation operations. We use the services of thousands of third-party transportation companies in connection with our transportation operations. From time to time, the drivers employed and engaged by the motor carriers with which we contract are involved in accidents, which may result in serious personal injuries. The resulting types and/or amounts of damages may be excluded by or exceed the amount of insurance coverage maintained by the contracted motor carrier. We contractually require all motor carriers we work with to carry at least $750,000 in automobile liability insurance. We also require all contracted motor carriers to maintain workers workers’ compensation and other insurance coverage as required by law. Most contracted motor carriers have insurance exceeding these minimum requirements, as well as cargo insurance in varying policy amounts. Railroads, which are generally self-insured, provide limited common carrier cargo loss or damage liability protection, which generally up ranges from $100,000 to $250,000 per shipment. Although these drivers are not our employees and all of these drivers are employees, owner-operators, or independent contractors working for the contracted motor carriers, from time to time, claims may be asserted against us for their actions or for our actions in retaining them. Claims against us may exceed the amount of our insurance coverage or may not be covered by insurance at all. A material increase in the frequency or severity of accidents, liability claims, workers’ compensation claims, or unfavorable resolutions of claims could materially and adversely affect our operating results. In addition, significant increases in insurance costs or the inability to purchase insurance as a result of these claims could reduce our profitability. Our involvement in the transportation of certain goods, including but not limited to, hazardous materials, could also increase our exposure in the event one of our contracted motor carriers is involved in an accident resulting in injuries or contamination.
Source: Item 1A, 10-K 0001043277-26-000009 vs Item 1A, 10-K 0001043277-25-000012
Accounting Policies 1 words changed in this paragraph; it is 99% similar to last year's version.
(1) Includes $3.7 million of net property and equipment for the Europe Surface Transportation disposal group, which is presented within assets held for sale on the condensed consolidated balance sheets as of December 31, 2024. Refer to Note 15, Divestitures, for further discussion related to the sale of our Europe Surface Transportation business.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001043277-26-000009 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001043277-25-000012
Every change, by type
Sentences and paragraphs of CHRW's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-14.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
The industry is undergoing rapid technological change, including the emergence of disruptive technologies and accelerated adoption of automation and AI. Competitors are leveraging advanced digital platforms, AI-driven freight matching, and automation to improve efficiency and reduce costs. If we fail to maintain the pace, scale, or quality of automation and AI adoption, we may be unable to achieve our strategic goals for operational efficiency and digital transformation. Inability to keep up with these advancements could increase our cost to serve customers, reduce productivity and negatively impact our ability to compete. Delays in implementing new systems or integrating emerging technologies into our workflows may also lead to higher operating expenses and missed opportunities for growth. If we cannot effectively respond to competitive pressures and technological disruption, our business, financial condition, and results of operations could be materially and adversely affected.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
•changes in tariffs, trade restrictions, trade agreements, and taxations. In 2025, the United States government made significant changes to our national trade policy, including imposing tariffs on certain goods imported into the United States. The tariffs impacted our Global Forwarding business in 2025, most significantly in the second quarter of 2025, with volatile market conditions causing global demand fluctuations and lower volumes. Changes in United States trade policy, including tariffs on certain imported goods, could continue to increase our costs and disrupt global supply chains. These actions, and any retaliatory measures by other countries, may lead to higher transportation costs and reduced demand, resulting in potential loss of freight volume. Additionally, heightened customs requirements could delay shipments and require significant internal resources, increasing operating expenses and negatively impacting our ability to serve customers efficiently. If we cannot mitigate these challenges, our business, financial condition, and results of operations could be materially affected;
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
We compete against operate in an intensely competitive transportation and logistics industry, facing both traditional and non-traditional logistics companies, competitors, including transportation providers that own equipment, asset-based carriers, third-party freight brokers, technology technology-driven matching services, platforms, internet freight brokers, carriers offering logistics services, and on-demand transportation service providers.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
In some instances where we have entered into contract freight rates with customers, changes in the event market conditions change and those contracted rates are below market rates, we may be required could require us to provide transportation services at a loss.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Continued Our continued success depends in large part significantly on our ability to develop successful talented employees into managers. and prepare them for leadership roles.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Until Given the timing, scope, and extent continuously developing nature of such possible regulation becomes finalized, these regulatory frameworks, we cannot predict its effect on our company, but if we are unable to pass such costs along to our customers, our business could be materially and adversely affected.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
The market may be impacted by supply chain disruptions or disruptions, overall economic conditions. conditions, or changes in trade policies such as tariffs.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
We Customers may also choose to bring certain services in-house, and we often buy and sell transportation services from and to many of our competitors.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
We face substantial industry competition. competition, including impacts from technological disruption and automation adoption.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Our contracted transportation providers are subject to an increasingly stringent laws protecting the environment, complex climate-related regulatory landscape, including transitional risks relating to climate change, which could directly or indirectly have a material adverse effect on our business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Increased competition could reduce our market opportunity and opportunities, create downward pressure on freight rates, and continued rate pressure may adversely affect our adjusted gross profits and income from operations.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
We source fresh produce under a license issued by the USDA as required by PACA. U.S.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Future and existing environmental regulatory requirements, including evolving transportation technology, requirements in the United States and abroad could adversely affect operations and increase operating expenses, which in turn could increase our purchased transportation costs.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
If we fail to successfully integrate AI into our platform and business processes, or if we fail to keep pace with rapidly evolving AI technological developments, including attracting and retaining talented AI developers and programmers developers, programmers, and cybersecurity personnel, we may face a competitive disadvantage.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Carrier capacity in the North America surface transportation market continued to contract toward the end of 2025 as carriers exited the market. This gradual tightening, coupled with disruptive weather events and incremental pressures from the enforcement of commercial driver regulations, contributed to upward pressure on transportation rates. As a result, the market has become increasingly sensitive, with spot market rates exhibiting sharper than typical reactions to changes in supply and demand conditions. Despite these emerging pressures, the market has not fully transitioned into a sustained upcycle. Key indicators, such as truckload routing guide depth within our Managed Solutions business, have remained at historically low levels for nearly two years. Routing guide depth represents the average number of carriers contacted prior to acceptance when procuring a transportation provider. Average routing guide depth was 1.3 in the fourth quarter of 2025, compared to 1.2 for much of the prior two years. While this increase reflects early signs of a tightening market, soft demand conditions and remaining excess capacity continue to temper the pace of the shift.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
The global forwarding market continued to face a persistent imbalance in 2025, marked by excess vessel capacity and weak global demand. Despite carriers’ ongoing avoidance of the Suez Canal, which has resulted in longer transit times and strain on global networks, vessel capacity has remained elevated. While short periods of rate volatility have occurred due to shifting trade and tariff policies, front‑loading, seasonal factors, and carriers’ use of blank sailings, international freight rates have largely remained depressed as weak demand outweighed these pressures. Looking ahead, uncertainty persists due to geopolitical and macroeconomic factors, including evolving trade policies, the Red Sea conflict, and carriers’ ability to effectively manage excess capacity. Despite this uncertainty, we expect ocean pricing to remain under pressure until global freight demand meaningfully improves. Similar dynamics continue to affect the air freight market. Although demand has shown resilience in certain technology‑focused sectors, overall air freight pricing remains sensitive to tariff developments and broader economic conditions, including cost-efficient ocean freight rates.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Our surface transportation results in 2025 reflected the challenging market conditions described above, including the increase in transportation rates as capacity tightened in the market near the end of the year. Throughout the year, we continued to advance our dynamic pricing and costing capabilities, navigating both the prolonged softness in demand and the rising cost environment that emerged toward year‑end. These enhanced capabilities allowed us to better react to changing market conditions and led to an improvement in adjusted gross profit per transaction in 2025 compared to 2024. Our average truckload linehaul rate charged to customers, excluding fuel surcharges, increased approximately 2.5 percent during 2025 reflecting our advanced dynamic pricing. Our average truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 2.0 percent over the same period, reflecting our disciplined costing capabilities. Despite operating in a persistently soft market for much of the year, our combined North American Surface Transportation (“NAST”) truckload and LTL volumes significantly outperformed the Cass Freight Index increasing 1.0 percent compared to 2024.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Total revenues and direct costs. Total revenues and direct costs decreased primarily due to the divestiture of our Europe Surface Transportation business, as well as lower pricing and volume in our ocean services and lower fuel surcharges in our truckload services. During 2024, ocean transportation revenues and direct costs were elevated as a result of ongoing disruptions, including the Red Sea conflict, which strained capacity and increased ocean freight rates. While short periods of rate volatility occurred during 2025, driven by shifting trade policies, front-loading, seasonal factors, and carriers’ use of blank sailings, overall ocean freight rates have largely remained depressed as weak demand outweighed these pressures. Our sourcing total revenue and direct costs increased, driven by increased case volume with retail and foodservice customers.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Gross profits and adjusted gross profits. Our transportation adjusted gross profits decreased due to lower adjusted gross profit per transaction in our ocean services and the divestiture of our Europe Surface Transportation business. These impacts were partially offset by increased adjusted gross profit per transaction in our LTL, truckload, and customs services. The decline in ocean services was largely attributable to the significant reduction in market pricing during 2025, compared to the same period in 2024 discussed above. Conversely, the increase in adjusted gross profit per transaction in LTL and truckload services reflects the continued advancement of our dynamic pricing and costing capabilities. These advancements have allowed us to respond more rapidly to market fluctuations through more frequent and precise pricing discovery. Sourcing adjusted gross profits increased, driven by an increase in integrated supply chain solutions for foodservice and retail customers.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Gross profits and adjusted gross profits. NAST adjusted gross profits increased driven by higher adjusted gross profits per transaction in both truckload and LTL services. The improvement was driven by the continued advancement of our dynamic pricing and costing capabilities. These advancements have allowed us to respond more rapidly to market fluctuations through more frequent and precise pricing discovery. NAST other adjusted gross profits decreased, primarily due to a decrease in warehousing services.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Operating expenses. NAST personnel expenses decreased driven by cost optimization efforts and productivity improvements, including lower average headcount. NAST other SG&A expenses were flat as higher allocated corporate expenses were offset by lower expenditures on purchased services, including contingent worker expenses, and lower occupancy expense.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Gross profits and adjusted gross profits. Global Forwarding adjusted gross profits decreased driven by lower adjusted gross profit per shipment and lower volumes in ocean services. The decline in adjusted gross profit per shipment in ocean services reflected the significant reduction in market pricing during 2025 compared to the same period in 2024, as discussed above. Partially offsetting the decline, customs adjusted gross profits increased, driven by higher duty advance fees reflecting elevated global tariff rates in 2025.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
The sale of our Europe Surface Transportation business closed effective February 1, 2025. We received $27.7 million of consideration at closing with additional fixed installment payments due throughout 2026. The remaining consideration due is collateralized by all current and future accounts receivable of the Europe Surface Transportation business.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
We may seek to retire or purchase our outstanding Senior Notes through open market cash purchases, privately negotiated transactions, or otherwise.
Read it in 10-K 2026-02-13 at sec.gov ↗
RemovedMD&A
The North America surface transportation market continued to experience excess carrier capacity relative to shipper demand throughout 2024, which resulted in an oversupplied and very competitive market. These conditions are typically referred to as a soft market and resulted in transportation rates at, or near, the estimated cost to operate a truck for much of 2024. Although carrier capacity has begun exiting the market, it has been at rates much slower than is typically seen at this stage of the market cycle. One of the key metrics we use to measure market conditions is the truckload routing guide depth from our Managed Solutions business. Routing guide depth represents the average number of carriers contacted prior to acceptance when procuring a transportation provider. Average routing guide depth has remained low throughout 2024 and finished the year at 1.3, representing that on average, the first carrier in a shipper’s routing guide was executing the shipment in most cases. Average routing guide depth at the end of 2023 was 1.2 and held at that level before increasing slightly at the end of 2024.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
The global forwarding market experienced significant volatility in 2024, impacted by re-routing, extended transit times, and improving demand. Most carriers avoided the Suez Canal for the majority of 2024 due to the Red Sea conflict, which increased transit times, straining global carrier capacity. Consequently, ocean freight rates have remained elevated compared to the prior year. Uncertainty remains on how the Red Sea conflict, along with geopolitical factors and new capacity entering the market, will impact the global forwarding market in 2025. The global air freight market has largely stabilized, although air freight costs remain elevated compared to the prior year. The elevated ecommerce export demand from Asia during much of 2024 resulted in the repositioning of air freight capacity to that trade lane, causing freighter capacity shortages in other trade lanes and driving up pricing in the market in certain trade lanes.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Our 2024 surface transportation results were largely consistent with the trends discussed in the market trends section and similar to trends experienced in the prior year. The weak freight demand and excess carrier capacity in the market resulted in most shipments moving under committed pricing agreements and suppressed freight rates on the limited number of shipments reaching the spot market for most of 2024. Despite these challenging market conditions, we were able to improve our adjusted gross profit per transaction in 2024 compared to 2023 as a result of disciplined pricing and capacity procurement efforts leading to better adjusted gross profits per transaction within our transactional portfolio. Our average truckload linehaul cost per mile, excluding fuel surcharges, decreased approximately 5.5 percent during 2024. Our average truckload linehaul rate charged to our customers, excluding fuel surcharges, decreased approximately 5.0 percent during 2024.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Total revenues and direct costs. Total revenues and direct costs were essentially flat with the prior year with significant offsetting impacts from ocean and truckload services. Ocean transportation revenues and direct costs increased, driven by the volatile market conditions experienced in 2024, as discussed in the market trends section above, which significantly impacted carrier capacity and led to increased ocean freight rates. Conversely, truckload transportation revenues and direct costs decreased compared to the prior year. This decline in truckload pricing and purchased transportation costs was driven by the soft market conditions in surface transportation, characterized by an oversupply of carrier capacity throughout most of 2024. Our sourcing total revenue and direct costs increased, driven by higher average pricing with retail customers and increased case volume with foodservice customers.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Gross profits and adjusted gross profits. Our transportation adjusted gross profits increased due to higher adjusted gross profits per transaction in ocean and truckload services, in addition to increased volumes in our ocean service line. The higher adjusted gross profits per transaction in ocean services were driven by the challenges facing the global forwarding market, which resulted in elevated pricing. In truckload services, the increase was driven by the improved execution and disciplined pricing and capacity procurement efforts from our team within our transactional portfolio during 2024. Sourcing adjusted gross profits increased, driven by an increase in integrated supply chain solutions for retail and foodservice customers.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Total revenues and direct costs. NAST total revenues and direct costs decreased, driven by lower pricing and purchased transportation costs and a decline in volume in truckload services. The lower pricing and purchased transportation costs in truckload services were driven by the soft market conditions experienced throughout 2024 as the market remained in a prolonged stage of oversupplied carrier capacity. These declines were partially offset by increased revenues and direct costs in LTL services driven by increased volumes.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Operating expenses. NAST personnel expenses increased, driven by an increase in variable compensation reflecting the improved results compared to the prior year. This increase was partially offset by cost optimization efforts, including lower average employee headcount in addition to lower allocated corporate expenses.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Gross profits and adjusted gross profits. Global Forwarding adjusted gross profits increased, driven by higher adjusted gross profits per shipment and an increase in volumes in ocean services driven by the challenges facing the global forwarding market, which resulted in elevated pricing. This compared to a market characterized by weak freight demand and excess carrier capacity in 2023. Air freight adjusted gross profits increased due an increase in metric tons shipped which was partially offset by lower adjusted gross profits per metric ton shipped. The decrease in adjusted gross profits per metric ton shipped, was driven by sharp increases to the cost of air freight in certain trade lanes during 2024 compared to 2023. Customs adjusted gross profits increased, driven by higher transaction volumes and an increase in adjusted gross profits per transaction.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Operating expenses. Personnel expenses increased primarily due to increased variable compensation reflecting the improved results relative to the prior year. This increase was partially offset by cost optimization efforts, including lower average employee headcount. Other SG&A expenses decreased, as the prior year included an $18.0 million loss related to the divestiture of our Argentina operations. Additionally, other SG&A expenses declined in the current year related to lower allocated corporate expenses and lower amortization expenses following the completion of amortization of intangible assets from a prior acquisition. These decreases were partially offset by a higher provision for credit losses as the prior year benefited from a reduction to the allowance for credit losses.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
During 2022, we sold an office building in Kansas City, Missouri, for a sales price of $55.0 million and recognized a gain of $23.5 million on the sale. We simultaneously entered into an agreement to lease the office building for 10 years.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
The decrease in cash used for share repurchases was due to a significant decrease in the number of shares repurchased in 2023 compared to 2022 as minimal shares were repurchased in the second half of 2023. No shares were repurchased in 2024.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On July 27, 2024, we entered into an agreement to sell our Europe Surface Transportation business. The sale included the assets and liabilities of the Europe Surface Transportation business other than its proprietary technology platform (the “disposal group”). As a result of the divestiture, the Europe Surface Transportation disposal group was classified as held for sale as of December 31, 2024. We have tested the goodwill of the Europe Surface Transportation reporting unit as of December 31, 2024, by performing Step One Analysis, before measuring the fair value of the disposal group to be presented as held for sale. We determined that the $28.6 million goodwill balance was not impaired.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
Cash provided by operating activities $ 914,519 $ 509,084 79.6% $ 731,946 (30.4)% $ 1,650,171 (55.6)% Capital expenditures (70,543) (74,288) (84,111) (128,497) Sale Acquisitions, net of property and equipment cash acquired (11,864) — — Proceeds from divestiture 27,737 — — Other investing — — 1,324 63,579 Cash used for investing activities (54,670) (74,288) 26.4% (82,787) (10.3)% (64,918) 27.5% Repurchase of common stock (354,652) — (63,884) (1,459,900) Cash dividends (301,376) (294,772) (291,569) (285,317) Net (repayments) borrowings on debt (289,000) (204,000) (394,000) 54,000 Other financing activities 82,280 82,673 31,620 71,671 Net cash used for financing activities (862,748) (416,099) (107.3)% (717,833) (42.0)% (1,619,546) (55.7)% Effect of exchange rates on cash and cash equivalents 7,232 (8,152) (3,284) (5,638) Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale $ 4,333 $ 10,545 $ (71,958) $ (39,931)
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Capital expenditures consisted primarily of investments in software, which are intended to deliver scalable solutions solutions, including those driven by transforming AI, that transform our processes, accelerating improve our customer and contract carrier experience, accelerate the pace of development, prioritizing data integrity, improving and improve our customer dynamic pricing and carrier experience, and increasing our efficiency to help expand our adjusted operating margins and grow the business. costing capabilities.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Adjusted gross profits increased 6.2 decreased 1.3 percent to $2.8 $2.7 billion, primarily driven by lower adjusted gross profit per transaction in our ocean services and the divestiture of our Europe Surface Transportation business, which were partially offset by higher adjusted gross profit per transaction in our truckload LTL, truckload, and ocean customs services.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
A similar discussion and analysis that compares the twelve months ended December 31, 2023, 2024, to the twelve months ended December 31, 2022, 2023, can be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2024 Annual Report on Form 10-K filed with the SEC on February 14, 2025.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
These During 2024, disruptions in the ocean freight conversions, coupled with market and heightened ecommerce demand out of North Asia and stronger peak season volumes compared to 2023, elevated increased air freight costs volumes and pricing in certain trade lanes in 2024. lanes.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Personnel expenses decreased, primarily due to cost optimization efforts including lower average employee headcount partially offset by higher variable compensation reflecting headcount, as well as the improved results compared to impact of the prior year. divestiture of our Europe Surface Transportation business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
We generated significant cash flow Cash flows from operating activities increased significantly in 2024, driven by 2025, reflecting our strong operating results performance and increased higher net income. income versus the prior year.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Personnel expenses in 2024, for All Other and Corporate 2025 included $7.0 $4.8 million of severance and related personnel expenses primarily associated with our 2024 2025 Restructuring Program. Program and the divestiture of our Europe Surface Transportation business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Cash and cash equivalents totaled $160.9 million as of December 31, 2025, and $145.8 million as of December 31, 2024, and $145.5 million as of December 31, 2023. 2024.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Cash and cash equivalents held outside the United States totaled $144.9 million as of December 31, 2025, and $134.0 million as of December 31, 2024, and $142.8 million as of December 31, 2023. 2024.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Working capital decreased increased from $828.7 million at December 31, 2023, to $644.7 million at December 31, 2024. 2024, to $966.8 million at December 31, 2025.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
As such, a Step One Analysis was not completed for any other reporting units and no impairments have been recorded in any period presented in the financial statements. were recorded.
Read it in 10-K 2026-02-13 at sec.gov ↗
