FOR IMMEDIATE RELEASE Chuck Ives, Senior Director of Investor Relations
C.H. Robinson 14701 Charlson Rd. Eden Prairie, MN 55347 www.chrobinson.com FOR INQUIRIES, CONTACT: FOR IMMEDIATE RELEASE Chuck Ives, Senior Director of Investor Relations Email:chuck.ives@chrobinson.com
Eden Prairie, MN, October 28, 2026 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended September 30, 2026.
• Company has continued to deliver secular earnings growth driven by consistent market share gains, disciplined revenue management and evergreen productivity improvements fueled by its Lean AI strategy
• North American Surface Transportation ("NAST") volume increased approximately 3.5% year-over-year compared to a 0.3% decline in the Cass Freight Shipment Index, reflecting the 14th consecutive quarter of market outgrowth
• NAST truckload adjusted gross profit ("AGP") per shipment (1) increased 17.0% year-over-year, despite a significant increase in truckload spot market costs, due to disciplined revenue management
• NAST and Global Forwarding both achieved their mid-cycle operating margin targets
• Cash generated by operations decreased by $151.3 million to $124.1 million due to unfavorable changes in working capital driven by higher transportation rates
(1) Adjusted gross profit, adjusted income from operations, and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 14 for further discussion and GAAP to Non- GAAP Reconciliations.
"I want to thank our people for continuing to provide exceptional service to our customers and carriers, embracing the Robinson operating model and executing with discipline, resulting in another quarter of double-digit year-over-year earnings growth," said President and Chief Executive Officer, Dave Bozeman. "Our ability to consistently deliver secular earnings growth over the last three years is a result of the
disciplined execution of our Lean AI strategy. Lean AI is our unique approach that combines the principles of our Robinson operating model – rooted in Lean methodology – with the power of custom-built AI, and the expertise of our people, to maximize value, minimize waste, and drive better outcomes for customers and carriers."
"The third quarter of 2026 was the 14th consecutive quarter in which the NAST team delivered year-over-year volume growth that outpaced the Cass Freight Shipment Index. They also continued to deploy our disciplined revenue management practices while the North American trucking market continued to reflect a period of significant supply-driven tightening. By successfully repricing a large portion of our contractual truckload portfolio and by capturing spot volumes at higher margins, the team achieved a 17% year-over-year increase in truckload AGP per load."
"In NAST and Global Forwarding, the team continues to turn manual processes into agentic workflows that are increasingly automated, more connected, and easier to manage at scale. As a result, both businesses delivered a higher level of year- over-year productivity improvements than they achieved in the first half of 2026, and both businesses achieved their mid-cycle operating margin targets again."
"The same Lean operating model and AI technology that have been vitally important in the transformations of our NAST and Global Forwarding businesses are what will enable us to successfully integrate and transform the RXO business. These disciplines don’t disappear as we integrate a strong team and book of business with additional capabilities. Rather, we believe these disciplines are what will enable us to deliver different results than this industry’s past acquisitions," said Bozeman.
"When I joined this company a little over three years ago, I told the C.H. Robinson employees that we needed to provide such exceptional service and value to our customers and carriers that they would view us as THE trusted partner that they choose to do business with. We’ve made significant strides in delivering on that mantra, and we believe the addition of RXO will only magnify our value proposition."
"The strength of our strategies, our technology, our people and our operating model disciplines are differentiating and sustainable. We will continue to lead with purpose and move with urgency to disrupt ourselves and the industry, and to deliver customer success through our unmatched expertise, our unrivaled scale and our tailored solutions. And we expect to drive sustainable outperformance, profitable growth and long‑term value for all our stakeholders," said Bozeman.
increased 29.5% to $5.4 billion, primarily driven by higher pricing in our truckload, ocean, less than truckload ("LTL") and air services and higher volume in our truckload services.
(1) increased 14.5% to $808.4 million, primarily driven by higher adjusted gross profit per transaction in our truckload, ocean, air and LTL services and higher volume in our truckload and LTL services.
increased 3.1% to $360.3 million, primarily due to higher incentive compensation reflecting our strong operating performance. This was partially offset by cost optimization efforts, productivity improvements and lower restructuring charges. Average employee headcount declined 10.4%. Other selling, general and administrative (“SG&A”) expenses increased 29.7% to $176.3 million, primarily due to higher claims expenses and an impairment charge on our Kansas City regional center lease driven by the execution of a sublease agreement for the remaining portion of the facility.
totaled $271.8 million, up 23.1% due to the increase in adjusted gross profit, partially offset by the increase in operating expenses.
totaled $21.7 million of expense, consisting primarily of $20.4 million of interest expense, which increased $4.7 million versus last year due to a higher average debt balance, partially offset by lower variable interest rates. The third quarter of 2026 results also include a $2.1 million net loss from foreign currency revaluation and realized foreign currency gains and losses.
(1) Adjusted gross profits, adjusted operating margin and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.
increased 16.1% to $14.3 billion, primarily driven by higher pricing in our truckload, ocean, LTL and air services and higher volume in our LTL services.
(1) increased 6.5% to $2.2 billion, primarily driven by higher adjusted gross profit per transaction in our truckload, LTL and air services and higher volume in our LTL services.
increased 1.8% to $1.1 billion, primarily due to higher incentive compensation reflecting our strong operating performance and higher restructuring charges. This was partially offset by cost optimization efforts and productivity improvements. Average employee headcount declined 11.4%.
increased 6.2% to $452.2 million primarily due to higher claims expense and an impairment charge on our Kansas City regional center lease driven by the execution of a sublease agreement for the remaining portion of the facility.
totaled $703.2 million, up 14.6% from last year due to the increase in adjusted gross profit, partially offset by the increase in operating expenses.
totaled $48.6 million of expense, primarily consisting of $51.3 million of interest expense, which increased $1.9 million versus last year due to a higher average debt balance, partially offset by lower variable interest rates. The year-to-date results also include $3.2 million of interest income and a $1.8 million net loss from foreign currency revaluation and realized foreign currency gains and losses.
for the nine months ended September 30, 2026 was 18.7% compared to 18.9% in the year-ago period.
(1) Adjusted gross profits, adjusted operating margin and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.
Summarized financial results of our NAST segment are as follows (dollars in thousands):
(1) Adjusted gross profits and adjusted operating margin - excluding specified items are non-GAAP financial measures explained later in this release. The difference between adjusted gross profits and gross profits is not material.
Third quarter total revenues for the NAST segment totaled $3.8 billion, an increase of 29.1% over the prior year, primarily driven by higher pricing and volume in our truckload and LTL services. NAST adjusted gross profits increased 16.6% in the quarter to $517.9 million. Adjusted gross profits in truckload increased 20.7% due to a 17.0% increase in adjusted gross profit per shipment and a 3.5% increase in volume. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 31.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, increased 33.5%, resulting in a 21.5% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 8.0% versus the year-ago period, driven by a 4.0% increase in adjusted gross profit per order and a 3.5% increase in LTL volume. Total NAST truckload and LTL volume increased 3.5% versus the year-ago period and outpaced the market indices for the 14th consecutive quarter. Operating expenses increased 15.7%, primarily due to higher claims expenses and higher incentive compensation reflecting our strong operating performance, partially offset by cost optimization efforts and productivity improvements. Third quarter average employee headcount was down 11.4% year-over-year. Income from operations increased 17.9% to $203.9 million, and adjusted operating margin expanded 50 basis points to 39.4%. Adjusted operating margin - excluding specified items (1) increased 110 basis points to 40.3%.
Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):
(1) Adjusted gross profits and adjusted operating margin - excluding specified items are non-GAAP financial measures explained later in this release. The difference between adjusted gross profits and gross profits is not material.
Third quarter total revenues for the Global Forwarding segment increased 46.1% to $1.1 billion, primarily driven by higher pricing in our ocean and air services. Adjusted gross profits increased 15.4% in the quarter to $221.2 million. Ocean adjusted gross profits increased 23.2%, driven by a 20.5% increase in adjusted gross profit per shipment and a 2.0% increase in shipments. Air adjusted gross profits increased 23.2%, driven by a 28.5% increase in adjusted gross profit per metric ton shipped, partially offset by a 4.0% decline in metric tons shipped. Customs adjusted gross profits decreased 12.9%, driven by a 13.0% decrease in adjusted gross profit per transaction. Operating expenses decreased 1.1%, primarily due to lower restructuring charges and cost optimization efforts, which was partially offset by an increase in incentive compensation. Third quarter average employee headcount decreased 15.8% year- over-year. Income from operations increased 63.3% to $80.0 million, and adjusted operating margin expanded 1,060 basis points to 36.2% in the quarter. Adjusted operating margin - excluding specified items (1) expanded 660 basis points to 36.6%.
Total revenues and adjusted gross profits for Robinson Fresh, Managed Solutions and Other Surface Transportation are summarized as follows (dollars in thousands):
(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.
(2) Includes our Europe Surface Transportation business, which was divested as of February 1, 2025.
Third quarter Robinson Fresh adjusted gross profits decreased 5.1% to $38.1 million driven by margin compression caused by higher fuel costs, partially offset by volume increase with foodservice customers. Managed Solutions adjusted gross profits increased 4.1% due to an increase in freight under management.
Interest and other income/expense, net totaled $21.7 million of expense, consisting primarily of $20.4 million of interest expense, which increased $4.7 million versus the third quarter of 2025 due to a higher average debt balance, partially offset by lower variable interest rates. The third quarter of 2026 results also include a $2.1 million net loss from foreign currency revaluation and realized foreign currency gains and losses.
The third quarter effective tax rate was 20.6%, which was flat compared to the third quarter of 2025. For 2026, we expect our full-year effective tax rate to be 18% to 20%.
Diluted weighted average shares outstanding in the quarter were down 2.2% year- over-year due to share repurchases that have occurred over the past twelve months.
Cash generated from operations totaled $124.1 million in the third quarter, compared to $275.4 million in the third quarter of 2025. The $151.3 million decrease in cash flow from operations was primarily related to a $246.4 million decrease in cash generated by changes in net operating working capital, due to a $267.4 million sequential increase in net operating working capital in the third quarter of 2026 compared to a $21.0 million sequential increase in the third quarter of 2025. This was partially offset by a $35.5 million increase in net income.
In the third quarter of 2026, cash returned to shareholders totaled $289.1 million, with $214.3 million in repurchases of common stock and $74.8 million in cash dividends.
Capital expenditures totaled $17.5 million in the quarter. Capital expenditures for 2026 are expected to be $65 million to $75 million.
C.H. Robinson is the global leader in Lean AI supply chains. For more than a century, companies everywhere have looked to us to reimagine how goods move. Now, as we redefine what’s next for the industry, that same drive fuels our commitment to Building Tomorrow’s Supply Chains, Today™. Trusted by 75,000 customers and 450,000 contract carriers, we manage 37 million shipments annually, representing $23 billion in freight. We deliver tailored solutions across the world via truckload, less-than-truckload, ocean, air, and more. With our unique combination of human insight and Lean AI working as one, supply chains move faster, smarter, and more sustainably. As a responsible global citizen, we proudly contribute millions to the causes that matter most to our employees. For more information, visit us at chrobinson.com (Nasdaq: CHRW).
Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. Forward-looking statements in this release include, among other things, statements concerning the proposed acquisition of RXO, Inc., including the anticipated timing and completion of the transaction; the receipt of required regulatory approvals and approval of the transaction by RXO’s stockholders; the satisfaction of other closing conditions; our plans to finance the cash consideration; our plans for the post-closing integration of RXO; and the anticipated benefits and other effects of the transaction. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and ability to achieve our long- term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks relating to the proposed acquisition of RXO, including the possibility that the transaction may not be completed on the anticipated terms or timing, or at all; the failure to obtain required regulatory approvals or approval of the transaction by RXO’s stockholders or to satisfy other closing conditions; risks associated with financing the cash consideration, including our ability to obtain new debt financing within the anticipated timing and on anticipated terms and the potential need to borrow under the committed bridge facility; difficulties, delays, or unanticipated costs in integrating RXO; the possibility that the anticipated benefits of the transaction may not be realized, may be realized later than expected, or may be less than anticipated; our dependence upon and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business, including reliance on third-party platforms and cybersecurity related risks; our ability to staff and retain employees; risks associated with operations outside of the United States; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently manage divestitures; climate change related risks; risks associated with our indebtedness; risks associated with interest rates; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations, including environmental- related regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of changes in political and governmental conditions; changes to our capital structure; changes due to catastrophic events; risks associated with the usage of AI technologies; and other risks and uncertainties detailed in our Annual and Quarterly Reports.
Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through C.H. Robinson's Investor Relations website at investor.chrobinson.com .
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
(in thousands) This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments may have revenues from multiple service lines.
(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.
(unaudited, in thousands) Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):
Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding specified items is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of specified items such as restructuring, acquisition costs, and losses from divestiture. We believe adjusted operating margin and adjusted operating margin - excluding specified items are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding specified items are presented below:
(unaudited, in thousands) Our adjusted income (loss) from operations, adjusted operating margin - excluding specified items, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of specified items such as restructuring, acquisition costs, and losses from divestiture. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding specified items, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data):
(1) The three months ended September 30, 2026 includes severance and other personnel expenses of $3.6 million related to workforce reductions and $15.4 million of other charges, which includes $12.2 million of impairment charges related to our Kansas City regional center lease and $2.9 million of acquisition related costs.
(2) The nine months ended September 30, 2026 includes severance and other personnel expenses of $30.4 million related to workforce reductions and $16.3 million of other charges, which includes $12.2 million of impairment charges related to our Kansas City regional center lease and $2.9 million of acquisition related costs.
(1) The three months ended September 30, 2025 includes severance and other personnel expenses of $9.7 million related to workforce reductions.
(2) The nine months ended September 30, 2025 includes severance and other personnel expenses of $14.8 million primarily related to workforce reductions and $7.9 million of other charges, which includes a $6.3 million impairment charge on our Kansas City regional center lease.
(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.
(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets: Cash and cash equivalents $ 193,132 $ 160,871 Receivables, net of allowance for credit 3,547,181 2,360,829 loss Contract assets, net of allowance for 290,924 156,441 credit loss Prepaid expenses and other 98,832 120,402 Total current assets 4,130,069 2,798,543 Property and equipment, net of accumulated depreciation 102,297 116,362 and amortization Right-of-use lease assets 246,837 278,323 Intangible and other assets, net of 1,910,252 1,865,153 accumulated amortization Total assets $ 6,389,455 $ 5,058,381 Liabilities and stockholders’ investment Current liabilities: Accounts payable and $ 1,969,412 $ 1,241,276 outstanding checks Accrued expenses: Compensation 189,766 188,838 Transportation expense 236,322 120,708 Income taxes 11,780 33,745 Other accrued liabilities 182,394 174,955 Current lease liabilities 69,357 72,180 Current portion of debt 425,818 — Total current liabilities 3,084,849 1,831,702 Long-term debt 1,443,491 1,089,438 Noncurrent lease 213,720 233,768 liabilities Noncurrent income taxes 42,348 34,875 payable Deferred tax liabilities 22,830 21,526 Other long-term liabilities 2,829 1,425 Total liabilities 4,810,067 3,212,734 Total stockholders’ 1,579,388 1,845,647 investment Total liabilities and stockholders’ $ 6,389,455 $ 5,058,381 investment
Nine Months Operating Ended activities: September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 532,488 $ 450,760 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation and 71,194 76,337 amortization Provision for 5,425 6,571 credit losses Stock-based 80,787 62,774 compensation Deferred 28,196 30,564 income taxes Excess tax benefit on -31,644 -15,621 stock-based compensation Change in loss on disposal — -569 group Other operating 12,451 7,172 activities Changes in operating elements: Receivables -1,221,470 -89,325 Contract -134,894 23,035 assets Prepaid expenses and 21,864 -26,521 other Right of use 18,659 42,475 asset Accounts payable and 723,448 79,171 outstanding checks Accrued 180 -9,903 compensation Accrued transportation 115,614 -14,094 expense Accrued income 16,758 49,418 taxes Other accrued 13,450 -16,168 liabilities Lease -22,399 -49,701 liability Other assets and -1,513 2,730 liabilities Net cash provided by 228,594 609,105 operating activities Investing activities: Purchases of property and -11,212 -16,615 equipment Purchases and development of -39,557 -38,246 software Cash used for acquisitions, -78,949 — net of cash acquired Proceeds from 35,310 27,737 divestiture Other investing 3,289 — activities Net cash used for investing -91,119 -27,124 activities Financing activities: Proceeds from stock issued 64,789 112,076 for employee benefit plans Stock tendered for payment of -81,106 -57,982 withholding taxes Repurchase of -639,922 -240,257 common stock Cash dividends -229,132 -227,053 Proceeds from long-term 2,957,000 344,000 borrowings Payments on long-term -2,104,000 -512,000 borrowings Proceeds from short-term 318,000 1,548,800 borrowings Payments on short-term -392,000 -1,575,800 borrowings Net cash used for financing -106,371 -608,216 activities Effect of exchange rates on cash and 1,157 6,534 cash equivalents Net change in cash and cash equivalents, including cash and cash 32,261 -19,701 equivalents classified within assets held for sale Plus: net decrease in cash and cash — 10,776 equivalents within assets held for sale Cash and cash equivalents, 160,871 145,762 beginning of period Cash and cash equivalents, $ 193,132 $ 136,837 end of period Employees as of September 11,118 12,314 30
Full text with the tables
C.H. Robinson
14701 Charlson Rd.
Eden Prairie, MN 55347
www.chrobinson.com
FOR INQUIRIES, CONTACT:
FOR IMMEDIATE RELEASE Chuck Ives, Senior Director of Investor Relations
Email:chuck.ives@chrobinson.com
C.H. Robinson Reports 2026 Third Quarter Results
Eden Prairie, MN, October 28, 2026 - C.H. Robinson Worldwide, Inc. (“C.H.
Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended
September 30, 2026.
Third Quarter Highlights
:
• Company has continued to deliver secular earnings growth driven by consistent
market share gains, disciplined revenue management and evergreen productivity
improvements fueled by its Lean AI strategy
• North American Surface Transportation ("NAST") volume increased approximately
3.5% year-over-year compared to a 0.3% decline in the Cass Freight Shipment
Index, reflecting the 14th consecutive quarter of market outgrowth
• NAST truckload adjusted gross profit ("AGP") per shipment (1) increased 17.0%
year-over-year, despite a significant increase in truckload spot market costs,
due to disciplined revenue management
• NAST and Global Forwarding both achieved their mid-cycle operating margin
targets
• Income from operations increased 23.1% to $271.8 million
• Adjusted income from operations (1) increased 26.1% to $290.8 million
• Diluted earnings per share ("EPS") increased 24.6% to $1.67
• Adjusted diluted EPS (1) increased 28.6% to $1.80
• Cash generated by operations decreased by $151.3 million to $124.1 million due
to unfavorable changes in working capital driven by higher transportation rates
• Cash returned to shareholders increased 52.5% to $289.1 million
(1) Adjusted gross profit, adjusted income from operations, and adjusted diluted
EPS are non-GAAP financial measures. The same factors described in this release
that impacted these non-GAAP measures also impacted the comparable GAAP
measures. Refer to pages 11 through 14 for further discussion and GAAP to Non-
GAAP Reconciliations.
"I want to thank our people for continuing to provide exceptional service to our
customers and carriers, embracing the Robinson operating model and executing
with discipline, resulting in another quarter of double-digit year-over-year
earnings growth," said President and Chief Executive Officer, Dave Bozeman. "Our
ability to consistently deliver secular earnings growth over the last three
years is a result of the
1
disciplined execution of our Lean AI strategy. Lean AI is our unique approach
that combines the principles of our Robinson operating model – rooted in Lean
methodology – with the power of custom-built AI, and the expertise of our
people, to maximize value, minimize waste, and drive better outcomes for
customers and carriers."
"The third quarter of 2026 was the 14th consecutive quarter in which the NAST
team delivered year-over-year volume growth that outpaced the Cass Freight
Shipment Index. They also continued to deploy our disciplined revenue management
practices while the North American trucking market continued to reflect a period
of significant supply-driven tightening. By successfully repricing a large
portion of our contractual truckload portfolio and by capturing spot volumes at
higher margins, the team achieved a 17% year-over-year increase in truckload AGP
per load."
"In NAST and Global Forwarding, the team continues to turn manual processes into
agentic workflows that are increasingly automated, more connected, and easier to
manage at scale. As a result, both businesses delivered a higher level of year-
over-year productivity improvements than they achieved in the first half of
2026, and both businesses achieved their mid-cycle operating margin targets
again."
"The same Lean operating model and AI technology that have been vitally
important in the transformations of our NAST and Global Forwarding businesses
are what will enable us to successfully integrate and transform the RXO
business. These disciplines don’t disappear as we integrate a strong team and
book of business with additional capabilities. Rather, we believe these
disciplines are what will enable us to deliver different results than this
industry’s past acquisitions," said Bozeman.
"When I joined this company a little over three years ago, I told the C.H.
Robinson employees that we needed to provide such exceptional service and value
to our customers and carriers that they would view us as THE trusted partner
that they choose to do business with. We’ve made significant strides in
delivering on that mantra, and we believe the addition of RXO will only magnify
our value proposition."
"The strength of our strategies, our technology, our people and our operating
model disciplines are differentiating and sustainable. We will continue to lead
with purpose and move with urgency to disrupt ourselves and the industry, and to
deliver customer success through our unmatched expertise, our unrivaled scale
and our tailored solutions. And we expect to drive sustainable outperformance,
profitable growth and long‑term value for all our stakeholders," said Bozeman.
2
Summary of Third Quarter of 2026 Results Compared to the Third Quarter of 2025
•
Total revenues
increased 29.5% to $5.4 billion, primarily driven by higher pricing in our
truckload, ocean, less than truckload ("LTL") and air services and higher volume
in our truckload services.
•
Gross profits
increased 15.0% to $795.6 million.
Adjusted gross profits
(1) increased 14.5% to $808.4 million, primarily driven by higher adjusted gross
profit per transaction in our truckload, ocean, air and LTL services and higher
volume in our truckload and LTL services.
•
Operating expenses
increased 10.6% to $536.6 million.
Personnel expenses
increased 3.1% to $360.3 million, primarily due to higher incentive compensation
reflecting our strong operating performance. This was partially offset by cost
optimization efforts, productivity improvements and lower restructuring charges.
Average employee headcount declined 10.4%. Other selling, general and
administrative (“SG&A”) expenses increased 29.7% to $176.3 million, primarily
due to higher claims expenses and an impairment charge on our Kansas City
regional center lease driven by the execution of a sublease agreement for the
remaining portion of the facility.
•
Income from operations
totaled $271.8 million, up 23.1% due to the increase in adjusted gross profit,
partially offset by the increase in operating expenses.
Adjusted operating margin
(1) of 33.6% increased 230 basis points.
•
Interest and other income/expense, net
totaled $21.7 million of expense, consisting primarily of $20.4 million of
interest expense, which increased $4.7 million versus last year due to a higher
average debt balance, partially offset by lower variable interest rates. The
third quarter of 2026 results also include a $2.1 million net loss from foreign
currency revaluation and realized foreign currency gains and losses.
•
The
effective tax rate
in the quarter was 20.6%, which was flat compared to the third quarter of 2025.
•
Net income
totaled $198.5 million, up 21.8% from a year ago.
Diluted EPS
of $1.67 increased 24.6%.
Adjusted diluted EPS
(1) of $1.80 increased 28.6%.
(1) Adjusted gross profits, adjusted operating margin and adjusted diluted EPS
are non-GAAP financial measures. The same factors described in this release that
impacted these non-GAAP measures also impacted the comparable GAAP measures.
Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP
Reconciliations.
3
Summary of 2026 Year-to-Date Results Compared to 2025
•
Total revenues
increased 16.1% to $14.3 billion, primarily driven by higher pricing in our
truckload, ocean, LTL and air services and higher volume in our LTL services.
•
Gross profits
increased 6.9% to $2.2 billion.
Adjusted gross profits
(1) increased 6.5% to $2.2 billion, primarily driven by higher adjusted gross
profit per transaction in our truckload, LTL and air services and higher volume
in our LTL services.
•
Operating expenses
increased 3.1% to $1.5 billion.
Personnel expenses
increased 1.8% to $1.1 billion, primarily due to higher incentive compensation
reflecting our strong operating performance and higher restructuring charges.
This was partially offset by cost optimization efforts and productivity
improvements. Average employee headcount declined 11.4%.
Other SG&A expenses
increased 6.2% to $452.2 million primarily due to higher claims expense and an
impairment charge on our Kansas City regional center lease driven by the
execution of a sublease agreement for the remaining portion of the facility.
•
Income from operations
totaled $703.2 million, up 14.6% from last year due to the increase in adjusted
gross profit, partially offset by the increase in operating expenses.
Adjusted operating margin
(1) of 31.9% increased 230 basis points.
•
Interest and other income/expense, net
totaled $48.6 million of expense, primarily consisting of $51.3 million of
interest expense, which increased $1.9 million versus last year due to a higher
average debt balance, partially offset by lower variable interest rates. The
year-to-date results also include $3.2 million of interest income and a $1.8
million net loss from foreign currency revaluation and realized foreign currency
gains and losses.
•
The effective tax rate
for the nine months ended September 30, 2026 was 18.7% compared to 18.9% in the
year-ago period.
•
Net income
totaled $532.5 million, up 18.1% from a year ago.
Diluted EPS
of $4.45 increased 19.9%.
Adjusted diluted EPS
(1) of $4.75 increased 23.1%.
(1) Adjusted gross profits, adjusted operating margin and adjusted diluted EPS
are non-GAAP financial measures. The same factors described in this release that
impacted these non-GAAP measures also impacted the comparable GAAP measures.
Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP
Reconciliations.
4
North American Surface Transportation (“NAST”) Results
Summarized financial results of our NAST segment are as follows (dollars in
thousands):
Th… Ni…
Mo… Mo…
En… En…
Se… % Se… %
20… 30, 20… c… 2… 30, 2… c…
──────────────────────────────────────────────────────────────────────────────
T… $ 3,… $ 2,… 29… % $ 10… $ 8,… 18… %
r…
A…
g… 51… 44… 16… % 1,… 1,… 9.5 %
p…
I…
f… 20… 17… 17… % 53… 48… 12… %
o…
____________________________________________
(1) Adjusted gross profits and adjusted operating margin - excluding specified
items are non-GAAP financial measures explained later in this release. The
difference between adjusted gross profits and gross profits is not material.
Third quarter total revenues for the NAST segment totaled $3.8 billion, an
increase of 29.1% over the prior year, primarily driven by higher pricing and
volume in our truckload and LTL services. NAST adjusted gross profits increased
16.6% in the quarter to $517.9 million. Adjusted gross profits in truckload
increased 20.7% due to a 17.0% increase in adjusted gross profit per shipment
and a 3.5% increase in volume. Our average truckload linehaul rate per mile
charged to our customers, which excludes fuel surcharges, increased
approximately 31.5% in the quarter compared to the prior year, while truckload
linehaul cost per mile, excluding fuel surcharges, increased 33.5%, resulting in
a 21.5% increase in truckload adjusted gross profit per mile. LTL adjusted gross
profits increased 8.0% versus the year-ago period, driven by a 4.0% increase in
adjusted gross profit per order and a 3.5% increase in LTL volume. Total NAST
truckload and LTL volume increased 3.5% versus the year-ago period and outpaced
the market indices for the 14th consecutive quarter. Operating expenses
increased 15.7%, primarily due to higher claims expenses and higher incentive
compensation reflecting our strong operating performance, partially offset by
cost optimization efforts and productivity improvements. Third quarter average
employee headcount was down 11.4% year-over-year. Income from operations
increased 17.9% to $203.9 million, and adjusted operating margin expanded 50
basis points to 39.4%. Adjusted operating margin - excluding specified items (1)
increased 110 basis points to 40.3%.
5
Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as follows
(dollars in thousands):
Th… Ni…
Mo… Mo…
En… En…
Se… % Se… %
20… 30, 20… c… 2… 30, 2… c…
──────────────────────────────────────────────────────────────────────────────
T… $ 1,… $ 78… 46… % $ 2,… $ 2,… 14… %
r…
A…
g… 22… 19… 15… % 57… 56… 1.5 %
p…
I…
f… 80… 49… 63… % 17… 14… 20… %
o…
____________________________________________
(1) Adjusted gross profits and adjusted operating margin - excluding specified
items are non-GAAP financial measures explained later in this release. The
difference between adjusted gross profits and gross profits is not material.
Third quarter total revenues for the Global Forwarding segment increased 46.1%
to $1.1 billion, primarily driven by higher pricing in our ocean and air
services. Adjusted gross profits increased 15.4% in the quarter to $221.2
million. Ocean adjusted gross profits increased 23.2%, driven by a 20.5%
increase in adjusted gross profit per shipment and a 2.0% increase in shipments.
Air adjusted gross profits increased 23.2%, driven by a 28.5% increase in
adjusted gross profit per metric ton shipped, partially offset by a 4.0% decline
in metric tons shipped. Customs adjusted gross profits decreased 12.9%, driven
by a 13.0% decrease in adjusted gross profit per transaction. Operating expenses
decreased 1.1%, primarily due to lower restructuring charges and cost
optimization efforts, which was partially offset by an increase in incentive
compensation. Third quarter average employee headcount decreased 15.8% year-
over-year. Income from operations increased 63.3% to $80.0 million, and adjusted
operating margin expanded 1,060 basis points to 36.2% in the quarter. Adjusted
operating margin - excluding specified items (1) expanded 660 basis points to
36.6%.
6
All Other and Corporate Results
Total revenues and adjusted gross profits for Robinson Fresh, Managed Solutions
and Other Surface Transportation are summarized as follows (dollars in
thousands):
Th… Ni…
Mo… Mo…
En… En…
Se… % Se… %
20… 30, 20… c… 2… 30, 2… c…
──────────────────────────────────────────────────────────────────────────────
T… $ 37… $ 38… -1… % $ 1,… $ 1,… 1.3 %
r…
A…
g…
p…
R… $ 38… $ 40… -5… % $ 12… $ 12… 0.6 %
F…
M… 31… 29… 4.1 % 93… 86… 7.4 %
S…
O…
S… — — — % — 4,… -1… %
T…
____________________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained later in
this release. The difference between adjusted gross profits and gross profits is
not material.
(2) Includes our Europe Surface Transportation business, which was divested as
of February 1, 2025.
Third quarter Robinson Fresh adjusted gross profits decreased 5.1% to $38.1
million driven by margin compression caused by higher fuel costs, partially
offset by volume increase with foodservice customers. Managed Solutions adjusted
gross profits increased 4.1% due to an increase in freight under management.
Other Income Statement Items
Interest and other income/expense, net totaled $21.7 million of expense,
consisting primarily of $20.4 million of interest expense, which increased $4.7
million versus the third quarter of 2025 due to a higher average debt balance,
partially offset by lower variable interest rates. The third quarter of 2026
results also include a $2.1 million net loss from foreign currency revaluation
and realized foreign currency gains and losses.
The third quarter effective tax rate was 20.6%, which was flat compared to the
third quarter of 2025. For 2026, we expect our full-year effective tax rate to
be 18% to 20%.
Diluted weighted average shares outstanding in the quarter were down 2.2% year-
over-year due to share repurchases that have occurred over the past twelve
months.
7
Cash Flow Generation and Capital Distribution
Cash generated from operations totaled $124.1 million in the third quarter,
compared to $275.4 million in the third quarter of 2025. The $151.3 million
decrease in cash flow from operations was primarily related to a $246.4 million
decrease in cash generated by changes in net operating working capital, due to a
$267.4 million sequential increase in net operating working capital in the third
quarter of 2026 compared to a $21.0 million sequential increase in the third
quarter of 2025. This was partially offset by a $35.5 million increase in net
income.
In the third quarter of 2026, cash returned to shareholders totaled $289.1
million, with $214.3 million in repurchases of common stock and $74.8 million in
cash dividends.
Capital expenditures totaled $17.5 million in the quarter. Capital expenditures
for 2026 are expected to be $65 million to $75 million.
8
About C.H. Robinson
C.H. Robinson is the global leader in Lean AI supply chains. For more than a
century, companies everywhere have looked to us to reimagine how goods move.
Now, as we redefine what’s next for the industry, that same drive fuels our
commitment to Building Tomorrow’s Supply Chains, Today™. Trusted by 75,000
customers and 450,000 contract carriers, we manage 37 million shipments
annually, representing $23 billion in freight. We deliver tailored solutions
across the world via truckload, less-than-truckload, ocean, air, and more. With
our unique combination of human insight and Lean AI working as one, supply
chains move faster, smarter, and more sustainably. As a responsible global
citizen, we proudly contribute millions to the causes that matter most to our
employees. For more information, visit us at chrobinson.com (Nasdaq: CHRW).
Except for the historical information contained herein, the matters set forth in
this release are forward-looking statements that represent our expectations,
beliefs, intentions or strategies concerning future events. Forward-looking
statements in this release include, among other things, statements concerning
the proposed acquisition of RXO, Inc., including the anticipated timing and
completion of the transaction; the receipt of required regulatory approvals and
approval of the transaction by RXO’s stockholders; the satisfaction of other
closing conditions; our plans to finance the cash consideration; our plans for
the post-closing integration of RXO; and the anticipated benefits and other
effects of the transaction. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from our historical experience or our present expectations,
including, but not limited to, factors such as changes in economic conditions,
including uncertain consumer demand; changes in market demand and pressures on
the pricing for our services; fuel price increases or decreases, or fuel
shortages; competition and growth rates within the global logistics industry
that could adversely impact our profitability and ability to achieve our long-
term growth targets; freight levels and increasing costs and availability of
truck capacity or alternative means of transporting freight; risks associated
with seasonal changes or significant disruptions in the transportation industry;
risks relating to the proposed acquisition of RXO, including the possibility
that the transaction may not be completed on the anticipated terms or timing, or
at all; the failure to obtain required regulatory approvals or approval of the
transaction by RXO’s stockholders or to satisfy other closing conditions; risks
associated with financing the cash consideration, including our ability to
obtain new debt financing within the anticipated timing and on anticipated terms
and the potential need to borrow under the committed bridge facility;
difficulties, delays, or unanticipated costs in integrating RXO; the possibility
that the anticipated benefits of the transaction may not be realized, may be
realized later than expected, or may be less than anticipated; our dependence
upon and changes in relationships with existing contracted truck, rail, ocean,
and air carriers; risks associated with the loss of significant customers; risks
associated with reliance on technology to operate our business, including
reliance on third-party platforms and cybersecurity related risks; our ability
to staff and retain employees; risks associated with operations outside of the
United States; our ability to successfully integrate the operations of acquired
companies with our historic operations or efficiently manage divestitures;
climate change related risks; risks associated with our indebtedness; risks
associated with interest rates; risks associated with litigation, including
contingent auto liability and insurance coverage; risks associated with the
potential impact of changes in government regulations, including environmental-
related regulations; risks associated with the changes to income tax
regulations; risks associated with the produce industry, including food safety
and contamination issues; the impact of changes in political and governmental
conditions; changes to our capital structure; changes due to catastrophic
events; risks associated with the usage of AI technologies; and other risks and
uncertainties detailed in our Annual and Quarterly Reports.
Any forward-looking statement speaks only as of the date on which such statement
is made, and we undertake no obligation to update such statement to reflect
events or circumstances arising after such date. All remarks made during our
financial results conference call will be current at the time of the call, and
we undertake no obligation to update the replay.
Conference Call Information:
C.H. Robinson Worldwide Third Quarter 2026 Earnings Conference Call
Wednesday, October 28, 2026; 8:30 a.m. Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call
may be accessed through C.H. Robinson's Investor Relations website at
investor.chrobinson.com .
To participate in the conference call by telephone, please call ten minutes
early by dialing: 877-269-7756
9
Adjusted Gross Profit by Service Line
(in thousands)
This table of summary results presents our service line adjusted gross profits
on an enterprise basis. The service line adjusted gross profits in the table
differ from the service line adjusted gross profits discussed within the
segments as our segments may have revenues from multiple service lines.
Th… N…
Mo… M…
A… En… E…
g… Se… S…
p… 30, % 3… %
T… 20… 20… c… 2… 2… c…
──────────────────────────────────────────────────────────────────────────────
T… $ 32… $ 27… 19… % $ 84… $ 80… 4.7 %
L… 17… 15… 8.3 % 52… 45… 13… %
O… 13… 11… 23… % 33… 33… -0… %
A… 43… 35… 22… % 11… 10… 15… %
C… 31… 36… -1… % 95… 98… -2… %
O…
l… 66… 56… 18… % 19… 16… 15… %
s…
T… 77… 67… 15… % 2,… 1,… 6.9 %
t…
S… 33… 35… -5… % 10… 10… -0… %
T…
a… $ 80… $ 70… 14… % $ 2,… $ 2,… 6.5 %
g…
p…
____________________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained later in
this release. The difference between adjusted gross profits and gross profits is
not material.
10
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit
is calculated as gross profit excluding amortization of internally developed
software utilized to directly serve our customers and contracted carriers. We
believe adjusted gross profit is a useful measure of our ability to source, add
value, and sell services and products that are provided by third parties, and we
consider adjusted gross profit to be a primary performance measurement.
Accordingly, the discussion of our results of operations often focuses on the
changes in our adjusted gross profit. The reconciliation of gross profit to
adjusted gross profit is presented below (in thousands):
Th… N…
Mo… M…
En… E…
Se… S…
30, % 3… %
R… 20… 20… c… 2… 2… c…
──────────────────────────────────────────────────────────────────────────────
T… $ 5,… $ 3,… 32… % $ 13… $ 11… 17… %
S… 34… 35… -2… % 1,… 1,… 5.3 %
T… 5,… 4,… 29… % 14… 12… 16… %
r…
C…
a…
e…
P…
t…
a… 4,… 3,… 36… % 11… 9,… 19… %
r…
s…
P…
p…
s… 31… 31… -1… % 1,… 96… 5.9 %
f…
r…
D…
i…
d… 12… 14… -1… % 38… 43… -1… %
s…
a…
T…
d… 4,… 3,… 32… % 12… 10… 17… %
e…
G… $ 79… $ 69… 15… % $ 2,… $ 2,… 6.9 %
p…
P…
D…
i… 12… 14… -1… % 38… 43… -1… %
d…
s…
a…
A…
g… $ 80… $ 70… 14… % $ 2,… $ 2,… 6.5 %
p…
11
Our adjusted operating margin is a non-GAAP financial measure calculated as
operating income divided by adjusted gross profit. Our adjusted operating margin
- excluding specified items is a similar non-GAAP financial measure as adjusted
operating margin, but also excludes the impact of specified items such as
restructuring, acquisition costs, and losses from divestiture. We believe
adjusted operating margin and adjusted operating margin - excluding specified
items are useful measures of our profitability in comparison to our adjusted
gross profit, which we consider a primary performance metric as discussed above.
The comparisons of operating margin to adjusted operating margin and adjusted
operating margin - excluding specified items are presented below:
T… N…
M… M…
E… E…
S… % S… %
2… 3… 2… c… … 3… … …
──────────────────────────────────────────────────────────────────────────────
… $ 5… $ 4… … % $ 1… $ 1… 1… %
…
…
… 2… 2… … % 7… 6… 1… %
…
… 5… % 5… % (… 4… % 5… % …
… b… …
…
… $ 8… $ 7… … % $ 2… $ 2… 6… %
…
…
… 2… 2… … % 7… 6… 1… %
…
…
… 3… % 3… % … b… 3… % 2… % 2… …
…
…
… $ 8… $ 7… … % $ 2… $ 2… 6… %
…
…
… 2… 2… … % 7… 6… 1… %
…
…
…
…
…
- 3… % 3… % … b… 3… % 3… % 3… …
…
…
…
12
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted income (loss) from operations, adjusted operating margin -
excluding specified items, adjusted net income and adjusted net income per share
(diluted) are non-GAAP financial measures. These non-GAAP measures are
calculated excluding the impact of specified items such as restructuring,
acquisition costs, and losses from divestiture. We believe that these measures
provide useful information to investors and include them within our internal
reporting to our chief operating decision maker. Accordingly, the discussion of
our results of operations includes discussion on the changes in our adjusted
income (loss) from operations, adjusted operating margin - excluding specified
items, adjusted net income and adjusted net income per share (diluted). The
reconciliation of these non-GAAP measures are presented below (in thousands
except per share data):
Non…
Rec…
Thr…
Mon…
End… All
Sep… Other
30, Glob… and
2026 NAST Forw… Corp… Cons…
──────────────────────────────────────────────────────────────────────────────
Inc…
(lo… $ 203,… $ 80,… $ -12… $ 271…
from
ope…
Sev…
and
oth… 1,762 884 937 3,5…
per…
exp…
Oth…
sel…
gen… 3,073 33 12,… 15,…
and
adm…
exp…
Tot…
adj…
to
inc… 4,835 917 13,… 18,…
(lo…
from
ope…
Adj…
inc… $ 208,… $ 80,… $ 1,0… $ 290…
from
ope…
Adj…
gro… $ 517,… $ 221… $ 69,… $ 808…
pro…
Adj…
inc… 208,… 80,… 1,0… 290…
from
ope…
Adj…
ope…
mar…
- 40.3 % 36.6 % 1.5 % 36.0 %
exc…
spe…
ite…
All
NAST Glob… Other Cons…
Forw… and
Corp…
Nine
Mon…
End…
Sep…
30,
2026
Inc…
(lo… $ 538,… $ 172… $ -8,… $ 703…
from
ope…
Sev…
and
oth… 19,8… 4,9… 5,5… 30,…
per…
exp…
Oth…
sel…
gen… 3,253 632 12,… 16,…
and
adm…
exp…
Tot…
adj…
to
inc… 23,0… 5,5… 18,… 46,…
(lo…
from
ope…
Adj…
inc… $ 561,… $ 178… $ 9,6… $ 749…
from
ope…
Adj…
gro… $ 1,41… $ 572… $ 216… $ 2,2…
pro…
Adj…
inc… 561,… 178… 9,6… 749…
from
ope…
Adj…
ope…
mar…
- 39.6 % 31.2 % 4.5 % 34.0 %
exc…
spe…
ite…
Three Nine
Months Months
Ended Ended
Septe… Septem…
30, 30,
2026 2026
──────────────────────────────────────────────────────────────────────────────
$ in per $ in per
000's share 000's share
Net
inco…
and $ 198,4… $ 1.67 $ 532,488 $ 4.45
per
share
(dil…
Rest…
and
rela… 16,092 0.14 43,817 0.37
cost…
pre-…
Acqu…
rela… 2,855 0.02 2,855 0.02
cost…
pre-…
Tax
effe… -4,000 -0.03 -10,627 -0.09
of
adju…
Adju…
net
inco…
and $ 213,4… $ 1.80 $ 568,533 $ 4.75
per
share
(dil…
____________________________________________
(1) The three months ended September 30, 2026 includes severance and other
personnel expenses of $3.6 million related to workforce reductions and $15.4
million of other charges, which includes $12.2 million of impairment charges
related to our Kansas City regional center lease and $2.9 million of acquisition
related costs.
(2) The nine months ended September 30, 2026 includes severance and other
personnel expenses of $30.4 million related to workforce reductions and $16.3
million of other charges, which includes $12.2 million of impairment charges
related to our Kansas City regional center lease and $2.9 million of acquisition
related costs.
13
No…
Re…
Th…
Mo…
En… All
Se… Other
30, Glob… and
20… NAST Forw… Corp… Cons…
──────────────────────────────────────────────────────────────────────────────
In…
(l… $ 172… $ 49,… $ -1,… $ 220…
fr…
op…
Se…
and
ot… 1,1… 8,4… 126 9,7…
pe…
ex…
Ot…
se…
ge… 75 127 -176 26
and
ad…
ex…
To…
ad…
to
in… 1,2… 8,5… -50 9,7…
(l…
fr…
op…
Ad…
in…
(l… $ 174… $ 57,… $ -1,… $ 230…
fr…
op…
Ad…
gr… $ 444… $ 191… $ 70,… $ 706…
pr…
Ad…
in…
(l… 174… 57,… -1,… 230…
fr…
op…
Ad…
op…
ma…
- 39.2 % 30.0 % N/M 32.7 %
ex…
sp…
it…
All
NAST Glob… Other Cons…
Forw… and
Corp…
Ni…
Mo…
En…
Se…
30,
20…
In…
(l… $ 480… $ 143… $ -10… $ 613…
fr…
op…
Se…
and
ot… 1,8… 10,… 1,9… 14,…
pe…
ex…
Ot…
se…
ge… 75 127 7,6… 7,8…
and
ad…
ex…
To…
ad…
to
in… 1,9… 11,… 9,6… 22,…
(l…
fr…
op…
Ad…
in…
(l… $ 482… $ 154… $ -606 $ 636…
fr…
op…
Ad…
gr… $ 1,2… $ 563… $ 213… $ 2,0…
pr…
Ad…
in…
(l… 482… 154… -606 636…
fr…
op…
Ad…
op…
ma…
- 37.3 % 27.4 % N/M 30.7 %
ex…
sp…
it…
Three Nine
Months Months
Ended Ended
Septe… Septem…
30, 30,
2025 2025
──────────────────────────────────────────────────────────────────────────────
$ in per $ in per
000's share 000's share
Net
inco…
and $ 162,9… $ 1.34 $ 450,760 $ 3.71
per
share
(dil…
Rest…
and
rela… 9,930 0.07 20,070 0.16
cost…
pre-…
(Gai…
loss
on -176 — 2,607 0.02
dive…
pre-…
Tax
effe… -2,449 -0.01 -4,480 -0.03
of
adju…
Adju…
net
inco…
and $ 170,2… $ 1.40 $ 468,957 $ 3.86
per
share
(dil…
____________________________________________
(1) The three months ended September 30, 2025 includes severance and other
personnel expenses of $9.7 million related to workforce reductions.
(2) The nine months ended September 30, 2025 includes severance and other
personnel expenses of $14.8 million primarily related to workforce reductions
and $7.9 million of other charges, which includes a $6.3 million impairment
charge on our Kansas City regional center lease.
14
Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)
Th… N…
Mo… M…
En… E…
Se… S…
30, % 3… %
R… 20… 20… c… 2… 2… c…
──────────────────────────────────────────────────────────────────────────────
T… $ 5,… $ 3,… 32… % $ 13… $ 11… 17… %
S… 34… 35… -2… % 1,… 1,… 5.3 %
T… 5,… 4,… 29… % 14… 12… 16… %
r…
C…
a…
e…
P…
t…
a… 4,… 3,… 36… % 11… 9,… 19… %
r…
s…
P…
p…
s… 31… 31… -1… % 1,… 96… 5.9 %
f…
r…
P… 36… 34… 3.1 % 1,… 1,… 1.8 %
e…
O…
s…
g… 17… 13… 29… % 45… 42… 6.2 %
a…
a…
e…
T…
c… 5,… 3,… 29… % 13… 11… 16… %
a…
e…
I…
f… 27… 22… 23… % 70… 61… 14… %
o…
I…
a…
o… -2… -1… 39… % -4… -5… -1… %
i…
n…
I…
b…
p… 25… 20… 21… % 65… 55… 17… %
f…
i…
t…
P…
f… 51… 42… 22… % 12… 10… 16… %
i…
t…
N… $ 19… $ 16… 21… % $ 53… $ 45… 18… %
i…
N…
i…
p… $ 1.… $ 1.… 24… % $ 4.… $ 3.… 19… %
s…
(…
N…
i…
p… $ 1.… $ 1.… 24… % $ 4.… $ 3.… 19… %
s…
(…
W…
a…
s… 11… 11… -2… % 11… 12… -1… %
o…
(…
W…
a…
s… 11… 12… -2… % 11… 12… -1… %
o…
(…
15
Business Segment Information
(unaudited, in thousands, except average employee headcount)
Three
Mont…
Ended All
Sept… Other
30, Global and
2026 NAST Forwa… Corpo… Consol…
──────────────────────────────────────────────────────────────────────────────
Total $ 3,829… $ 1,149… $ 379,7… $ 5,358…
reve…
Adju…
gross 517,8… 221,2… 69,341 808,4…
prof…
Inco…
(los… 203,9… 80,047 -12,1… 271,8…
from
oper…
Depr…
and 5,263 1,479 17,031 23,773
amor…
Total 3,775… 1,556… 1,057… 6,389…
asse…
Aver…
empl… 4,597 3,573 3,083 11,253
head…
All
NAST Global Other Consol…
Forwa… and
Corpo…
Three
Mont…
Ended
Sept…
30,
2025
Total $ 2,965… $ 786,3… $ 384,8… $ 4,136…
reve…
Adju…
gross 444,1… 191,7… 70,183 706,0…
prof…
Inco…
(los… 172,8… 49,021 -1,063 220,8…
from
oper…
Depr…
and 4,874 2,250 18,705 25,829
amor…
Total 2,978… 1,233… 1,015… 5,227…
asse…
Aver…
empl… 5,187 4,245 3,127 12,559
head…
_______________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained above. The
difference between adjusted gross profits and gross profits is not material.
(2) All cash and cash equivalents are included in All Other and Corporate.
16
Business Segment Information
(unaudited, in thousands, except average employee headcount)
Nine
Mont…
Ended All
Sept… Other
30, Global and
2026 NAST Forwa… Corpo… Consol…
──────────────────────────────────────────────────────────────────────────────
Total $ 10,36… $ 2,710… $ 1,224… $ 14,30…
reve…
Adju…
gross 1,418… 572,3… 216,2… 2,206…
prof…
Inco…
(los… 538,8… 172,7… -8,343 703,2…
from
oper…
Depr…
and 14,789 4,900 51,505 71,194
amor…
Total 3,775… 1,556… 1,057… 6,389…
asse…
Aver…
empl… 4,674 3,710 3,095 11,479
head…
All
NAST Global Other Consol…
Forwa… and
Corpo…
Nine
Mont…
Ended
Sept…
30,
2025
Total $ 8,752… $ 2,359… $ 1,208… $ 12,32…
reve…
Adju…
gross 1,294… 563,9… 213,7… 2,072…
prof…
Inco…
(los… 480,5… 143,2… -10,2… 613,6…
from
oper…
Depr…
and 14,498 6,577 55,262 76,337
amor…
Total 2,978… 1,233… 1,015… 5,227…
asse…
Aver…
empl… 5,234 4,380 3,339 12,953
head…
_________________________________________
(1) Adjusted gross profits is a non-GAAP financial measure explained above. The
difference between adjusted gross profits and gross profits is not material.
(2) All cash and cash equivalents are included in All Other and Corporate.
17
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets:
Cash and cash equivalents $ 193,132 $ 160,871
Receivables, net of
allowance for credit 3,547,181 2,360,829
loss
Contract assets, net of
allowance for 290,924 156,441
credit loss
Prepaid expenses and other 98,832 120,402
Total current assets 4,130,069 2,798,543
Property and equipment, net
of
accumulated depreciation 102,297 116,362
and
amortization
Right-of-use lease assets 246,837 278,323
Intangible and other
assets, net of 1,910,252 1,865,153
accumulated amortization
Total assets $ 6,389,455 $ 5,058,381
Liabilities and
stockholders’ investment
Current liabilities:
Accounts payable and $ 1,969,412 $ 1,241,276
outstanding checks
Accrued expenses:
Compensation 189,766 188,838
Transportation expense 236,322 120,708
Income taxes 11,780 33,745
Other accrued liabilities 182,394 174,955
Current lease liabilities 69,357 72,180
Current portion of debt 425,818 —
Total current liabilities 3,084,849 1,831,702
Long-term debt 1,443,491 1,089,438
Noncurrent lease 213,720 233,768
liabilities
Noncurrent income taxes 42,348 34,875
payable
Deferred tax liabilities 22,830 21,526
Other long-term liabilities 2,829 1,425
Total liabilities 4,810,067 3,212,734
Total stockholders’ 1,579,388 1,845,647
investment
Total liabilities and
stockholders’ $ 6,389,455 $ 5,058,381
investment
18
Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except employee count)
Nine Months
Operating Ended
activities: September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 532,488 $ 450,760
Adjustments to
reconcile net
income to
net cash
provided by
(used for)
operating
activities:
Depreciation
and 71,194 76,337
amortization
Provision for 5,425 6,571
credit losses
Stock-based 80,787 62,774
compensation
Deferred 28,196 30,564
income taxes
Excess tax
benefit on -31,644 -15,621
stock-based
compensation
Change in loss
on disposal — -569
group
Other
operating 12,451 7,172
activities
Changes in
operating
elements:
Receivables -1,221,470 -89,325
Contract -134,894 23,035
assets
Prepaid
expenses and 21,864 -26,521
other
Right of use 18,659 42,475
asset
Accounts
payable and 723,448 79,171
outstanding
checks
Accrued 180 -9,903
compensation
Accrued
transportation 115,614 -14,094
expense
Accrued income 16,758 49,418
taxes
Other accrued 13,450 -16,168
liabilities
Lease -22,399 -49,701
liability
Other assets
and -1,513 2,730
liabilities
Net cash
provided by 228,594 609,105
operating
activities
Investing
activities:
Purchases of
property and -11,212 -16,615
equipment
Purchases and
development of -39,557 -38,246
software
Cash used for
acquisitions, -78,949 —
net of cash
acquired
Proceeds from 35,310 27,737
divestiture
Other
investing 3,289 —
activities
Net cash used
for investing -91,119 -27,124
activities
Financing
activities:
Proceeds from
stock issued 64,789 112,076
for employee
benefit plans
Stock tendered
for payment of -81,106 -57,982
withholding
taxes
Repurchase of -639,922 -240,257
common stock
Cash dividends -229,132 -227,053
Proceeds from
long-term 2,957,000 344,000
borrowings
Payments on
long-term -2,104,000 -512,000
borrowings
Proceeds from
short-term 318,000 1,548,800
borrowings
Payments on
short-term -392,000 -1,575,800
borrowings
Net cash used
for financing -106,371 -608,216
activities
Effect of
exchange rates
on cash and 1,157 6,534
cash
equivalents
Net change in
cash and cash
equivalents,
including cash
and cash 32,261 -19,701
equivalents
classified
within assets
held for sale
Plus: net
decrease in
cash and cash — 10,776
equivalents
within assets
held for sale
Cash and cash
equivalents, 160,871 145,762
beginning of
period
Cash and cash
equivalents, $ 193,132 $ 136,837
end of period
Employees as
of September 11,118 12,314
30
Source: C.H. Robinson
CHRW-IR
19