C.H. Robinson Reports 2026 Third Quarter Results

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- 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

"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.

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%.

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%.

North American Surface Transportation (“NAST”) Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

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%.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

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%.

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):

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.

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.

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

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.

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):

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:

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):

CHRW-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20261028110020/en/

Chuck Ives, Senior Director of Investor Relations
Email: [email protected]

Source: C.H. Robinson

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