C. H. ROBINSON WORLDWIDE, INC. (CHRW): Results of Operations and Financial Condition
C. H. ROBINSON WORLDWIDE, INC. (CHRW) filed an SEC Form 8-K — Results of Operations and Financial Condition. C.H. Robinson 14701 Charlson Rd. Eden Prairie, MN 55347 www.chrobinson.com FOR IMMEDIATE RELEASE FOR INQUIRIES, CONTACT: Chuck Ives, Senior Director of Investor Relations Email: chuck.ives@chrobinson.com C.H. Robinson Reports 2026 Second Quarter Results Eden Prairie, MN, July 29,
How this was made
The 30-second read
Why it matters
CHRW’s reported profitability and EPS growth in a demand trough is likely to influence near-term positioning, while the sharp decline in operating cash flow is a key counter-signal for valuation and quality-of-earnings assessments.
Market read
Material Q2 earnings datapoints (revenue, operating income, adjusted margins, EPS) plus a notable cash flow decline create a clear catalyst for CHRW trading and revisions to earnings quality expectations.
What to watch
The release emphasizes non-GAAP productivity and margin targets; traders may want to scrutinize cash conversion and any restructuring or cost-to-serve changes not fully captured by adjusted metrics.
C.H. Robinson Reports 2026 Second Quarter Results
Revenue, gross profit, operating income, net income, and diluted EPS all increased year-over-year, while operating expenses grew modestly and NAST volume outgrew the cited market index. Operating cash flow declined and the freight market remained in a demand-cycle trough.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $4.9 billion | – | increased 19.3% |
| Gross profitsGAAP | $725.9 million | – | increased 6.8% |
| Adjusted gross profitsnon-GAAP | $738.0 million | – | increased 6.5% |
| Operating expensesGAAP | $482.2 million | – | increased 1.0% |
| Personnel expensesGAAP | $338.5 million | – | increased 0.9% |
| Other selling, general and administrative expensesGAAP | $143.8 million | – | increased 1.2% |
| Income from operationsGAAP | $255.7 million | – | increased 18.4% |
| Adjusted income from operationsnon-GAAP | $263.2 million | – | increased 19.5% |
| Adjusted operating marginnon-GAAP | 34.7% | – | increased 360 basis points |
| Interest and other income/expense, netGAAP | $17.9 million of expense | – | – |
| Interest expenseGAAP | $16.9 million | – | increased $0.1 million versus last year |
| Net loss from foreign currency revaluation and realized foreign currency gains and lossesGAAP | $1.4 million | – | – |
| Effective tax rateGAAP | 21.5% | – | – |
| Net incomeGAAP | $186.8 million | – | up 22.5% |
| Diluted EPSGAAP | $1.56 | – | increased 23.8% |
| Adjusted diluted EPSnon-GAAP | $1.61 | – | increased 24.8% |
| Cash generated by operationsGAAP | $35.9 million | – | decreased by $191.2 million |
| Year-to-date total revenuesGAAP | $8.9 billion | – | increased 9.3% |
| Year-to-date gross profitsGAAP | $1.4 billion | – | increased 2.7% |
| Year-to-date adjusted gross profitsnon-GAAP | $1.4 billion | – | increased 2.4% |
| Year-to-date operating expensesGAAP | $967.0 million | – | decreased 0.7% |
| Year-to-date income from operationsGAAP | $431.4 million | – | up 9.8% |
| Year-to-date adjusted operating marginnon-GAAP | 30.9% | – | increased 220 basis points |
| Year-to-date effective tax rateGAAP | 17.4% | – | – |
| Year-to-date net incomeGAAP | $334.0 million | – | up 16.1% |
| Year-to-date diluted EPSGAAP | $2.78 | – | increased 17.3% |
| Year-to-date adjusted diluted EPSnon-GAAP | $2.95 | – | increased 19.9% |
| NAST adjusted gross profitsnon-GAAP | $469.4 million | – | increased 8.6% |
| NAST income from operationsGAAP | $189.8 million | – | increased 15.8% |
| NAST adjusted operating marginnon-GAAP | 40.4% | – | expanded 250 basis points |
| NAST adjusted operating margin - excluding restructuringnon-GAAP | 40.9% | – | increased 280 basis points |
| Year-to-date NAST adjusted gross profitsnon-GAAP | 900,466 (dollars in thousands) | – | 5.9 % |
| Year-to-date NAST income from operationsGAAP | 334,975 (dollars in thousands) | – | 8.9 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North American Surface Transportation (NAST)Higher pricing in truckload and LTL services. Truckload adjusted gross profits increased 0.2% on a 0.5% volume increase; LTL adjusted gross profits increased 21.7%, driven by a 19.5% increase in adjusted gross profit per order and a 2.0% increase in LTL volume. | $3,593,269 (dollars in thousands) | – | 23.1 % |
Capital returns
- Cash returned to shareholders increased 87.5% to $301.3 million.
What drove it
- Total revenue growth was primarily driven by higher pricing in truckload, LTL, air and ocean services.
- Adjusted gross profit growth was primarily driven by higher adjusted gross profit per transaction in LTL and air services and higher LTL volume.
- NAST total truckload and LTL volume increased 1.5% versus the year-ago period, compared with a 3.3% decline in the Cass Freight Shipment Index.
- NAST average truckload linehaul rate per mile charged to customers increased approximately 25.5%, while truckload linehaul cost per mile increased 29.0%, resulting in a 2.0% increase in truckload adjusted gross profit per mile.
- Company average employee headcount declined 10.8% in the quarter. NAST average employee headcount was down 11.6% year-over-year.
- Management cited evergreen productivity improvements of over 60% since the end of 2022 in both NAST and Global Forwarding. Global Forwarding delivered year-over-year productivity improvements of more than 15% in the second quarter of 2026.
Concerns
- Management described the freight market as being in the trough of the demand cycle, and the Cass Freight Shipment Index declined year-over-year for the 15th consecutive quarter.
- Cash generated by operations decreased by $191.2 million to $35.9 million.
- Truckload linehaul cost per mile increased 29.0%, exceeding the approximately 25.5% increase in the linehaul rate per mile charged to customers.
- Year-to-date adjusted gross profit was partially offset by lower adjusted gross profit per transaction in ocean services.
- NAST operating expenses increased 4.2%, primarily due to higher claims expenses and higher incentive compensation.
What to watch
- Whether NAST volume continues to outgrow market indices after its 13th consecutive quarter of market outgrowth.
- Truckload revenue-management execution as spot market costs increase and truckload adjusted gross profit per shipment held flat year-over-year.
- Progress in Global Forwarding automation and revenue-management initiatives, including management's cited adjusted operating margin, excluding restructuring, of 33.4%.
- Operating cash generation following the reported decline in second-quarter cash generated by operations.
- The sustainability of cost optimization and productivity improvements as incentive compensation and claims expenses rise.
Balance sheet and cash flow
- Cash generated by operations decreased by $191.2 million to $35.9 million.
- Second-quarter interest expense was $16.9 million and increased $0.1 million versus last year due to a higher average debt balance, partially offset by lower variable interest rates.
- Year-to-date interest and other income/expense, net was $26.9 million of expense, primarily consisting of $30.9 million of interest expense, which decreased $2.7 million versus last year due to lower variable interest rates and a lower average debt balance.
- Year-to-date results included $2.2 million of interest income and a $0.3 million net gain from foreign currency revaluation and realized foreign currency gains and losses.
Analysis
C.H. Robinson reported a solid second quarter, with total revenues increasing 19.3% to $4.9 billion and income from operations increasing 18.4% to $255.7 million. Net income increased 22.5% to $186.8 million, while diluted EPS increased 23.8% to $1.56. Adjusted income from operations increased 19.5% to $263.2 million and adjusted diluted EPS increased 24.8% to $1.61.
The release attributes revenue growth chiefly to higher pricing across truckload, LTL, air and ocean services. NAST was the largest disclosed segment contributor, with revenue of $3,593,269 in dollars in thousands, up 23.1%. NAST truckload and LTL volume increased 1.5% while the cited Cass Freight Shipment Index declined 3.3%, supporting management's statement that this was the 13th consecutive quarter of market outgrowth.
Margin performance reflected operating leverage and expense discipline. Gross profits increased 6.8% to $725.9 million, while adjusted gross profits increased 6.5% to $738.0 million. Operating expenses increased only 1.0% to $482.2 million, even as personnel expense rose with incentive compensation. Adjusted operating margin was 34.7%, an increase of 360 basis points, and NAST adjusted operating margin - excluding restructuring reached 40.9%.
The mix within NAST was mixed at the service level. Truckload adjusted gross profits increased 0.2%, as a 0.5% increase in volume and a 2.0% increase in adjusted gross profit per mile were offset by cost pressure: linehaul cost per mile increased 29.0% compared with an approximately 25.5% increase in the rate charged to customers. LTL was stronger, with adjusted gross profits increasing 21.7%, supported by gains in adjusted gross profit per order and volume. Management also cited lower adjusted gross profit per transaction in ocean services for the year-to-date period.
Capital allocation remained shareholder-oriented, with cash returned to shareholders increasing 87.5% to $301.3 million. However, cash generated by operations decreased by $191.2 million to $35.9 million. No forward guidance was included in the provided filing text. Management's outlook commentary emphasized continued execution of Lean AI, automation, disciplined revenue management and service improvements despite ongoing weakness in freight-market demand.
Management, verbatim
When I became CEO three years ago, we committed to delivering higher highs and higher lows across freight market cycles. Our second quarter results are yet another example of delivering on that commitment. Despite being in the trough of the freight market demand cycle, with the Cass Freight Shipment Index declining on a year-over-year basis for the 15th consecutive quarter, we hit our mid-cycle operating margin targets in both NAST and Global Forwarding in the second quarter of 2026.
Dave Bozeman, President and Chief Executive Officer
We achieved this through the disciplined execution of our Lean AI strategy, which has enabled us to identify and remove waste and to automate manual processes in the quote-to-cash lifecycle of an order. The result has been evergreen productivity improvements of over 60% since the end of 2022 in both NAST and Global Forwarding.
Dave Bozeman, President and Chief Executive Officer
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expense, tax-rate, EPS, capital expenditure, cash flow, or other financial guidance was not provided in the supplied filing text.
- Previous-release outlook was not provided, so prior-guidance comparisons are unavailable.
- The supplied text ends at the Global Forwarding table header; Global Forwarding segment financial results and any subsequent disclosures are unavailable.
- GAAP gross margin was not reported in the supplied text.
- Free cash flow was not reported in the supplied text.
- Cash balance, total debt balance, liquidity, capital expenditures, dividend details, and share-repurchase details were not reported in the supplied text.
- Prior-quarter comparisons were not reported for the disclosed metrics.
- Several prior-year dollar amounts for consolidated second-quarter and year-to-date metrics were not printed on their respective summary lines.】【。numbers_verified_from_document=true}ฤศจassistant to=analysis 彩神争霸大发ҟны սխալ? final JSON invalid at last missing string ends `.` then weird Armenian? Need correct. Also
- ם? Need redo final valid. Could preserve huge, ensure closing. Also concern main is
- accidental no. Need use final JSON from scratch perhaps reduce? Existing output not delivered yet? I need submit clean. Ensure metric unit $3.6? Contradiction key NAST segment table revenue uses `3,593,269` no dollar sign (table formatting has $ column applies) adding $ is defensible but literal? Use
- no. JSON needs quote. Need no schema defs (not required likely). Use $ signs okay. Use no invalid. Keep less metrics? Desired exhaustive. Final under token. {Jsiiassistant final 久久免费热在线精品{
- company
- C. H. Robinson Worldwide, Inc.
- ticker
- CHRW
- fiscal_period
- second quarter of 2026
- period_end
- June 30, 2026
- headline
- C.H. Robinson Reports 2026 Second Quarter Results
- verdict
- solid
- verdict_reason
- Revenue, gross profit, operating income, net income, and diluted EPS increased year-over-year. NAST volume outgrew the cited market index and operating expenses grew modestly, though operating cash flow declined and freight demand remained in a trough.
- key_metrics
- [{
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The 8-K includes an earnings release for the quarter ended June 30, 2026, with highlights on margin targets, Lean AI productivity, and volume trends versus the Cass Freight Shipment Index.
Ticker impact
C.H. Robinson reported Q2 2026 results, including diluted EPS of $1.56 and adjusted diluted EPS of $1.61, plus operating income up 18.4%.
Likely positive reaction versus prior expectations, with follow-through dependent on whether cash flow weakness ($191.2M decrease in operating cash) is a one-off.
The filing provides multiple concrete performance metrics (revenue +19.3%, operating income +18.4%, adjusted operating margin +360 bps, EPS +23.8%) and management commentary tied to Lean AI execution, which are typically market-moving for a logistics operator.
Market effects
Reinforces read-through that asset-light logistics operators can defend margins through productivity and revenue management even when shipment indices are weak.
Primarily impacts North American surface transportation sentiment given NAST volume growth outpacing the Cass index.
Global Forwarding commentary suggests automation and revenue management are being extended to international lanes amid ongoing network disruptions.
Counterpoint
Operating cash flow fell by $191.2M to $35.9M, which could temper the quality of earnings and raise questions about working-capital dynamics.
Key entities
- companyC. H. Robinson Worldwide, Inc.
Nasdaq-listed logistics provider reporting Q2 2026 results and Lean AI-driven productivity improvements.
