C.H. Robinson Reports 2026 Third Quarter Results
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 Third Quarter Results Eden Prairie, MN, October 2
How this was made
The 30-second read
Why it matters
Traders can update expectations for logistics earnings power based on reported revenue growth, operating margin expansion, and EPS gains, while monitoring cash conversion given the working-capital drag.
Market read
A fresh earnings print with quantified growth and margin metrics, plus cash-flow deterioration, is actionable for near-term positioning in CHRW and the broader logistics complex.
What to watch
The impairment charge on a Kansas City regional center lease and higher SG&A claims expenses may matter for forward margin quality even if adjusted metrics look strong.
C.H. Robinson Reports 2026 Third Quarter Results
Third-quarter total revenues increased 29.5%, income from operations increased 23.1%, adjusted income from operations increased 26.1%, and adjusted diluted EPS increased 28.6%. NAST and Global Forwarding achieved their mid-cycle operating margin targets, although operating cash flow declined due to working-capital requirements from higher transportation rates.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenuesGAAP | $5.36B | – | 29.5 % |
| Q3 2026 transportation revenuesGAAP | $5.01B | – | 32.5 % |
| Q3 2026 sourcing revenuesGAAP | $345.9M | – | (2.1) % |
| Q3 2026 gross profitGAAP | $795.6M | – | 15.0 % |
| Q3 2026 adjusted gross profitnon-GAAP | $808.4M | – | 14.5 % |
| Q3 2026 purchased transportation and related servicesGAAP | $4.24B | – | 36.1 % |
| Q3 2026 purchased products sourced for resaleGAAP | $312.7M | – | (1.7) % |
| Q3 2026 personnel expensesGAAP | $360.3M | – | 3.1 % |
| Q3 2026 other selling, general, and administrative expensesGAAP | $176.3M | – | 29.7 % |
| Q3 2026 total costs and expensesGAAP | $5.09B | – | 29.9 % |
| Q3 2026 income from operationsGAAP | $271.8M | – | 23.1 % |
| Q3 2026 adjusted income from operationsnon-GAAP | $290.8M | – | 26.1 % |
| Q3 2026 operating marginGAAP | 5.1 % | – | (20) bps |
| Q3 2026 adjusted operating marginnon-GAAP | 33.6 % | – | 230 bps |
| Q3 2026 adjusted operating margin - excluding specified itemsnon-GAAP | 36.0 % | – | 330 bps |
| Q3 2026 interest and other income/expense, netGAAP | −$21.72M | – | 39.2 % |
| Q3 2026 income before provision for income taxesGAAP | $250.1M | – | 21.9 % |
| Q3 2026 provision for income taxesGAAP | $51.62M | – | 22.2 % |
| Q3 2026 effective tax rateGAAP | 20.6% | – | flat |
| Q3 2026 net incomeGAAP | $198.5M | – | 21.8 % |
| Q3 2026 adjusted net incomenon-GAAP | $213.4M | – | – |
| Q3 2026 diluted EPSGAAP | $ 1.67 | – | 24.6 % |
| Q3 2026 adjusted diluted EPSnon-GAAP | $ 1.80 | – | 28.6 % |
| Q3 2026 cash generated from operationsGAAP | $124.1M | – | decreased by $151.3 million |
| Nine months ended September 30, 2026 total revenuesGAAP | $14.31B | – | 16.1 % |
| Nine months ended September 30, 2026 gross profitGAAP | $2.17B | – | 6.9 % |
| Nine months ended September 30, 2026 adjusted gross profitnon-GAAP | $2.21B | – | 6.5 % |
| Nine months ended September 30, 2026 income from operationsGAAP | $703.2M | – | 14.6 % |
| Nine months ended September 30, 2026 adjusted income from operationsnon-GAAP | $749.9M | – | 17.9 % |
| Nine months ended September 30, 2026 net incomeGAAP | $532.5M | – | 18.1 % |
| Nine months ended September 30, 2026 diluted EPSGAAP | $ 4.45 | – | 19.9 % |
| Nine months ended September 30, 2026 adjusted diluted EPSnon-GAAP | $ 4.75 | – | 23.1 % |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | $228.6M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| NASTHigher pricing and volume in truckload and LTL services. Truckload adjusted gross profit increased 20.7%, driven by a 17.0% increase in adjusted gross profit per shipment and a 3.5% increase in volume. | $3.83B | – | 29.1 % |
| Global ForwardingHigher pricing in ocean and air services. Ocean adjusted gross profits increased 23.2%, while air adjusted gross profits increased 23.2% despite a 4.0% decline in metric tons shipped. | $1.15B | – | 46.1 % |
| All Other and CorporateRobinson Fresh adjusted gross profits decreased 5.1% due to 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. | $379.8M | – | (1.3) % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- Tax rate18% to 20%
- NoteCapital expenditures for 2026 are expected to be $65 million to $75 million.
Capital returns
- In the third quarter of 2026, cash returned to shareholders totaled $289.1 million.
- $214.3 million in repurchases of common stock.
- $74.8 million in cash dividends.
- Nine months ended September 30, 2026 repurchase of common stock: $ 639,922.
- Nine months ended September 30, 2026 cash dividends: $ 229,132.
What drove it
- Total revenues increased 29.5%, primarily driven by higher pricing in truckload, ocean, LTL and air services and higher truckload volume.
- NAST volume increased approximately 3.5% year-over-year compared to a 0.3% decline in the Cass Freight Shipment Index.
- NAST truckload adjusted gross profit per shipment increased 17.0% year-over-year despite a significant increase in truckload spot market costs.
- Global Forwarding operating expenses decreased 1.1%, primarily due to lower restructuring charges and cost optimization efforts.
- Average employee headcount declined 10.4% companywide in the quarter.
Concerns
- Q3 cash generated from operations decreased by $151.3 million to $124.1 million due to unfavorable changes in working capital driven by higher transportation rates.
- Q3 other selling, general and administrative expenses increased 29.7%, primarily due to higher claims expenses and a Kansas City regional center lease impairment charge.
- Interest expense increased $4.7 million versus last year due to a higher average debt balance, partially offset by lower variable interest rates.
- Global Forwarding air metric tons shipped declined 4.0%, and Customs adjusted gross profits decreased 12.9%.
- Robinson Fresh adjusted gross profits decreased 5.1% due to margin compression caused by higher fuel costs.
What to watch
- Execution of contractual truckload repricing and spot-volume capture amid significant supply-driven tightening in the North American trucking market.
- Sustainability of NAST volume outgrowth versus the Cass Freight Shipment Index.
- Working-capital effects from higher transportation rates and their impact on operating cash generation.
- Completion, financing, integration and anticipated benefits of the proposed RXO acquisition.
- Delivery against full-year effective tax rate guidance of 18% to 20% and capital expenditure guidance of $65 million to $75 million.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $ 193,132.
- Total assets as of September 30, 2026: $ 6,389,455.
- Current portion of debt as of September 30, 2026: $ 425,818.
- Long-term debt as of September 30, 2026: $ 1,443,491.
- Total liabilities as of September 30, 2026: $ 4,810,067.
- Total stockholders’ investment as of September 30, 2026: $ 1,579,388.
- Nine months ended September 30, 2026 net cash provided by operating activities: $ 228,594.
- Nine months ended September 30, 2026 net cash used for investing activities: $ (91,119).
- Nine months ended September 30, 2026 net cash used for financing activities: $ (106,371).
- Capital expenditures totaled $17.5 million in the quarter.
Analysis
C.H. Robinson reported a strong third quarter, with total revenues increasing 29.5% to $ 5,358,060 and gross profit increasing 15.0% to $ 795,574. Adjusted gross profit increased 14.5% to $ 808,434. Income from operations increased 23.1% to $ 271,807, while adjusted income from operations increased 26.1% to $ 290,754. GAAP diluted EPS increased 24.6% to $1.67 and adjusted diluted EPS increased 28.6% to $1.80.
NAST was the principal revenue contributor, with total revenues increasing 29.1% to $ 3,829,223. The business delivered 3.5% volume growth while the Cass Freight Shipment Index declined 0.3%, marking the 14th consecutive quarter of market outgrowth. Truckload adjusted gross profit increased 20.7%, supported by a 17.0% increase in adjusted gross profit per shipment and 3.5% volume growth. NAST income from operations increased 17.9% to $ 203,903, while adjusted operating margin expanded 50 basis points to 39.4%.
Global Forwarding revenue increased 46.1% to $ 1,149,051, driven by higher ocean and air pricing. Adjusted gross profit increased 15.4% to $ 221,238 and income from operations increased 63.3% to $ 80,047. Its adjusted operating margin expanded 1,060 basis points to 36.2%. Ocean and air adjusted gross profit both increased 23.2%, although air metric tons shipped declined 4.0% and Customs adjusted gross profits decreased 12.9%.
Cost control remained evident in personnel expenses, which rose 3.1% to $ 360,301 as average employee headcount declined 10.4%. However, other SG&A expenses increased 29.7% to $ 176,326, reflecting higher claims expense and a Kansas City regional center lease impairment charge. Operating cash generation weakened: cash generated from operations declined by $151.3 million to $124.1 million, primarily because of unfavorable working-capital changes associated with higher transportation rates.
Capital deployment was substantial, with $289.1 million returned to shareholders through $214.3 million of repurchases and $74.8 million of dividends in the quarter. Cash and cash equivalents were $ 193,132 at September 30, 2026, while current debt was $ 425,818 and long-term debt was $ 1,443,491. The company provided full-year guidance for an effective tax rate of 18% to 20% and capital expenditures of $65 million to $75 million, but did not provide revenue, gross margin or operating-expense guidance.
Management, verbatim
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.
Dave Bozeman, President and Chief Executive Officer
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.
Dave Bozeman, President and Chief Executive Officer
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.
Dave Bozeman, President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported Q3 metrics
- Q3 free cash flow
- Q3 gross margin
- Revenue guidance
- Gross margin guidance
- Operating expense guidance
- Prior-release outlook for comparison
AlphAI 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 filing is an SEC Form 8-K furnishing C.H. Robinson’s Q3 2026 results and related highlights, including NAST volume and truckload AGP per shipment.
Ticker impact
C.H. Robinson reported Q3 results with revenue up 29.5% to $5.4B and diluted EPS up 24.6% to $1.67, plus cash flow and margin details.
Likely upward bias as the market prices in sustained earnings growth and margin delivery, partially tempered by weaker operating cash generation.
The release provides multiple earnings datapoints (revenue, EPS, operating income, adjusted margins) alongside a specific cash-flow decline tied to working capital, which typically drives near-term sentiment and valuation adjustments.
Market effects
Reinforces positive demand and pricing discipline in transportation brokerage/logistics, with Lean AI and revenue management cited as drivers.
Primarily impacts US-listed logistics sentiment tied to North American trucking volumes and spot cost conditions.
Global forwarding and ocean/air segments also posted growth, but the release is mainly North America volume and margin focused.
Counterpoint
Operating cash flow declined sharply due to working-capital changes, which could signal timing or sustainability risk versus earnings growth.
Key entities
- companyC.H. Robinson Worldwide, Inc.
Reported Q3 2026 results with strong EPS and operating margin growth, alongside a decline in operating cash flow due to working capital.
