$CHRW earnings report

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.

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.