{"success":true,"data":{"pressRelease":{"id":"13628","rtpr_id":"nBw4XPTha","ticker":"CHRW","exchange":"NASDAQ","all_tickers":["CHRW"],"title":"C.H. Robinson Reports 2026 First Quarter Results","author":"Business Wire","published_at":"2026-04-29T20:05:00.839Z","article_body":"C.H. Robinson Reports 2026 First Quarter Results\n\nC.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today\nreported financial results for the quarter ended March 31, 2026.\n\nFirst Quarter Highlights:\n\n\n * C.H. Robinson continues to deliver secular earnings growth driven by market\nshare gains, disciplined revenue management, a cost of hire advantage versus\nthe market, and evergreen productivity improvements fueled by its Lean AI\nstrategy\n\n * North American Surface Transportation (\"NAST\") total volume was flat\nyear-over-year compared to a 6.2% decline in the Cass Freight Shipment Index\n\n * NAST adjusted gross profit margin((1)) held flat at 14.6% despite a\nsignificant increase in truckload spot market costs\n\n * Income from operations decreased 0.7% to $175.7 million\n\n * Adjusted income from operations((1)) increased 5.6% to $195.9 million\n\n * Diluted earnings per share (EPS) increased 9.9% to $1.22\n\n * Adjusted diluted EPS((1)) increased 15.4% to $1.35\n\n * Cash generated by operations decreased by $37.9 million to $68.6 million,\nprimarily due to unfavorable changes in net operating working capital caused\nby higher truckload prices\n\n * Cash returned to shareholders increased 105.6% to $359.8 million\n ((1)) Adjusted gross profit margin, adjusted income from operations, and \n adjusted diluted EPS are non-GAAP financial measures. The same factors \n described in this release that impacted these non-GAAP measures also impacted \n the comparable GAAP measures. Refer to pages 10 through 12 for further \n discussion and GAAP to Non-GAAP Reconciliations. \n\n\n\"As has been widely discussed in recent months, the North American trucking\nmarket has entered a period of supply-driven tightening,\" said President and\nChief Executive Officer, Dave Bozeman. \"As that has occurred, we’ve heard\nold tapes being replayed regarding which transportation providers benefit most\nduring certain parts of the truckload cycle. But those storylines don't fully\nappreciate the secular earnings growth that has consistently been generated at\nthe new C.H. Robinson regardless of market conditions.\"\n\n\"The first quarter of 2026 was another example of this, and our adjusted\nearnings per share increased 15% year-over-year despite a significant increase\nin truckload spot market costs,\" Bozeman added. \"We continued to outperform by\nopportunistically capturing transactional volumes at higher margins as the\nindustry’s tender rejection rates increased, by continuing to exercise our\ndisciplined revenue management practices, by repricing some of our contractual\nbusiness in a very targeted fashion, and by continuing to widen our cost of\nhire advantage, all of which have improved as we implemented our Lean\noperating model. This enabled us to optimize our adjusted gross profit per\ntruckload shipment and maintain our NAST gross margin despite having to absorb\nthe elevated cost of capacity. Additionally, we gained market share in our\nNAST business for the 12th consecutive quarter, and we continued to deliver\nevergreen productivity improvements across our business.\"\n\n\"Over the past year, we’ve consistently said that we’re not immune to\nmacroeconomic conditions or an inflection in spot costs, but that we are\nmanaging those conditions better than we have in the past and better than our\ncompetitors. Our first quarter performance puts another check mark on our\nsay-do scorecard.\"\n\n\"Our ability to consistently outperform over the last two plus years is a\nresult of focusing on controlling what we can control and the strength of our\nLean AI strategy. Lean AI is our unique, disciplined approach to AI innovation\nthat is transforming supply chains. It combines the principles of our Robinson\noperating model – rooted in Lean methodology – with the power of\ncustom-built AI, and the expertise of our people, to maximize value, minimize\nwaste, and drive better outcomes for customers and carriers. As we continue to\npurposefully engineer our work to drive higher automation, an industry-leading\ncost to serve and improved customer outcomes, all of this is aimed at building\nthe best model for demonstrable outgrowth while continuing to have\nindustry-leading operating margins.\"\n\n\"I’m proud of our employees for navigating ever-changing market conditions\nwith discipline and ingenuity, and for embracing the culture shift that has\nfundamentally changed this company. As the pacesetter for innovation in our\nindustry, we will continue to use our domain expertise to build technology\nthat delivers on our customer promise and drives higher value for all our\nstakeholders,\" said Bozeman.\n\nSummary of First Quarter of 2026 Results Compared to the First Quarter of 2025\n\n\n * Total revenues decreased 0.8% to $4.0 billion, primarily driven by lower\nvolume in our ocean and truckload services and lower pricing in our ocean\nservices. This was partially offset by higher pricing in our truckload and\nless than truckload (\"LTL\") services.\n\n * Gross profits decreased 1.6% to $646.6 million. Adjusted gross profits((1))\ndecreased 1.9% to $660.5 million, primarily driven by lower adjusted gross\nprofit per transaction and lower volume in our ocean services. This was\npartially offset by higher adjusted gross profit per transaction in our LTL\nservices.\n\n * Operating expenses decreased 2.3% to $484.8 million. Personnel expenses\nincreased 1.2% to $352.7 million, primarily due to higher restructuring\ncharges related to workforce reductions. This was partially offset by cost\noptimization efforts and productivity improvements. Average employee headcount\ndeclined 12.3%. Other selling, general and administrative (“SG&A”)\nexpenses decreased 10.6% to $132.1 million, primarily due to a prior year\nimpairment charge on our Kansas City regional center lease resulting from the\nexecution of a sublease agreement on a portion of the building. In addition,\nother SG&A expenses declined across several expense categories in 2026 due\nto cost optimization efforts.\n\n * Income from operations totaled $175.7 million, down 0.7% due to the decrease\nin adjusted gross profit and higher restructuring charges, partially offset by\nthe decrease in operating expenses. Adjusted operating margin((1)) of 26.6%\nincreased 30 basis points.\n\n * Interest and other income/expense, net totaled $9.0 million of expense,\nconsisting primarily of $14.0 million of interest expense, which decreased\n$2.8 million versus last year due to a lower average debt balance and lower\nvariable interest rates. The first quarter of 2026 results also include a $1.7\nmillion net gain from foreign currency revaluation and realized foreign\ncurrency gains and losses.\n\n * The effective tax rate in the quarter was 11.7% compared to 13.7% in the first\nquarter of 2025. The lower rate in the first quarter of 2026 was driven by\nhigher tax benefits related to stock-compensation deliveries, partially offset\nby non-recurring discrete items and lower U.S. and foreign tax credits and\nincentives.\n\n * Net income totaled $147.2 million, up 8.8% from a year ago. Diluted EPS of\n$1.22 increased 9.9%. Adjusted diluted EPS((1)) of $1.35 increased 15.4%.\n ((1)) Adjusted gross profits, adjusted operating margin and adjusted diluted \n EPS are non-GAAP financial measures. The same factors described in this \n release that impacted these non-GAAP measures also impacted the comparable \n GAAP measures. Refer to pages 10 through 12 for further discussion and GAAP to \n Non-GAAP Reconciliations. \n\n\nNorth American Surface Transportation (“NAST”) Results\n\nSummarized financial results of our NAST segment are as follows (dollars in\nthousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Total revenues $ 2,947,323   $ 2,868,420   2.8 % \n Adjusted gross profits((1))   431,077     418,324   3.0 % \n Income from operations   145,130     143,671   1.0 % \n             \n\n\n____________________________________________\n ((1)) Adjusted gross profits and adjusted operating margin - excluding \n restructuring are non-GAAP financial measures explained later in this release. \n The difference between adjusted gross profits and gross profits is not \n material. \n\n\nFirst quarter total revenues for the NAST segment totaled $2.9 billion, an\nincrease of 2.8% over the prior year, primarily driven by higher pricing in\nour truckload and LTL services. NAST adjusted gross profits increased 3.0% in\nthe quarter to $431.1 million. Adjusted gross profits in truckload decreased\n1.9% due to a 3.5% decrease in volume, which was partially offset by a 1.5%\nincrease in adjusted gross profit per shipment. Our average truckload linehaul\nrate per mile charged to our customers, which excludes fuel surcharges,\nincreased approximately 11.0% in the quarter compared to the prior year, while\ntruckload linehaul cost per mile, excluding fuel surcharges, increased 13.0%,\nresulting in a 1.0% increase in truckload adjusted gross profit per mile. LTL\nadjusted gross profits increased 10.5% versus the year-ago period, driven by\nan 8.5% increase in adjusted gross profit per order and a 2.0% increase in LTL\nvolume. Total NAST truckload and LTL volume was flat versus the year-ago\nperiod and outpaced the market indices. Operating expenses increased 4.1%,\nprimarily due to restructuring charges related to workforce reductions in the\ncurrent year, partially offset by cost optimization efforts and productivity\nimprovements. First quarter average employee headcount was down 10.0%\nyear-over-year. Income from operations increased 1.0% to $145.1 million, and\nadjusted operating margin declined 60 basis points to 33.7%. Adjusted\noperating margin - excluding restructuring((1)) increased 310 basis points to\n37.4%.\n\nGlobal Forwarding Results\n\nSummarized financial results of our Global Forwarding segment are as follows\n(dollars in thousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Total revenues $ 664,730   $ 774,888   (14.2 )% \n Adjusted gross profits((1))   162,291     184,628   (12.1 )% \n Income from operations   31,684     42,943   (26.2 )% \n             \n\n\n____________________________________________\n ((1)) Adjusted gross profits and adjusted operating margin - excluding \n restructuring are non-GAAP financial measures explained later in this release. \n The difference between adjusted gross profits and gross profits is not \n material. \n\n\nFirst quarter total revenues for the Global Forwarding segment decreased 14.2%\nto $664.7 million, primarily driven by lower volume and pricing in our ocean\nservices. Adjusted gross profits decreased 12.1% in the quarter to $162.3\nmillion. Ocean adjusted gross profits decreased 22.1%, driven by a 12.5%\ndecrease in adjusted gross profit per shipment and a 10.5% decline in\nshipments. Air adjusted gross profits decreased 0.5%, driven by a 15.0%\ndecline in metric tons shipped, partially offset by a 16.5% increase in\nadjusted gross profit per metric ton shipped. Customs adjusted gross profits\nincreased 20.0%, driven by a 22.0% increase in adjusted gross profit per\ntransaction, partially offset by a 2.0% reduction in transaction volume.\nOperating expenses decreased 7.8%, primarily due to cost optimization efforts\nand productivity improvements and lower incentive compensation. First quarter\naverage employee headcount decreased 14.8% year-over-year. Income from\noperations decreased 26.2% to $31.7 million, and adjusted operating margin\ndeclined 380 basis points to 19.5% in the quarter. Adjusted operating margin -\nexcluding restructuring((1)) declined 220 basis points to 21.1%.\n\nAll Other and Corporate Results\n\nTotal revenues and adjusted gross profits for Robinson Fresh, Managed\nSolutions and Other Surface Transportation are summarized as follows (dollars\nin thousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Total revenues $ 400,881   $ 403,432   (0.6 )% \n Adjusted gross profits((1)):           \n Robinson Fresh $ 37,517   $ 37,653   (0.4 )% \n Managed Solutions   29,608     27,846   6.3 % \n Other Surface Transportation((2))   —     4,637   (100.0 )% \n             \n\n\n____________________________________________\n ((1)) Adjusted gross profits is a non-GAAP financial measure explained later \n in this release. The difference between adjusted gross profits and gross \n profits is not material. \n ((2)) Includes our Europe Surface Transportation business, which was divested \n as of February 1, 2025. \n\n\nFirst quarter Robinson Fresh adjusted gross profits decreased 0.4% to $37.5\nmillion driven by margin compression in retail customers. Managed Solutions\nadjusted gross profits increased 6.3% due to an increase in freight under\nmanagement.\n\nOther Income Statement Items\n\nInterest and other income/expense, net totaled $9.0 million of expense,\nconsisting primarily of $14.0 million of interest expense, which decreased\n$2.8 million versus the first quarter of 2025 due to a lower average debt\nbalance and lower variable interest rates. The first quarter of 2026 results\nalso include a $1.7 million net gain from foreign currency revaluation and\nrealized foreign currency gains and losses.\n\nThe first quarter effective tax rate was 11.7%, down from 13.7% in the first\nquarter of 2025. The lower rate in the first quarter of 2026 was driven by\nhigher tax benefits related to stock-compensation deliveries, partially offset\nby non-recurring discrete items and lower U.S. and foreign tax credits and\nincentives. For 2026, we expect our full-year effective tax rate to be 18% to\n20%.\n\nDiluted weighted average shares outstanding in the quarter were down 0.8%\nyear-over-year.\n\nCash Flow Generation and Capital Distribution\n\nCash generated from operations totaled $68.6 million in the first quarter,\ncompared to $106.5 million in the first quarter of 2025. The $37.9 million\ndecrease in cash flow from operations was primarily related to a $62.4 million\ndecrease in cash generated by changes in net operating working capital, due to\na $73.5 million sequential increase in net operating working capital in the\nfirst quarter of 2026 compared to an $11.1 million sequential increase in the\nfirst quarter of 2025.\n\nIn the first quarter of 2026, cash returned to shareholders totaled $359.8\nmillion, with $280.7 million in repurchases of common stock and $79.0 million\nin cash dividends.\n\nCapital expenditures totaled $15.0 million in the quarter. Capital\nexpenditures for 2026 are expected to be $75 million to $85 million.\n\nAbout C.H. Robinson\n\nC.H. Robinson is the global leader in Lean AI supply chains. For more than a\ncentury, companies everywhere have looked to us to reimagine how goods move.\nNow, as we redefine what’s next for the industry, that same drive fuels our\ncommitment to Building Tomorrow’s Supply Chains, Today™. Trusted by 75,000\ncustomers and 450,000 contract carriers, we manage 37 million shipments\nannually, representing $23 billion in freight. We deliver tailored solutions\nacross the world via truckload, less-than-truckload, ocean, air, and more.\nWith our unique combination of human insight and Lean AI working as one,\nsupply chains move faster, smarter, and more sustainably. As a responsible\nglobal citizen, we proudly contribute millions to the causes that matter most\nto our employees. For more information, visit us at chrobinson.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.chrobinson.com&esheet=54525153&newsitemid=20260429647693&lan=en-US&anchor=chrobinson.com&index=1&md5=8aa35f6ff1698679681eae4a7a224be5)\n(Nasdaq: CHRW).\n\nExcept for the historical information contained herein, the matters set forth\nin this release are forward-looking statements that represent our\nexpectations, beliefs, intentions or strategies concerning future events.\nThese forward-looking statements are subject to certain risks and\nuncertainties that could cause actual results to differ materially from our\nhistorical experience or our present expectations, including, but not limited\nto, factors such as changes in economic conditions, including uncertain\nconsumer demand; changes in market demand and pressures on the pricing for our\nservices; fuel price increases or decreases, or fuel shortages; competition\nand growth rates within the global logistics industry that could adversely\nimpact our profitability and achieving our long-term growth targets; freight\nlevels and increasing costs and availability of truck capacity or alternative\nmeans of transporting freight; risks associated with seasonal changes or\nsignificant disruptions in the transportation industry; risks associated with\nidentifying and completing suitable acquisitions; our dependence on and\nchanges in relationships with existing contracted truck, rail, ocean, and air\ncarriers; risks associated with the loss of significant customers; risks\nassociated with reliance on technology to operate our business, including\nreliance on third-party platforms and cybersecurity related risks; our ability\nto staff and retain employees; risks associated with operations outside of the\nU.S.; our ability to successfully integrate the operations of acquired\ncompanies with our historic operations or efficiently managing divestitures;\nclimate change related risks; risks associated with our indebtedness; risks\nassociated with interest rates; risks associated with litigation, including\ncontingent auto liability and insurance coverage; risks associated with the\npotential impact of changes in government regulations including\nenvironmental-related regulations; risks associated with the changes to income\ntax regulations; risks associated with the produce industry, including food\nsafety and contamination issues; the impact of changes in political and\ngovernmental conditions; changes to our capital structure; changes due to\ncatastrophic events; risks associated with the usage of artificial\nintelligence technologies; and other risks and uncertainties detailed in our\nAnnual and Quarterly Reports.\n\nAny forward-looking statement speaks only as of the date on which such\nstatement is made, and we undertake no obligation to update such statement to\nreflect events or circumstances arising after such date. All remarks made\nduring our financial results conference call will be current at the time of\nthe call, and we undertake no obligation to update the replay.\n\nConference Call Information:\n\nC.H. Robinson Worldwide First Quarter 2026 Earnings Conference Call\n\nWednesday, April 29, 2026; 5:30 p.m. Eastern Time\n\nPresentation slides and a simultaneous live audio webcast of the conference\ncall may be accessed through C.H. Robinson's Investor Relations website at\ninvestor.chrobinson.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.chrobinson.com%2FHome%2Fdefault.aspx&esheet=54525153&newsitemid=20260429647693&lan=en-US&anchor=investor.chrobinson.com&index=2&md5=5a2858a3f253d9e0cd7dd82c2f6626db)\n.\n\nTo participate in the conference call by telephone, please call ten minutes\nearly by dialing: 877-269-7756\n\nAdjusted Gross Profit by Service Line\n\n(in thousands)\n\nThis table of summary results presents our service line adjusted gross profits\non an enterprise basis. The service line adjusted gross profits in the table\ndiffer from the service line adjusted gross profits discussed within the\nsegments as our segments may have revenues from multiple service lines.\n   Three Months Ended March 31, \n   2026   2025   % change \n Adjusted gross profits((1)):           \n Transportation           \n Truckload $ 251,599   $ 262,288   (4.1 )% \n LTL   163,448     148,411   10.1 % \n Ocean   89,919     115,335   (22.0 )% \n Air   32,724     32,810   (0.3 )% \n Customs   32,320     26,920   20.1 % \n Other logistics services   58,391     54,781   6.6 % \n Total transportation   628,401     640,545   (1.9 )% \n Sourcing   32,092     32,543   (1.4 )% \n Total adjusted gross profits $ 660,493   $ 673,088   (1.9 )% \n\n\n____________________________________________\n ((1)) Adjusted gross profits is a non-GAAP financial measure explained later \n in this release. The difference between adjusted gross profits and gross \n profits is not material. \n\n\nGAAP to Non-GAAP Reconciliation\n\n(unaudited, in thousands)\n\nOur adjusted gross profit is a non-GAAP financial measure. Adjusted gross\nprofit is calculated as gross profit excluding amortization of internally\ndeveloped software utilized to directly serve our customers and contracted\ncarriers. We believe adjusted gross profit is a useful measure of our ability\nto source, add value, and sell services and products that are provided by\nthird parties, and we consider adjusted gross profit to be a primary\nperformance measurement. Accordingly, the discussion of our results of\noperations often focuses on the changes in our adjusted gross profit. The\nreconciliation of gross profit to adjusted gross profit is presented below (in\nthousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Revenues:           \n Transportation $ 3,643,711   $ 3,721,915   (2.1 )% \n Sourcing   369,223     324,825   13.7 % \n Total revenues   4,012,934     4,046,740   (0.8 )% \n Costs and expenses:           \n Purchased transportation and related services   3,015,310     3,081,370   (2.1 )% \n Purchased products sourced for resale   337,131     292,282   15.3 % \n Direct internally developed software amortization   13,862     15,666   (11.5 )% \n Total direct expenses   3,366,303     3,389,318   (0.7 )% \n Gross profit $ 646,631   $ 657,422   (1.6 )% \n Plus: Direct internally developed software amortization   13,862     15,666   (11.5 )% \n Adjusted gross profit $ 660,493   $ 673,088   (1.9 )% \n\n\nOur adjusted operating margin is a non-GAAP financial measure calculated as\noperating income divided by adjusted gross profit. Our adjusted operating\nmargin - excluding restructuring, lease impairment charge and/or loss on\ndivestiture is a similar non-GAAP financial measure as adjusted operating\nmargin, but also excludes the impact of restructuring, lease impairment,\nand/or loss from divestiture. We believe adjusted operating margin and\nadjusted operating margin - excluding restructuring, lease impairment charge\nand/or loss on divestiture are useful measures of our profitability in\ncomparison to our adjusted gross profit, which we consider a primary\nperformance metric as discussed above. The comparisons of operating margin to\nadjusted operating margin and adjusted operating margin - excluding\nrestructuring, lease impairment charge and/or loss on divestiture are\npresented below:\n   Three Months Ended March 31, \n     2026       2025     % change \n             \n Total revenues $ 4,012,934     $ 4,046,740     (0.8 )% \n Income from operations   175,686       176,853     (0.7 )% \n Operating margin   4.4 %     4.4 %   — bps \n             \n Adjusted gross profit $ 660,493     $ 673,088     (1.9 )% \n Income from operations   175,686       176,853     (0.7 )% \n Adjusted operating margin   26.6 %     26.3 %   30 bps \n             \n Adjusted gross profit $ 660,493     $ 673,088     (1.9 )% \n Adjusted income from operations   195,921       185,466     5.6 % \n Adjusted operating margin - excluding restructuring, lease impairment charge,   29.7 %     27.6 %   210 bps \n and/or loss on divestiture \n\n\nGAAP to Non-GAAP Reconciliation\n\n(unaudited, in thousands)\n\nOur adjusted income (loss) from operations, adjusted operating margin -\nexcluding restructuring, lease impairment charge and/or loss on divestiture,\nadjusted net income and adjusted net income per share (diluted) are non-GAAP\nfinancial measures. These non-GAAP measures are calculated excluding the\nimpact of restructuring, lease impairment, and/or loss from divestiture. We\nbelieve that these measures provide useful information to investors and\ninclude them within our internal reporting to our chief operating decision\nmaker. Accordingly, the discussion of our results of operations includes\ndiscussion on the changes in our adjusted income (loss) from operations,\nadjusted operating margin - excluding restructuring, lease impairment charge\nand/or loss on divestiture, adjusted net income and adjusted net income per\nshare (diluted). The reconciliation of these non-GAAP measures are presented\nbelow (in thousands except per share data):\n Non-GAAP Reconciliation: NAST   Global   All   Consolidated \n \nForwarding \nOther and \n \nCorporate \n Three Months Ended March 31, 2026               \n Income (loss) from operations $ 145,130     $ 31,684     $ (1,128 )   $ 175,686   \n Severance and other personnel expenses   16,034       1,083       1,653       18,770   \n Other selling, general, and administrative expenses   42       1,427       (4 )     1,465   \n Total adjustments to income from operations((1))   16,076       2,510       1,649       20,235   \n Adjusted income from operations $ 161,206     $ 34,194     $ 521     $ 195,921   \n                 \n Adjusted gross profit $ 431,077     $ 162,291     $ 67,125     $ 660,493   \n Adjusted income from operations   161,206       34,194       521       195,921   \n Adjusted operating margin - excluding restructuring   37.4 %     21.1 %     0.8 %     29.7 % \n\n   Three Months Ended March 31, 2026 \n   $ in 000's   per share \n Net income and per share (diluted) $ 147,233     $ 1.22   \n Restructuring and related costs, pre-tax   20,235       0.17   \n Tax effect of adjustments   (4,619 )     (0.04 ) \n Adjusted net income and per share (diluted) $ 162,849     $ 1.35   \n\n\n____________________________________________\n ((1)) The three months ended March 31, 2026 includes severance and other \n personnel expenses of $18.8 million related to workforce reductions and $1.5 \n million of other charges. \n\n Non-GAAP Reconciliation: NAST   Global   All   Consolidated \n \nForwarding \nOther and \n \nCorporate \n Three Months Ended March 31, 2025               \n Income (loss) from operations $ 143,671     $ 42,943     $ (9,761 )   $ 176,853   \n Severance and other personnel expenses   —       —       1,187       1,187   \n Other selling, general, and administrative expenses   —       —       7,426       7,426   \n Total adjustments to income from operations((1))   —       —       8,613       8,613   \n Adjusted income (loss) from operations $ 143,671     $ 42,943     $ (1,148 )   $ 185,466   \n                 \n Adjusted gross profit $ 418,324     $ 184,628     $ 70,136     $ 673,088   \n Adjusted income (loss) from operations   143,671       42,943       (1,148 )     185,466   \n Adjusted operating margin - excluding lease impairment charge and loss on   34.3 %     23.3 %     N/M       27.6 % \n divestiture \n\n   Three Months Ended March 31, 2025 \n   $ in 000's   per share \n Net income and per share (diluted) $ 135,302     $ 1.11   \n Lease impairment charge, pre-tax   6,259       0.05   \n Loss on divestiture, pre-tax   2,354       0.02   \n Tax effect of adjustments   (1,026 )     (0.01 ) \n Adjusted net income and per share (diluted) $ 142,889     $ 1.17   \n\n\n____________________________________________\n ((1)) The three months ended March 31, 2025 includes severance and other \n personnel expenses of $1.2 million related to the divestiture of our Europe \n Surface Transportation business and $7.4 million of other charges, which \n includes a $6.3 million impairment charge on our Kansas City regional center \n lease resulting from the execution of a sublease agreement on a portion of the \n building. \n\n Condensed Consolidated Statements of Income \n \n \n \n(unaudited, in thousands, except per share data) \n   Three Months Ended March 31, \n   \n     2026       2025     % change \n             \n Revenues:           \n Transportation $ 3,643,711     $ 3,721,915     (2.1 )% \n Sourcing   369,223       324,825     13.7 % \n Total revenues   4,012,934       4,046,740     (0.8 )% \n Costs and expenses:           \n Purchased transportation and related services   3,015,310       3,081,370     (2.1 )% \n Purchased products sourced for resale   337,131       292,282     15.3 % \n Personnel expenses   352,723       348,553     1.2 % \n Other selling, general, and administrative expenses   132,084       147,682     (10.6 )% \n Total costs and expenses   3,837,248       3,869,887     (0.8 )% \n Income from operations   175,686       176,853     (0.7 )% \n Interest and other income/expense, net   (9,013 )     (20,051 )   (55.0 )% \n Income before provision for income taxes   166,673       156,802     6.3 % \n Provision for income taxes   19,440       21,500     (9.6 )% \n Net income $ 147,233     $ 135,302     8.8 % \n             \n Net income per share (basic) $ 1.23     $ 1.12     9.8 % \n Net income per share (diluted) $ 1.22     $ 1.11     9.9 % \n             \n Weighted average shares outstanding (basic)   119,803       120,969     (1.0 )% \n Weighted average shares outstanding (diluted)   121,010       121,932     (0.8 )% \n\n Business Segment Information \n \n \n \n(unaudited, in thousands, except average employee headcount) \n   \n     NAST   Global   All Other and   Consolidated \n \nForwarding \nCorporate \n Three Months Ended March 31, 2026                 \n Total revenues   $ 2,947,323   $ 664,730   $ 400,881     $ 4,012,934 \n Adjusted gross profits((1))     431,077     162,291     67,125       660,493 \n Income (loss) from operations     145,130     31,684     (1,128 )     175,686 \n Depreciation and amortization     4,763     1,935     18,154       24,852 \n Total assets((2))     3,095,674     1,098,418     1,041,327       5,235,419 \n Average employee headcount     4,752     3,848     3,105       11,705 \n                   \n     NAST   Global   All Other and   Consolidated \n \nForwarding \nCorporate \n Three Months Ended March 31, 2025                 \n Total revenues   $ 2,868,420   $ 774,888   $ 403,432     $ 4,046,740 \n Adjusted gross profits((1))     418,324     184,628     70,136       673,088 \n Income (loss) from operations     143,671     42,943     (9,761 )     176,853 \n Depreciation and amortization     4,809     2,139     18,694       25,642 \n Total assets((2))     2,989,401     1,292,915     943,798       5,226,114 \n Average employee headcount     5,280     4,514     3,553       13,347 \n\n\n_______________________________________\n ((1)) Adjusted gross profits is a non-GAAP financial measure explained above. \n The difference between adjusted gross profits and gross profits is not \n material. \n ((2) )All cash and cash equivalents are included in All Other and Corporate. \n\n Condensed Consolidated Balance Sheets \n \n \n \n(unaudited, in thousands) \n   March 31, 2026   December 31, 2025 \n Assets       \n Current assets:       \n Cash and cash equivalents $ 159,665   $ 160,871 \n Receivables, net of allowance for credit loss   2,542,172     2,360,829 \n Contract assets, net of allowance for credit loss   181,862     156,441 \n Prepaid expenses and other   123,718     120,402 \n Total current assets   3,007,417     2,798,543 \n         \n Property and equipment, net of accumulated depreciation and amortization   111,105     116,362 \n Right-of-use lease assets   274,782     278,323 \n Intangible and other assets, net of accumulated amortization   1,842,115     1,865,153 \n Total assets $ 5,235,419   $ 5,058,381 \n         \n Liabilities and stockholders’ investment       \n Current liabilities:       \n Accounts payable and outstanding checks $ 1,366,305   $ 1,241,276 \n Accrued expenses:       \n Compensation   110,970     188,838 \n Transportation expense   144,976     120,708 \n Income taxes   26,917     33,745 \n Other accrued liabilities   175,658     174,955 \n Current lease liabilities   71,662     72,180 \n Total current liabilities   1,896,488     1,831,702 \n         \n Long-term debt   1,342,727     1,089,438 \n Noncurrent lease liabilities   230,097     233,768 \n Noncurrent income taxes payable   38,048     34,875 \n Deferred tax liabilities   22,018     21,526 \n Other long-term liabilities   1,920     1,425 \n Total liabilities   3,531,298     3,212,734 \n         \n Total stockholders’ investment   1,704,121     1,845,647 \n Total liabilities and stockholders’ investment $ 5,235,419   $ 5,058,381 \n\n Condensed Consolidated Statements of Cash Flow \n \n \n \n(unaudited, in thousands, except employee count) \n   Three Months Ended March 31, \n Operating activities:   2026       2025   \n Net income $ 147,233     $ 135,302   \n Adjustments to reconcile net income to net cash provided by (used for)       \n operating activities: \n Depreciation and amortization   24,852       25,642   \n Provision for credit losses   1,725       1,315   \n Stock-based compensation   28,295       23,146   \n Deferred income taxes   22,236       15,675   \n Excess tax benefit on stock-based compensation   (23,895 )     (7,032 ) \n Change in loss on disposal group   —       (569 ) \n Other operating activities   1,332       6,665   \n Changes in operating elements:       \n Receivables   (197,522 )     (70,602 ) \n Contract assets   (25,628 )     2,898   \n Prepaid expenses and other   (3,363 )     (10,994 ) \n Right of use asset   1,696       19,315   \n Accounts payable and outstanding checks   125,397       58,699   \n Accrued compensation   (77,992 )     (71,579 ) \n Accrued transportation expenses   24,268       (2,071 ) \n Accrued income taxes   20,057       19,445   \n Other accrued liabilities   4,567       (12,535 ) \n Lease liability   (3,228 )     (26,615 ) \n Other assets and liabilities   (1,431 )     426   \n Net cash provided by operating activities   68,599       106,531   \n Investing activities:       \n Purchases of property and equipment   (2,635 )     (3,348 ) \n Purchases and development of software   (12,381 )     (12,734 ) \n Cash used for acquisitions   (150 )     —   \n Proceeds from divestiture   11,828       27,737   \n Net cash (used for) provided by investing activities   (3,338 )     11,655   \n Financing activities:       \n Proceeds from stock issued for employee benefit plans   40,362       16,808   \n Stock tendered for payment of withholding taxes   (68,080 )     (49,829 ) \n Repurchase of common stock   (212,659 )     (47,700 ) \n Cash dividends   (79,030 )     (77,490 ) \n Proceeds from long-term borrowings   678,000       —   \n Payments on long-term borrowings   (425,000 )     —   \n Proceeds from short-term borrowings   —       682,000   \n Payments on short-term borrowings   —       (670,000 ) \n Net cash used for financing activities   (66,407 )     (146,211 ) \n Effect of exchange rates on cash and cash equivalents   (60 )     1,429   \n Net change in cash and cash equivalents, including cash and cash equivalents   (1,206 )     (26,596 ) \n classified within assets held for sale \n Plus: net decrease in cash and cash equivalents within assets held for sale   —       10,776   \n Cash and cash equivalents, beginning of period   160,871       145,762   \n Cash and cash equivalents, end of period $ 159,665     $ 129,942   \n         \n Employees as of March 31   11,554       12,912   \n\n\nSource: C.H. Robinson\n\nCHRW-IR\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260429647693/en/\n(https://www.businesswire.com/news/home/20260429647693/en/)\n\nFOR INQUIRIES, CONTACT: \n\nChuck Ives, Senior Director of Investor Relations\n\nEmail: chuck.ives@chrobinson.com (mailto:chuck.ives@chrobinson.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw4XPTha","title":"C.H. Robinson Reports 2026 First Quarter Results","author":"Business Wire","ticker":"CHRW","created":"2026-04-29T20:05:00.839Z","tickers":["CHRW"],"exchange":"NASDAQ","article_body":"C.H. Robinson Reports 2026 First Quarter Results\n\nC.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today\nreported financial results for the quarter ended March 31, 2026.\n\nFirst Quarter Highlights:\n\n\n * C.H. Robinson continues to deliver secular earnings growth driven by market\nshare gains, disciplined revenue management, a cost of hire advantage versus\nthe market, and evergreen productivity improvements fueled by its Lean AI\nstrategy\n\n * North American Surface Transportation (\"NAST\") total volume was flat\nyear-over-year compared to a 6.2% decline in the Cass Freight Shipment Index\n\n * NAST adjusted gross profit margin((1)) held flat at 14.6% despite a\nsignificant increase in truckload spot market costs\n\n * Income from operations decreased 0.7% to $175.7 million\n\n * Adjusted income from operations((1)) increased 5.6% to $195.9 million\n\n * Diluted earnings per share (EPS) increased 9.9% to $1.22\n\n * Adjusted diluted EPS((1)) increased 15.4% to $1.35\n\n * Cash generated by operations decreased by $37.9 million to $68.6 million,\nprimarily due to unfavorable changes in net operating working capital caused\nby higher truckload prices\n\n * Cash returned to shareholders increased 105.6% to $359.8 million\n ((1)) Adjusted gross profit margin, adjusted income from operations, and \n adjusted diluted EPS are non-GAAP financial measures. The same factors \n described in this release that impacted these non-GAAP measures also impacted \n the comparable GAAP measures. Refer to pages 10 through 12 for further \n discussion and GAAP to Non-GAAP Reconciliations. \n\n\n\"As has been widely discussed in recent months, the North American trucking\nmarket has entered a period of supply-driven tightening,\" said President and\nChief Executive Officer, Dave Bozeman. \"As that has occurred, we’ve heard\nold tapes being replayed regarding which transportation providers benefit most\nduring certain parts of the truckload cycle. But those storylines don't fully\nappreciate the secular earnings growth that has consistently been generated at\nthe new C.H. Robinson regardless of market conditions.\"\n\n\"The first quarter of 2026 was another example of this, and our adjusted\nearnings per share increased 15% year-over-year despite a significant increase\nin truckload spot market costs,\" Bozeman added. \"We continued to outperform by\nopportunistically capturing transactional volumes at higher margins as the\nindustry’s tender rejection rates increased, by continuing to exercise our\ndisciplined revenue management practices, by repricing some of our contractual\nbusiness in a very targeted fashion, and by continuing to widen our cost of\nhire advantage, all of which have improved as we implemented our Lean\noperating model. This enabled us to optimize our adjusted gross profit per\ntruckload shipment and maintain our NAST gross margin despite having to absorb\nthe elevated cost of capacity. Additionally, we gained market share in our\nNAST business for the 12th consecutive quarter, and we continued to deliver\nevergreen productivity improvements across our business.\"\n\n\"Over the past year, we’ve consistently said that we’re not immune to\nmacroeconomic conditions or an inflection in spot costs, but that we are\nmanaging those conditions better than we have in the past and better than our\ncompetitors. Our first quarter performance puts another check mark on our\nsay-do scorecard.\"\n\n\"Our ability to consistently outperform over the last two plus years is a\nresult of focusing on controlling what we can control and the strength of our\nLean AI strategy. Lean AI is our unique, disciplined approach to AI innovation\nthat is transforming supply chains. It combines the principles of our Robinson\noperating model – rooted in Lean methodology – with the power of\ncustom-built AI, and the expertise of our people, to maximize value, minimize\nwaste, and drive better outcomes for customers and carriers. As we continue to\npurposefully engineer our work to drive higher automation, an industry-leading\ncost to serve and improved customer outcomes, all of this is aimed at building\nthe best model for demonstrable outgrowth while continuing to have\nindustry-leading operating margins.\"\n\n\"I’m proud of our employees for navigating ever-changing market conditions\nwith discipline and ingenuity, and for embracing the culture shift that has\nfundamentally changed this company. As the pacesetter for innovation in our\nindustry, we will continue to use our domain expertise to build technology\nthat delivers on our customer promise and drives higher value for all our\nstakeholders,\" said Bozeman.\n\nSummary of First Quarter of 2026 Results Compared to the First Quarter of 2025\n\n\n * Total revenues decreased 0.8% to $4.0 billion, primarily driven by lower\nvolume in our ocean and truckload services and lower pricing in our ocean\nservices. This was partially offset by higher pricing in our truckload and\nless than truckload (\"LTL\") services.\n\n * Gross profits decreased 1.6% to $646.6 million. Adjusted gross profits((1))\ndecreased 1.9% to $660.5 million, primarily driven by lower adjusted gross\nprofit per transaction and lower volume in our ocean services. This was\npartially offset by higher adjusted gross profit per transaction in our LTL\nservices.\n\n * Operating expenses decreased 2.3% to $484.8 million. Personnel expenses\nincreased 1.2% to $352.7 million, primarily due to higher restructuring\ncharges related to workforce reductions. This was partially offset by cost\noptimization efforts and productivity improvements. Average employee headcount\ndeclined 12.3%. Other selling, general and administrative (“SG&A”)\nexpenses decreased 10.6% to $132.1 million, primarily due to a prior year\nimpairment charge on our Kansas City regional center lease resulting from the\nexecution of a sublease agreement on a portion of the building. In addition,\nother SG&A expenses declined across several expense categories in 2026 due\nto cost optimization efforts.\n\n * Income from operations totaled $175.7 million, down 0.7% due to the decrease\nin adjusted gross profit and higher restructuring charges, partially offset by\nthe decrease in operating expenses. Adjusted operating margin((1)) of 26.6%\nincreased 30 basis points.\n\n * Interest and other income/expense, net totaled $9.0 million of expense,\nconsisting primarily of $14.0 million of interest expense, which decreased\n$2.8 million versus last year due to a lower average debt balance and lower\nvariable interest rates. The first quarter of 2026 results also include a $1.7\nmillion net gain from foreign currency revaluation and realized foreign\ncurrency gains and losses.\n\n * The effective tax rate in the quarter was 11.7% compared to 13.7% in the first\nquarter of 2025. The lower rate in the first quarter of 2026 was driven by\nhigher tax benefits related to stock-compensation deliveries, partially offset\nby non-recurring discrete items and lower U.S. and foreign tax credits and\nincentives.\n\n * Net income totaled $147.2 million, up 8.8% from a year ago. Diluted EPS of\n$1.22 increased 9.9%. Adjusted diluted EPS((1)) of $1.35 increased 15.4%.\n ((1)) Adjusted gross profits, adjusted operating margin and adjusted diluted \n EPS are non-GAAP financial measures. The same factors described in this \n release that impacted these non-GAAP measures also impacted the comparable \n GAAP measures. Refer to pages 10 through 12 for further discussion and GAAP to \n Non-GAAP Reconciliations. \n\n\nNorth American Surface Transportation (“NAST”) Results\n\nSummarized financial results of our NAST segment are as follows (dollars in\nthousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Total revenues $ 2,947,323   $ 2,868,420   2.8 % \n Adjusted gross profits((1))   431,077     418,324   3.0 % \n Income from operations   145,130     143,671   1.0 % \n             \n\n\n____________________________________________\n ((1)) Adjusted gross profits and adjusted operating margin - excluding \n restructuring are non-GAAP financial measures explained later in this release. \n The difference between adjusted gross profits and gross profits is not \n material. \n\n\nFirst quarter total revenues for the NAST segment totaled $2.9 billion, an\nincrease of 2.8% over the prior year, primarily driven by higher pricing in\nour truckload and LTL services. NAST adjusted gross profits increased 3.0% in\nthe quarter to $431.1 million. Adjusted gross profits in truckload decreased\n1.9% due to a 3.5% decrease in volume, which was partially offset by a 1.5%\nincrease in adjusted gross profit per shipment. Our average truckload linehaul\nrate per mile charged to our customers, which excludes fuel surcharges,\nincreased approximately 11.0% in the quarter compared to the prior year, while\ntruckload linehaul cost per mile, excluding fuel surcharges, increased 13.0%,\nresulting in a 1.0% increase in truckload adjusted gross profit per mile. LTL\nadjusted gross profits increased 10.5% versus the year-ago period, driven by\nan 8.5% increase in adjusted gross profit per order and a 2.0% increase in LTL\nvolume. Total NAST truckload and LTL volume was flat versus the year-ago\nperiod and outpaced the market indices. Operating expenses increased 4.1%,\nprimarily due to restructuring charges related to workforce reductions in the\ncurrent year, partially offset by cost optimization efforts and productivity\nimprovements. First quarter average employee headcount was down 10.0%\nyear-over-year. Income from operations increased 1.0% to $145.1 million, and\nadjusted operating margin declined 60 basis points to 33.7%. Adjusted\noperating margin - excluding restructuring((1)) increased 310 basis points to\n37.4%.\n\nGlobal Forwarding Results\n\nSummarized financial results of our Global Forwarding segment are as follows\n(dollars in thousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Total revenues $ 664,730   $ 774,888   (14.2 )% \n Adjusted gross profits((1))   162,291     184,628   (12.1 )% \n Income from operations   31,684     42,943   (26.2 )% \n             \n\n\n____________________________________________\n ((1)) Adjusted gross profits and adjusted operating margin - excluding \n restructuring are non-GAAP financial measures explained later in this release. \n The difference between adjusted gross profits and gross profits is not \n material. \n\n\nFirst quarter total revenues for the Global Forwarding segment decreased 14.2%\nto $664.7 million, primarily driven by lower volume and pricing in our ocean\nservices. Adjusted gross profits decreased 12.1% in the quarter to $162.3\nmillion. Ocean adjusted gross profits decreased 22.1%, driven by a 12.5%\ndecrease in adjusted gross profit per shipment and a 10.5% decline in\nshipments. Air adjusted gross profits decreased 0.5%, driven by a 15.0%\ndecline in metric tons shipped, partially offset by a 16.5% increase in\nadjusted gross profit per metric ton shipped. Customs adjusted gross profits\nincreased 20.0%, driven by a 22.0% increase in adjusted gross profit per\ntransaction, partially offset by a 2.0% reduction in transaction volume.\nOperating expenses decreased 7.8%, primarily due to cost optimization efforts\nand productivity improvements and lower incentive compensation. First quarter\naverage employee headcount decreased 14.8% year-over-year. Income from\noperations decreased 26.2% to $31.7 million, and adjusted operating margin\ndeclined 380 basis points to 19.5% in the quarter. Adjusted operating margin -\nexcluding restructuring((1)) declined 220 basis points to 21.1%.\n\nAll Other and Corporate Results\n\nTotal revenues and adjusted gross profits for Robinson Fresh, Managed\nSolutions and Other Surface Transportation are summarized as follows (dollars\nin thousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Total revenues $ 400,881   $ 403,432   (0.6 )% \n Adjusted gross profits((1)):           \n Robinson Fresh $ 37,517   $ 37,653   (0.4 )% \n Managed Solutions   29,608     27,846   6.3 % \n Other Surface Transportation((2))   —     4,637   (100.0 )% \n             \n\n\n____________________________________________\n ((1)) Adjusted gross profits is a non-GAAP financial measure explained later \n in this release. The difference between adjusted gross profits and gross \n profits is not material. \n ((2)) Includes our Europe Surface Transportation business, which was divested \n as of February 1, 2025. \n\n\nFirst quarter Robinson Fresh adjusted gross profits decreased 0.4% to $37.5\nmillion driven by margin compression in retail customers. Managed Solutions\nadjusted gross profits increased 6.3% due to an increase in freight under\nmanagement.\n\nOther Income Statement Items\n\nInterest and other income/expense, net totaled $9.0 million of expense,\nconsisting primarily of $14.0 million of interest expense, which decreased\n$2.8 million versus the first quarter of 2025 due to a lower average debt\nbalance and lower variable interest rates. The first quarter of 2026 results\nalso include a $1.7 million net gain from foreign currency revaluation and\nrealized foreign currency gains and losses.\n\nThe first quarter effective tax rate was 11.7%, down from 13.7% in the first\nquarter of 2025. The lower rate in the first quarter of 2026 was driven by\nhigher tax benefits related to stock-compensation deliveries, partially offset\nby non-recurring discrete items and lower U.S. and foreign tax credits and\nincentives. For 2026, we expect our full-year effective tax rate to be 18% to\n20%.\n\nDiluted weighted average shares outstanding in the quarter were down 0.8%\nyear-over-year.\n\nCash Flow Generation and Capital Distribution\n\nCash generated from operations totaled $68.6 million in the first quarter,\ncompared to $106.5 million in the first quarter of 2025. The $37.9 million\ndecrease in cash flow from operations was primarily related to a $62.4 million\ndecrease in cash generated by changes in net operating working capital, due to\na $73.5 million sequential increase in net operating working capital in the\nfirst quarter of 2026 compared to an $11.1 million sequential increase in the\nfirst quarter of 2025.\n\nIn the first quarter of 2026, cash returned to shareholders totaled $359.8\nmillion, with $280.7 million in repurchases of common stock and $79.0 million\nin cash dividends.\n\nCapital expenditures totaled $15.0 million in the quarter. Capital\nexpenditures for 2026 are expected to be $75 million to $85 million.\n\nAbout C.H. Robinson\n\nC.H. Robinson is the global leader in Lean AI supply chains. For more than a\ncentury, companies everywhere have looked to us to reimagine how goods move.\nNow, as we redefine what’s next for the industry, that same drive fuels our\ncommitment to Building Tomorrow’s Supply Chains, Today™. Trusted by 75,000\ncustomers and 450,000 contract carriers, we manage 37 million shipments\nannually, representing $23 billion in freight. We deliver tailored solutions\nacross the world via truckload, less-than-truckload, ocean, air, and more.\nWith our unique combination of human insight and Lean AI working as one,\nsupply chains move faster, smarter, and more sustainably. As a responsible\nglobal citizen, we proudly contribute millions to the causes that matter most\nto our employees. For more information, visit us at chrobinson.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.chrobinson.com&esheet=54525153&newsitemid=20260429647693&lan=en-US&anchor=chrobinson.com&index=1&md5=8aa35f6ff1698679681eae4a7a224be5)\n(Nasdaq: CHRW).\n\nExcept for the historical information contained herein, the matters set forth\nin this release are forward-looking statements that represent our\nexpectations, beliefs, intentions or strategies concerning future events.\nThese forward-looking statements are subject to certain risks and\nuncertainties that could cause actual results to differ materially from our\nhistorical experience or our present expectations, including, but not limited\nto, factors such as changes in economic conditions, including uncertain\nconsumer demand; changes in market demand and pressures on the pricing for our\nservices; fuel price increases or decreases, or fuel shortages; competition\nand growth rates within the global logistics industry that could adversely\nimpact our profitability and achieving our long-term growth targets; freight\nlevels and increasing costs and availability of truck capacity or alternative\nmeans of transporting freight; risks associated with seasonal changes or\nsignificant disruptions in the transportation industry; risks associated with\nidentifying and completing suitable acquisitions; our dependence on and\nchanges in relationships with existing contracted truck, rail, ocean, and air\ncarriers; risks associated with the loss of significant customers; risks\nassociated with reliance on technology to operate our business, including\nreliance on third-party platforms and cybersecurity related risks; our ability\nto staff and retain employees; risks associated with operations outside of the\nU.S.; our ability to successfully integrate the operations of acquired\ncompanies with our historic operations or efficiently managing divestitures;\nclimate change related risks; risks associated with our indebtedness; risks\nassociated with interest rates; risks associated with litigation, including\ncontingent auto liability and insurance coverage; risks associated with the\npotential impact of changes in government regulations including\nenvironmental-related regulations; risks associated with the changes to income\ntax regulations; risks associated with the produce industry, including food\nsafety and contamination issues; the impact of changes in political and\ngovernmental conditions; changes to our capital structure; changes due to\ncatastrophic events; risks associated with the usage of artificial\nintelligence technologies; and other risks and uncertainties detailed in our\nAnnual and Quarterly Reports.\n\nAny forward-looking statement speaks only as of the date on which such\nstatement is made, and we undertake no obligation to update such statement to\nreflect events or circumstances arising after such date. All remarks made\nduring our financial results conference call will be current at the time of\nthe call, and we undertake no obligation to update the replay.\n\nConference Call Information:\n\nC.H. Robinson Worldwide First Quarter 2026 Earnings Conference Call\n\nWednesday, April 29, 2026; 5:30 p.m. Eastern Time\n\nPresentation slides and a simultaneous live audio webcast of the conference\ncall may be accessed through C.H. Robinson's Investor Relations website at\ninvestor.chrobinson.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.chrobinson.com%2FHome%2Fdefault.aspx&esheet=54525153&newsitemid=20260429647693&lan=en-US&anchor=investor.chrobinson.com&index=2&md5=5a2858a3f253d9e0cd7dd82c2f6626db)\n.\n\nTo participate in the conference call by telephone, please call ten minutes\nearly by dialing: 877-269-7756\n\nAdjusted Gross Profit by Service Line\n\n(in thousands)\n\nThis table of summary results presents our service line adjusted gross profits\non an enterprise basis. The service line adjusted gross profits in the table\ndiffer from the service line adjusted gross profits discussed within the\nsegments as our segments may have revenues from multiple service lines.\n   Three Months Ended March 31, \n   2026   2025   % change \n Adjusted gross profits((1)):           \n Transportation           \n Truckload $ 251,599   $ 262,288   (4.1 )% \n LTL   163,448     148,411   10.1 % \n Ocean   89,919     115,335   (22.0 )% \n Air   32,724     32,810   (0.3 )% \n Customs   32,320     26,920   20.1 % \n Other logistics services   58,391     54,781   6.6 % \n Total transportation   628,401     640,545   (1.9 )% \n Sourcing   32,092     32,543   (1.4 )% \n Total adjusted gross profits $ 660,493   $ 673,088   (1.9 )% \n\n\n____________________________________________\n ((1)) Adjusted gross profits is a non-GAAP financial measure explained later \n in this release. The difference between adjusted gross profits and gross \n profits is not material. \n\n\nGAAP to Non-GAAP Reconciliation\n\n(unaudited, in thousands)\n\nOur adjusted gross profit is a non-GAAP financial measure. Adjusted gross\nprofit is calculated as gross profit excluding amortization of internally\ndeveloped software utilized to directly serve our customers and contracted\ncarriers. We believe adjusted gross profit is a useful measure of our ability\nto source, add value, and sell services and products that are provided by\nthird parties, and we consider adjusted gross profit to be a primary\nperformance measurement. Accordingly, the discussion of our results of\noperations often focuses on the changes in our adjusted gross profit. The\nreconciliation of gross profit to adjusted gross profit is presented below (in\nthousands):\n   Three Months Ended March 31, \n     2026     2025   % change \n Revenues:           \n Transportation $ 3,643,711   $ 3,721,915   (2.1 )% \n Sourcing   369,223     324,825   13.7 % \n Total revenues   4,012,934     4,046,740   (0.8 )% \n Costs and expenses:           \n Purchased transportation and related services   3,015,310     3,081,370   (2.1 )% \n Purchased products sourced for resale   337,131     292,282   15.3 % \n Direct internally developed software amortization   13,862     15,666   (11.5 )% \n Total direct expenses   3,366,303     3,389,318   (0.7 )% \n Gross profit $ 646,631   $ 657,422   (1.6 )% \n Plus: Direct internally developed software amortization   13,862     15,666   (11.5 )% \n Adjusted gross profit $ 660,493   $ 673,088   (1.9 )% \n\n\nOur adjusted operating margin is a non-GAAP financial measure calculated as\noperating income divided by adjusted gross profit. Our adjusted operating\nmargin - excluding restructuring, lease impairment charge and/or loss on\ndivestiture is a similar non-GAAP financial measure as adjusted operating\nmargin, but also excludes the impact of restructuring, lease impairment,\nand/or loss from divestiture. We believe adjusted operating margin and\nadjusted operating margin - excluding restructuring, lease impairment charge\nand/or loss on divestiture are useful measures of our profitability in\ncomparison to our adjusted gross profit, which we consider a primary\nperformance metric as discussed above. The comparisons of operating margin to\nadjusted operating margin and adjusted operating margin - excluding\nrestructuring, lease impairment charge and/or loss on divestiture are\npresented below:\n   Three Months Ended March 31, \n     2026       2025     % change \n             \n Total revenues $ 4,012,934     $ 4,046,740     (0.8 )% \n Income from operations   175,686       176,853     (0.7 )% \n Operating margin   4.4 %     4.4 %   — bps \n             \n Adjusted gross profit $ 660,493     $ 673,088     (1.9 )% \n Income from operations   175,686       176,853     (0.7 )% \n Adjusted operating margin   26.6 %     26.3 %   30 bps \n             \n Adjusted gross profit $ 660,493     $ 673,088     (1.9 )% \n Adjusted income from operations   195,921       185,466     5.6 % \n Adjusted operating margin - excluding restructuring, lease impairment charge,   29.7 %     27.6 %   210 bps \n and/or loss on divestiture \n\n\nGAAP to Non-GAAP Reconciliation\n\n(unaudited, in thousands)\n\nOur adjusted income (loss) from operations, adjusted operating margin -\nexcluding restructuring, lease impairment charge and/or loss on divestiture,\nadjusted net income and adjusted net income per share (diluted) are non-GAAP\nfinancial measures. These non-GAAP measures are calculated excluding the\nimpact of restructuring, lease impairment, and/or loss from divestiture. We\nbelieve that these measures provide useful information to investors and\ninclude them within our internal reporting to our chief operating decision\nmaker. Accordingly, the discussion of our results of operations includes\ndiscussion on the changes in our adjusted income (loss) from operations,\nadjusted operating margin - excluding restructuring, lease impairment charge\nand/or loss on divestiture, adjusted net income and adjusted net income per\nshare (diluted). The reconciliation of these non-GAAP measures are presented\nbelow (in thousands except per share data):\n Non-GAAP Reconciliation: NAST   Global   All   Consolidated \n \nForwarding \nOther and \n \nCorporate \n Three Months Ended March 31, 2026               \n Income (loss) from operations $ 145,130     $ 31,684     $ (1,128 )   $ 175,686   \n Severance and other personnel expenses   16,034       1,083       1,653       18,770   \n Other selling, general, and administrative expenses   42       1,427       (4 )     1,465   \n Total adjustments to income from operations((1))   16,076       2,510       1,649       20,235   \n Adjusted income from operations $ 161,206     $ 34,194     $ 521     $ 195,921   \n                 \n Adjusted gross profit $ 431,077     $ 162,291     $ 67,125     $ 660,493   \n Adjusted income from operations   161,206       34,194       521       195,921   \n Adjusted operating margin - excluding restructuring   37.4 %     21.1 %     0.8 %     29.7 % \n\n   Three Months Ended March 31, 2026 \n   $ in 000's   per share \n Net income and per share (diluted) $ 147,233     $ 1.22   \n Restructuring and related costs, pre-tax   20,235       0.17   \n Tax effect of adjustments   (4,619 )     (0.04 ) \n Adjusted net income and per share (diluted) $ 162,849     $ 1.35   \n\n\n____________________________________________\n ((1)) The three months ended March 31, 2026 includes severance and other \n personnel expenses of $18.8 million related to workforce reductions and $1.5 \n million of other charges. \n\n Non-GAAP Reconciliation: NAST   Global   All   Consolidated \n \nForwarding \nOther and \n \nCorporate \n Three Months Ended March 31, 2025               \n Income (loss) from operations $ 143,671     $ 42,943     $ (9,761 )   $ 176,853   \n Severance and other personnel expenses   —       —       1,187       1,187   \n Other selling, general, and administrative expenses   —       —       7,426       7,426   \n Total adjustments to income from operations((1))   —       —       8,613       8,613   \n Adjusted income (loss) from operations $ 143,671     $ 42,943     $ (1,148 )   $ 185,466   \n                 \n Adjusted gross profit $ 418,324     $ 184,628     $ 70,136     $ 673,088   \n Adjusted income (loss) from operations   143,671       42,943       (1,148 )     185,466   \n Adjusted operating margin - excluding lease impairment charge and loss on   34.3 %     23.3 %     N/M       27.6 % \n divestiture \n\n   Three Months Ended March 31, 2025 \n   $ in 000's   per share \n Net income and per share (diluted) $ 135,302     $ 1.11   \n Lease impairment charge, pre-tax   6,259       0.05   \n Loss on divestiture, pre-tax   2,354       0.02   \n Tax effect of adjustments   (1,026 )     (0.01 ) \n Adjusted net income and per share (diluted) $ 142,889     $ 1.17   \n\n\n____________________________________________\n ((1)) The three months ended March 31, 2025 includes severance and other \n personnel expenses of $1.2 million related to the divestiture of our Europe \n Surface Transportation business and $7.4 million of other charges, which \n includes a $6.3 million impairment charge on our Kansas City regional center \n lease resulting from the execution of a sublease agreement on a portion of the \n building. \n\n Condensed Consolidated Statements of Income \n \n \n \n(unaudited, in thousands, except per share data) \n   Three Months Ended March 31, \n   \n     2026       2025     % change \n             \n Revenues:           \n Transportation $ 3,643,711     $ 3,721,915     (2.1 )% \n Sourcing   369,223       324,825     13.7 % \n Total revenues   4,012,934       4,046,740     (0.8 )% \n Costs and expenses:           \n Purchased transportation and related services   3,015,310       3,081,370     (2.1 )% \n Purchased products sourced for resale   337,131       292,282     15.3 % \n Personnel expenses   352,723       348,553     1.2 % \n Other selling, general, and administrative expenses   132,084       147,682     (10.6 )% \n Total costs and expenses   3,837,248       3,869,887     (0.8 )% \n Income from operations   175,686       176,853     (0.7 )% \n Interest and other income/expense, net   (9,013 )     (20,051 )   (55.0 )% \n Income before provision for income taxes   166,673       156,802     6.3 % \n Provision for income taxes   19,440       21,500     (9.6 )% \n Net income $ 147,233     $ 135,302     8.8 % \n             \n Net income per share (basic) $ 1.23     $ 1.12     9.8 % \n Net income per share (diluted) $ 1.22     $ 1.11     9.9 % \n             \n Weighted average shares outstanding (basic)   119,803       120,969     (1.0 )% \n Weighted average shares outstanding (diluted)   121,010       121,932     (0.8 )% \n\n Business Segment Information \n \n \n \n(unaudited, in thousands, except average employee headcount) \n   \n     NAST   Global   All Other and   Consolidated \n \nForwarding \nCorporate \n Three Months Ended March 31, 2026                 \n Total revenues   $ 2,947,323   $ 664,730   $ 400,881     $ 4,012,934 \n Adjusted gross profits((1))     431,077     162,291     67,125       660,493 \n Income (loss) from operations     145,130     31,684     (1,128 )     175,686 \n Depreciation and amortization     4,763     1,935     18,154       24,852 \n Total assets((2))     3,095,674     1,098,418     1,041,327       5,235,419 \n Average employee headcount     4,752     3,848     3,105       11,705 \n                   \n     NAST   Global   All Other and   Consolidated \n \nForwarding \nCorporate \n Three Months Ended March 31, 2025                 \n Total revenues   $ 2,868,420   $ 774,888   $ 403,432     $ 4,046,740 \n Adjusted gross profits((1))     418,324     184,628     70,136       673,088 \n Income (loss) from operations     143,671     42,943     (9,761 )     176,853 \n Depreciation and amortization     4,809     2,139     18,694       25,642 \n Total assets((2))     2,989,401     1,292,915     943,798       5,226,114 \n Average employee headcount     5,280     4,514     3,553       13,347 \n\n\n_______________________________________\n ((1)) Adjusted gross profits is a non-GAAP financial measure explained above. \n The difference between adjusted gross profits and gross profits is not \n material. \n ((2) )All cash and cash equivalents are included in All Other and Corporate. \n\n Condensed Consolidated Balance Sheets \n \n \n \n(unaudited, in thousands) \n   March 31, 2026   December 31, 2025 \n Assets       \n Current assets:       \n Cash and cash equivalents $ 159,665   $ 160,871 \n Receivables, net of allowance for credit loss   2,542,172     2,360,829 \n Contract assets, net of allowance for credit loss   181,862     156,441 \n Prepaid expenses and other   123,718     120,402 \n Total current assets   3,007,417     2,798,543 \n         \n Property and equipment, net of accumulated depreciation and amortization   111,105     116,362 \n Right-of-use lease assets   274,782     278,323 \n Intangible and other assets, net of accumulated amortization   1,842,115     1,865,153 \n Total assets $ 5,235,419   $ 5,058,381 \n         \n Liabilities and stockholders’ investment       \n Current liabilities:       \n Accounts payable and outstanding checks $ 1,366,305   $ 1,241,276 \n Accrued expenses:       \n Compensation   110,970     188,838 \n Transportation expense   144,976     120,708 \n Income taxes   26,917     33,745 \n Other accrued liabilities   175,658     174,955 \n Current lease liabilities   71,662     72,180 \n Total current liabilities   1,896,488     1,831,702 \n         \n Long-term debt   1,342,727     1,089,438 \n Noncurrent lease liabilities   230,097     233,768 \n Noncurrent income taxes payable   38,048     34,875 \n Deferred tax liabilities   22,018     21,526 \n Other long-term liabilities   1,920     1,425 \n Total liabilities   3,531,298     3,212,734 \n         \n Total stockholders’ investment   1,704,121     1,845,647 \n Total liabilities and stockholders’ investment $ 5,235,419   $ 5,058,381 \n\n Condensed Consolidated Statements of Cash Flow \n \n \n \n(unaudited, in thousands, except employee count) \n   Three Months Ended March 31, \n Operating activities:   2026       2025   \n Net income $ 147,233     $ 135,302   \n Adjustments to reconcile net income to net cash provided by (used for)       \n operating activities: \n Depreciation and amortization   24,852       25,642   \n Provision for credit losses   1,725       1,315   \n Stock-based compensation   28,295       23,146   \n Deferred income taxes   22,236       15,675   \n Excess tax benefit on stock-based compensation   (23,895 )     (7,032 ) \n Change in loss on disposal group   —       (569 ) \n Other operating activities   1,332       6,665   \n Changes in operating elements:       \n Receivables   (197,522 )     (70,602 ) \n Contract assets   (25,628 )     2,898   \n Prepaid expenses and other   (3,363 )     (10,994 ) \n Right of use asset   1,696       19,315   \n Accounts payable and outstanding checks   125,397       58,699   \n Accrued compensation   (77,992 )     (71,579 ) \n Accrued transportation expenses   24,268       (2,071 ) \n Accrued income taxes   20,057       19,445   \n Other accrued liabilities   4,567       (12,535 ) \n Lease liability   (3,228 )     (26,615 ) \n Other assets and liabilities   (1,431 )     426   \n Net cash provided by operating activities   68,599       106,531   \n Investing activities:       \n Purchases of property and equipment   (2,635 )     (3,348 ) \n Purchases and development of software   (12,381 )     (12,734 ) \n Cash used for acquisitions   (150 )     —   \n Proceeds from divestiture   11,828       27,737   \n Net cash (used for) provided by investing activities   (3,338 )     11,655   \n Financing activities:       \n Proceeds from stock issued for employee benefit plans   40,362       16,808   \n Stock tendered for payment of withholding taxes   (68,080 )     (49,829 ) \n Repurchase of common stock   (212,659 )     (47,700 ) \n Cash dividends   (79,030 )     (77,490 ) \n Proceeds from long-term borrowings   678,000       —   \n Payments on long-term borrowings   (425,000 )     —   \n Proceeds from short-term borrowings   —       682,000   \n Payments on short-term borrowings   —       (670,000 ) \n Net cash used for financing activities   (66,407 )     (146,211 ) \n Effect of exchange rates on cash and cash equivalents   (60 )     1,429   \n Net change in cash and cash equivalents, including cash and cash equivalents   (1,206 )     (26,596 ) \n classified within assets held for sale \n Plus: net decrease in cash and cash equivalents within assets held for sale   —       10,776   \n Cash and cash equivalents, beginning of period   160,871       145,762   \n Cash and cash equivalents, end of period $ 159,665     $ 129,942   \n         \n Employees as of March 31   11,554       12,912   \n\n\nSource: C.H. Robinson\n\nCHRW-IR\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260429647693/en/\n(https://www.businesswire.com/news/home/20260429647693/en/)\n\nFOR INQUIRIES, CONTACT: \n\nChuck Ives, Senior Director of Investor Relations\n\nEmail: chuck.ives@chrobinson.com (mailto:chuck.ives@chrobinson.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-04-29T20:05:00.961598059Z","server_sent_at_ms":1777493100961},"received_at":"2026-04-29T20:05:01.024Z","source_url":"https://www.businesswire.com/news/home/20260429647693/en/"},"analysis":{"id":"10605","press_release_id":"13628","analysis_json":{"industry":{"label":"Transportation","sector":"Industrials"},"redFlags":["Total revenues decreased 0.8% year-over-year","Global Forwarding revenues declined 14.2% and operating income fell 26.2%","Cash generated by operations decreased by $37.9 million due to working capital headwinds"],"eventType":"earnings","narrative":"C.H. Robinson delivered adjusted EPS of $1.35 for Q1 2026, a 15.4% increase year-over-year, driven by margin expansion and productivity gains despite a slight dip in total revenue to $4.0 billion.\n\nThe company significantly increased capital returns to shareholders, distributing $359.8 million during the quarter, which includes $280.7 million in share repurchases and $79.0 million in dividends.\n\nAdjusted operating margin grew by 30 basis points to 26.6%, while the North American Surface Transportation segment held margins flat at 14.6% against a backdrop of rising truckload costs.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Efficiency gains drive 15% EPS growth and massive buybacks even as revenue slips."},"keyFigures":{"eps":1.22,"epsBeat":0,"revenue":"$4.0 billion","guidance":"full-year effective tax rate expected to be 18% to 20%; 2026 capital expenditures expected to be $75 million to $85 million","revenueYoy":"-0.8%","customDimensions":{"nast_margin":"14.6%","adjusted_eps":1.35,"adjusted_eps_yoy":"15.4%","share_repurchases":280700000,"cash_flow_operations":68600000,"cash_returned_to_shareholders":359800000}},"quotedText":"Our first quarter performance puts another check mark on our say-do scorecard.","namedEntities":{"people":[{"name":"Dave Bozeman","role":"President and CEO"},{"name":"Chuck Ives","role":"Senior Director of Investor Relations"}],"products":[],"companies":[{"name":"C.H. Robinson Worldwide, Inc.","ticker":"CHRW"}],"dollarAmounts":[{"amount":"$4.0 billion","context":"Total revenues for the first quarter of 2026"},{"amount":"$175.7 million","context":"Income from operations"},{"amount":"$195.9 million","context":"Adjusted income from operations"},{"amount":"$359.8 million","context":"Cash returned to shareholders"},{"amount":"$280.7 million","context":"Repurchases of common stock"},{"amount":"$79.0 million","context":"Cash dividends"},{"amount":"$68.6 million","context":"Cash generated by operations"}]},"materialImpact":{"score":4,"reasoning":"Adjusted EPS increased 15.4% year-over-year to $1.35, and adjusted operating margin expanded 30 basis points to 26.6%. The company returned $359.8 million to shareholders, more than double the prior year, driven by aggressive buybacks. While total revenue dipped slightly, the margin expansion and capital return signal strong operational execution."},"tickerRelevance":{"others":[],"primary":"CHRW"},"globalImportance":30,"audienceRelevance":45,"eventTypeSecondary":["buyback"],"importanceComponents":{"tickerTier":"S&P 500 / Mid-cap","eventGravity":"Solid EPS beat and capital return; revenue decline is a modest offset","sectorWeight":"Industrials","householdBrandBoost":"Low (B2B)","marketCapAdjustment":"~$12B","retailFavoriteBoost":false}},"event_type":"earnings","event_type_secondary":["buyback"],"sentiment":"bullish","material_impact_score":4,"narrative":"C.H. Robinson delivered adjusted EPS of $1.35 for Q1 2026, a 15.4% increase year-over-year, driven by margin expansion and productivity gains despite a slight dip in total revenue to $4.0 billion.\n\nThe company significantly increased capital returns to shareholders, distributing $359.8 million during the quarter, which includes $280.7 million in share repurchases and $79.0 million in dividends.\n\nAdjusted operating margin grew by 30 basis points to 26.6%, while the North American Surface Transportation segment held margins flat at 14.6% against a backdrop of rising truckload costs.","key_figures":{"eps":1.22,"epsBeat":0,"revenue":"$4.0 billion","guidance":"full-year effective tax rate expected to be 18% to 20%; 2026 capital expenditures expected to be $75 million to $85 million","revenueYoy":"-0.8%","customDimensions":{"nast_margin":"14.6%","adjusted_eps":1.35,"adjusted_eps_yoy":"15.4%","share_repurchases":280700000,"cash_flow_operations":68600000,"cash_returned_to_shareholders":359800000}},"named_entities":{"people":[{"name":"Dave Bozeman","role":"President and CEO"},{"name":"Chuck Ives","role":"Senior Director of Investor Relations"}],"products":[],"companies":[{"name":"C.H. Robinson Worldwide, Inc.","ticker":"CHRW"}],"dollarAmounts":[{"amount":"$4.0 billion","context":"Total revenues for the first quarter of 2026"},{"amount":"$175.7 million","context":"Income from operations"},{"amount":"$195.9 million","context":"Adjusted income from operations"},{"amount":"$359.8 million","context":"Cash returned to shareholders"},{"amount":"$280.7 million","context":"Repurchases of common stock"},{"amount":"$79.0 million","context":"Cash dividends"},{"amount":"$68.6 million","context":"Cash generated by operations"}]},"model_name":"glm-4.7","prompt_hash":"sha256:1fc968c3ac7f7ebb","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-04-29T22:24:56.057Z","global_importance":30,"audience_relevance":45,"importance_components":{"tickerTier":"S&P 500 / Mid-cap","eventGravity":"Solid EPS beat and capital return; revenue decline is a modest offset","sectorWeight":"Industrials","householdBrandBoost":"Low (B2B)","marketCapAdjustment":"~$12B","retailFavoriteBoost":false}},"durationMs":64339,"modelName":"glm-4.7"}}