C.H. Robinson Reports 2026 First Quarter Results

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Key Terms

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

adjusted gross profit margin financial

Adjusted gross profit margin shows how much money a company keeps from sales after subtracting the direct costs of making its products or services, but it removes one-time or unusual charges to show the underlying performance. Think of it as the profit rate of a lemonade stand after paying for ingredients, but with a one-off broken juicer or a special sale taken out so you can see how the stand normally performs; investors use it to compare profitability without distortions.

adjusted operating margin financial

Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.

metric tons technical

A metric ton (also spelled tonne) is a unit of mass equal to 1,000 kilograms, roughly the weight of a small car. Investors see it used to measure quantities of bulk goods like oil, grain, metals or carbon credits; knowing how many metric tons are involved helps translate physical volumes into revenue, inventory levels, shipping costs and supply-demand risk—think of it as the standard “weight” label that turns cargo into dollars.

04/29/2026 - 04:05 PM

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended March 31, 2026.

First Quarter Highlights:

C.H. Robinson continues to deliver secular earnings growth driven by market share gains, disciplined revenue management, a cost of hire advantage versus the market, and evergreen productivity improvements fueled by its Lean AI strategy
North American Surface Transportation ("NAST") total volume was flat year-over-year compared to a 6.2% decline in the Cass Freight Shipment Index
NAST adjusted gross profit margin⁽¹⁾ held flat at 14.6% despite a significant increase in truckload spot market costs
Income from operations decreased 0.7% to $175.7 million
Adjusted income from operations⁽¹⁾ increased 5.6% to $195.9 million
Diluted earnings per share (EPS) increased 9.9% to $1.22
Adjusted diluted EPS⁽¹⁾ increased 15.4% to $1.35
Cash generated by operations decreased by $37.9 million to $68.6 million, primarily due to unfavorable changes in net operating working capital caused by higher truckload prices
Cash returned to shareholders increased 105.6% to $359.8 million

⁽¹⁾ Adjusted gross profit margin, adjusted income from operations, and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 10 through 12 for further discussion and GAAP to Non-GAAP Reconciliations.

"As has been widely discussed in recent months, the North American trucking market has entered a period of supply-driven tightening," said President and Chief Executive Officer, Dave Bozeman. "As that has occurred, we’ve heard old tapes being replayed regarding which transportation providers benefit most during certain parts of the truckload cycle. But those storylines don't fully appreciate the secular earnings growth that has consistently been generated at the new C.H. Robinson regardless of market conditions."

"The first quarter of 2026 was another example of this, and our adjusted earnings per share increased 15% year-over-year despite a significant increase in truckload spot market costs," Bozeman added. "We continued to outperform by opportunistically capturing transactional volumes at higher margins as the industry’s tender rejection rates increased, by continuing to exercise our disciplined revenue management practices, by repricing some of our contractual business in a very targeted fashion, and by continuing to widen our cost of hire advantage, all of which have improved as we implemented our Lean operating model. This enabled us to optimize our adjusted gross profit per truckload shipment and maintain our NAST gross margin despite having to absorb the elevated cost of capacity. Additionally, we gained market share in our NAST business for the 12th consecutive quarter, and we continued to deliver evergreen productivity improvements across our business."

"Over the past year, we’ve consistently said that we’re not immune to macroeconomic conditions or an inflection in spot costs, but that we are managing those conditions better than we have in the past and better than our competitors. Our first quarter performance puts another check mark on our say-do scorecard."

"Our ability to consistently outperform over the last two plus years is a result of focusing on controlling what we can control and the strength of our Lean AI strategy. Lean AI is our unique, disciplined approach to AI innovation that is transforming supply chains. It combines the principles of our Robinson operating model – rooted in Lean methodology – with the power of custom-built AI, and the expertise of our people, to maximize value, minimize waste, and drive better outcomes for customers and carriers. As we continue to purposefully engineer our work to drive higher automation, an industry-leading cost to serve and improved customer outcomes, all of this is aimed at building the best model for demonstrable outgrowth while continuing to have industry-leading operating margins."

"I’m proud of our employees for navigating ever-changing market conditions with discipline and ingenuity, and for embracing the culture shift that has fundamentally changed this company. As the pacesetter for innovation in our industry, we will continue to use our domain expertise to build technology that delivers on our customer promise and drives higher value for all our stakeholders," said Bozeman.

Summary of First Quarter of 2026 Results Compared to the First Quarter of 2025

Total revenues decreased 0.8% to $4.0 billion, primarily driven by lower volume in our ocean and truckload services and lower pricing in our ocean services. This was partially offset by higher pricing in our truckload and less than truckload ("LTL") services.
Gross profits decreased 1.6% to $646.6 million. Adjusted gross profits⁽¹⁾ decreased 1.9% to $660.5 million, primarily driven by lower adjusted gross profit per transaction and lower volume in our ocean services. This was partially offset by higher adjusted gross profit per transaction in our LTL services.
Operating expenses decreased 2.3% to $484.8 million. Personnel expenses increased 1.2% to $352.7 million, primarily due to higher restructuring charges related to workforce reductions. This was partially offset by cost optimization efforts and productivity improvements. Average employee headcount declined 12.3%. Other selling, general and administrative (“SG&A”) expenses decreased 10.6% to $132.1 million, primarily due to a prior year impairment charge on our Kansas City regional center lease resulting from the execution of a sublease agreement on a portion of the building. In addition, other SG&A expenses declined across several expense categories in 2026 due to cost optimization efforts.
Income from operations totaled $175.7 million, down 0.7% due to the decrease in adjusted gross profit and higher restructuring charges, partially offset by the decrease in operating expenses. Adjusted operating margin⁽¹⁾ of 26.6% increased 30 basis points.
Interest and other income/expense, net totaled $9.0 million of expense, consisting primarily of $14.0 million of interest expense, which decreased $2.8 million versus last year due to a lower average debt balance and lower variable interest rates. The first quarter of 2026 results also include a $1.7 million net gain from foreign currency revaluation and realized foreign currency gains and losses.
The effective tax rate in the quarter was 11.7% compared to 13.7% in the first quarter of 2025. The lower rate in the first quarter of 2026 was driven by higher tax benefits related to stock-compensation deliveries, partially offset by non-recurring discrete items and lower U.S. and foreign tax credits and incentives.
Net income totaled $147.2 million, up 8.8% from a year ago. Diluted EPS of $1.22 increased 9.9%. Adjusted diluted EPS⁽¹⁾ of $1.35 increased 15.4%.

⁽¹⁾ Adjusted gross profits, adjusted operating margin and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 10 through 12 for further discussion and GAAP to Non-GAAP Reconciliations.

North American Surface Transportation (“NAST”) Results

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

	Three Months Ended March 31,
		2026		2025	% change
Total revenues	$	2,947,323	$	2,868,420	2.8	%
Adjusted gross profits⁽¹⁾		431,077		418,324	3.0	%
Income from operations		145,130		143,671	1.0	%

____________________________________________

⁽¹⁾ Adjusted gross profits and adjusted operating margin - excluding restructuring are non-GAAP financial measures explained later in this release. The difference between adjusted gross profits and gross profits is not material.

First quarter total revenues for the NAST segment totaled $2.9 billion, an increase of 2.8% over the prior year, primarily driven by higher pricing in our truckload and LTL services. NAST adjusted gross profits increased 3.0% in the quarter to $431.1 million. Adjusted gross profits in truckload decreased 1.9% due to a 3.5% decrease in volume, which was partially offset by a 1.5% increase in adjusted gross profit per shipment. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 11.0% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, increased 13.0%, resulting in a 1.0% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 10.5% versus the year-ago period, driven by an 8.5% increase in adjusted gross profit per order and a 2.0% increase in LTL volume. Total NAST truckload and LTL volume was flat versus the year-ago period and outpaced the market indices. Operating expenses increased 4.1%, primarily due to restructuring charges related to workforce reductions in the current year, partially offset by cost optimization efforts and productivity improvements. First quarter average employee headcount was down 10.0% year-over-year. Income from operations increased 1.0% to $145.1 million, and adjusted operating margin declined 60 basis points to 33.7%. Adjusted operating margin - excluding restructuring⁽¹⁾ increased 310 basis points to 37.4%.

Global Forwarding Results

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

	Three Months Ended March 31,
		2026		2025	% change
Total revenues	$	664,730	$	774,888	(14.2	)%
Adjusted gross profits⁽¹⁾		162,291		184,628	(12.1	)%
Income from operations		31,684		42,943	(26.2	)%

____________________________________________

First quarter total revenues for the Global Forwarding segment decreased 14.2% to $664.7 million, primarily driven by lower volume and pricing in our ocean services. Adjusted gross profits decreased 12.1% in the quarter to $162.3 million. Ocean adjusted gross profits decreased 22.1%, driven by a 12.5% decrease in adjusted gross profit per shipment and a 10.5% decline in shipments. Air adjusted gross profits decreased 0.5%, driven by a 15.0% decline in metric tons shipped, partially offset by a 16.5% increase in adjusted gross profit per metric ton shipped. Customs adjusted gross profits increased 20.0%, driven by a 22.0% increase in adjusted gross profit per transaction, partially offset by a 2.0% reduction in transaction volume. Operating expenses decreased 7.8%, primarily due to cost optimization efforts and productivity improvements and lower incentive compensation. First quarter average employee headcount decreased 14.8% year-over-year. Income from operations decreased 26.2% to $31.7 million, and adjusted operating margin declined 380 basis points to 19.5% in the quarter. Adjusted operating margin - excluding restructuring⁽¹⁾ declined 220 basis points to 21.1%.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Solutions and Other Surface Transportation are summarized as follows (dollars in thousands):

	Three Months Ended March 31,
		2026		2025	% change
Total revenues	$	400,881	$	403,432	(0.6	)%
Adjusted gross profits⁽¹⁾:
Robinson Fresh	$	37,517	$	37,653	(0.4	)%
Managed Solutions		29,608		27,846	6.3	%
Other Surface Transportation⁽²⁾		—		4,637	(100.0	)%

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

⁽²⁾ Includes our Europe Surface Transportation business, which was divested as of February 1, 2025.

First quarter Robinson Fresh adjusted gross profits decreased 0.4% to $37.5 million driven by margin compression in retail customers. Managed Solutions adjusted gross profits increased 6.3% due to an increase in freight under management.

Other Income Statement Items

Interest and other income/expense, net totaled $9.0 million of expense, consisting primarily of $14.0 million of interest expense, which decreased $2.8 million versus the first quarter of 2025 due to a lower average debt balance and lower variable interest rates. The first quarter of 2026 results also include a $1.7 million net gain from foreign currency revaluation and realized foreign currency gains and losses.

The first quarter effective tax rate was 11.7%, down from 13.7% in the first quarter of 2025. The lower rate in the first quarter of 2026 was driven by higher tax benefits related to stock-compensation deliveries, partially offset by non-recurring discrete items and lower U.S. and foreign tax credits and incentives. For 2026, we expect our full-year effective tax rate to be 18% to 20%.

Diluted weighted average shares outstanding in the quarter were down 0.8% year-over-year.

Cash Flow Generation and Capital Distribution

Cash generated from operations totaled $68.6 million in the first quarter, compared to $106.5 million in the first quarter of 2025. The $37.9 million decrease in cash flow from operations was primarily related to a $62.4 million decrease in cash generated by changes in net operating working capital, due to a $73.5 million sequential increase in net operating working capital in the first quarter of 2026 compared to an $11.1 million sequential increase in the first quarter of 2025.

In the first quarter of 2026, cash returned to shareholders totaled $359.8 million, with $280.7 million in repurchases of common stock and $79.0 million in cash dividends.

Capital expenditures totaled $15.0 million in the quarter. Capital expenditures for 2026 are expected to be $75 million to $85 million.

About C.H. Robinson

C.H. Robinson is the global leader in Lean AI supply chains. For more than a century, companies everywhere have looked to us to reimagine how goods move. Now, as we redefine what’s next for the industry, that same drive fuels our commitment to Building Tomorrow’s Supply Chains, Today™. Trusted by 75,000 customers and 450,000 contract carriers, we manage 37 million shipments annually, representing $23 billion in freight. We deliver tailored solutions across the world via truckload, less-than-truckload, ocean, air, and more. With our unique combination of human insight and Lean AI working as one, supply chains move faster, smarter, and more sustainably. As a responsible global citizen, we proudly contribute millions to the causes that matter most to our employees. For more information, visit us at chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business, including reliance on third-party platforms and cybersecurity related risks; our ability to staff and retain employees; risks associated with operations outside of the U.S.; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently managing divestitures; climate change related risks; risks associated with our indebtedness; risks associated with interest rates; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations including environmental-related regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of changes in political and governmental conditions; changes to our capital structure; changes due to catastrophic events; risks associated with the usage of artificial intelligence technologies; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:
C.H. Robinson Worldwide First Quarter 2026 Earnings Conference Call
Wednesday, April 29, 2026; 5:30 p.m. Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through C.H. Robinson's Investor Relations website at investor.chrobinson.com.
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756

Adjusted Gross Profit by Service Line
(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments may have revenues from multiple service lines.

	Three Months Ended March 31,
	2026		2025		% change
Adjusted gross profits⁽¹⁾:
Transportation
Truckload	$	251,599	$	262,288	(4.1	)%
LTL		163,448		148,411	10.1	%
Ocean		89,919		115,335	(22.0	)%
Air		32,724		32,810	(0.3	)%
Customs		32,320		26,920	20.1	%
Other logistics services		58,391		54,781	6.6	%
Total transportation		628,401		640,545	(1.9	)%
Sourcing		32,092		32,543	(1.4	)%
Total adjusted gross profits	$	660,493	$	673,088	(1.9	)%

____________________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

	Three Months Ended March 31,
		2026		2025	% change
Revenues:
Transportation	$	3,643,711	$	3,721,915	(2.1	)%
Sourcing		369,223		324,825	13.7	%
Total revenues		4,012,934		4,046,740	(0.8	)%
Costs and expenses:
Purchased transportation and related services		3,015,310		3,081,370	(2.1	)%
Purchased products sourced for resale		337,131		292,282	15.3	%
Direct internally developed software amortization		13,862		15,666	(11.5	)%
Total direct expenses		3,366,303		3,389,318	(0.7	)%
Gross profit	$	646,631	$	657,422	(1.6	)%
Plus: Direct internally developed software amortization		13,862		15,666	(11.5	)%
Adjusted gross profit	$	660,493	$	673,088	(1.9	)%

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring, lease impairment, and/or loss from divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture are presented below:

	Three Months Ended March 31,
		2026			2025		% change

Total revenues	$	4,012,934		$	4,046,740		(0.8	)%
Income from operations		175,686			176,853		(0.7	)%
Operating margin		4.4	%		4.4	%	— bps

Adjusted gross profit	$	660,493		$	673,088		(1.9	)%
Income from operations		175,686			176,853		(0.7	)%
Adjusted operating margin		26.6	%		26.3	%	30 bps

Adjusted gross profit	$	660,493		$	673,088		(1.9	)%
Adjusted income from operations		195,921			185,466		5.6	%
Adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture		29.7	%		27.6	%	210 bps

GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)

Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, lease impairment, and/or loss from divestiture. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data):

Non-GAAP Reconciliation:	NAST			Global Forwarding			All Other and Corporate			Consolidated
Three Months Ended March 31, 2026
Income (loss) from operations	$	145,130		$	31,684		$	(1,128	)	$	175,686
Severance and other personnel expenses		16,034			1,083			1,653			18,770
Other selling, general, and administrative expenses		42			1,427			(4	)		1,465
Total adjustments to income from operations⁽¹⁾		16,076			2,510			1,649			20,235
Adjusted income from operations	$	161,206		$	34,194		$	521		$	195,921

Adjusted gross profit	$	431,077		$	162,291		$	67,125		$	660,493
Adjusted income from operations		161,206			34,194			521			195,921
Adjusted operating margin - excluding restructuring		37.4	%		21.1	%		0.8	%		29.7	%

	Three Months Ended March 31, 2026
	$ in 000's			per share
Net income and per share (diluted)	$	147,233		$	1.22
Restructuring and related costs, pre-tax		20,235			0.17
Tax effect of adjustments		(4,619	)		(0.04	)
Adjusted net income and per share (diluted)	$	162,849		$	1.35

____________________________________________

⁽¹⁾ The three months ended March 31, 2026 includes severance and other personnel expenses of $18.8 million related to workforce reductions and $1.5 million of other charges.

Non-GAAP Reconciliation:	NAST			Global Forwarding			All Other and Corporate			Consolidated
Three Months Ended March 31, 2025
Income (loss) from operations	$	143,671		$	42,943		$	(9,761	)	$	176,853
Severance and other personnel expenses		—			—			1,187			1,187
Other selling, general, and administrative expenses		—			—			7,426			7,426
Total adjustments to income from operations⁽¹⁾		—			—			8,613			8,613
Adjusted income (loss) from operations	$	143,671		$	42,943		$	(1,148	)	$	185,466

Adjusted gross profit	$	418,324		$	184,628		$	70,136		$	673,088
Adjusted income (loss) from operations		143,671			42,943			(1,148	)		185,466
Adjusted operating margin - excluding lease impairment charge and loss on divestiture		34.3	%		23.3	%		N/M			27.6	%

	Three Months Ended March 31, 2025
	$ in 000's			per share
Net income and per share (diluted)	$	135,302		$	1.11
Lease impairment charge, pre-tax		6,259			0.05
Loss on divestiture, pre-tax		2,354			0.02
Tax effect of adjustments		(1,026	)		(0.01	)
Adjusted net income and per share (diluted)	$	142,889		$	1.17

____________________________________________

⁽¹⁾ The three months ended March 31, 2025 includes severance and other personnel expenses of $1.2 million related to the divestiture of our Europe Surface Transportation business and $7.4 million of other charges, which includes a $6.3 million impairment charge on our Kansas City regional center lease resulting from the execution of a sublease agreement on a portion of the building.

Condensed Consolidated Statements of Income (unaudited, in thousands, except per share data)
	Three Months Ended March 31,
	Three Months Ended March 31,
		2026			2025		% change

Revenues:
Transportation	$	3,643,711		$	3,721,915		(2.1	)%
Sourcing		369,223			324,825		13.7	%
Total revenues		4,012,934			4,046,740		(0.8	)%
Costs and expenses:
Purchased transportation and related services		3,015,310			3,081,370		(2.1	)%
Purchased products sourced for resale		337,131			292,282		15.3	%
Personnel expenses		352,723			348,553		1.2	%
Other selling, general, and administrative expenses		132,084			147,682		(10.6	)%
Total costs and expenses		3,837,248			3,869,887		(0.8	)%
Income from operations		175,686			176,853		(0.7	)%
Interest and other income/expense, net		(9,013	)		(20,051	)	(55.0	)%
Income before provision for income taxes		166,673			156,802		6.3	%
Provision for income taxes		19,440			21,500		(9.6	)%
Net income	$	147,233		$	135,302		8.8	%

Net income per share (basic)	$	1.23		$	1.12		9.8	%
Net income per share (diluted)	$	1.22		$	1.11		9.9	%

Weighted average shares outstanding (basic)		119,803			120,969		(1.0	)%
Weighted average shares outstanding (diluted)		121,010			121,932		(0.8	)%

Business Segment Information (unaudited, in thousands, except average employee headcount)

	NAST		Global Forwarding		All Other and Corporate			Consolidated
Three Months Ended March 31, 2026
Total revenues	$	2,947,323	$	664,730	$	400,881		$	4,012,934
Adjusted gross profits⁽¹⁾		431,077		162,291		67,125			660,493
Income (loss) from operations		145,130		31,684		(1,128	)		175,686
Depreciation and amortization		4,763		1,935		18,154			24,852
Total assets⁽²⁾		3,095,674		1,098,418		1,041,327			5,235,419
Average employee headcount		4,752		3,848		3,105			11,705

	NAST		Global Forwarding		All Other and Corporate			Consolidated
Three Months Ended March 31, 2025
Total revenues	$	2,868,420	$	774,888	$	403,432		$	4,046,740
Adjusted gross profits⁽¹⁾		418,324		184,628		70,136			673,088
Income (loss) from operations		143,671		42,943		(9,761	)		176,853
Depreciation and amortization		4,809		2,139		18,694			25,642
Total assets⁽²⁾		2,989,401		1,292,915		943,798			5,226,114
Average employee headcount		5,280		4,514		3,553			13,347

_______________________________________

⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

⁽²⁾All cash and cash equivalents are included in All Other and Corporate.

Condensed Consolidated Balance Sheets (unaudited, in thousands)
	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	159,665	$	160,871
Receivables, net of allowance for credit loss		2,542,172		2,360,829
Contract assets, net of allowance for credit loss		181,862		156,441
Prepaid expenses and other		123,718		120,402
Total current assets		3,007,417		2,798,543

Property and equipment, net of accumulated depreciation and amortization		111,105		116,362
Right-of-use lease assets		274,782		278,323
Intangible and other assets, net of accumulated amortization		1,842,115		1,865,153
Total assets	$	5,235,419	$	5,058,381

Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	1,366,305	$	1,241,276
Accrued expenses:
Compensation		110,970		188,838
Transportation expense		144,976		120,708
Income taxes		26,917		33,745
Other accrued liabilities		175,658		174,955
Current lease liabilities		71,662		72,180
Total current liabilities		1,896,488		1,831,702

Long-term debt		1,342,727		1,089,438
Noncurrent lease liabilities		230,097		233,768
Noncurrent income taxes payable		38,048		34,875
Deferred tax liabilities		22,018		21,526
Other long-term liabilities		1,920		1,425
Total liabilities		3,531,298		3,212,734

Total stockholders’ investment		1,704,121		1,845,647
Total liabilities and stockholders’ investment	$	5,235,419	$	5,058,381

Condensed Consolidated Statements of Cash Flow (unaudited, in thousands, except employee count)
	Three Months Ended March 31,
Operating activities:		2026			2025
Net income	$	147,233		$	135,302
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization		24,852			25,642
Provision for credit losses		1,725			1,315
Stock-based compensation		28,295			23,146
Deferred income taxes		22,236			15,675
Excess tax benefit on stock-based compensation		(23,895	)		(7,032	)
Change in loss on disposal group		—			(569	)
Other operating activities		1,332			6,665
Changes in operating elements:
Receivables		(197,522	)		(70,602	)
Contract assets		(25,628	)		2,898
Prepaid expenses and other		(3,363	)		(10,994	)
Right of use asset		1,696			19,315
Accounts payable and outstanding checks		125,397			58,699
Accrued compensation		(77,992	)		(71,579	)
Accrued transportation expenses		24,268			(2,071	)
Accrued income taxes		20,057			19,445
Other accrued liabilities		4,567			(12,535	)
Lease liability		(3,228	)		(26,615	)
Other assets and liabilities		(1,431	)		426
Net cash provided by operating activities		68,599			106,531
Investing activities:
Purchases of property and equipment		(2,635	)		(3,348	)
Purchases and development of software		(12,381	)		(12,734	)
Cash used for acquisitions		(150	)		—
Proceeds from divestiture		11,828			27,737
Net cash (used for) provided by investing activities		(3,338	)		11,655
Financing activities:
Proceeds from stock issued for employee benefit plans		40,362			16,808
Stock tendered for payment of withholding taxes		(68,080	)		(49,829	)
Repurchase of common stock		(212,659	)		(47,700	)
Cash dividends		(79,030	)		(77,490	)
Proceeds from long-term borrowings		678,000			—
Payments on long-term borrowings		(425,000	)		—
Proceeds from short-term borrowings		—			682,000
Payments on short-term borrowings		—			(670,000	)
Net cash used for financing activities		(66,407	)		(146,211	)
Effect of exchange rates on cash and cash equivalents		(60	)		1,429
Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale		(1,206	)		(26,596	)
Plus: net decrease in cash and cash equivalents within assets held for sale		—			10,776
Cash and cash equivalents, beginning of period		160,871			145,762
Cash and cash equivalents, end of period	$	159,665		$	129,942

Employees as of March 31		11,554			12,912