C.H. Robinson (Nasdaq: CHRW) lifts Q2 EPS to $1.56 on 19% sales rise
Rhea-AI Filing Summary
C.H. Robinson Worldwide reported strong results for the quarter ended June 30, 2026, with total revenues up 19.3% year-over-year to $4,934,098 and income from operations up 18.4% to $255,743. Net income rose 22.5% to $186,786, while diluted EPS increased 23.8% to $1.56 and adjusted diluted EPS reached $1.61, up 24.8%. North American Surface Transportation delivered 23.1% revenue growth and a 40.9% adjusted operating margin excluding restructuring, and Global Forwarding achieved a 33.4% adjusted operating margin excluding restructuring.
Management highlighted its Lean AI strategy, citing evergreen productivity improvements of over 60% since the end of 2022 and continued market share gains, including the 13th consecutive quarter of NAST volume outpacing the Cass Freight Shipment Index. Despite higher truckload spot costs compressing gross margins, adjusted operating margin expanded to 34.7%. Cash generated from operations in the quarter declined to $35.9 million, largely due to working capital swings, while cash returned to shareholders increased 87.5% to $301.3 million through $226.0 million of share repurchases and $75.3 million of dividends.
Positive
- Total revenues rose 19.3% year-over-year to $4,934,098, while diluted EPS increased 23.8% to $1.56 and adjusted diluted EPS grew 24.8% to $1.61, reflecting strong earnings expansion.
- NAST and Global Forwarding both achieved mid-cycle operating margin targets, with adjusted operating margin - excluding restructuring of 40.9% and 33.4%, respectively, supported by Lean AI-driven productivity gains.
- Cash returned to shareholders increased 87.5% year-over-year to $301.3 million in Q2 2026, including $226.0 million of share repurchases and $75.3 million of dividends.
Negative
- Cash generated from operations fell to $35.9 million in the second quarter of 2026, a $191.2 million decrease versus the prior-year quarter, driven mainly by a $227.3 million swing in net operating working capital.
- Transportation adjusted gross profit margin declined 210 basis points year-over-year to 15.4%, with NAST and Global Forwarding adjusted gross profit margins also lower despite volume and pricing gains.
Filing Explained
Six-month cash generation was $104,497 thousand, while June 30 long-term debt was $1,685,017 thousand and cash was $154,590 thousand.
The company reports second-quarter 2026 results, while its June 30 balance sheet shows long-term debt of
As a Form 8-K, this reports a specified material event; here, Item 2.02 furnishes the results information rather than filing it for Section 18 purposes, with the results release and conference-call slides provided as Exhibits 99.1 and 99.2.
For the six months ended June 30, operating cash flow was
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues Q2 2026: $4,934,098
Net income Q2 2026: $186,786
Diluted EPS Q2 2026: $1.56
+5 more
8 metrics
Total revenues Q2 2026
$4,934,098
Three months ended June 30, 2026; up 19.3% year-over-year
Net income Q2 2026
$186,786
Three months ended June 30, 2026; up 22.5% year-over-year
Diluted EPS Q2 2026
$1.56
Net income per share (diluted) for the quarter; increased 23.8% vs Q2 2025
Adjusted diluted EPS Q2 2026
$1.61
Adjusted net income per share (diluted) for the quarter; up 24.8% year-over-year
Cash generated from operations Q2 2026
$35.9 million
Cash generated by operations in the second quarter of 2026
Cash returned to shareholders Q2 2026
$301.3 million
Second quarter 2026 cash returned through repurchases and dividends; up 87.5% year-over-year
NAST adjusted operating margin excl. restructuring Q2 2026
40.9%
North American Surface Transportation adjusted operating margin - excluding restructuring
Global Forwarding adjusted operating margin excl. restructuring Q2 2026
33.4%
Global Forwarding adjusted operating margin - excluding restructuring
Key Terms
Adjusted gross profit, Adjusted operating margin, Lean AI, Cass Freight Shipment Index, +1 more
5 terms
Adjusted gross profit financial
"Adjusted gross profits increased 6.5% to $738.0 million, primarily driven by higher adjusted gross profit per transaction."
Adjusted gross profit is a company’s revenue from selling goods or services minus the direct costs of producing them, with one-time or unusual items added back or removed to show the core margin. Investors use it like a cleaned-up snapshot of how much a business actually earns on its products, similar to measuring body weight after removing heavy clothes, because it helps compare performance across periods and companies without noise from rare events.
Adjusted operating margin financial
"Adjusted operating margin of 34.7% increased 360 basis points."
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.
Lean AI technical
"evergreen productivity improvements fueled by its Lean AI strategy."
Lean AI describes artificial intelligence systems built to do specific tasks with as little computing power, data, and maintenance as possible, emphasizing efficiency over broad capability. For investors this matters because lean AI can lower operating costs, speed deployment, and scale across products like a compact car that delivers reliable transport without the expense of a luxury model—potentially improving margins and reducing the capital needed to roll out AI features.
Cass Freight Shipment Index financial
"NAST volume increased approximately 1.5% year-over-year compared to a 3.3% decline in the Cass Freight Shipment Index."
A freight shipment index that tracks monthly changes in the number and volume of commercial shipments moving through the freight system, based on actual carrier billing and payment records. Investors use it like a shipping thermometer: rising readings suggest stronger demand for goods, which can signal improving manufacturing and consumer activity, while declines can warn of slowing economic or corporate sales momentum.
Restructuring charges financial
"Includes $26.8 million of restructuring charges in the six months ended June 30, 2026 primarily related to workforce reductions."
Restructuring charges are costs that a company pays when it changes how it operates, like closing factories or laying off employees. These expenses are often one-time and happen to help the company become more efficient in the long run. They matter because they can affect the company's profits and how investors see its future prospects.
Earnings Snapshot
Total revenues: $4,934,098 · Guidance included
quarter ended June 30, 2026
Total revenues
$4,934,098
+19.3% vs Q2 2025
Net income
$186,786
+22.5% vs Q2 2025
Diluted EPS
$1.56
+23.8% vs Q2 2025
Adjusted diluted EPS
$1.61
+24.8% vs Q2 2025
Cash generated from operations
$35.9 million
decreased by $191.2 million vs Q2 2025
Cash returned to shareholders
$301.3 million
+87.5% vs Q2 2025
Guidance
For 2026, the company expects its full-year effective tax rate to be 18% to 20% and capital expenditures to be $65 million to $75 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were C.H. Robinson (CHRW) Q2 2026 revenues and year-over-year growth?
C.H. Robinson reported Q2 2026 total revenues of $4,934,098, an increase of 19.3% year-over-year. Growth was driven primarily by higher pricing in truckload, less-than-truckload, air and ocean services across its North American Surface Transportation and Global Forwarding segments.
How profitable was C.H. Robinson (CHRW) in the second quarter of 2026?
In Q2 2026, C.H. Robinson generated net income of $186,786 and diluted EPS of $1.56, up 22.5% and 23.8% year-over-year. Adjusted diluted EPS was $1.61, up 24.8%, reflecting higher operating income and expanded adjusted operating margins.
How did C.H. Robinson (CHRW) segments NAST and Global Forwarding perform in Q2 2026?
NAST revenues rose 23.1% to $3,593,269 with adjusted gross profits up 8.6% and adjusted operating margin - excluding restructuring at 40.9%. Global Forwarding revenues increased 12.4% to $896,604, with adjusted operating margin - excluding restructuring at 33.4% and 18.8% growth in income from operations.
What productivity gains did C.H. Robinson (CHRW) report from its Lean AI strategy?
Management reported evergreen productivity improvements of over 60% in NAST and Global Forwarding since the end of 2022, with year-over-year productivity improvements of more than 15% in Q2 2026. These Lean AI-led efficiencies supported higher operating leverage and a 20% increase in adjusted operating income.
How did C.H. Robinson (CHRW) year-to-date 2026 results compare with 2025?
For the six months ended June 30, 2026, total revenues were $8,947,032, up 9.3% year-over-year. Net income was $334,019, up 16.1%, with diluted EPS of $2.78 and adjusted diluted EPS of $2.95, increasing 17.3% and 19.9%, respectively.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 29, 2026
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
Commission File Number: 000-23189
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: 952 -937-8500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The following information is being "furnished" in accordance with the General Instruction B.2 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein are the text of the Company's announcement regarding its financial results for the quarter ended June 30, 2026 and its earnings conference call slides.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Number | Description | ||||
| 99.1 | Press Release dated July 29, 2026 of C.H. Robinson Worldwide, Inc. | ||||
| 99.2 | Earnings conference call slides dated July 29, 2026 | ||||
| 104 | The cover page from the Current Report on Form 8-K formatted in Inline XBRL | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| C.H. ROBINSON WORLDWIDE, INC. | ||||||||
| By: | /s/ Dorothy G. Capers | |||||||
| Dorothy G. Capers | ||||||||
Chief Legal Officer and Secretary | ||||||||
Date: July 29, 2026 | ||||||||
 | C.H. Robinson 14701 Charlson Rd. Eden Prairie, MN 55347 www.chrobinson.com | ||||
| FOR IMMEDIATE RELEASE | FOR INQUIRIES, CONTACT: Chuck Ives, Senior Director of Investor Relations Email: chuck.ives@chrobinson.com | ||||
C.H. Robinson Reports 2026 Second Quarter Results
Eden Prairie, MN, July 29, 2026 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2026.
Second Quarter Highlights:
•Mid-cycle operating margin targets achieved while the freight market is still in the trough of the demand cycle
•Company continues to deliver secular earnings growth driven by market share gains, disciplined revenue management and evergreen productivity improvements fueled by its Lean AI strategy
•North American Surface Transportation ("NAST") volume increased approximately 1.5% year-over-year compared to a 3.3% decline in the Cass Freight Shipment Index, reflecting the 13th consecutive quarter of market outgrowth
•NAST truckload adjusted gross profit per shipment(1) held flat year-over-year despite a significant increase in truckload spot market costs
•Income from operations increased 18.4% to $255.7 million
•Adjusted income from operations(1) increased 19.5% to $263.2 million
•Diluted earnings per share ("EPS") increased 23.8% to $1.56
•Adjusted diluted EPS(1) increased 24.8% to $1.61
•Cash generated by operations decreased by $191.2 million to $35.9 million
•Cash returned to shareholders increased 87.5% to $301.3 million
(1) Adjusted gross profit, 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 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.
"I want to begin by thanking our people for their relentless efforts to provide exceptional service to our customers and carriers, for embracing the Robinson operating model and continuing to execute with discipline. These efforts contributed to the high-quality earnings we reported today," said President and Chief Executive Officer, Dave Bozeman. "When I became CEO three years ago, we committed to delivering higher highs and higher lows across freight market cycles. Our second quarter results are yet
1
another example of delivering on that commitment. Despite being in the trough of the freight market demand cycle, with the Cass Freight Shipment Index declining on a year-over-year basis for the 15th consecutive quarter, we hit our mid-cycle operating margin targets in both NAST and Global Forwarding in the second quarter of 2026."
"We achieved this through the disciplined execution of our Lean AI strategy, which has enabled us to identify and remove waste and to automate manual processes in the quote-to-cash lifecycle of an order. The result has been evergreen productivity improvements of over 60% since the end of 2022 in both NAST and Global Forwarding. The execution of our strategy has also enabled us to build a scalable model with significant operating leverage, which contributed to the 20% year-over-year increase in our adjusted operating income."
"But our Lean AI strategy isn’t just about generating higher productivity," added Bozeman. "First and foremost, it needs to result in better service to our customers and carriers, and our scores related to customer satisfaction are exceptionally strong. As we continue to purposefully engineer our work to drive higher automation, an industry-leading cost to serve, and service to our customers and carriers that is better than ever, we’ve consistently gained market share in our NAST business. The second quarter of 2026 was the 13th consecutive quarter in which our year-over-year NAST volume growth outpaced the Cass Freight Shipment Index."
"In our Global Forwarding business, the team continues to help our customers navigate ongoing disruptions across global shipping networks, and they continue to implement the same revenue management disciplines that have been successfully deployed in NAST. Additionally, they are moving from manual, reactive work that is dependent on manual handoffs toward automated workflows that are faster, more connected, and easier to manage at scale. While this journey is still ongoing, we're already seeing encouraging progress in several areas, and as a result, the Global Forwarding team delivered year-over-year productivity improvements of more than 15% in the second quarter of 2026 and achieved an adjusted operating margin, excluding restructuring, of 33.4%."
"We’ll continue to focus on providing differentiated service and solutions to our customers and carriers, executing with discipline, and improving our business model and our cost to serve. We’re highly confident in our ability to continue executing on all of our strategic initiatives, and the strategies that our team is executing are built to be effective in any market environment," said Bozeman.
2
Summary of Second Quarter of 2026 Results Compared to the Second Quarter of 2025
•Total revenues increased 19.3% to $4.9 billion, primarily driven by higher pricing in our truckload, less than truckload ("LTL"), air and ocean services.
•Gross profits increased 6.8% to $725.9 million. Adjusted gross profits(1) increased 6.5% to $738.0 million, primarily driven by higher adjusted gross profit per transaction in our LTL and air services and higher volume in our LTL services.
•Operating expenses increased 1.0% to $482.2 million. Personnel expenses increased 0.9% to $338.5 million, primarily due to higher incentive compensation reflecting our strong operating performance. This was partially offset by cost optimization efforts and productivity improvements. Average employee headcount declined 10.8%. Other selling, general and administrative (“SG&A”) expenses increased 1.2% to $143.8 million, primarily due to increases across several expense categories.
•Income from operations totaled $255.7 million, up 18.4% due to the increase in adjusted gross profit, partially offset by the increase in operating expenses. Adjusted operating margin(1) of 34.7% increased 360 basis points.
•Interest and other income/expense, net totaled $17.9 million of expense, consisting primarily of $16.9 million of interest expense, which increased $0.1 million versus last year due to a higher average debt balance, partially offset by lower variable interest rates. The second quarter of 2026 results also include a $1.4 million net loss from foreign currency revaluation and realized foreign currency gains and losses.
•The effective tax rate in the quarter was 21.5% compared to 21.4% in the second quarter of 2025.
•Net income totaled $186.8 million, up 22.5% from a year ago. Diluted EPS of $1.56 increased 23.8%. Adjusted diluted EPS(1) of $1.61 increased 24.8%.
(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 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.
3
Summary of 2026 Year-to-Date Results Compared to 2025
•Total revenues increased 9.3% to $8.9 billion, primarily driven by higher pricing in our truckload and LTL services.
•Gross profits increased 2.7% to $1.4 billion. Adjusted gross profits(1) increased 2.4% to $1.4 billion, primarily driven by higher adjusted gross profit per transaction in our LTL and air services. This was partially offset by lower adjusted gross profit per transaction in our ocean services.
•Operating expenses decreased 0.7% to $967.0 million. Personnel expenses increased 1.1% to $691.2 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 11.9%. Other SG&A expenses decreased 4.8% to $275.8 million primarily due to reductions across several expense categories and 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.
•Income from operations totaled $431.4 million, up 9.8% from last year due to the increase in adjusted gross profit and the decrease in operating expenses. Adjusted operating margin(1) of 30.9% increased 220 basis points.
•Interest and other income/expense, net totaled $26.9 million of expense, primarily consisting of $30.9 million of interest expense, which decreased $2.7 million versus last year due to lower variable interest rates and a lower average debt balance. The year-to-date results also include $2.2 million of interest income and a $0.3 million net gain from foreign currency revaluation and realized foreign currency gains and losses.
•The effective tax rate for the six months ended June 30, 2026 was 17.4% compared to 17.9% in the year-ago period.
•Net income totaled $334.0 million, up 16.1% from a year ago. Diluted EPS of $2.78 increased 17.3%. Adjusted diluted EPS(1) of $2.95 increased 19.9%.
(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 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.
4
North American Surface Transportation (“NAST”) Results
Summarized financial results of our NAST segment are as follows (dollars in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | ||||||||||||||||||||||||||||||
| Total revenues | $ | 3,593,269 | $ | 2,918,227 | 23.1 | % | $ | 6,540,592 | $ | 5,786,647 | 13.0 | % | |||||||||||||||||||||||
Adjusted gross profits(1) | 469,389 | 432,248 | 8.6 | % | 900,466 | 850,572 | 5.9 | % | |||||||||||||||||||||||||||
| Income from operations | 189,845 | 163,991 | 15.8 | % | 334,975 | 307,662 | 8.9 | % | |||||||||||||||||||||||||||
____________________________________________
(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.
Second quarter total revenues for the NAST segment totaled $3.6 billion, an increase of 23.1% over the prior year, primarily driven by higher pricing in our truckload and LTL services. NAST adjusted gross profits increased 8.6% in the quarter to $469.4 million. Adjusted gross profits in truckload increased 0.2% due to a 0.5% increase in volume. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 25.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, increased 29.0%, resulting in a 2.0% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 21.7% versus the year-ago period, driven by a 19.5% increase in adjusted gross profit per order and a 2.0% increase in LTL volume. Total NAST truckload and LTL volume increased 1.5% versus the year-ago period and outpaced the market indices. Operating expenses increased 4.2%, primarily due to higher claims expenses and higher incentive compensation reflecting our strong operating performance, partially offset by cost optimization efforts and productivity improvements. Second quarter average employee headcount was down 11.6% year-over-year. Income from operations increased 15.8% to $189.8 million, and adjusted operating margin expanded 250 basis points to 40.4%. Adjusted operating margin - excluding restructuring(1) increased 280 basis points to 40.9%.
5
Global Forwarding Results
Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | ||||||||||||||||||||||||||||||
| Total revenues | $ | 896,604 | $ | 797,800 | 12.4 | % | $ | 1,561,334 | $ | 1,572,688 | (0.7) | % | |||||||||||||||||||||||
Adjusted gross profits(1) | 188,830 | 187,581 | 0.7 | % | 351,121 | 372,209 | (5.7) | % | |||||||||||||||||||||||||||
| Income from operations | 60,970 | 51,330 | 18.8 | % | 92,654 | 94,273 | (1.7) | % | |||||||||||||||||||||||||||
____________________________________________
(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.
Second quarter total revenues for the Global Forwarding segment increased 12.4% to $896.6 million, primarily driven by higher pricing in our air and ocean services. Adjusted gross profits increased 0.7% in the quarter to $188.8 million. Ocean adjusted gross profits decreased 2.8%, driven by a 4.0% decrease in adjusted gross profit per shipment, partially offset by a 1.0% increase in shipments. Air adjusted gross profits increased 23.4%, driven by a 33.5% increase in adjusted gross profit per metric ton shipped, partially offset by a 7.5% decline in metric tons shipped. Customs adjusted gross profits decreased 9.4%, driven by a 7.5% decrease in adjusted gross profit per transaction and a 2.0% reduction in transaction volume. Operating expenses decreased 6.2%, primarily due to cost optimization efforts and lower incentive compensation. Second quarter average employee headcount decreased 16.6% year-over-year. Income from operations increased 18.8% to $61.0 million, and adjusted operating margin expanded 490 basis points to 32.3% in the quarter. Adjusted operating margin - excluding restructuring(1) expanded 470 basis points to 33.4%.
6
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | ||||||||||||||||||||||||||||||
| Total revenues | $ | 444,225 | $ | 420,516 | 5.6 | % | $ | 845,106 | $ | 823,948 | 2.6 | % | |||||||||||||||||||||||
Adjusted gross profits(1): | |||||||||||||||||||||||||||||||||||
| Robinson Fresh | $ | 47,276 | $ | 44,395 | 6.5 | % | $ | 84,793 | $ | 82,048 | 3.3 | % | |||||||||||||||||||||||
| Managed Solutions | 32,471 | 29,007 | 11.9 | % | 62,079 | 56,853 | 9.2 | % | |||||||||||||||||||||||||||
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.
Second quarter Robinson Fresh adjusted gross profits increased 6.5% to $47.3 million driven by a volume increase with foodservice customers. Managed Solutions adjusted gross profits increased 11.9% due to an increase in freight under management.
Other Income Statement Items
Interest and other income/expense, net totaled $17.9 million of expense, consisting primarily of $16.9 million of interest expense, which increased $0.1 million versus the second quarter of 2025 due to a higher average debt balance, partially offset by lower variable interest rates. The second quarter of 2026 results also include a $1.4 million net loss from foreign currency revaluation and realized foreign currency gains and losses.
The second quarter effective tax rate was 21.5% compared to 21.4% in the second quarter of 2025. 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 1.1% year-over-year due to share repurchases that have occurred over the past twelve months.
7
Cash Flow Generation and Capital Distribution
Cash generated from operations totaled $35.9 million in the second quarter, compared to $227.1 million in the second quarter of 2025. The $191.2 million decrease in cash flow from operations was primarily related to a $227.3 million decrease in cash generated by changes in net operating working capital, due to a $196.4 million sequential increase in net operating working capital in the second quarter of 2026 compared to a $30.9 million sequential decrease in the second quarter of 2025.
In the second quarter of 2026, cash returned to shareholders totaled $301.3 million, with $226.0 million in repurchases of common stock and $75.3 million in cash dividends.
Capital expenditures totaled $18.2 million in the quarter. Capital expenditures for 2026 are expected to be $65 million to $75 million.
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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 Second Quarter 2026 Earnings Conference Call
Wednesday, July 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
9
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | ||||||||||||||||||||||||||||||
Adjusted gross profits(1): | |||||||||||||||||||||||||||||||||||
| Transportation | |||||||||||||||||||||||||||||||||||
| Truckload | $ | 264,164 | $ | 267,913 | (1.4) | % | $ | 515,763 | $ | 530,201 | (2.7) | % | |||||||||||||||||||||||
| LTL | 185,309 | 152,186 | 21.8 | % | 348,757 | 300,597 | 16.0 | % | |||||||||||||||||||||||||||
| Ocean | 104,988 | 107,902 | (2.7) | % | 194,907 | 223,237 | (12.7) | % | |||||||||||||||||||||||||||
| Air | 42,339 | 34,461 | 22.9 | % | 75,063 | 67,271 | 11.6 | % | |||||||||||||||||||||||||||
| Customs | 31,787 | 35,098 | (9.4) | % | 64,107 | 62,018 | 3.4 | % | |||||||||||||||||||||||||||
| Other logistics services | 67,774 | 56,459 | 20.0 | % | 126,165 | 111,240 | 13.4 | % | |||||||||||||||||||||||||||
| Total transportation | 696,361 | 654,019 | 6.5 | % | 1,324,762 | 1,294,564 | 2.3 | % | |||||||||||||||||||||||||||
| Sourcing | 41,605 | 39,212 | 6.1 | % | 73,697 | 71,755 | 2.7 | % | |||||||||||||||||||||||||||
| Total adjusted gross profits | $ | 737,966 | $ | 693,231 | 6.5 | % | $ | 1,398,459 | $ | 1,366,319 | 2.4 | % | |||||||||||||||||||||||
____________________________________________
(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.
10
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | ||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Transportation | $ | 4,524,773 | $ | 3,746,660 | 20.8 | % | $ | 8,168,484 | $ | 7,468,575 | 9.4 | % | |||||||||||||||||||||||
| Sourcing | 409,325 | 389,883 | 5.0 | % | 778,548 | 714,708 | 8.9 | % | |||||||||||||||||||||||||||
| Total revenues | 4,934,098 | 4,136,543 | 19.3 | % | 8,947,032 | 8,183,283 | 9.3 | % | |||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||
| Purchased transportation and related services | 3,828,412 | 3,092,641 | 23.8 | % | 6,843,722 | 6,174,011 | 10.8 | % | |||||||||||||||||||||||||||
| Purchased products sourced for resale | 367,720 | 350,671 | 4.9 | % | 704,851 | 642,953 | 9.6 | % | |||||||||||||||||||||||||||
| Direct internally developed software amortization | 12,038 | 13,681 | (12.0) | % | 25,900 | 29,347 | (11.7) | % | |||||||||||||||||||||||||||
| Total direct expenses | 4,208,170 | 3,456,993 | 21.7 | % | 7,574,473 | 6,846,311 | 10.6 | % | |||||||||||||||||||||||||||
| Gross profit | $ | 725,928 | $ | 679,550 | 6.8 | % | $ | 1,372,559 | $ | 1,336,972 | 2.7 | % | |||||||||||||||||||||||
| Plus: Direct internally developed software amortization | 12,038 | 13,681 | (12.0) | % | 25,900 | 29,347 | (11.7) | % | |||||||||||||||||||||||||||
| Adjusted gross profit | $ | 737,966 | $ | 693,231 | 6.5 | % | $ | 1,398,459 | $ | 1,366,319 | 2.4 | % | |||||||||||||||||||||||
11
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 and/or loss on divestiture is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring and/or loss from divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring 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 and/or loss on divestiture are presented below:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | ||||||||||||||||||||||||||||||
| Total revenues | $ | 4,934,098 | $ | 4,136,543 | 19.3 | % | $ | 8,947,032 | $ | 8,183,283 | 9.3 | % | |||||||||||||||||||||||
| Income from operations | 255,743 | 215,919 | 18.4 | % | 431,429 | 392,772 | 9.8 | % | |||||||||||||||||||||||||||
| Operating margin | 5.2 | % | 5.2 | % | — bps | 4.8 | % | 4.8 | % | — bps | |||||||||||||||||||||||||
| Adjusted gross profit | $ | 737,966 | $ | 693,231 | 6.5 | % | $ | 1,398,459 | $ | 1,366,319 | 2.4 | % | |||||||||||||||||||||||
| Income from operations | 255,743 | 215,919 | 18.4 | % | 431,429 | 392,772 | 9.8 | % | |||||||||||||||||||||||||||
| Adjusted operating margin | 34.7 | % | 31.1 | % | 360 | bps | 30.9 | % | 28.7 | % | 220 | bps | |||||||||||||||||||||||
| Adjusted gross profit | $ | 737,966 | $ | 693,231 | 6.5 | % | $ | 1,398,459 | $ | 1,366,319 | 2.4 | % | |||||||||||||||||||||||
| Adjusted income from operations | 263,233 | 220,229 | 19.5 | % | 459,154 | 405,695 | 13.2 | % | |||||||||||||||||||||||||||
Adjusted operating margin - excluding restructuring and/or loss on divestiture | 35.7 | % | 31.8 | % | 390 | bps | 32.8 | % | 29.7 | % | 310 | bps | |||||||||||||||||||||||
12
GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Our adjusted income from operations, adjusted operating margin - excluding restructuring 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 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 from operations, adjusted operating margin - excluding restructuring 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 June 30, 2026 | |||||||||||||||||||||||
| Income from operations | $ | 189,845 | $ | 60,970 | $ | 4,928 | $ | 255,743 | |||||||||||||||
| Severance and other personnel expenses | 2,019 | 2,998 | 2,999 | 8,016 | |||||||||||||||||||
| Other selling, general, and administrative expenses | 138 | (828) | 164 | (526) | |||||||||||||||||||
Total adjustments to income from operations(1) | 2,157 | 2,170 | 3,163 | 7,490 | |||||||||||||||||||
| Adjusted income from operations | $ | 192,002 | $ | 63,140 | $ | 8,091 | $ | 263,233 | |||||||||||||||
| Adjusted gross profit | $ | 469,389 | $ | 188,830 | $ | 79,747 | $ | 737,966 | |||||||||||||||
| Adjusted income from operations | 192,002 | 63,140 | 8,091 | 263,233 | |||||||||||||||||||
| Adjusted operating margin - excluding restructuring | 40.9 | % | 33.4 | % | 10.1 | % | 35.7 | % | |||||||||||||||
| NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||
| Income from operations | $ | 334,975 | $ | 92,654 | $ | 3,800 | $ | 431,429 | |||||||||||||||
| Severance and other personnel expenses | 18,053 | 4,081 | 4,652 | 26,786 | |||||||||||||||||||
| Other selling, general, and administrative expenses | 180 | 599 | 160 | 939 | |||||||||||||||||||
Total adjustments to income from operations(2) | 18,233 | 4,680 | 4,812 | 27,725 | |||||||||||||||||||
| Adjusted income from operations | $ | 353,208 | $ | 97,334 | $ | 8,612 | $ | 459,154 | |||||||||||||||
| Adjusted gross profit | $ | 900,466 | $ | 351,121 | $ | 146,872 | $ | 1,398,459 | |||||||||||||||
| Adjusted income from operations | 353,208 | 97,334 | 8,612 | 459,154 | |||||||||||||||||||
| Adjusted operating margin - excluding restructuring | 39.2 | % | 27.7 | % | 5.9 | % | 32.8 | % | |||||||||||||||
| Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | ||||||||||||||||||||||
| $ in 000's | per share | $ in 000's | per share | ||||||||||||||||||||
| Net income and per share (diluted) | $ | 186,786 | $ | 1.56 | $ | 334,019 | $ | 2.78 | |||||||||||||||
| Restructuring and related costs, pre-tax | 7,490 | 0.06 | 27,725 | 0.23 | |||||||||||||||||||
| Tax effect of adjustments | (2,008) | (0.01) | (6,627) | (0.06) | |||||||||||||||||||
| Adjusted net income and per share (diluted) | $ | 192,268 | $ | 1.61 | $ | 355,117 | $ | 2.95 | |||||||||||||||
____________________________________________
(1) The three months ended June 30, 2026 includes severance and other personnel expenses of $8.0 million related to workforce reductions and a $0.5 million net gain driven by the favorable termination of an operating lease.
(2) The six months ended June 30, 2026 includes severance and other personnel expenses of $26.8 million related to workforce reductions and $0.9 million of other charges.
13
| Non-GAAP Reconciliation: | NAST | Global Forwarding | All Other and Corporate | Consolidated | |||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||
| Income from operations | $ | 163,991 | $ | 51,330 | $ | 598 | $ | 215,919 | |||||||||||||||
| Severance and other personnel expenses | 677 | 2,576 | 635 | 3,888 | |||||||||||||||||||
| Other selling, general, and administrative expenses | — | — | 422 | 422 | |||||||||||||||||||
Total adjustments to income from operations(1) | 677 | 2,576 | 1,057 | 4,310 | |||||||||||||||||||
| Adjusted income from operations | $ | 164,668 | $ | 53,906 | $ | 1,655 | $ | 220,229 | |||||||||||||||
| Adjusted gross profit | $ | 432,248 | $ | 187,581 | $ | 73,402 | $ | 693,231 | |||||||||||||||
| Adjusted income from operations | 164,668 | 53,906 | 1,655 | 220,229 | |||||||||||||||||||
| Adjusted operating margin - excluding restructuring and loss on divestiture | 38.1 | % | 28.7 | % | N/M | 31.8 | % | ||||||||||||||||
| NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||||||||
| Income (loss) from operations | $ | 307,662 | $ | 94,273 | $ | (9,163) | $ | 392,772 | |||||||||||||||
| Severance and other personnel expenses | 677 | 2,576 | 1,822 | 5,075 | |||||||||||||||||||
| Other selling, general, and administrative expenses | — | — | 7,848 | 7,848 | |||||||||||||||||||
Total adjustments to income from operations(2) | 677 | 2,576 | 9,670 | 12,923 | |||||||||||||||||||
| Adjusted income from operations | $ | 308,339 | $ | 96,849 | $ | 507 | $ | 405,695 | |||||||||||||||
| Adjusted gross profit | $ | 850,572 | $ | 372,209 | $ | 143,538 | $ | 1,366,319 | |||||||||||||||
| Adjusted income from operations | 308,339 | 96,849 | 507 | 405,695 | |||||||||||||||||||
| Adjusted operating margin - excluding restructuring and loss on divestiture | 36.3 | % | 26.0 | % | N/M | 29.7 | % | ||||||||||||||||
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||||||||||||||
| $ in 000's | per share | $ in 000's | per share | ||||||||||||||||||||
| Net income and per share (diluted) | $ | 152,471 | $ | 1.26 | $ | 287,773 | $ | 2.37 | |||||||||||||||
| Restructuring and related costs, pre-tax | 3,881 | 0.04 | 10,140 | 0.08 | |||||||||||||||||||
| Loss on divestiture, pre-tax | 429 | — | 2,783 | 0.02 | |||||||||||||||||||
| Tax effect of adjustments | (1,005) | (0.01) | (2,031) | (0.01) | |||||||||||||||||||
| Adjusted net income and per share (diluted) | $ | 155,776 | $ | 1.29 | $ | 298,665 | $ | 2.46 | |||||||||||||||
____________________________________________
(1) The three months ended June 30, 2025 includes severance and other personnel expenses of $3.9 million related to workforce reductions and $0.4 million of other charges.
(2) The six months ended June 30, 2025 includes severance and other personnel expenses of $5.1 million primarily related to workforce reductions and $7.8 million of other charges, which include 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.
14
Condensed Consolidated Statements of Income
(unaudited, in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % change | 2026 | 2025 | % change | ||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Transportation | $ | 4,524,773 | $ | 3,746,660 | 20.8 | % | $ | 8,168,484 | $ | 7,468,575 | 9.4 | % | |||||||||||||||||||||||
| Sourcing | 409,325 | 389,883 | 5.0 | % | 778,548 | 714,708 | 8.9 | % | |||||||||||||||||||||||||||
| Total revenues | 4,934,098 | 4,136,543 | 19.3 | % | 8,947,032 | 8,183,283 | 9.3 | % | |||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||
| Purchased transportation and related services | 3,828,412 | 3,092,641 | 23.8 | % | 6,843,722 | 6,174,011 | 10.8 | % | |||||||||||||||||||||||||||
| Purchased products sourced for resale | 367,720 | 350,671 | 4.9 | % | 704,851 | 642,953 | 9.6 | % | |||||||||||||||||||||||||||
| Personnel expenses | 338,472 | 335,322 | 0.9 | % | 691,195 | 683,875 | 1.1 | % | |||||||||||||||||||||||||||
| Other selling, general, and administrative expenses | 143,751 | 141,990 | 1.2 | % | 275,835 | 289,672 | (4.8) | % | |||||||||||||||||||||||||||
| Total costs and expenses | 4,678,355 | 3,920,624 | 19.3 | % | 8,515,603 | 7,790,511 | 9.3 | % | |||||||||||||||||||||||||||
| Income from operations | 255,743 | 215,919 | 18.4 | % | 431,429 | 392,772 | 9.8 | % | |||||||||||||||||||||||||||
| Interest and other income/expense, net | (17,878) | (22,026) | (18.8) | % | (26,891) | (42,077) | (36.1) | % | |||||||||||||||||||||||||||
| Income before provision for income taxes | 237,865 | 193,893 | 22.7 | % | 404,538 | 350,695 | 15.4 | % | |||||||||||||||||||||||||||
| Provision for income taxes | 51,079 | 41,422 | 23.3 | % | 70,519 | 62,922 | 12.1 | % | |||||||||||||||||||||||||||
| Net income | $ | 186,786 | $ | 152,471 | 22.5 | % | $ | 334,019 | $ | 287,773 | 16.1 | % | |||||||||||||||||||||||
| Net income per share (basic) | $ | 1.58 | $ | 1.27 | 24.4 | % | $ | 2.80 | $ | 2.39 | 17.2 | % | |||||||||||||||||||||||
| Net income per share (diluted) | $ | 1.56 | $ | 1.26 | 23.8 | % | $ | 2.78 | $ | 2.37 | 17.3 | % | |||||||||||||||||||||||
| Weighted average shares outstanding (basic) | 118,565 | 120,244 | (1.4) | % | 119,181 | 120,605 | (1.2) | % | |||||||||||||||||||||||||||
| Weighted average shares outstanding (diluted) | 119,751 | 121,025 | (1.1) | % | 120,350 | 121,442 | (0.9) | % | |||||||||||||||||||||||||||
15
Business Segment Information
(unaudited, in thousands, except average employee headcount)
| NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||||||||
| Total revenues | $ | 3,593,269 | $ | 896,604 | $ | 444,225 | $ | 4,934,098 | |||||||||||||||||||||
Adjusted gross profits(1) | 469,389 | 188,830 | 79,747 | 737,966 | |||||||||||||||||||||||||
| Income from operations | 189,845 | 60,970 | 4,928 | 255,743 | |||||||||||||||||||||||||
| Depreciation and amortization | 4,763 | 1,486 | 16,320 | 22,569 | |||||||||||||||||||||||||
Total assets(2) | 3,453,880 | 1,275,412 | 1,114,214 | 5,843,506 | |||||||||||||||||||||||||
| Average employee headcount | 4,671 | 3,699 | 3,101 | 11,471 | |||||||||||||||||||||||||
| NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | |||||||||||||||||||||||||||||
| Total revenues | $ | 2,918,227 | $ | 797,800 | $ | 420,516 | $ | 4,136,543 | |||||||||||||||||||||
Adjusted gross profits(1) | 432,248 | 187,581 | 73,402 | 693,231 | |||||||||||||||||||||||||
| Income from operations | 163,991 | 51,330 | 598 | 215,919 | |||||||||||||||||||||||||
| Depreciation and amortization | 4,815 | 2,188 | 17,863 | 24,866 | |||||||||||||||||||||||||
Total assets(2) | 2,971,926 | 1,332,889 | 1,017,096 | 5,321,911 | |||||||||||||||||||||||||
| Average employee headcount | 5,283 | 4,436 | 3,139 | 12,858 | |||||||||||||||||||||||||
_______________________________________
(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.
16
Business Segment Information
(unaudited, in thousands, except average employee headcount)
| NAST | Global Forwarding | All Other and Corporate | Consolidated | |||||||||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||
| Total revenues | $ | 6,540,592 | $ | 1,561,334 | $ | 845,106 | $ | 8,947,032 | ||||||||||||||||||
Adjusted gross profits(1) | 900,466 | 351,121 | 146,872 | 1,398,459 | ||||||||||||||||||||||
| Income from operations | 334,975 | 92,654 | 3,800 | 431,429 | ||||||||||||||||||||||
| Depreciation and amortization | 9,526 | 3,421 | 34,474 | 47,421 | ||||||||||||||||||||||
Total assets(2) | 3,453,880 | 1,275,412 | 1,114,214 | 5,843,506 | ||||||||||||||||||||||
| Average employee headcount | 4,732 | 3,767 | 3,100 | 11,599 | ||||||||||||||||||||||
| NAST | Global Forwarding | All Other and Corporate | Consolidated | |||||||||||||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| Total revenues | $ | 5,786,647 | $ | 1,572,688 | $ | 823,948 | $ | 8,183,283 | ||||||||||||||||||
Adjusted gross profits(1) | 850,572 | 372,209 | 143,538 | 1,366,319 | ||||||||||||||||||||||
| Income (loss) from operations | 307,662 | 94,273 | (9,163) | 392,772 | ||||||||||||||||||||||
| Depreciation and amortization | 9,624 | 4,327 | 36,557 | 50,508 | ||||||||||||||||||||||
Total assets(2) | 2,971,926 | 1,332,889 | 1,017,096 | 5,321,911 | ||||||||||||||||||||||
| Average employee headcount | 5,283 | 4,469 | 3,414 | 13,166 | ||||||||||||||||||||||
____________________________________________
(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.
17
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 154,590 | $ | 160,871 | |||||||
| Receivables, net of allowance for credit loss | 3,055,149 | 2,360,829 | |||||||||
| Contract assets, net of allowance for credit loss | 230,598 | 156,441 | |||||||||
| Prepaid expenses and other | 120,563 | 120,402 | |||||||||
| Total current assets | 3,560,900 | 2,798,543 | |||||||||
| Property and equipment, net of accumulated depreciation and amortization | 108,492 | 116,362 | |||||||||
| Right-of-use lease assets | 261,199 | 278,323 | |||||||||
| Intangible and other assets, net of accumulated amortization | 1,912,915 | 1,865,153 | |||||||||
| Total assets | $ | 5,843,506 | $ | 5,058,381 | |||||||
| Liabilities and stockholders’ investment | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and outstanding checks | $ | 1,686,822 | $ | 1,241,276 | |||||||
| Accrued expenses: | |||||||||||
| Compensation | 120,754 | 188,838 | |||||||||
| Transportation expense | 188,259 | 120,708 | |||||||||
| Income taxes | 6,415 | 33,745 | |||||||||
| Other accrued liabilities | 178,658 | 174,955 | |||||||||
| Current lease liabilities | 70,654 | 72,180 | |||||||||
| Total current liabilities | 2,251,562 | 1,831,702 | |||||||||
| Long-term debt | 1,685,017 | 1,089,438 | |||||||||
| Noncurrent lease liabilities | 216,900 | 233,768 | |||||||||
| Noncurrent income taxes payable | 38,499 | 34,875 | |||||||||
| Deferred tax liabilities | 21,383 | 21,526 | |||||||||
| Other long-term liabilities | 2,455 | 1,425 | |||||||||
| Total liabilities | 4,215,816 | 3,212,734 | |||||||||
| Total stockholders’ investment | 1,627,690 | 1,845,647 | |||||||||
| Total liabilities and stockholders’ investment | $ | 5,843,506 | $ | 5,058,381 | |||||||
18
Condensed Consolidated Statements of Cash Flow
(unaudited, in thousands, except employee count)
| Six Months Ended June 30, | |||||||||||
| Operating activities: | 2026 | 2025 | |||||||||
| Net income | $ | 334,019 | $ | 287,773 | |||||||
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
| Depreciation and amortization | 47,421 | 50,508 | |||||||||
| Provision for credit losses | 3,760 | 6,605 | |||||||||
| Stock-based compensation | 53,005 | 44,028 | |||||||||
| Deferred income taxes | 24,903 | 15,419 | |||||||||
| Excess tax benefit on stock-based compensation | (27,386) | (8,155) | |||||||||
| Change in loss on disposal group | — | (569) | |||||||||
| Other operating activities | 2,176 | 7,254 | |||||||||
| Changes in operating elements: | |||||||||||
| Receivables | (704,333) | (108,002) | |||||||||
| Contract assets | (74,457) | 11,595 | |||||||||
| Prepaid expenses and other | 144 | (27,934) | |||||||||
| Right of use asset | 15,894 | 24,704 | |||||||||
| Accounts payable and outstanding checks | 441,310 | 121,249 | |||||||||
| Accrued compensation | (68,860) | (64,607) | |||||||||
| Accrued transportation expense | 67,551 | (5,056) | |||||||||
| Accrued income taxes | 3,400 | 30,866 | |||||||||
| Other accrued liabilities | 6,414 | (20,779) | |||||||||
| Lease liability | (18,117) | (31,844) | |||||||||
| Other assets and liabilities | (2,347) | 604 | |||||||||
| Net cash provided by operating activities | 104,497 | 333,659 | |||||||||
| Investing activities: | |||||||||||
| Purchases of property and equipment | (7,610) | (10,640) | |||||||||
| Purchases and development of software | (25,642) | (25,601) | |||||||||
| Cash used for acquisitions, net of cash acquired | (78,948) | — | |||||||||
| Proceeds from divestiture | 11,828 | 27,737 | |||||||||
| Net cash used for investing activities | (100,372) | (8,504) | |||||||||
| Financing activities: | |||||||||||
| Proceeds from stock issued for employee benefit plans | 55,434 | 27,026 | |||||||||
| Stock tendered for payment of withholding taxes | (74,566) | (54,589) | |||||||||
| Repurchase of common stock | (432,183) | (128,767) | |||||||||
| Cash dividends | (154,300) | (152,355) | |||||||||
| Proceeds from long-term borrowings | 1,952,000 | — | |||||||||
| Payments on long-term borrowings | (1,357,000) | — | |||||||||
| Proceeds from short-term borrowings | — | 1,240,800 | |||||||||
| Payments on short-term borrowings | — | (1,264,800) | |||||||||
| Net cash used for financing activities | (10,615) | (332,685) | |||||||||
| Effect of exchange rates on cash and cash equivalents | 209 | 6,985 | |||||||||
| Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale | (6,281) | (545) | |||||||||
| 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 | $ | 154,590 | $ | 155,993 | |||||||
| Employees as of June 30 | 11,388 | 12,803 | |||||||||
Source: C.H. Robinson
CHRW-IR
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2024 INVESTOR DAY July 29, 2026 Q2 2026 Earnings Presentation
Safe Harbor Statement 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. 2©2026 C.H. Robinson Worldwide, Inc. All Rights Reserved.
Thoughts from President & CEO, Dave Bozeman 3 ■ Q2 results demonstrate our commitment to delivering “higher highs and higher lows” across freight cycles, with both North American Surface Transportation ("NAST") and Global Forwarding ("GF") achieving mid-cycle operating margin targets despite being in the trough of the freight demand cycle. ■ Customer satisfaction scores are exceptionally strong, reflecting our continued focus on delivering differentiated service to customers and carriers. ■ NAST volume growth outpaced the Cass Freight Shipment Index for the 13th consecutive quarter. ■ Lean AI continues to drive durable productivity gains, with both NAST and GF delivering year-over-year improvements of 15% or more in Q2 and more than 60% since the end of 2022. ■ Our scalable model and operating leverage contributed to a 20% year-over-year increase in adjusted operating income(1). 1. Adjusted operating income is a non-GAAP financial measures. Refer to pages 24 through 27 for further discussion and a GAAP to Non-GAAP reconciliation.
Q2 Highlights 4 ■ NAST gained market share in truckload and LTL. Disciplined revenue management and contractual repricing initiatives helped maintain adjusted gross profit per shipment (1) Y/Y despite a significant increase in truckload spot market costs. ■ Achieved mid-cycle operating margin targets in both NAST and Global Forwarding, with adjusted operating margin - excluding restructuring(1) reaching 40.9% in NAST and 33.4% in Global Forwarding. ■ Focused on providing best-in-class service to our customers and carriers, gaining profitable share in targeted market segments, streamlining our processes, applying Lean principles and leveraging custom-built AI technology to drive out waste and optimize our costs, with a disciplined operating model that arms our people with innovative tools, decouples headcount growth from volume growth and drives operating leverage. $4.9B Total Revenues +19.3% Y/Y $738M Adj. Gross Profits(1) +6.5% Y/Y $256M Income from Operations +18.4% Y/Y $1.56 Net Income/Share +23.8% Y/Y Q2 2026 1. Adjusted gross profits, adjusted income from operations, adjusted operating margin - excluding restructuring and adjusted net income per share are non-GAAP financial measures. Refer to pages 24 through 27 for further discussion and a GAAP to Non-GAAP reconciliation. $263M of Adj. Income from Operations(1) +19.5% Y/Y $1.61 of Adj. Net Income per Share(1) +24.8% Y/Y
All Other & Corporate ■ Robinson Fresh Q2 AGP up 6.5% Y/Y ■ Managed Solutions Q2 AGP up 11.9% Y/Y Global Forwarding (GF) ■ Supply-side constraints and global disruptions drove higher air freight rates ■ Air AGP per metric ton increased 33.5% Y/Y, ocean volume increased 1.0% Y/Y & air tonnage declined 7.5% Y/Y ■ Continuing to deploy Lean AI disciplines and technology across the business North American Surface Transportation (NAST) ■ NAST volume performance outpaced the market indices for the 13th consecutive quarter ■ NAST truckload adjusted gross profit per shipment(2) was flat year-over-year despite significant increase in truckload spot market costs ■ Focused on initiatives that improve the customer and carrier experience and lower our cost to serve ■ Productivity improvements are being driven by removing waste and increasing automation through custom-built AI agents Complementary Global Suite of Services 5 Q2 2026 Adjusted Gross Profits(2) +8.6% Y/Y +8.6% Y/Y +0.7% Y/Y 1. Measured over trailing twelve months. 2. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Over half of total revenues are garnered from customers to whom we provide both surface transportation and global forwarding services, and this percentage has grown year-over-year due to our One Robinson go-to-market approach.(1)
NAST Q2’26 Results by Service 6 ■ Total NAST truckload and LTL volume was up 1.5% Y/Y, reflecting the 13th consecutive quarter of market share growth compared to a 3.3% decline in the Cass Freight Shipment Index ■ Truckload volume increased 0.5% Y/Y and AGP per shipment was flat Y/Y(2) ■ LTL AGP per order increased 19.5% Y/Y and volume increased 2.0% Y/Y(2) ■ Truckload AGP/load was flat Y/Y despite a 29% increase in linehaul costs, while NAST AGP margin declined 170 basis points 2Q26 2Q25 %▲ Truckload (“TL”) $261.9 $261.5 0.2% Less than Truckload (“LTL”) $183.2 $150.5 21.7% Other $24.3 $20.3 20.2% Total Adjusted Gross Profits $469.4 $432.2 8.6% Adjusted Gross Profit Margin % 13.1% 14.8% (170 bps) Adjusted Gross Profits(1) ($ in millions) 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent. Second Quarter Highlights
Truckload Price and Cost Change (1)(2)(3) 7 Truckload Q2 Volume(2)(4) +0.5 % Price/Mile(1)(2)(3) +25.5 % Cost/Mile(1)(2)(3) +29.0 % Adjusted Gross Profit(4) +0.2 % 1. Price and cost change represents YoY change for North America truckload shipments across all segments. 2. Growth rates are rounded to the nearest 0.5 percent. 3. Pricing and cost measures exclude fuel surcharges and costs. 4. Truckload volume and adjusted gross profit growth represents YoY change for NAST truckload. ■ 70% / 30% truckload contractual / transactional volume mix in Q2 vs 65% / 35% in Q2 last year ■ Average routing guide depth of 1.4 in Managed Solutions business vs. 1.3 in Q2 last year, reflecting a tighter capacity environment Yo Y % C ha ng e in P ric e an d C os t p er M ile YoY Price Change YoY Cost Change 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 -30% -20% -10% 0% 10% 20% 30% 40% 50%
Truckload AGP $ per Shipment Trend (1) 8 ■ Disciplined pricing and capacity procurement efforts, capturing higher-margin transactional volume, and the strength of our dynamic pricing and costing capabilities enabled us to maintain our AGP $ per mile and AGP $ per shipment on a year-over- year basis. ■ In line with the new market realities and a spike in spot costs, repricing of our contractual truckload portfolio is ongoing. N A ST A dj us te d G ro ss P ro fit $ p er T ru ck lo ad Sh ip m en t N A ST A djusted G ross Profit M argin % NAST Adjusted Gross Profit $ per Truckload Shipment (left axis) NAST Adjusted Gross Profit Margin % (right axis) Average NAST AGP $ per Truckload Shipment (left axis) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 11% 12% 13% 14% 15% 16% 17% 18% 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.
Global Forwarding Q2’26 Results by Service 9 2Q26 2Q25 %▲ Ocean $104.9 $107.9 (2.8)% Air $41.9 $34.0 23.4% Customs $31.8 $35.1 (9.4)% Other $10.2 $10.6 (3.8)% Total Adjusted Gross Profits $188.8 $187.6 0.7% Adjusted Gross Profit Margin % 21.1% 23.5% (240 bps) Adjusted Gross Profits (1) ($ in millions) ■ Ocean AGP decreased due to a 4.0% decrease in AGP per shipment, partially offset by a 1.0% increase in shipments(2) ■ Supply-side constraints and global disruptions drove higher air rates ■ Air AGP increased 23.4% due to a 33.5% increase in AGP per metric ton shipped, partially offset by a 7.5% decline in metric tons shipped(2) ■ Customs AGP decreased due to a 7.5% decrease in adjusted gross profit per transaction and a 2.0% reduction in volume(2) 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent. Second Quarter Highlights
All Other & Corporate Q2’26 Results 10 Robinson Fresh ■ AGP increased 6.5% Y/Y driven by a volume increase with foodservice customers Managed Solutions ■ Total freight under management of $2.1B in Q2 2Q26 2Q25 %▲ Robinson Fresh $47.3 $44.4 6.5% Managed Solutions $32.5 $29.0 11.9% Total $79.7 $73.4 8.6% Adjusted Gross Profits (1) ($ in millions) 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Second Quarter Highlights
IMPROVEPLAN ACTIVATE • Enterprise Strategy Map • Policy Deployment Matrix • Policy Deployment Initiatives • Binary view of success (green) or opportunity (red) • Regular operating review cadence (daily, weekly, monthly, quarterly) • Divisional Strategy Maps • Shared Services Strategy Maps • Accountable action plans on all scorecards with red • Embrace and attack the red! • e.g., Gemba walks ("go to the desk") Scorecard: Measurable & Actionable Inputs Defined & Cascaded Strategy Maps Clear Long-Term Strategy & Targets Continuous, Rigorous Measurement & Action Plans Continuously Improving. Never Stops. 1 2 3 4 5 Robinson Operating Model 11
Streamlining & Automating Processes to Drive Profitable Growth 12 12
What: Large language models (ChatGPT) How: Understanding of written language and generating content CHR Examples: Email classification, email quoting, email order entry, appointments *Works well with Traditional AI What: Machine learning, predictive analytics, optimization How: Advanced math and statistics CHR Examples: Costing, pricing, transportation optimization From machine learning to multi-agent models with advanced reasoning What: Large language models plus planning, tool use, memory, natural interaction, and optimization How: Advanced reasoning adds the ability to act autonomously to perform complex tasks without explicit instructions CHR Examples: NMFC Agent, Ocean Quoting *Works well with GenAI and Traditional AI The Multifaceted World of AI 13
I provide customers with transactional quotes, fast. Quote Agents I build and update orders on-system in seconds. Order Agents I contact carriers for timely tracking updates. Tracking Agents I book and reschedule optimal appointments. Appointment Agents I post available truckload capacity on-system early. Truck Post Agents I proactively recommend loads to best-fit carriers. Load Booking Agents I acquire necessary documents from carriers. Documents Agents I ensure carriers are paid on time. Carrier Payment Agents Meet the Fleet of C.H. Robinson AI Agents 14 Just a sample of the agents performing tasks that defied automation for decades
Capital Allocation Priorities: Balanced and Opportunistic 15 Cash Flow from Operations & Capital Distribution ($M) ■ $301 million of cash returned to shareholders in Q2 2026 ■ Q2 2026 capital distribution increased 88% Y/Y ■ 1.35 million shares repurchased at an average price of $166.89 ■ More than 25 years of annually increasing dividends, on a per share basis ■ The Y/Y decrease in cash from operations was driven primarily by an unfavorable change in net operating working capital in Q2 2026 due to higher freight rates. ■ Strong conviction in the company's intrinsic value led to increased share repurchases in Q2 2026. ■ Allocated $79 million of capital for M&A in Q2 2026, primarily for the acquisition of DeSpir Logistics
30% GF Operating Margin Mid-30s Enterprise Operating Margin 40% NAST Operating Margin ~$400M - $500M $350M-$450M Incremental Adjusted Operating Income vs. 2023 Mid-Cycle Key Assumptions • Outsized volume growth in NAST and GF • Ongoing gross margin expansion driven by technology enhancements and disciplined revenue management • Consistent focus on driving evergreen productivity improvement and operating leverage • 40% and 30% remain our targets for quality of earnings; beyond those, we retain the optionality to deliver demonstrable outgrowth to deliver higher earnings for our investors Our 2026 Financial Target1 161. Updated on October 29, 2025
1. Excluding restructuring and other charges Market Assumptions • Market volume growth of -3% to +1% in 2026 • Market normalization • NAST AGP/shipment flat to up 4% • GF AGP/shipment reset to 2H 2023 (down 10%) Key Drivers • Outperform the market • Optimize AGP yields • Organizational transformation • Evergreen productivity gains Confident in our ability to deliver operating income within our target range, despite market volume growth that has been negative Y/Y in 1H of 2026 2026 Operating Income Target Bridge1 17
© C.H. Robinson Worldwide, Inc. All rights reserved. Our Customer Promise 18
2024 INVESTOR DAY Appendix
Q2 2026 Transportation Results(1) 20 Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 4,524,773 $ 3,746,660 20.8 % $ 8,168,484 $ 7,468,575 9.4 % Total Adjusted Gross Profits(2) $ 696,361 $ 654,019 6.5 % $ 1,324,762 $ 1,294,564 2.3 % Adjusted Gross Profit Margin %(2) 15.4% 17.5% (210 bps) 16.2% 17.3% (110 bps) Transportation Adjusted Gross Profit Margin % 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 17.3% 16.4% 18.6% 15.3% 14.9% 13.5% 15.2% 15.4% 17.2% 17.2% Q2 16.2% 16.2% 18.3% 17.5% 13.8% 15.4% 15.5% 15.8% 17.5% 15.4% Q3 16.4% 16.6% 16.9% 14.4% 13.7% 15.1% 15.1% 16.4% 17.7% Q4 16.6% 17.7% 15.6% 14.3% 13.3% 15.5% 15.0% 16.9% 17.4% Total 16.6% 16.7% 17.3% 15.3% 13.8% 14.8% 15.2% 16.1% 17.5% 1. Includes results across all segments. 2. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.
Q2 2026 NAST Results 21 1. Adjusted gross profits, adjusted gross profit margin %, and adjusted operating margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $2.2 million of restructuring charges in the three months ended June 30, 2026 primarily related to workforce reductions. Includes $18.2 million of restructuring charges in the six months ended June 30, 2026 primarily related to workforce reductions. Includes $0.7 million of restructuring charges in the three months and six months ended June 30, 2025 related to workforce reductions. Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 3,593,269 $ 2,918,227 23.1 % $ 6,540,592 $ 5,786,647 13.0 % Total Adjusted Gross Profits(1) $ 469,389 $ 432,248 8.6 % $ 900,466 $ 850,572 5.9 % Adjusted Gross Profit Margin %(1) 13.1% 14.8% (170 bps) 13.8% 14.7% (90 bps) Income from Operations(2) $ 189,845 $ 163,991 15.8 % $ 334,975 $ 307,662 8.9 % Adjusted Operating Margin %(1) 40.4% 37.9% 250 bps 37.2% 36.2% 100 bps Depreciation and Amortization $ 4,763 $ 4,815 (1.1) % $ 9,526 $ 9,624 (1.0) % Total Assets $ 3,453,880 $ 2,971,926 16.2 % $ 3,453,880 $ 2,971,926 16.2 % Average Headcount 4,671 5,283 (11.6) % 4,732 5,283 (10.4) %
Q2 2026 Global Forwarding Results 22 1. Adjusted gross profits, adjusted gross profit margin %, and adjusted operating margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $2.2 million of restructuring charges in the three months ended June 30, 2026 related to workforce reductions and a gain driven by the favorable termination of an operating lease. Includes $4.7 million of restructuring charges in the six months ended June 30, 2026 primarily related to workforce reductions. Includes $2.6 million of restructuring charges in the three months and six months ended June 30, 2025 related to workforce reductions. Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 896,604 $ 797,800 12.4 % $ 1,561,334 $ 1,572,688 (0.7) % Total Adjusted Gross Profits(1) $ 188,830 $ 187,581 0.7 % $ 351,121 $ 372,209 (5.7) % Adjusted Gross Profit Margin %(1) 21.1% 23.5% (240 bps) 22.5% 23.7% (120 bps) Income from Operations(2) $ 60,970 $ 51,330 18.8 % $ 92,654 $ 94,273 (1.7) % Adjusted Operating Margin %(1) 32.3% 27.4% 490 bps 26.4% 25.3% 110 bps Depreciation and Amortization $ 1,486 $ 2,188 (32.1) % $ 3,421 $ 4,327 (20.9) % Total Assets $ 1,275,412 $ 1,332,889 (4.3) % $ 1,275,412 $ 1,332,889 (4.3) % Average Headcount 3,699 4,436 (16.6) % 3,767 4,469 (15.7) %
Q2 2026 All Other and Corporate Results 23 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $3.2 million of restructuring charges in the three months ended June 30, 2026 primarily related to workforce reductions. Includes $4.8 million of restructuring charges in the six months ended June 30, 2026 primarily related to workforce reductions. Includes $1.1 million of charges in the three months ended June 30, 2025 primarily related to workforce reductions. Includes $9.7 million of charges in the six months ended June 30, 2025 primarily related to 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. Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2026 2025 % Change 2026 2025 % Change Total Revenues $ 444,225 $ 420,516 5.6% $ 845,106 $ 823,948 2.6% Total Adjusted Gross Profits(1) $ 79,747 $ 73,402 8.6% $ 146,872 $ 143,538 2.3% Income (loss) from Operations(2) $ 4,928 $ 598 N/M $ 3,800 $ (9,163) N/M Depreciation and Amortization $ 16,320 $ 17,863 (8.6%) $ 34,474 $ 36,557 (5.7%) Total Assets $ 1,114,214 $ 1,017,096 9.5% $ 1,114,214 $ 1,017,096 9.5% Average Headcount 3,101 3,139 (1.2%) 3,100 3,414 (9.2%)
24 Our adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted gross profit margin is calculated as adjusted gross profit divided by total revenues. We believe adjusted gross profit and adjusted gross profit margin are useful measures 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. The reconciliation of gross profit to adjusted gross profit and gross profit margin to adjusted gross profit margin are presented below: Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2026 2025 2026 2025 Revenues: Transportation $ 4,524,773 $ 3,746,660 $ 8,168,484 $ 7,468,575 Sourcing 409,325 389,883 778,548 714,708 Total Revenues $ 4,934,098 $ 4,136,543 $ 8,947,032 $ 8,183,283 Costs and expenses: Purchased transportation and related services 3,828,412 3,092,641 6,843,722 6,174,011 Purchased produced sourced for resale 367,720 350,671 704,851 642,953 Direct internally developed software amortization 12,038 13,681 25,900 29,347 Total direct costs $ 4,208,170 $ 3,456,993 $ 7,574,473 $ 6,846,311 Gross profit & Gross profit margin $ 725,928 14.7% $ 679,550 16.4% $ 1,372,559 15.3% $ 1,336,972 16.3% Plus: Direct internally developed software amortization 12,038 13,681 25,900 29,347 Adjusted gross profit/Adjusted gross profit margin $ 737,966 15.0% $ 693,231 16.8% $ 1,398,459 15.6% $ 1,366,319 16.7% Non-GAAP Reconciliations
Non-GAAP Reconciliations 25 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 and/or loss on divestiture is a similar non-GAAP financial measure to adjusted operating margin, but also excludes the impact of restructuring and/ or loss from divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring 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 and/or loss on divestiture are presented below: Three Months Ended June 30 Six Months Ended June 30 $ in thousands 2026 2025 2026 2025 Total Revenues $ 4,934,098 $ 4,136,543 $ 8,947,032 $ 8,183,283 Income from operations 255,743 215,919 431,429 392,772 Operating margin 5.2% 5.2% 4.8% 4.8% Adjusted gross profit $ 737,966 $ 693,231 $ 1,398,459 $ 1,366,319 Income from operations 255,743 215,919 431,429 392,772 Adjusted operating margin 34.7% 31.1% 30.9% 28.7% Adjusted gross profit $ 737,966 $ 693,231 $ 1,398,459 $ 1,366,319 Adjusted income from operations(1) 263,233 220,229 459,154 405,695 Adjusted operating margin - excluding restructuring and/or loss on divestiture 35.7% 31.8% 32.8% 29.7% 1. In the three months ended June 30, 2026, we incurred restructuring expenses of $8.0 million primarily related to workforce reductions and a $0.5 million net gain driven by the favorable termination of an operating lease. In the six months ended June 30, 2026, we incurred restructuring expenses of $26.8 million related to workforce reductions and $0.9 million of other charges. In the three months ended June 30, 2025, we incurred expenses of $3.9 million primarily related to workforce reductions and $0.4 million of other charges. In the six months ended June 30, 2025, we incurred expenses of $5.1 million primarily related to workforce reductions and $7.8 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.
Non-GAAP Reconciliations 26 Our adjusted income from operations, adjusted operating margin - excluding restructuring 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 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 from operations, adjusted operating margin - excluding restructuring 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): Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 NAST Global Forwarding All Other and Corporate Consolidated NAST Global Forwarding All Other and Corporate Consolidated Income from operations $ 189,845 $ 60,970 $ 4,928 $ 255,743 $ 334,975 $ 92,654 $ 3,800 $ 431,429 Severance and other personnel expenses 2,019 2,998 2,999 8,016 18,053 4,081 4,652 26,786 Other selling, general, and administrative expenses 138 (828) 164 (526) 180 599 160 939 Total adjustments to income from operations(1) 2,157 2,170 3,163 7,490 18,233 4,680 4,812 27,725 Adjusted income from operations $ 192,002 $ 63,140 $ 8,091 $ 263,233 $ 353,208 $ 97,334 $ 8,612 $ 459,154 Adjusted gross profit $ 469,389 $ 188,830 $ 79,747 $ 737,966 $ 900,466 $ 351,121 $ 146,872 $ 1,398,459 Adjusted income from operations 192,002 63,140 8,091 263,233 353,208 97,334 8,612 459,154 Adjusted operating margin - excluding restructuring 40.9% 33.4% 10.1% 35.7% 39.2% 27.7% 5.9% 32.8% $ in 000's per share $ in 000's per share Net income and per share (diluted) $ 186,786 $ 1.56 $ 334,019 $ 2.78 Restructuring and related costs, pre-tax 7,490 0.06 27,725 0.23 Tax effect of adjustments (2,008) (0.01) (6,627) (0.06) Adjusted net income and per share (diluted) $ 192,268 $ 1.61 $ 355,117 $ 2.95 1. The three months ended June 30, 2026 includes severance and other personnel expenses of $8.0 million related to workforce reductions and a $0.5 million net gain driven by the favorable termination of an operating lease. The six months ended June 30, 2026 includes severance and other personnel expenses of $26.8 million related to workforce reductions and $0.9 million of other charges.
Non-GAAP Reconciliations 27 Our adjusted income from operations, adjusted operating margin - excluding restructuring 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 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 from operations, adjusted operating margin - excluding restructuring 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): Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 NAST Global Forwarding All Other and Corporate Consolidated NAST Global Forwarding All Other and Corporate Consolidated Income (loss) from operations $ 163,991 $ 51,330 $ 598 $ 215,919 $ 307,662 $ 94,273 $ (9,163) $ 392,772 Severance and other personnel expenses 677 2,576 635 3,888 677 2,576 1,822 5,075 Other selling, general, and administrative expenses — — 422 422 — — 7,848 7,848 Total adjustments to income from operations(1) 677 2,576 1,057 4,310 677 2,576 9,670 12,923 Adjusted income from operations $ 164,668 $ 53,906 $ 1,655 $ 220,229 $ 308,339 $ 96,849 $ 507 $ 405,695 Adjusted gross profit $ 432,248 $ 187,581 $ 73,402 $ 693,231 $ 850,572 $ 372,209 $ 143,538 $ 1,366,319 Adjusted income from operations 164,668 53,906 1,655 220,229 308,339 96,849 507 405,695 Adjusted operating margin - excluding restructuring and loss on divestiture 38.1% 28.7% N/M 31.8% 36.3% 26.0% N/M 29.7% $ in 000's per share $ in 000's per share Net income and per share (diluted) $ 152,471 $ 1.26 $ 287,773 $ 2.37 Restructuring and related costs, pre-tax 3,881 0.04 10,140 0.08 Loss on divestiture, pre-tax 429 — 2,783 0.02 Tax effect of adjustments (1,005) (0.01) (2,031) (0.01) Adjusted net income and per share (diluted) $ 155,776 $ 1.29 $ 298,665 $ 2.46 1. The three months ended June 30, 2025 includes severance and other personnel expenses of $3.9 million related to workforce reductions and $0.4 million of other charges. The six months ended June 30, 2025 includes severance and other personnel expenses of $5.1 million primarily related to workforce reductions and $7.8 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.
2024 INVESTOR DAY Thank you INVESTOR RELATIONS: Chuck Ives 952-683-2508 chuck.ives@chrobinson.com