C.H. Robinson Reports 2026 Third Quarter Results

C.H. Robinson Reports 2026 Third Quarter Results EDEN PRAIRIE, Minn.--( BUSINESS WIRE)--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended September 30, 2026.

"Our ability to consistently deliver secular earnings growth over the last three years is a result of the disciplined execution of our Lean AI strategy."

Third Quarter Highlights:

(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 thank our people for continuing to provide exceptional service to our customers and carriers, embracing the Robinson operating model and executing with discipline, resulting in another quarter of double-digit year-over-year earnings growth," said President and Chief Executive Officer, Dave Bozeman. "Our ability to consistently deliver secular earnings growth over the last three years is a result of the disciplined execution of our Lean AI strategy. Lean AI is our unique approach that 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."

"The third quarter of 2026 was the 14th consecutive quarter in which the NAST team delivered year-over-year volume growth that outpaced the Cass Freight Shipment Index. They also continued to deploy our disciplined revenue management practices while the North American trucking market continued to reflect a period of significant supply-driven tightening. By successfully repricing a large portion of our contractual truckload portfolio and by capturing spot volumes at higher margins, the team achieved a 17% year-over-year increase in truckload AGP per load."

"In NAST and Global Forwarding, the team continues to turn manual processes into agentic workflows that are increasingly automated, more connected, and easier to manage at scale. As a result, both businesses delivered a higher level of year-over-year productivity improvements than they achieved in the first half of 2026, and both businesses achieved their mid-cycle operating margin targets again."

"The same Lean operating model and AI technology that have been vitally important in the transformations of our NAST and Global Forwarding businesses are what will enable us to successfully integrate and transform the RXO business. These disciplines don’t disappear as we integrate a strong team and book of business with additional capabilities. Rather, we believe these disciplines are what will enable us to deliver different results than this industry’s past acquisitions," said Bozeman.

"When I joined this company a little over three years ago, I told the C.H. Robinson employees that we needed to provide such exceptional service and value to our customers and carriers that they would view us as THE trusted partner that they choose to do business with. We’ve made significant strides in delivering on that mantra, and we believe the addition of RXO will only magnify our value proposition."

"The strength of our strategies, our technology, our people and our operating model disciplines are differentiating and sustainable. We will continue to lead with purpose and move with urgency to disrupt ourselves and the industry, and to deliver customer success through our unmatched expertise, our unrivaled scale and our tailored solutions. And we expect to drive sustainable outperformance, profitable growth and long‑term value for all our stakeholders," said Bozeman.

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

(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.

Summary of 2026 Year-to-Date Results Compared to 2025

North American Surface Transportation (“NAST”) Results

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

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

% change

2026

2025

% change

Total revenues

3,829,223

2,965,694

29.1

10,369,815

8,752,341

18.5

Adjusted gross profits (1)

517,855

444,139

16.6

1,418,321

1,294,711

9.5

Income from operations

203,903

172,878

17.9

538,878

480,540

12.1

______________________________________________________

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

Third quarter total revenues for the NAST segment totaled $3.8 billion, an increase of 29.1% over the prior year, primarily driven by higher pricing and volume in our truckload and LTL services. NAST adjusted gross profits increased 16.6% in the quarter to $517.9 million. Adjusted gross profits in truckload increased 20.7% due to a 17.0% increase in adjusted gross profit per shipment and a 3.5% increase in volume. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 31.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, increased 33.5%, resulting in a 21.5% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 8.0% versus the year-ago period, driven by a 4.0% increase in adjusted gross profit per order and a 3.5% increase in LTL volume. Total NAST truckload and LTL volume increased 3.5% versus the year-ago period and outpaced the market indices for the 14th consecutive quarter. Operating expenses increased 15.7%, primarily due to higher claims expenses and higher incentive compensation reflecting our strong operating performance, partially offset by cost optimization efforts and productivity improvements. Third quarter average employee headcount was down 11.4% year-over-year. Income from operations increased 17.9% to $203.9 million, and adjusted operating margin expanded 50 basis points to 39.4%. Adjusted operating margin - excluding specified items (1) increased 110 basis points to 40.3%.

Global Forwarding Results

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

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

% change

2026

2025

% change

Total revenues

1,149,051

786,347

46.1

2,710,385

2,359,035

14.9

Adjusted gross profits (1)

221,238

191,755

15.4

572,359

563,964

1.5

Income from operations

80,047

49,021

63.3

172,701

143,294

20.5

______________________________________________________

Third quarter total revenues for the Global Forwarding segment increased 46.1% to $1.1 billion, primarily driven by higher pricing in our ocean and air services. Adjusted gross profits increased 15.4% in the quarter to $221.2 million. Ocean adjusted gross profits increased 23.2%, driven by a 20.5% increase in adjusted gross profit per shipment and a 2.0% increase in shipments. Air adjusted gross profits increased 23.2%, driven by a 28.5% increase in adjusted gross profit per metric ton shipped, partially offset by a 4.0% decline in metric tons shipped. Customs adjusted gross profits decreased 12.9%, driven by a 13.0% decrease in adjusted gross profit per transaction. Operating expenses decreased 1.1%, primarily due to lower restructuring charges and cost optimization efforts, which was partially offset by an increase in incentive compensation. Third quarter average employee headcount decreased 15.8% year-over-year. Income from operations increased 63.3% to $80.0 million, and adjusted operating margin expanded 1,060 basis points to 36.2% in the quarter. Adjusted operating margin - excluding specified items (1) expanded 660 basis points to 36.6%.

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 September 30,

Nine Months Ended September 30,

2026

2025

% change

2026

2025

% change

Total revenues

379,786

384,805

(1.3

1,224,892

1,208,753

1.3

Adjusted gross profits (1):

Robinson Fresh

38,133

40,195

(5.1

122,926

122,243

0.6

Managed Solutions

31,208

29,988

4.1

93,287

86,841

7.4

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.

Third quarter Robinson Fresh adjusted gross profits decreased 5.1% to $38.1 million driven by margin compression caused by higher fuel costs, partially offset by volume increase with foodservice customers. Managed Solutions adjusted gross profits increased 4.1% due to an increase in freight under management.

Other Income Statement Items

Interest and other income/expense, net totaled $21.7 million of expense, consisting primarily of $20.4 million of interest expense, which increased $4.7 million versus the third quarter of 2025 due to a higher average debt balance, partially offset by lower variable interest rates. The third quarter of 2026 results also include a $2.1 million net loss from foreign currency revaluation and realized foreign currency gains and losses.

The third quarter effective tax rate was 20.6%, which was flat compared to the third 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 2.2% year-over-year due to share repurchases that have occurred over the past twelve months.

Cash Flow Generation and Capital Distribution

Cash generated from operations totaled $124.1 million in the third quarter, compared to $275.4 million in the third quarter of 2025. The $151.3 million decrease in cash flow from operations was primarily related to a $246.4 million decrease in cash generated by changes in net operating working capital, due to a $267.4 million sequential increase in net operating working capital in the third quarter of 2026 compared to a $21.0 million sequential increase in the third quarter of 2025. This was partially offset by a $35.5 million increase in net income.

In the third quarter of 2026, cash returned to shareholders totaled $289.1 million, with $214.3 million in repurchases of common stock and $74.8 million in cash dividends.

Capital expenditures totaled $17.5 million in the quarter. Capital expenditures for 2026 are expected to be $65 million to $75 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. Forward-looking statements in this release include, among other things, statements concerning the proposed acquisition of RXO, Inc., including the anticipated timing and completion of the transaction; the receipt of required regulatory approvals and approval of the transaction by RXO’s stockholders; the satisfaction of other closing conditions; our plans to finance the cash consideration; our plans for the post-closing integration of RXO; and the anticipated benefits and other effects of the transaction. 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 ability to achieve 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 relating to the proposed acquisition of RXO, including the possibility that the transaction may not be completed on the anticipated terms or timing, or at all; the failure to obtain required regulatory approvals or approval of the transaction by RXO’s stockholders or to satisfy other closing conditions; risks associated with financing the cash consideration, including our ability to obtain new debt financing within the anticipated timing and on anticipated terms and the potential need to borrow under the committed bridge facility; difficulties, delays, or unanticipated costs in integrating RXO; the possibility that the anticipated benefits of the transaction may not be realized, may be realized later than expected, or may be less than anticipated; our dependence upon 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 United States; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently manage 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 AI 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 Third Quarter 2026 Earnings Conference Call

Wednesday, October 28, 2026; 8:30 a.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 September 30,

Nine Months Ended September 30,

2026

2025

% change

2026

2025

% change

Adjusted gross profits (1):

Transportation

Truckload

325,819

273,885

19.0

841,582

804,086

4.7

LTL

171,353

158,251

8.3

520,110

458,848

13.4

Ocean

136,086

110,422

23.2

330,993

333,659

(0.8

Air

43,555

35,515

22.6

118,618

102,786

15.4

Customs

31,675

36,358

(12.9

95,782

98,376

(2.6

Other logistics services

66,798

56,421

18.4

192,963

167,661

15.1

Total transportation

775,286

670,852

15.6

2,100,048

1,965,416

6.9

Sourcing

33,148

35,225

(5.9

106,845

106,980

(0.1

Total adjusted gross profits

808,434

706,077

14.5

2,206,893

2,072,396

6.5

______________________________________________________

(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 September 30,

Nine Months Ended September 30,

2026

2025

% change

2026

2025

% change

Revenues:

Transportation

5,012,177

3,783,535

32.5

13,180,661

11,252,110

17.1

Sourcing

345,883

353,311

(2.1

1,124,431

1,068,019

5.3

Total revenues

5,358,060

4,136,846

29.5

14,305,092

12,320,129

16.1

Costs and expenses:

Purchased transportation and related services

4,236,891

3,112,683

36.1

11,080,613

9,286,694

19.3

Purchased products sourced for resale

312,735

318,086

(1.7

1,017,586

961,039

5.9

Direct internally developed software amortization

12,860

14,420

(10.8

38,760

43,767

(11.4

Total direct expenses

4,562,486

3,445,189

32.4

12,136,959

10,291,500

17.9

Gross profit

795,574

691,657

15.0

2,168,133

2,028,629

6.9

Plus: Direct internally developed software amortization

12,860

14,420

(10.8

38,760

43,767

(11.4

Adjusted gross profit

808,434

706,077

14.5

2,206,893

2,072,396

6.5

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding specified items is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of specified items such as restructuring, acquisition costs, and losses from divestiture. We believe adjusted operating margin and adjusted operating margin - excluding specified items 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 specified items are presented below:

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

% change

2026

2025

% change

Total revenues

5,358,060

4,136,846

29.5

14,305,092

12,320,129

16.1

Income from operations

271,807

220,836

23.1

703,236

613,608

14.6

Operating margin

5.1

5.3

(20) bps

4.9

5.0

(10) bps

Adjusted gross profit

808,434

706,077

14.5

2,206,893

2,072,396

6.5

Income from operations

271,807

220,836

23.1

703,236

613,608

14.6

Adjusted operating margin

33.6

31.3

230 bps

31.9

29.6

230 bps

Adjusted gross profit

808,434

706,077

14.5

2,206,893

2,072,396

6.5

Adjusted income from operations

290,754

230,590

26.1

749,908

636,285

17.9

Adjusted operating margin - excluding specified items

36.0

32.7

330 bps

34.0

30.7

330 bps

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

Our adjusted income (loss) from operations, adjusted operating margin - excluding specified items, 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 specified items such as restructuring, acquisition costs, and losses 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 specified items, 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 September 30, 2026

Income (loss) from operations

203,903

80,047

(12,143

)

271,807

Severance and other personnel expenses

1,762

884

937

3,583

Other selling, general, and administrative expenses

3,073

12,258

15,364

Total adjustments to income (loss) from operations (1)

4,835

917

13,195

18,947

Adjusted income from operations

208,738

80,964

1,052

290,754

Adjusted gross profit

517,855

221,238

69,341

808,434

Adjusted income from operations

208,738

80,964

1,052

290,754

Adjusted operating margin - excluding specified items

40.3

36.6

1.5

36.0

NAST

Global

Forwarding

All

Other and

Corporate

Consolidated

Nine Months Ended September 30, 2026

Income (loss) from operations

538,878

172,701

(8,343

)

703,236

Severance and other personnel expenses

19,815

4,965

5,589

30,369

Other selling, general, and administrative expenses

3,253

632

12,418

16,303

Total adjustments to income (loss) from operations (2)

23,068

5,597

18,007

46,672

Adjusted income from operations

561,946

178,298

9,664

749,908

Adjusted gross profit

1,418,321

572,359

216,213

2,206,893

Adjusted income from operations

561,946

178,298

9,664

749,908

Adjusted operating margin - excluding specified items

39.6

31.2

4.5

34.0

Three Months Ended

September 30, 2026

Nine Months Ended

September 30, 2026

$ in 000's

per share

$ in 000's

per share

Net income and per share (diluted)

198,469

1.67

532,488

4.45

Restructuring and related costs, pre-tax

16,092

0.14

43,817

0.37

Acquisition related costs, pre-tax

2,855

0.02

2,855

0.02

Tax effect of adjustments

(4,000

)

(0.03

)

(10,627

)

(0.09

)

Adjusted net income and per share (diluted)

213,416

1.80

568,533

4.75

________________________________________________________

(1) The three months ended September 30, 2026 includes severance and other personnel expenses of $3.6 million related to workforce reductions and $15.4 million of other charges, which includes $12.2 million of impairment charges related to our Kansas City regional center lease and $2.9 million of acquisition related costs.

(2) The nine months ended September 30, 2026 includes severance and other personnel expenses of $30.4 million related to workforce reductions and $16.3 million of other charges, which includes $12.2 million of impairment charges related to our Kansas City regional center lease and $2.9 million of acquisition related costs.

Non-GAAP Reconciliation:

NAST

Global

Forwarding

All

Other and

Corporate

Consolidated

Three Months Ended September 30, 2025

Income (loss) from operations

172,878

49,021

(1,063

)

220,836

Severance and other personnel expenses

1,199

8,403

126

9,728

Other selling, general, and administrative expenses

127

(176

)

Total adjustments to income (loss) from operations (1)

1,274

8,530

(50

)

9,754

Adjusted income (loss) from operations

174,152

57,551

(1,113

)

230,590

Adjusted gross profit

444,139

191,755

70,183

706,077

Adjusted income (loss) from operations

174,152

57,551

(1,113

)

230,590

Adjusted operating margin - excluding specified items

39.2

30.0

N/M

32.7

NAST

Global

Forwarding

All

Other and

Corporate

Consolidated

Nine Months Ended September 30, 2025

Income (loss) from operations

480,540

143,294

(10,226

)

613,608

Severance and other personnel expenses

1,876

10,979

1,948

14,803

Other selling, general, and administrative expenses

127

7,672

7,874

Total adjustments to income (loss) from operations (2)

1,951

11,106

9,620

22,677

Adjusted income (loss) from operations

482,491

154,400

(606

)

636,285

Adjusted gross profit

1,294,711

563,964

213,721

2,072,396

Adjusted income (loss) from operations

482,491

154,400

(606

)

636,285

Adjusted operating margin - excluding specified items

37.3

27.4

N/M

30.7

Three Months Ended

September 30, 2025

Nine Months Ended

September 30, 2025

$ in 000's

per share

$ in 000's

per share

Net income and per share (diluted)

162,987

1.34

450,760

3.71

Restructuring and related costs, pre-tax

9,930

0.07

20,070

0.16

(Gain) loss on divestiture, pre-tax

(176

)

—

2,607

0.02

Tax effect of adjustments

(2,449

)

(0.01

)

(4,480

)

(0.03

)

Adjusted net income and per share (diluted)

170,292

1.40

468,957

3.86

________________________________________________________

(1) The three months ended September 30, 2025 includes severance and other personnel expenses of $9.7 million related to workforce reductions.

(2) The nine months ended September 30, 2025 includes severance and other personnel expenses of $14.8 million primarily related to workforce reductions and $7.9 million of other charges, which includes a $6.3 million impairment charge on our Kansas City regional center lease.

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

% change

2026

2025

% change

Revenues:

Transportation

5,012,177

3,783,535

32.5

13,180,661

11,252,110

17.1

Sourcing

345,883

353,311

(2.1

1,124,431

1,068,019

5.3

Total revenues

5,358,060

4,136,846

29.5

14,305,092

12,320,129

16.1

Costs and expenses:

Purchased transportation and related services

4,236,891

3,112,683

36.1

11,080,613

9,286,694

19.3

Purchased products sourced for resale

312,735

318,086

(1.7

1,017,586

961,039

5.9

Personnel expenses

360,301

349,302

3.1

1,051,496

1,033,177

1.8

Other selling, general, and administrative expenses

176,326

135,939

29.7

452,161

425,611

6.2

Total costs and expenses

5,086,253

3,916,010

29.9

13,601,856

11,706,521

16.2

Income from operations

271,807

220,836

23.1

703,236

613,608

14.6

Interest and other income/expense, net

(21,719

)

(15,602

)

39.2

(48,610

)

(57,679

)

(15.7

Income before provision for income taxes

250,088

205,234

21.9

654,626

555,929

17.8

Provision for income taxes

51,619

42,247

22.2

122,138

105,169

16.1

Net income

198,469

162,987

21.8

532,488

450,760

18.1

Net income per share (basic)

1.69

1.36

24.3

4.49

3.75

19.7

Net income per share (diluted)

1.67

1.34

24.6

4.45

3.71

19.9

Weighted average shares outstanding (basic)

117,499

119,887

(2.0

118,616

120,363

(1.5

Weighted average shares outstanding (diluted)

118,732

121,349

(2.2

119,784

121,413

(1.3

Business Segment Information

(unaudited, in thousands, except average employee headcount)

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Three Months Ended September 30, 2026

Total revenues

3,829,223

1,149,051

379,786

5,358,060

Adjusted gross profits (1)

517,855

221,238

69,341

808,434

Income (loss) from operations

203,903

80,047

(12,143

)

271,807

Depreciation and amortization

5,263

1,479

17,031

23,773

Total assets (2)

3,775,164

1,556,883

1,057,408

6,389,455

Average employee headcount

4,597

3,573

3,083

11,253

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Three Months Ended September 30, 2025

Total revenues

2,965,694

786,347

384,805

4,136,846

Adjusted gross profits (1)

444,139

191,755

70,183

706,077

Income (loss) from operations

172,878

49,021

(1,063

)

220,836

Depreciation and amortization

4,874

2,250

18,705

25,829

Total assets (2)

2,978,317

1,233,692

1,015,845

5,227,854

Average employee headcount

5,187

4,245

3,127

12,559

________________________________________________

(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.

Business Segment Information

(unaudited, in thousands, except average employee headcount)

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Nine Months Ended September 30, 2026

Total revenues

10,369,815

2,710,385

1,224,892

14,305,092

Adjusted gross profits (1)

1,418,321

572,359

216,213

2,206,893

Income (loss) from operations

538,878

172,701

(8,343

)

703,236

Depreciation and amortization

14,789

4,900

51,505

71,194

Total assets (2)

3,775,164

1,556,883

1,057,408

6,389,455

Average employee headcount

4,674

3,710

3,095

11,479

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Nine Months Ended September 30, 2025

Total revenues

8,752,341

2,359,035

1,208,753

12,320,129

Adjusted gross profits (1)

1,294,711

563,964

213,721

2,072,396

Income (loss) from operations

480,540

143,294

(10,226

)

613,608

Depreciation and amortization

14,498

6,577

55,262

76,337

Total assets (2)

2,978,317

1,233,692

1,015,845

5,227,854

Average employee headcount

5,234

4,380

3,339

12,953

__________________________________________________

(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)

September 30, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

193,132

160,871

Receivables, net of allowance for credit loss

3,547,181

2,360,829

Contract assets, net of allowance for credit loss

290,924

156,441

Prepaid expenses and other

98,832

120,402

Total current assets

4,130,069

2,798,543

Property and equipment, net of accumulated depreciation and amortization

102,297

116,362

Right-of-use lease assets

246,837

278,323

Intangible and other assets, net of accumulated amortization

1,910,252

1,865,153

Total assets

6,389,455

5,058,381

Liabilities and stockholders’ investment

Current liabilities:

Accounts payable and outstanding checks

1,969,412

1,241,276

Accrued expenses:

Compensation

189,766

188,838

Transportation expense

236,322

120,708

Income taxes

11,780

33,745

Other accrued liabilities

182,394

174,955

Current lease liabilities

69,357

72,180

Current portion of debt

425,818

—

Total current liabilities

3,084,849

1,831,702

Long-term debt

1,443,491

1,089,438

Noncurrent lease liabilities

213,720

233,768

Noncurrent income taxes payable

42,348

34,875

Deferred tax liabilities

22,830

21,526

Other long-term liabilities

2,829

1,425

Total liabilities

4,810,067

3,212,734

Total stockholders’ investment

1,579,388

1,845,647

Total liabilities and stockholders’ investment

6,389,455

5,058,381

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except employee count)

Nine Months Ended September 30,

Operating activities:

2026

2025

Net income

532,488

450,760

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Depreciation and amortization

71,194

76,337

Provision for credit losses

5,425

6,571

Stock-based compensation

80,787

62,774

Deferred income taxes

28,196

30,564

Excess tax benefit on stock-based compensation

(31,644

)

(15,621

)

Change in loss on disposal group

—

(569

)

Other operating activities

12,451

7,172

Changes in operating elements:

Receivables

(1,221,470

)

(89,325

)

Contract assets

(134,894

)

23,035

Prepaid expenses and other

21,864

(26,521

)

Right of use asset

18,659

42,475

Accounts payable and outstanding checks

723,448

79,171

Accrued compensation

180

(9,903

)

Accrued transportation expense

115,614

(14,094

)

Accrued income taxes

16,758

49,418

Other accrued liabilities

13,450

(16,168

)

Lease liability

(22,399

)

(49,701

)

Other assets and liabilities

(1,513

)

2,730

Net cash provided by operating activities

228,594

609,105

Investing activities:

Purchases of property and equipment

(11,212

)

(16,615

)

Purchases and development of software

(39,557

)

(38,246

)

Cash used for acquisitions, net of cash acquired

(78,949

)

—

Proceeds from divestiture

35,310

27,737

Other investing activities

3,289

—

Net cash used for investing activities

(91,119

)

(27,124

)

Financing activities:

Proceeds from stock issued for employee benefit plans

64,789

112,076

Stock tendered for payment of withholding taxes

(81,106

)

(57,982

)

Repurchase of common stock

(639,922

)

(240,257

)

Cash dividends

(229,132

)

(227,053

)

Proceeds from long-term borrowings

2,957,000

344,000

Payments on long-term borrowings

(2,104,000

)

(512,000

)

Proceeds from short-term borrowings

318,000

1,548,800

Payments on short-term borrowings

(392,000

)

(1,575,800

)

Net cash used for financing activities

(106,371

)

(608,216

)

Effect of exchange rates on cash and cash equivalents

1,157

6,534

Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale

32,261

(19,701

)

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

193,132

136,837

Employees as of September 30

11,118

12,314

CHRW-IR