C.H. Robinson Reports 2025 Fourth 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 December 31, 2025.

"The strength of our Lean AI - which is the combination of our Lean operating model, industry-leading technology and the best logisticians - has enabled us to consistently outperform over the last two years, and we did it again in the fourth quarter."

Fourth Quarter Highlights:

(1) Adjusted gross profit margin, adjusted income from operations, and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 13 for further discussion and GAAP to Non-GAAP Reconciliations.

"The fourth quarter certainly provided a challenging macro environment, with weak global freight demand, rising spot costs in trucking and falling ocean rates all providing headwinds to our business," said President and Chief Executive Officer, Dave Bozeman. "However, we’ve consistently focused on controlling what we can control, which is providing differentiated service and solutions to our customers and carriers, executing with discipline, and continuously improving our business model and our cost to serve. This focus, and the strength of our Lean AI - which is the combination of our Lean operating model, industry-leading technology and the best logisticians - has enabled us to consistently outperform over the last two years, and we did it again in the fourth quarter."

"The Cass Freight Shipment Index declined year-over-year for the 13th consecutive quarter and was the lowest Q4 reading since the financial crisis of 2009," Bozeman added. "Spot market costs for truckload capacity spiked during the last five weeks of the quarter, due to a seasonal decline in capacity, three winter storms and incremental pressure from the cumulative enforcement of various commercial driver regulations. International freight continues to be impacted by global trade policies, which caused previous front-loading, a dislocation of shipments and a more pronounced decline in demand after the third quarter peak season. Combined with excess vessel capacity, this caused ocean rates to decline substantially versus a year ago - consistent with the expectations that we laid out at our Investor Day in December of 2024. So the macro conditions for global transportation companies were difficult in fourth quarter, and we are not impervious to these volume and rate dynamics."

"In NAST, we grew our total volume by approximately 1% and our truckload volume by approximately 3% on a year-over-year basis. Compared to a 7.6% year-over-year decline in the Cass Freight Shipment Index, this reflects another quarter of demonstrable market share growth. This was accomplished while mitigating some of the market pressure on gross profits through strong revenue management practices and by improving our cost of hire advantage. These disciplines enabled us to improve our NAST AGP margin by 20 basis points on a year-over-year basis, despite the pressure on spot market costs from a decline in available capacity."

"In Global Forwarding, we expanded gross margins by 120 basis points year-over-year through improved revenue management discipline. We also continued to evolve our Global Forwarding business to a more cohesive, centralized model with standardized and Lean AI-enabled processes. We continued to improve our productivity and cost to serve across the enterprise, resulting in a double-digit productivity increase in NAST for the full year and a high-single-digit productivity increase in Global Forwarding. As we continue to purposefully engineer our work to drive higher automation, a lower cost to serve and improved customer outcomes, all of this is aimed at building the best model for demonstrable outgrowth while continuing to have industry-leading operating margins. While we’re pleased with the results we’ve delivered in the last two years, we are still in the early stages of our transformation. Significant runway exists as we continue to deepen the Lean mindset and scale custom-built AI agents across the enterprise," said Bozeman.

Summary of Fourth Quarter of 2025 Results Compared to the Fourth Quarter of 2024

Summary of Full Year 2025 Results Compared to 2024

North American Surface Transportation (“NAST”) Results

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

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% change

2025

2024

% change

Total revenues

2,810,373

2,802,700

0.3

11,562,714

11,727,539

(1.4

Adjusted gross profits (1)

411,618

403,764

1.9

1,706,329

1,641,195

4.0

Income from operations

141,296

132,528

6.6

621,836

531,292

17.0

Fourth quarter total revenues for the NAST segment totaled $2.8 billion, an increase of 0.3% over the prior year, primarily driven by higher volumes in our truckload services, partially offset a shorter average length of haul in truckload services. NAST adjusted gross profits increased 1.9% in the quarter to $411.6 million. Adjusted gross profits in truckload decreased 0.4% due to a 3.0% decrease in adjusted gross profit per shipment, which was partially offset by a 3.0% increase in volume. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 2.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, also increased 2.5%, resulting in a flat truckload adjusted gross profit per mile. LTL adjusted gross profits increased 6.0% versus the year-ago period, driven by a 5.5% increase in adjusted gross profit per order and a 0.5% increase in LTL volume. Total NAST truckload and LTL volume increased 1.0% for the quarter and outpaced the market indices. Operating expenses decreased 0.3%, primarily due to cost optimization efforts and productivity improvements, partially offset by restructuring charges related to workforce reductions. Fourth quarter average employee headcount was down 7.1% year-over-year. Income from operations increased 6.6% to $141.3 million, and adjusted operating margin expanded 150 basis points to 34.3%.

Global Forwarding Results

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

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% change

2025

2024

% change

Total revenues

730,983

883,968

(17.3

3,090,018

3,805,018

(18.8

Adjusted gross profits (1)

177,957

203,801

(12.7

741,921

802,549

(7.6

Income from operations

40,489

51,827

(21.9

183,783

212,476

(13.5

Fourth quarter total revenues for the Global Forwarding segment decreased 17.3% to $731.0 million, primarily driven by lower pricing and volume in our ocean services. Adjusted gross profits decreased 12.7% in the quarter to $178.0 million. Ocean adjusted gross profits decreased 22.0%, driven by a 15.0% decrease in adjusted gross profit per shipment and an 8.0% decline in shipments. Air adjusted gross profits decreased 17.3%, driven by a 12.5% decline in metric tons shipped and a 5.5% decrease in adjusted gross profit per metric ton shipped. Customs adjusted gross profits increased 30.0%, driven by a 26.0% increase in adjusted gross profit per transaction and a 3.0% increase in transaction volume. Operating expenses decreased 9.5%, primarily due to cost optimization efforts and productivity improvements and lower incentive compensation, partially offset by restructuring charges related to workforce reductions. Fourth quarter average employee headcount decreased 11.8% year-over-year. Income from operations decreased 21.9% to $40.5 million, and adjusted operating margin declined 260 basis points to 22.8% in the quarter.

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 December 31,

Twelve Months Ended December 31,

2025

2024

% change

2025

2024

% change

Total revenues

371,278

497,988

(25.4

1,580,031

2,192,399

(27.9

Adjusted gross profits (1):

Robinson Fresh

38,851

35,983

8.0

161,094

146,310

10.1

Managed Solutions

28,588

28,133

1.6

115,429

113,770

1.5

Other Surface Transportation (2)

—

12,942

(100.0

4,637

61,190

(92.4

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

Fourth quarter Robinson Fresh adjusted gross profits increased 8.0% to $38.9 million due to an increase in integrated supply chain solutions for foodservice customers. Managed Solutions adjusted gross profits increased 1.6% due to an increase in freight under management.

Other Income Statement Items

Interest and other income/expense, net totaled $14.8 million of expense, consisting primarily of $13.7 million of interest expense, which decreased $5.1 million versus the fourth quarter of 2024 due to a lower average debt balance and lower variable interest rates.

The fourth quarter effective tax rate was 18.1%, up from 11.4% in the fourth quarter of 2024. The higher rate in the fourth quarter of 2025 was driven by the impact of non-recurring discrete items, lower U.S. tax credits, and increased executive compensation allowed deductions, partially offset by higher tax benefits from stock-based compensation. For 2026, we expect our full-year effective tax rate to be 18% to 20%.

Diluted weighted average shares outstanding in the quarter were down 0.5% year-over-year.

Cash Flow Generation and Capital Distribution

Cash generated from operations totaled $305.4 million in the fourth quarter, compared to $267.9 million in the fourth quarter of 2024. The $37.5 million increase in cash flow from operations was primarily related to a $28.2 million increase in cash generated by changes in net operating working capital, due to a $119.0 million sequential decrease in net operating working capital in the fourth quarter of 2025 compared to a $90.8 million sequential decrease in the fourth quarter of 2024.

In the fourth quarter of 2025, cash returned to shareholders totaled $207.7 million, with $133.3 million in repurchases of common stock and $74.3 million in cash dividends.

Capital expenditures totaled $15.7 million in the quarter. Capital expenditures for 2026 are expected to be $75 million to $85 million.

About C.H. Robinson

C.H. Robinson is the global leader in Lean AI supply chains. For more than a century, companies everywhere have looked to us to reimagine how goods move. Now, as we redefine what’s next for the industry, that same drive fuels our commitment to Building Tomorrow’s Supply Chains, Today™. Trusted by 83,000 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 Fourth Quarter 2025 Earnings Conference Call

Wednesday, January 28, 2026; 5:30 p.m. Eastern Time

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through C.H. Robinson's Investor Relations website at investor.chrobinson.com.

To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756

Adjusted Gross Profit by Service Line

(in thousands)

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

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% change

2025

2024

% change

Adjusted gross profits (1):

Transportation

Truckload

248,195

261,527

(5.1

1,052,281

1,072,691

(1.9

LTL

150,888

141,982

6.3

609,736

572,169

6.6

Ocean

99,215

127,139

(22.0

432,874

519,970

(16.8

Air

33,909

40,856

(17.0

136,695

135,901

0.6

Customs

34,400

26,467

30.0

132,776

107,480

23.5

Other logistics services

56,618

54,383

4.1

224,279

225,599

(0.6

Total transportation

623,225

652,354

(4.5

2,588,641

2,633,810

(1.7

Sourcing

33,789

32,269

4.7

140,769

131,204

7.3

Total adjusted gross profits

657,014

684,623

(4.0

2,729,410

2,765,014

(1.3

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 December 31,

Twelve Months Ended December 31,

2025

2024

% change

2025

2024

% change

Revenues:

Transportation

3,571,694

3,870,927

(7.7

14,823,804

16,353,745

(9.4

Sourcing

340,940

313,729

8.7

1,408,959

1,371,211

2.8

Total revenues

3,912,634

4,184,656

(6.5

16,232,763

17,724,956

(8.4

Costs and expenses:

Purchased transportation and related services

2,948,469

3,218,573

(8.4

12,235,163

13,719,935

(10.8

Purchased products sourced for resale

307,151

281,460

9.1

1,268,190

1,240,007

2.3

Direct internally developed software amortization

14,491

11,762

23.2

58,258

44,308

31.5

Total direct expenses

3,270,111

3,511,795

(6.9

13,561,611

15,004,250

(9.6

Gross profit

642,523

672,861

(4.5

2,671,152

2,720,706

(1.8

Plus: Direct internally developed software amortization

14,491

11,762

23.2

58,258

44,308

31.5

Adjusted gross profit

657,014

684,623

(4.0

2,729,410

2,765,014

(1.3

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 losses 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 December 31,

Twelve Months Ended December 31,

2025

2024

% change

2025

2024

% change

Total revenues

3,912,634

4,184,656

(6.5

16,232,763

17,724,956

(8.4

Income from operations

181,353

183,799

(1.3

794,961

669,141

18.8

Operating margin

4.6

4.4

20 bps

4.9

3.8

110 bps

Adjusted gross profit

657,014

684,623

(4.0

2,729,410

2,765,014

(1.3

Income from operations

181,353

183,799

(1.3

794,961

669,141

18.8

Adjusted operating margin

27.6

26.8

80 bps

29.1

24.2

490 bps

Adjusted gross profit

657,014

684,623

(4.0

2,729,410

2,765,014

(1.3

Adjusted income from operations

197,448

184,408

7.1

833,733

759,349

9.8

Adjusted operating margin - excluding restructuring and/or loss on divestiture

30.1

26.9

320 bps

30.5

27.5

300 bps

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

Our adjusted income (loss) 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 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 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 December 31, 2025

Income (loss) from operations

141,296

40,489

(432

)

181,353

Severance and other personnel expenses

8,309

3,982

2,892

15,183

Other selling, general, and administrative expenses

309

1,040

(437

)

912

Total adjustments to income from operations (1)

8,618

5,022

2,455

16,095

Adjusted income from operations

149,914

45,511

2,023

197,448

Adjusted gross profit

411,618

177,957

67,439

657,014

Adjusted income from operations

149,914

45,511

2,023

197,448

Adjusted operating margin - excluding restructuring and loss on divestiture

36.4

25.6

3.0

30.1

NAST

Global Forwarding

All

Other and

Corporate

Consolidated

Twelve Months Ended December 31, 2025

Income (loss) from operations

621,836

183,783

(10,658

)

794,961

Severance and other personnel expenses

10,185

14,961

4,840

29,986

Other selling, general, and administrative expenses

384

1,167

7,235

8,786

Total adjustments to income from operations (2)

10,569

16,128

12,075

38,772

Adjusted income from operations

632,405

199,911

1,417

833,733

Adjusted gross profit

1,706,329

741,921

281,160

2,729,410

Adjusted income from operations

632,405

199,911

1,417

833,733

Adjusted operating margin - excluding restructuring and loss on divestiture

37.1

26.9

0.5

30.5

Three Months Ended

December 31, 2025

Twelve Months Ended

December 31, 2025

$ in 000's

per share

$ in 000's

per share

Net income and per share (diluted)

136,321

1.12

587,081

4.83

Restructuring and related costs, pre-tax

16,594

0.14

36,664

0.30

(Gain) loss on divestiture, pre-tax

(499

)

—

2,108

0.02

Tax effect of adjustments

(3,177

)

(0.03

)

(7,657

)

(0.06

)

Adjusted net income and per share (diluted)

149,239

1.23

618,196

5.09

Non-GAAP Reconciliation:

NAST

Global Forwarding

All

Other and

Corporate

Consolidated

Three Months Ended December 31, 2024

Income (loss) from operations

132,528

51,827

(556

)

183,799

Severance and other personnel expenses

1,154

1,017

1,574

3,745

Other selling, general, and administrative expenses

671

2,281

(6,088

)

(3,136

)

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

1,825

3,298

(4,514

)

609

Adjusted income (loss) from operations

134,353

55,125

(5,070

)

184,408

Adjusted gross profit

403,764

203,801

77,058

684,623

Adjusted income (loss) from operations

134,353

55,125

(5,070

)

184,408

Adjusted operating margin - excluding restructuring and loss on

divestiture

33.3

27.0

N/M

26.9

NAST

Global Forwarding

All

Other and

Corporate

Consolidated

Twelve Months Ended December 31, 2024

Income (loss) from operations

531,292

212,476

(74,627

)

669,141

Severance and other personnel expenses

10,176

6,872

7,004

24,052

Other selling, general, and administrative expenses

6,885

4,729

54,542

66,156

Total adjustments to income from operations (2)

17,061

11,601

61,546

90,208

Adjusted income (loss) from operations

548,353

224,077

(13,081

)

759,349

Adjusted gross profit

1,641,195

802,549

321,270

2,765,014

Adjusted income (loss) from operations

548,353

224,077

(13,081

)

759,349

Adjusted operating margin - excluding restructuring and loss on

divestiture

33.4

27.9

N/M

27.5

Three Months Ended

December 31, 2024

Twelve Months Ended

December 31, 2024

$ in 000's

per share

$ in 000's

per share

Net income and per share (diluted)

149,306

1.22

465,690

3.86

Restructuring and related costs, pre-tax

13,183

0.11

45,746

0.38

(Gain) loss on divestiture, pre-tax

(12,574

)

(0.10

)

44,462

0.37

Tax effect of adjustments

(1,851

)

(0.02

)

(11,773

)

(0.10

)

Adjusted net income and per share (diluted)

148,064

1.21

544,125

4.51

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% change

2025

2024

% change

Revenues:

Transportation

3,571,694

3,870,927

(7.7

14,823,804

16,353,745

(9.4

Sourcing

340,940

313,729

8.7

1,408,959

1,371,211

2.8

Total revenues

3,912,634

4,184,656

(6.5

16,232,763

17,724,956

(8.4

Costs and expenses:

Purchased transportation and related services

2,948,469

3,218,573

(8.4

12,235,163

13,719,935

(10.8

Purchased products sourced for resale

307,151

281,460

9.1

1,268,190

1,240,007

2.3

Personnel expenses

336,981

354,381

(4.9

1,370,158

1,456,249

(5.9

Other selling, general, and administrative expenses

138,680

146,443

(5.3

564,291

639,624

(11.8

Total costs and expenses

3,731,281

4,000,857

(6.7

15,437,802

17,055,815

(9.5

Income from operations

181,353

183,799

(1.3

794,961

669,141

18.8

Interest and other income/expense, net

(14,825

)

(15,350

)

(3.4

(72,504

)

(89,937

)

(19.4

Income before provision for income taxes

166,528

168,449

(1.1

722,457

579,204

24.7

Provision for income taxes

30,207

19,143

57.8

135,376

113,514

19.3

Net income

136,321

149,306

(8.7

587,081

465,690

26.1

Net income per share (basic)

1.14

1.24

(8.1

4.88

3.89

25.4

Net income per share (diluted)

1.12

1.22

(8.2

4.83

3.86

25.1

Weighted average shares outstanding (basic)

119,885

120,589

(0.6

120,242

119,805

0.4

Weighted average shares outstanding (diluted)

121,658

122,291

(0.5

121,502

120,679

0.7

Business Segment Information

(unaudited, in thousands, except average employee headcount)

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Three Months Ended December 31, 2025

Total revenues

2,810,373

730,983

371,278

3,912,634

Adjusted gross profits (1)

411,618

177,957

67,439

657,014

Income (loss) from operations

141,296

40,489

(432

)

181,353

Depreciation and amortization

4,856

2,510

19,115

26,481

Total assets (2)

2,853,372

1,142,015

1,062,994

5,058,381

Average employee headcount

4,970

4,007

3,108

12,085

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Three Months Ended December 31, 2024

Total revenues

2,802,700

883,968

497,988

4,184,656

Adjusted gross profits (1)

403,764

203,801

77,058

684,623

Income (loss) from operations

132,528

51,827

(556

)

183,799

Depreciation and amortization

4,891

2,357

17,032

24,280

Total assets (2)

2,874,701

1,335,178

1,088,047

5,297,926

Average employee headcount

5,348

4,542

3,979

13,869

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Twelve Months Ended December 31, 2025

Total revenues

11,562,714

3,090,018

1,580,031

16,232,763

Adjusted gross profits (1)

1,706,329

741,921

281,160

2,729,410

Income (loss) from operations

621,836

183,783

(10,658

)

794,961

Depreciation and amortization

19,354

9,087

74,377

102,818

Total assets (2)

2,853,372

1,142,015

1,062,994

5,058,381

Average employee headcount

5,158

4,284

3,291

12,733

NAST

Global

Forwarding

All Other and

Corporate

Consolidated

Twelve Months Ended December 31, 2024

Total revenues

11,727,539

3,805,018

2,192,399

17,724,956

Adjusted gross profits (1)

1,641,195

802,549

321,270

2,765,014

Income (loss) from operations

531,292

212,476

(74,627

)

669,141

Depreciation and amortization

20,670

10,602

65,888

97,160

Total assets (2)

2,874,701

1,335,178

1,088,047

5,297,926

Average employee headcount

5,696

4,678

4,012

14,386

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

December 31, 2025

December 31, 2024

Assets

Current assets:

Cash and cash equivalents

160,871

145,762

Receivables, net of allowance for credit loss

2,360,829

2,383,709

Contract assets, net of allowance for credit loss

156,441

200,332

Prepaid expenses and other

120,402

102,166

Assets held for sale

—

137,634

Total current assets

2,798,543

2,969,603

Property and equipment, net of accumulated depreciation and amortization

116,362

127,189

Right-of-use lease assets

278,323

334,738

Intangible and other assets, net of accumulated amortization

1,865,153

1,866,396

Total assets

5,058,381

5,297,926

Liabilities and stockholders’ investment

Current liabilities:

Accounts payable and outstanding checks

1,241,276

1,212,132

Accrued expenses:

Compensation

188,838

180,801

Transportation expense

120,708

153,274

Income taxes

33,745

9,326

Other accrued liabilities

174,955

173,318

Current lease liabilities

72,180

72,842

Current portion of debt

—

455,792

Liabilities held for sale

—

67,413

Total current liabilities

1,831,702

2,324,898

Long-term debt

1,089,438

921,857

Noncurrent lease liabilities

233,768

290,641

Noncurrent income taxes payable

34,875

23,472

Deferred tax liabilities

21,526

12,565

Other long-term liabilities

1,425

2,442

Total liabilities

3,212,734

3,575,875

Total stockholders’ investment

1,845,647

1,722,051

Total liabilities and stockholders’ investment

5,058,381

5,297,926

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)

Twelve Months Ended December 31,

Operating activities:

2025

2024

Net income

587,081

465,690

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

Depreciation and amortization

102,818

97,160

Provision for credit losses

8,174

6,688

Stock-based compensation

80,070

84,590

Deferred income taxes

9,462

(80,067

)

Excess tax benefit on stock-based compensation

(29,153

)

(9,411

)

Loss on disposal groups held for sale

(856

)

32,794

Other operating activities

8,178

20,682

Changes in operating elements:

Receivables

95,359

(164,255

)

Contract assets

44,283

(11,969

)

Prepaid expenses and other

(17,470

)

60,740

Right of use asset

55,185

(5,937

)

Accounts payable and outstanding checks

10,783

(79,943

)

Accrued compensation

6,264

49,681

Accrued transportation expenses

(32,566

)

6,756

Accrued income taxes

64,658

15,545

Other accrued liabilities

(17,926

)

12,791

Lease liability

(63,482

)

5,076

Other assets and liabilities

3,657

2,473

Net cash provided by operating activities

914,519

509,084

Investing activities:

Purchases of property and equipment

(19,628

)

(22,653

)

Purchases and development of software

(50,915

)

(51,635

)

Acquisitions, net of cash acquired

(11,864

)

—

Proceeds from divestiture

27,737

—

Net cash used for investing activities

(54,670

)

(74,288

)

Financing activities:

Proceeds from stock issued for employee benefit plans

159,197

114,890

Stock tendered for payment of withholding taxes

(76,917

)

(32,217

)

Repurchase of common stock

(354,652

)

—

Cash dividends

(301,376

)

(294,772

)

Proceeds from long-term borrowings

949,000

10,000

Payments on long-term borrowings

(1,211,000

)

(10,000

)

Proceeds from short-term borrowings

1,548,800

3,192,500

Payments on short-term borrowings

(1,575,800

)

(3,396,500

)

Net cash used for financing activities

(862,748

)

(416,099

)

Effect of exchange rates on cash and cash equivalents

7,232

(8,152

)

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

4,333

10,545

Plus: net decrease (increase) in cash and cash equivalents within assets held for sale

10,776

(10,307

)

Cash and cash equivalents, beginning of period

145,762

145,524

Cash and cash equivalents, end of period

160,871

145,762

As of December 31,

Operational Data:

2025

2024

Employees

11,855

13,781

CHRW-IR