C.H. Robinson Reports 2026 Second Quarter Results

C.H. Robinson Reports 2026 Second 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 June 30, 2026.

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.

Second 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 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 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.

Summary of Second Quarter of 2026 Results Compared to the Second 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 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%.

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

____________________________________________

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%.

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.

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.

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

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.

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

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

— bps

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

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.

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

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

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.

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

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.

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.

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

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

CHRW-IR