Earnings release
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News Details View All News C.H. Robinson Reports 2026 Third Quarter Results October 28, 2026 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. Third Quarter Highlights: Company has continued to deliver secular earnings growth driven by consistent market share gains, disciplined revenue management and evergreen productivity improvements fueled by its Lean AI strategy North American Surface Transportation ("NAST") volume increased approximately 3.5% year-over-year compared to a 0.3% decline in the Cass Freight Shipment Index, reflecting the 14th consecutive quarter of market outgrowth NAST truckload adjusted gross profit ("AGP") per shipment (1) increased 17.0% year-over-year, despite a significant increase in truckload spot market costs, due to disciplined revenue management NAST and Global Forwarding both achieved their mid-cycle operating margin targets Income from operations increased 23.1% to $271.8 million Adjusted income from operations (1) increased 26.1% to $290.8 million Diluted earnings per share ("EPS") increased 24.6% to $1.67 Adjusted diluted EPS (1) increased 28.6% to $1.80 Cash generated by operations decreased by $151.3 million to $124.1 million due to unfavorable changes in working capital driven by higher transportation rates Cash returned to shareholders increased 52.5% to $289.1 million (1) Adjusted gross profit, adjusted income from operations, and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations. "I want to 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 donʼt 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 industryʼs 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. Weʼve 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 Total revenues increased 29.5% to $5.4 billion, primarily driven by higher pricing in our truckload, ocean, less than truckload ("LTL") and air services and higher volume in our truckload services. Gross profits increased 15.0% to $795.6 million. Adjusted gross profits(1)increased 14.5% to $808.4 million, primarily driven by higher adjusted gross profit per transaction in our truckload, ocean, air and LTL services and higher volume in our truckload and LTL services. Operating expenses increased 10.6% to $536.6 million. Personnel expenses increased 3.1% to $360.3 million, primarily due to higher incentive compensation reflecting our strong operating performance. This was partially offset by cost optimization efforts, productivity improvements and lower restructuring charges. Average employee headcount declined 10.4%. Other selling, general and administrative (“SG&A”) expenses increased 29.7% to $176.3 million, primarily due to higher claims expenses and an impairment charge on our Kansas City regional center lease driven by the execution of a sublease agreement for the remaining portion of the facility. Income from operations totaled $271.8 million, up 23.1% due to the increase in adjusted gross profit, partially offset by the increase in operating expenses. Adjusted operating margin(1)of 33.6% increased 230 basis points. 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 last year 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. 1/9
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Theeffective tax rate in the quarter was 20.6%, which was flat compared to the third quarter of 2025. Net income totaled $198.5 million, up 21.8% from a year ago. Diluted EPS of $1.67 increased 24.6%. Adjusted diluted EPS(1)of $1.80increased 28.6%. (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 Total revenues increased 16.1% to $14.3 billion, primarily driven by higher pricing in our truckload, ocean, LTL and air services and higher volume in our LTL services. Gross profits increased6.9% to$2.2 billion. Adjusted gross profits(1) increased 6.5% to $2.2 billion, primarily driven by higher adjusted gross profit per transaction in our truckload, LTL and air services and higher volume in our LTL services. Operating expenses increased 3.1% to $1.5 billion. Personnel expenses increased 1.8% to $1.1 billion, primarily due to higher incentive compensation reflecting our strong operating performance and higher restructuring charges. This was partially offset by cost optimization efforts and productivity improvements. Average employee headcount declined 11.4%. Other SG&A expenses increased 6.2% to $452.2 million primarily due to higher claims expense and an impairment charge on our Kansas City regional center lease driven by the execution of a sublease agreement for the remaining portion of the facility. Income from operations totaled $703.2 million, up 14.6% from last year due to the increase in adjusted gross profit, partially offset by the increase in operating expenses. Adjusted operating margin(1)of 31.9% increased 230 basis points. Interest and other income/expense, net totaled $48.6 million of expense, primarily consisting of $51.3 million of interest expense, which increased $1.9 million versus last year due to a higher average debt balance, partially offset by lower variable interest rates. The year-to-date results also include $3.2 million of interest income and a $1.8 million net loss from foreign currency revaluation and realized foreign currency gains and losses. The effective tax rate for the nine months ended September 30, 2026 was 18.7% compared to 18.9% in the year-ago period. Net income totaled $532.5 million, up 18.1% from a year ago. Diluted EPS of $4.45 increased 19.9%. Adjusted diluted EPS(1)of $4.75 increased 23.1%. (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. 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% ______________________________________________________ (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 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 2/9
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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 whatʼs next for the industry, that same drive fuels our commitment to Building Tomorrowʼs 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 RXOʼs 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 RXOʼs 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. 3/9
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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: 4/9
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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 33 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. 5/9
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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 75 127 (176) 26 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 75 127 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)% 6/9
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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. 7/9
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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 stockholdersʼ 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 stockholdersʼ investment 1,579,388 1,845,647 Total liabilities and stockholdersʼ investment $ 6,389,455 $ 5,058,381 8/9
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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 Chuck Ives, Senior Director of Investor Relations Email:chuck.ives@chrobinson.com Source: C.H. Robinson View All News Source investor.chrobinson.com Captured 28 okt. 2026 12:32 https://investor.chrobinson.com/news/press-releases/news-details/2026/C-H--Robinson-Reports-2026-Third-Quarter-Results/default.aspx 9/9