C.H. Robinson Worldwide, Inc.

What they do

C.H. Robinson arranges the transport of freight for customers, primarily through truckload and less-than-truckload brokerage in North America (the NAST segment) and through ocean, air, and other forwarding services internationally (the Global Forwarding segment). It connects 75,000 customers and 450,000 contract carriers and managed roughly 37 million shipments and $23 billion in freight in 2025. It also provides value-added services such as customs brokerage, trade compliance, freight consolidation, and managed 3PL/4PL solutions, and runs a produce sourcing business, Robinson Fresh.

Revenue drivers

• North American Surface Transportation (NAST) — Truckload and LTL brokerage across the U.S., Canada, and Mexico; the largest reportable segment by revenue and profit, driven by shipment volume and adjusted gross profit per shipment.
• Global Forwarding — Ocean, air, and other international forwarding through offices in North America, Europe, Asia, Oceania, South America, and the Middle East, plus independent agents worldwide.
• All Other and Corporate — Includes Robinson Fresh sourcing, Managed Solutions, other surface transportation outside North America, and miscellaneous revenues; smaller than the two reportable segments.
• Sourcing (Robinson Fresh) — Buying, selling, and marketing of fresh fruits, vegetables, and other perishable items; reported within All Other and Corporate.

Recent performance

Second-quarter 2026 total revenues were $4.93 billion, up from $4.14 billion a year earlier, with transportation revenue of $4.52 billion and sourcing revenue of $409.3 million. Gross profit was $725.9 million (14.7% gross margin), down from 16.4% a year earlier, and adjusted gross profit is the company's primary performance measure. Income from operations rose 18.4% to $255.7 million, adjusted income from operations rose 19.5% to $263.2 million, and diluted EPS rose 23.8% to $1.56. NAST volume grew about 1.5% year over year against a 3.3% decline in the Cass Freight Shipment Index, the 13th consecutive quarter of market outgrowth; cash generated by operations fell $191.2 million to $35.9 million.

Strategy

Management is executing what it calls the Robinson Operating Model and a Lean AI strategy, applying AI, machine learning, and data science at scale to quote-to-cash processes, dynamic costing and pricing, and carrier load recommendations. The company reports evergreen productivity improvements of over 60% since the end of 2022 in both NAST and Global Forwarding, with Global Forwarding productivity up more than 15% year over year in Q2 2026. Priorities are disciplined revenue management, market share gains, a lower cost to serve, and a scalable operating model with significant operating leverage. CEO Dave Bozeman frames the goal as delivering higher highs and higher lows across freight market cycles.

Risks

• Freight market trough — Management states the freight market is in the trough of the demand cycle, with the Cass Freight Shipment Index declining year over year for 15 consecutive quarters, which pressures volumes and pricing.
• Pricing and margin pressure — Gross profit margin fell to 14.7% in Q2 2026 from 16.4% a year earlier, and NAST truckload adjusted gross profit per shipment only held flat despite a significant increase in truckload spot market costs.
• Carrier and customer concentration — The business depends on relationships with existing contracted truck, rail, ocean, and air carriers and carries risks associated with the loss of significant customers, as disclosed in the 10-Q forward-looking discussion.
• Technology and AI reliance — Operations rely on technology, including third-party platforms and artificial intelligence technologies, exposing the company to cybersecurity and technology-related risks cited in its forward-looking disclosures.

Outlook

Management says results show the company can hit mid-cycle operating margin targets even while the freight market remains in the trough of the demand cycle, with margin targets achieved in both NAST and Global Forwarding in Q2 2026. Global Forwarding achieved an adjusted operating margin, excluding restructuring, of 33.4% in the quarter. The company says it remains confident in continuing to execute its strategic initiatives, provide differentiated service, and improve its cost to serve.