C.H. Robinson Worldwide, Inc. (CHRW)

C.H. Robinson reported third-quarter 2026 revenue of $5.4 billion on 28 October, up 29.5 percent, and net income of $198.5 million 2. Most of the rise came from higher pricing in truckload, ocean, less than truckload and air services, as a tightening of truck supply lifted rates 2.

North American volume grew about 3.5 percent while the Cass Freight Shipment Index fell 0.3 percent, the 14th straight quarter the company outgrew the market 2. Truckload adjusted gross profit per shipment, roughly what the company keeps after paying carriers, rose 17.0 percent 24.

On 5 October the company announced an agreement to acquire RXO, a truck brokerage, for an implied $5.8 billion in cash and stock 5. Closing is expected in the first half of 2027 5. The company expects about $300 million of net cost savings within two years of closing 5.

RXO holders may elect $17.25 in cash plus 0.0856 C.H. Robinson shares for each RXO share, or all cash or all stock, subject to proration 1. The deal still needs regulatory approval and a vote of RXO's stockholders 1.

The company has a bridge loan commitment of up to $4.5 billion, cut to $3.5 billion after an amendment to its credit facility 1. It intends to pause share repurchases until it reaches its leverage goal 5.

Cash from operations fell to $124.1 million in the quarter as higher transportation rates raised working capital 2. Bloomberg reported that the chief executive said consolidation in the industry is likely to accelerate 7.

C.H. Robinson was founded in 1905 as a seller of fresh produce, and much of its logistics skill traces to moving perishable goods on tight timetables 4. Its stock began trading on Nasdaq on 15 October 1997 4.

The company is a middleman: it arranges freight for shippers, pays carriers to haul it, and keeps the difference between what it charges and what it pays 4.

The freight cycle shows in its record 4. Adjusted gross profit, revenue minus the cost of buying transport, rose from $3.05 billion in 2021 to $3.48 billion in 2022, then fell to $2.49 billion in 2023 4. Truckload fell from $1.56 billion to $1.04 billion and ocean from $730 million to $421 million over that year, the two largest drops among the modes 4.

Bob Biesterfeld, chief executive since 2019, left through an involuntary termination, and the company named Ford executive Dave Bozeman to succeed him from 26 June 2023 10. Trucking Dive reported the company had been searching for a chief executive since the start of that year 10.

Under Bozeman the company cut staff and costs 4. Average employee headcount fell 10.3 percent in 2024 and 11.5 percent in 2025 4. Reuters reported the company reduced its headcount as AI agents took over tasks such as pricing shipments and monitoring cargo 6.

Revenue was $17.6 billion in 2023, $17.7 billion in 2024 and $16.2 billion in 2025, while operating margin rose from 2.9 percent to 3.8 percent to 4.9 percent 4. Net income rose from $325 million to $466 million to $587 million 4.

The company announced the divestiture of its European surface transportation business in July 2024, and it closed in February 2025 4. The buyer was sennder Technologies GmbH of Germany 8. Trucking Dive said the move fit a plan to focus on North American truckload, less than truckload and global ocean and air 8.

Revenue fell 8.4 percent to $16.2 billion in 2025, mainly because of that divestiture, with lower ocean pricing and volume and lower fuel surcharges also weighing 4. The 2025 restructuring program carried $30.0 million of severance and related personnel expenses 4.

On 22 June 2026 it acquired DeSpir Logistics, a provider of secure transport and cargo escort services, for about $75 million in cash 19. DeSpir had $62 million in revenue in 2025 9. Days after the quarter closed it announced a far larger deal, for RXO 5.

What the company does

C.H. Robinson is a freight middleman: it arranges shipments by truck, ocean, air and rail and buys the space from carriers rather than owning the trucks 4. In 2025 it managed about 37 million shipments for 75,000 customers through 450,000 contract carriers 4.

North American Surface Transportation

This segment, NAST, arranges truckload and less than truckload (LTL) freight across the United States, Canada and Mexico 4. LTL means one or more pallets that share a truck with other shippers' freight 4.

NAST had third-quarter revenue of $3.8 billion, up 29.1 percent, and income from operations of $203.9 million, up 17.9 percent 2. Its truckload rate per mile charged to customers rose about 31.5 percent while carrier cost per mile rose 33.5 percent 2.

Less than truckload adjusted gross profit rose 8.0 percent 2. For 2025 the segment's revenue was $11.6 billion, down 1.4 percent 4.

Global Forwarding

Global Forwarding moves goods by ocean and air and clears them through customs, from offices in North America, Europe, Asia, Oceania, South America and the Middle East 4. Third-quarter revenue was $1.1 billion, up 46.1 percent, and income from operations was $80.0 million, up 63.3 percent 2.

Ocean adjusted gross profit per shipment rose 20.5 percent and air per metric ton rose 28.5 percent, while customs adjusted gross profit fell 12.9 percent 2. For 2025 revenue fell 18.8 percent to $3.1 billion on lower ocean pricing 4.

Robinson Fresh and Managed Solutions

Robinson Fresh buys, sells and markets fresh fruits, vegetables and other perishables 4. In 2025 transportation revenue was $14.8 billion, down 9.4 percent, and sourcing revenue was $1.4 billion, up 2.8 percent 4.

Managed Solutions, launched in November 2024, gives shippers outsourced logistics management and software from one provider 4. In the third quarter Robinson Fresh adjusted gross profit fell 5.1 percent to $38.1 million on higher fuel costs, while Managed Solutions rose 4.1 percent 2.

Technology and Lean AI

Its Navisphere platform connects customers with contracted carriers and helps carriers use their equipment 4. The company calls its method Lean AI, which combines its Lean operating model, custom-built AI and its people 2.

Offices and warehouses

The headquarters is three owned buildings in Eden Prairie, Minnesota, totaling 224,000 square feet 4. The company leases about 180 offices in 36 countries and about 4.4 million square feet of warehouse space in 26 locations 4.

A 201,000 square foot Kansas City facility is leased to 2032, and about half of it is subleased 4. The third quarter included an impairment charge on that lease after the sublease was signed 2.

People

Dave Bozeman is president and chief executive 2. Damon Lee is chief financial officer and Michael Castagnetto is president of NAST 9.

The company had 11,855 employees at the end of 2025 4. Average third-quarter headcount was down 10.4 percent from a year earlier 2.

Rivals and problems

The 10-K says competitors include carriers that own equipment, freight brokers, technology matching services and internet brokers 4. RXO, the company it is acquiring, is itself a truck brokerage 6.

The Supreme Court's decision in the Montgomery case against Caribe Transport II let state-law negligence claims over a broker's choice of carrier proceed in some cases 1. The company says it faces one such claim 1.

Other administrative expenses rose 29.7 percent to $176.3 million in the third quarter, mainly on higher claims expenses and the Kansas City lease impairment 2.

The umbrella, in words

The main names are C.H. Robinson, Robinson Fresh for produce sourcing, Managed Solutions for outsourced logistics management and Navisphere as the software platform 4.

Exhibit 21 lists subsidiaries in Australia, Canada, Germany, Ireland, Luxembourg, Mexico and many other countries, and omits some small ones 12.

Ties by deal: it acquired DeSpir Logistics on 22 June 2026 1. It agreed to acquire 100 percent of RXO and divested its European surface transportation business to sennder 18.

MFN Partners LP, which holds about 17 percent of RXO, agreed to vote its RXO shares for the deal 5. RXO stockholders are expected to own 11 percent of the combined company 5.

The only property the annual report describes as owned is the Eden Prairie headquarters campus; the rest is leased 4. BlackRock and Vanguard entities report stakes in the common stock in Schedule 13G filings 1314.

The company's closing timeline shows an antitrust filing in the United States and merger filings in Canada and Mexico in the fourth quarter of 2026 3. The RXO stockholder meeting, regulatory approvals and closing are set for the first half of 2027 3.

The company expects the deal to add to adjusted earnings per share within 9 months of closing and by a mid-teens amount in 2028 3. It expects about $300 million of net run-rate cost savings, 80 percent from cost-to-serve efficiencies 3.

The company says it will integrate RXO mainly into NAST 1. Its leverage goal is 1.75 to 2.25 times net debt to adjusted earnings before interest, taxes, depreciation and amortization by the end of 2028, with repurchases paused until then 5.

On financing, the company expects an amendment to its private placement notes in the fourth quarter of 2026, which would end that part of the bridge commitment 1.

The company's stated goals are a 40 percent operating margin in NAST, 30 percent in Global Forwarding and mid-30s for the enterprise 3. It said both segments reached their mid-cycle margin targets in the third quarter 2.

Its 2026 operating income target range is $965 million to $1.04 billion, and the finance chief said the bottom of the range equals about $6 of earnings per share 11. The presentation marks that target as updated on 29 October 2025 3.

RXO stockholders will vote on the merger, and MFN Partners agreed to vote its roughly 17 percent for it 5. If the vote and approvals pass, RXO stockholders are expected to own 11 percent of the combined company 5.

The company says it has raised its dividend per share every year for more than 25 years 3. Whether that pattern continues through the integration is not stated in the sources read 3.

The company warns that claims over how brokers choose carriers may increase and may exceed its insurance coverage 1.