Highlights

  • C.H. Robinson reported third quarter 2026 total revenues of $5.4 billion, up 29.5%, and net income of $198.5 million.
  • Diluted EPS was $1.67, up 24.6%, and adjusted diluted EPS, a non-GAAP measure, was $1.80, up 28.6%.
  • The company entered a Fifth Amendment to its Credit Agreement on October 22, 2026, permitting the pending RXO acquisition.
  • Cash generated by operations decreased by $151.3 million to $124.1 million, and cash returned to shareholders was $289.1 million.

C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) shares were trading at USD 125.85 on October 28, 2026, down 12.36%, with a relative volume at time of 2.96. The logistics company entered a merger agreement for RXO on October 4, 2026, amended its credit agreement on October 22, 2026 and reported third quarter 2026 results on October 28, 2026.

C.H. Robinson Worldwide is incorporated in Delaware and is based in Eden Prairie, Minnesota. The company provides supply chain and logistics services, and it reports results for its North American Surface Transportation (NAST) and Global Forwarding segments, along with All Other and Corporate, which includes Robinson Fresh and Managed Solutions. It states that it serves 75,000 customers and 450,000 contract carriers and manages 37 million shipments annually. It had 11,118 employees as of September 30, 2026.

Third Quarter Results

Total revenues for the third quarter of 2026 increased 29.5% to $5.4 billion. The company attributed the increase primarily to higher pricing in its truckload, ocean, less than truckload and air services and higher volume in its truckload services. Gross profits increased 15.0% to $795.6 million, and adjusted gross profits, a non-GAAP measure, increased 14.5% to $808.4 million.

Operating expenses increased 10.6% to $536.6 million. Personnel expenses increased 3.1% to $360.3 million, and other SG&A expenses increased 29.7% to $176.3 million, primarily due to higher claims expenses and an impairment charge on the Kansas City regional center lease. Average employee headcount declined 10.4%.

Income from operations increased 23.1% to $271.8 million. Interest and other income/expense, net was $21.7 million of expense, including $20.4 million of interest expense. The effective tax rate was 20.6%. Net income was $198.5 million, up 21.8%, and diluted EPS was $1.67, up 24.6%.

NAST total revenues were $3,829,223 thousand, and income from operations was $203,903 thousand. NAST volume increased approximately 3.5% year-over-year, compared with a 0.3% decline in the Cass Freight Shipment Index. Global Forwarding total revenues were $1,149,051 thousand, and income from operations was $80,047 thousand.

For the nine months ended September 30, 2026, total revenues were $14.3 billion, net income was $532.5 million and diluted EPS was $4.45.

Balance Sheet, Cash Flow and Capital

Cash generated by operations was $124.1 million, compared with $275.4 million in the third quarter of 2025. The company attributed the decrease to changes in working capital due to higher transportation rates. Cash returned to shareholders increased 52.5% to $289.1 million, including $214.3 million of share repurchases and $74.8 million of cash dividends. Capital expenditures were $17.5 million.

At September 30, 2026, cash and cash equivalents were $193,132 thousand, current portion of debt was $425,818 thousand and long-term debt was $1,443,491 thousand. Total stockholders' investment was $1,579,388 thousand.

RXO Acquisition and Credit Agreement

On October 22, 2026, the company entered into a Fifth Amendment to its Credit Agreement. The amendment permits the acquisition of RXO, Inc. under the Agreement and Plan of Merger dated as of October 4, 2026, and the related financing transactions. The maximum Net Leverage Ratio remains 3.75 to 1.00, and a Leverage Holiday will be deemed elected upon completion of the acquisition.

On the call, management said it expects net synergies of $300 million from the acquisition. It said net debt to EBITDA was 1.71x at the end of the third quarter, that it expects its leverage ratio to increase upon closing and that it has paused share repurchases. Management also said it is committed to returning to its target leverage range by the end of 2028.

2026 Expectations

The company expects a full-year 2026 effective tax rate of 18% to 20% and capital expenditures of $65 million to $75 million. On the call, management said it expects depreciation and amortization expense toward the lower end of its previously stated range of $95 million to $105 million.