CHRW Filings — C.h. Robinson Worldwide, Inc. - FilingSpy
CHRW
C.h. Robinson Worldwide, Inc.
A global logistics company that arranges freight for roughly 75,000 customers, connecting them with hundreds of thousands of truck, ocean, and air carriers through its Navisphere platform. It began in 1905 when Charles Henry Robinson started brokering fresh produce shipments in Grand Forks, North Dakota, and its Robinson Fresh arm still sources produce today. The company's initials come from its founder, who partnered with the Nash brothers (of Nash Finch) to incorporate the business.
LTL and air margins drove a 6.5% adjusted gross profit gain, but operating cash flow fell 84% as working capital swelled.
rose 6.5% as shippers shifted freight to LTL and air rates spiked, lifting 18.4%. rose 19.3% to $4.9B and rose 23.8% to $1.56, but fell 84.2% to $35.9M as higher pricing tied up . The company borrowed to fund $432M in buybacks, leaving 83% higher than a year ago.
Key takeaways
rose 6.5% to $738.0M, driven by higher per-transaction profitability in LTL and air services. LTL demand strengthened as shippers shifted freight away from rising truckload rates, while air margins benefited from supply-driven rate spikes.
NAST rose 8.6%, with LTL the primary driver. Truckload adjusted gross profit was flat as higher contractual margins were offset by lower spot margins.
Global Forwarding increased 0.7% as higher air margins were mostly offset by lower ocean and customs adjusted gross profits.
Section summaries
Management's Discussion and Analysis
Q2 2026 net income rose 22.5% to $186.8M on 6.5% adjusted gross profit growth, driven by LTL and air services amid supply-driven market tightening.
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Total revenues increased 19.3% to $4.9B, primarily from higher pricing in truckload, LTL, air, and ocean services.
grew 6.5% to $738.0M, led by higher adjusted gross profit per transaction in LTL and air, partially offset by lower contractual truckload margins.
rose 18.4% to $255.7M, and expanded 360 to 34.7%, supported by a 10.8% reduction in average headcount.
fell 84.2% to $35.9M as higher North American surface transportation pricing increased . The company increased debt borrowings to fund $432.2M in share repurchases and a $77.8M acquisition.
rose 82.7% to $1,685.0M, while fell 8.8% to $1,627.7M as buybacks outpaced .
What changed
Q1 2026 flagged Global Forwarding ocean after a 22.1% decline. In Q2, ocean adjusted gross profit remained a drag, with lower ocean and customs profits offsetting the air margin gains, leaving Global Forwarding adjusted gross profit up only 0.7%.
Q1 2026 flagged against $68.6M to see if pricing kept unfavorable. Q2 operating cash flow fell further to $35.9M, down 47.7% sequentially, confirming that higher surface transportation pricing continues to consume cash.
Q1 2026 flagged the pace of share repurchases after $212.7M in Q1. Q2 repurchases reached $432.2M, already exceeding the full-year 2025 total of $355M, funded by increased debt.
Q1 2026 flagged NAST truckload volume after a 3.5% decline. In Q2, truckload was flat, with the filing noting lower spot margins offsetting contractual gains, suggesting volume pressure persisted.
What to watch
Q3 2026 against $35.9M to see if higher pricing continues to tie up or if the cycle begins to release cash.
Q3 2026 Global Forwarding ocean to see if the 's ocean weakness stabilizes after air margin gains masked the decline in Q2.
Q3 2026 and pace after debt rose to $1,685.0M to fund $432.2M in Q2 buybacks.
Q3 2026 NAST truckload to see if the flat Q2 result gives way to growth or decline as spot and contractual margin dynamics evolve.
NAST rose 8.6% as LTL demand strengthened from shippers shifting freight away from rising truckload rates, while truckload adjusted gross profit was flat.
Global Forwarding increased 0.7% as higher air margins from supply-driven rate spikes were mostly offset by lower ocean and customs adjusted gross profits.
increased 18.4% to $255.7M, with expanding 360 to 34.7%, supported by a 10.8% reduction in average headcount.
fell $229.2M to $104.5M due to higher , while the company increased debt borrowings to fund $432.2M in share repurchases and a $77.8M acquisition.
Quantitative and Qualitative Disclosures About Market Risk
Refer to the company’s 2025 Annual Report on Form 10-K for a discussion on the company’s market risk. As of June 30, 2026, there were no material changes in market risk from those disclosed in the company’s 2025 Annual Report on Form 10-K.
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Refer to the company’s 2025 Annual Report on Form 10-K for a discussion on the company’s market risk. As of June 30, 2026, there were no material changes in market risk from those disclosed in the company’s 2025 Annual Report on Form 10-K.
Information with respect to legal proceedings is included in Note 7, Litigation, contained in this Quarterly Report and is incorporated herein by reference.
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Information with respect to legal proceedings is included in Note 7, Litigation, contained in this Quarterly Report and is incorporated herein by reference.
Evolving legal standards on broker liability for carrier selection and accident claims pose growing financial and insurance risks.
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A U.S. Supreme Court decision (Montgomery) allows state-law negligent-hire claims against freight brokers to proceed, increasing litigation exposure.
The company faces a current negligent-hire claim tied to its selection of an independent motor carrier.
Adverse claim outcomes or rising accident frequency could materially hurt operating results and raise insurance costs or deductibles.
Insurers may tighten underwriting for freight brokers, demanding stronger carrier vetting and compliance practices.
Although not legally liable for cargo loss as a property broker, the company assumes limited cargo liability in some contracts and carries $135M auto / $87M general liability coverage.