C. H. Robinson (CHRW) Q1 2026 earnings summary

Executive summary

• Adjusted EPS increased 15.4% year-over-year in Q1 2026, driven by disciplined revenue management, Lean AI strategy, and productivity improvements, despite higher truckload spot market costs.

• Gained NAST market share for the 12th consecutive quarter and delivered double-digit productivity increases, outperforming industry trends.

• Lean AI and automation initiatives are transforming operations and driving industry-leading cost to serve.

• Strong balance sheet and cash flow generation provide flexibility in varying freight market conditions.

• Net income rose 8.8% to $147.2 million, with diluted EPS up 9.9% to $1.22, reflecting improved operating efficiency and lower tax rate.

Financial highlights

• Q1 2026 total revenues were $4.0B, down 0.8% year-over-year, with adjusted gross profits at $660.5M, down 1.9%.

• Income from operations was $175.7M, down 0.7% year-over-year; adjusted income from operations was $195.9M, up 5.6%.

• Q1 personnel expenses (ex-restructuring): $334M, down 3.9% year-over-year; average headcount down 12.3%.

• Q1 SG&A expenses (ex-restructuring): $130.6M, down 6.9% year-over-year.

• Generated $68.6M in cash from operations; ended Q1 with $1.24B in liquidity.

Outlook and guidance

• Expect double-digit productivity improvements in both NAST and Global Forwarding in 2026, over-indexed to the second half.

• 2026 personnel expenses expected at $1.25B–$1.35B; SG&A at $540M–$590M; capex at $75M–$85M.

• Full-year tax rate expected at 18%–20%.

• Reaffirmed $6 EPS target for 2026 with no market growth assumed.

• Productivity improvements and cost declines expected to accelerate in H2 2026.