C. H. Robinson (CHRW) Q2 2026 earnings summary

Executive summary

• Achieved mid-cycle operating margin targets in both NAST and Global Forwarding despite a prolonged freight demand trough, with strong market share gains and over 60% productivity improvement since 2022 from Lean AI initiatives.

• NAST volume grew 1.5% year-over-year, outpacing a 3.3% decline in the Cass Freight Shipment Index for the 13th consecutive quarter.

• Adjusted operating income rose 19.5% year-over-year, and customer satisfaction scores remain exceptionally strong.

• Transformation is ongoing, with substantial runway for further productivity and efficiency gains through AI and process automation.

Financial highlights

• Q2 2026 total revenues increased 19.3% year-over-year to $4.93 billion, with adjusted gross profits up 6.5% to $738.0 million and income from operations up 18.4% to $255.7 million.

• NAST adjusted gross profits grew 8.6% year-over-year; Global Forwarding adjusted gross profits up 0.7%.

• Net income grew 22.5% to $186.8 million; diluted EPS up 23.8% to $1.56; adjusted diluted EPS up 24.8% to $1.61.

• Q2 personnel expenses (excluding restructuring) were $330.5M, down 0.3% year-over-year, with average headcount down 10.8%.

• Returned $301.3M to shareholders in Q2, including $226M in share repurchases and $75.3M in dividends, up 87.5% year-over-year.

Outlook and guidance

• 2026 SG&A expense guidance narrowed to $540M-$580M; depreciation/amortization expected at lower end of $95M-$105M.

• 2026 capital expenditures guidance lowered to $65M-$75M.

• Maintaining 2026 operating income target range of $964M-$1.04B, now achievable even with a -3% market contraction.

• Full-year 2026 effective tax rate expected to be 18%-20%.

• Management expects continued double-digit productivity improvements and sustained margin performance in both NAST and Global Forwarding.