C. H. Robinson (CHRW) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 29.5% to $5.36B; net income increased 21.8% to $198.5M, and diluted EPS rose 24.6% to $1.67.

• Adjusted operating income increased 26.1% to $290.8M and adjusted diluted EPS rose 28.6% to $1.80; NAST and Global Forwarding achieved mid-cycle operating margin targets.

• NAST volume grew 3.5% YoY for a 14th consecutive quarter of outperformance versus the Cass Freight Shipment Index, down 0.3%.

Financial highlights

• Adjusted gross profit rose 14.5% to $808.4M; operating income increased 23.1% to $271.8M, and adjusted operating margin was 33.6%, up 230 bps YoY.

• 9M revenue rose 16.1% to $14.31B; operating income increased 14.6% to $703.2M, net income rose 18.1% to $532.5M, and diluted EPS grew 19.9% to $4.45.

• Personnel expenses were $360.3M, including $3.6M of restructuring charges; SG&A was $176.3M, including $15.4M of other charges, primarily a $12.5M real-estate impairment.

Outlook and guidance

• FY2026 operating income target is $964M–$1.04B, excluding restructuring and other charges; the low end equates to at least $6 of adjusted diluted EPS.

• FY personnel expense guidance is $1.36B–$1.37B; SG&A guidance is $585M–$590M, with Q4 SG&A expected below Q3 levels.

• FY tax-rate guidance is 18%–20%; capex guidance is $65M–$75M, with D&A expected toward the lower end of $95M–$105M.

• 2026 market assumptions: volume growth of -3% to +1%; NAST AGP per shipment flat to up 4%; GF AGP per shipment reset to 2H 2023 levels, down 10%.

• Mid-cycle operating margin targets remain 40% for NAST and 30% for GF, with a mid-30s enterprise target.