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C.H. Robinson Reports 2025 Second Quarter Results

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EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson�) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2025.

Second Quarter Highlights:

  • Sustained outperformance delivered by disciplined execution of the company's strategic initiatives, generating market share gains, gross margin expansion and higher operating margins
  • Gross profits increased 0.4% to $679.6 million
  • Income from operations increased 21.2% to $215.9 million
  • Adjusted operating margin(1) increased 520 basis points to 31.1%
  • Diluted earnings per share (EPS) increased 20.0% to $1.26
  • Adjusted diluted EPS(1) increased 12.2% to $1.29
  • Cash generated by operations increased by $60.7 million to $227.1 million

(1) Adjusted operating margin and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.

"When the current transformation of C.H. Robinson began in early 2024 with the implementation of a new Lean operating model, we recognize that some people had doubts and didn’t understand how this would enable the company to change its trajectory. Now, with six consecutive quarters of consistent outperformance through the disciplined execution of the strategy that we shared at our 2024 Investor Day, there is no doubt in our minds that we are on the right path to deliver sustainable outperformance in all market cycles," said President and Chief Executive Officer, Dave Bozeman. "I’m proud of the Robinson team for embracing our new operating model and the discipline needed to improve our say-do ratio and to generate higher highs and higher lows across market cycles. Our people consistently demonstrate that they are the industry’s best logisticians with the value that they bring to our customers and carriers, and they are excited about the transformation happening at Robinson and the momentum that we have."

"We are not waiting for a market recovery to improve our financial results, and the strategies that our Robinson team is executing are not only working, but they are built to be effective in any market environment," Bozeman added. "We’re still in the early innings of our transformation journey, but we have demonstrated our ability to responsibly grow market share and expand margins at the same time. This has enabled us to approach our mid-cycle operating margin targets despite operating in an elongated trough of the freight cycle."

"We are accelerating our progress, by harnessing and scaling the evolving power of artificial intelligence to drive automation across the full lifecycle of a load. Our industry-leading innovations not only enhance the service and value we deliver to our customers but also improve our operational performance by automating tasks that free up our talented people to focus on more strategic, high-value work. We are pioneering new ways to eliminate tasks, augment our capabilities and supercharge our talented people with industry-leading technology that materially elevates the customer and carrier experience, and our Lean operating model enables us to do this in a disciplined way that delivers the most value to all stakeholders. You can expect the next chapters of this company’s evolution to be just as exciting as the last 18 months."

"In the second quarter, NAST outgrew the market again in both truckload and LTL while expanding gross margins and improving productivity year-over-year and sequentially. In Global Forwarding, we continued to win new business and improve the yield of our portfolio by implementing the revenue management disciplines that we’ve been utilizing in NAST for over a year. We also optimized our Global Forwarding expenses through further increases in productivity. Overall, we delivered a 21% year-over-year increase in our enterprise’s second quarter income from operations, and we will continue to lean into the self-help initiatives that enabled our market share growth and margin expansion," said Bozeman.

Summary of Second Quarter of 2025 Results Compared to the Second Quarter of 2024

  • Total revenues decreased 7.7% to $4.1 billion, primarily driven by the divestiture of our Europe Surface Transportation business, in addition to lower pricing in our ocean services and lower fuel surcharges in our truckload services.
  • Gross profits increased 0.4% to $679.6 million. Adjusted gross profits increased 0.8% to $693.2 million, primarily driven by higher adjusted gross profit per transaction in our customs, truckload, and less than truckload ("LTL") services. This was partially offset by the divestiture of our Europe Surface Transportation business and lower volume in our ocean services.
  • Operating expenses decreased 6.3% to $477.3 million. Personnel expenses decreased 7.2% to $335.3 million, primarily due to cost optimization efforts and productivity improvements, the divestiture of our Europe Surface Transportation business, a non-recurring benefit from certain actions taken within the current quarter, and lower restructuring charges related to workforce reductions. Average employee headcount declined 11.2%. Other selling, general and administrative (“SG&Aâ€�) expenses decreased 4.1% to $142.0 million, primarily due to restructuring charges in the prior year related to reducing our facilities footprint including early termination or abandonment of office buildings under operating leases.
  • Income from operations totaled $215.9 million, up 21.2% due to both the increase in adjusted gross profit and the decrease in operating expenses. Adjusted operating margin(1) of 31.1% increased 520 basis points.
  • Interest and other income/expense, net totaled $22.0 million of expense, consisting primarily of $16.8 million of interest expense, which decreased $6.1 million versus last year due to a lower average debt balance and lower variable interest rates, and a $4.9 million net loss from foreign currency revaluation and realized foreign currency gains and losses.
  • The effective tax rate in the quarter was 21.4%, compared to 19.4% in the second quarter of 2024. The higher rate in the second quarter of 2025 was driven by the impact of higher pre-tax income and lower benefit from U.S. tax credits and incentives, partially offset by a lower foreign tax rate.
  • Net income totaled $152.5 million, up 20.8% from a year ago. Diluted EPS of $1.26 increased 20.0%. Adjusted diluted EPS(1) of $1.29 increased 12.2%.

(1) Adjusted operating margin and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.

Summary of 2025 Year-to-Date Results Compared to 2024

  • Total revenues decreased 8.0% to $8.2 billion, primarily driven by the divestiture of our Europe Surface Transportation business, in addition to lower pricing in our ocean services and lower fuel surcharges in our truckload services.
  • Gross profits increased 1.0% to $1.3 billion. Adjusted gross profits increased 1.6% to $1.4 billion, primarily driven by higher adjusted gross profit per transaction in our truckload, LTL and customs services, which was partially offset by the divestiture of our Europe Surface Transportation business and lower volume in our truckload and ocean services.
  • Operating expenses decreased 6.4% to $973.5 million. Personnel expenses decreased 7.6% to $683.9 million, primarily due to cost optimization efforts and productivity improvements, the divestiture of our Europe Surface Transportation business, and prior year restructuring charges related to workforce reductions. Average employee headcount declined 10.6%. Other SG&A expenses decreased 3.3% to $289.7 million primarily due to the divestiture of our Europe Surface Transportation business.
  • Income from operations totaled $392.8 million, up 28.7% from last year, due to both the increase in adjusted gross profit and the decrease in operating expenses. Adjusted operating margin(1) of 28.7% increased 600 basis points.
  • Interest and other income/expense, net totaled $42.1 million of expense, primarily consisting of $33.6 million of interest expense, which decreased $11.4 million versus last year, due to a lower average debt balance and lower variable interest rates. The year-to-date results also include an $8.3 million net loss from foreign currency revaluation and realized foreign currency gains and losses.
  • The effective tax rate for the six months ended June 30, 2025 was 17.9% compared to 17.9% in the year-ago period.
  • Net income totaled $287.8 million, up 31.3% from a year ago. Diluted EPS of $2.37 increased 29.5%. Adjusted diluted EPS(1) of $2.46 increased 22.4%.

(1) Adjusted operating margin and adjusted diluted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 11 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.

North American Surface Transportation (“NAST�) Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

Ìý

Three Months Ended June 30,

Ìý

Six Months Ended June 30,

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Total revenues

$

2,918,227

Ìý

$

2,989,909

Ìý

(2.4

)%

Ìý

$

5,786,647

Ìý

$

5,990,222

Ìý

(3.4

)%

Adjusted gross profits(1)

Ìý

432,248

Ìý

Ìý

419,657

Ìý

3.0

%

Ìý

Ìý

850,572

Ìý

Ìý

816,767

Ìý

4.1

%

Income from operations

Ìý

163,991

Ìý

Ìý

141,102

Ìý

16.2

%

Ìý

Ìý

307,662

Ìý

Ìý

249,997

Ìý

23.1

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter total revenues for the NAST segment totaled $2.9 billion, a decrease of 2.4% over the prior year, primarily driven by lower fuel surcharges in our truckload service. NAST adjusted gross profits increased 3.0% in the quarter to $432.2 million. Adjusted gross profits in truckload increased 2.6% due to a 2.5% increase in adjusted gross profit per shipment. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 3.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, increased 3.5%, resulting in an 1.5% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 4.4% versus the year-ago period, driven by a 3.0% increase in adjusted gross profit per order and a 1.5% increase in LTL volume. NAST overall volume increased 1.0% for the quarter and outpaced the market indices. Operating expenses decreased 3.7%, primarily due to cost optimization efforts and productivity improvements and prior year restructuring charges related to both workforce reductions and reducing our facilities footprint including early termination or abandonment of office buildings under operating leases. Second quarter average employee headcount was down 10.0% year-over-year. Income from operations increased 16.2% to $164.0 million, and adjusted operating margin expanded 430 basis points to 37.9%.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

Ìý

Three Months Ended June 30,

Ìý

Six Months Ended June 30,

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Total revenues

$

797,800

Ìý

$

921,223

Ìý

(13.4

)%

Ìý

$

1,572,688

Ìý

$

1,779,860

Ìý

(11.6

)%

Adjusted gross profits(1)

Ìý

187,581

Ìý

Ìý

184,067

Ìý

1.9

%

Ìý

Ìý

372,209

Ìý

Ìý

364,112

Ìý

2.2

%

Income from operations

Ìý

51,330

Ìý

Ìý

40,982

Ìý

25.3

%

Ìý

Ìý

94,273

Ìý

Ìý

72,534

Ìý

30.0

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter total revenues for the Global Forwarding segment decreased 13.4% to $797.8 million, primarily driven by lower pricing in our ocean services. Adjusted gross profits increased 1.9% in the quarter to $187.6 million. Ocean adjusted gross profits decreased 7.5%, driven by a 4.0% decline in shipments and a 3.5% decrease in adjusted gross profit per shipment. Air adjusted gross profits increased 11.5%, driven by a 27.5% increase in adjusted gross profit per metric ton shipped, partially offset by a 12.5% decline in metric tons shipped. Customs adjusted gross profits increased 31.7%, driven by a 31.0% increase in adjusted gross profit per transaction and a 0.5% increase in transaction volume. Operating expenses decreased 4.8% with reductions across several expense categories. Second quarter average employee headcount decreased 4.6% year-over-year. Income from operations increased 25.3% to $51.3 million, and adjusted operating margin expanded 510 basis points to 27.4% in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Solutions and Other Surface Transportation are summarized as follows (dollars in thousands):

Ìý

Three Months Ended June 30,

Ìý

Six Months Ended June 30,

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Total revenues

$

420,516

Ìý

$

572,216

Ìý

(26.5

)%

Ìý

$

823,948

Ìý

$

1,125,577

Ìý

(26.8

)%

Adjusted gross profits(1):

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Robinson Fresh

$

44,395

Ìý

$

39,883

Ìý

11.3

%

Ìý

$

82,048

Ìý

$

73,619

Ìý

11.4

%

Managed Solutions

Ìý

29,007

Ìý

Ìý

28,752

Ìý

0.9

%

Ìý

Ìý

56,853

Ìý

Ìý

57,688

Ìý

(1.4

)%

Other Surface Transportation(2)

Ìý

�

Ìý

Ìý

15,050

Ìý

(100.0

)%

Ìý

Ìý

4,637

Ìý

Ìý

32,952

Ìý

(85.9

)%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

(2) Includes our Europe Surface Transportation business, which was divested as of February 1, 2025.

Second quarter Robinson Fresh adjusted gross profits increased 11.3% to $44.4 million due to an increase in integrated supply chain solutions for retail and foodservice customers. Managed Solutions adjusted gross profits increased 0.9%.

Other Income Statement Items

Interest and other income/expense, net totaled $22.0 million of expense, consisting primarily of $16.8 million of interest expense, which decreased $6.1 million versus the second quarter of 2024 due to a lower average debt balance and lower variable interest rates, and a $4.9 million net loss from foreign currency revaluation and realized foreign currency gains and losses.

The second quarter effective tax rate was 21.4%, up from 19.4% in the second quarter of 2024. The higher rate in the second quarter of 2025 was driven by the impact of higher pre-tax income and lower benefit from U.S. tax credits and incentives, partially offset by a lower foreign tax rate. For 2025, we expect our full-year effective tax rate to be 18% to 20%.

Diluted weighted average shares outstanding in the quarter were up 0.9% year-over-year.

Cash Flow Generation and Capital Distribution

Cash generated from operations totaled $227.1 million in the second quarter, compared to $166.4 million in the second quarter of 2024. The $60.7 million increase in cash flow from operations was primarily related to a $26.2 million increase in net income and a $57.7 million decrease in cash used by changes in net operating working capital, due to a $30.9 million sequential decrease in net operating working capital in the second quarter of 2025 compared to a $26.8 million sequential increase in the second quarter of 2024.

In the second quarter of 2025, cash returned to shareholders totaled $160.7 million, with $74.9 million in cash dividends and $85.8 million in repurchases of common stock.

Capital expenditures totaled $20.2 million in the quarter. Capital expenditures for 2025 are expected to be $65 million to $75 million.

About C.H. Robinson

C.H. Robinson delivers logistics like no one else�. Companies around the world look to us to reimagine supply chains, advance freight technology, and solve logistics challenges—from the simple to the most complex. 83,000 customers and 450,000 contract carriers in our network trust us to manage 37 million shipments and $23 billion in freight annually. Through our unmatched expertise, unrivaled scale, and tailored solutions, we ensure the seamless delivery of goods across industries and continents via truckload, less-than-truckload, ocean, air, and beyond. As a responsible global citizen, we make supply chains more sustainable and proudly contribute millions to the causes that matter most to our employees. For more information, visit us at (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business; cyber-security related risks; our ability to staff and retain employees; risks associated with operations outside of the U.S.; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently managing divestitures; climate change related risks; risks associated with our indebtedness; risks associated with interest rates; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations including environmental-related regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of changes in political and governmental conditions; changes to our capital structure; changes due to catastrophic events; risks associated with the usage of artificial intelligence technologies; risks associated with cybersecurity events; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:

C.H. Robinson Worldwide Second Quarter 2025 Earnings Conference Call

Wednesday, July 30, 2025; 5:00 p.m. Eastern Time

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at .

To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756

Adjusted Gross Profit by Service Line

(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments may have revenues from multiple service lines.

Ìý

Three Months Ended June 30,

Ìý

Six Months Ended June 30,

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Adjusted gross profits(1):

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Transportation

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Truckload

$

267,913

Ìý

$

274,187

Ìý

(2.3

)%

Ìý

$

530,201

Ìý

$

531,600

Ìý

(0.3

)%

LTL

Ìý

152,186

Ìý

Ìý

145,823

Ìý

4.4

%

Ìý

Ìý

300,597

Ìý

Ìý

286,959

Ìý

4.8

%

Ocean

Ìý

107,902

Ìý

Ìý

116,659

Ìý

(7.5

)%

Ìý

Ìý

223,237

Ìý

Ìý

229,517

Ìý

(2.7

)%

Air

Ìý

34,461

Ìý

Ìý

30,906

Ìý

11.5

%

Ìý

Ìý

67,271

Ìý

Ìý

61,438

Ìý

9.5

%

Customs

Ìý

35,098

Ìý

Ìý

26,652

Ìý

31.7

%

Ìý

Ìý

62,018

Ìý

Ìý

52,747

Ìý

17.6

%

Other logistics services

Ìý

56,459

Ìý

Ìý

57,320

Ìý

(1.5

)%

Ìý

Ìý

111,240

Ìý

Ìý

116,878

Ìý

(4.8

)%

Total transportation

Ìý

654,019

Ìý

Ìý

651,547

Ìý

0.4

%

Ìý

Ìý

1,294,564

Ìý

Ìý

1,279,139

Ìý

1.2

%

Sourcing

Ìý

39,212

Ìý

Ìý

35,862

Ìý

9.3

%

Ìý

Ìý

71,755

Ìý

Ìý

65,999

Ìý

8.7

%

Total adjusted gross profits

$

693,231

Ìý

$

687,409

Ìý

0.8

%

Ìý

$

1,366,319

Ìý

$

1,345,138

Ìý

1.6

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

Ìý

Three Months Ended June 30,

Ìý

Six Months Ended June 30,

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Ìý

Ìý

2025

Ìý

Ìý

2024

Ìý

% change

Revenues:

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Transportation

$

3,746,660

Ìý

$

4,121,930

Ìý

(9.1

)%

Ìý

$

7,468,575

Ìý

$

8,204,518

Ìý

(9.0

)%

Sourcing

Ìý

389,883

Ìý

Ìý

361,418

Ìý

7.9

%

Ìý

Ìý

714,708

Ìý

Ìý

691,141

Ìý

3.4

%

Total revenues

Ìý

4,136,543

Ìý

Ìý

4,483,348

Ìý

(7.7

)%

Ìý

Ìý

8,183,283

Ìý

Ìý

8,895,659

Ìý

(8.0

)%

Costs and expenses:

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Purchased transportation and related services

Ìý

3,092,641

Ìý

Ìý

3,470,383

Ìý

(10.9

)%

Ìý

Ìý

6,174,011

Ìý

Ìý

6,925,379

Ìý

(10.8

)%

Purchased products sourced for resale

Ìý

350,671

Ìý

Ìý

325,556

Ìý

7.7

%

Ìý

Ìý

642,953

Ìý

Ìý

625,142

Ìý

2.8

%

Direct internally developed software amortization

Ìý

13,681

Ìý

Ìý

10,883

Ìý

25.7

%

Ìý

Ìý

29,347

Ìý

Ìý

21,105

Ìý

39.1

%

Total direct expenses

Ìý

3,456,993

Ìý

Ìý

3,806,822

Ìý

(9.2

)%

Ìý

Ìý

6,846,311

Ìý

Ìý

7,571,626

Ìý

(9.6

)%

Gross profit

$

679,550

Ìý

$

676,526

Ìý

0.4

%

Ìý

$

1,336,972

Ìý

$

1,324,033

Ìý

1.0

%

Plus: Direct internally developed software amortization

Ìý

13,681

Ìý

Ìý

10,883

Ìý

25.7

%

Ìý

Ìý

29,347

Ìý

Ìý

21,105

Ìý

39.1

%

Adjusted gross profit

$

693,231

Ìý

$

687,409

Ìý

0.8

%

Ìý

$

1,366,319

Ìý

$

1,345,138

Ìý

1.6

%

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring, lease impairment, and/or losses from divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture are presented below:

Ìý

Three Months Ended June 30,

Ìý

Six Months Ended June 30,

Ìý

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

% change

Ìý

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

% change

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Total revenues

$

4,136,543

Ìý

Ìý

$

4,483,348

Ìý

Ìý

(7.7

%)

Ìý

$

8,183,283

Ìý

Ìý

$

8,895,659

Ìý

Ìý

(8.0

%)

Income from operations

Ìý

215,919

Ìý

Ìý

Ìý

178,090

Ìý

Ìý

21.2

%

Ìý

Ìý

392,772

Ìý

Ìý

Ìý

305,223

Ìý

Ìý

28.7

%

Operating margin

Ìý

5.2

%

Ìý

Ìý

4.0

%

Ìý

120 bps

Ìý

Ìý

4.8

%

Ìý

Ìý

3.4

%

Ìý

140 bps

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Adjusted gross profit

$

693,231

Ìý

Ìý

$

687,409

Ìý

Ìý

0.8

%

Ìý

$

1,366,319

Ìý

Ìý

$

1,345,138

Ìý

Ìý

1.6

%

Income from operations

Ìý

215,919

Ìý

Ìý

Ìý

178,090

Ìý

Ìý

21.2

%

Ìý

Ìý

392,772

Ìý

Ìý

Ìý

305,223

Ìý

Ìý

28.7

%

Adjusted operating margin

Ìý

31.1

%

Ìý

Ìý

25.9

%

Ìý

520 bps

Ìý

Ìý

28.7

%

Ìý

Ìý

22.7

%

Ìý

600 bps

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Adjusted gross profit

$

693,231

Ìý

Ìý

$

687,409

Ìý

Ìý

0.8

%

Ìý

$

1,366,319

Ìý

Ìý

$

1,345,138

Ìý

Ìý

1.6

%

Adjusted income from operations

Ìý

220,229

Ìý

Ìý

Ìý

193,279

Ìý

Ìý

13.9

%

Ìý

Ìý

405,695

Ìý

Ìý

Ìý

333,355

Ìý

Ìý

21.7

%

Adjusted operating margin - excluding restructuring, lease impairment charge, and/or loss on divestiture

Ìý

31.8

%

Ìý

Ìý

28.1

%

Ìý

370 bps

Ìý

Ìý

29.7

%

Ìý

Ìý

24.8

%

Ìý

490 bps

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, lease impairment, and/or losses from divestiture. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, lease impairment charge and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data):

Non-GAAP Reconciliation:

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Three Months Ended June 30, 2025

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Income from operations

$

163,991

Ìý

Ìý

$

51,330

Ìý

Ìý

$

598

Ìý

Ìý

$

215,919

Ìý

Severance and other personnel expenses

Ìý

677

Ìý

Ìý

Ìý

2,576

Ìý

Ìý

Ìý

635

Ìý

Ìý

Ìý

3,888

Ìý

Other selling, general, and administrative expenses

Ìý

�

Ìý

Ìý

Ìý

�

Ìý

Ìý

Ìý

422

Ìý

Ìý

Ìý

422

Ìý

Total adjustments to income from operations(1)

Ìý

677

Ìý

Ìý

Ìý

2,576

Ìý

Ìý

Ìý

1,057

Ìý

Ìý

Ìý

4,310

Ìý

Adjusted income from operations

$

164,668

Ìý

Ìý

$

53,906

Ìý

Ìý

$

1,655

Ìý

Ìý

$

220,229

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Adjusted gross profit

$

432,248

Ìý

Ìý

$

187,581

Ìý

Ìý

$

73,402

Ìý

Ìý

$

693,231

Ìý

Adjusted income from operations

Ìý

164,668

Ìý

Ìý

Ìý

53,906

Ìý

Ìý

Ìý

1,655

Ìý

Ìý

Ìý

220,229

Ìý

Adjusted operating margin - excluding restructuring and loss on divestiture

Ìý

38.1

%

Ìý

Ìý

28.7

%

Ìý

Ìý

N/M

Ìý

Ìý

Ìý

31.8

%

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Six Months Ended June 30, 2025

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Income (loss) from operations

$

307,662

Ìý

Ìý

$

94,273

Ìý

Ìý

$

(9,163

)

Ìý

$

392,772

Ìý

Severance and other personnel expenses

Ìý

677

Ìý

Ìý

Ìý

2,576

Ìý

Ìý

Ìý

1,822

Ìý

Ìý

Ìý

5,075

Ìý

Other selling, general, and administrative expenses

Ìý

�

Ìý

Ìý

Ìý

�

Ìý

Ìý

Ìý

7,848

Ìý

Ìý

Ìý

7,848

Ìý

Total adjustments to income from operations(2)

Ìý

677

Ìý

Ìý

Ìý

2,576

Ìý

Ìý

Ìý

9,670

Ìý

Ìý

Ìý

12,923

Ìý

Adjusted income from operations

$

308,339

Ìý

Ìý

$

96,849

Ìý

Ìý

$

507

Ìý

Ìý

$

405,695

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Adjusted gross profit

$

850,572

Ìý

Ìý

$

372,209

Ìý

Ìý

$

143,538

Ìý

Ìý

$

1,366,319

Ìý

Adjusted income from operations

Ìý

308,339

Ìý

Ìý

Ìý

96,849

Ìý

Ìý

Ìý

507

Ìý

Ìý

Ìý

405,695

Ìý

Adjusted operating margin - excluding lease impairment charge, restructuring, and loss on divestiture

Ìý

36.3

%

Ìý

Ìý

26.0

%

Ìý

Ìý

N/M

Ìý

Ìý

Ìý

29.7

%

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Three Months Ended June 30, 2025

Ìý

Six Months Ended June 30, 2025

Ìý

$ in 000's

Ìý

per share

Ìý

$ in 000's

Ìý

per share

Net income and per share (diluted)

$

152,471

Ìý

Ìý

$

1.26

Ìý

Ìý

$

287,773

Ìý

Ìý

$

2.37

Ìý

Lease impairment charge, pre-tax

Ìý

�

Ìý

Ìý

Ìý

�

Ìý

Ìý

Ìý

6,259

Ìý

Ìý

Ìý

0.05

Ìý

Restructuring and related costs, pre-tax

Ìý

3,881

Ìý

Ìý

Ìý

0.04

Ìý

Ìý

Ìý

3,881

Ìý

Ìý

Ìý

0.03

Ìý

Loss on divestiture, pre-tax

Ìý

429

Ìý

Ìý

Ìý

�

Ìý

Ìý

Ìý

2,783

Ìý

Ìý

Ìý

0.02

Ìý

Tax effect of adjustments

Ìý

(1,005

)

Ìý

Ìý

(0.01

)

Ìý

Ìý

(2,031

)

Ìý

Ìý

(0.01

)

Adjusted net income and per share (diluted)

$

155,776

Ìý

Ìý

$

1.29

Ìý

Ìý

$

298,665

Ìý

Ìý

$

2.46

Ìý

____________________________________________

(1) The three months ended June 30, 2025 includes severance and other personnel expenses of $3.9 million related to workforce reductions and $0.4 million of other charges.

(2) The six months ended June 30, 2025 includes severance and other personnel expenses of $5.1 million primarily related to workforce reductions and $7.8 million of other charges, which include a $6.3 million impairment charge on our Kansas City regional center lease resulting from the execution of a sublease agreement on a portion of the building.

Non-GAAP Reconciliation:

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Three Months Ended June 30, 2024

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Income (loss) from operations

$

141,102

Ìý

Ìý

$

40,982

Ìý

Ìý

$

(3,994

)

Ìý

$

178,090

Ìý

Severance and other personnel expenses

Ìý

4,758

Ìý

Ìý

Ìý

2,179

Ìý

Ìý

Ìý

2,508

Ìý

Ìý

Ìý

9,445

Ìý

Other selling, general, and administrative expenses

Ìý

3,776

Ìý

Ìý

Ìý

1,331

Ìý

Ìý

Ìý

637

Ìý

Ìý

Ìý

5,744

Ìý

Total adjustments to income (loss) from operations(1)

Ìý

8,534

Ìý

Ìý

Ìý

3,510

Ìý

Ìý

Ìý

3,145

Ìý

Ìý

Ìý

15,189

Ìý

Adjusted income (loss) from operations

$

149,636

Ìý

Ìý

$

44,492

Ìý

Ìý

$

(849

)

Ìý

$

193,279

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Adjusted gross profit

$

419,657

Ìý

Ìý

$

184,067

Ìý

Ìý

$

83,685

Ìý

Ìý

$

687,409

Ìý

Adjusted income (loss) from operations

Ìý

149,636

Ìý

Ìý

Ìý

44,492

Ìý

Ìý

Ìý

(849

)

Ìý

Ìý

193,279

Ìý

Adjusted operating margin - excluding restructuring

Ìý

35.7

%

Ìý

Ìý

24.2

%

Ìý

Ìý

N/M

Ìý

Ìý

Ìý

28.1

%

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Six Months Ended June 30, 2024

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Income (loss) from operations

$

249,997

Ìý

Ìý

$

72,534

Ìý

Ìý

$

(17,308

)

Ìý

$

305,223

Ìý

Severance and other personnel expenses

Ìý

7,784

Ìý

Ìý

Ìý

5,394

Ìý

Ìý

Ìý

4,209

Ìý

Ìý

Ìý

17,387

Ìý

Other selling, general, and administrative expenses

Ìý

5,654

Ìý

Ìý

Ìý

1,592

Ìý

Ìý

Ìý

3,499

Ìý

Ìý

Ìý

10,745

Ìý

Total adjustments to income (loss) from operations(2)

Ìý

13,438

Ìý

Ìý

Ìý

6,986

Ìý

Ìý

Ìý

7,708

Ìý

Ìý

Ìý

28,132

Ìý

Adjusted income (loss) from operations

$

263,435

Ìý

Ìý

$

79,520

Ìý

Ìý

$

(9,600

)

Ìý

$

333,355

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Adjusted gross profit

$

816,767

Ìý

Ìý

$

364,112

Ìý

Ìý

$

164,259

Ìý

Ìý

$

1,345,138

Ìý

Adjusted income (loss) from operations

Ìý

263,435

Ìý

Ìý

Ìý

79,520

Ìý

Ìý

Ìý

(9,600

)

Ìý

Ìý

333,355

Ìý

Adjusted operating margin - excluding restructuring

Ìý

32.3

%

Ìý

Ìý

21.8

%

Ìý

Ìý

N/M

Ìý

Ìý

Ìý

24.8

%

Ìý

Three Months Ended June 30, 2024

Ìý

Six Months Ended June 30, 2024

Ìý

$ in 000's

Ìý

per share

Ìý

$ in 000's

Ìý

per share

Net income and per share (diluted)

$

126,251

Ìý

Ìý

$

1.05

Ìý

Ìý

$

219,155

Ìý

Ìý

$

1.83

Ìý

Restructuring and related costs, pre-tax

Ìý

15,189

Ìý

Ìý

Ìý

0.13

Ìý

Ìý

Ìý

28,132

Ìý

Ìý

Ìý

0.24

Ìý

Tax effect of adjustments

Ìý

(3,645

)

Ìý

Ìý

(0.03

)

Ìý

Ìý

(6,746

)

Ìý

Ìý

(0.06

)

Adjusted net income and per share (diluted)

$

137,795

Ìý

Ìý

$

1.15

Ìý

Ìý

$

240,541

Ìý

Ìý

$

2.01

Ìý

____________________________________________

(1) The three months ended June 30, 2024 includes severance and other personnel expenses of $9.4 million related to workforce reductions and $5.7 million of other charges, primarily related to reducing our facilities footprint including early termination or abandonment of office buildings under operating leases.

(2) The six months ended June 30, 2024 includes severance and other personnel expenses of $17.4 million related to workforce reductions and $10.7 million of other charges, primarily related to an impairment of internally developed software and charges related to reducing our facilities footprint including early termination or abandonment of office buildings under operating leases.

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

Ìý

Three Months Ended June 30,

Ìý

Six Months Ended June 30,

Ìý

Ìý

Ìý

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

% change

Ìý

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

% change

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Revenues:

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Transportation

$

3,746,660

Ìý

Ìý

$

4,121,930

Ìý

Ìý

(9.1

)%

Ìý

$

7,468,575

Ìý

Ìý

$

8,204,518

Ìý

Ìý

(9.0

)%

Sourcing

Ìý

389,883

Ìý

Ìý

Ìý

361,418

Ìý

Ìý

7.9

%

Ìý

Ìý

714,708

Ìý

Ìý

Ìý

691,141

Ìý

Ìý

3.4

%

Total revenues

Ìý

4,136,543

Ìý

Ìý

Ìý

4,483,348

Ìý

Ìý

(7.7

)%

Ìý

Ìý

8,183,283

Ìý

Ìý

Ìý

8,895,659

Ìý

Ìý

(8.0

)%

Costs and expenses:

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Purchased transportation and related services

Ìý

3,092,641

Ìý

Ìý

Ìý

3,470,383

Ìý

Ìý

(10.9

)%

Ìý

Ìý

6,174,011

Ìý

Ìý

Ìý

6,925,379

Ìý

Ìý

(10.8

)%

Purchased products sourced for resale

Ìý

350,671

Ìý

Ìý

Ìý

325,556

Ìý

Ìý

7.7

%

Ìý

Ìý

642,953

Ìý

Ìý

Ìý

625,142

Ìý

Ìý

2.8

%

Personnel expenses

Ìý

335,322

Ìý

Ìý

Ìý

361,222

Ìý

Ìý

(7.2

)%

Ìý

Ìý

683,875

Ìý

Ìý

Ìý

740,309

Ìý

Ìý

(7.6

)%

Other selling, general, and administrative expenses

Ìý

141,990

Ìý

Ìý

Ìý

148,097

Ìý

Ìý

(4.1

)%

Ìý

Ìý

289,672

Ìý

Ìý

Ìý

299,606

Ìý

Ìý

(3.3

)%

Total costs and expenses

Ìý

3,920,624

Ìý

Ìý

Ìý

4,305,258

Ìý

Ìý

(8.9

)%

Ìý

Ìý

7,790,511

Ìý

Ìý

Ìý

8,590,436

Ìý

Ìý

(9.3

)%

Income from operations

Ìý

215,919

Ìý

Ìý

Ìý

178,090

Ìý

Ìý

21.2

%

Ìý

Ìý

392,772

Ìý

Ìý

Ìý

305,223

Ìý

Ìý

28.7

%

Interest and other income/expense, net

Ìý

(22,026

)

Ìý

Ìý

(21,525

)

Ìý

2.3

%

Ìý

Ìý

(42,077

)

Ìý

Ìý

(38,305

)

Ìý

9.8

%

Income before provision for income taxes

Ìý

193,893

Ìý

Ìý

Ìý

156,565

Ìý

Ìý

23.8

%

Ìý

Ìý

350,695

Ìý

Ìý

Ìý

266,918

Ìý

Ìý

31.4

%

Provision for income taxes

Ìý

41,422

Ìý

Ìý

Ìý

30,314

Ìý

Ìý

36.6

%

Ìý

Ìý

62,922

Ìý

Ìý

Ìý

47,763

Ìý

Ìý

31.7

%

Net income

$

152,471

Ìý

Ìý

$

126,251

Ìý

Ìý

20.8

%

Ìý

$

287,773

Ìý

Ìý

$

219,155

Ìý

Ìý

31.3

%

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Net income per share (basic)

$

1.27

Ìý

Ìý

$

1.06

Ìý

Ìý

19.8

%

Ìý

$

2.39

Ìý

Ìý

$

1.84

Ìý

Ìý

29.9

%

Net income per share (diluted)

$

1.26

Ìý

Ìý

$

1.05

Ìý

Ìý

20.0

%

Ìý

$

2.37

Ìý

Ìý

$

1.83

Ìý

Ìý

29.5

%

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Weighted average shares outstanding (basic)

Ìý

120,244

Ìý

Ìý

Ìý

119,418

Ìý

Ìý

0.7

%

Ìý

Ìý

120,605

Ìý

Ìý

Ìý

119,381

Ìý

Ìý

1.0

%

Weighted average shares outstanding (diluted)

Ìý

121,025

Ìý

Ìý

Ìý

119,920

Ìý

Ìý

0.9

%

Ìý

Ìý

121,442

Ìý

Ìý

Ìý

119,732

Ìý

Ìý

1.4

%

Business Segment Information

(unaudited, in thousands, except average employee headcount)

Ìý

Ìý

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Three Months Ended June 30, 2025

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Total revenues

Ìý

$

2,918,227

Ìý

$

797,800

Ìý

$

420,516

Ìý

Ìý

$

4,136,543

Adjusted gross profits(1)

Ìý

Ìý

432,248

Ìý

Ìý

187,581

Ìý

Ìý

73,402

Ìý

Ìý

Ìý

693,231

Income from operations

Ìý

Ìý

163,991

Ìý

Ìý

51,330

Ìý

Ìý

598

Ìý

Ìý

Ìý

215,919

Depreciation and amortization

Ìý

Ìý

4,815

Ìý

Ìý

2,188

Ìý

Ìý

17,863

Ìý

Ìý

Ìý

24,866

Total assets(2)

Ìý

Ìý

2,971,926

Ìý

Ìý

1,332,889

Ìý

Ìý

1,017,096

Ìý

Ìý

Ìý

5,321,911

Average employee headcount

Ìý

Ìý

5,283

Ìý

Ìý

4,436

Ìý

Ìý

3,139

Ìý

Ìý

Ìý

12,858

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Three Months Ended June 30, 2024

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Total revenues

Ìý

$

2,989,909

Ìý

$

921,223

Ìý

$

572,216

Ìý

Ìý

$

4,483,348

Adjusted gross profits(1)

Ìý

Ìý

419,657

Ìý

Ìý

184,067

Ìý

Ìý

83,685

Ìý

Ìý

Ìý

687,409

Income (loss) from operations

Ìý

Ìý

141,102

Ìý

Ìý

40,982

Ìý

Ìý

(3,994

)

Ìý

Ìý

178,090

Depreciation and amortization

Ìý

Ìý

5,525

Ìý

Ìý

2,793

Ìý

Ìý

16,736

Ìý

Ìý

Ìý

25,054

Total assets(2)

Ìý

Ìý

3,053,769

Ìý

Ìý

1,306,075

Ìý

Ìý

1,152,502

Ìý

Ìý

Ìý

5,512,346

Average employee headcount

Ìý

Ìý

5,868

Ìý

Ìý

4,652

Ìý

Ìý

3,954

Ìý

Ìý

Ìý

14,474

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

(2) All cash and cash equivalents are included in All Other and Corporate.

Business Segment Information

(unaudited, in thousands, except average employee headcount)

Ìý

Ìý

Ìý

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Six Months Ended June 30, 2025

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Total revenues

Ìý

$

5,786,647

Ìý

$

1,572,688

Ìý

$

823,948

Ìý

Ìý

$

8,183,283

Adjusted gross profits(1)

Ìý

Ìý

850,572

Ìý

Ìý

372,209

Ìý

Ìý

143,538

Ìý

Ìý

Ìý

1,366,319

Income (loss) from operations

Ìý

Ìý

307,662

Ìý

Ìý

94,273

Ìý

Ìý

(9,163

)

Ìý

Ìý

392,772

Depreciation and amortization

Ìý

Ìý

9,624

Ìý

Ìý

4,327

Ìý

Ìý

36,557

Ìý

Ìý

Ìý

50,508

Total assets(2)

Ìý

Ìý

2,971,926

Ìý

Ìý

1,332,889

Ìý

Ìý

1,017,096

Ìý

Ìý

Ìý

5,321,911

Average employee headcount

Ìý

Ìý

5,283

Ìý

Ìý

4,469

Ìý

Ìý

3,414

Ìý

Ìý

Ìý

13,166

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

NAST

Ìý

Global
Forwarding

Ìý

All
Other and
Corporate

Ìý

Consolidated

Six Months Ended June 30, 2024

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Total revenues

Ìý

$

5,990,222

Ìý

$

1,779,860

Ìý

$

1,125,577

Ìý

Ìý

$

8,895,659

Adjusted gross profits(1)

Ìý

Ìý

816,767

Ìý

Ìý

364,112

Ìý

Ìý

164,259

Ìý

Ìý

Ìý

1,345,138

Income (loss) from operations

Ìý

Ìý

249,997

Ìý

Ìý

72,534

Ìý

Ìý

(17,308

)

Ìý

Ìý

305,223

Depreciation and amortization

Ìý

Ìý

10,875

Ìý

Ìý

5,637

Ìý

Ìý

32,420

Ìý

Ìý

Ìý

48,932

Total assets(2)

Ìý

Ìý

3,053,769

Ìý

Ìý

1,306,075

Ìý

Ìý

1,152,502

Ìý

Ìý

Ìý

5,512,346

Average employee headcount

Ìý

Ìý

5,929

Ìý

Ìý

4,770

Ìý

Ìý

4,032

Ìý

Ìý

Ìý

14,731

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

(2) All cash and cash equivalents are included in All Other and Corporate.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

Ìý

Ìý

June 30, 2025

Ìý

December 31, 2024

Assets

Ìý

Ìý

Ìý

Current assets:

Ìý

Ìý

Ìý

Cash and cash equivalents

$

155,993

Ìý

$

145,762

Receivables, net of allowance for credit loss

Ìý

2,538,082

Ìý

Ìý

2,383,709

Contract assets, net of allowance for credit loss

Ìý

188,897

Ìý

Ìý

200,332

Prepaid expenses and other

Ìý

130,742

Ìý

Ìý

102,166

Assets held for sale

Ìý

�

Ìý

Ìý

137,634

Total current assets

Ìý

3,013,714

Ìý

Ìý

2,969,603

Ìý

Ìý

Ìý

Ìý

Property and equipment, net of accumulated depreciation and amortization

Ìý

122,954

Ìý

Ìý

127,189

Right-of-use lease assets

Ìý

309,299

Ìý

Ìý

334,738

Intangible and other assets, net of accumulated amortization

Ìý

1,875,944

Ìý

Ìý

1,866,396

Total assets

$

5,321,911

Ìý

$

5,297,926

Ìý

Ìý

Ìý

Ìý

Liabilities and stockholders� investment

Ìý

Ìý

Ìý

Current liabilities:

Ìý

Ìý

Ìý

Accounts payable and outstanding checks

$

1,348,156

Ìý

$

1,212,132

Accrued expenses:

Ìý

Ìý

Ìý

Compensation

Ìý

117,603

Ìý

Ìý

180,801

Transportation expense

Ìý

148,218

Ìý

Ìý

153,274

Income taxes

Ìý

14,519

Ìý

Ìý

9,326

Other accrued liabilities

Ìý

162,733

Ìý

Ìý

173,318

Current lease liabilities

Ìý

72,693

Ìý

Ìý

72,842

Current portion of debt

Ìý

431,917

Ìý

Ìý

455,792

Liabilities held for sale

Ìý

�

Ìý

Ìý

67,413

Total current liabilities

Ìý

2,295,839

Ìý

Ìý

2,324,898

Ìý

Ìý

Ìý

Ìý

Long-term debt

Ìý

922,318

Ìý

Ìý

921,857

Noncurrent lease liabilities

Ìý

264,797

Ìý

Ìý

290,641

Noncurrent income taxes payable

Ìý

41,326

Ìý

Ìý

23,472

Deferred tax liabilities

Ìý

9,939

Ìý

Ìý

12,565

Other long-term liabilities

Ìý

3,305

Ìý

Ìý

2,442

Total liabilities

Ìý

3,537,524

Ìý

Ìý

3,575,875

Ìý

Ìý

Ìý

Ìý

Total stockholders� investment

Ìý

1,784,387

Ìý

Ìý

1,722,051

Total liabilities and stockholders� investment

$

5,321,911

Ìý

$

5,297,926

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)

Ìý

Six Months Ended June 30,

Operating activities:

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

Ìý

Ìý

Ìý

Net income

$

287,773

Ìý

Ìý

$

219,155

Ìý

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Ìý

Ìý

Ìý

Depreciation and amortization

Ìý

50,508

Ìý

Ìý

Ìý

48,932

Ìý

Provision for credit losses

Ìý

6,605

Ìý

Ìý

Ìý

4,298

Ìý

Stock-based compensation

Ìý

44,028

Ìý

Ìý

Ìý

42,245

Ìý

Deferred income taxes

Ìý

15,419

Ìý

Ìý

Ìý

(13,392

)

Excess tax benefit on stock-based compensation

Ìý

(8,155

)

Ìý

Ìý

(2,274

)

Change in loss on disposal group

Ìý

(569

)

Ìý

Ìý

�

Ìý

Other operating activities

Ìý

7,254

Ìý

Ìý

Ìý

10,841

Ìý

Changes in operating elements:

Ìý

Ìý

Ìý

Receivables

Ìý

(108,002

)

Ìý

Ìý

(290,042

)

Contract assets

Ìý

11,595

Ìý

Ìý

Ìý

(70,514

)

Prepaid expenses and other

Ìý

(27,934

)

Ìý

Ìý

8,034

Ìý

Right of use asset

Ìý

24,704

Ìý

Ìý

Ìý

(3,093

)

Accounts payable and outstanding checks

Ìý

121,249

Ìý

Ìý

Ìý

122,404

Ìý

Accrued compensation

Ìý

(64,607

)

Ìý

Ìý

(13,276

)

Accrued transportation expenses

Ìý

(5,056

)

Ìý

Ìý

63,389

Ìý

Accrued income taxes

Ìý

30,866

Ìý

Ìý

Ìý

(60

)

Other accrued liabilities

Ìý

(20,779

)

Ìý

Ìý

1,108

Ìý

Lease liability

Ìý

(31,844

)

Ìý

Ìý

3,248

Ìý

Other assets and liabilities

Ìý

604

Ìý

Ìý

Ìý

2,096

Ìý

Net cash provided by operating activities

Ìý

333,659

Ìý

Ìý

Ìý

133,099

Ìý

Investing activities:

Ìý

Ìý

Ìý

Purchases of property and equipment

Ìý

(10,640

)

Ìý

Ìý

(15,238

)

Purchases and development of software

Ìý

(25,601

)

Ìý

Ìý

(26,573

)

Proceeds from divestiture

Ìý

27,737

Ìý

Ìý

Ìý

�

Ìý

Net cash used for investing activities

Ìý

(8,504

)

Ìý

Ìý

(41,811

)

Financing activities:

Ìý

Ìý

Ìý

Proceeds from stock issued for employee benefit plans

Ìý

27,026

Ìý

Ìý

Ìý

19,026

Ìý

Stock tendered for payment of withholding taxes

Ìý

(54,589

)

Ìý

Ìý

(19,808

)

Repurchase of common stock

Ìý

(128,767

)

Ìý

Ìý

�

Ìý

Cash dividends

Ìý

(152,355

)

Ìý

Ìý

(147,283

)

Proceeds from short-term borrowings

Ìý

1,240,800

Ìý

Ìý

Ìý

1,653,000

Ìý

Payments on short-term borrowings

Ìý

(1,264,800

)

Ìý

Ìý

(1,625,000

)

Net cash used for financing activities

Ìý

(332,685

)

Ìý

Ìý

(120,065

)

Effect of exchange rates on cash and cash equivalents

Ìý

6,985

Ìý

Ìý

Ìý

(3,581

)

Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale

Ìý

(545

)

Ìý

Ìý

(32,358

)

Plus: net decrease in cash and cash equivalents within assets held for sale

Ìý

10,776

Ìý

Ìý

Ìý

�

Ìý

Cash and cash equivalents, beginning of period

Ìý

145,762

Ìý

Ìý

Ìý

145,524

Ìý

Cash and cash equivalents, end of period

$

155,993

Ìý

Ìý

$

113,166

Ìý

Ìý

As of June 30,

Operational Data:

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Employees

Ìý

12,803

Ìý

Ìý

Ìý

14,213

Ìý

CHRW-IR

FOR INQUIRIES, CONTACT:

Chuck Ives, Senior Director of Investor Relations

Email: [email protected]

Source: C.H. Robinson

C H Robinson Worldwide Inc

NASDAQ:CHRW

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12.05B
117.71M
0.98%
96.37%
4.68%
Integrated Freight & Logistics
Arrangement of Transportation of Freight & Cargo
United States
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