C.H. Robinson's Truckload Profit Per Load Turns Higher

The Tip Desk · November 1, 2026 · 4 min read

Third-quarter revenue reached $5.4 billion as truckload adjusted gross profit per shipment rose 17.0% and diluted EPS climbed 24.6% to $1.67.

C.H. Robinson Worldwide, Inc. (CHRW) reported third-quarter revenue of $5.4 billion, up 29.5% from a year earlier, as truckload pricing and volume lifted the global logistics company’s results.

Income from operations increased 23.1% to $271.8 million. Adjusted income from operations rose 26.1% to $290.8 million. Diluted earnings were $1.67 a share, up 24.6%. Adjusted diluted EPS was $1.80, up 28.6%.

The defining turn was in North American Surface Transportation. Truckload adjusted gross profit per shipment rose 17.0% year over year after holding flat in the second quarter, the company said, despite a significant increase in truckload spot market costs. NAST truckload and LTL volume increased 3.5%, versus a 0.3% decline in the Cass Freight Shipment Index, the 14th consecutive quarter of market outgrowth.

NAST total revenues increased 29.1% to $3.8 billion, primarily from higher pricing and volume in truckload and LTL. NAST adjusted gross profits rose 16.6% to $517.9 million. Truckload adjusted gross profits increased 20.7%, reflecting the 17.0% gain in profit per shipment and the 3.5% volume increase. Average truckload linehaul rate per mile charged to customers, excluding fuel surcharges, increased approximately 31.5%, while linehaul cost per mile excluding fuel surcharges increased 33.5%, producing a 21.5% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits rose 8.0% on a 4.0% increase in profit per order and a 3.5% volume gain.

NAST income from operations increased 17.9% to $203.9 million. Adjusted operating margin expanded 50 basis points to 39.4%; adjusted operating margin excluding specified items increased 110 basis points to 40.3%. The company said NAST and Global Forwarding delivered a higher level of year-over-year productivity improvements than in the first half of 2026 and both achieved their mid-cycle operating margin targets again.

Global Forwarding total revenues increased 46.1% to $1.1 billion, primarily from higher pricing in ocean and air. Adjusted gross profits rose 15.4% to $221.2 million. Ocean adjusted gross profits increased 23.2% on a 20.5% rise in profit per shipment and a 2.0% increase in shipments. Air adjusted gross profits increased 23.2% on a 28.5% rise in profit per metric ton, partially offset by a 4.0% decline in metric tons. Customs adjusted gross profits decreased 12.9%. Income from operations increased 63.3% to $80.0 million. Adjusted operating margin expanded 1,060 basis points to 36.2%.

All Other and Corporate revenues decreased 1.3% to $379.8 million. Robinson Fresh adjusted gross profits decreased 5.1% to $38.1 million, which the company attributed to margin compression from higher fuel costs, partially offset by volume with foodservice customers. Managed Solutions adjusted gross profits increased 4.1%.

Operating expenses increased 10.6% to $536.6 million. Personnel expenses rose 3.1% to $360.3 million, primarily due to higher incentive compensation, partially offset by cost optimization and lower restructuring charges. Average employee headcount declined 10.4%. Other SG&A increased 29.7% to $176.3 million, primarily due to higher claims expenses and a $12.2 million impairment on the Kansas City regional center lease tied to a sublease. The quarter also included $2.9 million of acquisition-related costs and $3.6 million of severance and other personnel expenses. Adjusted operating margin of 33.6% increased 230 basis points.

Interest expense was $20.4 million, up $4.7 million from a year earlier due to a higher average debt balance, partially offset by lower variable interest rates. The effective tax rate was 20.6%, flat versus the year-ago quarter. Net income totaled $198.5 million, up 21.8%. Diluted weighted average shares outstanding were down 2.2% year over year due to share repurchases. The company expects a full-year 2026 effective tax rate of 18% to 20%.

Cash generated by operations decreased $151.3 million to $124.1 million, due to unfavorable working-capital changes driven by higher transportation rates. Cash returned to shareholders was $289.1 million, including $214.3 million of stock repurchases and $74.8 million of dividends. Capital expenditures totaled $17.5 million; the company expects 2026 capital expenditures of $65 million to $75 million.

President and Chief Executive Officer Dave Bozeman said the company continued to deliver secular earnings growth driven by market share gains, disciplined revenue management and productivity improvements under its Lean AI strategy, and that the same operating model and AI technology would be used to integrate RXO.