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C.H. Robinson Worldwide, Inc.
S&P 500
$17.0B
Market Cap
33.3
P/E
1.80
PEG
20.2%
ROCE
32.9%
ROE
0.72
D/E
4.9%
OPM
-31.8%
% from 52W High
34
α RS
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Currency-adjusted total returns for CHRW including FX impact
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About

C.H. Robinson Worldwide, Inc., together with its subsidiaries, provides freight transportation and related logistics and supply chain services in the United States and internationally.

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⭐ Superinvestors Holding CHRW
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 149.5K $24.8M 0.04% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$4.9B
+19.3% YoY
Adjusted Gross Profit
$738.0M
+6.5% YoY
Adjusted Operating Income
$263.2M
+19.5% YoY
Adjusted Diluted EPS
$1.61
+24.8% YoY
What Went Right
  • NAST volumes grew 1.5% YoY vs. the Cass Freight Shipment Index down 3.3%, marking the 13th consecutive quarter of market outgrowth.
  • Truckload AGP per shipment held flat YoY despite spot rates ex-fuel jumping ~34% and line-haul cost per mile rising 29%.
  • Both NAST and Global Forwarding hit mid-cycle adjusted operating margin targets: NAST 40.9% (+280 bps) and Global Forwarding 33.4% (+470 bps), ex-restructuring.
What to Watch
  • Truckload spot inflation and fuel pass-through compressed gross margin percentage, and contractual margins remain under pressure as repricing continues.
  • Cash from operations fell $191.2M YoY to $35.9M as higher freight rates inflated receivables and net operating working capital.
  • Adverse Texas jury advisory verdict in a trucking-accident case creates legal overhang; management will appeal but the process could take years.
Management Guidance
  • No explicit Q3 revenue guidance was provided.
  • 2026 adjusted operating income target maintained at $964M-$1.04B (raised Oct 2025); company now commits to the low end on a market down ~3% vs. the original flat-market assumption.
  • 2026 SG&A narrowed to $540M-$580M; 2026 CapEx lowered to $65M-$75M; 2026 personnel expenses expected toward the upper end of $1.25B-$1.35B.
  • Full-year 2026 truckload spot rates now forecast +34% YoY, up from +17% three months ago; 2026 tax rate maintained at 18%-20%.
Investor Lens
The investment thesis is stronger after this call: CHRW delivered mid-cycle margin targets in a trough-demand, spot-rate-spike environment, showing revenue management discipline that historically was absent. The 13th consecutive quarter of NAST outgrowth and 96% incremental margin on AGP growth support durable secular earnings growth. The main overhang is the Texas jury verdict and broader nuclear-verdict risk, which is hard to quantify and could raise insurance costs industry-wide. Working capital pressure from higher freight rates also weighed on cash flow, but the balance sheet remains strong with ~$900M liquidity.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter with adjusted operating income up 19.5% despite weak freight demand.
Revenue
Revenue rose 19.3% YoY to $4.9B, driven by higher pricing in truckload, LTL, air and ocean. NAST total volumes grew 1.5% YoY vs. Cass down 3.3%, the 13th consecutive quarter of market outgrowth. LTL volumes increased ~2% and truckload volumes +0.5% YoY.
Profitability
Adjusted operating income increased 19.5% YoY to $263.2M; GAAP operating income rose 18.4% to $255.7M. Adjusted diluted EPS was $1.61, up 24.8% YoY, while GAAP diluted EPS was $1.56, up 23.8%. 96% of the YoY AGP increase flowed through to adjusted operating income.
Margins
NAST operating margin ex-restructuring expanded 280 bps YoY to 40.9%, and Global Forwarding expanded 470 bps to 33.4%. Overall gross margin percentage compressed as truckload spot rates ex-fuel rose ~34% YoY and fuel pass-through reduced margin percentage, although truckload AGP per shipment stayed flat YoY.
Balance Sheet
Cash from operations fell to $35.9M, negatively impacted by higher freight rates driving up receivables. Q2 CapEx was $18.2M, and full-year CapEx guidance was lowered to $65M-$75M. The company ended Q2 with ~$900M liquidity and net debt/EBITDA of 1.64x, up from 1.32x in Q1, while returning $301.3M to shareholders.
Key Risks
Management flagged continued contractual margin pressure from elevated spot rates and a still-declining freight demand environment. The adverse Texas jury verdict was highlighted as a significant legal and industry-wide risk, with appeal potentially extending for years. Higher insurance costs are expected to be an ongoing headwind.
Outlook
Management maintained 2026 adjusted operating income of $964M-$1.04B, now committing to the low end with market volumes tracking lower than originally assumed. They narrowed SG&A to $540M-$580M, lowered CapEx, and expect truckload spot rates to remain elevated through the year.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
Mid-cycle margin targets were achieved in both NAST and Global Forwarding, with strong revenue and AGP growth despite a weak freight market. Lean AI strategy drove significant productivity gains, while disciplined capital allocation and market share growth continued. Legal risks from a recent verdict are being actively managed.
Q1 2026 Q1 2026 2026-04-29
Adjusted EPS rose 15% year-over-year in Q1 2026, with strong margin management and productivity gains despite higher spot market costs. NAST outperformed the market, while Global Forwarding faced volume and margin pressure but expanded gross margin. $360M was returned to shareholders.
Q4 2025 Q4 2025 2026-01-28
Despite a tough freight market with declining revenue and AGP, market share and operating margins improved through Lean AI, productivity gains, and disciplined cost management. Strong liquidity and continued investment support confidence in achieving future EPS targets.
Q3 2025 Q3 2025 2025-10-29
Q3 saw strong market share gains and margin expansion despite a challenging freight environment and declining ocean rates. Lean AI transformation and disciplined execution drove productivity, with raised 2026 operating income targets and a new $2B share repurchase program announced.
Q2 2025 Q2 2025 2025-07-30
Delivered strong Q2 results with 21% year-over-year operating income growth, margin expansion, and market share gains despite a challenging freight environment. Lowered 2025 expense guidance and continued to drive productivity through AI and digital innovation.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
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