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

Executive summary

• Achieved mid-cycle operating margin targets in both NAST and Global Forwarding despite a depressed freight market, with NAST volume outpacing the Cass Freight Shipment Index for the 13th consecutive quarter and Lean AI initiatives driving over 60% productivity improvement since 2022.

• Customer satisfaction scores remain exceptionally strong, reflecting a focus on differentiated service.

• Adjusted operating income rose 19.5% year-over-year, and net income grew 22.5% to $186.8 million, with diluted EPS up 23.8% to $1.56.

• Transformation is ongoing, with significant runway for further Lean AI and automation deployment.

Financial highlights

• Q2 2026 total revenues increased 19.3% year-over-year to $4.9 billion, with adjusted gross profits up 6.5% to $738.0 million and adjusted income from operations up 19.5% to $263.2 million.

• AGP per business day was up 9% in April, 7% in May, and 3% in June compared to prior year.

• Q2 personnel expenses were $338.5M (including $8M restructuring); average headcount down 10.8% year-over-year.

• Returned $301.3M to shareholders in Q2, including $226M in share repurchases and $75.3M in dividends.

• Adjusted operating margin (consolidated) was 34.7%, up 360 bps year-over-year.

Outlook and guidance

• Expect continued double-digit productivity improvements in NAST and Global Forwarding as AI adoption expands.

• 2026 SG&A guidance narrowed to $540M-$580M; capex guidance lowered to $65M-$75M.

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

• Committed to achieving 2026 operating income target of $964M-$1.04B, even with market contraction.

• Management remains confident in executing strategic initiatives and delivering operating income within target ranges despite market headwinds.