C.H. Robinson turned in a strong third quarter of 2026, with revenue and profits up both from the previous quarter and from a year earlier. The timing is delicate. The logistics group has just taken a heavy legal hit and is caught up in a proposed multi-billion dollar takeover that could change its competitive standing.
The quarter also carried the fallout from Lipe v. Lupus Superior, which ended in a substantial jury verdict against the company. Days after the reporting period closed, the third-party logistics provider said it would buy rival RXO for nearly $6 billion. Even so, none of that kept C.H. Robinson from posting better financial results.
NORTH AMERICAN OPERATIONS LEAD REVENUE GROWTH
Revenue at the North American Surface Transportation (NAST) segment, which includes its traditional freight brokerage operations, came in at $3.829 billion. That’s up 29.1 percent from $2.966 billion a year ago. The company credited higher pricing and volumes in its truckload and less-than-truckload (LTL) businesses.
Freight volume kept standing out. Shipment volumes rose 3.5% year over year, beating the Cass Freight Shipment Index, which slipped modestly over the same period, according to C.H. Robinson.
The workforce kept shrinking, though more slowly than in the previous two quarters. The company increasingly ties these staffing shifts to gains in operational efficiency and worker productivity.
Productivity is improved through automation
“We are making good progress in our business, including the conversion of manual processes into increasingly automated workflows in North American Surface Transportation and Global Forwarding,” Chief Executive Officer Dave Bozeman said in a prepared earnings statement.
“We’re seeing teams create more connected workflows that are easier to manage at scale, and are more automated,” he said. Bozeman added that productivity improved year over year in both divisions, and by more than it did in the first half of 2026. Both also hit their mid-cycle operating margin targets again.
With operating costs higher and the company pushing to boost profitability in its core transportation and forwarding businesses, those efficiency gains matter even more.
Higher spot market costs squeeze truckload margins
It wasn’t all smooth sailing, though, even in a quarter that was positive overall. In truckload, transportation costs climbed faster than the rates charged to customers.
C.H. Robinson said its average truckload linehaul rate per mile, excluding fuel, rose 31.5% year over year. Its cost per mile, also excluding fuel, rose 33.5%. That gap squeezed gross profit in truckload, even as the company kept improving productivity through disciplined revenue management.
Adjusted gross profit per truckload shipment still rose 17% year over year, a sign that operational improvements are paying off despite a more expensive environment.
CH Robinson Is a Logistics Stock Already Juicing Profits With AI – Business Insider
C.H. Robinson headcount, NAST and total
Source: C.H. Robinson
LTL and Global Forwarding deliver further gains
The less-than-truckload business showed a healthier margin trend. Adjusted gross profit in LTL rose 8% from the previous year, helped by a 4% improvement in adjusted gross profit per order and a 3.5% increase in volume.
Global Forwarding grew substantially too. Revenue reached $1.149 billion, up 46.1% year over year. Adjusted gross profit climbed 15.4% to $221.2 million, and operating income jumped 63.3% to $80 million.
Across the company’s service lines, adjusted gross profit rose in truckload, LTL, ocean freight, air freight and other services. Customs was the main exception, with adjusted gross profit down 12.9%.
Earnings and margins strengthen despite mixed sequential comparisons
Adjusted diluted earnings per share rose 28.6% to $1.80. In NAST, adjusted gross profit grew 16.6% year over year and operating income rose roughly 18%. The division’s adjusted operating margin widened by 110 basis points to 40.3%.
Quarter over quarter, the picture is more mixed, reflecting some softening in freight rates. NAST revenue fell 6.16% from the second quarter, but adjusted gross profit rose 10.31% and operating income advanced 7.43%.
The table below shows the company’s third-quarter figures, in millions of dollars unless noted otherwise.
| (All figures in millions) | 3Q2026 | 3Q2025 | Percent Change |
|---|---|---|---|
| North American Surface Transport | |||
| Total revenues | 3,829.30 | 2,965.6 | 29.12% |
| Adjusted gross profits | 517.8 | 444.1 | 16.60% |
| Income from operations | 203.9 | 172.8 | 18.00% |
| Average employee headcount | 4,597 | 5,187 | -11.37% |
| Global Forwarding | |||
| Total revenues | 1,149 | 786.3 | 46.13% |
| Adjusted gross profits | 221.2 | 191.7 | 15.39% |
| Income from operations | 80 | 49 | 63.27% |
| Total average employee headcount | 11,253 | 12,559 | -10.40% |
| Adjusted gross profits by service line | |||
| Truckload | 325.8 | 273.9 | 18.95% |
| LTL | 171.4 | 158.3 | 8.28% |
| Ocean | 136.0 | 110.4 | 23.19% |
| Air | 43.5 | 35.1 | 23.93% |
| Customs | 31.7 | 36.4 | -12.91% |
| Other services | 66.8 | 56.4 | 18.44% |
| Total Transportation | 775.3 | 670.9 | 15.56% |
| Sourcing | 33.1 | 35.2 | -5.97% |
| Total adjusted gross profits | 808.4 | 706.0 | 14.50% |
Source: C.H. Robinson, third-quarter 2026 financial results.
Stocks fall despite earnings beat
The solid operating results didn’t earn a warm reception from the stock market before the opening bell.
Adjusted earnings per share of $1.80 came in $0.05 above the consensus estimate, Seeking Alpha reported, and revenue of $5.36 billion beat expectations by about $450 million.
Around 7:50 a.m., though, shares dropped 4.26%, or $6.11, to $137.48 in afternoon Eastern Daylight Time. The stock hit a 52-week high of $210.33 on July 22, and the negative Lipe verdict has weighed on its performance since.
All told, the third quarter shows better revenue, stronger profitability and steady productivity gains across the major divisions. The slower pace of workforce reductions and the rollout of automated workflows point to a continued push for efficiency. Higher truckload costs, a softer revenue sequence and legal uncertainty are the key issues as the company heads into next quarter.
