$CHRW · C. H. ROBINSON WORLDWIDE, INC.
C.H. Robinson reported Q3 2026 results with revenue of $5.358B (+29.5% YoY), GAAP diluted EPS of $1.67 (+24.6%), and adjusted diluted EPS of $1.80 (+28.6%). The 8-K also disclosed a Fifth Amendment to its Credit Agreement, entered October 22, 2026, permitting the previously announced RXO acquisition and related financing, with a maximum Net Leverage Ratio of 3.75:1.00 and a Leverage Holiday upon closing.
- Q3 revenue $5.358B, up 29.5% YoY, driven by higher pricing in truckload, ocean, LTL, and air services.
- GAAP diluted EPS $1.67, up 24.6% YoY; adjusted diluted EPS $1.80, up 28.6% YoY.
- NAST truckload adjusted gross profit per shipment rose 17.0% YoY; 14th consecutive quarter of market outgrowth vs. Cass Freight Index.
- Income from operations $271.8M, up 23.1% YoY; adjusted operating margin 33.6%, up 230 bps.
- Cash from operations fell $151.3M to $124.1M due to working capital headwinds from higher transportation rates.
Extended-hours trading shows CHRW at $136.53, down 4.92% from the regular close of $143.59, despite a Q3 beat on both revenue and EPS. The decline likely reflects the cash-flow miss (operations cash down $151.3M YoY) and dilution/leverage concerns tied to the pending RXO acquisition.
A strong operating quarter overshadowed by a cash-flow squeeze and the formal credit-amendment step toward the transformative RXO acquisition, which will reshape the freight brokerage landscape.
CHRW's 14th consecutive quarter of NAST volume outgrowth vs. the Cass Freight Shipment Index (NAST +3.5% vs. Cass -0.3%) reinforces its market-share narrative in a tightening North American truckload market. The RXO acquisition positions CHRW to consolidate further in freight brokerage at a time when disciplined revenue management is driving margin expansion.
The Fifth Amendment to the Credit Agreement permits the RXO acquisition and includes a Leverage Holiday upon closing, with a maximum Net Leverage Ratio of 3.75:1.00. Cash from operations dropped sharply ($124.1M vs. $275.4M prior year) due to working capital pressure from rising transportation rates, which could strain liquidity during the RXO integration.