C.h. Robinson Worldwide, Inc. · NASDAQ:CHRW
C.h. Robinson Worldwide — Q4 2025 Earnings Presentation
28 slides from C.h. Robinson Worldwide's earnings presentation, Jan 28, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation January 28, 2026 2024 INVESTOR DAY
Slide 2: Safe Harbor Statement
Safe Harbor Statement Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risk
Slide 3: Thoughts from President & CEO, Dave Bozeman
Thoughts from President & CEO, Dave Bozeman ■ In the face of significant market headwinds, C.H. Robinson continued to deliver strong performance driven by market share gains, disciplined revenue management, a cost of hire advantage versus the market, and evergreen productivity improvements fueled by
Slide 4: Q4 Highlights
Q4 Highlights ■ North American Surface Transportation (NAST) gained market share in truckload and LTL and expanded gross margins Y/Y through disciplined pricing and a cost of hire advantage Q4 2025 ■ Global Forwarding (GF) improved its portfolio yield and expanded gross margins through disciplined p
Slide 5: Complementary Global Suite of Services
Complementary Global Suite of Services Over half of total revenues are garnered from customers to whom we provide both surface transportation and global forwarding services, and this percentage has grown year-over-year due to our One Robinson go-to-market approach.(1) Q4 2025 Adjusted Global Forward
Slide 6: NAST Q4'25 Results by Service
NAST Q4’25 Results by Service Adjusted Gross Profits(1) Fourth Quarter Highlights ($ in millions) ■ Total NAST truckload and LTL volume grew 1.0% Y/Y, 4Q25 4Q24 %▲ reflecting the 11th consecutive quarter of market share growth(2) Truckload (“TL”) $243.3 $244.2 (0.4)% ■ Truckload volume increased 3.0
Slide 7: YoY % Change in Price and Cost per Mile
Truckload Price and Cost Change (1)(2)(3) 50% YoY % Change in Price and Cost per Mile 40% 30% 20% 10% 0% -10% -20% -30% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YoY Price Change YoY Cost Change Truckload Q4 ■ 70% / 30% truckload contractual / transactional volume mix in Q4 Volume(2)(4) +3.0
Slide 8: Truckload AGP $ per Shipment Trend
Truckload AGP $ per Shipment Trend NAST Adjusted Gross Profit $ per Truckload Shipment (left axis) NAST Adjusted Gross Profit Margin % (right axis) Average NAST AGP $ per Truckload Shipment (left axis) 20% NAST Adjusted Gross Profit $ per Truckload 19% NAST Adjusted Gross Profit Margin % 18% 17% Shi
Slide 9: Global Forwarding Q4'25 Results by Service
Global Forwarding Q4’25 Results by Service Adjusted Gross Profits (1) Fourth Quarter Highlights ($ in millions) 4Q25 4Q24 %▲ ■ Global trade policies caused previous front-loading of volume, a dislocation of global demand and a softer volume Y/Y Ocean $99.1 $127.1 (22.0)% ■ Soft demand and increasing
Slide 10: All Other & Corporate Q4'25 Results
All Other & Corporate Q4’25 Results Adjusted Gross Profits (1) Fourth Quarter Highlights ($ in millions) Robinson Fresh 4Q25 4Q24 %▲ ■ Growth in AGP due to an increase in integrated supply Robinson Fresh $38.9 $36.0 8.0% chain solutions for foodservice customers Managed Solutions Managed Solutions $
Slide 11: Robinson Operating Model
Robinson Operating Model 1 2 3 4 5 Clear Defined Scorecard: Continuous Continuously Long-Term Strategic Measurable and and Rigorous Improving. Strategy Workstreams Actionable Measurement Never and Goals Inputs and Action Stops. Plans • Enterprise • Enterprise • Regular • Accountable Strategy Map • D
Slide 12: Streamlining & Automating Processes to Drive Profitable Growth
Streamlining & Automating Processes to Drive Profitable Growth 12
Slide 13: The Multifaceted World of AI
The Multifaceted World of AI From machine learning to multi-agent models with advanced reasoning What: Machine learning, predictive What: Large language models What: Large language models plus planning, tool use, analytics, optimization (ChatGPT) memory, natural interaction, and optimization How: Ad
Slide 14: Meet the Fleet of C.H. Robinson AI Agents
Meet the Fleet of C.H. Robinson AI Agents Just a sample of the agents performing tasks that defied automation for decades Quote Agents Order Agents Appointment Agents Truck Post Agents I provide customers with I build and update orders I book and reschedule I post available truckload transactional q
Slide 15: Capital Allocation Priorities: Balanced and Opportunistic
Capital Allocation Priorities: Balanced and Opportunistic Cash Flow from Operations & Capital Distribution ($M) ■ The Y/Y increase in cash from operations was driven primarily by a favorable Y/Y change in net operating ■ $208 million of cash returned to shareholders in Q4 2025 working capital. ■ Q4
Slide 16: Our Updated 2026 Financial Target
Our Updated 2026 Financial Target1 Key Assumptions ~$400M - $500M • Outsized volume growth in NAST and GF $350M-$450M • Ongoing gross margin expansion Incremental Adjusted Operating Income driven by technology vs. 2023 enhancements and disciplined revenue management Mid-Cycle • Consistent focus on d
Slide 17: 2026 Operating Income Bridge
2026 Operating Income Bridge1 ~$6.00 Adjusted EPS1,2 ($964M of adjusted operating income) with 0% market growth in 2026 Market Assumptions • Market volume growth of flat to up 5% in 2026 • Market normalization • NAST AGP/shipment flat to up 2% • GF AGP/shipment reset to 2H 2023 (down 10%) Key Driver
Slide 18: Our Customer Promise
Our Customer Promise © C.H. Robinson Worldwide, Inc. All rights reserved. 18
Slide 19: Appendix
Appendix 2024 INVESTOR DAY
Slide 20: Q4 2025 Transportation Results
Q4 2025 Transportation Results(1) Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 3,571,694 $ 3,870,927 (7.7)% $ 14,823,804 $ 16,353,745 (9.4)% Total Adjusted Gross Profits(2) $ 623,225 $ 652,354 (4.5)% $ 2,588,641
Slide 21: Q4 2025 NAST Results
Q4 2025 NAST Results Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 2,810,373 $ 2,802,700 0.3 % $ 11,562,714 $ 11,727,539 (1.4)% Total Adjusted Gross Profits(1) $ 411,618 $ 403,764 1.9 % $ 1,706,329 $ 1,641,195 4.0
Slide 22: Q4 2025 Global Forwarding Results
Q4 2025 Global Forwarding Results Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 730,983 $ 883,968 (17.3)% $ 3,090,018 $ 3,805,018 (18.8)% Total Adjusted Gross Profits(1) $ 177,957 $ 203,801 (12.7)% $ 741,921 $ 802
Slide 23: Q4 2025 All Other and Corporate Results
Q4 2025 All Other and Corporate Results Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2025 2024 % Change 2025 2024 % Change Total Revenues $ 371,278 $ 497,988 (25.4%) $ 1,580,031 $ 2,192,399 (27.9%) Total Adjusted Gross Profits(1) $ 67,439 $ 77,058 (12.5%) $ 281,160 $
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring and/or loss on divestiture is a similar non-GAAP financial measure to adjusted operating mar
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the i
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and/or loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the i
Slide 28: Thank you
Thank you INVESTOR RELATIONS: Chuck Ives 952-683-2508 2024 INVESTOR DAY chuck.ives@chrobinson.com
C.H. Robinson Worldwide — Q4 2025 Earnings Presentation on 6ix