stockrowWhat it does
C.H. Robinson Worldwide is a logistics company that arranges the movement of goods for businesses. It connects customers that need freight shipped with independent transportation providers, including trucking companies, railroads, ocean carriers and airlines. Founded in 1905, the company is headquartered in Eden Prairie, Minnesota. David P. Bozeman is president and chief executive officer.
A customer can hire C.H. Robinson for an individual shipment or ask it to manage a larger portion of its supply chain. Its services include arranging full truckloads, combining smaller shipments, organizing ocean and air freight, and helping importers and exporters clear customs. It also offers warehousing, supply chain consulting and managed transportation services.
The company owns very little transportation equipment. Instead, it uses contracts with carriers and its Navisphere technology platform to match freight with available transportation. Employees use the platform to price shipments, select carriers and track deliveries; customers can use it to purchase, manage and monitor freight.
C.H. Robinson also buys, sells and markets fresh produce through Robinson Fresh. That business serves grocery retailers, restaurants, foodservice distributors and produce wholesalers. Its Managed Solutions business can act as a customer’s agent, coordinating transportation and providing technology rather than contracting directly with the carrier for each shipment.
How it makes money
C.H. Robinson makes money on transportation primarily through the difference between what it charges a customer and what it pays the carrier, alongside the value of the related services it provides. For most transportation orders, the carrier contracts with C.H. Robinson rather than the shipper, and C.H. Robinson is responsible for paying the carrier. In Managed Solutions, it often acts as the shipper’s agent and collects a fee; the carrier typically contracts with the customer.
The company has two reportable segments. North American Surface Transportation arranges truckload and less-than-truckload freight across the United States, Canada and Mexico. Less-than-truckload service combines smaller shipments that do not require an entire truck. Global Forwarding arranges international ocean and air freight and provides customs brokerage. Robinson Fresh, Managed Solutions and other activities are reported in All Other and Corporate.
Customers can pay spot prices for individual transactions or agree to contractual rates. Most contractual rate commitments last a year or less and allow renegotiation; most do not require the customer to ship a specified volume. C.H. Robinson purchases most truckload capacity in the spot market, even when its customer is on a contract rate. Fuel surcharges generally pass much of the fuel cost through on prearranged truckload agreements.
Transportation services accounted for approximately 95 percent of adjusted gross profits in 2025, while sourcing accounted for approximately five percent. Adjusted gross profit deducts purchased transportation, related services and products sourced for resale from revenue. Consulting, customs and other logistics services can also generate separate fees.
Total revenue was $16.2 billion in 2025; Q3 2026 total revenue grew 29.5% year over year.
Customers and how it sells
C.H. Robinson served 75,000 customers worldwide during 2025, ranging from Fortune 100 companies to small businesses across many industries. Its largest customer accounted for approximately two percent of consolidated total revenue that year. Produce-sourcing customers include grocery retailers, restaurants, foodservice distributors and wholesalers.
Customers can send freight orders directly to their C.H. Robinson account team or through automated connections between Navisphere and their own transportation management systems. Smaller businesses can use the Freightquote website to book and track truckload or less-than-truckload shipments and pay by credit card. Some customers use the company for a single shipment; others entrust it with all or a substantial portion of their freight needs.
North American Surface Transportation operates through offices in the United States, Canada and Mexico. Global Forwarding has offices in North America, Europe, Asia, Oceania, South America and the Middle East, and works with independent agents worldwide. The company sold its Europe Surface Transportation business in February 2025, while continuing to operate international forwarding services.
In Q3 2026, C.H. Robinson continued to grow truckload volume in retail, healthcare and technology. The company said customers were also shifting some volume toward larger brokers with substantial insurance coverage and carrier-vetting processes.
Suppliers and costs
C.H. Robinson depends on independent transportation providers rather than a company-owned fleet. Its network includes motor carriers, railroads, ocean and air carriers. In 2025, more than 450,000 transportation providers were on its platform, the vast majority contracted motor carriers. Its largest truck transportation provider represented less than one percent of total transportation cost.
Carrier contracts generally do not promise a shipment volume, and the initial rate is typically changed when an individual shipment is confirmed. For ocean freight, the company negotiates annual carrier contracts based on expected volumes in particular trade lanes and often amends them as market conditions change. Air capacity is obtained through arrangements including charter services, space agreements and spot-market negotiations.
Purchased transportation is a direct cost of serving freight customers. Personnel and other selling, general and administrative expenses are operating costs. Personnel expenses were $1.4 billion in 2025, while other selling, general and administrative expenses were $564.3 million. In Q3 2026, the latter increased year over year primarily because of higher claims expenses.
The company’s pricing and costing models help employees set customer prices and buy capacity. Because it often buys truckload capacity transaction by transaction, changes in carrier rates can affect the spread earned on customer contracts.
- Revenue$16.2B
- Cost of revenue−$13.5B
- Selling, general and administrative−$1.9B
- Operating income$795.0M
Competitive position
The transportation services market is competitive and fragmented. C.H. Robinson competes with freight brokers, technology matching services, freight forwarders, carriers that offer logistics services and transportation providers that own equipment. It competes on price, the scope of services, or both. In produce sourcing, competitors include growers, brokers, wholesalers, marketing companies and foodservice buying groups.
RXO is a rival that C.H. Robinson has agreed to acquire. The companies overlap in truckload brokerage, although C.H. Robinson says its analysis found limited overlap among RXO’s largest truckload brokerage customers. The company also says RXO has last-mile and expedited capabilities where their services do not substantially overlap.
C.H. Robinson’s network connected 75,000 customers and 450,000 contract carriers in 2025. Its Navisphere system supports freight matching and visibility, and its pricing tools use shipment and carrier data. The company also offers services across several transport modes and uses account teams to support customers.
Our reading: The carrier and customer network is a meaningful competitive resource because it gives the company multiple capacity options and customer relationships, although those relationships are not exclusive. Our reading: Technology and shipment data can reinforce that network by making pricing and transactions easier, but competitors include other technology matching services and brokers. Our reading: The breadth of services can help retain customers with complex needs, though price remains an explicit basis of competition.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| RXO | Truckload brokerage; C.H. Robinson has agreed to acquire it | Medium |
Growth opportunities
C.H. Robinson seeks to grow by winning more freight from existing customers, adding new customers and expanding in selected industries, trade lanes and geographies. Its Managed Solutions offering combines transportation management technology with logistics management and consulting, giving customers a way to place more of their supply chain work with the company.
The company is also extending its automation. Navisphere-integrated AI agents handle steps such as quoting, processing orders and setting pickup and delivery appointments. C.H. Robinson is deploying the pricing, costing and productivity technology used in its North American business into Global Forwarding. It says an AI agent also responds to transactional quote requests received by email.
In Q3 2026, North American Surface Transportation recorded year-over-year volume growth that outpaced the freight shipment index for a 14th consecutive quarter. Company-wide Q3 2026 revenue grew 29.5% year over year, while adjusted gross profit grew 14.5%.
C.H. Robinson has agreed to acquire RXO. It expects the acquisition to add capabilities, including last-mile and expedited services, and believes it can deliver $300 million of net synergies. The company says its estimate incorporates expected customer attrition. It expects leverage to increase when the deal closes and has paused share repurchases while committing to reduce leverage afterward.
- $23.1BFY2021
- $24.7BFY2022
- $17.6BFY2023
- $17.7BFY2024
- $16.2BFY2025
Structural risks
- Freight demand and pricing: An economic recession could adversely affect the business. Changes in freight demand, carrier capacity and rates can affect revenue and profitability, including when purchased transportation costs change while customer contract prices are being renegotiated.
- Carrier availability: Equipment and driver shortages, fuel disruption, geopolitical events and changes in freight markets can limit capacity or change transportation costs. C.H. Robinson relies on contracted providers to move customers’ freight.
- Claims and insurance: The company faces litigation and contingent auto liability exposure. Q3 2026 claims expenses were higher than usual, and C.H. Robinson expects insurance inflation. The company said a Texas jury issued an advisory verdict that it disagreed with and that it would immediately appeal if entered as final; the final outcome remained subject to further proceedings.
- Technology and data: Much of the company’s operating technology is developed internally and supplemented by third-party systems. Cybersecurity events or disruptions could affect operations, while data breaches or alleged privacy-law noncompliance could lead to regulatory action or litigation.
- Acquisition and financing: The planned RXO acquisition requires integration and may involve customer attrition. C.H. Robinson expects leverage to rise upon closing and has paused share repurchases while it works to reduce leverage.
- International operations: Tariffs, trade restrictions, sanctions, foreign exchange controls and differing liability or intellectual-property standards can affect services provided within and between countries.
Bottom line
Our reading
Our reading: C.H. Robinson is a freight intermediary whose business rests on matching customer demand with independent carrier capacity, rather than owning the vehicles that move most shipments. Its network, data and service breadth support that model, but freight rates and claims can pressure results. The planned RXO acquisition adds another potential growth route while increasing integration and leverage exposure.