greeksoup/ stock research
Stock research / United States / CHRW / FY2025

C. H. Robinson Worldwide (CHRW) FY2025 results: revenue $16.2 billion, down 8.4% on the year

C. H. Robinson Worldwide, Inc. (CHRW) reported revenue of $16.2 billion for fiscal 2025, the year ended 31 December 2025, down 8.4% on the year before. Net income was $587 million, up 26.1%, and diluted earnings per share $4.83. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$16.2 billion
-8.4% on the year
FY2018FY2025
Operating margin
4.9%
3.8% a year earlier
FY2018FY2025
Net income
$587 million
+26.1% on the year
FY2018FY2025
Diluted EPS
$4.83
+25.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 new.

  • Operating income fell 1.3%: Income from operations was $181.4 million, down 1.3%. Adjusted income from operations rose 7.1% to $197.4 million, a non-GAAP measure.
  • Revenue fell 6.5% on divestiture: Total revenues fell 6.5% to $3.9 billion, mainly from the divested Europe Surface Transportation business and lower ocean pricing and volume, partly offset by higher truckload volume.
  • Diluted EPS down, adjusted EPS up: Diluted EPS was $1.12, down 8.2%. Adjusted diluted EPS was $1.23, up 1.7%. Net income was $136.3 million, down 8.7% from a year ago.
  • Global Forwarding revenue fell 17.3%: Global Forwarding revenue fell 17.3% to $731.0 million, and adjusted gross profit fell 12.7% to $178.0 million. Lower ocean pricing and volume were the main drivers.
  • Adjusted operating margin rose 80 basis points: Adjusted operating margin was 27.6%, up 80 basis points. Excluding restructuring and the divestiture loss, the margin was 30.1%, up 320 basis points.
Read the Q4 FY2025 earnings call summary

From this 10-K

C.H. Robinson is one of the largest global logistics providers, arranging freight transport and related supply chain services across North America, Europe, Asia, Oceania, South America and the Middle East. It owns very little transportation equipment and does not employ the people who move the freight, and it earns the difference between what it charges a customer for the whole service and what it pays the carriers. Its Navisphere platform connects 75,000 customers with more than 450,000 contract carriers, and in 2025 it managed approximately 37 million shipments. There are two reportable segments, North American Surface Transportation and Global Forwarding, with All Other and Corporate holding Robinson Fresh, Managed Solutions, surface transportation outside North America and unallocated corporate expenses.

C. H. Robinson Worldwide, Inc., the 10-K for 2025

C.H. Robinson is one of the largest global logistics providers, arranging freight transport and related supply chain services across North America, Europe, Asia, Oceania, South America and the Middle East. It owns very little transportation equipment and does not employ the people who move the freight, and it earns the difference between what it charges a customer for the whole service and what it pays the carriers. Its Navisphere platform connects 75,000 customers with more than 450,000 contract carriers, and in 2025 it managed approximately 37 million shipments. There are two reportable segments, North American Surface Transportation and Global Forwarding, with All Other and Corporate holding Robinson Fresh, Managed Solutions, surface transportation outside North America and unallocated corporate expenses.

The parts of the business

North American Surface Transportation works from offices in the United States, Canada and Mexico, mainly in truckload and less-than-truckload brokerage. Global Forwarding works through an international office network and independent agents, mainly in ocean freight, air freight and customs brokerage. Robinson Fresh buys, sells and markets fresh fruit, vegetables and other value-added perishable items sourced from around the world. Managed Solutions, launched in November 2024, sells fourth-party logistics, third-party managed transportation and transportation management system technology from one provider, taking over the consulting, optimisation and day-to-day logistics management once offered through the TMC division. The Europe Surface Transportation business was put up for sale in July 2024 and the sale closed in February 2025.

What it arranges

Truckload contracts with motor carriers give access to dry vans, temperature-controlled vans, flatbeds and bulk capacity. In less-than-truckload the focus is shipments of a single pallet or larger, and partial loads from several customers are often consolidated into full truckloads. As a licensed non-vessel operating common carrier and freight forwarder it consolidates ocean shipments, sets routing, selects carriers and arranges local pickup and delivery, and as a certified indirect air carrier it organises air shipments door to door. Its customs brokers are licensed by United States Customs and Border Protection to help importers and exporters meet regulatory requirements. Alongside those come intermodal transport, warehousing, freight consolidation, drop trailer, cross-border logistics and supply chain consulting and design.

How a shipment moves

Customers pass their freight needs order by order, either to the team on their account or through automated connections between Navisphere and their own transportation management system. That information, with other sources, is used to select a contracted carrier on service score, equipment availability, freight rates and other factors, and once the carrier commits the team tracks the shipment through to delivery. The Robinson Operating Model, rooted in Lean principles, sets how work is measured and improved, and the company applies artificial intelligence, machine learning and data science at scale, including generative and agentic tools, to automate work and sharpen its costing and pricing models.

Carriers and customers

Most of the providers on the platform are contracted motor carriers, from owner-operators of a single truck to the largest national trucking companies, and the largest truck transportation provider was less than one percent of total transportation cost in 2025. Carriers receive load recommendations, simple tools to make offers and book instantly, and financial services including cash advances of up to 60 percent on picking up a load and, at a discount, expedited final payment on proof of delivery. The company served 75,000 customers in 2025, from Fortune 100 companies to small businesses, down from 83,000 in 2024 after the European sale, and the largest of them was approximately two percent of what the company billed in total that year. The industry is described as highly competitive and fragmented, with rivals ranging from asset-owning carriers and freight brokers to technology matching services and freight forwarders, and produce brokers, growers, wholesalers and foodservice buying groups on the sourcing side.

People

The workforce was 11,855 employees and 761 contingent workers at 31 December 2025, of whom 9,899 were network employees and the rest supported functions such as analytics and data science, marketing, finance, human resources, legal, product and technology. By region there were 8,753 in North America, 1,442 in Asia and the Middle East, 1,083 in Europe, 331 in Oceania and 246 in South America, and 99 percent worked full-time hours.

From C.H. Robinson's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue16,23317,72517,596-8.4%
Operating income795669515+18.8%
Operating margin4.9%3.8%2.9%
Pre-tax income722579409+24.7%
Income tax13511484.1+19.3%
Effective tax rate18.7%19.6%20.5%
Net income587466325+26.1%
Net margin3.6%2.6%1.8%
Diluted EPS$4.83$3.86$2.72+25.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow915509732+79.6%
Capital expenditure19.622.730.0-13.4%
Free cash flow895486702+84.0%
Free cash flow margin5.5%2.7%4.0%
Cash from investing-54.7-74.3-82.8
Cash from financing-863-416-718
Depreciation and amortisation10397.299.0+5.8%
Share-based compensation80.184.658.2-5.3%
Buybacks3550.063.9
Dividends paid301295292+2.2%
Dividend per share$2.49$2.46$2.44+1.2%
Diluted shares, weighted122m121m120m+0.7%
Shares outstanding at period end118m119m117m-0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,8461,7221,419+7.2%
Debt1,0891,3781,580-20.9%
Operating lease liabilities234291298-19.6%
Other liabilities1,8901,9081,929-0.9%
Total liabilities and equity5,0585,2985,225-4.5%
Fixed assets116127145-8.5%
Goodwill1,4581,4291,474+2.0%
Intangible assets18.228.243.7-35.5%
Cash and equivalents161146146+10.4%
Receivables2,3612,3842,382-1.0%
Other assets9441,1841,036-20.3%
Total assets5,0585,2985,225-4.5%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.