C.H. Robinson delivered another quarter of outperformance in Q2 2026, continuing the momentum of a three-year transformation that has reshaped how the company operates. Through a combination of Lean principles, AI-powered innovation , and disciplined execution, C.H. Robinson is building a more agile and scalable business, one capable of delivering stronger results across market cycles.
As President and CEO Dave Bozeman noted on the second-quarter earnings call :
"When I became CEO three years ago, we committed to delivering higher highs and higher lows across freight market cycles. Our second quarter results are yet another example of delivering on that commitment. Despite being in the trough of the freight market demand cycle, with the Cass Freight Shipment Index declining on a year-over-year basis for the 15th consecutive quarter, we hit our mid-cycle operating margin targets in both North American Surface Transportation (NAST) and Global Forwarding in Q2."
Q2 2026 Highlights
- Increased adjusted operating income 20% year-over-year
- Achieved mid-cycle operating margin targets in both NAST and Global Forwarding
- Expanded NAST operating margin (excluding restructuring costs) by 280 basis points year-over-year to 40.9%
- Expanded Global Forwarding operating margin (excluding restructuring costs) by 470 basis points year-over-year to 33.4%
- NAST volume outgrew the Cass Freight Shipment Index for the 13th consecutive quarter
- Delivered more than 60% productivity improvement since the end of 2022 in both NAST and Global Forwarding
- Returned $301 million to shareholders through dividends and share repurchases
- NAST continued generating market share gains while maintaining truckload adjusted gross profit per shipment despite significant spot-rate inflation
Delivering Strong Profitability Despite Continued Freight Demand Pressure
While freight market demand remained challenged throughout the quarter, C.H. Robinson continued to demonstrate how disciplined execution, productivity gains, and operating leverage can drive earnings growth in any market environment.
Despite operating in the trough of the freight market demand cycle, C.H. Robinson delivered a 20% year-over-year increase in adjusted operating income and achieved its mid-cycle operating margin targets in both NAST and Global Forwarding. The results reflect years of disciplined execution, productivity improvements, and a more scalable operating model built to perform across market cycles.
Chief Financial Officer Damon Lee highlighted how the combination of disciplined execution and Lean AI continues to translate into stronger financial performance:
"Our Q2 results demonstrate again how disciplined execution and our Lean AI strategy are driving secular earnings growth and meaningful progress against our strategic priorities, including market share gains, gross profit optimization, and improved operating leverage."
Lean AI Is Improving How Work Gets Done Across the Enterprise
Lean AI continues to be a key driver of C.H. Robinson's transformation. While productivity has improved by more than 60% in both NAST and Global Forwarding since the end of 2022, leadership emphasized that the strategy is about much more than efficiency . By embedding AI directly into workflows, the company is improving decision-making, enhancing customer experiences, and helping employees focus on higher-value work.
"This is not about automating tasks or taking people out of the process. It is about fundamentally improving how work gets done, raising the level of service we provide to our customers, and improving the quality of work and experience for our employees, all while enabling the business to scale more efficiently and drive sustainable operating performance in any market environment," said Arun Rajan, Chief Strategy and Innovation Officer.
A key differentiator is how C.H. Robinson embeds AI into the business. The company owns the application layer and integrates AI agents directly into workflows across the quote-to-cash lifecycle, pairing them with the same operating disciplines that have driven its broader transformation.
Global Forwarding is one example of that strategy in action. During the first half of 2026, the team focused on simplifying and standardizing workflows while developing AI-powered capabilities designed to reduce manual effort, improve data quality, and help employees focus on higher-value work. The result is a more proactive, connected, and scalable operation that delivers a faster and more consistent experience for customers.
NAST Continues to Gain Market Share in a Tightening Truckload Market
The company's NAST business continued to gain market share in the second quarter, outgrowing the Cass Freight Shipment Index for the 13th consecutive quarter despite ongoing freight demand pressure and significant truckload market volatility. The quarter also marked the 10th consecutive quarter of year-over-year volume growth in the company's LTL business, reinforcing the value of its multimodal capabilities and scale.
As spot rates climbed sharply and capacity tightened, C.H. Robinson leveraged stronger revenue management disciplines, improved pricing capabilities, and deeper market intelligence to navigate changing conditions while maintaining profitability. The results reflect a more agile operating model and a greater ability to respond to market shifts than in previous freight cycles.
"We were able to offset the pressure on our contractual margins and deliver a truckload AGP per shipment that was flat year-over-year. This is quite remarkable given the dramatic increase in spot rates and the increase in our contractual volume," said Michael Castagnetto, President of North American Surface Transportation.
Castagnetto noted that the company's ability to navigate the current spot-rate environment differs from prior market cycles, reflecting stronger revenue management disciplines and improved price and cost discovery capabilities.
Still in the Early Innings
The results C.H. Robinson delivered in the second quarter are the product of a multi-year transformation that continues to reshape how the company serves customers, supports carriers, and creates value. By combining Lean principles, custom-built AI, disciplined execution, and deep logistics expertise, C.H. Robinson has built a more agile and scalable operating model, one capable of delivering stronger performance across market cycles.
While the progress to date has been significant, leadership believes the company is still in the early innings of its Lean AI transformation. As AI capabilities continue to scale across the enterprise, C.H. Robinson sees substantial runway to further improve productivity, enhance customer outcomes, and strengthen its competitive position.
"In my first three years leading this company, I'm proud of the progress we've made to transform C.H. Robinson into the global leader in Lean AI supply chains, and I want to thank our people for embracing the culture shift that has fundamentally changed this company. With our Lean operating model, our commitment to continuous improvement and our AI innovations at the core of our transformation, I continue to be even more excited about what we believe we can deliver in the coming years," said Bozeman.
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