CHRW Q3 2026 Earnings Call Presentation

Earnings Presentation

• North American Surface Transportation ("NAST") volume growth outpaced the Cass Freight Shipment Index for the 14th consecutive quarter.

• Lean AI continues to drive durable productivity gains, with both NAST and Global Forwarding ("GF") delivering year-over-year improvements of greater than 15% in Q3 and more than 65% since the end of 2022.

• Our scalable model and operating leverage contributed to a 26% year-over-year increase in adjusted operating income(1), with both NAST and GF achieving mid-cycle operating margin targets.

• The same Lean operating model and AI technology that have been vitally important in the transformations of our NAST and GF businesses are what will enable us to successfully integrate and transform the RXO business. We believe these disciplines are what will enable us to deliver different results than this industry's past acquisitions.

• NAST continues to gain market share in truckload and LTL. Disciplined revenue management and contractual repricing initiatives increased adjusted gross profit per shipment (1) 17.0% Y/Y despite a significant Y/Y increase in truckload spot market

  Q3 2026

  costs.

• Achieved mid-cycle operating margin targets again in both NAST and Global Forwarding, with adjusted operating margin -excluding specified items(1) reaching 40.3% in NAST and 36.6% in Global Forwarding.

• Focused on providing best-in-class service to our customers and carriers, gaining profitable share in targeted market segments, applying Lean principles and leveraging custom-built AI technology to automate our processes and optimize our costs, with a disciplined operating model that arms our people with innovative tools, decouples headcount growth from volume growth and drives operating leverage.

  $5.4B

  Total Revenues

  +29.5% Y/Y

  $272M

  Income from Operations

  +23.1% Y/Y

  $291M of Adj. Income from Operations(1) +26.1% Y/Y

  $808M

  Adj. Gross Profits(1)

  +14.5% Y/Y

  $1.67

  Net Income/Share

  +24.6% Y/Y

  $1.80 of Adj. Net Income per Share(1) +28.6% Y/Y

  1. Adjusted gross profits, adjusted income from operations, adjusted operating margin - excluding specified items and adjusted net income per share are non-GAAP financial measures.

     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)

     North American Surface Transportation (NAST)

     • NAST volume performance outpaced the market indices for the 14th consecutive quarter

     • NAST truckload adjusted gross profit per shipment(2) increased 17.0% year-over-year despite significant increase in truckload spot market costs

     • Focused on Lean AI initiatives that improve the customer and carrier experience and lower our cost to serve

     • Productivity improvements are being driven by removing waste and increasing automation through custom-built AI agents

+15.4%

Y/Y

+16.6%

Y/Y

All Other & Corporate

• Robinson Fresh Q3 AGP declined 5.1% Y/Y

• Managed Solutions Q3 AGP up 4.1% Y/Y

-1.2%

Y/Y

Third Quarter Highlights

Truckload AGP $ per Shipment Trend (1)

NAST Adjusted Gross Profit $ per Truckload Shipment (left axis) NAST Adjusted Gross Profit Margin % (right axis) Average NAST AGP $ per Truckload Shipment (left axis)

18%

NAST Adjusted Gross Profit Margin %

NAST Adjusted Gross Profit $ per Truckload Shipment

17%

16%

15%

14%

13%

12%

11%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

Third Quarter Highlights

($ in millions)

• Global disruptions and supply-side constraints have driven higher ocean and air rates

• Ocean AGP increased due to a 20.5% increase in AGP per shipment and a 2.0% increase in shipments(2)

• Air AGP increased due to a 28.5% increase in AGP per metric ton shipped, partially offset by a 4.0% decline in metric tons shipped(2)

• Customs AGP decreased due to a 13.0% decrease in adjusted gross profit per transaction(2)

  1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

  2. Growth rates are rounded to the nearest 0.5 percent.

Third Quarter Highlights

Robinson Fresh

• AGP declined 5.1% Y/Y driven by margin compression caused by higher fuel costs, partially offset by volume increase with foodservice customers

  Managed Solutions

• Total freight under management of $2.1B in Q3

  Adjusted Gross Profits (1)

  ($ in millions)

  	3Q26	3Q25	%▲
  Robinson Fresh	$38.1	$40.2	(5.1)%
  Managed Solutions	$31.2	$30.0	4.1%
  Total	$69.3	$70.2	(1.2)%

  1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

  Robinson Operating Model

  1 2 3 4 5

  Clear Long-Term

  Strategy & Targets

  • Enterprise Strategy Map

  • Policy Deployment Matrix

  • Policy Deployment Initiatives

    Defined & Cascaded Strategy Maps

  • Divisional Strategy Maps

  • Shared Services Strategy Maps

    Scorecard: Measurable & Actionable Inputs

  • Binary view of success (green) or opportunity (red)

  • Regular operating review cadence (daily, weekly, monthly, quarterly)

    Continuous, Rigorous Measurement & Action Plans

  • Accountable action plans on all scorecards with red

  • Embrace and attack the red!

  • e.g., Gemba walks ("go to the desk")

Continuously Improving.

Never Stops.

IMPROVE

ACTIVATE

PLAN

What: Machine learning, predictive analytics, optimization

How: Advanced math and statistics CHR Examples: Costing, pricing, transportation optimization

What: Large language models (ChatGPT)

How: Understanding of written language and generating content CHR Examples: Email classification, email quoting, email order entry, appointments

*Works well with Traditional AI

What: Large language models plus planning, tool use, memory, natural interaction, and optimization

How: Advanced reasoning adds the ability to act autonomously to perform complex tasks without explicit instructions

CHR Examples: NMFC Agent, Ocean Quoting

*Works well with GenAI and Traditional AI

Quote Agents

Order Agents

Appointment Agents

Truck Post Agents

I provide customers with transactional quotes, fast.

I build and update orders on-system in seconds.

I book and reschedule optimal appointments.

I post available truckload capacity on-system early.

I ensure carriers are paid on time.

Load Booking Agents

Tracking Agents

Documents Agents

Carrier Payment Agents

I proactively recommend loads to best-fit carriers.

I contact carriers for timely tracking updates.

I acquire necessary documents from carriers.

Our 2026 Financial Target1

~$400M - $500M

$350M-$450M

Incremental Adjusted Operating Income vs. 2023

Key Assumptions

• Outsized volume growth in NAST and GF

• Ongoing gross margin expansion driven by technology enhancements and disciplined revenue management

• Consistent focus on driving evergreen productivity

  40%

  NAST Operating Margin

  30%

  GF Operating Margin

  Mid-30s

  Enterprise Operating Margin

  improvement and operating leverage

• 40% and 30% remain our targets for quality of earnings; beyond those, we retain the optionality to deliver demonstrable outgrowth to deliver higher earnings for our investors

  1. Updated on October 29, 2025 16

Confident in our ability to deliver operating income within our target range, despite YTD market volume growth that has been negative Y/Y

Bottom end of target range is still equivalent to at least $6 of adjusted diluted EPS1

• Market volume growth of

  -3% to +1% in 2026

• Market normalization

  • NAST AGP/shipment flat to up 4%

  • GF AGP/shipment reset to 2H 2023 (down 10%)

    Key Drivers

• Outperform the market

• Optimize AGP yields

• Organizational transformation

• Evergreen productivity gains

1. Excluding restructuring and other charges

17

We deliver customer success through exceptional service and high value-like no one else

Unmatched

Expertise

Unrivaled

Scale

Tailored Solutions

C.H. ROBINSON

© C.H. Robinson Worldwide, Inc. All rights reserved.

Work with the experts who go further, no matter what, and know more than anyone else about logistics for your industry, business, and customers.

We get you anywhere you need to go-even when others can't

-with the full power of our connections, relationships, and global reach.

Unlock solutions designed for your business through our integrated suite of services and advanced tech capabilities.

C.H. Robinson to Acquire RXO to Form a $25B+ Logistics Platform

Consideration

$30.25

Per RXO Share (1)

Transaction Value

$5.8B

Implied Enterprise Value

Transaction Multiple

13.2x

Implied EV / 2026E Adj. EBITDA (Synergized) (2)

Transaction Timing

First Half of 2027

Expected Close

Estimated Cost Synergies

~$300M

Net Run-Rate Cost Synergies

Expected Adj. EPS (3) Impact

• Accretive within

  9 Months of Close

• Mid-Teens Accretion in 2028

Rapid Deleveraging

1.75x-2.25x

Net Leverage Target by Year-End 2028

Notes:

1. Implied total consideration of $30.25 per share is based on C.H. Robinson's 16-day VWAP of $151.88 as of October 2, 2026

2. 2026 financial data based on RXO consensus estimates as of September 2026

3. Adjusted EPS is a non-GAAP financial measure. Adjusted EPS excludes restructuring and/or loss from divestiture and excludes Amortization of Intangibles related to this acquisition

Multiple Levers to Drive ~$300M of Estimated Net Run-Rate Cost Synergies

Operating leverage derived from the Lean operating model and fleet of AI agents deployed across workflows

3rd Party Services

Eliminations

Other Integration

Benefits

Remove duplication and

transfer external services onto C.H. Robinson's existing vendor relationships

Consolidate real estate

footprint and deliver insurance procurement efficiencies

Centralize processes and functions, remove duplication and optimize efficiency over larger enterprise volume

80%

20%

~$300M Estimated Net Run-Rate Cost Synergies