C. H. ROBINSON WORLDWIDE, INC., 10-Q filed on 5/1/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 000-23189  
Entity Registrant Name C.H. ROBINSON WORLDWIDE, INC.  
Entity Central Index Key 0001043277  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-1883630  
Entity Address, Address Line One 14701 Charlson Road  
Entity Address, City or Town Eden Prairie  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55347  
City Area Code 952  
Local Phone Number 937-8500  
Title of 12(b) Security Common Stock, $0.10 par value  
Trading Symbol CHRW  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   117,873,042
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 159,665 $ 160,871
Receivables, net of allowance for credit loss of $14,763 and $14,420 2,542,172 2,360,829
Contract assets, net of allowance for credit loss 181,862 156,441
Prepaid expenses and other 123,718 120,402
Total current assets 3,007,417 2,798,543
Property and equipment, net of accumulated depreciation and amortization 111,105 116,362
March 31, 2026 balance 1,459,459 1,457,976
Intangible Assets, Net 15,802 18,174
Right-of-use lease assets 274,782 278,323
Deferred tax assets 272,259 293,455
Other assets 94,595 95,548
Total assets 5,235,419 5,058,381
Current liabilities:    
Accounts payable 1,336,384 1,210,295
Outstanding checks 29,921 30,981
Accrued expenses:    
Compensation 110,970 188,838
Transportation expense 144,976 120,708
Income taxes 26,917 33,745
Other accrued liabilities 175,658 174,955
Current lease liabilities 71,662 72,180
Total current liabilities 1,896,488 1,831,702
Long-term debt 1,342,727 1,089,438
Noncurrent lease liabilities 230,097 233,768
Noncurrent income taxes payable 38,048 34,875
Deferred tax liabilities 22,018 21,526
Other long-term liabilities 1,920 1,425
Total liabilities 3,531,298 3,212,734
Stockholders’ investment:    
Preferred stock, $0.10 par value, 20,000 shares authorized; no shares issued or outstanding 0 0
Common stock, $0.10 par value, 480,000 shares authorized; 179,199 and 179,199 shares issued, 118,157 and 118,429 outstanding 11,816 11,843
Additional paid-in capital 692,567 734,261
Retained earnings 6,143,464 6,071,118
Accumulated other comprehensive loss (78,105) (77,674)
Treasury stock at cost (61,042 and 60,770 shares) (5,065,621) (4,893,901)
Total stockholders’ investment 1,704,121 1,845,647
Total liabilities and stockholders’ investment $ 5,235,419 $ 5,058,381
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Receivable, allowance for credit loss $ 14,763 $ 14,420
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, authorized (shares) 20,000,000 20,000,000
Preferred stock, issued (shares) 0 0
Preferred stock, outstanding (shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, authorized (shares) 480,000,000 480,000,000
Common stock, issued (shares) 179,199,000 179,199,000
Common stock, outstanding (shares) 118,157,000 118,429,000
Treasury stock (shares) 61,042,000 60,770,000
v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 4,012,934 $ 4,046,740
Costs and expenses:    
Personnel expenses 352,723 348,553
Other selling, general, and administrative expenses 132,084 147,682
Total costs and expenses 3,837,248 3,869,887
Income from operations 175,686 176,853
Interest and other income/expense, net (9,013) (20,051)
Income before provision for income taxes 166,673 156,802
Provision for income taxes 19,440 21,500
Net income 147,233 135,302
Other comprehensive (loss) income (431) 10,435
Comprehensive income $ 146,802 $ 145,737
Basic net income per share (in dollars per share) $ 1.23 $ 1.12
Diluted net income per share (in dollars per share) $ 1.22 $ 1.11
Basic weighted average shares outstanding (shares) 119,803 120,969
Dilutive effect of outstanding stock awards (shares) 1,207 963
Diluted weighted average shares outstanding (shares) 121,010 121,932
Transportation    
Revenues:    
Total revenues $ 3,643,711 $ 3,721,915
Costs and expenses:    
Purchased products and services 3,015,310 3,081,370
Sourcing    
Revenues:    
Total revenues 369,223 324,825
Costs and expenses:    
Purchased products and services $ 337,131 $ 292,282
v3.26.1
Condensed Consolidated Statements of Stockholders' Investment - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 118,429  
Beginning balance $ 1,845,647 $ 1,722,051
Net income 147,233 135,302
Foreign currency adjustments (431) 10,435
Dividends declared (74,887) (74,418)
Stock issued for employee benefit plans (27,718) (33,021)
Stock-based compensation expense 28,295 23,146
Repurchase of common stock $ (214,018) (48,770)
Ending balance (in shares) 118,157  
Ending balance $ 1,704,121 $ 1,734,725
Dividends declared, per share (in dollars per share) $ 0.63 $ 0.62
Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 118,429 118,664
Beginning balance $ 11,843 $ 11,866
Stock issued for employee benefit plans (in shares) 959 779
Stock issued for employee benefit plans $ 96 $ 78
Stock-based compensation expense (in shares) 0 0
Stock-based compensation expense $ 0 $ 0
Repurchase of common stock (in shares) (1,231) (485)
Repurchase of common stock $ (123) $ (48)
Ending balance (in shares) 118,157 118,958
Ending balance $ 11,816 $ 11,896
Additional Paid-in Capital    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 734,261 775,054
Stock issued for employee benefit plans (69,989) (83,179)
Stock-based compensation expense 28,295 23,146
Ending balance 692,567 715,021
Retained Earnings    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 6,071,118 5,786,337
Net income 147,233 135,302
Dividends declared (74,887) (74,418)
Ending balance 6,143,464 5,847,221
Accumulated Other Comprehensive Loss    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (77,674) (110,402)
Foreign currency adjustments (431) 10,435
Ending balance (78,105) (99,967)
Treasury Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (4,893,901) (4,740,804)
Stock issued for employee benefit plans 42,175 50,080
Stock-based compensation expense 0 0
Repurchase of common stock (213,895) (48,722)
Ending balance $ (5,065,621) $ (4,739,446)
v3.26.1
Condensed Consolidated Statements of Stockholders' Investment (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared, per share (in dollars per share) $ 0.63 $ 0.62
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net income $ 147,233 $ 135,302
Adjustments to reconcile net income to net cash (used for) provided by operating activities:    
Depreciation and amortization 24,852 25,642
Provision for credit losses 1,725 1,315
Stock-based compensation 28,295 23,146
Deferred income taxes 22,236 15,675
Excess tax benefit on stock-based compensation (23,895) (7,032)
Change in loss on disposal group 0 (569)
Other operating activities 1,332 6,665
Changes in operating elements:    
Receivables (197,522) (70,602)
Contract assets (25,628) 2,898
Prepaid expenses and other (3,363) (10,994)
Increase (Decrease) in Right of Use Asset 1,696 19,315
Accounts payable and outstanding checks 125,397 58,699
Accrued compensation (77,992) (71,579)
Accrued transportation expense 24,268 (2,071)
Accrued income taxes 20,057 19,445
Other accrued liabilities 4,567 (12,535)
Increase (Decrease) in Operating Lease Liability (3,228) (26,615)
Other assets and liabilities (1,431) 426
Net cash provided by operating activities 68,599 106,531
INVESTING ACTIVITIES    
Purchases of property and equipment (2,635) (3,348)
Purchases and development of software (12,381) (12,734)
Cash used for acquisitions 150 0
Proceeds from divestiture 11,828 27,737
Net cash (used for) provided by investing activities (3,338) 11,655
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 40,362 16,808
Stock tendered for payment of withholding taxes (68,080) (49,829)
Repurchase of common stock (212,659) (47,700)
Cash dividends (79,030) (77,490)
Proceeds from long-term borrowings 678,000 0
Payments on long-term borrowings (425,000) 0
Proceeds from short-term borrowings 0 682,000
Payments on short-term borrowings 0 (670,000)
Net cash used for financing activities (66,407) (146,211)
Effect of exchange rates on cash and cash equivalents (60) 1,429
Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale (1,206) (26,596)
Cash and cash equivalents, beginning of period 160,871 145,762
Cash and cash equivalents, end of period $ 159,665 $ 129,942
v3.26.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Cash Flows [Abstract]    
Plus: net decrease in cash and cash equivalents within assets held for sale $ 0 $ 10,776
v3.26.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
C.H. Robinson Worldwide, Inc. and our subsidiaries (“the Company,” “we,” “us,” or “our”) are a global provider of transportation services and logistics solutions operating through a network of offices located in North America, Europe, Asia, Oceania, South America, and the Middle East. The consolidated financial statements include the accounts of C.H. Robinson Worldwide, Inc. and our majority owned and controlled subsidiaries. Our minority interests in subsidiaries are not significant. All intercompany transactions and balances have been eliminated in the consolidated financial statements.
Our reportable segments are North American Surface Transportation (“NAST”) and Global Forwarding, with all other segments included in All Other and Corporate. The All Other and Corporate reportable segment includes Robinson Fresh, Managed Solutions, Other Surface Transportation outside of North America, and other miscellaneous revenues and unallocated corporate expenses. For financial information concerning our reportable segments, refer to Note 8, Segment Reporting.
The condensed consolidated financial statements, which are unaudited, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods presented. Interim results are not necessarily indicative of results for a full year.
Consistent with SEC rules and regulations, we have condensed or omitted certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States. You should read the condensed consolidated financial statements and related notes in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2025.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05 that amends ASC 326, Financial Instruments — Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets. The guidance provides a practical expedient that permits an entity to estimate expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606 by assuming current economic conditions as of the balance sheet date do not change over the remaining life of the asset. We elected the practical expedient in ASU 2025-05 effective January 1, 2026 and applied the guidance prospectively. The adoption did not have a material impact on the Company’s consolidated financial statements.
RECENTLY ISSUED ACCOUNTING STANDARDS
In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU modernizes the accounting for internal‑use software by eliminating the previous software project stage model and replacing it with a principles‑based capitalization threshold. Under the new guidance, entities begin capitalizing internal‑use software costs when management authorizes and commits to funding the project and it is probable that the project will be completed and the software will perform its intended function. The guidance is effective for all public entities for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Entities may adopt the ASU prospectively, retrospectively, or using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on our accounting policies, related capitalization practices, disclosures, and consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires entities to disaggregate specified natural expense categories within each relevant expense caption presented on the income statement using a tabular footnote disclosure. The guidance also requires disclosure of qualitative descriptions for any amounts within those captions that are not separately quantified. The guidance in this ASU is effective for all public entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Entities may adopt the standard either prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the impact of this new guidance on our consolidated financial statements and related disclosures.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025, includes a summary of the significant accounting policies and methods used in the preparation of our consolidated financial statements.
v3.26.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The change in carrying amount of goodwill is as follows (in thousands):
NASTGlobal ForwardingAll Other and CorporateTotal
Balance, December 31, 2025$1,202,093 $208,472 $47,411 $1,457,976 
Foreign currency translation2,025 (639)97 1,483 
Balance, March 31, 2026
$1,204,118 $207,833 $47,508 $1,459,459 
Goodwill is tested annually for impairment on November 30, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying value (“Step Zero Analysis”). If the Step Zero Analysis indicates it is more likely than not that the fair value of our reporting units is less than their respective carrying value, an additional impairment assessment is performed (“Step One Analysis”). As part of our 2025 annual impairment test, we determined that the fair value of our reporting units exceeded their respective carrying values and our goodwill balance was not impaired.
There were no changes in circumstances or events identified in the first quarter of 2026 that would indicate an interim impairment analysis was required for any of our remaining reporting units as of March 31, 2026.
Identifiable intangible assets consisted of the following (in thousands):
March 31, 2026
December 31, 2025
CostAccumulated AmortizationNetCostAccumulated AmortizationNet
Finite-lived intangibles
Customer relationships$55,000 $(47,798)$7,202 $72,109 $(62,535)$9,574 
Indefinite-lived intangibles
Trademarks8,600 — 8,600 8,600 — 8,600 
Total intangibles$63,600 $(47,798)$15,802 $80,709 $(62,535)$18,174 
Amortization expense for other intangible assets is as follows (in thousands):
Three Months Ended March 31,
20262025
Amortization expense$2,372 $2,537 
Finite-lived intangible assets as of March 31, 2026 will be amortized over their remaining lives as follows (in thousands):
Remainder of 2026$5,892 
20271,310 
Total(1)
$7,202 
______________________________
(1) All remaining amortization expense for finite-lived intangible assets relates to our NAST reportable segment.
v3.26.1
FAIR VALUE MEASUREMENT
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Accounting guidance on fair value measurements for certain financial assets and liabilities requires assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
•Level 1 — Quoted market prices in active markets for identical assets or liabilities.
•Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3 — Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets.
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement.
We may seek to manage our exposure to the risk of fluctuations in foreign currency exchange rates through the use of foreign currency forward contracts. Foreign currency forward contracts are accounted for at fair value with the recognition of all derivative instruments as either assets or liabilities on the balance sheet, and changes in fair value recognized in interest and other income/expenses, net in the consolidated statements of operations and comprehensive income. These contracts are accounted for as non-designated hedges pursuant to ASC Topic 815, “Derivatives and Hedging.” Foreign currency forward contracts are classified under Level 2 of the fair value hierarchy and are measured using market-based rates. The impact of foreign currency forward contracts was not material as of and for the three months ended March 31, 2026.
We had no other assets or liabilities measured at fair value on a recurring basis that were classified as Level 2 or Level 3 as of and during the periods ended March 31, 2026, and December 31, 2025. There were no transfers between levels during the period.
v3.26.1
FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
The components of our short-term and long-term debt and the associated interest rates were as follows (dollars in thousands):
Average interest rate as ofCarrying value as of
March 31,
2026		December 31,
2025		MaturityMarch 31,
2026		December 31,
2025
Revolving credit facility4.67 %4.82 %November 2027$— $— 
Senior Notes, Series B4.26 %4.26 %August 2028150,000 150,000 
Senior Notes, Series C4.60 %4.60 %August 2033175,000 175,000 
Receivables Securitization Facility(1)
4.57 %4.59 %August 2027419,708 166,654 
Senior Notes(1)
4.20 %4.20 %April 2028598,019 597,784 
Total debt1,342,727 1,089,438 
Less: Current maturities and short-term borrowing— — 
Long-term debt$1,342,727 $1,089,438 
____________________________________________
(1) Net of unamortized discounts and issuance costs.
SENIOR UNSECURED REVOLVING CREDIT FACILITY
We have a senior unsecured revolving credit facility (the “Credit Agreement”) with a total availability of $1 billion, which may be reduced by standby letters of credit. The Credit Agreement has a maturity date of November 19, 2027. Borrowings under the Credit Agreement generally bear interest at a variable rate determined by a pricing schedule or the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50 percent, or (c) the sum of one-month SOFR plus a specified margin). As of March 31, 2026, the variable rate equaled SOFR plus 1.00 percent. In addition, there is a commitment fee on the average daily undrawn stated amount under the facility ranging from 0.07 percent to 0.15 percent. The recorded amount of borrowings outstanding, if any, approximates fair value because of the short maturity period of the debt; therefore, we consider these borrowings to be a Level 2 financial liability.
The Credit Agreement contains various restrictions and covenants that require us to maintain certain financial ratios, including a maximum leverage ratio of 3.75 to 1.00. The Credit Agreement also contains customary events of default.
NOTE PURCHASE AGREEMENT
On August 23, 2013, we entered into a Note Purchase Agreement with certain institutional investors (the “Purchasers”). On August 27, 2013, the Purchasers purchased an aggregate principal amount of $500 million of our Senior Notes Series A, Senior Notes Series B, and Senior Notes Series C (collectively, the “Notes”). Interest on the Notes is payable semi-annually in arrears. The fair value of the Notes approximated $310.1 million on March 31, 2026. We estimate the fair value of the Notes primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities and considering our own risk. If the Notes were recorded at fair value, they would be classified as a Level 2 financial liability. Senior Notes Series A matured in August 2023.
The Note Purchase Agreement contains various restrictions and covenants that require us to maintain certain financial ratios, including a maximum leverage ratio of 3.50 to 1.00, a minimum interest coverage ratio of 2.00 to 1.00, and a maximum consolidated priority debt to consolidated total asset ratio of 10 percent.
The Note Purchase Agreement provides for customary events of default. The occurrence of an event of default would permit certain Purchasers to declare certain Notes then outstanding to be immediately due and payable. Under the terms of the Note Purchase Agreement, the Notes are redeemable, in whole or in part, at 100 percent of the principal amount being redeemed together with a “make-whole amount” (as defined in the Note Purchase Agreement), and accrued and unpaid interest with respect to each Note. The obligations of the company under the Note Purchase Agreement and the Notes are guaranteed by C.H. Robinson Company, a Delaware corporation and a wholly-owned subsidiary of the company, and by C.H. Robinson Company, Inc., a Minnesota corporation and an indirect wholly-owned subsidiary of the company. On November 21, 2022, we executed the third amendment to the Note Purchase Agreement to among other things, facilitate the terms of the Credit Agreement.
U.S. TRADE ACCOUNTS RECEIVABLE SECURITIZATION
On November 19, 2021, we entered into a receivables purchase agreement and related transaction documents with Bank of America, N.A. and Wells Fargo Bank, N.A. to provide a receivables securitization facility (the “Receivables Securitization Facility”). The Receivables Securitization Facility is based on the securitization of a portion of our U.S. trade accounts receivable with a total availability of $500 million as of March 31, 2026. The interest rate on borrowings under the Receivables Securitization Facility is based on SOFR plus a credit spread adjustment of 0.10 percent plus 0.80 percent. In addition, there is a commitment fee on the average daily undrawn stated amount under the facility of 0.20 percent.
The recorded amount of borrowings outstanding under the Receivables Securitization Facility approximates fair value because it can be redeemed on short notice and the interest rate floats. We consider these borrowings to be a Level 2 financial liability.
The Receivables Securitization Facility contains various customary affirmative and negative covenants, and it also contains customary default and termination provisions, which provide for acceleration of amounts owed under the Receivables Securitization Facility upon the occurrence of certain specified events.
On August 12, 2025, we amended the Receivables Securitization Facility to extend the termination date of the facility to August 12, 2027. The total available remains $500 million, and we have the option to utilize an accordion feature, if needed, of an additional $250 million pursuant to the provisions of the Receivables Purchase Agreement, amended by the Receivables Purchase Amendment.
SENIOR NOTES
On April 9, 2018, we issued senior unsecured notes (“Senior Notes”) through a public offering. The Senior Notes bear an annual interest rate of 4.20 percent payable semi-annually on April 15 and October 15, until maturity on April 15, 2028. Taking into effect the amortization of the original issue discount and all underwriting and issuance expenses, the Senior Notes have an effective yield to maturity of approximately 4.39 percent per annum. The fair value of the Senior Notes, excluding debt discounts and issuance costs, approximated $595.8 million as of March 31, 2026, based primarily on the market prices quoted from external sources. The carrying value of the Senior Notes was $598.0 million as of March 31, 2026.
We may redeem the Senior Notes, in whole or in part, at any time and from time to time prior to their maturity at the applicable redemption prices described in the Senior Notes. Upon the occurrence of a “change of control triggering event” as defined in the Senior Notes (generally, a change of control of us accompanied by a reduction in the credit rating for the Senior Notes), we will generally be required to make an offer to repurchase the Senior Notes from holders at 101 percent of their principal amount plus accrued and unpaid interest to the date of repurchase.
The Senior Notes were issued under an indenture that contains covenants imposing certain limitations on our ability to incur liens; enter into sales and leaseback transactions above certain limits; and consolidate, merge, or transfer substantially all of our
assets and those of our subsidiaries on a consolidated basis. It also provides for customary events of default (subject in certain cases to customary grace and cure periods), which include among other things nonpayment, breach of covenants in the indenture, and certain events of bankruptcy and insolvency. If an event of default occurs and is continuing with respect to the Senior Notes, the trustee or holders of at least 25 percent in principal amount outstanding of the Senior Notes may declare the principal and the accrued and unpaid interest, if any, on all of the outstanding Senior Notes to be due and payable. These covenants and events of default are subject to a number of important qualifications, limitations, and exceptions that are described in the indenture. The indenture does not contain any financial ratios or specified levels of net worth or liquidity to which we must adhere.
In addition to the above financing agreements, we have a $35 million discretionary line of credit with U.S. Bank of which $26.7 million is utilized for standby letters of credit related to insurance collateral as of March 31, 2026. These standby letters of credit are renewed annually and were undrawn as of March 31, 2026.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate is as follows below.
Three Months Ended March 31,
20262025
Federal statutory rate21.0 %21.0 %
State income taxes, net of federal benefit2.6 2.0 
Share-based payment awards(21.9)(6.1)
Foreign tax credits(1.0)(1.9)
Other U.S. tax credits and incentives(0.7)(1.6)
Foreign tax rate differential2.7 (2.7)
Section 162(m) limitations on compensation8.8 1.7 
Other0.2 1.3 
Effective income tax rate11.7 %13.7 %
Certain foreign jurisdictions in which we operate have enacted legislation implementing elements of the Organization for Economic Cooperation and Development’s Pillar Two global minimum tax framework, which generally provides for a minimum tax rate of 15 percent on large multinational enterprises. We are subject to these rules in certain jurisdictions, and any resulting tax impacts have been reflected in the income tax provision for the periods presented.
As of March 31, 2026, we have $38.0 million of unrecognized tax benefits and related interest and penalties. With few exceptions, we are no longer subject to audits of U.S. federal, state and local, or non-U.S. income tax returns before 2022.
v3.26.1
STOCK AWARD PLANS
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK AWARD PLANS STOCK AWARD PLANS
Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense as it vests. A summary of our total compensation expense recognized in our condensed consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
Three Months Ended March 31,
20262025
Stock awards27,079 21,984 
Company expense on ESPP discount1,216 1,162 
Total stock-based compensation expense$28,295 $23,146 
On May 5, 2022, our shareholders approved a 2022 Equity Incentive Plan (the “Plan”), authorizing the issuance of up to 4,261,884 shares pursuant to awards granted under the Plan. On May 8, 2025, the Plan was amended and restated, and our shareholders approved an increase in the number of shares authorized for issuance by 4,000,000. The Plan allows us to grant certain stock awards, including stock options at fair market value, performance-based restricted stock units (“PSUs”) and shares, and time-based restricted stock units, to our key employees and non-employee directors. Shares subject to awards under the Plan or certain of our prior plans that expire or are canceled without delivery of shares or that are settled in cash generally may become available again for issuance under the Plan. There were 4,322,410 shares available for stock awards under the Plan as of March 31, 2026.
Stock Options – We have awarded stock options to certain key employees that vest primarily based on their continued employment. These awards are fully vested and there is no remaining unrecognized compensation expense related to stock options as of March 31, 2026. The outstanding options have expiration dates between 2026 and 2030. Although participants can exercise options via a stock swap exercise, we do not issue reloads (restoration options) on the grants.
Stock Awards – We have awarded performance-based restricted shares, PSUs, and time-based restricted stock units. Most of our awards granted prior to 2024 contain restrictions on the awardees’ ability to sell or transfer vested awards for a specified period of time. The fair value of these awards is established based on the market price on the date of grant, discounted for any post-vesting holding restrictions. The discounts on outstanding grants with post-vesting holding restrictions vary from 11 percent to 20 percent and are calculated using the Black-Scholes option pricing model-protective put method. The duration of the restriction period to sell or transfer vested awards, changes in the measured stock price volatility and changes in interest rates are the primary reasons for changes in the discount. These grants are being expensed based on the terms of the awards.
Performance-based Awards
We have awarded PSUs on an annual basis to certain key employees. These PSUs vest over a three-year period based on the achievement of certain cumulative dilutive earnings per share targets. These PSUs contain an upside opportunity of up to 200 percent of target contingent upon obtaining certain targets mentioned above over their respective performance period.
Time-based Awards
We award time-based restricted stock units to certain key employees. These time-based awards are granted on an annual basis and vest over a three-year period. In 2023, we also granted retention awards, which vest over a one-year to three-year period. These awards vest primarily based on the passage of time and the employee’s continued employment.
We granted 247,793 PSUs at target and 292,406 time-based restricted stock units in February 2026 that vest over a three-year period. The PSUs will vest upon achieving cumulative three-year dilutive earnings per share targets and contain an upside opportunity of up to 200 percent. The PSUs and time-based restricted stock unit awards had a weighted average grant date fair value of $197.73 and provide for two-years of post-termination vesting upon a qualified retirement.
We have also awarded restricted stock units to certain key employees and non-employee directors which are fully vested upon date of grant. These units contain restrictions on the awardees’ ability to sell or transfer vested units for a specified period of time. The fair value of these units is established using the same method discussed above. These awards have been expensed on the date of grant.
As of March 31, 2026, there was unrecognized compensation expense of $241.8 million related to previously granted stock awards assuming maximum achievement is obtained on our PSUs. The amount of future expense to be recognized will be based on the passage of time and contingent upon obtaining certain targets mentioned above over their respective performance period.
Employee Stock Purchase Plan – Our 1997 Employee Stock Purchase Plan (“ESPP”) allows our employees to contribute up to $10,000 of their annual cash compensation to purchase company stock. The purchase price is determined using the closing price on the last day of each quarter discounted by 15 percent. Shares vest immediately. The following is a summary of the employee stock purchase plan activity (dollars in thousands): 
Three Months Ended March 31, 2026
Shares purchased
by employees
Aggregate cost
to employees
Expense recognized
by the company
48,819 $6,891 $1,216 
v3.26.1
LITIGATION
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
LITIGATION LITIGATION
We are not subject to any pending or threatened litigation other than routine litigation arising in the ordinary course of our business operations, including certain contingent auto liability cases. For some legal proceedings, we have accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to our condensed consolidated financial position, results of operations, or cash flows. Because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the inconsistent treatment of claims made in many of these proceedings, and the difficulty of predicting the settlement value of many of these proceedings, we are often unable to estimate an amount or range of any reasonably possible additional losses. However, based upon our historical experience, the resolution of these proceedings is not expected to have a material effect on our condensed consolidated financial position, results of operations, or cash flows.
v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our segments are based on our method of internal reporting, which generally segregates the segments by service line and the primary services they provide to our customers. The internal reporting of segments is aligned with the reporting and review process used by our chief operating decision maker (“CODM”), our Chief Executive Officer. We do not report our intersegment revenues by segment to our CODM and do not believe they are a meaningful metric for evaluating the performance of our reportable segments.
Our CODM utilizes segment operating income as the primary measure to evaluate the performance of our reportable segments. Operating income is an important measure of our ability to optimize our cost structure through innovation of our proprietary operating systems and accelerating the capabilities of our workforce. It also guides the allocation of resources, including employees, technology investments, and capital resource investments to each segment. Additionally, operating income is also an important measure of our ability to maintain pricing discipline and drive profitable growth while effectively serving our customers and contract carriers. We consider operating income to be our primary performance metric. The review of segment performance and the allocation of resources occurs primarily in the annual budgeting process and through a regular cadence of operating reviews to monitor the progress of strategic initiatives included in our enterprise balanced scorecard. We identify two reportable segments with all other segments included in “All Other and Corporate” as follows:
•North American Surface Transportation: NAST provides freight transportation services across North America through a network of offices in the United States, Canada, and Mexico. The primary services provided by NAST are truckload and less than truckload (“LTL”) transportation services.
•Global Forwarding: Global Forwarding provides global logistics services through an international network of offices in North America, Asia, Europe, Oceania, South America, and the Middle East and also contracts with independent agents worldwide. The primary services provided by Global Forwarding include ocean freight services, air freight services, and customs brokerage.
•All Other and Corporate: All Other and Corporate includes our Robinson Fresh and Managed Solutions segments, as well as Other Surface Transportation outside of North America and other miscellaneous revenues and unallocated corporate expenses. Robinson Fresh provides sourcing services including the buying, selling, and/or marketing of fresh fruits, vegetables, and other value-added perishable items. Managed Solutions provides Transportation Management Services, or Managed TMS. Other Surface Transportation revenues were primarily earned by our Europe Surface Transportation segment which was sold effective February 1, 2025. Europe Surface Transportation provided transportation and logistics services including truckload and LTL transportation services across Europe. Refer to Note 14, Divestitures, for further discussion related to the sale of our Europe Surface Transportation business.
The accounting policies of our reportable segments are the same as those described in the summary of significant accounting policies located in Note 1 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
Reportable segment information is as follows (dollars in thousands):
 
Three Months Ended March 31, 2026
NASTGlobal ForwardingTotal
Revenues from external customers$2,947,323 $664,730 $3,612,053 
Other revenues from external customers(1)
400,881 
Total consolidated revenues
4,012,934 
Less significant segment expenses:
Purchased transportation and related services(2)
2,516,246 502,439 
Personnel expenses(2)
176,096 78,897 
Other selling, general, and administrative expenses(2)
109,851 51,710 
Segment operating income145,130 31,684 176,814 
Other operating income (loss)(1)
(1,128)
Total consolidated operating income
175,686 
Interest and other income/expenses, net
(9,013)
Income before provision for income taxes
$166,673 
 
Three Months Ended March 31, 2025
NASTGlobal ForwardingTotal
Revenues from external customers$2,868,420 $774,888 $3,643,308 
Other revenues from external customers(1)
403,432 
Total consolidated revenues
4,046,740 
Less significant segment expenses:
Purchased transportation and related services(2)
2,450,096 590,260 
Personnel expenses(2)
162,810 87,729 
Other selling, general, and administrative expenses(2)
111,843 53,956 
Segment operating income143,671 42,943 186,614 
Other operating income (loss)(1)
(9,761)
Total consolidated operating income
176,853 
Interest and other income/expenses, net
(20,051)
Income before provision for income taxes
$156,802 
_______________________________________
(1) Other revenues from external customers and other operating income (loss) are attributable to our Robinson Fresh and Managed Solutions segments, as well as Other Surface Transportation outside of North America and other miscellaneous revenues and unallocated corporate expenses.
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Reportable segment information is as follows (dollars in thousands):
NASTGlobal ForwardingAll Other and CorporateConsolidated
Three Months Ended March 31, 2026
Depreciation and amortization$4,763 $1,935 $18,154 $24,852 
Total assets(1)
3,095,674 1,098,418 1,041,327 5,235,419 
Average employee headcount4,752 3,848 3,105 11,705 
NASTGlobal ForwardingAll Other and CorporateConsolidated
Three Months Ended March 31, 2025
Depreciation and amortization$4,809 $2,139 $18,694 $25,642 
Total assets(1)
2,989,401 1,292,915 943,798 5,226,114 
Average employee headcount5,280 4,514 3,553 13,347 
_________________________________________
(1) All cash and cash equivalents are included in All Other and Corporate.
v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
A summary of our total revenues disaggregated by major service line and timing of revenue recognition is presented below for each of our reportable segments (in thousands):
Three Months Ended March 31, 2026
NASTGlobal ForwardingAll Other and CorporateTotal
Major Service Lines
Transportation and logistics services(1)
$2,947,323 $664,730 $31,658 $3,643,711 
Sourcing(2)
— — 369,223 369,223 
Total revenues$2,947,323 $664,730 $400,881 $4,012,934 
Three Months Ended March 31, 2025
NASTGlobal ForwardingAll Other and CorporateTotal
Major Service Lines
Transportation and logistics services(1)
$2,868,420 $774,888 $78,607 $3,721,915 
Sourcing(2)
— — 324,825 324,825 
Total revenues$2,868,420 $774,888 $403,432 $4,046,740 
____________________________________________
(1) Transportation and logistics services performance obligations are completed over time.
(2) Sourcing performance obligations are completed at a point in time.
We typically do not receive consideration, and amounts are not due from our customers, prior to the completion of our performance obligation. As such, contract liabilities were not significant as of March 31, 2026, and revenue recognized from contract liabilities for the three months ended March 31, 2026 and 2025 was not significant. Contract assets and accrued expenses-transportation expense fluctuate from period to period primarily based upon changes in transportation pricing and costs and shipments in-transit at period end.
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
We determine if our contractual agreements contain a lease at inception. A lease is identified when a contract allows us the right to control an identified asset for a period of time in exchange for consideration. Our lease agreements consist primarily of operating leases for office space, warehouses, office equipment, and trailers. We do not have material financing leases. Frequently, we enter into contractual relationships with a wide variety of transportation companies for freight capacity and utilize those relationships to efficiently and cost-effectively arrange the transport of our customers’ freight. These contracts typically have a term of twelve months or less and do not allow us to direct the use or obtain substantially all of the economic benefits of a specifically identified asset. Accordingly, these agreements are not considered leases.
Our operating leases are included on the consolidated balance sheets as right-of-use lease assets and lease liabilities. A right-of-use lease asset represents our right to use an underlying asset over the term of a lease, while a lease liability represents our obligation to make lease payments arising from the lease. Current and noncurrent lease liabilities are recognized on the commencement date at the present value of lease payments, including non-lease components, which consist primarily of common area maintenance and parking charges. Right-of-use lease assets are also recognized on the commencement date as the total lease liability plus prepaid rents. As our leases typically do not provide an implicit rate, we use our fully collateralized incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is influenced by market interest rates, our credit rating, and lease term, and as such, may differ for individual leases.
Our lease agreements typically do not contain variable lease payments, residual value guarantees, purchase options, or restrictive covenants. Many of our leases include the option to renew for a period of months to several years. The term of our leases may include the option to renew when it is reasonably certain we will exercise that option, although these occurrences are seldom. We have lease agreements with lease components (e.g., payments for rent) and non-lease components (e.g., payments for common area maintenance and parking), which are all accounted for as a single lease component.
We do not have material lease agreements that have not yet commenced that are expected to create significant rights or obligations as of March 31, 2026.
Information regarding lease expense, remaining lease term, discount rate, and other select lease information are presented below (dollars in thousands):
Three Months Ended March 31,
Lease Costs2026
2025(1)
Operating lease expense$21,876 $21,626 
Short-term lease expense639 1,527 
Right-of-use asset impairments(2)
991 6,259 
Total lease expense(3)
$23,506 $29,412 
___________________________ 
(1) The three months ended March 31, 2025 have been adjusted to conform to current year presentation.
(2) During the three months ended March 31, 2025, we recognized a $6.3 million impairment charge related to our Kansas City regional center lease which is included in All Other and Corporate. The impairment resulted from the execution of a sublease agreement on a portion of the facility. The impairment was determined by comparing the discounted cash flows of the head lease and sublease rental payments. All other right-of use asset impairment charges were associated with restructuring initiatives. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
(3) Total lease expense is included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income.
Three Months Ended March 31,
Other Lease Information20262025
Operating cash flows from operating leases$23,409 $28,948 
Right-of-use lease assets obtained in exchange for new lease liabilities19,125 6,497 
Lease Term and Discount RateAs of March 31, 2026As of December 31, 2025
Weighted average remaining lease term (in years)4.84.9
Weighted average discount rate4.5 %4.5 %
The maturities of lease liabilities as of March 31, 2026, were as follows (in thousands):
Maturity of Lease LiabilitiesOperating Leases
Remaining 2026$61,626 
202778,971 
202863,016 
202947,903 
203035,169 
Thereafter49,914 
Total lease payments336,599 
Less: Interest(34,840)
Present value of lease liabilities$301,759 
v3.26.1
ALLOWANCE FOR CREDIT LOSSES
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
Our allowance for credit losses is computed using a number of factors, including our past credit loss experience and our customers' credit ratings, in addition to other customer-specific factors. We have also considered recent trends and developments related to the current macroeconomic environment in determining our ending allowance for credit losses for both accounts receivable and contract assets. The allowance for credit losses on contract assets was not significant as of March 31, 2026.
A rollforward of our allowance for credit losses on our accounts receivable balance is presented below (in thousands):
Balance, December 31, 2025
$14,420 
Provision1,519 
Write-offs(1,176)
Balance, March 31, 2026
$14,763 
Recoveries of amounts previously written off were not significant for the three months ended March 31, 2026.
v3.26.1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss is included in Stockholders' Investment on our condensed consolidated balance sheets. The recorded balance on March 31, 2026, and December 31, 2025, was $78.1 million and $77.7 million, respectively. The recorded balance on March 31, 2026, and December 31, 2025, is comprised solely of foreign currency adjustments, including foreign currency translation.
Other comprehensive loss was $0.4 million for the three months ended March 31, 2026, primarily driven by losses in the Euro, Indonesian rupiah, and Polish zloty, partially offset by gains in the Australian dollar and Singapore dollar. Other comprehensive income was $10.4 million for the three months ended March 31, 2025, primarily driven by fluctuations in the Euro and Singapore Dollar.
v3.26.1
RESTRUCTURING
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
2025 Restructuring Program: In the second quarter of 2025, we initiated a restructuring program (the “2025 Restructuring Program”) aimed at enhancing operational efficiency and achieving cost savings through the adoption of advanced technologies, including artificial intelligence (“AI”). The program is centered around two key initiatives:
Process Optimization and Workforce Productivity - The first initiative focuses on streamlining operations by leveraging cutting-edge technological innovations to significantly enhance workforce productivity. This includes the integration of automation and AI-driven solutions to reduce manual processes and improve overall efficiency. As a result of this initiative, we have incurred and expect to continue to incur, severance and related personnel costs associated with workforce reductions.
Facilities Consolidation and Footprint Optimization - The second initiative involves the consolidation and centralization of our facilities to align with the reduced workforce resulting from the first initiative. This effort is designed to optimize our physical footprint and support a more agile and cost-effective operating model. As a result of this initiative, we have recognized asset impairments related to the early termination or abandonment of certain facilities under operating leases.
These initiatives are expected to materially reduce our cost structure and better position the Company for sustainable, long-term growth in an increasingly technology-driven marketplace. The 2025 Restructuring Program is expected to span the next two years, during which we will continue to implement advanced technologies across the enterprise and review opportunities to consolidate our global facilities.
We recognized restructuring charges of $20.2 million in the three months ended March 31, 2026, primarily related to workforce reductions and related personnel expenses. We expect to incur restructuring charges of $50 million to $75 million in total between 2025 through early 2028 primarily related to severance and other personnel related costs and impairments related to the early termination or abandonment of facilities under operating leases for the 2025 Restructuring Program. The amount and timing of the restructuring charges we will recognize depend upon multiple factors, such as the implementation and integration of automation and AI-driven solutions across targeted areas of the enterprise, natural employee turnover, and our ability to consolidate our global facilities. We paid $6.2 million of cash in the three months ended March 31, 2026 related to the 2025 Restructuring Program.
A summary of charges related to our 2025 Restructuring Program are presented below (in thousands):
Three Months Ended March 31,
2026
Severance(1)
$17,321 
Other personnel expenses(1)
1,449 
Other selling, general, and administrative expenses(2)
1,444 
Total $20,214 
________________________________ 
(1) Amounts are included within personnel expenses in our condensed consolidated statements of operations and comprehensive income.
(2) Amounts are included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income.
The following tables summarizes restructuring charges related to our 2025 Restructuring Program by reportable segment (in thousands):
Three Months Ended March 31, 2026
NASTGlobal Forwarding All Other and CorporateConsolidated
Personnel expenses$16,034 $1,083 $1,653 $18,770 
Other selling, general, and administrative expenses42 1,427 (25)1,444 
The following table summarizes activity related to our 2025 Restructuring Program and liabilities included in our consolidated balance sheets (in thousands):
Accrued Severance and Other Personnel ExpensesAccrued Other Selling, General, and Administrative Expenses
Total(1)
Balance, December 31, 2025$3,790 $291 $4,081 
  Restructuring charges18,770 1,444 20,214 
  Cash payments(5,935)(221)(6,156)
  Settled non-cash— (991)(991)
  Accrual adjustments(2)
(49)(17)(66)
Balance, March 31, 2026$16,576 $506 $17,082 
________________________________ 
(1) Amounts are included within accrued expenses - compensation on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025.
(2) Accrual adjustments primarily relate to changes in estimates for certain employee termination costs, including those settling for an amount different than originally estimated and foreign currency adjustments.
v3.26.1
DIVESTITURES
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
DIVESTITURES DIVESTITURES
Europe Surface Transportation Divestiture: In 2024, we entered into an agreement with sennder Technologies GmbH to sell our Europe Surface Transportation business, which was included in our All Other and Corporate segment. The divestiture was part of our enterprise strategy to drive focus on profitable growth in our four core modes—North American truckload and LTL and global ocean and air—as engines to ignite growth and create the most value for our stakeholders. We determined the divestiture did not represent a strategic shift that would have a major effect on our consolidated results of operations, and therefore the results of our Europe Surface Transportation business are not reported as discontinued operations. The sale included all of the assets and liabilities of the business other than our proprietary technology platform.
Upon entering into the agreement to sell the business in 2024, the assets and liabilities of our Europe Surface Transportation disposal group were classified as held for sale resulting in a $32.8 million pre-tax loss on the disposal group classified as held for sale in 2024. Including the direct costs incurred to sell the business and the loss on the disposal group, the total pre-tax loss recognized was $44.5 million in 2024.
The sale closed effective February 1, 2025. We received $27.7 million of consideration at closing and $11.8 million in the first quarter of 2026 with additional fixed installment payments due in 2026. The remaining consideration due is collateralized by current and future accounts receivable of the Europe Surface Transportation business. There are no remaining assets and liabilities held for sale as of March 31, 2026.
A summary of exit and disposal costs related to our Europe Surface Transportation divestiture included in our All Other and Corporate segment is presented below (in thousands):
Three Months Ended March 31,
2025
Personnel expenses(1)
$1,187 
Other selling, general, and administrative expenses(2)
1,167 
Income tax benefits(3)
(1,026)
Total $1,328 
________________________________ 
(1) Amounts are included within personnel expenses in our condensed consolidated statements of operations and comprehensive income.
(2) Amounts are included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income.
(3) Amounts are included within provision for income taxes in our condensed consolidated statements of operations and comprehensive income.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Michael Castagnetto [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 12, 2026, Michael Castagnetto, our President of North American Surface Transportation, terminated a Rule 10b5-1 trading arrangement he had previously adopted on November 3, 2025, with respect to the sale of up to 13,576 shares of our common stock. As of the date of the termination, Mr. Castagnetto had sold 2,849 shares of common stock under the plan.
Name Michael Castagnetto
Title President of North American Surface Transportation
Rule 10b5-1 Arrangement Terminated true
Termination Date February 12, 2026
Aggregate Available 13,576
Michael J. Short [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 13, 2026, Michael J. Short, our President of Global Freight Forwarding, terminated a Rule 10b5-1 trading arrangement he had previously adopted on August 18, 2025, with respect to the sale of up to 34,335 shares of our common stock. As of the date of the termination, Mr. Short had sold 9,988 shares of common stock under the plan.
Name Michael J. Short
Title President of Global Freight Forwarding
Rule 10b5-1 Arrangement Terminated true
Termination Date February 13, 2026
Aggregate Available 34,335
Arun Rajan [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 13, 2026, Arun Rajan, our Chief Strategy and Innovation Officer,terminated a Rule 10b5-1 trading arrangement he had previously adopted on May 8, 2025, with respect to the sale of up to 15,000 shares of our common stock. As of the date of the termination, Mr. Rajan had sold 5,000 shares of common stock under the plan.
Name Arun Rajan
Title Chief Strategy and Innovation Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date February 13, 2026
Aggregate Available 15,000
v3.26.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
C.H. Robinson Worldwide, Inc. and our subsidiaries (“the Company,” “we,” “us,” or “our”) are a global provider of transportation services and logistics solutions operating through a network of offices located in North America, Europe, Asia, Oceania, South America, and the Middle East. The consolidated financial statements include the accounts of C.H. Robinson Worldwide, Inc. and our majority owned and controlled subsidiaries. Our minority interests in subsidiaries are not significant. All intercompany transactions and balances have been eliminated in the consolidated financial statements.
Our reportable segments are North American Surface Transportation (“NAST”) and Global Forwarding, with all other segments included in All Other and Corporate. The All Other and Corporate reportable segment includes Robinson Fresh, Managed Solutions, Other Surface Transportation outside of North America, and other miscellaneous revenues and unallocated corporate expenses. For financial information concerning our reportable segments, refer to Note 8, Segment Reporting.
The condensed consolidated financial statements, which are unaudited, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods presented. Interim results are not necessarily indicative of results for a full year.
Consistent with SEC rules and regulations, we have condensed or omitted certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States. You should read the condensed consolidated financial statements and related notes in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2025.
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS
In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU modernizes the accounting for internal‑use software by eliminating the previous software project stage model and replacing it with a principles‑based capitalization threshold. Under the new guidance, entities begin capitalizing internal‑use software costs when management authorizes and commits to funding the project and it is probable that the project will be completed and the software will perform its intended function. The guidance is effective for all public entities for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Entities may adopt the ASU prospectively, retrospectively, or using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on our accounting policies, related capitalization practices, disclosures, and consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires entities to disaggregate specified natural expense categories within each relevant expense caption presented on the income statement using a tabular footnote disclosure. The guidance also requires disclosure of qualitative descriptions for any amounts within those captions that are not separately quantified. The guidance in this ASU is effective for all public entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Entities may adopt the standard either prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the impact of this new guidance on our consolidated financial statements and related disclosures.
GOODWILL
Goodwill is tested annually for impairment on November 30, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying value (“Step Zero Analysis”). If the Step Zero Analysis indicates it is more likely than not that the fair value of our reporting units is less than their respective carrying value, an additional impairment assessment is performed (“Step One Analysis”). As part of our 2025 annual impairment test, we determined that the fair value of our reporting units exceeded their respective carrying values and our goodwill balance was not impaired.
There were no changes in circumstances or events identified in the first quarter of 2026 that would indicate an interim impairment analysis was required for any of our remaining reporting units as of March 31, 2026.
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Accounting guidance on fair value measurements for certain financial assets and liabilities requires assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
•Level 1 — Quoted market prices in active markets for identical assets or liabilities.
•Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3 — Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets.
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement.
RIGHT-OF-USE LEASE ASSETS AND LEASE LIABILITIES Our operating leases are included on the consolidated balance sheets as right-of-use lease assets and lease liabilities. A right-of-use lease asset represents our right to use an underlying asset over the term of a lease, while a lease liability represents our obligation to make lease payments arising from the lease. Current and noncurrent lease liabilities are recognized on the commencement date at the present value of lease payments, including non-lease components, which consist primarily of common area maintenance and parking charges. Right-of-use lease assets are also recognized on the commencement date as the total lease liability plus prepaid rents. As our leases typically do not provide an implicit rate, we use our fully collateralized incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is influenced by market interest rates, our credit rating, and lease term, and as such, may differ for individual leases.
ALLOWANCE FOR CREDIT LOSSES Our allowance for credit losses is computed using a number of factors, including our past credit loss experience and our customers' credit ratings, in addition to other customer-specific factors. We have also considered recent trends and developments related to the current macroeconomic environment in determining our ending allowance for credit losses for both accounts receivable and contract assets.
v3.26.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in carrying amount of goodwill is as follows (in thousands):
NASTGlobal ForwardingAll Other and CorporateTotal
Balance, December 31, 2025$1,202,093 $208,472 $47,411 $1,457,976 
Foreign currency translation2,025 (639)97 1,483 
Balance, March 31, 2026
$1,204,118 $207,833 $47,508 $1,459,459 
Schedule of Intangible Assets
Identifiable intangible assets consisted of the following (in thousands):
March 31, 2026
December 31, 2025
CostAccumulated AmortizationNetCostAccumulated AmortizationNet
Finite-lived intangibles
Customer relationships$55,000 $(47,798)$7,202 $72,109 $(62,535)$9,574 
Indefinite-lived intangibles
Trademarks8,600 — 8,600 8,600 — 8,600 
Total intangibles$63,600 $(47,798)$15,802 $80,709 $(62,535)$18,174 
Schedule of Amortization Expense
Amortization expense for other intangible assets is as follows (in thousands):
Three Months Ended March 31,
20262025
Amortization expense$2,372 $2,537 
Schedule of Future Amortization of Finite-Lived Intangible Assets
Finite-lived intangible assets as of March 31, 2026 will be amortized over their remaining lives as follows (in thousands):
Remainder of 2026$5,892 
20271,310 
Total(1)
$7,202 
______________________________
(1) All remaining amortization expense for finite-lived intangible assets relates to our NAST reportable segment.
v3.26.1
FINANCING ARRANGEMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Components of Short-term and Long-term Debt
The components of our short-term and long-term debt and the associated interest rates were as follows (dollars in thousands):
Average interest rate as ofCarrying value as of
March 31,
2026		December 31,
2025		MaturityMarch 31,
2026		December 31,
2025
Revolving credit facility4.67 %4.82 %November 2027$— $— 
Senior Notes, Series B4.26 %4.26 %August 2028150,000 150,000 
Senior Notes, Series C4.60 %4.60 %August 2033175,000 175,000 
Receivables Securitization Facility(1)
4.57 %4.59 %August 2027419,708 166,654 
Senior Notes(1)
4.20 %4.20 %April 2028598,019 597,784 
Total debt1,342,727 1,089,438 
Less: Current maturities and short-term borrowing— — 
Long-term debt$1,342,727 $1,089,438 
____________________________________________
(1) Net of unamortized discounts and issuance costs.
v3.26.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate is as follows below.
Three Months Ended March 31,
20262025
Federal statutory rate21.0 %21.0 %
State income taxes, net of federal benefit2.6 2.0 
Share-based payment awards(21.9)(6.1)
Foreign tax credits(1.0)(1.9)
Other U.S. tax credits and incentives(0.7)(1.6)
Foreign tax rate differential2.7 (2.7)
Section 162(m) limitations on compensation8.8 1.7 
Other0.2 1.3 
Effective income tax rate11.7 %13.7 %
v3.26.1
STOCK AWARD PLANS (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation A summary of our total compensation expense recognized in our condensed consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
Three Months Ended March 31,
20262025
Stock awards27,079 21,984 
Company expense on ESPP discount1,216 1,162 
Total stock-based compensation expense$28,295 $23,146 
Schedule Employee Stock Purchase Plan Activity The following is a summary of the employee stock purchase plan activity (dollars in thousands): 
Three Months Ended March 31, 2026
Shares purchased
by employees
Aggregate cost
to employees
Expense recognized
by the company
48,819 $6,891 $1,216 
v3.26.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary of Segment Information
Reportable segment information is as follows (dollars in thousands):
 
Three Months Ended March 31, 2026
NASTGlobal ForwardingTotal
Revenues from external customers$2,947,323 $664,730 $3,612,053 
Other revenues from external customers(1)
400,881 
Total consolidated revenues
4,012,934 
Less significant segment expenses:
Purchased transportation and related services(2)
2,516,246 502,439 
Personnel expenses(2)
176,096 78,897 
Other selling, general, and administrative expenses(2)
109,851 51,710 
Segment operating income145,130 31,684 176,814 
Other operating income (loss)(1)
(1,128)
Total consolidated operating income
175,686 
Interest and other income/expenses, net
(9,013)
Income before provision for income taxes
$166,673 
 
Three Months Ended March 31, 2025
NASTGlobal ForwardingTotal
Revenues from external customers$2,868,420 $774,888 $3,643,308 
Other revenues from external customers(1)
403,432 
Total consolidated revenues
4,046,740 
Less significant segment expenses:
Purchased transportation and related services(2)
2,450,096 590,260 
Personnel expenses(2)
162,810 87,729 
Other selling, general, and administrative expenses(2)
111,843 53,956 
Segment operating income143,671 42,943 186,614 
Other operating income (loss)(1)
(9,761)
Total consolidated operating income
176,853 
Interest and other income/expenses, net
(20,051)
Income before provision for income taxes
$156,802 
_______________________________________
(1) Other revenues from external customers and other operating income (loss) are attributable to our Robinson Fresh and Managed Solutions segments, as well as Other Surface Transportation outside of North America and other miscellaneous revenues and unallocated corporate expenses.
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Reportable segment information is as follows (dollars in thousands):
NASTGlobal ForwardingAll Other and CorporateConsolidated
Three Months Ended March 31, 2026
Depreciation and amortization$4,763 $1,935 $18,154 $24,852 
Total assets(1)
3,095,674 1,098,418 1,041,327 5,235,419 
Average employee headcount4,752 3,848 3,105 11,705 
NASTGlobal ForwardingAll Other and CorporateConsolidated
Three Months Ended March 31, 2025
Depreciation and amortization$4,809 $2,139 $18,694 $25,642 
Total assets(1)
2,989,401 1,292,915 943,798 5,226,114 
Average employee headcount5,280 4,514 3,553 13,347 
_________________________________________
(1) All cash and cash equivalents are included in All Other and Corporate.
v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Summary of Total Revenues Disaggregated by Major Service Line and Timing of Revenue Recognition
A summary of our total revenues disaggregated by major service line and timing of revenue recognition is presented below for each of our reportable segments (in thousands):
Three Months Ended March 31, 2026
NASTGlobal ForwardingAll Other and CorporateTotal
Major Service Lines
Transportation and logistics services(1)
$2,947,323 $664,730 $31,658 $3,643,711 
Sourcing(2)
— — 369,223 369,223 
Total revenues$2,947,323 $664,730 $400,881 $4,012,934 
Three Months Ended March 31, 2025
NASTGlobal ForwardingAll Other and CorporateTotal
Major Service Lines
Transportation and logistics services(1)
$2,868,420 $774,888 $78,607 $3,721,915 
Sourcing(2)
— — 324,825 324,825 
Total revenues$2,868,420 $774,888 $403,432 $4,046,740 
____________________________________________
(1) Transportation and logistics services performance obligations are completed over time.
(2) Sourcing performance obligations are completed at a point in time.
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Expense, Remaining Lease Terms, Discount Rate and Other Information
Information regarding lease expense, remaining lease term, discount rate, and other select lease information are presented below (dollars in thousands):
Three Months Ended March 31,
Lease Costs2026
2025(1)
Operating lease expense$21,876 $21,626 
Short-term lease expense639 1,527 
Right-of-use asset impairments(2)
991 6,259 
Total lease expense(3)
$23,506 $29,412 
___________________________ 
(1) The three months ended March 31, 2025 have been adjusted to conform to current year presentation.
(2) During the three months ended March 31, 2025, we recognized a $6.3 million impairment charge related to our Kansas City regional center lease which is included in All Other and Corporate. The impairment resulted from the execution of a sublease agreement on a portion of the facility. The impairment was determined by comparing the discounted cash flows of the head lease and sublease rental payments. All other right-of use asset impairment charges were associated with restructuring initiatives. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
(3) Total lease expense is included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income.
Three Months Ended March 31,
Other Lease Information20262025
Operating cash flows from operating leases$23,409 $28,948 
Right-of-use lease assets obtained in exchange for new lease liabilities19,125 6,497 
Lease Term and Discount RateAs of March 31, 2026As of December 31, 2025
Weighted average remaining lease term (in years)4.84.9
Weighted average discount rate4.5 %4.5 %
Schedule of Maturity of Lease Liabilities
The maturities of lease liabilities as of March 31, 2026, were as follows (in thousands):
Maturity of Lease LiabilitiesOperating Leases
Remaining 2026$61,626 
202778,971 
202863,016 
202947,903 
203035,169 
Thereafter49,914 
Total lease payments336,599 
Less: Interest(34,840)
Present value of lease liabilities$301,759 
v3.26.1
ALLOWANCE FOR CREDIT LOSSES (Tables)
 3 Months Ended
Mar. 31, 2026
Credit Loss [Abstract]  
Schedule of Allowance for Credit Loss on Accounts Receivable
A rollforward of our allowance for credit losses on our accounts receivable balance is presented below (in thousands):
Balance, December 31, 2025
$14,420 
Provision1,519 
Write-offs(1,176)
Balance, March 31, 2026
$14,763 
v3.26.1
RESTRUCTURING (Tables) - 2025 Restructuring Program
 3 Months Ended
Mar. 31, 2026
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs
A summary of charges related to our 2025 Restructuring Program are presented below (in thousands):
Three Months Ended March 31,
2026
Severance(1)
$17,321 
Other personnel expenses(1)
1,449 
Other selling, general, and administrative expenses(2)
1,444 
Total $20,214 
________________________________ 
(1) Amounts are included within personnel expenses in our condensed consolidated statements of operations and comprehensive income.
(2) Amounts are included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income.
The following tables summarizes restructuring charges related to our 2025 Restructuring Program by reportable segment (in thousands):
Three Months Ended March 31, 2026
NASTGlobal Forwarding All Other and CorporateConsolidated
Personnel expenses$16,034 $1,083 $1,653 $18,770 
Other selling, general, and administrative expenses42 1,427 (25)1,444 
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes activity related to our 2025 Restructuring Program and liabilities included in our consolidated balance sheets (in thousands):
Accrued Severance and Other Personnel ExpensesAccrued Other Selling, General, and Administrative Expenses
Total(1)
Balance, December 31, 2025$3,790 $291 $4,081 
  Restructuring charges18,770 1,444 20,214 
  Cash payments(5,935)(221)(6,156)
  Settled non-cash— (991)(991)
  Accrual adjustments(2)
(49)(17)(66)
Balance, March 31, 2026$16,576 $506 $17,082 
________________________________ 
(1) Amounts are included within accrued expenses - compensation on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025.
(2) Accrual adjustments primarily relate to changes in estimates for certain employee termination costs, including those settling for an amount different than originally estimated and foreign currency adjustments.
v3.26.1
DIVESTITURES (Tables)
 3 Months Ended
Mar. 31, 2026
Disposal Group, Held-for-Sale, Not Discontinued Operations | Europe Surface Transportation  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Disposal Groups, Including Discontinued Operations
A summary of exit and disposal costs related to our Europe Surface Transportation divestiture included in our All Other and Corporate segment is presented below (in thousands):
Three Months Ended March 31,
2025
Personnel expenses(1)
$1,187 
Other selling, general, and administrative expenses(2)
1,167 
Income tax benefits(3)
(1,026)
Total $1,328 
________________________________ 
(1) Amounts are included within personnel expenses in our condensed consolidated statements of operations and comprehensive income.
(2) Amounts are included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income.
(3) Amounts are included within provision for income taxes in our condensed consolidated statements of operations and comprehensive income.
v3.26.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Line Items]    
March 31, 2026 balance $ 1,459,459 $ 1,457,976
Foreign currency translation 1,483  
NAST    
Goodwill [Line Items]    
March 31, 2026 balance 1,204,118 1,202,093
Foreign currency translation 2,025  
Global Forwarding    
Goodwill [Line Items]    
March 31, 2026 balance 207,833 208,472
Foreign currency translation (639)  
All Other and Corporate    
Goodwill [Line Items]    
March 31, 2026 balance 47,508 $ 47,411
Foreign currency translation $ 97  
v3.26.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-lived intangibles    
Accumulated Amortization $ (47,798) $ (62,535)
Finite-lived intangible assets, net 7,202  
Total intangibles, Cost 63,600 80,709
Total intangibles, Net 15,802 18,174
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Total intangibles, Cost 63,600 80,709
Intangible Assets, Net 15,802 18,174
Trademarks    
Indefinite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangibles 8,600 8,600
Customer relationships    
Finite-lived intangibles    
Finite-Lived Intangible Assets, Gross 55,000 72,109
Accumulated Amortization (47,798) (62,535)
Finite-lived intangible assets, net $ 7,202 $ 9,574
v3.26.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 2,372 $ 2,537
v3.26.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Over Remaining Life (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Estimated amortization expense  
Remainder of 2026 $ 5,892
2027 1,310
Finite-lived intangible assets, net $ 7,202
v3.26.1
FAIR VALUE MEASUREMENT (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Level 2    
Fair Value, Assets and Liabilities Measured    
Assets at fair value $ 0 $ 0
Liabilities at fair value 0 0
Level 3    
Fair Value, Assets and Liabilities Measured    
Assets at fair value 0 0
Liabilities at fair value $ 0 $ 0
v3.26.1
FINANCING ARRANGEMENTS - Components of Short-term and Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 1,342,727 $ 1,089,438
Less: Current maturities and short-term borrowing 0 0
Long-term debt $ 1,342,727 $ 1,089,438
Revolving credit facility | Line of credit    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.67% 4.82%
Total debt $ 0 $ 0
Senior Notes, Series B | Senior notes    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.26% 4.26%
Total debt $ 150,000 $ 150,000
Senior Notes, Series C | Senior notes    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.60% 4.60%
Total debt $ 175,000 $ 175,000
Receivables securitization facility | Secured debt    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.57% 4.59%
Total debt $ 419,708 $ 166,654
Senior Notes | Unsecured debt    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.20% 4.20%
Total debt $ 598,019 $ 597,784
v3.26.1
FINANCING ARRANGEMENTS - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Aug. 12, 2025
USD ($)
Aug. 27, 2013
USD ($)
Debt Instrument [Line Items]        
Long-term debt $ 1,342,727,000 $ 1,089,438,000    
Revolving credit facility | Line of credit        
Debt Instrument [Line Items]        
Maximum leverage ratio 3.75      
Long-term debt $ 0 0    
US Bank | Standby letters of credit        
Debt Instrument [Line Items]        
Current funding 26,700,000      
US Bank | Line of credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 35,000,000      
Credit Agreement | Revolving credit facility | Minimum | Credit Spread Adjustment        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 1.00%      
Credit Agreement | Revolving credit facility | Line of credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 1,000,000,000      
Credit Agreement | Revolving credit facility | Line of credit | Federal Funds Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 0.50%      
Credit Agreement | Revolving credit facility | Line of credit | Minimum        
Debt Instrument [Line Items]        
Commitment fee (percent) 0.07%      
Credit Agreement | Revolving credit facility | Line of credit | Maximum        
Debt Instrument [Line Items]        
Commitment fee (percent) 0.15%      
Note Purchase Agreement | Senior notes        
Debt Instrument [Line Items]        
Maximum leverage ratio 3.50      
Minimum interest coverage ratio 2.00      
Debt instrument principal amount       $ 500,000,000
Long-term debt, fair value $ 310,100,000      
Maximum priority debt to total assets ratio (percent) 10.00%      
Debt instrument, redemption price (percent) 100.00%      
Receivables securitization facility | Wells Fargo Bank N.A. and Bank of America N.A.        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 0.80%      
Commitment fee percentage 0.20%      
Receivables securitization facility | SOFR | Wells Fargo Bank N.A. and Bank of America N.A.        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 0.10%      
Receivables securitization facility | Secured debt        
Debt Instrument [Line Items]        
Long-term debt $ 419,708,000 166,654,000    
Receivables securitization facility | Secured debt | Wells Fargo Bank N.A. and Bank of America N.A.        
Debt Instrument [Line Items]        
Maximum borrowing capacity 500,000,000   $ 250,000,000  
Current funding     $ 500,000,000  
Senior Notes Due 2028 | Unsecured debt        
Debt Instrument [Line Items]        
Long-term debt, fair value $ 595,800,000      
Debt instrument, redemption price (percent) 101.00%      
Debt instrument, annual interest rate (percent) 4.20%      
Debt instrument, effective yield (percent) 4.39%      
Long-term debt $ 598,019,000 $ 597,784,000    
Threshold for holders of principal outstanding to declare principal and unpaid interest payable (percent) 25.00%      
v3.26.1
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Effective Income Tax Rate Reconciliation    
Federal statutory rate 21.00% 21.00%
State income taxes, net of federal benefit 2.60% 2.00%
Share-based payment awards (21.90%) (6.10%)
Foreign tax credits (1.00%) (1.90%)
Other U.S. tax credits and incentives (0.70%) (1.60%)
Foreign tax rate differential 2.70% (2.70%)
Section 162(m) limitations on compensation 8.80% 1.70%
Other 0.20% 1.30%
Effective income tax rate 11.70% 13.70%
v3.26.1
INCOME TAXES - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Income Tax Disclosure [Abstract]  
Unrecognized tax benefits and related interest and penalties, all of which would affect our effective tax rate if recognized $ 38.0
v3.26.1
STOCK AWARD PLANS - Total Compensation Expense Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 28,295 $ 23,146
Stock awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 27,079 21,984
Company expense on ESPP discount    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 1,216 $ 1,162
v3.26.1
STOCK AWARD PLANS - Narrative (Details) - USD ($)
 3 Months Ended
Feb. 04, 2026
May 08, 2025
Mar. 31, 2026
Mar. 31, 2025
May 05, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum shares that can be granted under stock plan (shares)         4,261,884
Additional shares authorized for grant under stock plan (shares)   4,000,000      
Shares available for stock awards (shares)     4,322,410    
Stock-based compensation expense     $ 28,295,000 $ 23,146,000  
Stock options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation expense     0    
Stock awards          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation expense     $ 241,800,000    
Stock awards | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount on outstanding grants (percent)     11.00%    
Stock awards | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Discount on outstanding grants (percent)     20.00%    
Performance-based restricted stock units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock awards granted (shares) 247,793        
Weighted average grant date fair value (in dollars per share) $ 197.73        
Award vesting period 3 years   3 years    
Upside opportunity upon achievement of targets (percent) 200.00%   200.00%    
Time-based restricted stock units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock awards granted (shares) 292,406        
Weighted average grant date fair value (in dollars per share) $ 197.73        
Award vesting period 3 years   3 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period 2 years        
Time-Based restricted stock unit retention awards | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period     1 year    
Time-Based restricted stock unit retention awards | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period     3 years    
1997 Employee Stock Purchase Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum employee contribution to purchase company stock     $ 10,000    
Discount rate used to determine the purchase price     15.00%    
v3.26.1
STOCK AWARD PLANS - Employee Stock Purchase Plan Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares purchased by employees (shares) 48,819  
Aggregate cost to employees $ 6,891  
Expense recognized by the company 28,295 $ 23,146
Company expense on ESPP discount    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expense recognized by the company $ 1,216 $ 1,162
v3.26.1
SEGMENT REPORTING - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
SEGMENT REPORTING - Reportable Segment Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
employee
Mar. 31, 2025
USD ($)
employee
Dec. 31, 2025
USD ($)
Segment Reporting Information [Line Items]      
Total revenues $ 4,012,934 $ 4,046,740  
Personnel expenses 352,723 348,553  
Other selling, general, and administrative expenses 132,084 147,682  
Income from operations 175,686 176,853  
Interest and other income/expense, net (9,013) (20,051)  
Income before provision for income taxes 166,673 156,802  
Depreciation and amortization 24,852 25,642  
Total assets $ 5,235,419 $ 5,226,114 $ 5,058,381
Average headcount (employee) | employee 11,705 13,347  
Transportation and logistics services      
Segment Reporting Information [Line Items]      
Total revenues $ 3,643,711 $ 3,721,915  
Purchased products and services 3,015,310 3,081,370  
Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 3,612,053 3,643,308  
Income from operations 176,814 186,614  
Corporate And Reconciling Items      
Segment Reporting Information [Line Items]      
Total revenues 400,881 403,432  
Income from operations (1,128) (9,761)  
Depreciation and amortization 18,154 18,694  
Total assets $ 1,041,327 $ 943,798  
Average headcount (employee) | employee 3,105 3,553  
NAST | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues $ 2,947,323 $ 2,868,420  
Personnel expenses 176,096 162,810  
Other selling, general, and administrative expenses 109,851 111,843  
Income from operations 145,130 143,671  
Depreciation and amortization 4,763 4,809  
Total assets $ 3,095,674 $ 2,989,401  
Average headcount (employee) | employee 4,752 5,280  
NAST | Operating Segments | Transportation and logistics services      
Segment Reporting Information [Line Items]      
Purchased products and services $ 2,516,246 $ 2,450,096  
Global Forwarding | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenues 664,730 774,888  
Personnel expenses 78,897 87,729  
Other selling, general, and administrative expenses 51,710 53,956  
Income from operations 31,684 42,943  
Depreciation and amortization 1,935 2,139  
Total assets $ 1,098,418 $ 1,292,915  
Average headcount (employee) | employee 3,848 4,514  
Global Forwarding | Operating Segments | Transportation and logistics services      
Segment Reporting Information [Line Items]      
Purchased products and services $ 502,439 $ 590,260  
All Other and Corporate | Corporate And Reconciling Items      
Segment Reporting Information [Line Items]      
Total revenues $ 400,881 $ 403,432  
v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenues $ 4,012,934 $ 4,046,740
Operating Segments    
Disaggregation of Revenue [Line Items]    
Total revenues 3,612,053 3,643,308
Operating Segments | NAST    
Disaggregation of Revenue [Line Items]    
Total revenues 2,947,323 2,868,420
Operating Segments | Global Forwarding    
Disaggregation of Revenue [Line Items]    
Total revenues 664,730 774,888
Corporate And Reconciling Items    
Disaggregation of Revenue [Line Items]    
Total revenues 400,881 403,432
Corporate And Reconciling Items | All Other and Corporate    
Disaggregation of Revenue [Line Items]    
Total revenues 400,881 403,432
Transportation and logistics services    
Disaggregation of Revenue [Line Items]    
Total revenues 3,643,711 3,721,915
Transportation and logistics services | Performance obligations completed over time    
Disaggregation of Revenue [Line Items]    
Total revenues 3,643,711 3,721,915
Transportation and logistics services | Operating Segments | NAST | Performance obligations completed over time    
Disaggregation of Revenue [Line Items]    
Total revenues 2,947,323 2,868,420
Transportation and logistics services | Operating Segments | Global Forwarding | Performance obligations completed over time    
Disaggregation of Revenue [Line Items]    
Total revenues 664,730 774,888
Transportation and logistics services | Corporate And Reconciling Items | All Other and Corporate | Performance obligations completed over time    
Disaggregation of Revenue [Line Items]    
Total revenues 31,658 78,607
Sourcing    
Disaggregation of Revenue [Line Items]    
Total revenues 369,223 324,825
Sourcing | Performance obligations completed at a point in time    
Disaggregation of Revenue [Line Items]    
Total revenues 369,223 324,825
Sourcing | Operating Segments | NAST | Performance obligations completed at a point in time    
Disaggregation of Revenue [Line Items]    
Total revenues 0 0
Sourcing | Operating Segments | Global Forwarding | Performance obligations completed at a point in time    
Disaggregation of Revenue [Line Items]    
Total revenues 0 0
Sourcing | Corporate And Reconciling Items | All Other and Corporate | Performance obligations completed at a point in time    
Disaggregation of Revenue [Line Items]    
Total revenues $ 369,223 $ 324,825
v3.26.1
LEASES - Lease Data (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Lease Costs      
Operating lease expense $ 21,876 $ 21,626  
Short-term lease expense 639 1,527  
Right-of-use asset impairment 991 6,259  
Total lease expense(3) 23,506 29,412  
Other Lease Information      
Operating cash flows from operating leases 23,409 28,948  
Right-of-use lease assets obtained in exchange for new lease liabilities $ 19,125 6,497  
Lease Term and Discount Rate      
Weighted average remaining lease term (in years) 4 years 9 months 18 days   4 years 10 months 24 days
Weighted average discount rate (percent) 4.50%   4.50%
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Right-of-use asset impairment $ 991 6,259  
Kansas City      
Lease Costs      
Right-of-use asset impairment   6,300  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Right-of-use asset impairment   $ 6,300  
v3.26.1
LEASES - Maturities of Lease Liabilities (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Maturities of lease liabilities  
Remaining 2026 $ 61,626
2027 78,971
2028 63,016
2029 47,903
2030 35,169
Thereafter 49,914
Total lease payments 336,599
Less: Interest (34,840)
Present value of lease liabilities $ 301,759
v3.26.1
ALLOWANCE FOR CREDIT LOSSES (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Rollforward of Allowance for Credit Loss  
Allowance for credit loss, beginning balance $ 14,420
Provision 1,519
Write-offs (1,176)
Allowance for credit loss, ending balance $ 14,763
v3.26.1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Stockholders' Equity Note [Abstract]      
Accumulated other comprehensive loss $ 78,105   $ 77,674
Other comprehensive income (loss) $ (431) $ 10,435  
v3.26.1
RESTRUCTURING - Narrative (Details) - 2025 Restructuring Program - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]      
Restructuring program term   2 years  
Restructuring Charges $ 20,214    
Payments for restructuring 6,156    
Restructuring Reserve 17,082   $ 4,081
Minimum      
Restructuring Cost and Reserve [Line Items]      
Expected restructuring charges 50,000    
Maximum      
Restructuring Cost and Reserve [Line Items]      
Expected restructuring charges $ 75,000    
v3.26.1
RESTRUCTURING - Restructuring Charges (Details) - 2025 Restructuring Program
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges $ 20,214
Personnel Expenses  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 1,449
Other selling, general, and administrative expenses  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 1,444
Severance  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges $ 17,321
v3.26.1
RESTRUCTURING - By Segment (Details) - 2025 Restructuring Program
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges $ 20,214
Other selling, general, and administrative expenses  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 1,444
NAST  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 42
Global Forwarding  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 1,427
All Other and Corporate  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges (25)
Severance and Other Personnel Expenses  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 18,770
Severance and Other Personnel Expenses | NAST  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 16,034
Severance and Other Personnel Expenses | Global Forwarding  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 1,083
Severance and Other Personnel Expenses | All Other and Corporate  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges 1,653
Other selling, general, and administrative expenses  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges $ 1,444
v3.26.1
RESTRUCTURING - Reserve (Details) - 2025 Restructuring Program
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Balance, December 31, 2025 $ 4,081
Restructuring Charges 20,214
Cash payments (6,156)
Settled non-cash (991)
Accrual adjustments (66)
Balance, March 31, 2026 17,082
Accrued Severance and Other Personnel Expenses  
Restructuring Reserve [Roll Forward]  
Balance, December 31, 2025 3,790
Restructuring Charges 18,770
Cash payments (5,935)
Settled non-cash 0
Accrual adjustments (49)
Balance, March 31, 2026 16,576
Other selling, general, and administrative expenses  
Restructuring Reserve [Roll Forward]  
Balance, December 31, 2025 291
Restructuring Charges 1,444
Cash payments (221)
Settled non-cash (991)
Accrual adjustments (17)
Balance, March 31, 2026 $ 506
v3.26.1
DIVESTITURES - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Feb. 01, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Change in loss on disposal group $ 0 $ (569,000)      
Europe Surface Transportation | Disposal Group, Held-for-Sale, Not Discontinued Operations          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Change in loss on disposal group     $ 32,800,000    
Loss on disposal group classified as held for sale     $ 44,500,000    
Assets held for sale 0     $ 0  
Liabilities held for sale 0     $ 0  
Europe Surface Transportation | Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Consideration received $ 11,800,000       $ 27,700,000
v3.26.1
DIVESTITURES - Summary of Exit and Disposal Costs (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Europe Surface Transportation
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Personnel expenses(1) $ 1,187
Other selling, general, and administrative expenses(2) 1,167
Income tax benefits(3) (1,026)
Total $ 1,328