Detailed financial statements for C.H. Robinson Worldwide, Inc. (CHRW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
C.H. Robinson Worldwide, Inc. serves as a global provider of diverse freight transportation and logistics solutions, assisting companies across numerous industries. The organization's business operations are segmented into two key areas: North American Surface Transportation and Global Forwarding. Its comprehensive range of services spans various shipping modalities.
Analysis Summary
C.H. Robinson Worldwide, Inc. reported revenue of $16.23B in the most recent fiscal year, growing at a 5-year CAGR of 0.0%. Net income reached $587.1M, with a 3.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 11.9%, operating margin 4.9%, net margin 3.7%. Free cash flow grew at 15.0% CAGR over 5 years.
At $124.61 (closing price, October 30, 2026), CHRW trades at a P/E of 22.37 and an ROE of 39.59%. Market capitalisation stands at $14.4B, placing it among large-cap names.
Balance sheet quality for CHRW: current ratio of 1.5, net debt of $1.47B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $894.9M represents 152% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.14B | $14.87B | $16.63B | $15.31B | $16.21B | $23.10B | $24.70B | $17.60B | $17.72B | $16.23B |
| Cost of Revenue | $11.93B | $13.68B | $15.27B | $14.02B | $15.04B | $21.49B | $22.83B | $16.46B | $16.42B | $14.87B |
| Gross Profit | $1.21B | $1.19B | $1.36B | $1.29B | $1.17B | $1.61B | $1.87B | $1.14B | $1.31B | $1.36B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $44.3M | 0 |
| Selling, General & Admin | $375.1M | $413.4M | $449.6M | $497.8M | $496.1M | $526.4M | $603.4M | $624.3M | $639.6M | $564.3M |
| Operating Expenses | $375.1M | $413.4M | $449.6M | $497.8M | $496.1M | $526.4M | $603.4M | $624.3M | $639.6M | $564.3M |
| Operating Income | $837.5M | $775.1M | $912.1M | $790.0M | $673.3M | $1.08B | $1.27B | $514.6M | $669.1M | $795.0M |
| EBITDA | $912.2M | $868.1M | $1.01B | $890.4M | $775.0M | $1.17B | $1.36B | $613.6M | $766.3M | $888.4M |
| Interest Expense | $25.6M | $46.7M | $31.8M | $47.7M | $44.9M | $59.8M | $100.0M | $105.4M | $89.9M | $63.1M |
| Pre-tax Income | $812.0M | $728.5M | $880.3M | $742.3M | $628.3M | $1.02B | $1.17B | $409.2M | $579.2M | $722.5M |
| Income Tax | $298.6M | $223.6M | $215.8M | $165.3M | $121.9M | $178.0M | $226.2M | $84.1M | $113.5M | $135.4M |
| Net Income | $513.4M | $504.9M | $664.5M | $577.0M | $506.4M | $844.2M | $940.5M | $325.1M | $465.7M | $587.1M |
| EPS | $3.60 | $3.59 | $4.78 | $4.21 | $3.74 | $6.37 | $7.48 | $2.74 | $3.89 | $4.88 |
| EPS (Diluted) | $3.59 | $3.57 | $4.73 | $4.19 | $3.72 | $6.31 | $7.40 | $2.72 | $3.86 | $4.83 |
| Shares Outstanding (Diluted) | 143.0 M | 141.4 M | 140.4 M | 137.7 M | 136.2 M | 133.8 M | 127.2 M | 119.7 M | 120.7 M | 121.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $3.91B | $4.01B | $4.93B | $5.36B |
| Gross Profit | $320.0M | $307.8M | $738.0M | $808.4M |
| Operating Income | $181.4M | $175.7M | $255.7M | $271.8M |
| EBITDA | $206.7M | $205.5M | $260.4M | $273.9M |
| Net Income | $136.3M | $147.2M | $186.8M | $198.5M |
| EPS | $1.14 | $1.23 | $1.58 | $1.69 |
| EPS (Diluted) | $1.12 | $1.22 | $1.56 | $1.67 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $247.7M | $333.9M | $378.6M | $447.9M | $243.8M | $257.4M | $217.5M | $145.5M | $145.8M | $160.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.71B | $2.11B | $2.32B | $2.11B | $2.65B | $4.42B | $3.25B | $2.57B | $2.58B | $2.52B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.97B | $2.51B | $2.75B | $2.64B | $2.94B | $4.80B | $3.59B | $2.88B | $2.97B | $2.80B |
| Property, Plant & Equipment | $233.0M | $230.3M | $228.3M | $519.3M | $498.7M | $432.4M | $531.6M | $498.6M | $461.9M | $394.7M |
| Goodwill | $1.23B | $1.28B | $1.26B | $1.29B | $1.49B | $1.48B | $1.47B | $1.47B | $1.43B | $1.46B |
| Intangible Assets | $194.8M | $178.4M | $143.5M | $142.7M | $173.5M | $159.7M | $152.8M | $146.2M | $127.6M | $108.5M |
| Total Assets | $3.65B | $4.24B | $4.43B | $4.64B | $5.14B | $7.03B | $5.95B | $5.23B | $5.30B | $5.06B |
| Accounts Payable | $839.7M | $1.00B | $971.0M | $984.6M | $1.20B | $1.81B | $1.47B | $1.30B | $1.21B | $1.24B |
| Short-term Debt | $740.0M | $715.0M | $5.0M | $142.9M | 0 | $525.0M | $1.05B | $160.0M | $455.8M | $72.2M |
| Total Current Liabilities | $1.81B | $1.99B | $1.43B | $1.56B | $1.84B | $3.33B | $3.32B | $2.05B | $2.32B | $1.83B |
| Long-term Debt | $500.0M | $750.0M | $1.34B | $1.09B | $1.09B | $1.39B | $920.0M | $1.42B | $921.9M | $1.32B |
| Total Liabilities | $2.39B | $2.81B | $2.83B | $2.97B | $3.26B | $5.01B | $4.60B | $3.81B | $3.58B | $3.21B |
| Retained Earnings | $3.19B | $3.44B | $3.85B | $4.14B | $4.37B | $4.94B | $5.59B | $5.62B | $5.79B | $6.07B |
| Total Equity | $1.26B | $1.43B | $1.60B | $1.67B | $1.88B | $2.02B | $1.35B | $1.42B | $1.72B | $1.85B |
| Total Debt | $1.24B | $1.47B | $1.35B | $1.56B | $1.43B | $2.23B | $2.36B | $1.95B | $1.74B | $1.63B |
| Net Debt | $992.3M | $1.13B | $967.7M | $1.11B | $1.18B | $1.97B | $2.14B | $1.81B | $1.60B | $1.47B |
| Working Capital | $162.4M | $523.5M | $1.32B | $1.08B | $1.10B | $1.48B | $266.4M | $828.7M | $644.7M | $966.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $160.9M | $159.7M | $154.6M | $193.1M |
| Total Assets | $5.06B | $5.24B | $5.84B | $6.39B |
| Total Liabilities | $3.21B | $3.53B | $4.22B | $4.81B |
| Total Equity | $1.85B | $1.70B | $1.63B | $1.58B |
| Total Debt | $1.63B | $1.64B | $1.97B | $2.15B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $513.4M | $504.9M | $664.5M | $577.0M | $506.4M | $844.2M | $940.5M | $325.1M | $465.7M | $587.1M |
| Depreciation & Amortization | $74.7M | $93.0M | $96.7M | $100.4M | $101.7M | $91.3M | $92.8M | $99.0M | $97.2M | $102.8M |
| Stock-based Compensation | $37.6M | $41.8M | $87.8M | $39.1M | $44.0M | $130.0M | $90.7M | $58.2M | $84.6M | $80.1M |
| Change in Working Capital | -$118.3M | -$234.8M | -$47.9M | $127.8M | -$134.8M | -$859.8M | $609.5M | $281.5M | -$109.0M | $148.7M |
| Operating Cash Flow | $529.4M | $380.5M | $792.9M | $835.4M | $499.2M | $95.0M | $1.65B | $731.9M | $509.1M | $914.5M |
| Capital Expenditure | -$91.4M | -$57.9M | -$63.9M | -$70.5M | -$54.0M | -$70.9M | -$128.5M | -$84.1M | -$22.7M | -$19.6M |
| Acquisitions | -$220.2M | -$49.1M | -$5.3M | -$59.2M | -$223.2M | -$14.8M | $63.6M | 0 | 0 | -$11.9M |
| Stock Repurchased | -$172.9M | -$185.5M | -$301.0M | -$309.4M | -$177.5M | -$581.8M | -$1.46B | -$63.9M | 0 | -$354.7M |
| Dividends Paid | -$245.4M | -$258.2M | -$265.2M | -$277.8M | -$210.0M | -$277.3M | -$285.3M | -$291.6M | -$294.8M | -$301.4M |
| Free Cash Flow | $438.0M | $322.6M | $729.0M | $765.0M | $445.2M | $24.0M | $1.52B | $647.8M | $486.4M | $894.9M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $305.4M | $68.6M | $35.9M | $124.1M |
| Capital Expenditure | -$3.0M | -$2.6M | -$5.0M | -$17.5M |
| Free Cash Flow | $302.4M | $66.0M | $30.9M | $106.6M |
| Dividends Paid | -$74.3M | -$79.0M | -$75.3M | -$74.8M |
| Stock-based Compensation | $17.3M | $28.3M | 0 | $27.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +13.1% | +11.8% | -7.9% | +5.9% | +42.5% | +6.9% | -28.7% | +0.7% | -8.4% | |
| Net Income Growth (YoY) | -1.7% | +31.6% | -13.2% | -12.2% | +66.7% | +11.4% | -65.4% | +43.2% | +26.1% | |
| EPS Growth (YoY) | -0.3% | +33.1% | -11.9% | -11.2% | +70.3% | +17.4% | -63.4% | +42.0% | +25.4% | |
| Shares Change (YoY) | -1.1% | -0.7% | -1.9% | -1.1% | -1.7% | -5.0% | -5.9% | +0.8% | +0.7% | |
| FCF Growth (YoY) | -26.4% | +126.0% | +4.9% | -41.8% | -94.6% | +6,231.6% | -57.4% | -24.9% | +84.0% | |
| Gross Margin | 9.2% | 8.0% | 8.2% | 8.4% | 7.2% | 7.0% | 7.6% | 6.5% | 7.4% | 8.4% |
| Operating Margin | 6.4% | 5.2% | 5.5% | 5.2% | 4.2% | 4.7% | 5.1% | 2.9% | 3.8% | 4.9% |
| EBITDA Margin | 6.9% | 5.8% | 6.1% | 5.8% | 4.8% | 5.1% | 5.5% | 3.5% | 4.3% | 5.5% |
| Net Margin | 3.9% | 3.4% | 4.0% | 3.8% | 3.1% | 3.7% | 3.8% | 1.8% | 2.6% | 3.6% |
| FCF Margin | 3.3% | 2.2% | 4.4% | 5.0% | 2.7% | 0.1% | 6.2% | 3.7% | 2.7% | 5.5% |
| Effective Tax Rate | 36.8% | 30.7% | 24.5% | 22.3% | 19.4% | 17.4% | 19.4% | 20.5% | 19.6% | 18.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.06 | $2.28 | $5.19 | $5.55 | $3.27 | $0.18 | $11.97 | $5.41 | $4.03 | $7.37 |
| Dividends Per Share | $1.72 | $1.83 | $1.89 | $2.02 | $1.54 | $2.07 | $2.24 | $2.44 | $2.44 | $2.48 |
| Shares Outstanding (Basic) | 142.7 M | 140.6 M | 139.0 M | 137.0 M | 135.5 M | 132.5 M | 125.7 M | 118.6 M | 119.8 M | 120.2 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 39.59% |
| Return on Invested Capital | 18.96% |
| Return on Assets | 10.47% |
| Gross Margin | 11.93% |
| Operating Margin | 4.86% |
| Net Margin | 3.67% |
Financial Health
| Debt / Equity | 1.36 |
| Current Ratio | 1.34 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 9.25 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.35 | 24.82 | 17.59 | 18.57 | 25.10 | 16.90 | 12.24 | 31.53 | 26.56 | 32.94 |
| P/B | 8.31 | 8.79 | 7.33 | 6.41 | 6.77 | 7.05 | 8.51 | 7.22 | 7.19 | 10.47 |
| P/S | 0.80 | 0.84 | 0.70 | 0.70 | 0.78 | 0.62 | 0.47 | 0.58 | 0.70 | 1.19 |
| Gross Margin | 9.2% | 8.0% | 8.2% | 8.4% | 7.2% | 7.0% | 7.6% | 6.5% | 7.4% | 8.4% |
| Operating Margin | 6.4% | 5.2% | 5.5% | 5.2% | 4.2% | 4.7% | 5.1% | 2.9% | 3.8% | 4.9% |
| Net Margin | 3.9% | 3.4% | 4.0% | 3.8% | 3.1% | 3.7% | 3.8% | 1.8% | 2.6% | 3.6% |
Related companies: JBHT · LSTR · ARCB · XPO · EXPD · KNX · SNDR
Explore sector: Industrials · Integrated Freight & Logistics
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