C.H.ロビンソンワールドワイドの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: January 29, 2025

(Date of earliest event reported)

C.H. ROBINSON WORLDWIDE, INC.

(Exact name of registrant as specified in its charter)

Commission File Number: 000-23189

Delaware

41-1883630

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

14701 Charlson Road

Eden Prairie, Minnesota 55347

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: 952-937-8500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 par value	CHRW	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

The following information is being "furnished" in accordance with the General Instruction B.2 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein are the text of the Company's announcement regarding its financial results for the quarter ended December 31, 2024 and its earnings conference call slides.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Number			Description
99.1			Press Release dated January 29, 2025 of C.H. Robinson Worldwide, Inc.

99.2			Earnings conference call slides dated January 29, 2025

104			The cover page from the Current Report on Form 8-K formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	C.H. ROBINSON WORLDWIDE, INC.

	By:	/s/ Nicole H. Strydom
		Nicole H. Strydom
		Deputy General Counsel and Assistant Secretary

Date: January 29, 2025

EX-99.1 2 ex991earningsreleaseq41231.htm EX-99.1 Document


			C.H. Robinson 14701 Charlson Rd. Eden Prairie, MN 55347 www.chrobinson.com
FOR IMMEDIATE RELEASE			FOR INQUIRIES, CONTACT: Chuck Ives, Senior Director of Investor Relations Email: chuck.ives@chrobinson.com

C.H. Robinson Reports 2024 Fourth Quarter Results

Eden Prairie, MN, January 29, 2025 - C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December 31, 2024.

Fourth Quarter Highlights:

•Significant year-over-year increase in profitability, driven by disciplined execution, a focus on quality of volume, and improvement in gross profit margin, productivity and operating leverage

•Gross profits increased 10.4% to $672.9 million

•Income from operations increased 71.1% to $183.8 million

•Adjusted operating margin(1) increased 940 basis points to 26.8%

•Adjusted operating margin, excluding restructuring and loss on divestiture(1), increased 1,020 basis points to 26.9%

•Diluted earnings per share (EPS) increased 369.2% to $1.22

•Adjusted EPS(1) increased 142.0% to $1.21

•Cash generated by operations increased by $220.6 million to $267.9 million

Full-Year Key Metrics:

•Gross profits increased 5.8% to $2.7 billion

•Income from operations increased 30.0% to $669.1 million

•Adjusted operating margin(1) increased 440 basis points to 24.2%

•Adjusted operating margin, excluding restructuring and loss on divestiture(1), increased 630 basis points to 27.5%

•Diluted EPS increased 41.9% to $3.86

•Adjusted EPS(1) increased 36.7% to $4.51

•Cash generated by operations decreased by $222.9 million to $509.1 million, due to an increase in net operating working capital related to higher ocean rates

(1) Adjusted operating margin, adjusted operating margin, excluding restructuring and loss on divestiture, and adjusted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 12 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.

"We’ve talked extensively over the past year about our new Robinson operating model and the disciplined execution that the model is enabling, as well as how we’re leveraging our industry leading talent and technology to raise the bar in logistics," said President and Chief Executive Officer, Dave Bozeman. "The benefits of these efforts were never more evident than in the significant year-over-year improvement in our fourth quarter financial results."

"In what continues to be a historically prolonged freight recession, with market growth in 2024 that did not materialize as had been projected, the difference in our execution versus last year is stark. Our people are embracing the discipline needed to generate higher highs and higher lows across market cycles, resulting in a higher quality of volume, greater productivity, and an expansion of our gross profit and operating profit margins."

"In a trucking environment where the cost of purchased transportation increased in the fourth quarter due to a decline in industry capacity, our dynamic costing and pricing tools, our revenue management practices and our cost of hire advantage enabled us to provide greater value to our customers, and at the same time, improve our NAST gross profit margin both year-over-year and sequentially," said Bozeman.

"In our Global Forwarding business, the team has debunked the thesis that C.H. Robinson couldn’t continue to improve productivity when volumes are growing," Bozeman added. "Throughout 2024, I've been impressed with and highly appreciative of the team, as they continued to be nimble and highly engaged with our customers to help them navigate various market disruptions and to provide differentiated service and solutions. As a result, our ocean and air shipments grew each quarter on a year-over-year basis, and each grew more than 5% for the full year. Through improvements in process standardization and automation and embracing the rigor of our operating model, the forwarding team decoupled headcount growth from volume growth, reduced their average headcount for the year more than 10%, and achieved productivity improvement of greater than 15% for the full year."

"Over the two-year period of 2023 and 2024, we delivered compounded productivity growth of 30% or more in both Global Forwarding and NAST. As we said at our Investor Day in December, we view our productivity as evergreen improvements that we do not expect to give back. Enabled by the operating model disciplines and tools that are being applied across our company, we expect to further advance our productivity as we grow our businesses, including both NAST and Global Forwarding. The productivity improvements have lowered our cost to serve and increased our operating leverage. Combined with our expanded gross margins, this resulted in a 79% increase in our fourth quarter adjusted income from operations."

"As I reflect on the noteworthy progress that we made in 2024, I’d like to thank the Robinson team for all the work they’ve put in to get to this point. I don’t take their efforts and dedication for granted, and I commend them for helping us get more fit, fast and focused and for embracing the discipline that the new operating model demands. On my first earnings call in August of 2023, I said that I looked forward to leading this great company to new heights and sharing our progress with all of you along our journey. While there’s still more grass to cut, I believe we’re on the right path, and I’m pleased with the progress we’ve made on evolving our strategy and improving our execution by instilling discipline with our new operating model," Bozeman concluded.

Summary of Fourth Quarter of 2024 Results Compared to the Fourth Quarter of 2023

•Total revenues decreased 0.9% to $4.2 billion, primarily driven by lower volume and pricing in truckload services, partially offset by higher pricing in our ocean services.

•Gross profits increased 10.4% to $672.9 million. Adjusted gross profits increased 10.7% to $684.6 million, primarily driven by higher adjusted gross profit per transaction in our truckload and ocean services.

•Operating expenses decreased 2.0% to $500.8 million. Personnel expenses decreased 2.1% to $354.4 million, primarily due to cost optimization efforts and productivity improvements, partially offset by higher variable compensation. Average employee headcount declined 9.5%. Other selling, general and administrative (“SG&A”) expenses decreased 2.0% to $146.4 million, primarily due to a $12.6 million favorable adjustment to the loss on the planned divestiture of our Europe Surface Transportation business, which was partially offset by impairments related to reducing our facilities footprint.

•Income from operations totaled $183.8 million, up 71.1% due to both the increase in adjusted gross profit and decrease in operating expenses. Adjusted operating margin(1) of 26.8% increased 940 basis points.

•Interest and other income/expense, net totaled $15.4 million of expense, consisting primarily of $18.8 million of interest expense, which decreased $2.8 million versus last year due to a lower average debt balance and lower variable interest rates, and a $3.3 million net gain from foreign currency revaluation and realized foreign currency gains and losses.

•The effective tax rate in the quarter was 11.4%, compared to 55.3% in the fourth quarter of 2023. The lower rate in the fourth quarter of 2024 was driven by the impact of non-recurring discrete items, higher U.S. tax credits, and increased tax benefit related to stock-based compensation, partially offset by lower foreign tax credits.

•Net income totaled $149.3 million, up 382.1% from a year ago. Diluted EPS of $1.22 increased 369.2%. Adjusted EPS(1) of $1.21 increased 142.0%.

(1) Adjusted operating margin and adjusted EPS are non-GAAP financial measures. The same factors described in this release that impacted these non-GAAP measures also impacted the comparable GAAP measures. Refer to pages 12 through 14 for further discussion and GAAP to Non-GAAP Reconciliations.

Summary of 2024 Year-to-Date Results Compared to 2023

•Total revenues increased 0.7% to $17.7 billion, primarily driven by higher pricing and volume in our ocean services, partially offset by lower pricing and volume in our truckload services.

•Gross profits increased 5.8% to $2.7 billion. Adjusted gross profits increased 6.2% to $2.8 billion, primarily driven by higher adjusted gross profit per transaction in our truckload and ocean services.

•Operating expenses increased 0.3% to $2.1 billion. Personnel expenses decreased 0.6% to $1.5 billion, primarily due to cost optimization efforts and productivity improvements, partially offset by higher variable compensation and higher restructuring charges related to workforce reductions. Average employee headcount declined 10.3%. Other SG&A expenses increased 2.5% to $639.6 million primarily due to a $44.5 million loss on the planned divestiture of our Europe Surface Transportation business. The prior year included $19.6 million of restructuring expenses, primarily related to the divestiture of our operations in Argentina. In addition, other SG&A expenses decreased across several expense categories in 2024.

•Income from operations totaled $669.1 million, up 30.0% from last year, due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin(1) of 24.2% increased 440 basis points.

•Interest and other income/expense, net totaled $89.9 million of expense, primarily consisting of $85.9 million of interest expense, which decreased $4.3 million versus last year, due to a lower average debt balance. The year-to-date results also include a $7.4 million net loss from foreign currency revaluation and realized foreign currency gains and losses.

•The effective tax rate for the full year ended December 31, 2024 was 19.6% compared to 20.5% in the year-ago period. The lower rate in 2024 was driven by the impact of non-recurring discrete items and higher U.S. tax credits, partially offset by higher pre-tax income and lower foreign tax credits.

•Net income totaled $465.7 million, up 43.2% from a year ago. Diluted EPS of $3.86 increased 41.9%. Adjusted EPS(1) of $4.51 increased 36.7%.

North American Surface Transportation (“NAST”) Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024		2023		% change		2024		2023		% change
Total revenues	$	2,802,700	$	3,000,650	(6.6)	%	$	11,727,539	$	12,471,075	(6.0)	%
Adjusted gross profits(1)	403,764		380,157		6.2	%	1,641,195		1,593,854		3.0	%
Income from operations	132,528		95,958		38.1	%	531,292		459,960		15.5	%

____________________________________________

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

Fourth quarter total revenues for the NAST segment totaled $2.8 billion, a decrease of 6.6% over the prior year, primarily driven by lower truckload volume and pricing, reflecting an oversupply of truckload capacity compared to freight demand. NAST adjusted gross profits increased 6.2% in the quarter to $403.8 million. Adjusted gross profits in truckload increased 9.5% due to a 17.0% increase in adjusted gross profit per shipment, partially offset by a 6.5% decrease in truckload shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 6.0% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, increased 4.0%, resulting in an 18.0% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 4.5% versus the year-ago period, driven by a 2.5% increase in LTL volume and a 2.0% increase in adjusted gross profit per order. NAST overall volume decreased approximately 1.0% for the quarter. Operating expenses decreased 4.6%, primarily due to cost optimization efforts, productivity improvements and lower claims, which were partially offset by higher variable compensation. Fourth quarter average employee headcount was down 12.4% year-over-year. Income from operations increased 38.1% to $132.5 million, and adjusted operating margin expanded 760 basis points to 32.8%.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024		2023		% change		2024		2023		% change
Total revenues	$	883,968	$	708,814	24.7	%	$	3,805,018	$	2,997,704	26.9	%
Adjusted gross profits(1)	203,801		162,322		25.6	%	802,549		689,365		16.4	%
Income from operations	51,827		22,576		129.6	%	212,476		85,830		147.6	%

____________________________________________

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

Fourth quarter total revenues for the Global Forwarding segment increased 24.7% to $884.0 million, primarily driven by higher pricing in our ocean services. Adjusted gross profits increased 25.6% in the quarter to $203.8 million. Ocean adjusted gross profits increased 27.7%, driven by a 23.5% increase in adjusted gross profit per shipment and a 3.5% increase in shipments. Air adjusted gross profits increased 45.4%, driven by a 26.0% increase in adjusted gross profit per metric ton shipped and a 15.5% increase in metric tons shipped. Customs adjusted gross profits increased 11.6%, driven by a 14.5% increase in adjusted gross profit per transaction, partially offset by a 2.5% reduction in transaction volume. Operating expenses increased 8.8%, primarily due to higher variable compensation, which was partially offset by cost optimization efforts and productivity improvements. Fourth quarter average employee headcount decreased 9.5% year-over-year. Income from operations increased 129.6% to $51.8 million, and adjusted operating margin expanded 1,150 basis points to 25.4% in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Solutions and Other Surface Transportation are summarized as follows (dollars in thousands):


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024		2023		% change		2024		2023		% change
Total revenues	$	497,988	$	512,423	(2.8)	%	$	2,192,399	$	2,127,664	3.0	%
Adjusted gross profits(1):
Robinson Fresh	$	35,983	$	31,093	15.7	%	$	146,310	$	131,216	11.5	%
Managed Solutions	28,133		28,846		(2.5)	%	113,770		116,196		(2.1)	%
Other Surface Transportation	12,942		16,205		(20.1)	%	61,190		73,977		(17.3)	%

____________________________________________

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

Fourth quarter Robinson Fresh adjusted gross profits increased 15.7% to $36.0 million due to an increase in integrated supply chain solutions for retail and foodservice customers. Managed Solutions adjusted gross profits decreased 2.5% due to lower transaction volume. Other Surface Transportation adjusted gross profits decreased 20.1% to $12.9 million, primarily due to a 19.4% decrease in Europe truckload adjusted gross profits.

Other Income Statement Items

Interest and other income/expense, net totaled $15.4 million of expense, consisting primarily of $18.8 million of interest expense, which decreased $2.8 million versus the fourth quarter of 2023 due to a lower average debt balance and lower variable interest rates, and a $3.3 million net gain from foreign currency revaluation and realized foreign currency gains and losses.

The fourth quarter effective tax rate was 11.4%, down from 55.3% in the fourth quarter of 2023. The lower rate in the fourth quarter of 2024 was also driven by the impact of non-recurring discrete items, higher U.S. tax credits, and increased tax benefit related to stock-based compensation, partially offset by lower foreign tax credits. For 2025, we expect our full-year effective tax rate to be 18% to 20%.

Diluted weighted average shares outstanding in the quarter were up 2.2% year-over-year.

Cash Flow Generation and Capital Distribution

Cash generated from operations totaled $267.9 million in the fourth quarter, compared to $47.3 million of cash generated from operations in the fourth quarter of 2023. The $220.6 million increase in cash flow from operations was primarily related to a $118.3 million increase in net income and an $81.3 million increase in cash provided by changes in net operating working capital, due to a $90.8 million sequential decrease in net operating working capital in the fourth quarter of 2024 compared to a $9.5 million sequential decrease in the fourth quarter of 2023.

In the fourth quarter of 2024, cash returned to shareholders totaled $82.8 million, with $74.5 million in cash dividends and $8.3 million in repurchases of common stock.

Capital expenditures totaled $15.2 million in the quarter and $74.3 million for the year. Capital expenditures for 2025 are expected to be $75 million to $85 million.

About C.H. Robinson

C.H. Robinson delivers logistics like no one else™. Companies around the world look to us to reimagine supply chains, advance freight technology, and solve logistics challenges—from the simple to the most complex. 83,000 customers and 450,000 contract carriers in our network trust us to manage 37 million shipments and $23 billion in freight annually. Through our unmatched expertise, unrivaled scale, and tailored solutions, we ensure the seamless delivery of goods across industries and continents via truckload, less-than-truckload, ocean, air, and beyond. As a responsible global citizen, we make supply chains more sustainable and proudly contribute millions to the causes that matter most to our employees. For more information, visit us at chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business; cyber-security related risks; our ability to staff and retain employees; risks associated with operations outside of the U.S.; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently managing divestitures; climate change related risks; risks associated with our indebtedness; risks associated with interest rates; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations including environmental-related regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of changes in political and governmental conditions; changes to our capital structure; changes due to catastrophic events; risks associated with the usage of artificial intelligence technologies; risks associated with cybersecurity events; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:

C.H. Robinson Worldwide Fourth Quarter 2024 Earnings Conference Call

Wednesday, January 29, 2025; 5:00 p.m. Eastern Time

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at chrobinson.com.

To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756

Adjusted Gross Profit by Service Line

(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments may have revenues from multiple service lines.


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024		2023		% change		2024		2023		% change
Adjusted gross profits(1):
Transportation
Truckload	$	261,527	$	243,839	7.3	%	$	1,072,691	$	1,039,079	3.2	%
LTL	141,982		136,602		3.9	%	572,169		550,373		4.0	%
Ocean	127,139		99,191		28.2	%	519,970		420,883		23.5	%
Air	40,856		28,224		44.8	%	135,901		123,470		10.1	%
Customs	26,467		23,730		11.5	%	107,480		97,096		10.7	%
Other logistics services	54,383		59,402		(8.4)	%	225,599		255,735		(11.8)	%
Total transportation	652,354		590,988		10.4	%	2,633,810		2,486,636		5.9	%
Sourcing	32,269		27,635		16.8	%	131,204		117,972		11.2	%
Total adjusted gross profits	$	684,623	$	618,623	10.7	%	$	2,765,014	$	2,604,608	6.2	%

____________________________________________

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

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024		2023		% change		2024		2023		% change
Revenues:
Transportation	$	3,870,927	$	3,930,461	(1.5)	%	$	16,353,745	$	16,372,660	(0.1)	%
Sourcing	313,729		291,426		7.7	%	1,371,211		1,223,783		12.0	%
Total revenues	4,184,656		4,221,887		(0.9)	%	17,724,956		17,596,443		0.7	%
Costs and expenses:
Purchased transportation and related services	3,218,573		3,339,473		(3.6)	%	13,719,935		13,886,024		(1.2)	%
Purchased products sourced for resale	281,460		263,791		6.7	%	1,240,007		1,105,811		12.1	%
Direct internally developed software amortization	11,762		9,320		26.2	%	44,308		33,620		31.8	%
Total direct expenses	3,511,795		3,612,584		(2.8)	%	15,004,250		15,025,455		(0.1)	%
Gross profit	$	672,861	$	609,303	10.4	%	$	2,720,706	$	2,570,988	5.8	%
Plus: Direct internally developed software amortization	11,762		9,320		26.2	%	44,308		33,620		31.8	%
Adjusted gross profit	$	684,623	$	618,623	10.7	%	$	2,765,014	$	2,604,608	6.2	%

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring and loss on divestiture is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring and loss on divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring and loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring and loss on divestiture are presented below:


	Three Months Ended December 31,								Twelve Months Ended December 31,
	2024			2023			% change		2024			2023			% change

Total revenues	$	4,184,656		$	4,221,887		(0.9	%)	$	17,724,956		$	17,596,443		0.7	%
Income from operations	183,799			107,429			71.1	%	669,141			514,607			30.0	%
Operating margin	4.4		%	2.5		%	190 bps		3.8		%	2.9		%	90 bps

Adjusted gross profit	$	684,623		$	618,623		10.7	%	$	2,765,014		$	2,604,608		6.2	%
Income from operations	183,799			107,429			71.1	%	669,141			514,607			30.0	%
Adjusted operating margin	26.8		%	17.4		%	940	bps	24.2		%	19.8		%	440	bps

Adjusted gross profit	$	684,623		$	618,623		10.7	%	$	2,765,014		$	2,604,608		6.2	%
Adjusted income from operations	184,408			103,153			78.8	%	759,349			552,648			37.4	%
Adjusted operating margin - excluding restructuring and loss on divestiture	26.9		%	16.7		%	1,020	bps	27.5		%	21.2		%	630	bps

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, losses from divestitures, foreign currency losses from our Argentina operations, and the impact of an income tax settlement in the prior year. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data):


	NAST			Global Forwarding			All Other and Corporate		Consolidated
Three Months Ended December 31, 2024
Non-GAAP Reconciliation:
Income (loss) from operations	$	132,528		$	51,827		$	(556)	$	183,799
Severance and other personnel expenses	1,154			1,017			1,574		3,745
Other selling, general, and administrative expenses	671			2,281			(6,088)		(3,136)
Total adjustments to income (loss) from operations(1)	1,825			3,298			(4,514)		609
Adjusted income (loss) from operations	$	134,353		$	55,125		$	(5,070)	$	184,408

Adjusted gross profit	$	403,764		$	203,801		$	77,058	$	684,623
Adjusted income (loss) from operations	134,353			55,125			(5,070)		184,408
Adjusted operating margin - excluding restructuring and loss on divestiture	33.3		%	27.0		%	N/M		26.9		%

	NAST			Global Forwarding			All Other and Corporate		Consolidated
Twelve Months Ended December 31, 2024
Income (loss) from operations	$	531,292		$	212,476		$	(74,627)	$	669,141
Severance and other personnel expenses	10,176			6,872			7,004		24,052
Other selling, general, and administrative expenses	6,885			4,729			54,542		66,156
Total adjustments to income (loss) from operations(2)	17,061			11,601			61,546		90,208
Adjusted income (loss) from operations	$	548,353		$	224,077		$	(13,081)	$	759,349

Adjusted gross profit	$	1,641,195		$	802,549		$	321,270	$	2,765,014
Adjusted income (loss) from operations	548,353			224,077			(13,081)		759,349
Adjusted operating margin - excluding restructuring and loss on divestiture	33.4		%	27.9		%	N/M		27.5		%


	Three Months Ended December 31, 2024				Twelve Months Ended December 31, 2024
	$ in 000's		per share		$ in 000's		per share
Net income and per share (diluted)	$	149,306	$	1.22	$	465,690	$	3.86
Restructuring and related costs, pre-tax	13,183		0.11		45,746		0.38


Loss (gain) on divestiture, pre-tax	(12,574)		(0.10)		44,462		0.37
Tax effect of adjustments	(1,851)		(0.02)		(11,773)		(0.10)
Adjusted net income and per share (diluted)	$	148,064	$	1.21	$	544,125	$	4.51

____________________________________________

(1) The three months ended December 31, 2024 include restructuring expenses of $3.7 million related to workforce reductions and $3.1 million net gain driven by a $12.6 million favorable adjustment to the loss on the planned divestiture of our Europe Surface Transportation business, partially offset by impairments related to reducing our facilities footprint.

(2) The twelve months ended December 31, 2024 include restructuring expenses of $24.1 million related to workforce reductions and $66.2 million of other charges, which includes a $44.5 million loss on the planned divestiture of our Europe Surface Transportation business and impairments related to reducing our facilities footprint and of internally developed software.


	NAST			Global Forwarding			All Other and Corporate		Consolidated
Three Months Ended December 31, 2023
Non-GAAP Reconciliation:
Income (loss) from operations	$	95,958		$	22,576		$	(11,105)	$	107,429
Severance and other personnel expenses	—			(925)			(409)		(1,334)
Other selling, general, and administrative expenses	—			(3,084)			142		(2,942)
Total adjustments to income (loss) from operations(1)	—			(4,009)			(267)		(4,276)
Adjusted income (loss) from operations	$	95,958		$	18,567		$	(11,372)	$	103,153

Adjusted gross profit	$	380,157		$	162,322		$	76,144	$	618,623
Adjusted income (loss) from operations	95,958			18,567			(11,372)		103,153
Adjusted operating margin - excluding restructuring and loss on divestiture	25.2		%	11.4		%	N/M		16.7		%

	NAST			Global Forwarding			All Other and Corporate		Consolidated
Twelve Months Ended December 31, 2023
Income (loss) from operations	$	459,960		$	85,830		$	(31,183)	$	514,607
Severance and other personnel expenses	1,083			3,817			13,509		18,409
Other selling, general, and administrative expenses	8			18,158			1,466		19,632
Total adjustments to income (loss) from operations(2)	1,091			21,975			14,975		38,041
Adjusted income (loss) from operations	$	461,051		$	107,805		$	(16,208)	$	552,648

Adjusted gross profit	$	1,593,854		$	689,365		$	321,389	$	2,604,608
Adjusted income (loss) from operations	461,051			107,805			(16,208)		552,648
Adjusted operating margin - excluding restructuring and loss on divestiture	28.9		%	15.6		%	N/M		21.2		%


	Three Months Ended December 31, 2023				Twelve Months Ended December 31, 2023
	$ in 000's		per share		$ in 000's		per share
Net income and per share (diluted)	$	30,973	$	0.26	$	325,129	$	2.72
Restructuring and related costs, pre-tax	(239)		—		17,476		0.14

Loss (gain) on divestiture, pre-tax	(2,617)		(0.02)		21,985		0.18
Foreign currency loss on divested operations, pre-tax	7,454		0.06		16,375		0.14
Income tax settlement and tax effect of adjustments	23,928		0.20		14,172		0.12
Adjusted net income and per share (diluted)	$	59,499	$	0.50	$	395,137	$	3.30

____________________________________________

(1) The three months ended December 31, 2023 include a net gain of $4.3 million driven by a favorable adjustment to the loss on the divestiture of our operations in Argentina.

(2) The twelve months ended December 31, 2023 includes restructuring expenses of $18.4 million related to workforce reductions and $19.6 million of asset impairment and other charges, primarily related to a loss on the divestiture of our Argentina operations.

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)


	Three Months Ended December 31,						Twelve Months Ended December 31,

	2024		2023		% change		2024		2023		% change

Revenues:
Transportation	$	3,870,927	$	3,930,461	(1.5)	%	$	16,353,745	$	16,372,660	(0.1)	%
Sourcing	313,729		291,426		7.7	%	1,371,211		1,223,783		12.0	%
Total revenues	4,184,656		4,221,887		(0.9)	%	17,724,956		17,596,443		0.7	%
Costs and expenses:
Purchased transportation and related services	3,218,573		3,339,473		(3.6)	%	13,719,935		13,886,024		(1.2)	%
Purchased products sourced for resale	281,460		263,791		6.7	%	1,240,007		1,105,811		12.1	%
Personnel expenses	354,381		361,820		(2.1)	%	1,456,249		1,465,735		(0.6)	%
Other selling, general, and administrative expenses	146,443		149,374		(2.0)	%	639,624		624,266		2.5	%
Total costs and expenses	4,000,857		4,114,458		(2.8)	%	17,055,815		17,081,836		(0.2)	%
Income from operations	183,799		107,429		71.1	%	669,141		514,607		30.0	%
Interest and other income/expense, net	(15,350)		(38,149)		(59.8)	%	(89,937)		(105,421)		(14.7)	%
Income before provision for income taxes	168,449		69,280		143.1	%	579,204		409,186		41.6	%
Provision for income taxes	19,143		38,307		(50.0)	%	113,514		84,057		35.0	%
Net income	$	149,306	$	30,973	382.1	%	$	465,690	$	325,129	43.2	%

Net income per share (basic)	$	1.24	$	0.26	376.9	%	$	3.89	$	2.74	42.0	%
Net income per share (diluted)	$	1.22	$	0.26	369.2	%	$	3.86	$	2.72	41.9	%

Weighted average shares outstanding (basic)	120,589		118,605		1.7	%	119,805		118,551		1.1	%
Weighted average shares outstanding (diluted)	122,291		119,613		2.2	%	120,679		119,677		0.8	%

Business Segment Information

(unaudited, in thousands, except average employee headcount)


	NAST		Global Forwarding		All Other and Corporate		Consolidated
Three Months Ended December 31, 2024
Total revenues	$	2,802,700	$	883,968	$	497,988	$	4,184,656
Adjusted gross profits(1)	403,764		203,801		77,058		684,623
Income (loss) from operations	132,528		51,827		(556)		183,799
Depreciation and amortization	4,891		2,357		17,032		24,280
Total assets(2)	2,874,701		1,335,178		1,088,047		5,297,926
Average employee headcount	5,348		4,542		3,979		13,869

	NAST		Global Forwarding		All Other and Corporate		Consolidated
Three Months Ended December 31, 2023
Total revenues	$	3,000,650	$	708,814	$	512,423	$	4,221,887
Adjusted gross profits(1)	380,157		162,322		76,144		618,623
Income (loss) from operations	95,958		22,576		(11,105)		107,429
Depreciation and amortization	5,638		2,915		14,533		23,086
Total assets(2)	3,008,459		1,094,895		1,121,926		5,225,280
Average employee headcount	6,103		5,021		4,195		15,319

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

(2) All cash and cash equivalents are included in All Other and Corporate.

Business Segment Information

(unaudited, in thousands, except average employee headcount)


	NAST		Global Forwarding		All Other and Corporate		Consolidated
Twelve Months Ended December 31, 2024
Total revenues	$	11,727,539	$	3,805,018	$	2,192,399	$	17,724,956
Adjusted gross profits(1)	1,641,195		802,549		321,270		2,765,014
Income (loss) from operations	531,292		212,476		(74,627)		669,141
Depreciation and amortization	20,670		10,602		65,888		97,160
Total assets(2)	2,874,701		1,335,178		1,088,047		5,297,926
Average employee headcount	5,696		4,678		4,012		14,386

	NAST		Global Forwarding		All Other and Corporate		Consolidated
Twelve Months Ended December 31, 2023
Total revenues	$	12,471,075	$	2,997,704	$	2,127,664	$	17,596,443
Adjusted gross profits(1)	1,593,854		689,365		321,389		2,604,608
Income (loss) from operations	459,960		85,830		(31,183)		514,607
Depreciation and amortization	23,027		19,325		56,633		98,985
Total assets(2)	3,008,459		1,094,895		1,121,926		5,225,280
Average employee headcount	6,469		5,222		4,350		16,041

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

(2) All cash and cash equivalents are included in All Other and Corporate.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)


	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	145,762	$	145,524
Receivables, net of allowance for credit loss	2,383,709		2,381,963
Contract assets, net of allowance for credit loss	200,332		189,900
Prepaid expenses and other	102,166		163,307
Assets held for sale	137,634		—
Total current assets	2,969,603		2,880,694

Property and equipment, net of accumulated depreciation and amortization	127,189		144,718
Right-of-use lease assets	334,738		353,890
Intangible and other assets, net of accumulated amortization	1,866,396		1,845,978
Total assets	$	5,297,926	$	5,225,280

Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	1,212,132	$	1,370,334
Accrued expenses:
Compensation	180,801		135,104
Transportation expense	153,274		147,921
Income taxes	9,326		4,748
Other accrued liabilities	173,318		159,435
Current lease liabilities	72,842		74,451
Current portion of debt	455,792		160,000
Liabilities held for sale	67,413		—
Total current liabilities	2,324,898		2,051,993

Long-term debt	921,857		1,420,487
Noncurrent lease liabilities	290,641		297,563
Noncurrent income taxes payable	23,472		21,289
Deferred tax liabilities	12,565		13,177
Other long-term liabilities	2,442		2,074
Total liabilities	3,575,875		3,806,583

Total stockholders’ investment	1,722,051		1,418,697
Total liabilities and stockholders’ investment	$	5,297,926	$	5,225,280

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)


	Twelve Months Ended December 31,
Operating activities:	2024		2023

Net income	$	465,690	$	325,129
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Depreciation and amortization	97,160		98,985
Provision for credit losses	6,688		(6,047)
Stock-based compensation	84,590		58,169
Deferred income taxes	(80,067)		(37,746)
Excess tax benefit on stock-based compensation	(9,411)		(11,319)
Loss on disposal group held for sale	32,794		17,698
Other operating activities	20,682		5,541
Changes in operating elements:
Receivables	(164,255)		607,259
Contract assets	(11,969)		68,041
Prepaid expenses and other	60,740		(39,048)
Right of use asset	(5,937)		19,255
Accounts payable and outstanding checks	(79,943)		(200,843)
Accrued compensation	49,681		(108,084)
Accrued transportation expenses	6,756		(51,171)
Accrued income taxes	15,545		(2,284)
Other accrued liabilities	12,791		(11,991)
Lease liability	5,076		(16,500)
Other assets and liabilities	2,473		16,902
Net cash provided by operating activities	509,084		731,946

Investing activities:
Purchases of property and equipment	(22,653)		(29,989)
Purchases and development of software	(51,635)		(54,122)

Proceeds from sale of property and equipment	—		1,324
Net cash used for investing activities	(74,288)		(82,787)

Financing activities:
Proceeds from stock issued for employee benefit plans	114,890		56,914
Stock tendered for payment of withholding taxes	(32,217)		(25,294)
Repurchase of common stock	—		(63,884)
Cash dividends	(294,772)		(291,569)
Proceeds from long-term borrowings	10,000		—
Payments on long-term borrowings	(10,000)		—
Proceeds from short-term borrowings	3,192,500		3,893,750
Payments on short-term borrowings	(3,396,500)		(4,287,750)
Net cash used for financing activities	(416,099)		(717,833)
Effect of exchange rates on cash and cash equivalents	(8,152)		(3,284)

Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale	10,545		(71,958)
Less: net increase in cash and cash equivalents within assets held for sale	(10,307)		—
Cash and cash equivalents, beginning of period	145,524		217,482
Cash and cash equivalents, end of period	$	145,762	$	145,524

	As of December 31,
Operational Data:	2024		2023
Employees	13,781		15,246

Source: C.H. Robinson

CHRW-IR

EX-99.2 3 q42024earningsdeck.htm EX-99.2 q42024earningsdeck

2024 INVESTOR DAY January 29, 2025 Q4 2024 Earnings Presentation

Safe Harbor Statement Except for the historical information contained herein, the matters set forth in this presentation are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry that could adversely impact our profitability and achieving our long-term growth targets; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with seasonal changes or significant disruptions in the transportation industry; risks associated with identifying and completing suitable acquisitions; our dependence on and changes in relationships with existing contracted truck, rail, ocean, and air carriers; risks associated with the loss of significant customers; risks associated with reliance on technology to operate our business; cyber-security related risks; our ability to staff and retain employees; risks associated with operations outside of the U.S.; our ability to successfully integrate the operations of acquired companies with our historic operations or efficiently managing divestitures; climate change related risks; risks associated with our indebtedness; risks associated with interest rates; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations including environmental-related regulations; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of changes in political and governmental conditions; changes to our capital structure; changes due to catastrophic events; risks associated with the usage of artificial intelligence technologies; risks associated with cybersecurity events; and other risks and uncertainties detailed in our Annual and Quarterly Reports. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. 2©2025 C.H. Robinson Worldwide, Inc. All Rights Reserved.

Thoughts from President & CEO, Dave Bozeman 3 ■ We’ve talked extensively over the past year about our new Robinson operating model and the disciplined execution that the model is enabling, as well as how we’re leveraging our industry leading talent and technology to raise the bar in logistics. The benefits of these efforts were never more evident than in the significant year-over- year improvement in our Q4 financial results. ■ In what continues to be a historically prolonged freight recession, with market growth in 2024 that did not materialize as had been projected, the difference in our execution versus last year is stark. Our people are embracing the discipline needed to generate higher highs and higher lows across market cycles, resulting in a higher quality of volume, greater productivity, and an expansion of our gross profit and operating profit margins. ■ Improvements in gross profit margin, productivity, and operating leverage resulted in a 79% year-over-year increase in our Q4 adjusted income from operations.(1) 1. Adjusted income from operations is a non-GAAP financial measure. Refer to pages 21 through 24 for further discussion and a GAAP to Non-GAAP reconciliation.

IMPROVEPLAN ACTIVATE • Enterprise Strategy Map • Divisional Strategy Maps • Shared Services Strategy Maps • Regular operating review cadence (daily, weekly, monthly, quarterly) • Binary view of success (green) or opportunity (red) • Enterprise • Divisional • Shared Services • Accountable action plans on all scorecards with red • Embrace and attack the red! • e.g., Gemba walks (go to the desk) Scorecard: Measurable and Actionable Inputs Defined Strategic Workstreams Clear Long-Term Strategy and Goals Continuous and Rigorous Measurement and Action Plans Continuously Improving. Never Stops. 1 2 3 4 5 Robinson Operating Model 4

Q4 Highlights 5 ■ Q4 NAST truckload and LTL AGP/shipment improved Y/Y and sequentially, driving NAST adjusted income from operations up 40% Y/Y(1) ■ Q4 ocean and air volume and AGP/shipment grew Y/Y and Global Forwarding adjusted income from operations increased 197% Y/Y(1) ■ Both NAST and Global Forwarding delivered compounded productivity growth of 30% or more over a two-year period ■ Focused on deploying our new operating model, providing best- in-class service to our customers and carriers, gaining profitable share in targeted market segments, streamlining our processes, applying Lean principles and leveraging generative AI to drive out waste and optimize our costs, and ensuring readiness for the eventual freight market rebound, with a disciplined operating model that responsibly grows market share, decouples headcount growth from volume growth and drives operating leverage $4.2B Total Revenues -0.9% Y/Y $685M Adj. Gross Profits(1) +10.7% Y/Y $184M Income from Operations +71.1% Y/Y $1.22 Net Income/Share +369.2% Y/Y Q4 2024 1. Adjusted gross profits and adjusted income from operations are non-GAAP financial measures. Refer to pages 21 through 24 for further discussion and a GAAP to Non-GAAP reconciliation.

All Other & Corporate ■ Robinson Fresh integrated supply chain solutions generating increased AGP ■ Managed Solutions Q4 AGP down 2.5% Y/Y ■ Other Surface Transportation AGP declined 20.1% Y/Y Global Forwarding (GF) ■ Ongoing conflict in the Red Sea strained ocean capacity and drove rates higher Y/Y ■ Ocean volume grew 3.5% Y/Y & air tonnage grew 15.5% Y/Y ■ Continuing to diversify our trade lane and industry vertical exposure North American Surface Transportation (NAST) ■ Adjusted gross profit (AGP) per load/order increased Y/Y in both TL and LTL ■ NAST volume performance outpaced the market indices for the 7th quarter in a row ■ Significant opportunities for profitable growth remain in a highly fragmented market ■ Focused on initiatives that improve the customer and carrier experience and lower our cost to serve ■ Productivity improvements are being driven by removing waste, increasing automation and Gen AI Complementary Global Suite of Services 6 Q4 2024 Adjusted Gross Profits(2) +6.2% Y/Y +1.2% Y/Y +25.6% Y/Y 1. Measured over trailing twelve months. 2. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Over half of total revenues is garnered from customers to whom we provide both surface transportation and global forwarding services.(1)

NAST Q4’24 Results by Service 7 ■ Truckload AGP per shipment increased 17.0% due to disciplined pricing and procurement efforts, resulting in higher profit per shipment on transactional volume and a 170 bps improvement in adjusted gross profit margin(2) ■ Total NAST volume down 1.0% year-over-year(2) ■ Truckload volume down 6.5% year-over-year(2) ■ LTL volume up 2.5% and AGP per order increased 2.0%(2) ■ Other AGP decreased primarily due to a decrease in warehousing services 4Q24 4Q23 %▲ Truckload (“TL”) $244.2 $223.1 9.5% Less than Truckload (“LTL”) $140.8 $134.8 4.5% Other $18.7 $22.3 (16.0)% Total Adjusted Gross Profits $403.8 $380.2 6.2% Adjusted Gross Profit Margin % 14.4% 12.7% 170 bps Adjusted Gross Profits(1) ($ in millions) 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent. Fourth Quarter Highlights

Truckload Price and Cost Change (1)(2)(3) 8 Truckload Q4 Volume(2)(4) -6.5 % Price/Mile(1)(2)(3) +6.0 % Cost/Mile(1)(2)(3) +4.0 % Adjusted Gross Profit(4) +9.5 % 1. Price and cost change represents YoY change for North America truckload shipments across all segments. 2. Growth rates are rounded to the nearest 0.5 percent. 3. Pricing and cost measures exclude fuel surcharges and costs. 4. Truckload volume and adjusted gross profit growth represents YoY change for NAST truckload. ■ 65% / 35% truckload contractual / transactional volume mix in Q4 ■ Average routing guide depth of 1.3 in Managed Solutions business vs. 1.2 in Q4 last year Yo Y % C ha ng e in P ric e an d C os t p er M ile YoY Price Change YoY Cost Change 2016 2017 2018 2019 2020 2021 2022 2023 2024 -30% -20% -10% 0% 10% 20% 30% 40% 50%

Truckload AGP $ per Shipment Trend 9 ■ Disciplined pricing and capacity procurement efforts resulted in improved optimization of volume and AGP per truckload.(1) ■ Increasing adoption of digital brokerage offering is improving our cost of hire. N A ST A dj us te d G ro ss P ro fit $ p er T ru ck lo ad Sh ip m en t N A ST A djusted G ross Profit M argin % NAST Adjusted Gross Profit $ per Truckload Shipment (left axis) NAST Adjusted Gross Profit Margin % (right axis) Average NAST AGP $ per Truckload Shipment (left axis) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

Global Forwarding Q4’24 Results by Service 10 4Q24 4Q23 %▲ Ocean $127.1 $99.5 27.7% Air $40.5 $27.9 45.4% Customs $26.5 $23.7 11.6% Other $9.7 $11.2 (13.4)% Total Adjusted Gross Profits $203.8 $162.3 25.6% Adjusted Gross Profit Margin % 23.1% 22.9% 20 bps Adjusted Gross Profits (1) ($ in millions) ■ Ongoing conflict in the Red Sea continued to cause transit interruptions and vessel re-routing, which put a strain on ocean capacity and drove rates higher Y/Y ■ Ocean AGP increased due to a 23.5% increase in AGP per shipment and a 3.5% increase in shipments(2) ■ Air AGP increased due to a 26.0% increase in AGP per metric ton shipped and a 15.5% increase in metric tons shipped(2) ■ Customs AGP increased due to 14.5% increase in adjusted gross profit per transaction partially offset by a 2.5% reduction in volume(2) 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Growth rates are rounded to the nearest 0.5 percent. Fourth Quarter Highlights

All Other & Corporate Q4’24 Results 11 Robinson Fresh ■ Increased AGP due to an increase in integrated supply chain solutions for retail and foodservice customers Managed Solutions ■ Decline in AGP due to lower transaction volume Other Surface Transportation ■ Decline in AGP primarily driven by a 19.4% decrease in Europe truckload AGP 4Q24 4Q23 %▲ Robinson Fresh $36.0 $31.1 15.7% Managed Solutions $28.1 $28.8 (2.5)% Other Surface Transportation $12.9 $16.2 (20.1)% Total $77.1 $76.1 1.2% Adjusted Gross Profits (1) ($ in millions) 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. Fourth Quarter Highlights

Streamlining & Automating Processes to Drive Profitable Growth 12 12

New Customer & Carrier Experiences Driving Digital Adoption 13 ■ Improving customer and carrier outcomes with technology that supports our people and processes ■ Leveraging Gen AI to capitalize on our data and information advantage ■ Delivering process optimization by eliminating productivity bottlenecks ■ Accelerating the digital execution of critical touch points in the lifecycle of a load: • Reducing manual tasks per shipment • Reducing time per task 13

Capital Allocation Priorities: Balanced and Opportunistic 15 Cash Flow from Operations & Capital Distribution ($M) ■ $83 million of cash returned to shareholders in Q4 2024 ■ Q4 2024 capital distribution increased 12% Y/Y ■ More than 25 years of annually increasing dividends, on a per share basis ■ 80K shares deemed repurchased, upon surrender of shares to satisfy tax withholding, at an average price of $104.13 ■ The cost and price of ocean transportation declined sequentially in Q4 2024, resulting in a sequential decrease of net operating working capital and higher cash from operations. ■ We'll continue to manage our capital structure to maintain our investment grade credit rating.

2024 INVESTOR DAY Appendix

Q4 2024 Transportation Results(1) 17 Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2024 2023 % Change 2024 2023 % Change Total Revenues $ 3,870,927 $ 3,930,461 (1.5) % $ 16,353,745 $ 16,372,660 (0.1) % Total Adjusted Gross Profits(2) $ 652,354 $ 590,988 10.4 % $ 2,633,810 $ 2,486,636 5.9 % Adjusted Gross Profit Margin % 16.9% 15.0% 190 bps 16.1% 15.2% 90 bps Transportation Adjusted Gross Profit Margin % 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 16.8% 19.7% 17.3% 16.4% 18.6% 15.3% 14.9% 13.5% 15.2% 15.4% Q2 17.5% 19.3% 16.2% 16.2% 18.3% 17.5% 13.8% 15.4% 15.5% 15.8% Q3 18.4% 17.6% 16.4% 16.6% 16.9% 14.4% 13.7% 15.1% 15.1% 16.4% Q4 19.0% 17.2% 16.6% 17.7% 15.6% 14.3% 13.3% 15.5% 15.0% 16.9% Total 17.9% 18.4% 16.6% 16.7% 17.3% 15.3% 13.8% 14.8% 15.2% 16.1% 1. Includes results across all segments. 2. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material.

Q4 2024 NAST Results 18 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $1.8 million of restructuring charges in the Three Months Ended December 31, 2024 mainly related to workforce reductions and $17.1 million of restructuring charges in the Twelve Months Ended December 31, 2024 related to workforce reductions, impairment of internally developed software, and charges to reduce our facilities footprint. Includes $1.1 million in the Twelve Months Ended December 31, 2023 mainly related to workforce reductions. Three Months Ended December 31 Twelve Months Ended December 31, $ in thousands 2024 2023 % Change 2024 2023 % Change Total Revenues $ 2,802,700 $ 3,000,650 (6.6) % $ 11,727,539 $ 12,471,075 (6.0) % Total Adjusted Gross Profits(1) $ 403,764 $ 380,157 6.2 % $ 1,641,195 $ 1,593,854 3.0 % Adjusted Gross Profit Margin % 14.4% 12.7% 170 bps 14.0% 12.8% 120 bps Income from Operations(2) $ 132,528 $ 95,958 38.1 % $ 531,292 $ 459,960 15.5 % Adjusted Operating Margin % 32.8% 25.2% 760 bps 32.4% 28.9% 350 bps Depreciation and Amortization $ 4,891 $ 5,638 (13.2) % $ 20,670 $ 23,027 (10.2) % Total Assets $ 2,874,701 $ 3,008,459 (4.4) % $ 2,874,701 $ 3,008,459 (4.4) % Average Headcount 5,348 6,103 (12.4) % 5,696 6,469 (11.9) %

Q4 2024 Global Forwarding Results 19 1. Adjusted gross profits and adjusted gross profit margin % are non-GAAP financial measures explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $3.3 million of restructuring charges in the Three Months Ended December 31, 2024 and $11.6 million of restructuring charges in the Twelve Months Ended December 31, 2024 mainly related to workforce reductions. Includes $4.0 million of favorable restructuring expense adjustments due to amounts settling for an amount different than originally estimated related to divesting our operations in Argentina in the Three Months Ended December 31, 2023 and $22.0 million of restructuring charges in the Twelve Months Ended December 31, 2023 mainly related to divesting our operations in Argentina. Three Months Ended December 31 Twelve Months Ended December 31 $ in thousands 2024 2023 % Change 2024 2023 % Change Total Revenues $ 883,968 $ 708,814 24.7 % $ 3,805,018 $ 2,997,704 26.9 % Total Adjusted Gross Profits(1) $ 203,801 $ 162,322 25.6 % $ 802,549 $ 689,365 16.4 % Adjusted Gross Profit Margin % 23.1% 22.9% 20 bps 21.1% 23.0% (190 bps) Income from Operations(2) $ 51,827 $ 22,576 129.6 % $ 212,476 $ 85,830 147.6 % Adjusted Operating Margin % 25.4% 13.9% 1,150 bps 26.5% 12.5% 1,400 bps Depreciation and Amortization $ 2,357 $ 2,915 (19.1) % $ 10,602 $ 19,325 (45.1) % Total Assets $ 1,335,178 $ 1,094,895 21.9 % $ 1,335,178 $ 1,094,895 21.9 % Average Headcount 4,542 5,021 (9.5) % 4,678 5,222 (10.4) %

Q4 2024 All Other and Corporate Results 20 1. Adjusted gross profits is a non-GAAP financial measure explained later in this presentation. The difference between adjusted gross profits and gross profits is not material. 2. Includes $4.5 million credit of restructuring charges in the Three Months Ended December 31, 2024, which includes a $12.6 million credit adjustment to the loss on the planned divestiture of our Europe Surface Transportation business, which was partially offset by impairments related to reducing our facilities footprint. Includes $61.5 million of restructuring charges in the Twelve Months Ended December 31, 2024 related to the planned divestiture of our Europe Surface Transportation business, workforce reductions, and impairment of internally developed software. Includes $0.3 million of favorable restructuring expense adjustments due to amounts settling for an amount different than originally estimated in the Three Months Ended December 31, 2023 and $15.0 million of restructuring charges in the Twelve Months Ended December 31, 2023 mainly related to workforce reductions. Three Months Ended December 31 Twelve Months Ended December 31, $ in thousands 2024 2023 % Change 2024 2023 % Change Total Revenues $ 497,988 $ 512,423 (2.8%) $ 2,192,399 $ 2,127,664 3.0% Total Adjusted Gross Profits(1) $ 77,058 $ 76,144 1.2% $ 321,270 $ 321,389 —% Income (loss) from Operations(2) $ (556) $ (11,105) (95.0%) $ (74,627) $ (31,183) N/M Depreciation and Amortization $ 17,032 $ 14,533 17.2% $ 65,888 $ 56,633 16.3% Total Assets $ 1,088,047 $ 1,121,926 (3.0%) $ 1,088,047 $ 1,121,926 (3.0%) Average Headcount 3,979 4,195 (5.1%) 4,012 4,350 (7.8%)

21 Our adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted gross profit margin is calculated as adjusted gross profit divided by total revenues. We believe adjusted gross profit and adjusted gross profit margin are useful measures of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. The reconciliation of gross profit to adjusted gross profit and gross profit margin to adjusted gross profit margin are presented below: Three Months Ended December 31 Twelve Months Ended December 31, $ in thousands 2024 2023 2024 2023 Revenues: Transportation $ 3,870,927 $ 3,930,461 $ 16,353,745 $ 16,372,660 Sourcing 313,729 291,426 1,371,211 1,223,783 Total Revenues $ 4,184,656 $ 4,221,887 $ 17,724,956 $ 17,596,443 Costs and expenses: Purchased transportation and related services 3,218,573 3,339,473 13,719,935 13,886,024 Purchased produced sourced for resale 281,460 263,791 1,240,007 1,105,811 Direct internally developed software amortization 11,762 9,320 44,308 33,620 Total direct costs $ 3,511,795 $ 3,612,584 $ 15,004,250 $ 15,025,455 Gross profit & Gross profit margin $ 672,861 16.1% $ 609,303 14.4% $ 2,720,706 15.3% $ 2,570,988 14.6% Plus: Direct internally developed software amortization 11,762 9,320 44,308 33,620 Adjusted gross profit/Adjusted gross profit margin $ 684,623 16.4% $ 618,623 14.7% $ 2,765,014 15.6% $ 2,604,608 14.8% Non-GAAP Reconciliations

Non-GAAP Reconciliations 22 Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring and loss on divestiture is a similar non-GAAP financial measure to adjusted operating margin, but also excludes the impact of restructuring and loss on divestiture. We believe adjusted operating margin and adjusted operating margin - excluding restructuring and loss on divestiture are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring and loss on divestiture are presented below: Three Months Ended December 31 Twelve Months Ended December 31, $ in thousands 2024 2023 2024 2023 Total Revenues $ 4,184,656 $ 4,221,887 $ 17,724,956 $ 17,596,443 Income from operations 183,799 107,429 669,141 514,607 Operating margin 4.4% 2.5% 3.8% 2.9% Adjusted gross profit $ 684,623 $ 618,623 $ 2,765,014 $ 2,604,608 Income from operations 183,799 107,429 669,141 514,607 Adjusted operating margin 26.8% 17.4% 24.2% 19.8% Adjusted gross profit $ 684,623 $ 618,623 $ 2,765,014 $ 2,604,608 Adjusted income from operations(1) 184,408 103,153 759,349 552,648 Adjusted operating margin - excluding restructuring and loss on divestiture 26.9% 16.7% 27.5% 21.2% 1. In the Three Months Ended December 31, 2024, we incurred restructuring expenses of $3.7 million related to workforce reductions and $3.1 million credit of other charges, which includes a $12.6 million credit adjustment to the loss on the planned divestiture of our Europe Surface Transportation business, which was partially offset by impairments related to reducing our facilities footprint. In the Twelve Months Ended December 31, 2024 we incurred restructuring expenses of $24.1 million related to workforce reductions and $66.2 million of other charges, primarily related to the planned divestiture of our Europe Surface Transportation business and impairments related to reducing our facilities footprint and of internally developed software. In the Three Months Ended December 31, 2023, we incurred favorable restructuring expense adjustments of $4.3 million due to amounts settling for an amount different than originally estimated related to divesting our operations in Argentina. In the Twelve Months Ended December 31, 2023, we incurred restructuring expenses of $18.4 million related to workforce reductions and $19.6 million of asset impairment and other charges, primarily related to the divestiture of our operations in Argentina.

Non-GAAP Reconciliations 23 Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, loss from divestiture, and impairments. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data): Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2024 NAST Global Forwarding All Other and Corporate Consolidated NAST Global Forwarding All Other and Corporate Consolidated Income (loss) from operations $ 132,528 $ 51,827 $ (556) $ 183,799 $ 531,292 $ 212,476 $ (74,627) $ 669,141 Severance and other personnel expenses 1,154 1,017 1,574 3,745 10,176 6,872 7,004 24,052 Other selling, general, and administrative expenses 671 2,281 (6,088) (3,136) 6,885 4,729 54,542 66,156 Total adjustments to income (loss) from operations(1)(2) 1,825 3,298 (4,514) 609 17,061 11,601 61,546 90,208 Adjusted income (loss) from operations $ 134,353 $ 55,125 $ (5,070) $ 184,408 $ 548,353 $ 224,077 $ (13,081) $ 759,349 Adjusted gross profit $ 403,764 $ 203,801 $ 77,058 $ 684,623 $ 1,641,195 $ 802,549 $ 321,270 $ 2,765,014 Adjusted income (loss) from operations 134,353 55,125 (5,070) 184,408 548,353 224,077 (13,081) 759,349 Adjusted operating margin - excluding restructuring and loss on divestiture 33.3% 27.0% N/M 26.9% 33.4% 27.9% N/M 27.5% $ in 000's per share $ in 000's per share Net income and per share (diluted) $ 149,306 $ 1.22 $ 465,690 $ 3.86 Restructuring and related costs, pre-tax 13,183 0.11 45,746 0.38 Loss (gain) on divestiture, pre-tax (12,574) (0.10) 44,462 0.37 Tax effect of adjustments (1,851) (0.02) (11,773) (0.10) Adjusted net income and per share (diluted) $ 148,064 $ 1.21 $ 544,125 $ 4.51 1. The Three Months Ended December 31, 2024 includes restructuring expenses of $3.7 million related to workforce reductions and $3.1 million credit of other charges, which includes a $12.6 million credit adjustment to the loss on the planned divestiture of our Europe Surface Transportation business, which was partially offset by impairments related to reducing our facilities footprint. 2. The Twelve Months Ended December 31, 2024 includes restructuring expenses of $24.1 million related to workforce reductions and $66.2 million of other charges, primarily related to the planned divestiture of our Europe Surface Transportation business, and impairments related to reducing our facilities footprint and of internally developed software.

Non-GAAP Reconciliations 24 Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and loss on divestiture, adjusted net income and adjusted net income per share (diluted) are non-GAAP financial measures. These non-GAAP measures are calculated excluding the impact of restructuring, losses from divestitures, foreign currency losses from our Argentina operations, and an income tax settlement. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring and loss on divestiture, adjusted net income and adjusted net income per share (diluted). The reconciliation of these non-GAAP measures are presented below (in thousands except per share data): Three Months Ended December 31, 2023 Twelve Months Ended December 31, 2023 NAST Global Forwarding All Other and Corporate Consolidated NAST Global Forwarding All Other and Corporate Consolidated Income (loss) from operations $ 95,958 $ 22,576 $ (11,105) $ 107,429 $ 459,960 $ 85,830 $ (31,183) $ 514,607 Severance and other personnel expenses — (925) (409) (1,334) 1,083 3,817 13,509 18,409 Other selling, general, and administrative expenses — (3,084) 142 (2,942) 8 18,158 1,466 19,632 Total adjustments to income (loss) from operations(1)(2) — (4,009) (267) (4,276) 1,091 21,975 14,975 38,041 Adjusted income (loss) from operations $ 95,958 $ 18,567 $ (11,372) $ 103,153 $ 461,051 $ 107,805 $ (16,208) $ 552,648 Adjusted gross profit $ 380,157 $ 162,322 $ 76,144 $ 618,623 $ 1,593,854 $ 689,365 $ 321,389 $ 2,604,608 Adjusted income (loss) from operations 95,958 18,567 (11,372) 103,153 461,051 107,805 (16,208) 552,648 Adjusted operating margin - excluding restructuring 25.2% 11.4% N/M 16.7% 28.9% 15.6% N/M 21.2% $ in 000's per share $ in 000's per share Net income and per share (diluted) $ 30,973 $ 0.26 $ 325,129 $ 2.72 Restructuring and related costs, pre-tax (239) — 17,476 0.14 Loss (gain) on divestiture, pre-tax (2,617) (0.02) 21,985 0.18 Foreign currency loss on divested operations, pre-tax 7,454 0.06 16,375 0.14 Income tax settlement and tax effect of adjustments 23,928 0.20 14,172 0.12 Adjusted net income and per share (diluted) $ 59,499 $ 0.50 $ 395,137 $ 3.30 1. The Three Months Ended December 31, 2023 includes restructuring adjustments of $4.3 million related to the divestiture of our operations in Argentina. 2. The Twelve Months Ended December 31, 2023 includes restructuring expenses of $18.4 million related to workforce reductions and $19.6 million of asset impairment and other charges, primarily related to the divestiture of our Argentina operations.

2024 INVESTOR DAY Thank you INVESTOR RELATIONS: Chuck Ives 952-683-2508 chuck.ives@chrobinson.com