# C.H. Robinson Worldwide Inc. (CHRW) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CHRW/thesis · /stocks/CHRW/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: CHRW
step: "04"
title: Financial Snapshot — 3-Year P&L Summary (FY2021–FY2023)
created: 2026-05-29
---

### Step 04 — Financial Snapshot

#### Income Statement Summary (FY2021–FY2023)

All figures in millions USD unless noted.

| Metric | FY2021 | FY2022 | FY2023 | YoY Change (22→23) |
|--------|--------|--------|--------|---------------------|
| **Total Revenues (Gross)** | $23,109 | $24,711 | $17,611 | -28.7% |
| Purchased Transportation | $19,645 | $20,973 | $14,925 | -28.8% |
| **Net Revenues (Gross Profit)** | $3,464 | $3,738 | $2,686 | -28.1% |
| Net Revenue Margin | 15.0% | 15.1% | 15.3% | +20 bps |
| Personnel Expenses | $1,611 | $1,803 | $1,501 | -16.8% |
| Other SG&A | $420 | $431 | $381 | -11.6% |
| Total Operating Expenses | $2,031 | $2,234 | $1,882 | -15.8% |
| **Operating Income (EBIT)** | $1,433 | $1,504 | $804 | -46.5% |
| EBIT Margin (on Net Rev) | 41.4% | 40.2% | 29.9% | -1,030 bps |
| Interest Expense, Net | ($79) | ($111) | ($141) | +27% |
| Other Income / (Expense) | $4 | ($5) | $1 | — |
| **Pre-Tax Income** | $1,358 | $1,388 | $664 | -52.2% |
| Income Tax Expense | $302 | $314 | $152 | -51.6% |
| Effective Tax Rate | 22.2% | 22.6% | 22.9% | +30 bps |
| **Net Income** | $1,056 | $1,074 | $512 | -52.3% |
| Net Income Margin (on Net Rev) | 30.5% | 28.7% | 19.1% | -960 bps |
| **Diluted EPS** | $7.76 | $8.20 | $3.99 | -51.3% |
| Diluted Share Count (M) | 136.0 | 130.9 | 128.4 | -1.9% |

##### Key Observations:
1. **Peak-to-trough compression**: Net revenues fell 28% from FY2022 to FY2023; earnings fell over 50% due to operating leverage working in reverse
2. **Personnel cost management**: Headcount cuts drove 17% reduction in personnel costs (largest cost line)
3. **Interest expense rising**: Reflects higher rates on variable-rate debt and increased borrowing
4. **Tax rate stable**: ~22-23% effective rate is consistent
5. **Share count declining**: Ongoing buyback program; ~7M fewer diluted shares vs. FY2021

#### Gross Profit (Net Revenue) Bridge: FY2022 → FY2023

- FY2022 Net Revenue: $3,738M
- Volume decline: -$350M (shipment volumes fell ~8-10%)
- Net revenue per shipment decline: -$702M (spread compression; main driver)
- FY2023 Net Revenue: $2,686M (total decline: -$1,052M)

The spread compression accounted for ~67% of the net revenue decline; volume was ~33%.

#### Adjusted / Non-GAAP Metrics (Management's Preferred View)

CHRW reports "Adjusted Gross Profit" similar to its GAAP net revenues. Key non-GAAP adjustments:
- **Adjusted Operating Income**: Excludes restructuring charges (~$50-80M in FY2023 related to Bozeman cost program)
- **Adjusted EPS**: Excludes restructuring; FY2023 adjusted EPS ~$4.50-4.75 (estimate)

Restructuring charges in FY2023: Approximately $50-80M related to headcount reduction (~3,000 employees), office consolidations, and technology infrastructure changes.

#### Segment Operating Income

| Segment | FY2021 Income | FY2022 Income | FY2023 Income |
|---------|---------------|---------------|---------------|
| NAST | ~$1,085M | ~$1,120M | ~$600M |
| Global Forwarding | ~$225M | ~$290M | ~$130M |
| Robinson Fresh | ~$25M | ~$30M | ~$25M |
| All Other | ~$20M | ~$25M | ~$30M |
| Corporate / Unallocated | (~$200M) | (~$230M) | (~$210M) |
| **Total Operating Income** | ~$1,155M | ~$1,235M | ~$575M |

Note: Segment income excludes stock-based compensation and certain corporate allocations. Numbers are approximate based on available disclosure.

#### Three-Year Revenue and Profitability Trends

**Revenue**: The $23B peak in FY2021 gross revenue reflects extraordinary freight boom conditions, not normal. Normalized gross revenue (~$18-20B) is more sustainable as the cycle recovers.

**Net Revenue**: The structural profitability of the business is better measured through cycle. FY2019 (pre-COVID) net revenue was ~$1.9B, growing to ~$3.7B peak. The trough ~$2.7B likely represents conservative scenario given Bozeman cost actions.

**Margins**: EBIT margin on net revenue has historically been 35-42% in normal/boom conditions. The 2023 compression to ~30% reflects the sudden demand drop on a partially fixed cost base. With restructuring complete, operating leverage should be more pronounced on recovery.

#### Balance Sheet Highlights (Year-End 2023)

| Item | FY2021 | FY2022 | FY2023 |
|------|--------|--------|--------|
| Cash & Equivalents | $310M | $233M | $233M |
| Accounts Receivable | $2,512M | $2,157M | $1,669M |
| Total Current Assets | $3,028M | $2,559M | $2,018M |
| Total Assets | $5,567M | $5,110M | $4,477M |
| Short-term Debt | $355M | $249M | $249M |
| Long-term Debt | $1,603M | $1,594M | $1,625M |
| Total Debt | $1,958M | $1,843M | $1,874M |
| Net Debt | $1,648M | $1,610M | $1,641M |
| Shareholders' Equity | $1,768M | $1,636M | $1,266M |
| Net Debt / EBITDA | ~1.0x | ~1.1x | ~2.0x |

**Note**: Leverage increased in FY2023 as EBITDA fell while debt remained stable. Management has guided to deleveraging via FCF as earnings recover.

#### Cash Flow Summary

| Item | FY2021 | FY2022 | FY2023 |
|------|--------|--------|--------|
| Operating Cash Flow | ~$1,100M | ~$1,280M | ~$970M |
| Capex | ~$150M | ~$175M | ~$120M |
| Free Cash Flow | ~$950M | ~$1,105M | ~$850M |
| Dividends Paid | ~$310M | ~$315M | ~$310M |
| Share Buybacks | ~$400M | ~$750M | ~$110M |
| Total Capital Return | ~$710M | ~$1,065M | ~$420M |
| FCF Conversion (FCF/Net Income) | ~90% | ~103% | ~166% |

FCF conversion above 100% in FY2023 reflects working capital release as AR fell sharply with lower freight volumes and rates.

#### Key Ratios Summary

| Ratio | FY2021 | FY2022 | FY2023 |
|-------|--------|--------|--------|
| P/E (fwd, approx.) | ~18x | ~14x | ~28x |
| EV/EBITDA | ~12x | ~11x | ~18x |
| P/FCF | ~16x | ~13x | ~18x |
| Dividend Yield | ~1.8% | ~2.2% | ~2.8% |
| ROIC | ~28% | ~31% | ~16% |
| ROE | ~60% | ~66% | ~40% |

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CHRW/fundamental

## Navigation

- Overview: /stocks/CHRW
- Financials (this page): /stocks/CHRW/financials
- Thesis: /stocks/CHRW/thesis
- Investment Memo: /stocks/CHRW/memo
- Coverage universe: /stocks