CH Robinson Worldwide Inc (0HQW.L) Q1 2025 Earnings Report

CH Robinson Worldwide Inc. reported a revenue decline in Q1 2025, reflecting softer freight volumes across its North American Surface Transportation and Global Forwarding segments. Despite the top-line weakness, the company delivered a meaningful improvement in profitability and generated solid free cash flow, underscoring the resilience of its asset-light model, pricing discipline, and cost management. Key takeaways include: (1) Revenue of $4.0467 billion, down 8.29% year over year and 3.30% quarter over quarter; (2) EBITDA of $202.5 million and operating income of $176.9 million, yielding EBITDA and operating margins of about 5.0% and 4.37% respectively; (3) Net income of $135.3 million and normalized earnings per share of $1.12, up approximately 44% year over year; (4) Free cash flow of $103.2 million and a robust balance sheet with cash of $129.9 million and net debt of $1.60 billion; (5) liquidity and leverage metrics remain conservative with a debt-to-capitalization ratio near 0.50 and a current ratio of ~1.29. The results demonstrate that even as volumes soften, CH Robinson’s diversified business, pricing power, and disciplined capital allocation support earnings quality and cash generation. Near-term uncertainty remains tied to macro demand and freight-rate volatility, but the company’s cash flow generation, dividend discipline (payout ~57.3%), and potential for further productivity gains through technology investments position it well to weather a slower cycle and opportunistically invest in growth initiatives.