We view our productivity as evergreen improvements that we do not expect to give back.
— Dave Bozeman
03Detailed Report
CHRW
Company CHRW
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 30, 2026
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Executive Summary
CH Robinson Worldwide, Inc. (CHRW) delivered solid profitability growth in Q4 2024 despite a persistently weak freight environment. Revenue of $4.184B declined 0.9% year over year and fell 9.9% quarter over quarter, reflecting a prolonged freight recession that pressured volumes, particularly in truckload. Importantly, the company leveraged its Robinson operating model, procurement discipline, and Gen AI-enabled process automation to lift gross margins and operating leverage. Q4 adjusted enterprise income from operations rose 79% year over year, driven by a 25.6% increase in Global Forwarding AGP and a 6.2% rise in North American Surface Transportation (NAST) AGP. Total AGP per shipment and per day improved across the portfolio, underscoring the model’s ability to decouple headcount growth from volume growth and to improve productivity even as volumes contracted. Net income was $149.3M ($1.24 per share), up from the prior year, with a robust balance sheet and healthy liquidity. For 2025, CHRW provided disciplined expense guidance (P&L and capex) and reiterated confidence in continued productivity gains and margin expansion, while noting rate normalization in forwarding could pose a modest headwind by 2026. Management continues to stress that growth will be pursued with a focus on high-quality volume, share gain in targeted segments, and further operating leverage from Gen AI and process innovations.
Key Performance Indicators
Revenue
Decreasing
4.18B
QoQ: -9.90% | YoY: -0.88%
Gross Profit
Increasing
330.24M
7.89% margin
QoQ: -11.63% | YoY: 29.27%
Operating Income
Increasing
183.80M
QoQ: 2.04% | YoY: 78.18%
Net Income
Increasing
149.31M
QoQ: 53.56% | YoY: 382.05%
EPS
Increasing
1.24
QoQ: 53.09% | YoY: 376.92%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability
- Q4 2024 revenue: $4.1846B; YoY change: -0.88%; QoQ: -9.90% (calendar Q4 2024 vs Q4 2023 and Q3 2024).
- Gross profit: $330.242M; gross margin: 7.89% (vs. 7.89% reported); YoY gross profit up 29.27% despite flat revenue due to mix and productivity.
- Operating income: $183.799M; operating margin: 4.39%; YoY operating income up 78.18%; QoQ up 2.04%.
- Net income: $149.306M; net margin 3.57%; YoY net income up 382.05%; QoQ up 53.56%.
- Earnings per share (diluted): $1.22–$1.24 range; reported $1.24 per share, up 376.92% YoY; QoQ +53.09%.
- EBITDA: $208.129M; EBITDA margin ~4.97% (EBITDA/Revenue).
- AGP (adjusted gross profit) yield: Global Forwarding up 25.6% YoY; NAST up 6.2% YoY; enterprise AGP up 10.7% YoY (to the margin expansion referenced by management).
- Volume and mix: NAST total volume down ~1% YoY; LTL volume +2.5%; Truckload volume down 6.5% YoY.
- Cass Freight Shipment Index (industry proxy): Q4 down 3.2% YoY, down 4.8% sequentially; confirms ongoing market softness.
- Cash flow: operating cash flow $267.93M; free cash flow $265.25M; cash flow per share $2.22 (operating) and $2.20 (free).
- Balance sheet and liquidity: cash and cash equivalents $145.8M; total liquidity ~ $1.2B; total debt $1.741B; net debt $1.595B; net-debt-to-EBITDA 1.61x; current ratio 1.28x; debt-to-capitalization 0.503; equity $1.722B.
- 2024 full-year highlights: strong productivity gains, expanding gross margins, and improved operating leverage despite market headwinds; 2025 plan emphasizes continued productivity, targeted growth, and disciplined cost management.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
4.18B
-0.88%
-9.90%
Gross Profit
330.24M
29.27%
-11.63%
Operating Income
183.80M
78.18%
2.04%
Net Income
149.31M
382.05%
53.56%
EPS
1.24
376.92%
53.09%
Key Financial Ratios
Gross Profit Margin
Weak
7.89%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
4.39%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Fair
3.57%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
2.82%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
8.67%
Return on equity is acceptable but below top-tier companies
Current Ratio
Adequate
1.28
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
1.01
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Fair Value
20.86x
P/E ratio in line with market averages
Price to Book
High Premium
7.24x
Very high premium suggests asset-light business model or lofty expectations
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