The problem is that many of these new operators had no experience, no capital reserves, and no idea what they were doing. They were playing broker while the market was hot. When the music stopped in 2022, they were the first ones out the door.Getting a broker license isn’t hard. Three hundred bucks for the application. Find a surety company willing to write you a $75,000 bond, which, with decent credit, may cost $700-$1,500 a year. File your paperwork, and you’re in business.Everybody and their cousin wante ...

This was accomplished while mitigating some of the market pressure on gross profits through strong revenue management practices and by improving our cost of hire advantage. These disciplines enabled us to improve our NAST AGP margin by 20 basis points on a year-over-year basis, despite the pressure on spot market costs from a decline in available capacity. In Global Forwarding, we expanded gross margins by 120 basis points year over year through improved revenue management discipline. We also continue to ev ...

Freight broker Landstar System said strength in flatbed demand largely offset a still soft dry van truckload market during the fourth quarter. However, revenue per load trends outpaced typical seasonality in December and so far in January. Landstar (NASDAQ: LSTR) reported adjusted fourth-quarter earnings per share of 75 cents after the market closed on Wednesday. The result was 56 cents worse year over year. The number included $22 million (49 cents per share) in unfavorable claims activity from separate ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue and adjusted gross profit (AGP) declined approximately 7% and 4% year-over-year, respectively [32][39] - The AGP decline was primarily driven by a 13% year-over-year decline in Global Forwarding's AGP due to a significant drop in ocean rates [32][39] - Personnel expenses in Q4 were $337 million, including $15.2 million of restructuring charges, while excluding these charges, personnel expenses were down 8.2% year-over-year [33][34] - The effective tax rate for Q4 was 18.1%, with a full-year tax rate of 18.7% expected to be in the range of 18%-20% for 2026 [38] Business Line Data and Key Metrics Changes - In North American Surface Transportation (NAST), truckload volume rose approximately 3% year-over-year, while LTL volume increased approximately 0.5% year-over-year, reflecting market share gains [14][32] - Global Forwarding expanded gross margins by 100 basis points year-over-year through improved revenue management [7] - NAST AGP margin improved by 20 basis points year-over-year despite market pressures [6] Market Data and Key Metrics Changes - The Cass Freight Shipment Index declined year-over-year for the thirteenth consecutive quarter, marking the lowest Q4 reading since the financial crisis of 2009 [4] - Spot market costs for truckload capacity spiked during the last five weeks of Q4 due to seasonal capacity decline and winter storms [4][17] - Dry van load-to-truck ratios increased to approximately 10 to 1, compared to 6 to 1 during the same period in 2024 [17] Company Strategy and Development Direction - The company is focused on controlling what it can, including providing differentiated service and solutions, executing with discipline, and continuously improving its business model [5][8] - The Lean AI strategy aims to enhance automation and improve customer outcomes while maintaining industry-leading operating margins [9][30] - The company is committed to building a scalable model that leverages AI to drive automation across its operations [9][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment in Q4, including weak global freight demand and rising costs [4][32] - The company remains confident in its ability to execute strategic initiatives and improve operating leverage when freight demand eventually increases [9][22] - Management emphasized the importance of their lean operating model in navigating market challenges and driving sustainable growth [42][43] Other Important Information - The company generated $305.4 million in cash from operations in Q4 and ended the quarter with approximately $1.49 billion of liquidity [39][40] - The company returned approximately $207.7 million of cash to shareholders in Q4 through share repurchases and dividends [40] Q&A Session Summary Question: Can you provide perspective on Q1 and AGP growth? - Management noted that December was challenging due to ocean rate normalization and that cost pressures carried into January, but they remain committed to demonstrating outperformance in Q1 [50][51] Question: What are the expectations for operating margins in NAST for 2027? - Management indicated they are on a good trajectory to reach mid-cycle margins of 40% for NAST, with decisions on margin expansion versus growth to be made based on market conditions [53][54] Question: How does the company balance headcount reductions with maintaining service quality? - Management stated that headcount is not a KPI and emphasized engineering the business to focus on customer service while optimizing organizational structure [82]

C.H. Robinson has been hitting on all cylinders for almost two years, but in the fourth quarter the giant 3PL started to run into the realities of a freight market that is a broker’s worst nightmare: a sudden rise in spot rates. But even as some of the brokerage’s sequential numbers showed the impact of those conditions, and the year-on-year comparisons were mostly stronger but not to an enormous amount, C.H. Robinson’s (NASDAQ: CHRW) stock soared anew. At approximately 5:05 pm EST, less than an hour af ...

As carriers continue to question why invoices from R&R Family of Companies and related entities abruptly went unpaid, a newly filed lawsuit in Texas adds detail to allegations that brokerage units continued tendering freight amid deepening financial distress. A complaint filed Jan. 23 by Jimenez Logistics LLC in Hidalgo County, Texas, alleges that R&R Express Inc. and RFX Inc., subsidiaries of R&R Family of Companies, failed to pay for transportation services arranged in 2025 and early 2026, despite repea ...

National Retail Federation (NRF) The National Retail Federation (NRF) is the world’s largest retail trade association, founded over a century ago to represent the retail industry. It advocates passionately for the people, brands, policies, and ideas that help retail succeed. NRF provides news, insights, events, and resources to its members, which include retailers of all sizes and types. It stands up for retail in policy debates, helping the industry thrive amid changes like technology and consumer trends.N ...

This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Leadership is filling in vacancy gaps at freight brokerage PGT Services with the first change in its president since the company launched in 2020. PGT Trucking President Gregg Troian will take on the added role as president of PGT Services, a separate business focused on facilitating specialized freight, a Jan. 20 news release said. He takes over for Barret Rea ...

This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. C.H. Robinson Worldwide has been scaling its use of artificial intelligence to help resolve missed LTL pickups faster and even drastically cut down on unnecessary trips, the brokerage said. AI agents can call carriers and decide how to intervene, working together and simultaneously in a way that automates response efforts and saves over 350 hours of manual work ...

Freight broker Landstar System again called out elevated insurance and claims expenses ahead of a quarterly earnings report. In a Wednesday filing with the Securities and Exchange Commission, the company outlined $22 million in insurance-related charges taken during the recent quarter. The filing said, “highly elevated insurance and claims costs of $56 million,” included $22 million (49 cents per share) in unfavorable claims activity. It flagged $11 million (24 cents per share) in charges from two separ ...