C.H. Robinson

Asset‑light model generates robust cash flow with minimal capex. For the TTM ending Q3 2025, we estimate FCF ≈ $807 million: operating cash flow of ~$877 million (Q4 2024 CFO ~$268 million plus 9M 2025 CFO $609 million) less capex of ~$70 million (Q4 2024 capex ~$15 million; 9M 2025 capex ~$55 million).

Liquidity is strong: cash ~$137 million, undrawn $1.0 billion revolver, receivables securitization facility capacity $500 million, and total debt ~$1.18 billion, implying manageable net leverage and investment‑grade credit metrics.

The dividend has increased for 25+ years and was lifted to $0.63 per quarter in November 2025. Overall, CHRW should comfortably fund operations, dividends, and buybacks through downturns, with working‑capital facilities buffering freight cycles.