C.H. Robinson

End‑market pricing remains principally market‑clearing with low take‑rate tolerance. CHRW’s advantage comes from mix, discipline, and lower cost to serve, not from raising shipper prices. Recent quarters show operating margin expansion despite lower revenue, reflecting better revenue management and productivity, not price‑led power.

Mid‑cycle adjusted operating margin targets (40% NAST, 30% Global Forwarding) are achievable via operating leverage and mix, yet these are margins on gross profit, not revenue, and will ebb with cycles.

We score pricing power as moderate due to limited ability to push take‑rates across cycles; latent upside exists in specialized services (customs, cross‑border, LTL) and AI‑assisted pricing, but competitive responses and shipper multi‑sourcing constrain durability.