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C.H. Robinson and Landstar shares fall as claims costs overshadow earnings
C.H. Robinson and Landstar shares fell sharply Wednesday as concern over insurance and claims overshadowed otherwise strong third-quarter results, according to John Kingston’s reporting. C.H. Robinson closed down 11.14%, or $15.99, to $127.60, continuing a slide from $210.33 on July 22. Landstar closed down 17.76%, or $29.98, to $138.80, against a 52-week high of $228.46 on June 8. Landstar set off the issue Tuesday with heavier-than-usual claims charges, and C.H. Robinson’s report, while less specific on individual hits, showed claims that were abnormally high in the quarter.
C.H. Robinson’s selling, general and administrative expenses rose 29.7% from a year earlier, primarily on higher claims expenses, though the company also booked a real estate impairment charge. CFO Damon Lee said full-year SG&A is now expected to be $585 million to $590 million, up from $540 million to $580 million, with depreciation and amortization also pushing it higher. Analysts also cited a drop in operating cash flow to $124.1 million from $275.4 million a year ago, which the company attributed to unfavorable working capital changes driven by higher transportation rates.
Management pushed back on the alarm. CEO Dave Bozeman said the 2027 insurance renewal is progressing nicely and should bring “reasonable and manageable” inflation, with the process complete by the end of December. Lee said insurance and claims expenses are below C.H. Robinson’s usual benchmark of 50 basis points of gross revenue year to date and called them “de minimis.” At Landstar, CFO Jim Todd said claim cost severity has been rising, that incurred-but-not-reported reserves rose 27% in gross dollars from the fourth quarter of 2022 to the fourth quarter of 2025 on a declining truck count, and that Landstar will no longer disclose its guidance on claim reserves as a share of business capacity owner revenue.
The selloff came in a six-month stretch in which, the article says, expanded broker liability exposure from the Montgomery v. Caribe Transport II decision and a nuclear verdict against C.H. Robinson drove home the risk of rising insurance costs. Todd said two of Landstar’s second-quarter claims came in federal jurisdictions where brokers previously had protection that the Montgomery decision eliminated.
Kenco survey: 43% of shoppers plan to spend more this peak
Kenco’s 2026 Peak Season Consumer Report found that 43% of the North American consumers it surveyed plan to spend more this peak season, more than double the 20% who said so a year earlier, according to Thomas Wasson’s reporting. Another 39% expect to spend about the same, and 18% plan to spend less, down from 28% in 2025. Among respondents, 73% consider free shipping standard when shopping online, 48% expect two-day delivery, 47% expect free returns and 40% expect real-time tracking. The survey polled more than 350 consumers in August.
Kenco’s Frank Loewen said the jump in planned spending can be read two ways: shoppers who are better off, or shoppers who expect higher prices and still have to buy gifts. NRF said most holiday merchandise has already arrived.
CPKC third-quarter core adjusted earnings rise 16% on grain and intermodal
Canadian Pacific Kansas City reported a 16% increase in third-quarter core adjusted earnings per share Wednesday, as higher freight volumes and growth in grain and intermodal revenue helped offset rising fuel costs, according to Stuart Chirls’ reporting. Core adjusted diluted earnings rose to 91 cents per share from 78 cents, and freight volumes, measured in revenue ton-miles, increased 6%. Grain revenue climbed to $644 million from $500 million, and intermodal revenue rose to $581 million from $476 million. Fuel expense rose to $475 million from $296 million, and the operating ratio worsened to 64.8% from 63.5%.
CPKC said higher fuel prices added 1.7 percentage points to the reported operating ratio. CEO Keith Creel said the railroad is running very well and that service remains strong.
FreightWaves names 10 Shipper of Choice winners at F3 Awards Dinner
FreightWaves announced its Shipper of Choice winners Monday, Oct. 26, at the F3 Awards Dinner at The Signal in Chattanooga, recognizing 10 companies for their relationships with carriers and their shipping operations, according to Patrick Hatzis’ reporting. The winners are Schreiber Foods, Kraft Heinz, Aldi USA, Whole Foods Market, Sealed Air, Agri-Mark/Cabot Creamery, North American Stainless, Henkel, Nestlé USA and Univar Solutions. Industry voting determines the winners, and the award evaluates data connectivity, ease of doing business, carrier relationships and facility operations. FreightWaves founder and CEO Craig Fuller said the winners “have made investments to improve the lives of our drivers.”
Among the practices cited: Schreiber holds its annual freight bid at the same time each year regardless of market conditions, carriers report unloading at Whole Foods typically takes less than two hours, and North American Stainless honors contracted rates and volumes even when spot prices are lower.
Scan Global Logistics to acquire Oregon-based OIA Global
Danish freight intermediary Scan Global Logistics agreed to acquire Portland, Oregon-based OIA Global in the largest investment in its history, according to Eric Kulisch’s reporting. Scan said the deal would put it among the top 20 freight forwarders in the world. Founded in 1988, OIA employs more than 1,200 people across more than 60 offices in over 30 countries and had $780 million in revenue last year.
Terms were not disclosed. The deal is subject to customary regulatory approvals and is expected to close in the first quarter of 2027. The article notes that logistics acquisitions have accelerated this year, especially in the U.S., as the freight cycle turns more positive.
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| Time | Guest | Topic |
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| 12:20pm | Zac Boehm | Chief Automation Officer of Hy-Tek Intralogistics |
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Why ‘Lego’ Supply Chains Beat Old SystemsNate Watson of Vantage 9 explains why a modular, composable approach to supply chain platforms is the future. |
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CH Robinson Stock: Why Insurance Costs Crushed EarningsC.H. Robinson’s recent earnings revealed strong numbers, but its stock faced a significant sell-off that hit Landstar too. |
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Brokers! Your Freight Network Just Got a Major UpgradeThe merger of 123Loadboard and Direct Freight creates a single freight network, giving brokers and carriers access to capacity and rate data. |
| Company | Ticker | Modes | Call Date | Time (EDT) |
|---|---|---|---|---|
| XPO | XPO | LTL carrier | Oct. 29 | 8:30 AM |
| Saia | SAIA | LTL carrier | Oct. 29 | 10:00 AM |
| Wabash | WNC | Trailer manufacturer | Oct. 29 | 12:00 PM |
| Schneider National | SNDR | TL, logistics, intermodal | Oct. 29 | 4:30 PM |
| FedEx Freight | FDXF | LTL carrier | Oct. 29 | 5:00 PM |
| Amazon | AMZN | Ecommerce, logistics services | Oct. 29 | 5:00 PM |
| TFI International | TFII.TO | LTL, specialty TL, parcel | Oct. 30 | 8:30 AM |
| Canadian National (CN) | CNI | Railroad | Oct. 30 | 8:30 AM |
| Covenant Logistics Group | CVLG | TL, logistics | Oct. 30 | 10:00 AM |
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Claims costs at C.H. RobinsonBozeman said the 2027 insurance renewal is progressing and should bring reasonable, manageable inflation. Watch the claims line and SG&A against the new $585 million to $590 million forecast. |
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CPKC’s fuel dragFuel expense rose to $475 million from $296 million and added 1.9 points to the core adjusted operating ratio. Watch whether the fuel drag persists. |
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Peak spending follow-throughNRF said most holiday merchandise has already arrived. Watch whether the 43% of shoppers who plan to spend more follow through, and how 3PLs absorb free shipping. |
