C.H. Robinson Worldwide Inc. (CHRW) Adverse Court Ruling Highlights Potential Broker Liability Risks

Equity Research 24 July 2026 | 2:08PM EDT

C.H. Robinson Worldwide Inc. (CHRW): Adverse Court Ruling Highlights Potential Broker Liability Risks

Bottom Line: A jury in Dallas County, Texas, issued an advisory verdict against Jordan Alliger | CHRW, with compensatory damages of $604M (on July 23), related to a trucking Goldman Sachs & Co. LLC accident involving an independent owner operator sourced by CHRW. The ruling Paul Stoddard occurred in a world post the Montgomery Decision by the Supreme Court, where | the FAAAA (Federal Aviation Administration Authorization Act) does not Goldman Sachs & Co. LLC

preempt state law regarding negligent-hiring claims against truck brokers, i.e., Andrzej Tomczyk, CFA | that brokers are no longer shielded by federal law from state negligent lawsuits. Goldman Sachs & Co. LLC While this case actually dates back to 2021 (predates Montgomery), following the Montgomery ruling in May, we noted that there could be increased liability risks for brokers being attached to lawsuits (see our takeaway) as well as higher insurance premiums. The verdict is still subject to post-trial proceedings before the court enters a final verdict. Per comments in its 8K, CHRW expects to appeal the ruling (if the verdict is set as a final judgment). CHRW further stated that it should not be held liable and that the carrier held a Satisfactory FMCSA rating.

We remain positive on the early cycle names, specifically the asset-based truckers (TL and LTL), at this point in the cycle.

Our 12-month price target is $177 (unchanged) and is based on 24.0x P/E multiple (unchanged) applied to our Q5-Q8 EPS forecast ($7.40). We are Neutral-rated on CHRW.

Upside risks include truck spot and contract rates failing to converge, ocean and air rates recovering faster than expected, and management is able to execute on digital strategy sooner than anticipated.

Downside risks include truck spot and contract rates converging and remaining bound, ocean and air demand remaining muted, negative impact from tariffs and management is unable to execute on digital strategy creating cost pressures.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs C.H. Robinson Worldwide Inc. (CHRW)

CHRW 12m Price Target: $177.00 Price: $205.51 Downside: 13.9%

Neutral GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: $24.9bn Revenue ($ mn) 16,232.8 17,309.6 18,684.7 19,535.5 Enterprise value: $25.9bn EBITDA ($ mn) 936.6 1,056.7 1,194.4 1,257.1 3m ADTV: $315.4mn EBIT ($ mn) ,086.6 1,144.6 United States EPS ($) Americas Transportation P/E (X) M&A Rank: 3 EV/EBITDA (X) FCF yield (%) 6.1 3.5 3.7 3.5 Dividend yield (%) 2.1 1.2 1.2 1.2 Net debt/EBITDA (X) 1.0 1.0 0.8 0.8

3/26 6/26E 9/26E 12/26E EPS ($)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 23 Jul 2026 close.