Financial research concept

Freight Broker Adjusted Gross Profit: Revenue Less Purchased Transportation

Freight broker adjusted gross profit measures the spread between customer revenue and purchased transportation and related direct costs, isolating the value retained by the broker.

By Lee BaileyPublished Sep 25, 2026

Research context

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Research date: Sep 25, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 19 connected conceptsPart of the reviewed Freight Brokerage & Forwarding Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Why it matters
Revenue is not the same as broker economics
Source
Part of the Freight Brokerage & Forwarding Economics
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Freight broker adjusted gross profit measures the spread between what a logistics intermediary charges customers and the direct third-party transportation or sourcing costs it pays to fulfill those services.

C.H. Robinson defines adjusted gross profit as gross profit excluding amortization of internally developed software used directly to serve customers and contracted carriers.

Why it matters

For an asset-light broker, total revenue can swing sharply with carrier rates even when the broker's economic spread changes much less.

Adjusted gross profit therefore gives investors a cleaner view of the value retained after purchased transportation.

In 2025, C.H. Robinson reported $2.729 billion of adjusted gross profit on $16.233 billion of total revenue.

Revenue is not the same as broker economics

A broker can report lower revenue when market freight rates fall even if pricing discipline or carrier procurement improves.

That is why investors often analyze:

adjusted gross profit;
adjusted gross profit per transaction;
adjusted gross profit margin;
service-line volume; and
operating expense relative to adjusted gross profit.

The metric is non-GAAP and should be reconciled to reported gross profit.

Source

C.H. Robinson 2025 Form 10-K

Part of the Freight Brokerage & Forwarding Economics

Connect customer freight activity, purchased transportation, brokerage spread, surface-transport pricing, capacity signals, and forwarding volume and profit to understand asset-light logistics economics.

Browse the full operating model in Company Analysis →

Where this concept fits

Network activity, purchased capacity, and retained spreadCurrent relationship
Shipments managed, freight under management, and contract-carrier scale describe the activity and sourcing network. Purchased transportation is the principal direct capacity cost, while adjusted gross profit and adjusted gross profit margin show the spread retained after buying transportation.
Freight Broker Adjusted Gross ProfitCurrent conceptAdjusted Gross Profit Margin Contract Carrier Network Freight Under Management Purchased Transportation Cost Shipments Managed
North American surface pricing, volume, and capacity
Truckload and LTL volume show transaction activity, service-line adjusted gross profit shows retained economics, and customer-versus-carrier linehaul changes frame the truckload pricing spread. Routing-guide depth adds a capacity signal by showing how far a managed load moves through preferred carrier options before acceptance.
LTL Adjusted Gross Profit Broker LTL Volume Growth Routing Guide Depth Truckload Adjusted Gross Profit Carrier Linehaul Cost per Mile Customer Linehaul Rate per Mile Broker Truckload Volume Growth
Global forwarding volume and adjusted gross profit
Ocean, air, and customs volume changes show forwarding activity, while the matching adjusted gross profit measures show whether retained economics move with or diverge from volume as carrier rates, trade conditions, and service mix change.
Air Adjusted Gross Profit Air Volume Growth Customs Adjusted Gross Profit Customs Volume Growth Ocean Adjusted Gross Profit Ocean Volume Growth

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

CHRWOpen operating-model research →19 of 19 reviewed concepts in Freight Brokerage & Forwarding EconomicsNetwork activity, purchased capacity, and retained spread6 of 6 bridge concepts supportedContinue through this bridge:Adjusted Gross Profit Margin Contract Carrier Network Freight Under Management Purchased Transportation Cost Shipments Managed

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