Lou Whiteman

Now, brokers arrange transportations, kind of act as a middleman between shippers and the companies that want to move freight.

With tariffs and all this, it's been a tough year for freight, but Robinson in its most recent quarter, they grew operating income by 7%, even as revenue fell by 6.5%.

How?

Well, this is an AI success story.

Adjusted operating margin improved by 490 basis points year-over-year because Robinson is actually having success using AI to automate processes that have historically been done manually and taking out cost.

I don't think they're done.

We're talking about the potential of another 200 basis points gains in 2026.

Robinson is the biggest company in their field.

They're using their scale to their advantage.

They're gaining customers.

You couple all of the work they're doing in-house with the inevitability of one day the shipping market's going to improve.

And I think Robinson looks pretty intriguing right now.

I mean, Dan, I know what you like.

Yeah, there's nothing really to complain about in this quarter.

I think the business is getting healthier, and I think that's a good thing.

As an investor, I struggle to see why I should be excited about this or why I should care.

For one thing, as Rachel noted, they are dumping the fastest-growing, most interesting part of this business.

Now, for China, I know it's a licensing agreement.

They can still asset-light.

But China, international revenue is up 10%, North America revenue up 3%.