Landstar delivered a strong second quarter of 2026, with revenue up 18% year-over-year to $1.432 billion and GAAP diluted EPS up 20% to $1.44, as freight-market conditions shifted rapidly in favor of transportation providers after nearly four years of a shipper-favorable market. Truck revenue per load jumped 17% year-over-year and 14.4% sequentially (the largest sequential gain in 15 years) while loads grew ~2%, and heavy haul remained a standout at roughly $164 million (up 18%) on broad-based data center, aerospace, defense, and energy demand. The company's independent-contractor network strengthened, with a net 68-truck BCO improvement (best since Q1 2022), turnover falling to 28.3%, utilization up 12% year-over-year, and one of the largest new agent signings in 15 years (an ~$18 million Midwest broker) as post-Montgomery interest from small and medium brokers accelerated. Offsetting the strong top line was a difficult insurance and claims quarter, insurance and claims costs rose to $39.4 million (7% of BCO revenue) on ~$10.5 million of net unfavorable prior-year development from five specific claims (three brokerage), and higher SG&A (incentive and stock compensation, IT) pressured operating income growth (operating income of $66.2 million, up 17.7%, a ~4.6% operating margin). Free cash flow was negative for only the third time in a decade on a working-capital draw tied to the sharp revenue ramp, and variable contribution margin slipped 20 basis points to 13.9% as brokerage carrier rates rose and brokerage net revenue margin compressed 129 basis points. Management declined formal Q3 guidance given the fluid freight, geopolitical, and litigation backdrop (July loads ~5% and revenue per load ~26% above the prior year), raised the dividend 10% to $0.44, and emphasized that the Montgomery ruling, while raising broker-liability litigation risk industry-wide, primarily threatens smaller brokers and reinforces the value of Landstar's safety-, scale-, and service-driven model.