Financials

Landstar System Inc. financials

LSTR Ground Transportation

Landstar System Inc., founded in 1988 and headquartered in Jacksonville, Florida, United States, operates as a non-asset-based transportation management firm that connects independent owner-operators with freight demand. The company reported approximately $2.8 billion in revenue in FY 2022 and utilizes a digital freight matching platform to drive operational efficiency. Under the leadership of CEO Edward J. Anderson and CFO Michael J. Buck, Landstar sustains a competitive edge through its extensive network of over 13,000 assets. It continues to invest in digital initiatives and strategic growth to capture new market opportunities in the logistics sector.

Snapshot

Landstar System Inc. reported $4.76B in revenue in fiscal 2025, up -1.6% year over year, with an operating margin of 3.2%.

Revenue (FY2025): $4.76B
YoY growth: +-1.6%
Operating margin: 3.2%
Direction: Expanding

Financial statements

In thousands, USD · annual

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	4,757,450	4,834,060	5,313,460	7,439,720
Cost of Sales	4,075,740	4,137,990	4,530,930	6,418,880
Gross Profit	681,705	696,063	782,533	1,020,840
Selling, General & Administrative Expenses	389,984	331,637	326,040	347,114
Depreciation & Amortization Expenses	46,388	56,738	58,153	57,453
Other Operating Expenses	93,756	58,781	54,191	45,192
Operating Profit	151,577	248,907	344,149	571,083
Interest Expense	(996)	5,419	3,946	(3,620)
Total Non-Operating Income	(996)	5,419	3,946	(3,620)
Income Before Provision for Income Taxes	150,581	254,326	348,095	567,463
Provision for Income Taxes	35,574	58,380	83,701	136,549
Consolidated Net Income	115,007	195,946	264,394	430,914
Net Income Attributable to Common Shareholders	115,007	195,946	264,394	430,914
Basic EPS	3.31	5.51	7.36	11.76
Diluted EPS	3.31	5.51	7.36	11.76
Basic Weighted Average Shares Outstanding	34,717	35,538	35,920	36,633
Diluted Weighted Average Shares Outstanding	34,717	35,538	35,920	36,633
Shares Outstanding	34,059	35,316	35,717	35,927

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	396,694	515,018	481,043	339,581
Short-Term Investments	55,531	51,619	59,661	53,955
Total Cash and Cash Equivalents	452,225	566,637	540,704	393,536
Accounts Receivable	670,137	683,841	743,762	967,793
Other Receivables	52,784	47,160	43,339	56,235
Total Trade Receivables	722,921	731,001	787,101	1,024,030
Other Current Assets	41,180	22,229	24,936	21,826
Total Current Assets	1,216,330	1,319,870	1,352,740	1,439,390
Net Property, Plant & Equipment	261,322	311,345	284,300	314,990
Goodwill	34,005	40,933	42,275	41,220
Other Long-Term Assets	124,282	141,166	122,530	136,279
Total Assets	1,635,940	1,813,310	1,801,850	1,931,880
Accounts Payable	369,567	383,625	395,980	527,372
Short-Term Debt	56,654	61,033	61,541	92,953
Current Portion of Long-Term Debt	28,342	33,116	27,876	36,175
Other Current Liabilities	241,277	195,380	189,827	221,635
Total Current Liabilities	695,840	673,154	675,224	878,135
Long-Term Debt	48,480	69,191	43,264	67,225
Other Long-Term Liabilities	95,950	98,527	99,435	99,298
Total Long-Term Liabilities	144,430	167,718	142,699	166,523
Total Liabilities	840,270	840,872	817,923	1,044,660
Common Stock	686	686	685	684
Treasury Stock	(2,313,250)	(2,131,410)	(2,048,180)	(1,992,890)
Additional Paid-in Capital	261,256	255,260	254,642	258,487
Accumulated Other Comprehensive Income	(5,712)	(12,010)	(6,865)	(15,024)
Retained Earnings	2,852,680	2,859,920	2,783,650	2,635,960
Total Common Shareholders' Equity	795,665	972,439	983,923	887,221
Total Shareholders' Equity	795,665	972,439	983,923	887,221
Total Liabilities and Shareholders' Equity	1,635,940	1,813,310	1,801,850	1,931,880

In thousands, USD
	FY 2024	FY 2023	FY 2022	FY 2021
Net Income	195,946	264,394	430,914	381,524
Depreciation & Amortization	56,738	58,153	57,453	49,609
Share-Based Compensation Expense	3,435	4,282	12,399	27,537
Other Adjustments	9,942	2,012	4,271	549
Changes in Trade Receivables	37,834	222,895	219,190	(362,234)
Changes in Accounts Payable	(12,355)	(131,392)	(76,758)	224,125
Changes in Other Operating Activities	(4,979)	(26,696)	(24,810)	(44,370)
Cash from Operating Activities	286,561	393,648	622,659	276,740
Capital Expenditure	(30,998)	(25,688)	(26,005)	(23,261)
Proceeds from Sale of Property, Plant & Equipment	9,746	8,294	5,236	2,971
Purchases of Investments	(101,312)	(101,639)	(45,201)	(84,992)
Proceeds from Sale of Investments	112,065	112,555	41,198	31,938
Cash from Investing Activities	(10,499)	(6,478)	(24,772)	(73,344)
Issuance of Common Shares	—	28	68	160
Repurchases of Common Shares	(85,328)	(63,104)	(296,411)	(125,064)
Net Issuance / (Repurchases) of Common Shares	(85,328)	(63,076)	(296,343)	(124,904)
Common Share Dividends Paid	(120,476)	(117,130)	(115,671)	(111,961)
Other Financing Activities	(31,535)	(67,765)	(63,668)	3,918
Cash from Financing Activities	(237,339)	(247,971)	(475,682)	(232,947)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(4,748)	2,263	(2,195)	(232)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	33,975	141,462	120,010	(29,783)

Quarterly trend

last 8 quarters

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$1.17B	+1.6%	4.5%	$53M
Q4 2025	$1.18B	+-2.9%	2.5%	$30M
Q3 2025	$1.21B	+-0.7%	2.2%	$26M
Q2 2025	$1.22B	+-1.1%	4.6%	$56M
Q1 2025	$1.16B	—	3.4%	$39M
Q4 2024	$1.21B	—	4.8%	$58M
Q3 2024	$1.22B	—	5.2%	$63M
Q2 2024	$1.23B	—	5.5%	$68M

Revenue by quarter$M

$1.23B

Q2 '24

$1.22B

Q3 '24

$1.21B

Q4 '24

$1.16B

Q1 '25

$1.22B

Q2 '25

$1.21B

Q3 '25

$1.18B

Q4 '25

$1.17B

Q1 '26

14.3%

Gross margin

3.2%

Operating margin

2.4%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-12

Snapshot

Financial statements

Quarterly trend

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