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Landstar System (LSTR) investor relations material
Landstar System Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Third quarter 2025 revenue was $1,205 million, down 1% year-over-year, with gross profit and variable contribution each decreasing about 1%.
GAAP EPS was $0.56, significantly lower than $1.41 in Q3 2024, due to $30.1 million in non-cash, non-recurring impairment charges; adjusted EPS was $1.22.
Sequential growth in BCO truck count for the first time since Q1 2022, though still down 5% year-over-year.
Heavy haul/platform equipment revenue rose 17% year-over-year, with both volume and revenue per load up.
Safety performance remained strong, with accident frequency below national averages.
Financial highlights
Operating income was $26.3 million, down 58.3% year-over-year; adjusted operating income was $56.4 million, down 10.6%.
Gross profit margin was 9.2% (vs. 9.3% in Q3 2024); variable contribution margin held steady at 14.1%.
Net income for Q3 2025 was $19.4 million, compared to $50.0 million in Q3 2024.
Cash and short-term investments at quarter-end were $434 million; $152 million in operating cash flow and $8 million in capex for the first nine months of 2025.
SG&A increased to $57 million, mainly from higher stock-based compensation and IT costs.
Outlook and guidance
No formal Q4 guidance; October truck volumes down 3% year-over-year, revenue per load flat, and muted peak season expected.
Variable contribution margin typically compresses 20–30 bps from Q3 to Q4.
Government shutdown caused a >30% drop in government dispatch loads in October, expected to rebound after reopening.
Potential material adverse impact on insurance and claims costs in Q4 due to a recent accident.
Management expects legal and professional fees to remain slightly elevated for the remainder of 2025 due to a supply chain fraud matter.
Expected impact of strategic review decisions?
Reconcile BCO truck count growth with YoY decline.
What drives van vs. platform revenue divergence?
Federal regulations' capacity impact?
Landstar Metro sale: strategic rationale?
What drives recent BCO count increase?
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Next Landstar System earnings date
Q4 202529 Jan, 2026
Next Landstar System earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Landstar System, Inc. provides integrated transportation management solutions through its network of agents and subsidiaries throughout North America, Europe, Australia and South Africa. Landstar System was founded in 1968 as a trucking company based in the United States and is currently headquartered in Jacksonville, FL with locations across the USA and Canada, Mexico, the United Kingdom, France, Belgium and Germany. Landstar System, Inc. specializes in moving freight from point A to point B via truckload freight carrier or less-than-truckload (LTL) freight carrier delivery methods. The company also has a dedicated team that can set up global logistics services for business customers who are looking for a one-stop shop for container shipping, airfreight options or international customs clearance solutions. Landstar System, Inc. is based in Jacksonville, Florida.
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