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Landstar System (LSTR) investor relations material
Landstar System Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $1.211B, down 1% year-over-year, with EPS of $1.20 and net income of $41.9M, reflecting a 28% year-over-year net income decline.
Truck revenue per load increased 2.6% year-over-year, with heavy haul services up 9% and unsided/platform equipment up 3.2%.
Operating income fell 17.3% to $56.3M, impacted by higher insurance and claims costs and a $4.8M supply chain fraud charge.
Freight environment remained soft, with demand affected by inflation, trade policy, and volatile market conditions.
The company maintained a strong balance sheet, continued capital returns, and invested in technology and equipment.
Financial highlights
Gross profit for Q2 2025 was $109M (9% margin), down from $120M (9.8%) in Q2 2024; variable contribution margin was 14.1%.
Cash and short-term investments ended at $426M; net cash was $340.7M with a debt to capital ratio of 9%.
Free cash flow for Q2 2025 was $62.8M, down from $142.3M in Q2 2024.
Insurance and claims costs rose to $30.4M (6.6% of BCO revenue) due to higher accident severity and cargo theft.
$97M in dividends and $103M in share repurchases in H1 2025; 686,459 shares repurchased year-to-date.
Outlook and guidance
No formal Q3 guidance; July truck loads up 1% year-over-year, but revenue per load down 3%.
Q3 variable contribution margin expected to be flat sequentially; SG&A to decline by ~$3M, partially offset by a $1.5M event cost.
Management expects elevated legal/professional fees and a pending legal case could materially impact results.
Company anticipates $30M in property acquisitions, mainly for equipment and IT, in the remainder of 2025.
Available cash, cash flow, and borrowing capacity are considered adequate for obligations and growth.
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