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Landstar System
Landstar System (LSTR) investor relations material
Landstar System Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Fourth quarter 2025 revenue was $1,174.5 million, down 2.9% year-over-year, with EPS at $0.70, a 46.6% decline, and operating income at $29.6 million, down 48.8%.
Achieved record heavy haul revenue and strong capital returns to shareholders despite a prolonged freight recession.
Strong performance in unsided/platform equipment services, with truck revenue per load outpacing pre-pandemic trends.
Results were negatively impacted by elevated insurance and claims costs and a non-cash impairment related to the Mexican subsidiary.
Continued investment in technology, AI, and equipment to support network growth and productivity.
Financial highlights
Truck transportation revenue in Q4 2025 was nearly flat year-over-year at $1.08 billion, with 473,000 truck loadings and truck revenue per load at $2,280.
Heavy haul revenue in Q4 2025 was $170 million, up 23% year-over-year, with a 16% increase in revenue per load and 7% increase in volume.
Gross profit was $85.6 million (7.3% margin), and variable contribution was $166.0 million (14.1% margin).
Insurance and claim costs rose to $56.1 million in Q4 2025, including $16.7 million from three major accidents and $5.3 million in increased reserves.
Cash and short-term investments at quarter-end were $452 million; free cash flow for 2025 was $215 million.
Outlook and guidance
No formal guidance; Q1 2026 revenue commentary provided due to market uncertainty.
January 2026 truck revenue per load was 4% higher year-over-year, while volumes were about 1% lower.
Sequential Q1 2026 revenue could be down low single digits versus Q4 2025 if current trends persist.
Pre-pandemic seasonality suggests a mid- to high-single-digit decrease in truck revenue and a 4% decline in loads and revenue per load from Q4 to Q1.
Variable contribution margin may not follow normal seasonal patterns due to strong Q4 BCO utilization and winter storm impacts.
Quantify impact of discrete items on 4Q EPS?
How will AI impact agent/BCO productivity & growth?
Address truck capacity trends amid market demand?
Heavy haul's role in Q4 revenue and mix
AI's impact on agent and BCO productivity
Drivers of BCO fleet growth expectations for 2026
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Next Landstar System earnings date
Q1 202628 Apr, 2026
Landstar System
Next Landstar System earnings date
Q1 202628 Apr, 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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