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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.
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Q2 2025 earnings summary29 Jul, 2025

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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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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