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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%.
Truck transportation revenue remained nearly flat year-over-year, while heavy haul and unsided/platform equipment set new records, with heavy haul revenue up 23% and unsided/platform up 11%.
Results were negatively impacted by elevated insurance and claims costs, including $16.7 million from three major accidents, and a $2.1 million non-cash impairment related to the Mexican subsidiary.
Significant investments in AI and technology, with 50% of the 2026 IT CapEx dedicated to AI enablement, supporting productivity and risk reduction.
The company returned $261 million to shareholders via buybacks and $245 million in dividends over two years.
Financial highlights
Truck revenue for Q4 2025 was $1.08 billion, with 473,000 truck loadings and truck revenue per load at $2,280.
Heavy haul revenue reached $170 million in Q4 2025, up 23% year-over-year, with a 16% increase in revenue per load and 7% higher volume.
Gross profit for Q4 2025 was $85.6 million (7.3% margin), and variable contribution was $166.0 million (14.1% margin), both down from the prior year.
Insurance and claim costs surged to $56.1 million in Q4 2025, up from $30.1 million in Q4 2024, due to major accident charges and increased reserves.
Cash flow from operations for 2025 was $225 million; cash and short-term investments ended at $452 million.
Outlook and guidance
No formal guidance provided; Q1 2026 revenue expected to be down low single digits sequentially if January's outperformance continues.
January 2026 truck loads were about 1% below January 2025, but truck revenue per load was 4% higher.
Pre-pandemic seasonality suggests a mid- to high-single-digit decrease in truck revenue and a 4% decline in both truck loads and revenue per load from Q4 to Q1.
Variable contribution margin may not follow typical seasonal expansion 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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