LSTR

MKT CAP:$6B

Landstar System, Inc.

Market Cap

$6B

Industrials·Integrated Freight & Logistics·🇺🇸 United States·NASDAQ

Industrials·Integrated·🇺🇸·NASDAQ

Stock Price

$178.74+$31.96 (+21.77%)

Apr 21, 2026

Company Details

Landstar System, Inc. provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. The company operates through two segments: Transportation Logistics, and Insurance. The Transportation ...

CEO

Frank A. Lonegro

IPO Date

Mar 5, 1993

Website

www.landstar.com

Key Metrics TTM

Revenue

$4.8B

-1.7% YoY

Net Income

$115M

EPS (Diluted)

$3.31

Free Cash Flow

$215M

Revenue / Share

$138.86

Gross Margin

16.3%

Operating Margin

3.2%

Net Margin

2.4%

FCF Margin

4.5%

P/S

1.3x

P/E

53.1x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 23, 2026

$4.7B-1.9%EPS $3.31

Q4 2025

Feb 23, 2026

$1.2B-3.2%EPS $0.70

Q3 2025

Oct 28, 2025

$1.2B-1.0%EPS $0.56

Q2 2025

Jul 29, 2025

$1.2B-1.1%EPS $1.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.0B	$390M	$163M
Q2 22	$2.0B	$396M	$150M
Q3 22	$1.8B	$369M	$133M
Q4 22	$1.7B	$355M	$124M
Q1 23	$1.4B	$308M	$101M
Q2 23	$1.4B	$293M	$88M
Q3 23	$1.3B	$276M	$80M
Q4 23	$1.2B	$253M	$75M
Q1 24	$1.2B	$243M	$60M
Q2 24	$1.2B	$251M	$68M
Q3 24	$1.2B	$244M	$63M
Q4 24	$1.2B	$237M	$58M
Q1 25	$1.2B	$218M	$39M
Q2 25	$1.2B	$243M	$56M
Q3 25	$1.2B	$159M	$26M
Q4 25	$1.2B	$156M	$29M

Valuation

Quarter	P/S	P/E
Q1 22	0.8x	14.2x
Q2 22	0.8x	13.6x
Q3 22	0.8x	13.6x
Q4 22	0.8x	14.2x
Q1 23	0.9x	15.9x
Q2 23	1.0x	18.1x
Q3 23	1.1x	20.4x
Q4 23	1.2x	23.1x
Q1 24	1.2x	26.2x
Q2 24	1.2x	27.9x
Q3 24	1.3x	29.4x
Q4 24	1.3x	31.2x
Q1 25	1.3x	34.2x
Q2 25	1.3x	36.4x
Q3 25	1.3x	44.5x
Q4 25	1.3x	53.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$95M	$91M
Q2 22	$115M	$111M
Q3 22	$227M	$213M
Q4 22	$185M	$180M
Q1 23	$139M	$133M
Q2 23	$53M	$46M
Q3 23	$112M	$109M
Q4 23	$90M	$80M
Q1 24	$94M	$85M
Q2 24	$48M	$41M
Q3 24	$83M	$76M
Q4 24	$61M	$54M
Q1 25	$56M	$54M
Q2 25	$7M	$5M
Q3 25	$89M	$86M
Q4 25	$73M	$71M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$4M
Q3 22	$14M
Q4 22	$5M
Q1 23	$6M
Q2 23	$6M
Q3 23	$3M
Q4 23	$10M
Q1 24	$9M
Q2 24	$7M
Q3 24	$7M
Q4 24	$7M
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+53.0%	+52.6%
Q2 22	+25.7%	+25.9%
Q3 22	+4.7%	+5.0%
Q4 22	-13.9%	-13.7%
Q1 23	-27.1%	-26.1%
Q2 23	-30.3%	-29.4%
Q3 23	-28.9%	-28.0%
Q4 23	-27.9%	-27.0%
Q1 24	-18.3%	-16.6%
Q2 24	-10.7%	-9.9%
Q3 24	-5.8%	-4.7%
Q4 24	+0.5%	+2.0%
Q1 25	-1.6%	+0.2%
Q2 25	-1.1%	-0.2%
Q3 25	-1.0%	+2.1%
Q4 25	-3.2%	-0.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	0.1%
Q2 22	$4M	0.2%
Q3 22	$4M	0.2%
Q4 22	$0	0.0%
Q1 23	$2M	0.1%
Q2 23	$1M	0.1%
Q3 23	$1M	0.1%
Q4 23	$12.0K	0.0%
Q1 24	$2M	0.1%
Q2 24	$2M	0.2%
Q3 24	-$43.0K	-0.0%
Q4 24	-$138.0K	-0.0%
Q1 25	$2M	0.2%
Q2 25	$2M	0.1%
Q3 25	$2M	0.1%
Q4 25	$755.0K	0.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	—	$53M	$150M
Q2 22	—	$59M	$162M
Q3 22	—	$54M	$154M
Q4 22	$33M	$56M	$149M
Q1 23	—	$54M	$126M
Q2 23	—	$55M	$122M
Q3 23	—	$51M	$115M
Q4 23	$35M	$53M	$99M
Q1 24	—	$56M	$97M
Q2 24	—	$55M	$100M
Q3 24	—	$51M	$99M
Q4 24	$34M	$55M	$97M
Q1 25	—	$62M	$93M
Q2 25	—	$56M	$100M
Q3 25	—	$90M	—
Q4 25	—	$56M	—

Revenue Segments

Quarter	Insurance	Transportation Logistics
Q1 22	$19M	$2.0B
Q2 22	$20M	$2.0B
Q3 22	$20M	$1.8B
Q4 22	$20M	$1.7B
Q1 23	$19M	$1.4B
Q2 23	$18M	$1.4B
Q3 23	$18M	$1.3B
Q1 24	$17M	$1.2B
Q2 24	$41M	$1.2B
Q3 24	$16M	$1.2B
Q4 24	$47M	$1.2B
Q1 25	$26M	$1.1B
Q2 25	$56M	$1.2B
Q3 25	$26M	$1.2B
Q4 25	$8M	$1.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$147M	$34M	$182M
Q2 22	$78M	$42M	$120M
Q3 22	$178M	$51M	$228M
Q4 22	$340M	$54M	$394M
Q1 23	$341M	$47M	$388M
Q2 23	$361M	$59M	$419M
Q3 23	$440M	$57M	$497M
Q4 23	$481M	$60M	$541M
Q1 24	$468M	$63M	$530M
Q2 24	$438M	$66M	$504M
Q3 24	$469M	$62M	$531M
Q4 24	$515M	$52M	$567M
Q1 25	$417M	$56M	$473M
Q2 25	$359M	$67M	$426M
Q3 25	$375M	$59M	$434M
Q4 25	$397M	$56M	$452M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	37M	-1.3%	-2.6%
Q2 22	37M	-1.4%	-3.9%
Q3 22	36M	-1.5%	-4.9%
Q4 22	36M	-1.1%	-5.2%
Q1 23	36M	+0.1%	-3.8%
Q2 23	36M	-0.1%	-2.6%
Q3 23	36M	+0.0%	-1.1%
Q4 23	36M	-0.4%	-0.4%
Q1 24	36M	-0.2%	-0.6%
Q2 24	36M	-0.3%	-0.8%
Q3 24	35M	-0.7%	-1.5%
Q4 24	35M	-0.3%	-1.3%
Q1 25	35M	-0.4%	-1.5%
Q2 25	35M	-0.9%	-2.2%
Q3 25	35M	-0.8%	-2.4%
Q4 25	34M	-1.1%	-3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1M	1K
Q2 22	$1M	1K
Q3 22	$1M	1K
Q4 22	$1M	1K
Q1 23	$991.7K	1K
Q2 23	$949.9K	1K
Q3 23	$891.9K	1K
Q4 23	$822.7K	1K
Q1 24	$800.0K	1K
Q2 24	$837.0K	1K
Q3 24	$829.6K	1K
Q4 24	$841.9K	1K
Q1 25	$802.3K	1K
Q2 25	$843.2K	1K
Q3 25	$836.5K	1K
Q4 25	$852.3K	1K

Revenue / Employee