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LSTR

Landstar System, Inc.

LSTR

Landstar System, Inc. • NASDAQ
$130.84 ▲ 0.10% (+0.13)
Market Cap $4.49 B
52w High $190.69
52w Low $119.32
Dividend Yield 3.56%
P/E 33.46
Volume 96.59K
Outstanding Shares 34.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.205B ▼ $105.595M ▼ $19.364M ▼ 1.606% ▼ $0.56 ▼ $37.835M ▼
Q2-2025 $1.215B ▲ $186.972M ▲ $41.893M ▲ 3.448% ▲ $1.2 ▲ $68.429M ▲
Q1-2025 $1.156B ▼ $178.951M ▼ $29.806M ▼ 2.578% ▼ $0.85 ▼ $50.815M ▼
Q4-2024 $1.213B ▼ $179.425M ▼ $46.193M ▼ 3.808% ▼ $1.31 ▼ $70.115M ▼
Q3-2024 $1.218B $180.47M $50.033M 4.109% $1.41 $78.487M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $434.418M ▲ $1.662B ▼ $773.492M ▼ $888.704M ▼
Q2-2025 $426.172M ▼ $1.7B ▼ $777.818M ▼ $921.826M ▼
Q1-2025 $473.436M ▼ $1.716B ▼ $785.423M ▼ $930.755M ▼
Q4-2024 $566.637M ▲ $1.813B ▲ $840.872M ▲ $972.439M ▼
Q3-2024 $531.281M $1.757B $741.337M $1.016B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $19.364M ▲ $89.333M ▲ $1.097M ▲ $-73.25M ▼ $15.954M ▲ $86.043M ▲
Q2-2025 $0 ▼ $7.138M ▼ $-1.923M ▼ $-65.624M ▲ $-58.183M ▲ $4.657M ▼
Q1-2025 $29.806M ▼ $55.698M ▼ $1.147M ▲ $-154.603M ▼ $-97.598M ▼ $53.796M ▼
Q4-2024 $46.193M ▼ $61.122M ▼ $717K ▲ $-13.289M ▲ $46.188M ▲ $54.38M ▼
Q3-2024 $50.033M $83.096M $-739K $-51.173M $30.768M $75.618M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Insurance
Insurance
 $50.00M ▲$30.00M ▼$60.00M ▲$30.00M ▼
Transportation Logistics
Transportation Logistics
 $1.19Bn ▲$1.14Bn ▼$1.20Bn ▲$1.19Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have clearly come off the boom levels seen a few years ago, reflecting a softer freight market and normalizing demand after a strong cycle. Sales, gross profit, and net income are all lower than the peak year, and earnings per share have stepped down accordingly. That said, profitability still appears stronger than it was before the pandemic surge, showing that the business has retained some of the structural gains from that period. Overall, the income statement tells a story of a cyclical comedown, but from an unusually high peak rather than from a position of weakness.

Balance Sheet

Balance Sheet The balance sheet looks conservative and steady. Total assets have been broadly stable, with cash balances building over time and debt remaining modest and even trending down from prior highs. Shareholders’ equity has grown, suggesting that profits have been retained and the company has not stretched its financial position. This combination of rising equity, moderate leverage, and healthy cash cushions points to a solid financial foundation that can support the business through industry cycles.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has remained positive throughout the period, even as profits came down from their peak. Free cash flow is consistently positive as well, helped by very light capital spending, which fits with the asset-light model. In plain terms, the business turns a good portion of its accounting profits into actual cash, and it doesn’t need to reinvest heavily just to stand still. That gives management flexibility for dividends, buybacks, or strategic investments when opportunities arise.

Competitive Edge

Competitive Edge Landstar’s competitive edge rests on its asset-light network of independent owner-operators and agents rather than owning large fleets of trucks. This structure gives it flexibility, lower fixed costs, and the ability to scale capacity up or down with demand. The company’s brand, long relationships, and specialized capabilities in areas like oversized loads, hazardous materials, government and military work, and disaster response create differentiation that is not easy for smaller or newer players to replicate. Its large, loyal network of capacity providers and shippers reinforces itself: more shippers attract more capacity, and vice versa, supporting a durable competitive position in a fragmented industry.

Innovation and R&D

Innovation and R&D Innovation at Landstar is focused on digital tools and data rather than heavy physical assets. The company has developed proprietary platforms for real-time tracking, load matching, pricing analytics, and mobile apps that help both agents and drivers operate more efficiently and earn more. It is also layering in artificial intelligence to refine pricing, improve retention of its independent drivers, and enhance customer service. Ongoing investments in digital freight management and specialized equipment show that Landstar is trying to stay ahead of technology shifts while deepening its niche in higher-value freight services, rather than competing purely on basic trucking capacity.

Summary

Landstar today looks like a cyclical business coming off a very strong high, not a structurally impaired company. Earnings and margins have cooled as the freight cycle normalized, but they remain better than pre-pandemic levels, supported by an efficient, asset-light model. The balance sheet is conservative, cash generation is robust, and capital needs are modest, giving the company financial resilience. Its network-based model, specialization in complex freight, and steady investment in technology and data tools provide a meaningful competitive moat. The key variables to watch going forward are the broader freight cycle, the company’s ability to keep its network of independent agents and drivers engaged, and how effectively it continues to deploy AI and analytics to sustain its edge in a changing logistics landscape.

NEWS

November 25, 2025 · 8:31 PM UTC

Lodestar Metals Closes Third and Final Tranche of Financing

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October 22, 2025 · 5:58 PM UTC

Lodestar Metals Upsizes Private Placement to $1.5M

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October 15, 2025 · 8:07 PM UTC

Lodestar Metals Upsizes Private Placement to $1M and Announces Completion of Strategic Share Consolidation

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October 14, 2025 · 7:50 AM UTC

Landstar to Release Third Quarter Results on Tuesday, October 28, 2025

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