Slide 1: Landstar System Reports Third Quarter Results
For Immediate Release October 28, 2025 LANDSTAR SYSTEM REPORTS THIRD QUARTER RESULTS Jacksonville, FL - Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported its financial results for the 2025 third quarter. The Company reported total revenue of $1,205 million in the 2025
Slide 2: Non-Cash Impairment Charges and Quarter Summary
LANDSTAR SYSTEM/2 With respect to Landstar’s EPS performance in the 2025 third quarter, the Company conducted a strategic review of our operations during the 2025 third quarter focused on efforts to streamline our core operations and position the Company for future growth. Following this strategic r
Slide 3: Capital Return and Revenue by Equipment
LANDSTAR SYSTEM/3 Landstar continues to return capital to stockholders through the Company’s stock purchase program and dividends. During the 2025 third quarter, Landstar purchased 308,709 shares of its common stock at an aggregate cost of $40.6 million, bringing the total number of common shares pu
Slide 4: Balance Sheet, Webcast and About Landstar
LANDSTAR SYSTEM/4 The Company’s balance sheet continues to be very strong, with cash and short-term investments of approximately $434 million as of September 27, 2025. Trailing twelve- month return on average shareholders’ equity was 15%. Return on invested capital, representing net income divided b
Slide 5: Non-GAAP Measures Explanation
LANDSTAR SYSTEM/5 useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. The Company believes adjusted operating income and
Slide 6: Forward-Looking Statements
LANDSTAR SYSTEM/6 purchase and use of zero-emission vehicles; intellectual property; acquisitions and investments; and other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10-K for the 2024 fiscal year, described in Part I, Item 1A Risk Factors, Landstar’s Form 10
Slide 7: Consolidated Statements of Income
LANDSTAR SYSTEM/7 Landstar System, Inc. and Subsidiary Consolidated Statements of Income (Dollars in thousands, except per share amounts) (Unaudited) Thirty-Nine Weeks Ended Thirteen Weeks Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 Revenue $ 3,569,291 $ 3,609,9
Slide 8: Consolidated Balance Sheets
LANDSTAR SYSTEM/8 Landstar System, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited) September 27, December 28, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 375,191 $ 515,018 Short-term investments 59,227 51,619 Trade account
Slide 9: Supplemental Information
LANDSTAR SYSTEM/9 Landstar System, Inc. and Subsidiary Supplemental Information (Unaudited) Thirty-Nine Weeks Ended Thirteen Weeks Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 Revenue generated through (in thousands): Truck transportation Truckload: Van equipment
Slide 10: Reconciliation of Gross Profit to Variable Contribution
LANDSTAR SYSTEM/10 Landstar System, Inc. and Subsidiary Reconciliation of Gross Profit to Variable Contribution (Dollars in thousands) (Unaudited) Thirty-Nine Weeks Ended Thirteen Weeks Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 Revenue $ 3,569,291 $ 3,609,915
Slide 11: Reconciliation of GAAP Operating Income to Adjusted Operating Income
LANDSTAR SYSTEM/11 Landstar System, Inc. and Subsidiary Reconciliation of GAAP Operating Income to Adjusted Operating Income (Dollars in thousands) (Unaudited) Thirty-Nine Weeks Ended Thirteen Weeks Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 GAAP operating inco
Slide 12: Reconciliation of GAAP EPS to Adjusted EPS
LANDSTAR SYSTEM/12 Landstar System, Inc. and Subsidiary Reconciliation of GAAP Earnings per Share to Adjusted Earnings per Share (Unaudited) Thirty-Nine Weeks Ended Thirteen Weeks Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 GAAP basic and diluted earnings per sh
Slide 13: Landstar System, Inc. 3Q 2025 Earnings Conference Call
Landstar System, Inc. 3Q 2025 Earnings Conference Call Date
Slide 14: Forward-Looking Statements Disclaimer
3Q 2025 Forward-Looking Statements Disclaimer The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements made in this slide presentation that are not based on historical facts are “forward-looking statements.” This presentation may make certain
Slide 15: Non-GAAP Financial Measures
3Q 2025 Non-GAAP Financial Measures In this slide presentation, the Company provides the following information that may be deemed non-GAAP financial measures: (i) adjusted operating income, (ii) adjusted basic and diluted earnings per share (“Adjusted Earnings per Share” or “Adjusted EPS”), (iii) va
Slide 16: Executive Summary
3Q 2025 Executive Summary Frank Lonegro Chief Executive Officer 4
Slide 17: Results Highlights
SlidePerspective CEO header RESULTS HIGHLIGHTS Dollars in Millions (except per share amounts) 3Q revenue performance Strong performance in our services hauled by Metric 3Q 2025 3Q 2024 Chg. unsided/platform equipment Truck capacity Revenue $ 1,205.4 $ 1,213.9 (0.7%) 3Q BCO truck count grew sequentia
Slide 18: Landstar Network and 3Q Truckload Operating Results
Slide header Landstar Network and 3Q Truckload Operating Results LANDSTAR NETWORK 3Q R E S U L T S Agents Customers Capacity Employees $1.09B Truck Revenue ~1,000 23,000+ 75,000+ ~1,400 485K Truck Loadings $2,245 Truck Revenue per Load 485 Million $ Agents* 8,618 BCO Trucks 67,465 Carriers 17,400+ T
Slide 19: Available Truck Capacity Providers
Truck SlideCapacity header All information is provided as of the end of the applicable period AVAILABLE TRUCK CAPACITY PROVIDERS Type of Capacity Sep 27, 2025 Jun 28, 2025 Dec 28, 2024 Sep 28, 2024 BCO Independent Contractors 7,827 7, 844 8,082 8,266 Truck Brokerage Carriers Approved and Active (1)
Slide 20: Financial Results
3Q 2025 Financial Results Jim Todd Chief Financial Officer 8
Slide 21: Revenue
Revenue Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $1,205.4 $1,213.9 Truck (0.0%) (0.1%) (0.1%) Rail Intermodal (0.6%) 13.5% 12.8% Ocean/Air 7.6% (12.0%)) (5.3%) Insurance Premiums N/A N/A (6.0%) 3Q 2025 3Q 2024 Total Revenue — — (0.7%) (1) Percentage cha
Slide 22: Revenue Variances by Industry Served
Revenue Variances Slide by header Industry Served with Revenue Share Indicated Amounts in Percent Transportation logistics revenue down 1% Y-O-Y Revenue Share Y-O-Y Change 3Q 2025 3Q 2024 Market Segment in Revenue 27.4 28.4 Consumer Durables (4) 15.3 13.8 Machinery 10 9.0 9.8 Building Products (8) 9
Slide 23: Gross Profit and Variable Contribution with Associated Margins
Gross Profit (1) and Variable Contribution (2) Slide with header Associated Margins Dollars in Millions RESULTS CHANGE IN VC MARGIN Gross Variable Amounts in % 3Q Profit Contribution 2024 14.1 $170.2 $171.4 Revenue – Variable (0.2) $111.1 $112.7 Revenue – Fixed (3) 0.1 Change in Mix/Other 0.1 9.2% 9
Slide 24: Operating Income and Adjusted Operating Income
Operating Income and Adjusted Operating Income (1) Slide as header a Percentage of Gross Profit and Variable Contribution Dollars in Millions RESULTS CHANGE IN PERCENTAGE of Variable Contribution Operating Percentage of Amounts in % 3Q Income Gross Profit Variable Contribution 2024 36.8) $63.1 Non-C
Slide 25: Key Balance Sheet and Cash Flow Statistics
Key Balance Slide headerSheet and Cash Flow Statistics Dollars in Millions N E T C A S H (1) SOURCES / USES OF CASH with Debt to Capital (2) Year-to-date as of date indicated as of date indicated Cash Flow Type 3Q 2025 3Q 2024 Cash flow from operations $ 152.2 $ 225.4 $458.8 Capital expenditures $ 7
Slide 26: Closing Remarks
3Q 2025 Closing Remarks Frank Lonegro Chief Executive Officer 14
Slide 27: Current Market Update and Historical Trends
Slide header Current Market Update and Historical Trends Current Market Update - October business activity: – Truck Loads: October approximately 3% below October 2024 – Modestly below typical September to October month-to-month historical trends – Truck Revenue per Load: October approximately equa
Slide 28: Appendix
3Q 2025 Appendix 16
Slide 29: Revenue Breakdown by Service Type
Slide header Revenue Breakdown by Service Type P E R C E N T A G E O F R E V E N U E 3Q 2 0 2 5 by Service Type 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% TRUCK TRANSPORTATION TRUCKLOAD Van — 48%, Unsided/Platform — 32% LTL — 2% OTHER TRUCK — 8% RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 6% ALL OTHER
Slide 30: Truckload Loadings and Revenue per Truckload Trends
Slide header Truckload Loadings and Revenue per Truckload Trends VAN UNSIDED / PLATFORM NUMBER OF LOADS NUMBER OF LOADS 400,000 150,000 300,000 100,000 200,000 50,000 100,000 0 0 REVENUE PER LOAD REVENUE PER LOAD $3,500 $3,500 $3,100 $3,100 $2,700 $2,700 $2,300 $2,300 $1,900 $1,900 $1,500 $1,500 18
Slide 31: Revenue – Year-to-Date
Revenue – Year-to-Date Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $3,569.3 $3,609.9 Truck 0.7% (0.9%) (0.2%) Rail Intermodal (6.6%) 2.5% (4.2%) Ocean/Air 0.3% (6.7%)) (6.5%) Insurance Premiums N/A N/A (8.2%) 3Q 2025 YTD 3Q 2024 YTD Total Revenue — — (1.1%
Slide 32: Gross Profit and Variable Contribution – Year-to-Date
Gross Profit and Variable Contribution – Year-to-Date Slide with header Associated Margins Dollars in Millions RESULTS CHANGE IN VC MARGIN Gross Variable Amounts in % 3Q YTD Profit Contribution 2024 14.3 $502.0 $514.7 $346.6 $318.6 Revenue – Fixed (1) 0.0 Revenue – Variable (0.1) Change in Mix/Other
Slide 33: Operating Income – Year-to-Date
Operating Income – Year-to-Date Slide as header a Percentage of Gross Profit and Variable Contribution Dollars in Millions RESULTS CHANGE IN PERCENTAGE of Variable Contribution Operating Percentage of Amounts in % 3Q YTD Income Gross Profit Variable Contribution 2024 37.1) $191.1 Impairment (6.0) 55
Slide 34: Adjusted Operating Income – Year-to-Date
Adjusted Operating Income – Year-to-Date Slide as header a Percentage of Gross Profit and Variable Contribution Dollars in Millions RESULTS CHANGE IN PERCENTAGE of Variable Contribution Adjusted Percentage of Amounts in % 3Q YTD Operating Gross Profit Variable Contribution Income 2024 37.1) $191.1 5
Slide 35: Reconciliation of Gross Profit to Variable Contribution
Reconciliation Slide headerof Gross Profit to Variable Contribution Dollars in Thousands Thirty-Nine Weeks Ended Thirteen Weeks Ended Sep 27, Sep 28, Sep 27, Sep 28, 2025 2024 2025 2024 Revenue $ 3,569,291 $ 3,609,915 $ 1,205,406 $ 1,213,867 Costs of revenue: Purchased transportation 2,775,761 2,799
Slide 36: Reconciliations of GAAP Operating Income and EPS to Adjusted
Reconciliations of GAAP Operating Income to Adjusted Operating Income and GAAP EPS to Adjusted EPS Slide header Dollars in Thousands (except per share amounts) Thirty-Nine Weeks Ended Thirteen Weeks Ended Sep 27, Sep 28, Sep 27, Sep 28, 2025 2024 2025 2024 GAAP operating income $ 122,025 $ 191,136 $
Slide 37: Free Cash Flow with Stock Purchases and Dividends
Free SlideCash Flow with Stock Purchases and Dividends header Dollars and Shares in Millions 5–YEAR SUMMARY Cash Flow Item 2020 2021 2022 2023 2024 Cash flow from operations $ 211 $ 277 $ 623 $ 394 $ 287 Cash capital expenditures(1) $ 34 $ 24 $ 26 $ 26 $ 31 Free cash flow $ 177 $ 253 $ 597 $ 368 $ 2
Slide 38: DOT Accident Frequency per Million Miles Traveled by BCOs
(1) DOT Slide header Frequency Accident per Million Miles Traveled by BCOs 5–YEAR SUMMARY 0.70 0.65 0.65 0.62 0.60 0.60 0.59 0.57 0.55 0.50 2020 2021 2022 2023 2024 (1) A “DOT Accident” is defined, consistent with U.S. 49 CFR 390.5T, as an occurrence involving a commercial motor vehicle operating on
Slide 39: Landstar System, Inc. 3Q 2025 Earnings Conference Call
Landstar System, Inc. 3Q 2025 Earnings Conference Call Date