Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q3 2026 Earnings Presentation
28 slides from Landstar System's earnings presentation
Slide 1: Landstar System, Inc. 3Q 2026 Earnings Conference Call
Landstar System, Inc. 3Q 2026 Earnings Conference Call Date
Slide 2: Forward-Looking Statements Disclaimer
3Q 2026 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 3: Non-GAAP Financial Measures
3Q 2026 Non-GAAP Financial Measures In this slide presentation, the Company provides the following information that may be deemed a non-GAAP financial measure: variable contribution, variable contribution margin and operating income as a percentage of variable contribution. Management believes varia
Slide 4: Executive Summary
3Q 2026 Executive Summary Frank Lonegro Chief Executive Officer 4
Slide 5: Results Highlights
SlidePerspective CEO header RESULTS HIGHLIGHTS Dollars in Millions (except per share amounts) 3Q revenue performance 29% increase in truck transportation revenue over 3Q 2025 Strong performance in our services hauled by van and unsided/platform equipment Metric 3Q 2026 3Q 2025 Chg. Truck capacity Ne
Slide 6: Network and Capacity
3Q 2026 Network and Capacity Frank Lonegro Chief Executive Officer 6
Slide 7: 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 $1.41B Truck Revenue ~980 ~20,000 75,000+ ~1,300 501K Truck Loadings $2,811 Truck Revenue per Load 457 Million $ Agents* 8,709 BCO Trucks 67,915 Carriers 17,800+ Tra
Slide 8: 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 26, 2026 Jun 27, 2026 Dec 27, 2025 Sep 27, 2025 BCO Independent Contractors 7,843 7,719 7,712 7,827 Truck Brokerage Carriers Approved and Active (1) 3
Slide 9: Financial Results
3Q 2026 Financial Results Jim Todd Chief Financial Officer 9
Slide 10: Revenue
Revenue Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $1,511.8 Truck 25.2% 3.1% 29.1% $1,205.4 Rail Intermodal 10.6% 6.3% 17.5% Ocean/Air (14.2%) (10.8%)) (23.4%) Insurance Premiums N/A N/A 0.9% 3Q 2026 3Q 2025 Total Revenue — — 25.4% (1) Percentage change i
Slide 11: Revenue Variances by Industry Served
Revenue Variances Slide by header Industry Served with Revenue Share Indicated Amounts in Percent Transportation logistics revenue up 26% Y-O-Y Revenue Share Y-O-Y Change 3Q 2026 3Q 2025 Market Segment in Revenue 29.2 27.4 Consumer Durables 34 15.3 15.3 Machinery 26 9.1 9.0 Building Products 27 8.8
Slide 12: 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 2025 14.1 $212.1 $170.2 Revenue – Fixed (3) (0.3) $126.5 $111.1 Revenue – Variable 0.1 Change in Mix/Other 0.1 8.4% 9
Slide 13: Operating Income as a Percentage of Gross Profit and Variable Contribution
Operating Income 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 (1) Gross Profit Variable Contribution $65.5 2025 15.5) Impairment 17.7 51.8% SG&A 4.1 30.9
Slide 14: 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 2026 3Q 2025 Cash flow from operations $ 98.7 $ 152.2 $357.3 Capital expenditures $ 11
Slide 15: Closing Remarks
3Q 2026 Closing Remarks Frank Lonegro Chief Executive Officer 15
Slide 16: Current Market Update and Historical Trends
Slide header Current Market Update and Historical Trends Current Market Update - October 2026 business activity: – Truck Loads: October 2026 approximately 7% above October 2025 – Slightly above typical September to October month-to-month historical trends – Truck Revenue per Load: October 2026 app
Slide 17: Appendix
3Q 2026 Appendix 17
Slide 18: 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 6 by Service Type 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% TRUCK TRANSPORTATION TRUCKLOAD Van — 50%, Unsided/Platform — 34% LTL — 2% OTHER TRUCK — 7% RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 4% ALL OTHER
Slide 19: 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 $4,500 $3,000 $4,000 $3,500 $2,500 $3,000 $2,000 $2,500 $1,500 $2,000 $1,500 $1,
Slide 20: Revenue – Year-to-Date
Revenue – Year-to-Date Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $4,115.3 Truck 16.3% 0.9% 17.4% $3,569.3 Rail Intermodal 10.3% 7.5% 18.5% Ocean/Air (5.2%) (14.5%)) (18.9%) Insurance Premiums N/A N/A (1.2%) 3Q 2026 YTD 3Q 2025 YTD Total Revenue — — 15.3%
Slide 21: 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 $583.6 2025 14.1 $371.4 $502.0 $318.6 Change in Mix/ Other 0.2 Revenue – Variable 0.1 Revenue – Fixed (1)
Slide 22: 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 2025 24.3) $185.0 Impairment 6.0 49.8
Slide 23: 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 26, Sep 27, Sep 26, Sep 27, 2026 2025 2026 2025 Revenue $ 4,115,342 $ 3,569,291 $ 1,511,787 $ 1,205,406 Costs of revenue: Purchased transportation 3,212,442 2,775
Slide 24: 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 2021 2022 2023 2024 2025 Cash flow from operations $ 277 $ 623 $ 394 $ 287 $ 225 Cash capital expenditures $ 24 $ 26 $ 26 $ 31 $ 10 Free cash flow $ 253 $ 597 $ 368 $ 256 $ 215
Slide 25: 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 0.59 0.55 0.50 2021 2022 2023 2024 2025 (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 26: AI For The Landstar Network of Entrepreneurs
AI For The Landstar Network of Entrepreneurs In-flight AI Efforts Unlock Growth Recruit, retain & grow network Improve productivity and through enhanced technology unlock Agent & BCO growth Network Retention AI Effort: BCO Retention Benefit: Targeted support for at risk BCOs Improve Communications A
Slide 27: AI For Landstar Corporate
AI For Landstar Corporate In-flight AI Efforts Strengthen Brand Improve the experience for Grow network through all Landstar Network enhanced support stakeholders Leverage Financial Strength AI Effort: ERP; AI Enhanced Credit Benefit: Improve decision making Network Retention Optimize the deployment
Slide 28: Landstar System, Inc. 3Q 2026 Earnings Conference Call
Landstar System, Inc. 3Q 2026 Earnings Conference Call Date