Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q4 2025 Earnings Presentation
29 slides from Landstar System's earnings presentation, January 2026
Slide 1: Landstar System, Inc. 4Q 2025 Earnings Conference Call
Landstar System, Inc. 4Q 2025 Earnings Conference Call Date
Slide 2: Forward-Looking Statements Disclaimer
4Q 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 3: Non-GAAP Financial Measures
4Q 2025 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
4Q 2025 Executive Summary Frank Lonegro Chief Executive Officer 4
Slide 5: Results Highlights
SlidePerspective CEO header RESULTS HIGHLIGHTS Dollars in Millions (except per share amounts) 4Q revenue performance Strong performance in our services hauled by unsided/platform equipment Overall truck revenue per load that outperformed Metric 4Q 2025 4Q 2024 Chg. pre-pandemic historical trends Ope
Slide 6: AI Strategy
4Q 2025 AI Strategy Jim Applegate Chief Corporate Sales, Strategy and Specialized Freight Officer 6
Slide 7: 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 8: 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 9: Network and Capacity
4Q 2025 Network and Capacity Frank Lonegro Chief Executive Officer 9
Slide 10: Landstar Network and 4Q Truckload Operating Results
Slide header Landstar Network and 4Q Truckload Operating Results LANDSTAR NETWORK 4Q R E S U L T S Agents Customers Capacity Employees* $1.08B Truck Revenue ~960 20,000+ 70,000+ ~1,300 * Excluding LSTR Metro 473K Truck Loadings $2,280 Truck Revenue per Load 457 Million $ Agents** 8,514 BCO Trucks 62
Slide 11: 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 Dec 27, 2025 Dec 28, 2024 BCO Independent Contractors 7,712 8,082 Truck Brokerage Carriers Approved and Active (1) 36,852 43,718 Other Approved 25,938 26,
Slide 12: Financial Results
4Q 2025 Financial Results Jim Todd Chief Financial Officer 12
Slide 13: Revenue
Revenue Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $1,209.3 Truck 0.5% (0.8%) (0.2%) $1,174.5 Rail Intermodal 6.9% 22.3% 30.7% Ocean/Air (26.3%) (18.9%)) (40.2%) Insurance Premiums N/A N/A (4.4%) 4Q 2025 4Q 2024 Total Revenue — — (2.9%) (1) Percentage cha
Slide 14: Revenue Variances by Industry Served
Revenue Variances Slide by header Industry Served with Revenue Share Indicated Amounts in Percent Transportation logistics revenue down 3% Y-O-Y Revenue Share Y-O-Y Change 4Q 2025 4Q 2024 Market Segment in Revenue 27.8 27.4 Consumer Durables (2) 16.1 13.7 Machinery 14 9.6 10.1 Automotive (7) 9.4 9.4
Slide 15: 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 % 4Q Profit Contribution 2024 13.8 $166.0 $166.5 Revenue – Variable 0.2 $109.4 $85.6 Change in Mix/Other 0.2 Revenue – Fixed (3) (0.1) 7.3% 9.
Slide 16: 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 Income Gross Profit Variable Contribution Amounts in % 4Q $57.8 34.7% 2024 34.7) 52.8% Insurance and claims (16.2)
Slide 17: 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 4Q 2025 4Q 2024 Cash flow from operations $ 224.9 $ 286.6 $464.3 Capital expenditures $ 9
Slide 18: Closing Remarks
4Q 2025 Closing Remarks Frank Lonegro Chief Executive Officer 18
Slide 19: Current Market Update and Historical Trends
Slide header Current Market Update and Historical Trends Current Market Update - January 2026 business activity: – Truck Loads: January approximately 1% below January 2025 – Essentially in line with typical December to January month-to-month historical trends – Truck Revenue per Load: January appr
Slide 20: Appendix
4Q 2025 Appendix 20
Slide 21: 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 4Q 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 — 34% LTL — 2% OTHER TRUCK — 8% RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 4% ALL OTHER
Slide 22: 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 22
Slide 23: Revenue – Fiscal Year
Revenue – Fiscal Year Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $4,743.8 $4,819.2 Truck 0.6% (0.9%) (0.2%) Rail Intermodal (3.5%) 7.2% 3.4% Ocean/Air (7.8%) (9.6%)) (16.7%) Insurance Premiums N/A N/A (7.3%) 2025 2024 Total Revenue — — (1.6%) (1) Percenta
Slide 24: Gross Profit and Variable Contribution – Fiscal Year
Gross Profit and Variable Contribution – Fiscal Year Slide with header Associated Margins Dollars in Millions RESULTS CHANGE IN VC MARGIN Gross Variable Amounts in % 2025 Profit Contribution 2024 14.1 $668.0 $681.3 $456.0 $404.2 Revenue – Fixed (1) 0.0 Revenue – Variable 0.0 Change in Mix/Other 0.0
Slide 25: Operating Income – Fiscal Year
Operating Income – Fiscal Year 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 % 2025 Income Gross Profit Variable Contribution $248.9 2024 36.5) 54.6% 36.5% Insurance
Slide 26: Reconciliation of Gross Profit to Variable Contribution
Reconciliation Slide headerof Gross Profit to Variable Contribution Dollars in Thousands Fiscal Years Ended Fiscal Quarters Ended Dec 27, Dec 28, Dec 27, Dec 28, 2025 2024 2025 2024 R evenue $ 4,743,760 $ 4,819,245 $ 1,174,469 $ 1,209,330 Costs of revenue: Purchased transportation 3,688,343 3,745,24
Slide 27: 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 28: 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 29: Landstar System, Inc. 4Q 2025 Earnings Conference Call
Landstar System, Inc. 4Q 2025 Earnings Conference Call Date