Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q3 2025 Earnings Presentation
27 slides from Landstar System's earnings presentation, Oct 28, 2025
Slide 1: Landstar System, Inc. 3Q 2025 Earnings Conference Call
Landstar System, Inc. 3Q 2025 Earnings Conference Call Date
Slide 2: 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 3: 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 4: Executive Summary - Frank Lonegro
3Q 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) 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 6: 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 7: 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 8: Financial Results - Jim Todd
3Q 2025 Financial Results Jim Todd Chief Financial Officer 8
Slide 9: 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 10: 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 11: Gross Profit and Variable Contribution
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 12: 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 13: 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 14: Closing Remarks
3Q 2025 Closing Remarks Frank Lonegro Chief Executive Officer 14
Slide 15: 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 16: Appendix
3Q 2025 Appendix 16
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 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 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 24: Reconciliations of GAAP Operating Income to Adjusted Operating Income and EPS
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 25: 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 26: DOT Accident Frequency per Million Miles Traveled
(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 27: Landstar System, Inc. 3Q 2025 Earnings Conference Call
Landstar System, Inc. 3Q 2025 Earnings Conference Call Date