Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q4 2025 Earnings Presentation
29 slides from Landstar System's earnings presentation, Jan 28, 2026
Slide 1: Landstar System, Inc. Earnings Conference Call 4Q 2025
Date Landstar System, Inc. Earnings Conference Call 4Q 2025 Exhibit 99.2
Slide 2: Forward-Looking Statements Disclaimer
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 statemen
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures 4Q 2025 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: 4Q 2025 Executive Summary
Frank Lonegro Chief Executive Officer 4Q 2025 Executive Summary
Slide 5: CEO Perspective
Slide header CEO Perspective R E S U L T S Dollars in Millions (except per share amounts) H I G H L I G H T S 4Q revenue performance Strong performance in our services hauled by unsided/platform equipment Overall truck revenue per load that outperformed pre-pandemic historical trends Operating incom
Slide 6: AI Strategy
Jim Applegate Chief Corporate Sales, Strategy and Specialized Freight Officer 4Q 2025 AI Strategy
Slide 7: AI Effort and Benefit: Network Growth and Retention
AI Effort: AI Task Force Benefit: Accelerate the automation of routine agent & BCO workflows Unlock Growth Network Retention Improve Communications Enhance Decision Making Identify and Reduce Risk Improve Productivity Accelerate Workflow Automation Recruit, retain & grow network through enhanced tec
Slide 8: AI Effort: AI-Enabled Contact Center and Network Support
AI Effort: AI-Enabled Contact Center; AI agents: AI Task Force Benefits: Synchronize agent, BCO and corporate workflows & communication Strengthen Brand Leverage Financial Strength Network Retention Enhance Decision Making Identify Risk Improve Productivity Improve Network Integration Grow network t
Slide 9: Network and Capacity
Frank Lonegro Chief Executive Officer 4Q 2025 Network and Capacity
Slide 10: Landstar Network and 4Q Truckload Operating Results
Slide header $1.08B Truck Revenue 473K Truck Loadings $2,280 Truck Revenue per Load 457 Million $ Agents** 8,514 BCO Trucks 62,790 Carriers 17,400+ Trailers 0.59 DOT Accidents per Million Miles*** ** Based on 2025 fiscal year *** Based on 2025 fiscal year; See definition of DOT Accidents within the
Slide 11: Available Truck Capacity Providers
Slide header Active refers to truck brokerage carriers who hauled freight for Landstar in the 180-day period immediately preceding the period end. Note: Fuel surcharges billed to customers on freight hauled by BCO Independent Contractors, which are paid 100% to the BCO and not included in either rev
Slide 12: 4Q 2025 Financial Results
Jim Todd Chief Financial Officer 4Q 2025 Financial Results
Slide 13: Revenue Results Variance
Slide header Revenue Source Rate (1) Vol. (2) Chg. Truck 0.5% (0.8%) (0.2%) Rail Intermodal 6.9% 22.3% 30.7% Ocean/Air (26.3%) (18.9%)) (40.2%) Insurance Premiums N/A N/A (4.4%) Total Revenue — — (2.9%) R E S U L T S V A R I A N C E Percentage change in rate is calculated on a revenue per load basis
Slide 14: Revenue Variances by Industry Served
Slide header 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 Building Products (3) 7.4 6.5 AA&E, Hazmat 10 7.3 7.0 Electrical 1 4.8 5.0 Metals (8) 3.3 3.0 Energy 6 2.0 2.3 Substitute Line Haul
Slide 15: Gross Profit and Variable Contribution with Margins
Slide header Gross Profit Variable Contribution Amounts in % 4Q 2024 13.8 Revenue – Variable 0.2 Change in Mix/Other 0.2 Revenue – Fixed (3) (0.1) 2025 14.1 C H A N G E I N V C M A R G I N Gross profit equals revenue less the cost of purchased transportation, commissions to agents and other costs of
Slide 16: Operating Income as Percentage of Gross Profit and Variable Contribution
Slide header Operating Income Percentage of Gross Profit Variable Contribution C H A N G E I N P E R C E N T A G E of Variable Contribution R E S U L T S Operating Income as a Percentage of Gross Profit and Variable Contribution Dollars in Millions Amounts in % 4Q 2024 34.7) Insurance and claims (16
Slide 17: Net Cash, Returns and Sources/Uses of Cash
Slide header Return Type Dec 27, 2025 Dec 28, 2024 Equity 13% 20% Invested Capital 12% 18% Assets 7% 11% N E T C A S H (1) with Debt to Capital (2) as of date indicated S O U R C E S / U S E S O F C A S H Year-to-date as of date indicated Cash Flow Type 4Q 2025 4Q 2024 Cash flow from operations $ 22
Slide 18: Closing Remarks
Frank Lonegro Chief Executive Officer 4Q 2025 Closing Remarks
Slide 19: Current Market Update and Historical Trends
Slide header Current Market Update and Historical Trends Ü 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: 4Q 2025 Appendix
4Q 2025 Appendix
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 LTL — 2% T R U C K L O A D Van — 48%, Unsided/Platform — 34% OTHER TRUCK — 8% T R U C K T R A N S P O R T A T I O N RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 4% CHANGE IN SHARE SINCE 4Q 202
Slide 22: Truckload Loadings and Revenue per Truckload Trends
Slide header Truckload Loadings and Revenue per Truckload Trends U N S I D E D / P L A T F O R M V A N NUMBER OF LOADS REVENUE PER LOAD NUMBER OF LOADS REVENUE PER LOAD
Slide 23: Revenue – Fiscal Year
Slide header Revenue – Fiscal Year Dollars in Millions Revenue Source Rate (1) Vol. (2) Chg. 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%) Total Revenue — — (1.6%) R E S U L T S V A R I A N C E Percentage change in rate i
Slide 24: Gross Profit and Variable Contribution – Fiscal Year
Slide header Gross Profit and Variable Contribution – Fiscal Year with Associated Margins Dollars in Millions Gross Profit Variable Contribution Amounts in % 2025 2024 14.1 Revenue – Fixed (1) 0.0 Revenue – Variable 0.0 Change in Mix/Other 0.0 2025 14.1 C H A N G E I N V C M A R G I N Revenue on tra
Slide 25: Operating Income – Fiscal Year
Slide header Operating Income – Fiscal Year as a Percentage of Gross Profit and Variable Contribution Dollars in Millions Operating Income Percentage of Gross Profit Variable Contribution C H A N G E I N P E R C E N T A G E of Variable Contribution R E S U L T S Amounts in % 2025 2024 36.5) Insuranc
Slide 26: Reconciliation of Gross Profit to Variable Contribution
Slide header Reconciliation of Gross Profit to Variable Contribution Dollars in Thousands Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company’s indep
Slide 27: Free Cash Flow with Stock Purchases and Dividends
Slide header Free Cash Flow with Stock Purchases and Dividends Dollars and Shares in Millions 5 – Y E A R S U M M A R Y 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
Slide 28: DOT Accident Frequency per Million Miles Traveled by BCOs
Slide header DOT Accident (1) Frequency per Million Miles Traveled by BCOs 5 – Y E A R S U M M A R Y A “DOT Accident” is defined, consistent with U.S. 49 CFR 390.5T, as an occurrence involving a commercial motor vehicle operating on a highway in interstate or intrastate commerce that results in a fa
Slide 29: Landstar System, Inc. Earnings Conference Call 4Q 2025
Date Landstar System, Inc. Earnings Conference Call 4Q 2025