Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q2 2026 Earnings Presentation
28 slides from Landstar System's earnings presentation, Jul 28, 2026
Slide 1: Landstar System, Inc. Earnings Conference Call 2Q 2026
Date Landstar System, Inc. Earnings Conference Call 2Q 2026 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
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 variable contribution and variable contri
Slide 4: 2Q 2026 Executive Summary
Frank Lonegro Chief Executive Officer 2Q 2026 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 2Q revenue performance Both truck volumes and truck revenue per load outpaced normal seasonal patterns Truck capacity Net 68 BCO truck count additions in Q2; best performance since 1Q 2022 S
Slide 6: Network and Capacity
Frank Lonegro Chief Executive Officer 2Q 2026 Network and Capacity
Slide 7: Landstar Network and 2Q Truckload Operating Results
Slide header $1.33B Truck Revenue 510K Truck Loadings $2,614 Truck Revenue per Load 457 Million $ Agents* 8,544 BCO Trucks 64,607 Carriers 17,200+ Trailers 0.62 DOT Accidents per Million Miles** * Based on 2025 fiscal year ** Based on 2Q 2026 YTD; See definition of DOT Accidents within the Appendix
Slide 8: Available Truck Capacity Providers
Slide header Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter 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 reven
Slide 9: 2Q 2026 Financial Results
Jim Todd Chief Financial Officer 2Q 2026 Financial Results
Slide 10: Revenue
Slide header Revenue Source Rate (1) Vol. (2) Chg. Truck 17.0% 1.9% 19.3% Rail Intermodal 15.7% 9.0% 26.0% Ocean/Air 1.8% (3.8%)) (2.1%) Insurance Premiums N/A N/A (1.3%) Total Revenue — — 18.2% 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. Percen
Slide 11: Revenue Variances by Industry Served
Slide header Revenue Share Y-O-Y Change 2Q 2026 2Q 2025 Market Segment in Revenue 28.3 27.0 Consumer Durables 24 15.0 15.1 Machinery 17 9.6 9.1 Building Products 24 8.2 9.2 Automotive 5 7.7 7.9 Electrical 16 6.8 8.2 AA&E, Hazmat (2) 5.1 5.1 Metals 18 4.3 2.9 Energy 76 1.3 1.6 Substitute Line Haul (7
Slide 12: Gross Profit and Variable Contribution with Associated Margins
Slide header Gross Profit Variable Contribution Amounts in % 2Q 2025 14.1 Revenue – Fixed (3) (0.2) Revenue – Variable 0.0 Change in Mix/Other 0.0 2026 13.9 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 13: Operating Income as a 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 Amounts in % 2Q 2025 33.0) Other operating costs 2.5 Depreciation and amortization 1.9 SG&A (1.5) Insurance and claims (2.7) 2026 33.2) Operating
Slide 14: Net Cash, Returns, and Sources/Uses of Cash
Slide header Return Type Jun 27, 2026 Jun 28, 2025 Equity 16% 17% Invested Capital 14% 16% Assets 8% 10% 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 2Q 2026 2Q 2025 Cash flow from operations $ 27
Slide 15: Closing Remarks
Frank Lonegro Chief Executive Officer 2Q 2026 Closing Remarks
Slide 16: Current Market Update and Historical Trends
Slide header Current Market Update and Historical Trends Ü Current Market Update - July business activity: – Truck Loads: July approximately 5% above July 2025 – Slightly above typical June to July month-to-month historical trends – Truck Revenue per Load: July approximately 26% above July 2025 – Ab
Slide 17: 2Q 2026 Appendix
2Q 2026 Appendix
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 2Q 2 0 2 6 by Service Type LTL — 2% T R U C K L O A D Van — 50%, Unsided/Platform — 34% OTHER TRUCK — 7% 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 — 3% CHANGE IN SHARE SINCE 2Q 202
Slide 19: 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 20: Revenue – Year-to-Date
Slide header Revenue – Year-to-Date Dollars in Millions Revenue Source Rate (1) Vol. (2) Chg. Truck 11.6% (0.2%) 11.5% Rail Intermodal 10.1% 8.2% 19.1% Ocean/Air 0.2% (16.2%)) (16.1%) Insurance Premiums N/A N/A (2.3%) Total Revenue — — 10.1% R E S U L T S V A R I A N C E Percentage change in rate is
Slide 21: Gross Profit and Variable Contribution – Year-to-Date
Slide header Gross Profit and Variable Contribution – Year-to-Date with Associated Margins Dollars in Millions Gross Profit Variable Contribution Amounts in % 2Q YTD 2025 14.0 Change in Mix/ Other 0.4 Revenue – Variable 0.0 Revenue – Fixed (1) (0.1) 2026 14.3 C H A N G E I N V C M A R G I N Revenue
Slide 22: Operating Income – Year-to-Date as a Percentage of Gross Profit and Variable Contribution
Slide header Operating Income – Year-to-Date 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 % 2Q YTD 2025 28.8) Depre
Slide 23: 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 24: 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 25: 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 26: AI Efforts and Benefits
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 27: AI Efforts: Contact Center and Network Stakeholders
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 28: Landstar System, Inc. Earnings Conference Call 2Q 2026
Date Landstar System, Inc. Earnings Conference Call 2Q 2026