Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q1 2026 Earnings Presentation
34 slides from Landstar System's earnings presentation, Apr 28, 2026
Slide 1: Landstar System Reports Improved First Quarter Performance
For Immediate Release April 28, 2026 LANDSTAR SYSTEM REPORTS IMPROVED FIRST QUARTER PERFORMANCE REVENUE OF $1.171B AND EARNINGS PER SHARE OF $1.16 Jacksonville, FL - Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported its financial results for the 2026 first quarter. Th
Slide 2: First quarter results summary and capital return
LANDSTAR SYSTEM/2 1Q 2026 1Q 2025 Change ($) Change (%) Revenue $ 1,171,291 $ 1,152,502 $ 18,789 1.6% Gross profit $ 112,542 $ 98,305 $ 14,237 14.5% Variable contribution $ 172,151 $ 161,310 $ 10,841 6.7% Operating income $ 53,236 $ 39,419 $ 13,817 35.1% Basic and diluted earnings $ 1.16 $ 0.85 $ 0.
Slide 3: Gross profit, balance sheet and company description
LANDSTAR SYSTEM/3 in the 2026 first quarter, compared to $83 million, or 7% of revenue, in the 2025 first quarter. Gross profit in the 2026 first quarter was $113 million, as compared to $98 million in the 2025 first quarter. Variable contribution in the 2026 first quarter was $172 million, compared
Slide 4: Non-GAAP Financial Measures
LANDSTAR SYSTEM/4 and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR. Non-GAAP Financial Measures: In this earnings release and accompanying financial disclosures, the Co
Slide 5: Forward-looking statements and risk factors
LANDSTAR SYSTEM/5 Ukraine on the operations of certain independent commission sales agents, including the Company’s second largest such agent by revenue in the 2025 fiscal year; substantial industry competition; disruptions or failures in the Company’s computer systems; cyber and other information s
Slide 6: Consolidated Statements of Income
LANDSTAR SYSTEM/6 Landstar System, Inc. and Subsidiary Consolidated Statements of Income (Dollars in thousands, except per share amounts) (Unaudited) Thirteen Weeks Ended March 28, March 29, 2026 2025 Revenue $ 1,171,291 $ 1,152,502 Investment income 2,974 3,598 Costs and expenses: Purchased transpo
Slide 7: Consolidated Balance Sheets
LANDSTAR SYSTEM/7 Landstar System, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited) March 28, December 27, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 353,255 $ 396,694 Short-term investments 57,697 55,531 Trade accounts re
Slide 8: Supplemental Information
LANDSTAR SYSTEM/8 Landstar System, Inc. and Subsidiary Supplemental Information (Unaudited) Thirteen Weeks Ended March 28, March 29, 2026 2025 Revenue generated through (in thousands): Truck transportation Truckload: Van equipment $ 603,406 $ 594,795 Unsided/platform equipment 368,569 340,408 Less-t
Slide 9: Reconciliation of Gross Profit to Variable Contribution
LANDSTAR SYSTEM/9 Landstar System, Inc. and Subsidiary Reconciliation of Gross Profit to Variable Contribution (Dollars in thousands) (Unaudited) Thirteen Weeks Ended March 28, March 29, 2026 2025 Revenue $ 1,171,291 $ 1,152,502 Costs of revenue: Purchased transportation 906,997 897,878 Commissions
Slide 10: Landstar System, Inc. 1Q 2026 Earnings Conference Call
Landstar System, Inc. 1Q 2026 Earnings Conference Call Date
Slide 11: Forward-Looking Statements Disclaimer
1Q 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 12: Non-GAAP Financial Measures
1Q 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 13: Executive Summary
1Q 2026 Executive Summary Frank Lonegro Chief Executive Officer 4
Slide 14: Results Highlights
SlidePerspective CEO header RESULTS HIGHLIGHTS Dollars in Millions (except per share amounts) 1Q revenue performance 3% increase in truck transportation revenue over 1Q 2025, primarily attributable to an 8% increase in unsided/platform revenue Improving financial metrics and EPS Metric 1Q 2026 1Q 20
Slide 15: Network and Capacity
1Q 2026 Network and Capacity Frank Lonegro Chief Executive Officer 6
Slide 16: Landstar Network and 1Q Truckload Operating Results
Slide header Landstar Network and 1Q Truckload Operating Results LANDSTAR NETWORK 1Q R E S U L T S Agents Customers Capacity Employees* $1.08B Truck Revenue ~980 20,000+ 72,000+ ~1,300 * Excluding LSTR Metro 474K Truck Loadings $2,285 Truck Revenue per Load 457 Million $ Agents* 8,476 BCO Trucks 65,
Slide 17: Truck Capacity
Truck Capacity All information is provided as of the end of the applicable period AVAILABLE TRUCK CAPACITY PROVIDERS Type of Capacity Mar 28, 2026 Dec 27, 2025 Mar 29, 2025 BCO Independent Contractors 7,663 7,712 7,871 Truck Brokerage Carriers Approved and Active (1) 37,647 36,852 47,323 Other Appro
Slide 18: Financial Results
1Q 2026 Financial Results Jim Todd Chief Financial Officer 9
Slide 19: Revenue
Revenue Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $1,171.3 $1,152.5 Truck 5.6% (2.3%) 3.1% Rail Intermodal 3.1% 7.2% 10.4% Ocean/Air (0.7%) (26.4%)) (26.9%) Insurance Premiums N/A N/A (3.2%) 1Q 2026 1Q 2025 Total Revenue — — 1.6% (1) Percentage change in
Slide 20: Revenue Variances by Industry Served
Revenue Variances Slide by header Industry Served with Revenue Share Indicated Amounts in Percent Transportation logistics revenue up 2% Y-O-Y Revenue Share Y-O-Y Change 1Q 2026 1Q 2025 Market Segment in Revenue 28.9 29.0 Consumer Durables 1 16.3 14.4 Machinery 16 9.2 8.7 Building Products 7 8.5 9.1
Slide 21: 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 % 1Q Profit Contribution 2025 14.0 $172.2 $161.3 Change in Mix/Other 0.5 $112.5 $98.3 Revenue – Variable 0.1 Revenue – Fixed (3) 0.1 9.6% 8.5%
Slide 22: 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 % 1Q $53.2 2025 24.4) 30.9% $39.4 Insurance and claims 3.5 47
Slide 23: 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 1Q 2026 1Q 2025 Cash flow from operations $ 78.2 $ 55.7 $379.5 Capital expenditures $ 5.8
Slide 24: Closing Remarks
1Q 2026 Closing Remarks Frank Lonegro Chief Executive Officer 15
Slide 25: Current Market Update and Historical Trends
Slide header Current Market Update and Historical Trends Current Market Update - April 2026 business activity: – Truck Loads: April approximately equal to April 2025 – Essentially in-line with typical March to April month-to-month historical trends – Truck Revenue per Load: April approximately 13%
Slide 26: Appendix
1Q 2026 Appendix 17
Slide 27: 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 1Q 2 0 2 6 by Service Type 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% TRU C K TRAN S P ORTATI ON TRUCKLOAD Van — 52%, Unsided/Platform — 31% LTL — 2% OTHER TRUCK — 7% RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 4% ALL
Slide 28: 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 19
Slide 29: Reconciliation of Gross Profit to Variable Contribution
Reconciliation of Gross Profit to Variable Contribution Dollars in Thousands Thirteen Weeks Ended March 28, March 29, 2026 2025 Revenue $ 1,171,291 $ 1,152,502 Costs of revenue: Purchased transportation 906,997 897,878 Commissions to agents 92,143 93,314 Variable costs of revenue 999,140 991,192 Tra
Slide 30: 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 31: 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 32: 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 33: 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 34: Landstar System, Inc. 1Q 2026 Earnings Conference Call
Landstar System, Inc. 1Q 2026 Earnings Conference Call Date