Slide 1: Landstar System Reports Second Quarter Revenue and EPS
For Immediate Release July 28, 2026 LANDSTAR SYSTEM REPORTS SECOND QUARTER REVENUE OF $1.432B AND EARNINGS PER SHARE OF $1.44 Jacksonville, FL - Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported its financial results for the 2026 second quarter. The Company reported t
Slide 2: 2Q 2026 Financial Highlights
LANDSTAR SYSTEM/2 2Q 2026 2Q 2025 Change ($) Change (%) Revenue $ 1,432,264 $ 1,211,383 $ 220,881 18.2% Gross profit $ 132,337 $ 109,261 $ 23,076 21.1% Variable contribution $ 199,429 $ 170,450 $ 28,979 17.0% Operating income $ 66,228 $ 56,280 $ 9,948 17.7% Basic and diluted earnings $ 1.44 $ 1.20 $
Slide 3: Financial Results and Balance Sheet
LANDSTAR SYSTEM/3 2025 second quarter. Revenue from other truck transportation, which is largely related to power-only services, in the 2026 second quarter was $99 million, compared to $101 million in the 2025 second quarter. Revenue hauled by rail, air and ocean cargo carriers was $78 million, or 5
Slide 4: Company Overview and Non-GAAP Measures
LANDSTAR SYSTEM/4 range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety and security management syste
Slide 5: Forward-Looking Statements
LANDSTAR SYSTEM/5 other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of ce
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) Twenty-Six Weeks Ended Thirteen Weeks Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Revenue $ 2,603,555 $ 2,363,885 $ 1,432,264 $ 1,21
Slide 7: Consolidated Balance Sheets
LANDSTAR SYSTEM/7 Landstar System, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited) June 27, December 27, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 294,350 $ 396,694 Short-term investments 53,352 55,531 Trade accounts rec
Slide 8: Supplemental Information
LANDSTAR SYSTEM/8 Landstar System, Inc. and Subsidiary Supplemental Information (Unaudited) Twenty-Six Weeks Ended Thirteen Weeks Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Revenue generated through (in thousands): Truck transportation Truckload: Van equipment $ 1,320,919 $ 1,186,
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) Twenty-Six Weeks Ended Thirteen Weeks Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Revenue $ 2,603,555 $ 2,363,885 $ 1,432,264 $ 1,211,38
Slide 10: 2Q 2026 Earnings Conference Call
Landstar System, Inc. 2Q 2026 Earnings Conference Call Date
Slide 11: Forward-Looking Statements Disclaimer
2Q 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
2Q 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
2Q 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) 2Q revenue performance Both truck volumes and truck revenue per load Metric 2Q 2026 2Q 2025 Chg. outpaced normal seasonal patterns Truck capacity Net 68 BCO truck count additions in Q2; best performance sin
Slide 15: Network and Capacity
2Q 2026 Network and Capacity Frank Lonegro Chief Executive Officer 6
Slide 16: Landstar Network and 2Q Truckload Operating Results
Slide header Landstar Network and 2Q Truckload Operating Results LANDSTAR NETWORK 2Q R E S U L T S Agents Customers Capacity Employees $1.33B Truck Revenue ~990 20,000+ 72,000+ ~1,300 510K Truck Loadings $2,614 Truck Revenue per Load 457 Million $ Agents* 8,544 BCO Trucks 64,607 Carriers 17,200+ Tra
Slide 17: 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 Jun 27, 2026 Mar 28, 2026 Dec 27, 2025 Jun 28, 2025 BCO Independent Contractors 7,719 7,663 7,712 7,844 Truck Brokerage Carriers Approved and Active (1) 3
Slide 18: Financial Results
2Q 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. $1,432.3 Truck 17.0% 1.9% 19.3% $1,211.4 Rail Intermodal 15.7% 9.0% 26.0% Ocean/Air 1.8% (3.8%)) (2.1%) Insurance Premiums N/A N/A (1.3%) 2Q 2026 2Q 2025 Total Revenue — — 18.2% (1) Percentage change in r
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 18% Y-O-Y 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
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 % 2Q Profit Contribution 2025 14.1 $199.4 $170.5 Revenue – Fixed (3) (0.2) $132.3 $109.3 Revenue – Variable 0.0 Change in Mix/Other 0.0 9.2% 9
Slide 22: Operating Income
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 Amounts in % 2Q Income Gross Profit Variable Contribution $66.2 2025 33.0) $56.3 Other operating costs 2.5 50.0% 5
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 2Q 2026 2Q 2025 Cash flow from operations $ 27.8 $ 62.8 $340.7 Capital expenditures $ 8.7
Slide 24: Closing Remarks
2Q 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 - 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 26: Appendix
2Q 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 2Q 2 0 2 6 by Service Type 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% TRUCK TRANSPORTATION TRUCKLOAD Van — 50%, Unsided/Platform — 34% LTL — 2% OTHER TRUCK — 7% RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 3% ALL OTHER
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 $4,000 $3,000 $3,500 $2,500 $3,000 $2,500 $2,000 $2,000 $1,500 $1,500 $1,000 $1,
Slide 29: Revenue – Year-to-Date
Revenue – Year-to-Date Slide header Dollars in Millions RESULTS VARIANCE Revenue Source Rate (1) Vol. (2) Chg. $2,603.6 Truck 11.6% (0.2%) 11.5% $2,363.9 Rail Intermodal 10.1% 8.2% 19.1% Ocean/Air 0.2% (16.2%)) (16.1%) Insurance Premiums N/A N/A (2.3%) 2Q 2026 YTD 2Q 2025 YTD Total Revenue — — 10.1%
Slide 30: 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 % 2Q YTD Profit Contribution 2025 14.0 $371.6 $331.8 Change in Mix/ Other 0.4 $244.9 $207.6 Revenue – Variable 0.0 Revenue – Fixed (1)
Slide 31: 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 % 2Q YTD Income Gross Profit Variable Contribution 2025 28.8) $119.5 $95.7 Depreciation
Slide 32: Reconciliation of Gross Profit to Variable Contribution
Reconciliation Slide headerof Gross Profit to Variable Contribution Dollars in Thousands Twenty-Six Weeks Ended Thirteen Weeks Ended June 27, June 28, June 27, June 28, 2026 2025 2026 2025 Revenue $ 2,603,555 $ 2,363,885 $ 1,432,264 $ 1,211,383 Costs of revenue: Purchased transportation 2,030,397 1,
Slide 33: 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 34: DOT Accident Frequency
(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 35: 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 36: 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 37: 2Q 2026 Earnings Conference Call
Landstar System, Inc. 2Q 2026 Earnings Conference Call Date