Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q1 2026 Earnings Presentation
25 slides from Landstar System's earnings presentation, Apr 28, 2026
Slide 1: Landstar System, Inc. Earnings Conference Call 1Q 2026
Date Landstar System, Inc. Earnings Conference Call 1Q 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
Non-GAAP Financial Measures 1Q 2026 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: Executive Summary
Frank Lonegro Chief Executive Officer 1Q 2026 Executive Summary
Slide 5: CEO Perspective: Results and Highlights
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 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 14%
Slide 6: Network and Capacity
Frank Lonegro Chief Executive Officer 1Q 2026 Network and Capacity
Slide 7: Landstar Network and 1Q Truckload Operating Results
Slide header $1.08B Truck Revenue 474K Truck Loadings $2,285 Truck Revenue per Load 457 Million $ Agents* 8,476 BCO Trucks 65,067 Carriers 17,200+ Trailers 0.64 DOT Accidents per Million Miles** * Based on 2025 fiscal year **See definition of DOT accidents within the Appendix 1Q R E S U L T S L A N
Slide 8: Truck Capacity
Truck Capacity All information is provided as of the end of the applicable period 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 Contr
Slide 9: Financial Results
Jim Todd Chief Financial Officer 1Q 2026 Financial Results
Slide 10: Revenue Variance by Source
Slide header Revenue Source Rate (1) Vol. (2) Chg. 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%) Total Revenue — — 1.6% 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. Perc
Slide 11: Revenue Variances by Industry Served
Slide header 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 Automotive (6) 7.3 7.2 AA&E, Hazmat 3 7.0 7.3 Electrical (2) 4.9 5.1 Metals (2) 2.6 2.7 Foodstuffs (1) 1.7 2.0 Substitute Line Ha
Slide 12: Gross Profit and Variable Contribution with Margins
Slide header Gross Profit Variable Contribution Amounts in % 1Q 2025 14.0 Change in Mix/Other 0.5 Revenue – Variable 0.1 Revenue – Fixed (3) 0.1 2026 14.7 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 r
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 Operating Income as a Percentage of Gross Profit and Variable Contribution Dollars in Millions Amounts in % 1Q 2025 24.4) Insurance and claims 3.5
Slide 14: Net Cash, Returns, and Sources/Uses of Cash
Slide header Return Type Mar 28, 2026 Mar 29, 2025 Equity 14% 18% Invested Capital 13% 17% Assets 7% 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 1Q 2026 1Q 2025 Cash flow from operations $ 78
Slide 15: Closing Remarks
Frank Lonegro Chief Executive Officer 1Q 2026 Closing Remarks
Slide 16: Current Market Update and Historical Trends
Slide header Current Market Update and Historical Trends Ü 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 17: 1Q 2026 Appendix
1Q 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 1Q 2 0 2 6 by Service Type LTL — 2% T R U C K L O A D Van — 52%, Unsided/Platform — 31% 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 — 4% CHANGE IN MIX SINCE 1Q 2025
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: Reconciliation of Gross Profit to Variable Contribution
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 independent commis
Slide 21: 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 22: 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 23: AI Efforts and Benefits: 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 24: AI Efforts and Benefits: Network Experience
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 25: Landstar System, Inc. Earnings Conference Call 1Q 2026
Date Landstar System, Inc. Earnings Conference Call 1Q 2026