What is Landstar System's operating income?

Landstar System's total operating income in 2025 was $151.58 million, based on the following breakdown: Total Gross Profit: $1.06 billion Total Operating Expenses: $903.84 million

Landstar System (LSTR) Financials

$210.76 +3.36 (+1.62%)

As of 12:00 PM Eastern

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Annual Income Statements for Landstar System

This table shows Landstar System's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Net Income / (Loss) Attributable to Common Shareholders	148	137	177	255	228	192	382	431	264	196	115
Consolidated Net Income / (Loss)	148	137	177	255	228	192	382	431	264	196	115
Net Income / (Loss) Continuing Operations	148	137	177	255	228	192	382	431	264	196	115
Total Pre-Tax Income	239	219	241	328	296	249	502	567	348	254	151
Total Operating Income	242	223	244	332	299	253	506	571	344	249	152
Total Gross Profit	770	752	841	1,045	957	940	1,423	1,633	1,235	1,074	1,055
Total Revenue	3,321	3,168	3,646	4,615	4,085	4,133	6,538	7,437	5,303	4,819	4,744
Operating Revenue	3,321	3,168	3,646	4,615	4,085	4,133	6,538	7,437	5,303	4,819	4,744
Total Cost of Revenue	2,551	2,416	2,805	3,570	3,127	3,193	5,115	5,804	4,068	3,745	3,688
Operating Cost of Revenue	2,551	2,416	2,805	3,570	3,127	3,193	5,115	5,804	4,068	3,745	3,688
Total Operating Expenses	528	529	597	713	658	687	917	1,061	891	825	904
Selling, General & Admin Expense	452	437	497	598	538	539	765	881	729	669	680
Marketing Expense	49	57	63	76	80	88	105	126	114	114	159
Depreciation Expense	29	36	41	44	44	46	50	57	58	57	46
Other Operating Expenses / (Income)	-1.40	-1.50	-2.50	-3.82	-5.04	-3.40	-2.86	-3.16	-10	-15	-14
Impairment Charge	-	-	-	0.00	0.00	2.58	-	-	0.00	0.00	32
Total Other Income / (Expense), net	-2.95	-3.79	-3.17	-3.35	-3.14	-3.95	-3.98	-3.62	3.95	5.42	-1.00
Interest Expense	2.95	3.79	3.17	3.35	3.14	3.95	3.98	3.62	-3.95	-5.42	1.00
Income Tax Expense	91	82	64	73	68	57	120	137	84	58	36
Basic Earnings per Share	$3.38	$3.26	$4.22	$6.19	-	-	$9.98	$11.76	$7.36	$5.51	$3.31
Weighted Average Basic Shares Outstanding	43.66M	42.11M	41.94M	41.27M	39.48M	38.39M	38.24M	36.63M	35.92M	35.54M	34.72M
Diluted Earnings per Share	$3.37	$3.25	$4.21	$6.18	$5.72	$4.98	$9.98	$11.76	$7.36	$5.51	$3.31
Weighted Average Diluted Shares Outstanding	43.81M	42.24M	42.02M	41.31M	39.79M	38.60M	38.24M	36.63M	35.92M	35.54M	34.72M
Weighted Average Basic & Diluted Shares Outstanding	2.11B	6.87B	2.95B	981.90M	39.48M	38.39M	37.29M	35.93M	35.72M	35.32M	34.06M
Cash Dividends to Common per Share	$0.30	$0.34	$1.88	$0.63	$2.70	$2.79	$2.92	$3.10	$3.26	$3.38	$3.56

This table shows Landstar System's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Income / (Loss) Attributable to Common Shareholders	62	58	47	53	50	46	30	42	19	24	39
Consolidated Net Income / (Loss)	62	58	47	53	50	46	30	42	19	24	39
Net Income / (Loss) Continuing Operations	62	58	47	53	50	46	30	42	19	24	39
Total Pre-Tax Income	81	76	62	70	64	59	40	56	26	29	53
Total Operating Income	80	75	60	68	63	58	39	56	26	30	53
Total Gross Profit	303	277	266	275	270	263	255	270	269	262	264
Total Revenue	1,289	1,204	1,171	1,225	1,214	1,209	1,153	1,211	1,205	1,174	1,171
Operating Revenue	1,289	1,204	1,171	1,225	1,214	1,209	1,153	1,211	1,205	1,174	1,171
Total Cost of Revenue	987	927	906	950	944	946	898	941	936	913	907
Operating Cost of Revenue	987	927	906	950	944	946	898	941	936	913	907
Total Operating Expenses	222	203	206	207	207	206	215	214	243	232	211
Selling, General & Admin Expense	181	165	169	169	165	167	167	175	171	167	168
Marketing Expense	30	27	26	27	30	30	40	30	33	56	36
Depreciation Expense	14	14	14	14	15	13	12	12	12	11	11
Other Operating Expenses / (Income)	-3.02	-3.27	-3.41	-3.65	-3.92	-3.82	-3.60	-3.73	-3.29	-3.07	-2.97
Total Other Income / (Expense), net	1.05	1.87	1.61	1.68	1.17	0.96	0.16	-0.70	-0.22	-0.24	-0.52
Interest Expense	-1.05	-1.87	-1.61	-1.68	-1.17	-0.96	-0.16	0.70	0.22	0.24	0.52
Income Tax Expense	20	18	14	17	14	13	9.77	14	6.75	5.37	13
Basic Earnings per Share	$1.71	$1.63	$1.32	$1.48	$1.41	$1.30	$0.85	$1.20	$0.56	$0.70	$1.16
Weighted Average Basic Shares Outstanding	35.95M	35.92M	35.75M	35.65M	35.42M	35.54M	35.20M	34.87M	34.58M	34.72M	34.02M
Diluted Earnings per Share	$1.71	$1.63	$1.32	$1.48	$1.41	$1.30	$0.85	$1.20	$0.56	$0.70	$1.16
Weighted Average Diluted Shares Outstanding	35.95M	35.92M	35.75M	35.65M	35.42M	35.54M	35.20M	34.87M	34.58M	34.72M	34.02M
Weighted Average Basic & Diluted Shares Outstanding	35.95M	35.72M	35.76M	35.45M	35.33M	35.32M	34.95M	34.65M	34.34M	34.06M	33.93M
Cash Dividends to Common per Share	$0.33	$2.33	$0.33	$0.33	$0.36	$2.36	$0.36	$0.40	$0.40	$2.40	$0.40

This table details how cash moves in and out of Landstar System's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Net Change in Cash & Equivalents	-49	64	64	-43	120	-70	-30	120	141	34	-118
Net Cash From Operating Activities	216	190	139	298	308	211	277	623	394	287	225
Net Cash From Continuing Operating Activities	216	190	139	298	308	100	277	623	394	287	225
Net Income / (Loss) Continuing Operations	148	137	177	255	228	192	382	431	264	196	115
Consolidated Net Income / (Loss)	148	137	177	255	228	192	382	431	264	196	115
Depreciation Expense	29	36	41	44	44	46	50	57	58	57	46
Amortization Expense	0.22	0.24	0.25	0.25	0.25	0.33	0.45	0.36	0.26	0.26	0.26
Non-Cash Adjustments To Reconcile Net Income	13	5.01	14	25	13	14	31	22	14	20	53
Changes in Operating Assets and Liabilities, net	26	12	-93	-26	22	-152	-186	112	57	14	10
Net Cash From Investing Activities	-8.67	-14	-22	-8.19	-19	-28	-73	-25	-6.48	-10	-2.36
Net Cash From Continuing Investing Activities	-8.67	-14	-22	-8.19	-18	-29	-73	-25	-6.48	-10	-2.36
Purchase of Property, Plant & Equipment	-4.80	-23	-16	-9.75	-19	-31	-23	-26	-26	-31	-9.88
Purchase of Investments	-44	-44	-59	-54	-66	-26	-85	-45	-102	-101	-163
Sale of Property, Plant & Equipment	1.69	10	4.03	4.02	3.99	7.76	2.97	5.24	8.29	9.75	6.93
Sale and/or Maturity of Investments	39	42	56	52	63	23	32	41	113	112	163
Net Cash From Financing Activities	-255	-112	-54	-331	-171	-252	-233	-476	-248	-237	-343
Net Cash From Continuing Financing Activities	-255	-112	-54	-331	-171	-252	-233	-476	-248	-237	-343
Repayment of Debt	-37	-49	-47	-43	-46	-24	4.09	-64	-68	-32	-38
Repurchase of Common Equity	-161	-51	-	-208	-89	-116	-123	-286	-54	-81	-180
Payment of Dividends	-58	-14	-16	-89	-28	-110	-112	-116	-117	-120	-125
Other Financing Activities, net	-0.10	0.67	2.30	-3.49	-7.40	-2.60	-2.35	-10	-9.16	-3.93	-0.93
Other Net Changes in Cash	-	-	-	-	-	-	-	-2.20	-	-4.75	2.47

This table details how cash moves in and out of Landstar System's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Change in Cash & Equivalents	79	41	-13	-30	31	46	-98	-58	16	22	-43
Net Cash From Operating Activities	112	90	94	48	83	61	56	7.14	89	73	78
Net Cash From Continuing Operating Activities	112	90	94	48	83	61	56	7.14	89	73	78
Net Income / (Loss) Continuing Operations	62	58	47	53	50	46	30	42	19	24	39
Consolidated Net Income / (Loss)	62	58	47	53	50	46	30	42	19	24	39
Depreciation Expense	14	14	14	14	15	13	12	12	12	11	11
Amortization Expense	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
Non-Cash Adjustments To Reconcile Net Income	3.42	2.81	5.33	6.57	3.53	4.68	7.81	4.52	35	5.95	2.26
Changes in Operating Assets and Liabilities, net	33	15	28	-26	14	-2.55	5.79	-51	24	32	26
Net Cash From Investing Activities	-1.60	-4.93	-3.64	-6.84	-0.74	0.72	1.15	-1.92	1.10	-2.68	-5.80
Net Cash From Continuing Investing Activities	-1.60	-4.93	-3.64	-6.84	-0.74	0.72	1.15	-1.92	1.10	-2.68	-5.80
Purchase of Property, Plant & Equipment	-2.76	-10	-9.28	-7.50	-7.48	-6.74	-1.90	-2.48	-3.29	-2.21	-5.81
Purchase of Investments	-31	-16	-16	-41	-17	-27	-48	-39	-32	-44	-36
Sale of Property, Plant & Equipment	2.05	1.66	1.59	1.85	2.83	3.48	4.28	1.41	0.71	0.53	1.17
Sale and/or Maturity of Investments	30	19	20	40	21	31	47	38	36	43	35
Net Cash From Financing Activities	-30	-45	-103	-69	-51	-13	-155	-66	-73	-50	-115
Net Cash From Continuing Financing Activities	-30	-45	-103	-69	-51	-13	-155	-66	-73	-50	-115
Repayment of Debt	-18	5.14	-17	-0.98	-16	2.13	-10	-9.76	-18	0.62	-9.78
Repurchase of Common Equity	-	-38	0.00	-57	-22	-2.70	-60	-42	-41	-37	-22
Payment of Dividends	-12	-12	-83	-12	-13	-13	-83	-14	-14	-14	-82
Other Financing Activities, net	-0.02	0.00	-3.06	-0.20	-0.67	-	-0.91	-0.01	-0.02	-	-1.04
Effect of Exchange Rate Changes	-	-	-	-	-	-	0.16	-	-	-	-0.78

This table presents Landstar System's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Total Assets	992	1,097	1,352	1,381	1,428	1,654	2,045	1,932	1,802	1,813	1,636
Total Current Assets	656	737	961	971	998	1,208	1,523	1,439	1,353	1,320	1,216
Cash & Equivalents	115	179	242	200	320	249	216	340	481	515	397
Short-Term Investments	49	67	49	40	33	41	36	54	60	52	56
Note & Lease Receivable	-	-	-	-	-	-	-	-	-	-	53
Accounts Receivable	481	482	655	715	624	899	1,255	1,024	787	731	670
Other Current Assets	12	10	14	16	21	19	16	22	25	22	29
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	12
Plant, Property, & Equipment, net	226	273	276	284	286	297	317	315	284	311	261
Total Noncurrent Assets	109	86	115	125	144	149	205	177	165	182	158
Goodwill	31	31	39	38	39	41	41	41	42	41	34
Other Noncurrent Operating Assets	78	55	76	87	105	108	164	136	123	141	124
Total Liabilities & Shareholders' Equity	992	1,097	1,352	1,381	1,428	1,654	2,045	1,932	1,802	1,813	1,636
Total Liabilities	525	554	699	691	706	962	1,183	1,045	818	841	840
Total Current Liabilities	370	380	549	536	553	806	1,010	878	675	673	696
Short-Term Debt	42	45	42	-	43	35	37	36	28	33	28
Accounts Payable	224	219	285	314	272	381	604	527	396	384	370
Dividends Payable	-	-	63	-	79	77	75	72	71	71	68
Other Current Liabilities	103	108	128	192	159	313	294	243	180	186	223
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	6.96
Total Noncurrent Liabilities	156	174	150	156	153	156	173	167	143	168	144
Long-Term Debt	-	-	-	85	70	65	75	67	43	69	48
Asset Retirement Reserve & Litigation Obligation	21	27	30	30	34	39	50	58	59	63	63
Noncurrent Deferred & Payable Income Tax Liabilities	52	54	37	40	50	52	49	41	41	36	33
Total Equity & Noncontrolling Interests	466	543	654	689	721	692	862	887	984	972	796
Total Preferred & Common Equity	466	543	651	687	721	692	862	887	984	972	796
Total Common Equity	466	543	651	687	721	692	862	887	984	972	796
Common Stock	197	200	210	228	227	230	256	259	255	256	262
Retained Earnings	1,390	1,513	1,611	1,841	1,962	2,046	2,317	2,636	2,784	2,860	2,853
Treasury Stock	-1,117	-1,167	-1,168	-1,376	-1,465	-1,582	-1,706	-1,993	-2,048	-2,131	-2,313
Accumulated Other Comprehensive Income / (Loss)	-3.49	-3.09	-3.16	-5.88	-2.21	-2.00	-5.40	-15	-6.87	-12	-5.71

This table presents Landstar System's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/24/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025	9/27/2025	3/28/2026
Total Assets	1,989	1,838	1,838	1,853	1,746	1,755	1,757	1,716	1,700	1,662	1,602
Total Current Assets	1,485	1,354	1,374	1,396	1,310	1,315	1,311	1,242	1,237	1,245	1,184
Cash & Equivalents	178	341	361	440	468	438	469	417	359	375	353
Short-Term Investments	51	47	59	57	63	66	62	56	67	59	58
Note & Lease Receivable	-	-	-	-	-	-	-	-	-	-	48
Accounts Receivable	1,221	953	913	868	764	767	746	752	766	752	692
Other Current Assets	35	13	42	31	16	45	34	17	45	44	20
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	14	12
Plant, Property, & Equipment, net	322	306	297	284	280	286	289	298	288	262	256
Total Noncurrent Assets	182	178	167	173	156	154	157	177	175	155	163
Goodwill	41	42	42	42	42	42	41	41	41	34	34
Other Noncurrent Operating Assets	141	136	125	131	114	112	115	136	133	121	129
Total Liabilities & Shareholders' Equity	1,989	1,838	1,838	1,853	1,746	1,755	1,757	1,716	1,700	1,662	1,602
Total Liabilities	1,115	902	844	809	728	754	741	785	778	773	803
Total Current Liabilities	942	741	693	670	590	606	593	612	619	619	631
Short-Term Debt	37	34	32	29	27	28	28	32	31	29	26
Accounts Payable	644	490	479	465	384	402	398	390	402	403	397
Dividends Payable	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	260	217	183	176	179	176	167	191	187	183	199
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	4.25	8.47
Total Noncurrent Liabilities	174	161	151	139	138	149	149	173	159	154	173
Long-Term Debt	72	60	53	46	38	45	45	62	55	48	43
Asset Retirement Reserve & Litigation Obligation	56	58	57	57	60	60	60	75	73	68	97
Noncurrent Deferred & Payable Income Tax Liabilities	46	43	41	36	40	43	44	36	31	39	33
Total Equity & Noncontrolling Interests	873	936	994	1,043	1,018	1,001	1,016	931	922	889	799
Total Preferred & Common Equity	873	936	994	1,043	1,018	1,001	1,016	931	922	889	799
Total Common Equity	873	936	994	1,043	1,018	1,001	1,016	931	922	889	799
Common Stock	256	254	254	255	255	257	256	258	260	261	264
Retained Earnings	2,625	2,703	2,759	2,809	2,819	2,860	2,897	2,877	2,905	2,911	2,879
Treasury Stock	-1,993	-2,009	-2,009	-2,009	-2,049	-2,106	-2,129	-2,193	-2,236	-2,276	-2,337
Accumulated Other Comprehensive Income / (Loss)	-15	-12	-10	-12	-6.84	-9.48	-8.56	-11	-7.16	-6.75	-7.09

This table displays calculated financial ratios and metrics derived from Landstar System's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.28%	-4.62%	15.11%	26.57%	-11.50%	1.19%	58.18%	13.75%	-28.69%	-9.13%	-1.57%
EBITDA Growth	7.48%	-4.33%	9.83%	31.88%	-8.50%	-12.95%	85.77%	13.17%	-35.99%	-24.01%	-35.20%
EBIT Growth	7.73%	-7.64%	9.28%	35.97%	-9.90%	-15.37%	99.91%	12.94%	-39.74%	-27.67%	-39.10%
NOPAT Growth	6.19%	-6.55%	28.34%	43.77%	-10.74%	-15.19%	97.05%	12.77%	-39.72%	-26.64%	-39.63%
Net Income Growth	6.40%	-7.00%	28.86%	44.19%	-10.78%	-15.63%	98.60%	12.95%	-38.64%	-25.89%	-41.31%
EPS Growth	9.77%	-3.56%	29.54%	46.79%	-7.44%	-12.94%	100.40%	17.84%	-37.42%	-25.14%	-39.93%
Operating Cash Flow Growth	112.06%	-11.93%	-26.95%	114.37%	3.34%	-31.55%	31.33%	125.00%	-36.78%	-27.20%	-21.52%
Free Cash Flow Firm Growth	206.70%	-20.66%	-51.26%	327.87%	-25.80%	-12.84%	-6.80%	240.37%	-38.76%	-42.29%	6.33%
Invested Capital Growth	-3.66%	1.92%	26.46%	-2.98%	4.99%	3.17%	37.89%	-16.16%	-12.43%	-1.20%	-16.52%
Revenue Q/Q Growth	-0.43%	1.42%	4.55%	2.92%	-4.39%	7.87%	11.02%	-3.51%	-8.15%	0.10%	-0.73%
EBITDA Q/Q Growth	0.79%	1.16%	2.59%	4.59%	-5.29%	6.46%	13.42%	-3.48%	-11.23%	-5.47%	-13.32%
EBIT Q/Q Growth	0.60%	0.50%	2.64%	5.08%	-6.14%	7.61%	14.58%	-4.10%	-12.63%	-6.32%	-15.70%
NOPAT Q/Q Growth	-0.51%	1.41%	16.26%	1.48%	-7.37%	8.42%	14.34%	-4.52%	-12.40%	-5.49%	-15.56%
Net Income Q/Q Growth	-0.43%	1.27%	16.53%	1.44%	-7.42%	8.48%	14.48%	-4.44%	-11.78%	-5.68%	-16.21%
EPS Q/Q Growth	1.20%	1.88%	16.62%	2.15%	-6.69%	9.69%	14.84%	-3.13%	-11.75%	-5.65%	-15.35%
Operating Cash Flow Q/Q Growth	21.80%	-20.48%	-8.10%	41.25%	-13.14%	-9.44%	14.28%	25.50%	-19.67%	-9.12%	5.43%
Free Cash Flow Firm Q/Q Growth	0.00%	-6.07%	-31.18%	90.28%	-38.89%	-1.88%	16.65%	42.37%	-20.03%	-25.69%	22.60%
Invested Capital Q/Q Growth	2.43%	4.96%	15.69%	-8.82%	11.87%	15.60%	14.77%	-11.31%	-5.79%	3.88%	-7.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.18%	23.74%	23.07%	22.65%	23.43%	22.75%	21.77%	21.95%	23.29%	22.29%	22.25%
EBITDA Margin	8.16%	8.19%	7.81%	8.14%	8.41%	7.24%	8.50%	8.46%	7.59%	6.35%	4.18%
Operating Margin	7.28%	7.05%	6.69%	7.19%	7.32%	6.12%	7.73%	7.68%	6.49%	5.16%	3.20%
EBIT Margin	7.28%	7.05%	6.69%	7.19%	7.32%	6.12%	7.73%	7.68%	6.49%	5.16%	3.20%
Profit (Net Income) Margin	4.45%	4.34%	4.85%	5.53%	5.57%	4.65%	5.84%	5.79%	4.99%	4.07%	2.42%
Tax Burden Percent	61.86%	62.59%	73.50%	77.72%	76.99%	77.15%	76.05%	75.94%	75.95%	77.05%	76.38%
Interest Burden Percent	98.78%	98.30%	98.70%	98.99%	98.95%	98.44%	99.21%	99.37%	101.15%	102.18%	99.34%
Effective Tax Rate	38.14%	37.41%	26.50%	22.28%	23.01%	22.85%	23.95%	24.06%	24.05%	22.95%	23.62%
Return on Invested Capital (ROIC)	34.35%	32.40%	36.37%	47.53%	42.03%	34.25%	55.87%	59.13%	41.67%	32.94%	21.80%
ROIC Less NNEP Spread (ROIC-NNEP)	38.70%	35.64%	38.58%	49.55%	43.56%	36.48%	59.28%	61.08%	40.69%	31.88%	22.02%
Return on Net Nonoperating Assets (RNNOA)	-3.40%	-5.17%	-6.79%	-9.53%	-9.75%	-7.07%	-6.76%	-9.86%	-13.41%	-12.90%	-8.80%
Return on Equity (ROE)	30.95%	27.23%	29.59%	38.01%	32.28%	27.19%	49.11%	49.27%	28.26%	20.03%	13.01%
Cash Return on Invested Capital (CROIC)	38.08%	30.49%	13.00%	50.56%	37.16%	31.13%	24.02%	76.71%	54.92%	34.15%	39.82%
Operating Return on Assets (OROA)	23.75%	21.38%	19.92%	24.28%	21.29%	16.42%	27.34%	28.72%	18.43%	13.77%	8.79%
Return on Assets (ROA)	14.51%	13.16%	14.45%	18.68%	16.22%	12.47%	20.63%	21.67%	14.16%	10.84%	6.67%
Return on Common Equity (ROCE)	30.95%	27.23%	29.51%	37.85%	32.23%	27.19%	49.11%	49.27%	28.26%	20.03%	13.01%
Return on Equity Simple (ROE_SIMPLE)	31.68%	25.32%	27.20%	37.16%	31.56%	27.77%	44.26%	48.57%	26.87%	20.15%	0.00%
Net Operating Profit after Tax (NOPAT)	150	140	179	258	230	195	385	434	261	192	116
NOPAT Margin	4.50%	4.41%	4.92%	5.59%	5.63%	4.72%	5.88%	5.83%	4.93%	3.98%	2.44%
Net Nonoperating Expense Percent (NNEP)	-4.35%	-3.25%	-2.21%	-2.02%	-1.53%	-2.23%	-3.41%	-1.95%	0.97%	1.05%	-0.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	43.78%	24.78%	17.84%	13.27%
Cost of Revenue to Revenue	76.82%	76.26%	76.93%	77.35%	76.57%	77.25%	78.24%	78.05%	76.71%	77.71%	77.75%
SG&A Expenses to Revenue	13.60%	13.80%	13.62%	12.96%	13.18%	13.04%	11.70%	11.85%	13.74%	13.89%	14.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.90%	16.69%	16.38%	15.46%	16.11%	16.63%	14.03%	14.27%	16.80%	17.12%	19.05%
Earnings before Interest and Taxes (EBIT)	242	223	244	332	299	253	506	571	344	249	152
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	271	259	285	376	344	299	556	629	403	306	198
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.71	5.78	5.93	5.14	5.62	6.98	7.22	6.27	6.85	6.25	6.20
Price to Tangible Book Value (P/TBV)	5.05	6.13	6.31	5.44	5.93	7.42	7.58	6.57	7.16	6.52	6.48
Price to Revenue (P/Rev)	0.66	0.99	1.06	0.76	0.99	1.17	0.95	0.75	1.27	1.26	1.04
Price to Earnings (P/E)	14.88	22.83	21.80	13.82	17.79	25.14	16.31	12.91	25.50	30.99	42.91
Dividend Yield	2.56%	0.45%	0.41%	2.48%	0.68%	2.22%	1.79%	2.00%	1.74%	1.97%	2.48%
Earnings Yield	6.72%	4.38%	4.59%	7.23%	5.62%	3.98%	6.13%	7.75%	3.92%	3.23%	2.33%
Enterprise Value to Invested Capital (EV/IC)	5.05	6.95	6.71	6.32	6.80	8.02	7.62	7.88	10.71	9.69	9.44
Enterprise Value to Revenue (EV/Rev)	0.65	0.96	1.01	0.73	0.93	1.12	0.93	0.71	1.18	1.16	0.96
Enterprise Value to EBITDA (EV/EBITDA)	7.96	11.68	12.98	8.99	11.09	15.51	10.95	8.38	15.58	18.33	23.00
Enterprise Value to EBIT (EV/EBIT)	8.93	13.56	15.16	10.18	12.75	18.34	12.03	9.23	18.23	22.53	30.08
Enterprise Value to NOPAT (EV/NOPAT)	14.43	21.67	20.62	13.09	16.57	23.78	15.82	12.15	24.00	29.25	39.38
Enterprise Value to Operating Cash Flow (EV/OCF)	9.99	15.92	26.61	11.33	12.38	22.02	21.98	8.47	15.94	19.57	20.27
Enterprise Value to Free Cash Flow (EV/FCFF)	13.02	23.03	57.69	12.31	18.74	26.16	36.81	9.37	18.21	28.21	21.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.25	0.19	0.12	0.16	0.15	0.13	0.12	0.07	0.11	0.10
Long-Term Debt to Equity	0.18	0.17	0.13	0.12	0.10	0.09	0.09	0.08	0.04	0.07	0.06
Financial Leverage	-0.09	-0.14	-0.18	-0.19	-0.22	-0.19	-0.11	-0.16	-0.33	-0.40	-0.40
Leverage Ratio	2.13	2.07	2.05	2.04	1.99	2.18	2.38	2.27	2.00	1.85	1.95
Compound Leverage Factor	2.11	2.03	2.02	2.01	1.97	2.15	2.36	2.26	2.02	1.89	1.94
Debt to Total Capital	21.05%	20.31%	16.06%	10.96%	13.53%	12.71%	11.48%	10.44%	6.74%	9.52%	8.80%
Short-Term Debt to Total Capital	7.20%	6.62%	5.40%	0.00%	5.11%	4.47%	3.75%	3.65%	2.64%	3.08%	3.25%
Long-Term Debt to Total Capital	13.85%	13.70%	10.66%	10.96%	8.42%	8.25%	7.73%	6.79%	4.10%	6.44%	5.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.41%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	78.95%	79.69%	83.53%	88.74%	86.47%	87.29%	88.52%	89.56%	93.26%	90.48%	91.20%
Debt to EBITDA	0.46	0.53	0.44	0.23	0.33	0.34	0.20	0.16	0.18	0.33	0.39
Net Debt to EBITDA	-0.14	-0.41	-0.58	-0.41	-0.70	-0.64	-0.25	-0.46	-1.17	-1.52	-1.89
Long-Term Debt to EBITDA	0.30	0.36	0.29	0.23	0.20	0.22	0.14	0.11	0.11	0.23	0.24
Debt to NOPAT	0.83	0.99	0.70	0.33	0.49	0.52	0.29	0.24	0.27	0.53	0.66
Net Debt to NOPAT	-0.26	-0.77	-0.93	-0.60	-1.04	-0.97	-0.36	-0.67	-1.80	-2.42	-3.24
Long-Term Debt to NOPAT	0.55	0.67	0.46	0.33	0.31	0.33	0.20	0.16	0.17	0.36	0.42
Altman Z-Score	8.97	9.28	8.64	9.44	9.29	8.04	9.05	10.28	11.13	10.08	9.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.27%	0.41%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.94	1.75	1.81	1.80	1.50	1.51	1.64	2.00	1.96	1.75
Quick Ratio	1.74	1.91	1.73	1.78	1.77	1.48	1.49	1.61	1.97	1.93	1.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	166	132	64	274	203	177	165	563	345	199	211
Operating Cash Flow to CapEx	6,926.00%	1,530.14%	1,202.73%	5,199.88%	1,995.72%	921.53%	1,363.92%	2,998.02%	2,263.13%	1,348.40%	7,610.22%
Free Cash Flow to Firm to Interest Expense	56.21	34.66	20.25	81.77	64.78	44.86	41.57	155.42	0.00	0.00	212.25
Operating Cash Flow to Interest Expense	73.25	50.14	43.89	88.82	98.01	53.31	69.60	172.01	0.00	0.00	225.79
Operating Cash Flow Less CapEx to Interest Expense	72.20	46.87	40.24	87.11	93.10	47.52	64.50	166.27	0.00	0.00	222.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.26	3.03	2.98	3.38	2.91	2.68	3.53	3.74	2.84	2.67	2.75
Accounts Receivable Turnover	6.72	6.58	6.41	6.73	6.10	5.43	6.07	6.52	5.86	6.35	6.53
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	15.51	12.70	13.29	16.48	14.33	14.18	21.28	23.52	17.70	16.18	16.57
Accounts Payable Turnover	11.50	10.90	11.12	11.91	10.67	9.79	10.39	10.26	8.81	9.61	9.79
Days Sales Outstanding (DSO)	54.34	55.47	56.91	54.21	59.85	67.25	60.14	55.94	62.33	57.49	55.93
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	31.74	33.48	32.83	30.64	34.20	37.30	35.13	35.58	41.42	37.99	37.27
Cash Conversion Cycle (CCC)	22.60	22.00	24.09	23.57	25.64	29.96	25.01	20.36	20.90	19.50	18.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	427	435	551	534	561	579	798	669	586	579	483
Invested Capital Turnover	7.63	7.34	7.40	8.51	7.46	7.25	9.50	10.14	8.45	8.28	8.93
Increase / (Decrease) in Invested Capital	-16	8.22	115	-16	27	18	219	-129	-83	-7.05	-96
Enterprise Value (EV)	2,158	3,028	3,697	3,376	3,812	4,640	6,084	5,271	6,273	5,609	4,559
Market Capitalization	2,197	3,135	3,860	3,529	4,052	4,830	6,223	5,561	6,742	6,073	4,935
Book Value per Share	$10.80	$12.99	$15.50	$16.71	$18.28	$18.02	$22.62	$24.70	$27.37	$27.52	$23.17
Tangible Book Value per Share	$10.08	$12.24	$14.57	$15.78	$17.31	$16.96	$21.55	$23.55	$26.20	$26.37	$22.18
Total Capital	591	681	779	774	834	793	974	991	1,055	1,075	872
Total Debt	124	138	125	85	113	101	112	103	71	102	77
Total Long-Term Debt	82	93	83	85	70	65	75	67	43	69	48
Net Debt	-39	-107	-166	-155	-240	-190	-139	-290	-470	-464	-375
Capital Expenditures (CapEx)	3.12	12	12	5.73	15	23	20	21	17	21	2.96
Debt-free, Cash-free Net Working Capital (DFCFNWC)	166	157	163	196	135	147	298	204	165	113	97
Debt-free Net Working Capital (DFNWC)	329	402	455	436	488	437	549	597	705	680	549
Net Working Capital (NWC)	287	357	413	436	445	402	513	561	678	647	520
Net Nonoperating Expense (NNE)	1.82	2.37	2.33	2.61	2.42	3.05	3.02	2.75	-3.00	-4.18	0.76
Net Nonoperating Obligations (NNO)	-39	-107	-103	-155	-161	-113	-64	-218	-398	-394	-313
Total Depreciation and Amortization (D&A)	29	36	41	44	45	46	50	58	58	57	47
Debt-free, Cash-free Net Working Capital to Revenue	4.99%	4.95%	4.48%	4.24%	3.31%	3.55%	4.56%	2.74%	3.11%	2.35%	2.04%
Debt-free Net Working Capital to Revenue	9.91%	12.70%	12.47%	9.44%	11.94%	10.58%	8.40%	8.03%	13.30%	14.11%	11.57%
Net Working Capital to Revenue	8.63%	11.27%	11.31%	9.44%	10.89%	9.73%	7.85%	7.55%	12.78%	13.42%	10.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.38	$3.26	$4.22	$6.19	$5.72	$4.98	$0.00	$0.00	$7.36	$5.51	$3.31
Adjusted Weighted Average Basic Shares Outstanding	43.66M	42.11M	41.94M	41.27M	39.79M	38.60M	37.29M	35.93M	35.92M	35.54M	34.72M
Adjusted Diluted Earnings per Share	$3.37	$3.25	$4.21	$6.18	$5.72	$4.98	$9.98	$11.76	$7.36	$5.51	$3.31
Adjusted Weighted Average Diluted Shares Outstanding	43.81M	42.24M	42.02M	41.31M	39.79M	38.60M	38.24M	36.63M	35.92M	35.54M	34.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.42M	41.84M	41.99M	40.12M	39.48M	38.39M	37.29M	35.93M	35.72M	35.32M	34.06M
Normalized Net Operating Profit after Tax (NOPAT)	150	140	179	258	230	209	385	434	261	192	140
Normalized NOPAT Margin	4.50%	4.41%	4.92%	5.59%	5.63%	5.06%	5.88%	5.83%	4.93%	3.98%	2.96%
Pre Tax Income Margin	7.19%	6.93%	6.60%	7.12%	7.24%	6.02%	7.67%	7.63%	6.56%	5.28%	3.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	81.96	58.84	77.06	98.91	95.16	63.99	127.18	157.76	0.00	0.00	152.19
NOPAT to Interest Expense	50.70	36.83	56.64	76.87	73.26	49.37	96.72	119.80	0.00	0.00	116.23
EBIT Less CapEx to Interest Expense	80.90	55.57	73.41	97.20	90.25	58.20	122.08	152.02	0.00	0.00	149.22
NOPAT Less CapEx to Interest Expense	49.64	33.55	52.99	75.16	68.35	43.58	91.61	114.06	0.00	0.00	113.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.19%	10.43%	9.00%	34.84%	12.51%	57.00%	29.35%	26.84%	44.30%	61.48%	108.48%
Augmented Payout Ratio	148.31%	47.21%	9.00%	116.38%	51.41%	117.37%	61.51%	93.21%	64.69%	103.03%	264.87%

This table displays calculated financial ratios and metrics derived from Landstar System's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	34,058,726.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	34,058,726.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-29.01%	-28.08%	-18.43%	-10.83%	-5.85%	0.41%	-1.58%	-1.11%	-0.70%	-2.88%	1.63%
EBITDA Growth	-36.03%	-36.59%	-36.36%	-19.76%	-17.11%	-20.06%	-30.28%	-17.09%	-51.75%	-43.15%	23.50%
EBIT Growth	-39.81%	-40.03%	-40.80%	-22.62%	-21.45%	-22.52%	-34.26%	-17.31%	-58.29%	-48.85%	35.05%
NOPAT Growth	-39.75%	-39.54%	-40.93%	-22.57%	-19.29%	-19.68%	-35.27%	-17.41%	-60.25%	-46.87%	34.16%
Net Income Growth	-38.48%	-37.85%	-39.77%	-20.94%	-18.85%	-20.34%	-36.71%	-20.39%	-61.30%	-48.17%	32.32%
EPS Growth	-38.04%	-37.55%	-39.17%	-20.00%	-17.54%	-20.25%	-35.61%	-18.92%	-60.28%	-46.15%	36.47%
Operating Cash Flow Growth	-50.58%	-51.76%	-32.24%	-8.66%	-25.84%	-31.98%	-40.88%	-85.17%	7.51%	18.96%	40.42%
Free Cash Flow Firm Growth	360.16%	-37.21%	-52.39%	-44.98%	-41.15%	-62.43%	-76.92%	-77.55%	-51.77%	128.20%	341.20%
Invested Capital Growth	-17.56%	-12.43%	-13.84%	-13.50%	-10.40%	-1.20%	-0.25%	1.91%	-6.34%	-16.52%	-17.65%
Revenue Q/Q Growth	-6.15%	-6.58%	-2.77%	4.61%	-0.91%	-0.37%	-4.70%	5.11%	-0.49%	-2.57%	-0.27%
EBITDA Q/Q Growth	-7.95%	-6.84%	-15.99%	11.38%	-4.91%	-10.16%	-26.73%	32.46%	-44.67%	5.86%	59.17%
EBIT Q/Q Growth	-8.64%	-7.20%	-19.59%	13.51%	-7.26%	-8.47%	-31.77%	42.77%	-53.22%	12.25%	80.14%
NOPAT Q/Q Growth	-8.24%	-7.05%	-18.93%	11.98%	-4.36%	-7.51%	-34.66%	42.89%	-53.97%	23.64%	64.99%
Net Income Q/Q Growth	-7.37%	-5.95%	-18.78%	11.74%	-4.92%	-7.67%	-35.48%	40.55%	-53.78%	23.65%	64.72%
EPS Q/Q Growth	-7.57%	-4.68%	-19.02%	12.12%	-4.73%	-7.80%	-34.62%	41.18%	-53.33%	25.00%	65.71%
Operating Cash Flow Q/Q Growth	112.63%	-19.80%	4.84%	-48.91%	72.63%	-26.44%	-8.87%	-87.18%	1,151.51%	-18.60%	7.56%
Free Cash Flow Firm Q/Q Growth	-24.22%	-27.72%	-3.61%	4.23%	-18.95%	-53.86%	-40.78%	1.37%	74.11%	118.32%	14.50%
Invested Capital Q/Q Growth	-5.67%	-5.79%	-5.65%	3.16%	-2.28%	3.88%	-4.74%	5.40%	-10.20%	-7.42%	-6.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.47%	23.03%	22.67%	22.44%	22.25%	21.79%	22.09%	22.29%	22.31%	22.30%	22.56%
EBITDA Margin	7.35%	7.33%	6.33%	6.74%	6.47%	5.84%	4.49%	5.65%	3.14%	3.42%	5.45%
Operating Margin	6.23%	6.19%	5.12%	5.56%	5.20%	4.78%	3.42%	4.65%	2.18%	2.52%	4.55%
EBIT Margin	6.23%	6.19%	5.12%	5.56%	5.20%	4.78%	3.42%	4.65%	2.18%	2.52%	4.55%
Profit (Net Income) Margin	4.78%	4.81%	4.02%	4.30%	4.12%	3.82%	2.59%	3.46%	1.61%	2.04%	3.37%
Tax Burden Percent	75.75%	75.87%	76.49%	75.46%	77.83%	78.65%	75.31%	75.37%	74.17%	81.69%	74.81%
Interest Burden Percent	101.30%	102.50%	102.69%	102.46%	101.85%	101.67%	100.40%	98.76%	99.18%	99.19%	99.03%
Effective Tax Rate	24.25%	24.13%	23.51%	24.54%	22.17%	21.35%	24.69%	24.63%	25.83%	18.31%	25.19%
Return on Invested Capital (ROIC)	39.61%	39.70%	33.05%	33.35%	33.05%	31.10%	22.40%	29.12%	14.35%	18.36%	32.22%
ROIC Less NNEP Spread (ROIC-NNEP)	39.32%	39.24%	32.73%	33.02%	32.85%	30.90%	22.37%	29.26%	14.39%	18.42%	32.33%
Return on Net Nonoperating Assets (RNNOA)	-11.09%	-12.93%	-12.72%	-12.67%	-14.04%	-12.51%	-9.70%	-11.74%	-6.24%	-7.36%	-13.54%
Return on Equity (ROE)	28.53%	26.78%	20.33%	20.69%	19.01%	18.59%	12.70%	17.38%	8.11%	11.01%	18.68%
Cash Return on Invested Capital (CROIC)	62.62%	54.92%	53.33%	49.40%	45.39%	34.15%	32.07%	27.06%	31.96%	39.82%	44.41%
Operating Return on Assets (OROA)	18.73%	17.59%	14.40%	15.12%	13.87%	12.74%	9.49%	12.87%	6.10%	6.92%	13.05%
Return on Assets (ROA)	14.38%	13.68%	11.31%	11.69%	10.99%	10.18%	7.17%	9.58%	4.49%	5.61%	9.67%
Return on Common Equity (ROCE)	28.53%	26.78%	20.33%	20.69%	19.01%	18.59%	12.70%	17.38%	8.11%	11.01%	18.68%
Return on Equity Simple (ROE_SIMPLE)	28.73%	0.00%	22.92%	21.92%	20.45%	0.00%	19.19%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	61	57	46	51	49	45	30	42	20	24	40
NOPAT Margin	4.72%	4.70%	3.92%	4.19%	4.05%	3.76%	2.58%	3.50%	1.62%	2.06%	3.40%
Net Nonoperating Expense Percent (NNEP)	0.29%	0.46%	0.32%	0.33%	0.21%	0.19%	0.03%	-0.14%	-0.04%	-0.06%	-0.11%
Return On Investment Capital (ROIC_SIMPLE)	-	5.36%	-	-	-	4.23%	2.90%	4.21%	2.02%	2.77%	4.59%
Cost of Revenue to Revenue	76.53%	76.97%	77.33%	77.56%	77.75%	78.21%	77.91%	77.71%	77.69%	77.70%	77.44%
SG&A Expenses to Revenue	14.07%	13.72%	14.39%	13.79%	13.60%	13.78%	14.47%	14.43%	14.21%	14.19%	14.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.24%	16.84%	17.55%	16.89%	17.05%	17.01%	18.67%	17.64%	20.13%	19.78%	18.02%
Earnings before Interest and Taxes (EBIT)	80	75	60	68	63	58	39	56	26	30	53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	95	88	74	83	79	71	52	68	38	40	64
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.99	6.85	6.78	6.58	6.52	6.25	5.59	5.29	4.76	6.20	6.67
Price to Tangible Book Value (P/TBV)	6.24	7.16	7.08	6.86	6.80	6.52	5.85	5.53	4.95	6.48	6.97
Price to Revenue (P/Rev)	1.08	1.27	1.37	1.35	1.38	1.26	1.08	1.02	0.89	1.04	1.12
Price to Earnings (P/E)	20.85	25.50	29.59	30.02	31.90	30.99	29.13	29.02	30.83	42.91	42.77
Dividend Yield	1.86%	1.74%	1.71%	1.80%	1.79%	1.97%	2.31%	2.50%	2.88%	2.48%	2.30%
Earnings Yield	4.80%	3.92%	3.38%	3.33%	3.13%	3.23%	3.43%	3.45%	3.24%	2.33%	2.34%
Enterprise Value to Invested Capital (EV/IC)	9.37	10.71	11.65	10.79	11.07	9.69	8.75	7.80	7.42	9.44	10.99
Enterprise Value to Revenue (EV/Rev)	1.01	1.18	1.28	1.26	1.28	1.16	1.01	0.95	0.81	0.96	1.05
Enterprise Value to EBITDA (EV/EBITDA)	12.85	15.58	17.87	18.11	19.06	18.33	17.02	16.83	16.94	23.00	23.72
Enterprise Value to EBIT (EV/EBIT)	14.79	18.23	21.26	21.75	23.22	22.53	21.13	20.93	21.55	30.08	30.17
Enterprise Value to NOPAT (EV/NOPAT)	19.53	24.00	28.04	28.67	30.40	29.25	27.48	27.19	28.26	39.38	39.62
Enterprise Value to Operating Cash Flow (EV/OCF)	11.89	15.94	18.46	17.88	19.56	19.57	19.45	21.89	18.16	20.27	20.17
Enterprise Value to Free Cash Flow (EV/FCFF)	13.52	18.21	20.22	20.27	23.06	28.21	27.26	29.09	22.47	21.57	22.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.07	0.06	0.07	0.07	0.11	0.10	0.09	0.09	0.10	0.09
Long-Term Debt to Equity	0.04	0.04	0.04	0.05	0.04	0.07	0.07	0.06	0.05	0.06	0.05
Financial Leverage	-0.28	-0.33	-0.39	-0.38	-0.43	-0.40	-0.43	-0.40	-0.43	-0.40	-0.42
Leverage Ratio	2.00	2.00	1.83	1.80	1.75	1.85	1.78	1.80	1.80	1.95	1.92
Compound Leverage Factor	2.03	2.05	1.88	1.85	1.79	1.88	1.78	1.77	1.78	1.94	1.90
Debt to Total Capital	6.74%	6.74%	6.02%	6.83%	6.66%	9.52%	9.17%	8.48%	7.99%	8.80%	7.98%
Short-Term Debt to Total Capital	2.61%	2.64%	2.47%	2.60%	2.54%	3.08%	3.13%	3.05%	3.05%	3.25%	3.01%
Long-Term Debt to Total Capital	4.13%	4.10%	3.55%	4.23%	4.12%	6.44%	6.05%	5.43%	4.94%	5.56%	4.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.26%	93.26%	93.98%	93.17%	93.34%	90.48%	90.83%	91.52%	92.01%	91.20%	92.02%
Debt to EBITDA	0.17	0.18	0.18	0.22	0.22	0.33	0.33	0.32	0.34	0.39	0.33
Net Debt to EBITDA	-0.93	-1.17	-1.29	-1.27	-1.42	-1.52	-1.34	-1.27	-1.56	-1.89	-1.62
Long-Term Debt to EBITDA	0.10	0.11	0.11	0.13	0.14	0.23	0.22	0.20	0.21	0.24	0.21
Debt to NOPAT	0.25	0.27	0.28	0.34	0.36	0.53	0.54	0.51	0.56	0.66	0.55
Net Debt to NOPAT	-1.41	-1.80	-2.03	-2.01	-2.26	-2.42	-2.16	-2.04	-2.61	-3.24	-2.71
Long-Term Debt to NOPAT	0.15	0.17	0.17	0.21	0.22	0.36	0.35	0.33	0.35	0.42	0.34
Altman Z-Score	10.48	10.64	11.45	10.92	11.02	9.73	9.64	9.51	9.11	9.31	9.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.08	2.00	2.22	2.17	2.21	1.96	2.03	2.00	2.01	1.75	1.88
Quick Ratio	2.04	1.97	2.20	2.10	2.16	1.93	2.00	1.93	1.92	1.69	1.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	193	140	135	140	114	52	31	32	55	120	137
Operating Cash Flow to CapEx	15,693.56%	1,041.17%	1,224.12%	851.80%	1,789.32%	1,874.33%	0.00%	668.98%	3,459.84%	4,328.15%	1,685.22%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	45.14	252.81	499.05	264.76
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.23	411.67	302.97	150.99
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.70	399.77	295.97	142.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.01	2.84	2.81	2.72	2.67	2.67	2.77	2.77	2.80	2.75	2.87
Accounts Receivable Turnover	5.53	5.86	5.87	5.82	5.97	6.35	6.33	6.25	6.38	6.53	6.60
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	19.07	17.70	17.20	16.77	16.79	16.18	16.64	16.69	17.32	16.57	17.22
Accounts Payable Turnover	8.00	8.81	8.86	8.56	8.64	9.61	9.66	9.28	9.30	9.79	9.41
Days Sales Outstanding (DSO)	66.02	62.33	62.20	62.68	61.18	57.49	57.63	58.43	57.23	55.93	55.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	45.65	41.42	41.22	42.62	42.25	37.99	37.79	39.32	39.26	37.27	38.81
Cash Conversion Cycle (CCC)	20.38	20.90	20.99	20.07	18.94	19.50	19.84	19.11	17.97	18.67	16.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	622	586	553	570	557	579	551	581	522	483	454
Invested Capital Turnover	8.39	8.45	8.44	7.96	8.17	8.28	8.70	8.32	8.86	8.93	9.48
Increase / (Decrease) in Invested Capital	-132	-83	-89	-89	-65	-7.05	-1.40	11	-35	-96	-97
Enterprise Value (EV)	5,827	6,273	6,438	6,154	6,168	5,609	4,825	4,532	3,874	4,559	4,989
Market Capitalization	6,248	6,742	6,903	6,585	6,627	6,073	5,205	4,873	4,231	4,935	5,331
Book Value per Share	$29.02	$27.37	$28.47	$27.99	$28.66	$27.52	$26.36	$26.38	$25.65	$23.17	$23.46
Tangible Book Value per Share	$27.85	$26.20	$27.29	$26.82	$27.50	$26.37	$25.20	$25.19	$24.66	$22.18	$22.46
Total Capital	1,119	1,055	1,083	1,074	1,088	1,075	1,025	1,007	966	872	868
Total Debt	75	71	65	73	73	102	94	85	77	77	69
Total Long-Term Debt	46	43	38	45	45	69	62	55	48	48	43
Net Debt	-421	-470	-465	-431	-459	-464	-379	-341	-357	-375	-342
Capital Expenditures (CapEx)	0.71	8.63	7.70	5.65	4.64	3.26	-2.37	1.07	2.58	1.68	4.64
Debt-free, Cash-free Net Working Capital (DFCFNWC)	258	165	217	233	215	113	188	223	221	97	168
Debt-free Net Working Capital (DFNWC)	755	705	747	737	746	680	661	649	655	549	579
Net Working Capital (NWC)	725	678	721	709	719	647	629	618	626	520	553
Net Nonoperating Expense (NNE)	-0.79	-1.42	-1.23	-1.26	-0.91	-0.76	-0.12	0.53	0.16	0.20	0.39
Net Nonoperating Obligations (NNO)	-421	-398	-465	-431	-459	-394	-379	-341	-367	-313	-345
Total Depreciation and Amortization (D&A)	14	14	14	15	15	13	12	12	12	11	11
Debt-free, Cash-free Net Working Capital to Revenue	4.47%	3.11%	4.31%	4.77%	4.47%	2.35%	3.91%	4.65%	4.63%	2.04%	3.53%
Debt-free Net Working Capital to Revenue	13.07%	13.30%	14.83%	15.08%	15.50%	14.11%	13.78%	13.56%	13.72%	11.57%	12.16%
Net Working Capital to Revenue	12.57%	12.78%	14.30%	14.51%	14.93%	13.42%	13.11%	12.91%	13.10%	10.97%	11.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.71	$1.63	$1.32	$1.48	$1.41	$1.30	$0.85	$1.20	$0.56	$0.70	$1.16
Adjusted Weighted Average Basic Shares Outstanding	35.95M	35.92M	35.75M	35.65M	35.42M	35.54M	35.20M	34.87M	34.58M	34.72M	34.02M
Adjusted Diluted Earnings per Share	$1.71	$1.63	$1.32	$1.48	$1.41	$1.30	$0.85	$1.20	$0.56	$0.70	$1.16
Adjusted Weighted Average Diluted Shares Outstanding	35.95M	35.92M	35.75M	35.65M	35.42M	35.54M	35.20M	34.87M	34.58M	34.72M	34.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	35.95M	35.72M	35.76M	35.45M	35.33M	35.32M	34.95M	34.65M	34.34M	34.06M	33.93M
Normalized Net Operating Profit after Tax (NOPAT)	61	57	46	51	49	45	30	42	42	24	40
Normalized NOPAT Margin	4.72%	4.70%	3.92%	4.19%	4.05%	3.76%	2.58%	3.50%	3.47%	2.06%	3.40%
Pre Tax Income Margin	6.31%	6.35%	5.26%	5.69%	5.30%	4.86%	3.43%	4.59%	2.17%	2.50%	4.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	80.63	121.32	123.13	102.77
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	60.77	89.98	100.58	76.89
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	79.10	109.42	116.13	93.81
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	59.24	78.08	93.58	67.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.73%	44.30%	50.45%	54.11%	57.57%	61.48%	67.48%	73.07%	90.21%	108.48%	98.82%
Augmented Payout Ratio	43.88%	64.69%	66.95%	97.42%	113.97%	103.03%	146.83%	148.81%	196.53%	264.87%	212.65%

Financials Breakdown Chart

Key Financial Trends

Landstar System (NASDAQ: LSTR) has shown a noticeable slowdown from its 2023 peak, but the company still remains profitable, liquid, and cash-generative. Looking across the last four years of quarterly statements, the biggest theme is margin compression: revenue has fallen from the strong 2023 levels, while operating expenses and share repurchases have continued to weigh on cash and equity.

Recent quarter snapshot: Q1 2026

Generated $78.2 million in operating cash flow in Q1 2026, which shows the business is still producing solid cash despite weaker earnings.
Ended Q1 2026 with a large liquidity cushion, including $353.3 million in cash and equivalents and $57.7 million in short-term investments.
Retained earnings remain very high at $2.88 billion, reflecting long-term profitability and accumulated earnings.
The company still reported a quarterly profit of $39.4 million, or $1.16 per share.
Total debt appears manageable relative to the balance sheet, with $26.1 million of short-term debt and $43.1 million of long-term debt.
Landstar continued paying a dividend of $0.40 per share in Q1 2026, indicating a shareholder-return focus.
Revenue in Q1 2026 fell to $1.17 billion from $1.21 billion in Q2 2025 and was also below the stronger 2024 run-rate.
Net income dropped to $39.4 million from $47.1 million in Q1 2024 and was far below the company’s 2023 peak quarters.
The company used substantial cash for capital returns and debt reduction, including $81.7 million in dividends and $22.4 million in share repurchases in Q1 2026.
Cash and equivalents declined by $43.4 million in the quarter, despite positive operating cash flow.

Trend analysis over the last four years

Revenue has softened meaningfully from 2023 highs. In Q1 2023, Landstar generated $1.44 billion of revenue, but by Q1 2026 that figure was down to $1.17 billion. The quarterly pattern through 2024 and 2025 shows a business that is still large and profitable, but operating in a weaker freight environment.

Profitability has compressed, especially from 2023 to 2025/2026. Quarterly net income was above $60 million in several 2023 periods, including $78.2 million in Q1 2023 and $100.2 million in Q3 2023. By comparison, Q1 2026 net income was $39.4 million. This suggests lower pricing, softer volume, or both.

Operating margins have narrowed. In Q1 2026, gross profit was $264.3 million on $1.17 billion of revenue, while operating income was only $53.2 million. That’s still profitable, but it is below the company’s stronger historical quarters.

Cash generation remains a strength. Even during softer quarters, operating cash flow stayed positive: $55.7 million in Q1 2025, $72.7 million in Q4 2025, and $78.2 million in Q1 2026. This is important for a cyclical transportation company because it helps support dividends, buybacks, and debt repayment.

The balance sheet remains solid, but equity has been pressured by buybacks. Landstar’s equity fell from about $1.02 billion in Q1 2024 to $799.0 million in Q1 2026. The main driver appears to be continued treasury stock buildup from aggressive repurchases rather than operating losses.

Share repurchases have been a major use of cash. Over multiple quarters, Landstar has spent heavily on buybacks, including $60.4 million in Q1 2025, $41.9 million in Q2 2025, and $22.4 million in Q1 2026. This can support EPS, but it also reduces cash flexibility if freight conditions worsen.

Dividends have been steady. The company has consistently paid quarterly dividends, typically around $0.30 to $0.40 per share in the periods shown. That signals confidence in the underlying cash flow, even if earnings are cyclical.

One quarter stands out as a warning sign. Q3 2025 included an $30.1 million impairment charge, which helped pull operating income down to $26.3 million from $63.1 million in the prior-year quarter. That suggests management had to recognize some asset-related weakness.

Bottom line: Landstar System still looks financially sound, with good liquidity, positive cash flow, and a history of profitability. But the multi-year trend is clearly weaker than 2023, with lower revenue, thinner margins, and ongoing pressure from buybacks and dividends consuming cash. For retail investors, the key question is whether freight demand and pricing stabilize enough to restore earnings momentum.

06/22/26 12:01 PM ETAI Generated. May Contain Errors.

Landstar System Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Landstar System's financial year ends in December. Their financial year 2025 ended on December 27, 2025.

Landstar System's net income appears to be on an upward trend, with a most recent value of $115.01 million in 2025, falling from $147.69 million in 2015. The previous period was $195.95 million in 2024. See Landstar System's forecast for analyst expectations on what's next for the company.

Landstar System's total operating income in 2025 was $151.58 million, based on the following breakdown:

Total Gross Profit: $1.06 billion
Total Operating Expenses: $903.84 million

Over the last 10 years, Landstar System's total revenue changed from $3.32 billion in 2015 to $4.74 billion in 2025, a change of 42.8%.

Landstar System's total liabilities were at $840.27 million at the end of 2025, a 0.1% decrease from 2024, and a 60.0% increase since 2015.

In the past 10 years, Landstar System's cash and equivalents has ranged from $114.52 million in 2015 to $515.02 million in 2024, and is currently $396.69 million as of their latest financial filing in 2025.

Over the last 10 years, Landstar System's book value per share changed from 10.80 in 2015 to 23.17 in 2025, a change of 114.6%.

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Financial statements for NASDAQ:LSTR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Landstar System (LSTR) Financials

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