olivLaw · US equity research
Landstar System, Inc. LSTR
Trucking (No Local) · SIC 4213 · Vertical: Trucking (No Local) (SIC 4213)
Landstar System is an asset-light provider of transportation and logistics services that operates through a network of independent commission sales agents and third-party capacity providers, without owning a large fleet. The company reported second-quarter 2026 revenue growing 18% to 1.432 billion USD amid improving freight demand, while rising insurance and claims costs remain a key pressure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Landstar System, Inc. (LSTR) stock was 151.25 USD (+0.13% on the day), with market capitalisation 5.1 bn USD, P/E 32.0 on diluted EPS of 4.72 USD over the last 12 months, dividend yield 2.41%, beta 0.77, 52-week range 121.51–225.37 USD. Latest reported quarter (Q3 2026): revenue of 1.5 bn USD (+25.4% YoY), net income of 48.0 m USD (+148.1% YoY), diluted EPS 1.42 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.0
- weak (30–45)
- Bollinger (20, 2)
- 139.47 – 184.44
- in the lower half of the band · %B 0.26 · band width 27.8%
- SMA 50 / 200
- 168.14 / 176.74
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -6.29 / -4.76
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.7% | −2.0% | −9.7 pp | — |
| 3 months | −15.7% | −2.2% | −13.5 pp | — |
| 6 months | −16.6% | +4.3% | −20.9 pp | — |
| Year to date | +5.3% | +10.6% | −5.3 pp | — |
| 1 year | +18.2% | +10.5% | +7.7 pp | +34.0% |
| 3 years | −11.1% | +73.7% | −84.7 pp | +4.3% |
| 5 years | −14.0% | +61.7% | −75.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.5 bn |
| SG&A | 55.1 m | 61.6 m | 55.7 m | 57.0 m | 56.2 m | 61.0 m | 68.2 m | 62.4 m |
| Operating income | 57.8 m | 39.4 m | 56.3 m | 26.3 m | 29.6 m | 53.2 m | 66.2 m | 65.5 m |
| Depreciation & amortisation | 12.7 m | 12.2 m | 12.1 m | 11.5 m | 10.5 m | 10.6 m | 10.4 m | 9.9 m |
| Interest expense | 1.2 m | 1.5 m | 1.4 m | 1.4 m | 1.3 m | 1.3 m | 1.3 m | 1.2 m |
| Pre-tax income | 58.7 m | 39.6 m | 55.6 m | 26.1 m | 29.3 m | 52.7 m | 65.4 m | 65.2 m |
| Income tax | 12.5 m | 9.8 m | 13.7 m | 6.7 m | 5.4 m | 13.3 m | 16.5 m | 17.1 m |
| Net income | 46.2 m | 29.8 m | 41.9 m | 19.4 m | 23.9 m | 39.4 m | 49.0 m | 48.0 m |
| Diluted EPS | 1.31 ≈ | 0.85 | 1.20 | 0.56 | 0.70 ≈ | 1.16 | 1.44 | 1.42 |
| Operating cash flow | 61.1 m | 55.7 m | 7.1 m ≈ | 89.3 m ≈ | 72.7 m | 78.2 m | -50.4 m ≈ | 70.9 m ≈ |
| Capex | 6.7 m | 1.9 m | 2.5 m ≈ | 3.3 m ≈ | 2.2 m | 5.8 m | 2.9 m ≈ | 2.9 m ≈ |
| Dividends paid | 12.7 m | 83.3 m | 13.9 m ≈ | 13.9 m ≈ | 13.7 m | 81.7 m | 13.6 m ≈ | 14.9 m ≈ |
| Share repurchases | 2.7 m | 60.4 m | 41.9 m ≈ | 40.9 m ≈ | 36.6 m | 22.4 m | 1.8 m ≈ | 41.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 40-quarter history (min 11.8, median 24.7, max 54.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.6 bn | 4.1 bn | 4.1 bn | 6.5 bn | 7.4 bn | 5.3 bn | 4.8 bn | 4.7 bn |
| Revenue YoY | +26.6% | −11.5% | +1.2% | +58.2% | +13.8% | −28.7% | −9.1% | −1.6% |
| Net income | 255.3 m | 227.7 m | 192.1 m | 381.5 m | 430.9 m | 264.4 m | 195.9 m | 115.0 m |
| Net income YoY | +44.2% | −10.8% | −15.6% | +98.6% | +12.9% | −38.6% | −25.9% | −41.3% |
| Diluted EPS | 6.18 | 5.72 | 4.98 | 9.98 | 11.76 | 7.36 | 5.51 | 3.31 |
| Diluted EPS YoY | +46.8% | −7.4% | −12.9% | +100.4% | +17.8% | −37.4% | −25.1% | −39.9% |
| net % | 5.5% | 5.6% | 4.6% | 5.8% | 5.8% | 5.0% | 4.1% | 2.4% |
| Free cash flow | 288.2 m | 288.4 m | 180.1 m | 253.5 m | 596.7 m | 368.0 m | 255.6 m | 215.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 396.7 m USD
- Financial debt
- 0 USD
- Net debt
- -396.7 m USD
- Equity
- 795.7 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 1.75x
- ROE
- 13.0%
- ROA
- 6.7%
- FCF margin
- 4.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.1 bn | 6.5 bn | 7.4 bn | 5.3 bn | 4.8 bn | 4.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 167.6 m | 221.3 m | 221.3 m | 211.8 m | 217.7 m | 230.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 253.0 m | 505.7 m | 571.1 m | 344.1 m | 248.9 m | 151.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 45.9 m | 49.6 m | 57.5 m | 58.2 m | 56.7 m | 46.4 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 298.8 m ≈ | 555.3 m ≈ | 628.5 m ≈ | 402.3 m ≈ | 305.6 m ≈ | 198.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 4.0 m | 4.0 m | 4.5 m | 3.9 m | 4.1 m | 5.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 249.0 m | 501.7 m | 567.5 m | 348.1 m | 254.3 m | 150.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 56.9 m | 120.2 m | 136.5 m | 83.7 m | 58.4 m | 35.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 192.1 m | 381.5 m | 430.9 m | 264.4 m | 195.9 m | 115.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 4.98 | 9.98 | 11.76 | 7.36 | 5.51 | 3.31 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 38.6 m | 38.2 m | 36.6 m | 35.9 m | 35.5 m | 34.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 2.79 | 2.92 | 3.10 | 3.26 | 3.38 | 3.56 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 249.4 m | 215.5 m | 339.6 m | 481.0 m | 515.0 m | 396.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | — | — | — | — | — | 670.1 m | SEC (XBRL)· 29 Apr 2026verified |
| Current assets | 1.2 bn | 1.5 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 297.0 m | 317.4 m | 315.0 m | 284.3 m | 311.3 m | 261.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 40.9 m | 40.8 m | 41.2 m | 42.3 m | 40.9 m | 34.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.7 bn | 2.0 bn | 1.9 bn | 1.8 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 380.5 m | 604.1 m | 527.4 m | 396.0 m | 383.6 m | 369.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 806.1 m | 1.0 bn | 878.1 m | 675.2 m | 673.2 m | 695.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 691.8 m | 862.0 m | 887.2 m | 983.9 m | 972.4 m | 795.7 m | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 210.7 m | 276.7 m | 622.7 m | 393.6 m | 286.6 m | 224.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 30.6 m | 23.3 m | 26.0 m | 25.7 m | 31.0 m | 9.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 180.1 m ≈ | 253.5 m ≈ | 596.7 m ≈ | 368.0 m ≈ | 255.6 m ≈ | 215.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -28.4 m | -73.3 m | -24.8 m | -6.5 m | -10.5 m | -2.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -252.0 m | -232.9 m | -475.7 m | -248.0 m | -237.3 m | -343.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 109.5 m | 112.0 m | 115.7 m | 117.1 m | 120.5 m | 124.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 116.0 m | 122.7 m | 286.0 m | 53.9 m | 81.4 m | 179.9 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation66
- Returns62
- Quality86
- Balance sheet93
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.78 – 281.47 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E161.55 – 281.47 (Mid 168.21)6 companies used · median multiple 35.6x · quartiles 34.2x – 59.6xJBHT, KNX, MRTN, ODFL, SAIA, SNDR
- Dividend discount (DDM)46.78 – 62.91 (Mid 53.66)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.0% | 75 (vs peers) | 9% |
| FCF conversion · Quality | 98.3% | 98 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -13.9% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -34.5% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 42.4x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.8x | 83 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 32.0x | 88 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.1% | 39 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 4.4% | 63 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 78.6% | 59 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet93/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns62/100 · 2/2 factors with a value
- Valuation66/100 · 2/3 factors with a value
Memo
LANDSTAR SYSTEM, INC. (LSTR). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 4.7 bn USD in 2025; YoY growth -1.6%; net margin 3.0%; ROE 18.7%.
The estimated value range is 104.17–172.19 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 110.93 USD, the price of 151.25 USD leaves a potential of -26.7% (value / price − 1) and a margin of safety of -36.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3.0%
- FCF conversion: 98.3%
- Interest coverage: 42.4x
- Current ratio: 1.8x
- P/E (TTM): 32.0x
What contradicts it
- Revenue CAGR 3Y: -13.9%
- EPS CAGR 3Y: -34.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Trucking (No Local) (SIC 4213) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ODFLOld Dominion Freight Line, Inc. | 36.8 bn | 34.2 | 24.8% | 19.4% | −5.5% | +31% / −9% |
| JBHTJ.b. Hunt Transport Services, Inc. | 20.9 bn | 31.6 | 18.8% | 5.1% | −0.7% | +29% / +21% |
| KNXKnight-Swift Transportation Holdings Inc. | 10.2 bn | 67.2 | 2.2% | 1.9% | +0.8% | +36% / +16% |
| SAIASaia, Inc. | 9.7 bn | 34.3 | 10.6% | 8.0% | +0.8% | +28% / −7% |
| LSTRLandstar System, Inc. | 5.1 bn | 32.0 | 18.7% | 3.0% | −1.6% | +18% / −11% |
| ARCBArcbest Corporation | 3.1 bn | 201.5 | 1.3% | 0.4% | −4.0% | +117% / +17% |
| WERNWerner Enterprises, Inc. | 1.8 bn | — | -3.3% | -1.4% | −1.8% | +15% / −27% |
| MRTNMarten Transport, Ltd. | 1.0 bn | 74.8 | 1.6% | 1.5% | −8.3% | +21% / −34% |
| ULHUniversal Logistics Holdings, Inc. | 862.8 m | — | -15.1% | -6.0% | −15.6% | +118% / +32% |
| HTLDHeartland Express Inc | 829.0 m | — | -2.8% | -3.0% | −23.1% | +36% / −20% |
| PAMTPamt Corp | 259.3 m | — | -18.9% | -7.1% | −16.3% | +38% / −34% |
| SNDRSchneider National, Inc. | — | 37.0 | 4.6% | 2.4% | +7.3% | +32% / +29% |
| CVLGCovenant Logistics Group, Inc. | — | 237.7 | 0.9% | 0.3% | +2.9% | +70% / +59% |
1- and 3-year price returns: for LSTR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 81.52 Total return -44% · Per year -44% | 144.84 Total return -2% · Per year -2% | 219.17 Total return 48% · Per year 48% |
| 3 years | 64.73 Total return -53% · Per year -22% | 130.72 Total return -7% · Per year -2% | 219.17 Total return 53% · Per year 15% |
| 5 years | 51.40 Total return -59% · Per year -16% | 117.97 Total return -12% · Per year -2% | 219.17 Total return 59% · Per year 10% |
- Exit P/E± 32.68
- Net margin± 22.88
- Annual revenue growth± 20.66
- Annual dilution± 1.92
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
Landstar System is an asset-light provider of transportation and logistics services that operates through a network of independent commission sales agents and third-party capacity providers, without owning a large fleet. The company reported second-quarter 2026 revenue growing 18% to 1.432 billion USD amid improving freight demand, while rising insurance and claims costs remain a key pressure. 3
SWOT
Strengths
- Asset-light model with low fixed costs and high return on invested capital, supported by a large network of agents and contractors.
- Strong balance sheet with substantial liquidity and a consistent dividend paid to shareholders.
- Proprietary digital platform linking agents, capacity and customers, supporting operational efficiency.
Weaknesses
- High dependence on a limited number of large agents that generate most of the revenue.
- Exposure to insurance and claims costs, which can rise quickly and affect results.
- Reliance on third parties for nearly all transport capacity, limiting control over quality and costs.
Opportunities
- A recovery in freight demand could support higher volumes and revenue going forward.
- Expanding the BCO contractor base and recruiting new agents could strengthen market position.
- Developing digital services and integrated logistics solutions could raise value added.
Threats
- Nuclear verdicts and claims against brokers could generate unexpected costs.
- Withdrawal of insurers from excess coverage could reduce the availability of protection.
- Cargo theft and sophisticated fraud could increase exposure to cargo losses.
Risks
- Accident and claims exposurehigh
Severe accidents and large judgments could generate insurance and claims costs above estimates, with direct impact on results.
- Broker liabilityhigh
Case law on claims against brokers may be changed by the Supreme Court decision, which could increase or reduce the company's exposure.
- Dependence on large agentsmedium
A small number of agents generates a very large share of revenue, and losing one could significantly affect volumes.
- Dependence on third-party capacitymedium
Without an owned fleet, availability and cost of capacity depend on third parties, which can affect margins in periods of high demand.
- Fraud and cargo theftmedium
Rising sophisticated supply chain fraud could lead to cargo losses and additional legal costs.
Investment thesis
What would need to be true (bull case)
- If the freight demand recovery consolidates, rising revenue and volumes could amplify the operating leverage of the asset-light model.
- The extensive agent and contractor network and proprietary digital platform offer an advantage that is hard to replicate and can support market share.
- A solid balance sheet and a steady dividend policy could support shareholder returns even in periods of volatility.
What would break the thesis
- If insurance and claims costs keep rising, they could erode margins gained from the demand recovery.
- Concentration of revenue in a few large agents could become a vulnerability if those relationships change.
- An unfavorable change in case law on broker liability could significantly increase the company's litigation exposure.
What to watch
- Trend in insurance costs and development of prior years' claimsQ3 2026
- U.S. Supreme Court decision in the Montgomery case and its effect on broker liability2026
- Pace of net BCO contractor additions and number of agents above 1 million USD in revenueQ3 2026
- Outcome of the Cabral appeal and any gain from the no claims bonusnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).
The business
Landstar presents itself as a technology-enabled asset-light company offering integrated transportation management solutions, from individual freight shipments to comprehensive third-party logistics for customers. Services are delivered through approximately 960 independent commission sales agents and over 70,000 third-party capacity providers, mainly truck capacity providers, linked by proprietary digital technology 1. Revenue of 4.7 billion USD in fiscal 2025 came mainly from truck transportation, and operating costs vary largely directly with revenue 1.
The business model depends on the ability of its agents to generate freight; agents contract with the company, while the operating subsidiaries contract directly with customers and generally assume credit risk. The company does not operate a significant owned fleet, which reduces fixed costs and raises return on invested capital, but makes it dependent on third parties for capacity and on a relatively small number of large agents 1.
The company reports two segments: transportation logistics, which generates most revenue, and insurance, which provides risk and claims management to operating subsidiaries and reinsures some risks of BCO Independent Contractors 1. Insurance segment revenue is a very small share of the total, approximately 1% 1.
Segments
Transportation logistics
This segment covers truckload, less-than-truckload, rail intermodal, air and ocean cargo, expedited, heavy-haul, hazardous materials, cold chain and cross-border services. Truck transportation accounted for about 91% of consolidated revenue in fiscal 2025 1. In the second quarter of 2026, truck revenue rose 19% and revenue per load about 17% 3.
Insurance segment
The segment includes Signature Insurance Company, an offshore subsidiary, and Risk Management Claim Services, which provide risk and claims services to subsidiaries and reinsure certain risks of contractors. It is small in total revenue but plays an important role in controlling insurance costs, which have risen sharply in recent years 12.
Market context
Freight transportation in the United States and Canada went through a period of soft demand in 2024 and 2025, with declines in the number of agents above 1 million USD in revenue, but the 2026 recovery appears stronger according to company reporting 13. The market remains fragmented and dominated by independent carriers and brokers, which makes agent networks an important competitive advantage 1.
The commercial auto insurance market has tightened significantly, and availability and pricing of excess coverage above 10 million USD have risen considerably, raising costs for all operators in the sector 1. Changes in case law on broker liability could further reshape industry economics if the exception under the FAAAA is interpreted differently 13.
Trends
- Recovery in freight demandtailwind
In the second quarter of 2026 the company reported improving volumes and revenue per load, with net BCO truck additions reaching the strongest quarterly level since 2022 3. If the recovery holds, it could support revenue and variable contribution.
- Surge in insurance costsheadwind
Nuclear verdicts and rising premiums for excess coverage have increased claims costs across the industry, and Landstar reported higher insurance and claims expense in the second quarter of 2026, mainly from unfavorable development of prior years' claims 13.
- Broker liabilitymixed
Claims against brokers for accidents involving contracted carriers are multiplying, and the U.S. Supreme Court's decision in the Montgomery case could change the federal preemption framework, with impact on the company's exposure 13.
- Fraud and cargo theftheadwind
Cargo theft and supply chain fraud have grown more sophisticated, and the company faces higher exposure to cargo claims, although its own technology and verification procedures can partly mitigate the risk 1.
Competitive position
Landstar competes with other asset-light transportation and logistics providers in the United States that pursue the same shipper customers and capacity providers. The company states it has more independent commission sales agents than any other integrated asset-light provider in the United States, and that its BCO network is the largest in the country 1. Competition is intense, and insurance and capacity costs affect all players alike 1.
The company's main advantage lies in combining its agent network, digital platform and asset-light model, which allow it to serve large and small shippers with comparable service 1. Concentration of revenue in a few large agents is, however, also a competitive vulnerability 1.
- Asset-light transportation and freight brokerage providers
The source documents do not name specific competitors, so no concrete providers are listed; the company describes competition in integrated transportation as intense.
- Truck brokerage carriers and third-party capacity providers
Truck Brokerage Carriers are, for the company, a category of capacity provider rather than a direct rival; they represent a major share of revenue and capacity.
- Commercial auto insurance providers
Insurers providing excess coverage influence the company's costs but are not described as rivals in the analyzed sources.
- Integrated logistics solution providers
The company generally mentions competition from integrated logistics providers without identifying specific entities in the materials analyzed.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jul 2026Other events · Financial statements and exhibits
- Current report06 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report06 May 2026Shareholder vote
- Quarterly report29 Apr 2026
- Current report28 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report02 Apr 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Landstar System, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Landstar System, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Landstar System, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.