Landstar System 第二季收入14.3億美元升18.2% 每股盈利1.44美元

10-Q

Table of Contents
falseQ20000853816--12-26Interest and debt expense includes (i) interest income earned on cash balances held by the transportation logistics segment of $1,251 and $2,409 in the 2026 and 2025 twenty-six-week periods, respectively, and $473 and $741 in the 2026 and 2025 thirteen-week periods, respectively, and (ii) consolidated total interest expense of $2,581 and $2,948 in the 2026 and 2025 twenty-six-week periods, respectively, and $1,285 and $1,439 in the 2026 and 2025 thirteen-week periods, respectively.Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. 0000853816 2025-12-28 2026-06-27 0000853816 2026-06-27 0000853816 2025-12-27 0000853816 2024-12-29 2025-06-28 0000853816 2026-03-29 2026-06-27 0000853816 2025-03-30 2025-06-28 0000853816 2025-12-28 2026-03-28 0000853816 2024-12-29 2025-03-29 0000853816 2024-12-30 2025-06-28 0000853816 2026-01-30 2026-01-30 0000853816 2026-07-20 0000853816 2025-06-28 0000853816 2025-12-28 2026-06-28 0000853816 2024-12-28 0000853816 2025-03-29 0000853816 2026-03-28 0000853816 us-gaap:USTreasurySecuritiesMember 2026-06-27 0000853816 us-gaap:AssetBackedSecuritiesMember 2026-06-27 0000853816 lstr:CorporateBondsCommercialPaperAndDirectObligationsOfGovernmentAgenciesMember 2026-06-27 0000853816 us-gaap:MoneyMarketFundsMember 2026-06-27 0000853816 lstr:GuaranteePaymentOfInsuranceClaimsMember 2026-06-27 0000853816 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 UNITED STATES 
 SECURITIES AND EXCHANGE COMMISSION 
 Washington, D.C. 20549 
  
  
 
 FORM 10-Q
 
  
  
 
 (Mark One) 

☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
 
 For the quarterly period ended June
 27, 2026 
 OR 
  

☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
 
 For the transition period from_________________ to _____________________ 

 Commission File Number: 0-21238
 
  
  
 
  
 

 LANDSTAR SYSTEM, INC. 
 (Exact name of registrant as specified in its charter) 
  
  
 
  

 

Delaware

 
06-1313069

 

 (State or other jurisdiction of
 incorporation or organization)
 
 
 (I.R.S. Employer
 Identification No.)
 
 13410 Sutton Park Drive South, Jacksonville, Florida 
 (Address of principal executive offices) 
 32224 
 (Zip Code) 
 (904) 398-9400
 
 (Registrant’s telephone number, including area code) 
 N/A 
 (Former name, former address and former fiscal year, if changed since last report) 
  
  
 
 Securities registered pursuant to Section 12(b) of the Act: 
  

 

 Title of each class
 
 
 Trading Symbol(s)
 
 
 Name of each exchange
 on which registered
 

Common Stock

 
LSTR

 
NASDAQ
 
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: 
 Yes ☑ No ☐ 
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files): 
 Yes ☑ No ☐ 
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
 filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2
 of the Exchange Act. (Check one): 
  

 

Large accelerated filer
 
☑
  
Accelerated filer
 
☐ 

 

Non-accelerated
 filer
 
☐
  
Smaller reporting company
 
☐ 

 

 

  
Emerging growth company
 
☐ 
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
 ☐ 
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2
 of the Exchange Act). 
 Yes ☐ No ☑ 
 The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding as of the close of business on July 20, 2026 was 33,936,925. 
  
  
  
 
 
 

 

Table of Contents

 Index 
 PART I – Financial Information 
  

Item 1.
 
 Financial Statements (unaudited)

  

Consolidated Balance Sheets as of June 27, 2026 and December 27, 2025
  
 
Page 5
 

Consolidated Statements of Income for the Twenty-Six and Thirteen Weeks Ended June 27, 2026 and June 28, 2025
  
 
Page 6
 

Consolidated Statements of Comprehensive Income for the Twenty-Six and Thirteen Weeks Ended June 27, 2026 and June 28, 2025
  
 
Page 7
 

Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended June 27, 2026 and June 28, 2025
  
 
Page 8
 

Consolidated Statements of Changes in Shareholders’ Equity for the Twenty-Six and Thirteen Weeks Ended June 27, 2026 and June 28, 2025
  
 
Page 9
 

Notes to Consolidated Financial Statements
  
 
Page 11
 

Item 2.
 
 Management’s Discussion and Analysis of Financial Condition and Results of Operations

  
 
Page 21
 

Item 3.
 
 Quantitative and Qualitative Disclosures About Market Risk

  
 
Page 34
 

Item 4.
 
 Controls and Procedures

  
 
Page 35
 

 PART II – Other Information 
  

Item 1.
 
 Legal Proceedings

  
 
Page 35
 

Item 1A.
 
 Risk Factors

  
 
Page 35
 

Item 2.
 
 Unregistered Sales of Equity Securities and Use of Proceeds

  
 
Page 35
 

Item 5.
 
 Other Information

  
 
Page 36
 

Item 6.
 
 Exhibits

  
 
Page 36
 

  
 2 

 

Table of Contents

 Signatures

  
 
Page 38
 

 EX – 31.1 Section 302 CEO Certification

  

 EX – 31.2 Section 302 CFO Certification

  

 EX – 32.1 Section 906 CEO Certification

  

 EX – 32.2 Section 906 CFO Certification

  

  
 3 

 

Table of Contents
2.500http://fasb.org/us-gaap/2026#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2026#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2026#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2026#DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent

 

PART I -

 FINANCIAL INFORMATION 
Item 1. Financial Statements 
The interim consolidated financial statements contained herein reflect all adjustments (all of a normal, recurring nature) which, in the opinion of management, are necessary for a fair statement of the financial condition, results of operations, cash flows and changes in shareholders’ equity for the periods presented. They have been prepared in accordance with Rule 10-01
 of Regulation S-X
 and do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the twenty-six
 weeks ended June 27, 2026 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 26, 2026. 
These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2025 Annual Report on Form 10-K.
 
 
4 

Table of Contents

 LANDSTAR SYSTEM, INC. AND SUBSIDIARY 

CONSOLIDATED BALANCE SHEETS 

(Dollars in thousands, except per share amounts) 

(Unaudited)

 

 
  
June 27,

 2026

 
 
December 27,

 2025

 

ASSETS

  

 

Current Assets

  

 

Cash and cash equivalents

  
$
294,350
 
 
$
396,694
 

Short-term investments

  
 
53,352
 
 
 
55,531
 

Trade accounts receivable, less allowance of $9,135 and $12,490

  
 
866,879
 
 
 
670,137
 

Other receivables, including advances to independent contractors, less allowance of $14,727 and $18,759

  
 
47,306
 
 
 
52,784
 

Assets held for sale

  
 
— 
 
 
 
12,231
 

Other current assets

  
 
59,159
 
 
 
28,949
 

  
 

 

 
 
 

 

 

Total current assets

  
 
1,321,046
 
 
 
1,216,326
 

  
 

 

 
 
 

 

 

Operating property, less accumulated depreciation and amortization of $488,271 and $473,642

  
 
252,963
 
 
 
261,322
 

Goodwill

  
 
34,005
 
 
 
34,005
 

Other assets

  
 
134,521
 
 
 
124,282
 

  
 

 

 
 
 

 

 

Total assets

  
$
1,742,535
 
 
$
1,635,935
 

  
 

 

 
 
 

 

 

 
 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
  
 
 
 
 
 

Current Liabilities

  

 

Cash overdraft

  
$
71,849
 
 
$
56,654
 

Accounts payable

  
 
468,780
 
 
 
369,567
 

Current maturities of long-term debt

  
 
24,686
 
 
 
28,342
 

Insurance claims

  
 
59,020
 
 
 
87,343
 

Dividends payable

  
 
— 
 
 
 
68,117
 

Liabilities held for sale

  
 
— 
 
 
 
6,961
 

Other current liabilities

  
 
99,588
 
 
 
78,856
 

  
 

 

 
 
 

 

 

Total current liabilities

  
 
723,923
 
 
 
695,840
 

  
 

 

 
 
 

 

 

Long-term debt, excluding current maturities

  
 
42,088
 
 
 
48,480
 

Insurance claims

  
 
98,686
 
 
 
62,706
 

Deferred income taxes and other noncurrent liabilities

  
 
41,108
 
 
 
33,244
 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

  

 

Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,631,174 
and 68,590,708 shares

  
 
686
 
 
 
686
 

Additional paid-in
 capital

  
 
266,673
 
 
 
261,256
 

Retained earnings

  
 
2,913,890
 
 
 
2,852,680
 

Cost of 34,694,249 and 34,531,982 shares of common stock in treasury

  
 
(2,336,862
) 
 
 
(2,313,245
) 

Accumulated other comprehensive loss

  
 
(7,657
) 
 
 
(5,712
) 

  
 

 

 
 
 

 

 

Total shareholders’ equity

  
 
836,730
 
 
 
795,665
 

  
 

 

 
 
 

 

 

Total liabilities and shareholders’ equity

  
$
1,742,535
 
 
$
1,635,935
 

  
 

 

 
 
 

 

 
See accompanying notes to consolidated financial statements. 
 
5
 

Table of Contents

 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,

 2026

 
  
June 28,

 2025

 
  
June 27,

 2026

 
  
June 28,

 2025

  

 Revenue
 
  
$
2,603,555
 
  
$
2,363,885
 
  
$
1,432,264
 
  
$
1,211,383
  

 Investment income
 
  
 
5,679
 
  
 
7,327
 
  
 
2,705
 
  
 
3,729
  

 Costs and expenses:
 
  

  

  

  

 

 Purchased transportation
 
  
 
2,030,397
 
  
 
1,839,289
 
  
 
1,123,400
 
  
 
941,411
  

 Commissions to agents
 
  
 
201,578
 
  
 
192,836
 
  
 
109,435
 
  
 
99,522
  

 Other operating costs, net of gains on asset sales/dispositions
 
  
 
32,745
 
  
 
31,424
 
  
 
17,945
 
  
 
19,595
  

 Insurance and claims
 
  
 
74,923
 
  
 
70,301
 
  
 
39,359
 
  
 
30,449
  

 Selling, general and administrative
 
  
 
129,158
 
  
 
117,288
 
  
 
68,193
 
  
 
55,706
  

 Depreciation and amortization
 
  
 
20,969
 
  
 
24,375
 
  
 
10,409
 
  
 
12,149
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Total costs and expenses
 
  
 
2,489,770
 
  
 
2,275,513
 
  
 
1,368,741
 
  
 
1,158,832
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Operating income
 
  
 
119,464
 
  
 
95,699
 
  
 
66,228
 
  
 
56,280
  

 Interest and debt expense
 
  
 
1,330
 
  
 
539
 
  
 
812
 
  
 
698
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Income before income taxes
 
  
 
118,134
 
  
 
95,160
 
  
 
65,416
 
  
 
55,582
  

 Income taxes
 
  
 
29,743
 
  
 
23,461
 
  
 
16,465
 
  
 
13,689
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Net income
 
  
$
88,391
 
  
$
71,699
 
  
$
48,951
 
  
$
41,893
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Basic and diluted earnings per share
 
  
$
2.60
 
  
$
2.05
 
  
$
1.44
 
  
$
1.20
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 Average basic and diluted shares outstanding
 
  
 
33,979,000
 
  
 
35,037,000
 
  
 
33,935,000
 
  
 
34,870,000
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 Dividends per common share
 
  
$
0.80
 
  
$
0.76
 
  
$
0.40
 
  
$
0.40
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  
 See accompanying notes to consolidated financial statements. 
  
 6
 
 
 
 
 Table of Contents

 
 LANDSTAR SYSTEM, INC. AND SUBSIDIARY 

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

 (Dollars in thousands) 

 (Unaudited) 

  

 

 
  
Twenty-Six Weeks Ended

 
  
Thirteen Weeks Ended

  

 
  
June 27,

 2026

 
 
June 28,

2025

 
  
June 27,

 2026

 
 
June 28,

 2025

  

 Net income
 
  
$
88,391
 
 
$
71,699
 
  
$
48,951
 
 
$
41,893
  

 Other comprehensive (loss) income:
 
  

 

  

 

 

 Unrealized holding (losses) gains on available-for-sale

 investments, net of tax (benefit) expense of ($184), $424, $30 and $160
 
  
 
(667
) 
 
 
1,546
 
  
 
113
 
 
 
582
  

 Foreign currency translation (losses) gains
 
  
 
(1,278
) 
 
 
3,300
 
  
 
(683
) 
 
 
3,250
  

  
  
 
  
 
 
 
  
 
  
 
 
  
  
 
  
 
 
 
  
 
  
 
  

 Other comprehensive (loss) income
 
  
 
(1,945
) 
 
 
4,846
 
  
 
(570
) 
 
 
3,832
  

  
  
 
  
 
 
 
  
 
  
 
 
  
  
 
  
 
 
 
  
 
  
 
  

 Comprehensive income
 
  
$
86,446
 
 
$
76,545
 
  
$
48,381
 
 
$
45,725
  

  
  
 
  
 
 
 
  
 
  
 
 
  
  
 
  
 
 
 
  
 
  
 
  
 See accompanying notes to consolidated financial statements. 
  
 7
 
 
 
 
 
 
 
 Table of Contents

 
 
 
 LANDSTAR SYSTEM, INC. AND SUBSIDIARY 

 CONSOLIDATED STATEMENTS OF CASH FLOWS 

 (Dollars in thousands) 

 (Unaudited) 

  

 

 
  
Twenty-Six
 Weeks Ended

  

 
  
June 27,

 2026

 
 
June 28,

 2025

  

 OPERATING ACTIVITIES
 
  

 

 

 Net income
 
  
$
88,391
 
 
$
71,699
  

 Adjustments to reconcile net income to net cash provided by operating activities:
 
  

 

 

 Depreciation and amortization
 
  
 
20,969
 
 
 
24,375
  

 Non-cash
 interest charges
 
  
 
132
 
 
 
132
  

 Provisions for losses on trade and other accounts receivable
 
  
 
2,785
 
 
 
9,912
  

 Gains on sales/disposals of operating property
 
  
 
(368
) 
 
 
(1,389
)  

 Deferred income taxes, net
 
  
 
7,671
 
 
 
(5,904
)  

 Stock-based compensation
 
  
 
5,420
 
 
 
3,657
  

 Changes in operating assets and liabilities:
 
  

 

 

 Increase in trade and other accounts receivable
 
  
 
(194,049
) 
 
 
(44,941
)  

 Increase in other assets
 
  
 
(25,744
) 
 
 
(26,544
)  

 Increase in accounts payable
 
  
 
99,213
 
 
 
18,224
  

 Increase in other liabilities
 
  
 
15,733
 
 
 
6,903
  

 Increase in insurance claims
 
  
 
7,657
 
 
 
6,712
  

  
  
 
  
 
 
 
  
 
  
 
  

 NET CASH PROVIDED BY OPERATING ACTIVITIES
 
  
 
27,810
 
 
 
62,836
  

  
  
 
  
 
 
 
  
 
  
 
  

  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 INVESTING ACTIVITIES
 
  

 

 

 Sales and maturities of investments
 
  
 
78,673
 
 
 
84,755
  

 Purchases of investments
 
  
 
(80,970
) 
 
 
(86,838
)  

 Purchases of operating property
 
  
 
(8,714
) 
 
 
(4,383
)  

 Proceeds from sales of operating property
 
  
 
2,851
 
 
 
5,690
  

  
  
 
  
 
 
 
  
 
  
 
  

 NET CASH USED BY INVESTING ACTIVITIES
 
  
 
(8,160
) 
 
 
(776
)  

  
  
 
  
 
 
 
  
 
  
 
  

  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 FINANCING ACTIVITIES
 
  

 

 

 Increase (decrease) in cash overdraft
 
  
 
15,195
 
 
 
(2,892
)  

 Dividends paid
 
  
 
(95,298
) 
 
 
(97,236
)  

 Taxes paid in lieu of shares issued related to stock-based compensation plans
 
  
 
(1,057
) 
 
 
(916
)  

 Purchases of common stock
 
  
 
(24,149
) 
 
 
(102,300
)  

 Principal payments on finance lease obligations
 
  
 
(15,245
) 
 
 
(16,883
)  

  
  
 
  
 
 
 
  
 
  
 
  

 NET CASH USED BY FINANCING ACTIVITIES
 
  
 
(120,554
) 
 
 
(220,227
)  

  
  
 
  
 
 
 
  
 
  
 
  

  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 Effect of exchange rate changes on cash and cash equivalents
 
  
 
(1,619
) 
 
 
2,386
  

 

  

  

 
  

 
 

 

  

 
  

 
 
 

  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 

 Decrease in cash and cash equivalents, including cash and cash equivalents classified as assets held for sale
 
  
 
(102,523
) 
 
 
(155,781
)  

 Plus: Net change in cash and cash equivalents classified as assets held for sale
 
  
 
179
 
 
 
— 
  

  
  
 
  
 
 
 
  
 
  
 
  

 Net change in cash and cash equivalents
 
  
 
(102,344
) 
 
 
(155,781
)  

 Cash and cash equivalents at beginning of period
 
  
 
396,694
 
 
 
515,018
  

  
  
 
  
 
 
 
  
 
  
 
  

 Cash and cash equivalents at end of period
 
  
$
294,350
 
 
$
359,237
  

  
  
 
  
 
 
 
  
 
  
 
  
 See accompanying notes to consolidated financial statements. 
  
 8
 
 
 
 
 Table of Contents

 
 
 
 LANDSTAR SYSTEM, INC. AND SUBSIDIARY 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 

Twenty-Six
 and Thirteen Weeks Ended June 27, 2026 and June 28, 2025 

(Dollars in thousands) 

(Unaudited) 

 

 
  
Common Stock

 
  
Additional
 Paid-In

 Capital

 
 
Retained

 Earnings

 
 
Treasury Stock at Cost

 
 
Accumulated
 Other
 Comprehensive

 Loss

 
 
Total

 

 
  
Shares

 
  
Amount

 
 
Shares

 
  
Amount

 

Balance December 27, 2025

  
 
68,590,708
 
  
$
686
 
  
$
261,256
 
 
$
2,852,680
 
 
 
34,531,982
 
  
$
(2,313,245
) 
 
$
(5,712
) 
 
$ 

795,665
 

Net income

  

  

  

 
 
39,440
 
 

  

 

 
 
39,440
 

Dividends ($0.40 per share)

  

  

  

 
 
(13,614
) 
 

  

 

 
 
(13,614
) 

Purchases of common stock

  

  

  

 

 
 
150,923
 
  
 
(22,587
) 
 

 
 
(22,587
) 

Issuance of stock related to stock-based compensation plans

  
 
28,532
 
  

  
 
(3
) 
 

 
 
8,125
 
  
 
(1,037
) 
 

 
 
(1,040
) 

Stock-based compensation

  

  

  
 
2,487
 
 

 

  

 

 
 
2,487
 

Other comprehensive loss

  

  

  

 

 

  

 
 
(1,375
) 
 
 
(1,375
) 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 

Balance March 28, 2026

  
 
68,619,240
 
  
$
686
 
  
$
263,740
 
 
$ 

2,878,506
 
 
 
34,691,030
 
  
$
(2,336,869
) 
 
$
(7,087
) 
 
$
798,976
 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 

Net income

  

  

  

 
 
48,951
 
 

  

 

 
 
48,951
 

Dividends ($0.40 per share)

  

  

  

 
 
(13,567
) 
 

  

 

 
 
(13,567
) 

Purchases of common stock

  

  

  

 

 

  
 
24
 
 

 
 
24
 

Issuance of stock related to stock-based compensation plans

  
 
11,934
 
  

  

 

 
 
3,219
 
  
 
(17
) 
 

 
 
(17
) 

Stock-based compensation

  

  

  
 
2,933
 
 

 

  

 

 
 
2,933
 

Other comprehensive loss

  

  

  

 

 

  

 
 
(570
) 
 
 
(570
) 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 

Balance June 27, 2026

  
 
68,631,174
 
  
$
686
 
  
$
266,673
 
 
$
2,913,890
 
 
 
34,694,249
 
  
$
(2,336,862
) 
 
$
(7,657
) 
 
$
836,730
 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
 
9
 

Table of Contents

 

  

Common Stock

 

  

Additional
Paid-In

 

 

Retained

 

 

Treasury Stock at Cost

 

 

Accumulated
Other
Comprehensive

 

 

 

 

 

  

Shares

 

  

Amount

 

  

Capital

 

 

Earnings

 

 

Shares

 

  

Amount

 

 

(Loss) Income

 

 

Total

 

Balance December 28, 2024

  
 
68,559,269
 
  
$
686
 
  
$
255,260
 
 
$
2,859,916
 
 
 
33,243,196
 
  
$
(2,131,413
) 
 
$
(12,010
) 
 
$ 

972,439
 

Net income

  

  

  

 
 
29,806
 
 

  

 

 
 
29,806
 

Dividends ($0.36 per share)

  

  

  

 
 
(12,688
) 
 

  

 

 
 
(12,688
) 

Purchases of common stock

  

  

  

 

 
 
386,318
 
  
 
(60,945
) 
 

 
 
(60,945
) 

Issuance of stock related to stock-based compensation plans

  
 
22,503
 
  

  
 
(2
) 
 

 
 
6,081
 
  
 
(907
) 
 

 
 
(909
) 

Stock-based compensation

  

  

  
 
2,038
 
 

 

  

 

 
 
2,038
 

Other comprehensive income

  

  

  

 

 

  

 
 
1,014
 
 
 
1,014
 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 

Balance March 29, 2025

  
 
68,581,772
 
  
$
686
 
  
$
257,296
 
 
$ 

2,877,034
 
 
 
33,635,595
 
  
$
(2,193,265
) 
 
$
(10,996
) 
 
$
930,755
 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 

Net income

  

  

  

 
 
41,893
 
 

  

 

 
 
41,893
 

Dividends ($0.40 per share)

  

  

  

 
 
(13,916
) 
 

  

 

 
 
(13,916
) 

Purchases of common stock

  

  

  

 

 
 
300,141
 
  
 
(42,350
) 
 

 
 
(42,350
) 

Issuance of stock related to stock-based compensation plans

  
 
7,646
 
  

  

 

 
 
146
 
  
 
(7
) 
 

 
 
(7
) 

Stock-based compensation

  

  

  
 
1,619
 
 

 

  

 

 
 
1,619
 

Other comprehensive income

  

  

  

 

 

  

 
 
3,832
 
 
 
3,832
 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 

Balance June 28, 2025

  
 
68,589,418
 
  
$
686
 
  
$
258,915
 
 
$
2,905,011
 
 
 
33,935,882
 
  
$
(2,235,622
) 
 
$
(7,164
) 
 
$
921,826
 

  
 

 

 
  
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 
  
 

 

 
 
 

 

 
 
 

 

 

See accompanying notes to consolidated financial statements. 
 
10
 

Table of Contents

 LANDSTAR SYSTEM, INC. AND SUBSIDIARY 

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

 (Unaudited) 

 The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc., and reflect all adjustments (all of a normal, recurring nature) which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. Landstar System, Inc. and its subsidiary are herein referred to as “Landstar” or the “Company.” Significant intercompany accounts have been eliminated in consolidation. 
 These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2025 Annual Report on Form 10-K.
 
  
 

(1)

 Significant Accounting Policies 
 
 Revenue from Contracts with Customers – Disaggregation of Revenue 

 The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week

 and thirteen-week periods ended June 27, 2026 and June 28, 2025 (dollars in thousands): 
  

 

 
  
Twenty-Six Weeks Ended

 
 
Thirteen Weeks Ended

  

 Mode
 
  
June 27,

 2026

 
 
June 28,

 2025

 
 
June 27,

 2026

 
 
June 28,

 2025

  

 Truck – BCO Independent Contractors
 
  
 
40
% 
 
 
38
% 
 
 
39
% 
 
 
38
%  

 Truck – Truck Brokerage Carriers
 
  
 
53
% 
 
 
54
% 
 
 
54
% 
 
 
54
%  

 Rail intermodal
 
  
 
2
% 
 
 
2
% 
 
 
2
% 
 
 
2
%  

 Ocean and air cargo carriers
 
  
 
4
% 
 
 
5
% 
 
 
3
% 
 
 
4
%  

 Truck Equipment Type

 
  

 

 

 

 

 Van equipment
 
  
$
1,320,919
 
 
$
1,186,071
 
 
$
717,513
 
 
$
591,276
  

 Unsided/platform equipment
 
  
$
860,737
 
 
$
741,270
 
 
$
492,168
 
 
$
400,862
  

 Less-than-truckload
 
  
$
48,912
 
 
$
47,749
 
 
$
25,124
 
 
$
25,313
  

 Other truck transportation (1)
 
  
$
185,591
 
 
$
192,766
 
 
$
99,073
 
 
$
100,687
  
  

(1)
 Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. 
 
  
 11
 
 
 
 
 Table of Contents

 

(2)

 Share-based Payment Arrangements 
 
 As of June 27, 2026, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also has a stock compensation plan for members of its Board of Directors, the 2022 Directors Stock Compensation Plan (the “2022 DSCP”). 6,000,000 shares of the Company’s common stock were authorized for issuance under the 2011 EIP and 200,000 shares of the Company’s common stock were authorized for issuance under the 2022 DSCP. The 2011 EIP and 2022 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): 
  

 

 
  
Twenty-Six Weeks Ended

 
  
Thirteen Weeks Ended

  

 
  
June 27,

 2026

 
  
June 28,

 2025

 
  
June 27,

 2026

 
  
June 28,

 2025

  

 Total cost of the Plans during the period
 
  
$
5,420
 
  
$
3,657
 
  
$
2,933
 
  
$
1,619
  

 Amount of related income tax benefit recognized during the period
 
  
 
(1,341
) 
  
 
(792
) 
  
 
(883
) 
  
 
(344
)  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Net cost of the Plans during the period
 
  
$
4,079
 
  
$
2,865
 
  
$
2,050
 
  
$
1,275
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  
 Included in income tax benefits recognized in the twenty-six-week

 periods ended June 27, 2026 and June 28, 2025 were tax (benefits) deficiencies from stock-based awards of ($14,000) and $104,000, respectively. 
 As of June 27, 2026, there were 161,928 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 2,600,923 shares of the Company’s common stock reserved for issuance under the 2011 EIP. 
 Restricted Stock Units 

 The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans: 
  

 

 
  
Number of
RSUs

 
  
Weighted Average

Grant Date
Fair Value

  

 Outstanding at December 27, 2025
 
  
 
203,712
 
  
$
143.95
  

 Granted
 
  
 
61,940
 
  
$
134.35
  

 Forfeited
 
  
 
(42,744
) 
  
$
154.46
  

  
  
 
  
 
 
  

 

 Outstanding at June 27, 2026
 
  
 
222,908
 
  
$
139.27
  

  
  
 
  
 
 
  

 
 During the twenty-six-week

 period ended June 27, 2026, the Company granted RSUs with a performance condition and RSUs with a market condition, as further described below. Outstanding RSUs at both December 27, 2025 and June 27, 2026 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2025 Annual Report on Form 10-K.
 
 RSUs with a performance condition granted during the twenty-six-week

 period ended June 27, 2026 may vest on January 31 of 2029, 2030 and 2031 based on growth in diluted earnings per share as compared to the results from the 2025 fiscal year, adjusted to reflect the add back of (i) the charge taken by the Company in the 2025 first quarter in connection with a supply chain fraud relating to the Company’s international freight forwarding operations; and (ii) impairment charges recorded in the Company’s 2025 fiscal year related to: the decision to actively market for sale Landstar Metro, S.A.P.I. de C.V., the Company’s wholly-owned Mexican operating subsidiary; the decision to wind-down the Landstar Blue TMS; and a non-controlling equity
 investment made by the Company in Cavnue, LLC, a privately held technology start-up company.
 
 On January 30, 2026, the Company granted 6,715 RSUs that vest based on a market condition. These RSUs may vest based on the achievement of a specific total shareholder return (“TSR”) compound annual growth rate, adjusted to reflect dividends (if any) paid during such periods and capital adjustments as may be necessary, and are eligible to vest annually starting after the sixth anniversary of the grant date and concluding after the tenth anniversary of the grant date. The fair value of this RSU award was determined at the time of grant based on the expected achievement of the market condition. With respect to these RSU awards, the Company reports compensation expense ratably over the service period of the award based on the number of units granted multiplied by the grant date fair value of the RSU. Previously recognized compensation cost would be reversed only if the employee did not complete the requisite service period due to termination of employment. 
  
 12
 
 
 
 
 Table of Contents

 
 
 
 The Company recognized approximately $3,022,000 and $1,253,000 of share-based compensation expense related to RSU awards in the twenty-six-week

 periods ended June 27, 2026 and June 28, 2025, respectively. As of June 27, 2026, there was a maximum of $47.9 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.1 years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results. 
Non-vested
 Restricted Stock and Deferred Stock Units 

 The following table summarizes information regarding the Company’s outstanding shares of non-vested
 restricted stock and Deferred Stock Units (defined below) under the Plans: 
  

 
  
Number of Shares

 and Deferred Stock
 Units

 
  
WeightedAverage

Grant Date

Fair Value

 

Non-vested
 at December 27, 2025

  
 
53,776
 
  
$
168.95
 

Granted

  
 
36,135
 
  
$
155.77
 

Vested

  
 
(31,570
) 
  
$
167.44
 

Forfeited

  
 
(4,354
) 
  
$
164.93
 

  
 

 

 
  

Non-vested
 at June 27, 2026

  
 
53,987
 
  
$
161.33
 

  
 

 

 
  

 The fair value of each share of non-vested
 restricted stock issued and Deferred Stock Unit granted under the Plans is based on the fair value of a share of the Company’s common stock on the date of grant. Shares of non-vested
 restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, in two equal annual installments on the first and second anniversary of the date of the grant or 100% on the first or third anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of the recipient’s separation from service from the Board of Directors, or, if earlier, upon a change in control event of the Company. Deferred Stock Units become vested 100% on the first anniversary of the date of the grant. Deferred Stock Units do not represent actual ownership in shares of the Company’s common stock and the recipient does not have voting rights or other incidents of ownership until the shares are issued. However, Deferred Stock Units do contain the right to receive dividend equivalent payments prior to settlement into shares. 
 As of June 27, 2026, there was $7,061,000 of total unrecognized compensation cost related to non-vested
 shares of restricted stock and Deferred Stock Units granted under the Plans. The unrecognized compensation cost related to these non-vested
 shares of restricted stock and Deferred Stock Units is expected to be recognized over a weighted average period of 2.0 years. 
  
 

(3)

Income Taxes 

 The provisions for income taxes for the 2026 and 2025 twenty-six-week

 periods were based on estimated annual effective income tax rates of 25.1% and 24.3%, respectively, adjusted for discrete events, such as excess tax benefits or deficiencies resulting from stock-based awards. The effective income tax rate for the 2026 twenty-six-week

 period was 25.2%. The effective income tax rate was higher than the statutory federal income tax rate of 21% in the 2026 period primarily attributable to state taxes. The effective income tax rate for the 2025 twenty-six-week

 period was 24.7%. The effective income tax rate was higher than the statutory federal income tax rate of 21% in the 2025 period primarily attributable to state taxes. 
  
 

(4)

Earnings Per Share 

 Basic earnings per common share are based on the weighted average number of shares outstanding, which includes outstanding non-vested
 restricted stock and outstanding Deferred Stock Units. Diluted earnings per share are based on the weighted average number of common shares outstanding plus the dilutive effect of outstanding stock awards, if applicable. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied. Accordingly, the Company had no reconciling items between the average number of common shares outstanding used to calculate basic earnings per common share and the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share during each of the 2026 and 2025 twenty-six-week

 periods. 
  
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Table of Contents

(5)

Additional Cash Flow Information 

 During the 2026 twenty-six-week

 period, Landstar paid 
income taxes and interest of $22,188,000 and $2,449,000, respectively. During the 2025 twenty-six-week

 period, Landstar paid income taxes and interest of $33,972,000 and $2,816,000, respectively. Landstar acquired operating property by entering into finance leases in the amount of $5,197,000 in the 2026 twenty-six-week

 period. Landstar did not acquire any operating property by entering into finance leases in the 2025 twenty-six-week

 period. During the 2026 twenty-six-week

 period, the Company purchased its common stock at a total cost of $22,563,000, including $22,387,000 in cash purchases and accrued excise tax of $176,000, which is included in other current liabilities in the consolidated balance sheet at June 27, 2026. The Company also paid $1,762,000 in excise tax on its common stock purchases, which was included in other current liabilities in the consolidated balance sheet at December 27, 2025. During the 2025 twenty-six-week

 period, the Company purchased its common stock at a total cost of $103,295,000, including $102,300,000 in cash purchases and accrued excise tax of $995,000, which was included in other current liabilities in the consolidated balance sheet at June 28, 2025. 
  
 

(6)

Segment Information 

 The Company reports the results of two operating segments: the transportation logistics segment and the insurance segment. The Company’s chief operating decision maker (“CODM”) is our Chief Executive Officer. The CODM evaluates each segment’s performance and makes decisions about resource allocations primarily based on operating income, which is the principal financial metric utilized to monitor budgeted versus actual results by segment of the Company. Asset information by segment is not typically provided to the CODM for purposes of evaluating performance or allocating resources, and therefore such information has not been presented. 
  
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 Table of Contents

 

 The following tables summarize information about the Company’s reportable business segments as of and for the twenty-six-week

 and thirteen-week periods ended June 27, 2026 and June 28, 2025 (in thousands): 
  

 

 
  
Twenty-Six
 Weeks Ended

  

 
  
June 27, 2026

 
  
June 28, 2025

  

 
  
Transportation

 Logistics

 
  
Insurance

 
  
Total

 
  
Transportation

 Logistics

 
  
Insurance

 
  
Total

  

 External revenue
 
  
$
 2,574,766
 
  
$
28,789
 
  
$
2,603,555
 
  
$
2,334,432
 
  
$
29,453
 
  
$
2,363,885
  

 Internal revenue
 
  

  
 
51,623
 
  
 
51,623
 
  

  
 
53,093
 
  
 
53,093
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Total revenue
 
  
 
2,574,766
 
  
 
80,412
 
  
 
2,655,178
 
  
 
2,334,432
 
  
 
82,546
 
  
 
2,416,978
  

  

  

  
  
 
  
 
 
  

  

  
  
 
  
 
  

 Investment income
 
  

  
 
5,679
 
  
 
5,679
 
  

  
 
7,327
 
  
 
7,327
  

 Purchased transportation
 
  
 
2,030,397
 
  

  
 
2,030,397
 
  
 
1,839,289
 
  

  
 
1,839,289
  

 Commissions to agents
 
  
 
201,578
 
  

  
 
201,578
 
  
 
192,836
 
  

  
 
192,836
  

 Other operating costs, net of gains on asset sales/dispositions
 
  
 
32,745
 
  

  
 
32,745
 
  
 
31,424
 
  

  
 
31,424
  

 Insurance and claims
 
  
 
61,461
 
  
 
65,085
 
  
 
126,546
 
  
 
63,373
 
  
 
60,021
 
  
 
123,394
  

 Selling, general and administrative
 
  
 
122,742
 
  
 
6,416
 
  
 
129,158
 
  
 
111,985
 
  
 
5,303
 
  
 
117,288
  

 Depreciation and amortization
 
  
 
20,969
 
  

  
 
20,969
 
  
 
24,375
 
  

  
 
24,375
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Operating income
 
  
 
104,874
 
  
 
14,590
 
  
 
119,464
 
  
 
71,150
 
  
 
24,549
 
  
 
95,699
  

  

  

  
  
 
  
 
 
  

  

  
  
 
  
 
  

 Goodwill
 
  
 
34,005
 
  

  
 
34,005
 
  
 
41,399
 
  

  
 
41,399
  

 Operating income
 
  

  

  
 
119,464
 
  

  

  
 
95,699
  

 Interest and debt expense (1)

 
  

  

  
 
1,330
 
  

  

  
 
539
  

 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Income before income taxes
 
  

  

  
 
118,134
 
  

  

  
 
95,160
  

 

 
  
Thirteen Weeks Ended

  

 
  
June 27, 2026

 
  
June 28, 2025

  

 
  
Transportation

 Logistics

 
  
Insurance

 
  
Total

 
  
Transportation

 Logistics

 
  
Insurance

 
  
Total

  

 External revenue
 
  
$
1,417,765
 
  
$
14,499
 
  
$
1,432,264
 
  
$
1,196,687
 
  
$
14,696
 
  
$
1,211,383
  

 Internal revenue
 
  

  
 
40,329
 
  
 
40,329
 
  

  
 
41,514
 
  
 
41,514
  

  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
 
  
  
 
  
 
  

 Total revenue
 
  
 
1,417,765
 
  
 
54,828
 
  
 
1,472,593
 
  
 
1,196,687
 
  
 
56,210
 
  
 
1,252,897
  

  

  

  
  
 
  
 
 
  

  

  
  
 
  
 
  

 Investment income
 
  

  
 
2,705
 
  
 
2,705
 
  

  
 
3,729
 
  
 
3,729
  

 Purchased transportation
 
  
 
1,123,400
 
  

  
 
1,123,400
 
  
 
941,411
 
  

  
 
941,411
  

 Commissions to agents
 
  
 
109,435
 
  

  
 
109,435
 
  
 
99,522
 
  

  
 
99,5