Landstar System, Inc. (LSTR) Income Statement

30Y historyFree accessUpdated daily

Revenue rebounded 17.9% YoY in 2026Q2, but gross margin contracted to 13.2% from 20.0% a year earlier, reflecting the variable-cost model's sensitivity to spot rates and leaving operating margin at just 4.4%.

Annual statement

LSTR Income Statement

Landstar System, Inc. (LSTR) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	4.98B	4.74B	4.83B	5.31B	7.44B	6.54B	4.14B	4.09B	4.62B	3.65B	3.17B	3.32B	3.19B	2.67B	2.77B	2.65B	2.4B	2.01B	2.64B	2.49B	2.51B	2.52B	2.02B	1.6B	1.51B	1.39B	1.42B	1.39B	1.28B	1.31B	1.28B
Revenue Growth %	3.77%	-1.87%	-9.02%	-28.58%	13.75%	58.12%	1.14%	-11.46%	26.59%	15.14%	-4.62%	4.28%	19.5%	-3.83%	4.65%	10.37%	19.41%	-23.95%	6.26%	-1.05%	-0.16%	24.65%	26.52%	5.97%	8.17%	-1.81%	2.19%	8.14%	-2.22%	2.25%	6.57%
Cost of Goods Sold	4.22B	4.12B	3.86B	4.18B	5.93B	5.22B	3.28B	3.21B	3.65B	2.87B	2.47B	2.6B	2.51B	2.1B	2.17B	2.05B	1.87B	1.46B	2B	2.21B	2.22B	2.22B	1.83B	1.44B	1.35B	1.24B	1.25B	1.23B	1.16B	1.2B	1.16B
COGS % of Revenue	-	86.9%	79.83%	78.72%	79.71%	79.81%	79.31%	78.44%	78.93%	78.59%	78.03%	78.26%	78.7%	78.66%	78.19%	77.38%	78.06%	72.52%	75.56%	88.99%	88.13%	88.22%	90.59%	90.2%	89.85%	89%	88.36%	88.76%	90.22%	91.13%	90.19%
Gross Profit	767.56M	621.63M	974.88M	1.13B	1.51B	1.32B	855.76M	881.83M	973.32M	781.21M	696.19M	722.39M	678.75M	568.89M	604.75M	599.21M	526.53M	552.46M	646.06M	273.78M	298.48M	296.63M	190.15M	156.47M	152.98M	153.19M	165.15M	156.05M	125.55M	116.47M	125.95M
Gross Margin %	15.4%	13.1%	20.17%	21.28%	20.29%	20.19%	20.69%	21.56%	21.07%	21.41%	21.97%	21.74%	21.3%	21.34%	21.81%	22.62%	21.94%	27.48%	24.44%	11.01%	11.87%	11.78%	9.41%	9.8%	10.15%	11%	11.64%	11.24%	9.78%	8.87%	9.81%
Gross Profit Growth %	-	-36.24%	-13.8%	-25.1%	14.36%	54.28%	-2.96%	-9.4%	24.59%	12.21%	-3.63%	6.43%	19.31%	-5.93%	0.92%	13.8%	-4.69%	-14.49%	135.98%	-8.28%	0.63%	55.99%	21.53%	2.28%	-0.14%	-7.24%	5.83%	24.29%	7.8%	-7.53%	-55.96%
Operating Expenses	595.92M	451.57M	725.98M	786.81M	938.79M	814.63M	602.81M	582.92M	641.59M	537.24M	472.94M	480.68M	454.38M	392.3M	404.01M	417.67M	388.12M	346.88M	2.42B	194.1M	190.56M	200.17M	192.76M	164.28M	155.63M	146.24M	150.72M	145.04M	144.59M	162.1M	151.76M
OpEx % of Revenue	-	9.52%	15.02%	14.81%	12.62%	12.46%	14.57%	14.25%	13.89%	14.72%	14.92%	14.47%	14.26%	14.71%	14.57%	15.77%	16.17%	17.26%	91.55%	7.8%	7.58%	7.95%	9.54%	10.29%	10.33%	10.5%	10.63%	10.45%	11.26%	12.35%	11.82%
Selling, General & Admin	314.79M	389.98M	610.46M	674.47M	836.14M	728.49M	495.82M	501.18M	566.21M	467.99M	407.44M	420.28M	401.03M	343.06M	356.22M	363M	334.49M	294.18M	101.38M	175.01M	173.76M	184.25M	178.8M	151.54M	144.11M	132.69M	132.45M	133.34M	134.43M	141.21M	127.77M
SG&A % of Revenue	-	8.22%	12.63%	12.69%	11.24%	11.14%	11.99%	12.25%	12.26%	12.83%	12.86%	12.65%	12.59%	12.87%	12.85%	13.7%	13.94%	14.64%	3.84%	7.04%	6.91%	7.32%	8.85%	9.49%	9.57%	9.53%	9.34%	9.61%	10.47%	10.76%	9.95%
Research & Development	0	0	34M	35M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	0.7%	0.66%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	4M	61.59M	81.52M	77.34M	102.64M	86.14M	106.99M	81.74M	75.37M	69.25M	65.5M	60.4M	53.35M	49.23M	0	54.68M	53.63M	52.7M	48.99M	19.09M	16.8M	15.92M	13.96M	12.74M	11.52M	13.54M	18.27M	11.7M	10.16M	20.88M	23.99M
Operating Income	171.64M	170.06M	248.91M	344.15M	571.08M	505.67M	252.95M	298.9M	331.74M	243.97M	223.25M	241.71M	224.37M	176.59M	197.92M	183.25M	139.97M	113.74M	186.84M	184.69M	191.22M	199.48M	119.42M	84.8M	83.68M	76.39M	82.61M	81.71M	61.45M	47.17M	39.9M
Operating Margin %	3.44%	3.58%	5.15%	6.48%	7.68%	7.73%	6.12%	7.31%	7.18%	6.69%	7.04%	7.27%	7.04%	6.62%	7.14%	6.92%	5.83%	5.66%	7.07%	7.43%	7.61%	7.92%	5.91%	5.31%	5.55%	5.48%	5.82%	5.89%	4.79%	3.59%	3.11%
Operating Income Growth %	-	-31.68%	-27.67%	-39.74%	12.94%	99.91%	-15.37%	-9.9%	35.97%	9.28%	-7.64%	7.73%	27.06%	-10.78%	8.01%	30.92%	23.06%	-39.12%	1.16%	-3.41%	-4.14%	67.04%	40.83%	1.33%	9.55%	-7.54%	1.1%	32.97%	30.28%	18.23%	-70.27%
EBITDA	214.62M	216.45M	305.64M	402.3M	628.54M	555.28M	298.81M	343.37M	375.31M	284.53M	259.05M	270.81M	251.95M	204.26M	225.38M	209.06M	164.78M	137.27M	207.8M	203.78M	208.01M	215.4M	133.38M	97.53M	95.2M	88.71M	94.4M	92.2M	70.35M	65.95M	61.77M
EBITDA Margin %	4.31%	4.56%	6.32%	7.57%	8.45%	8.49%	7.22%	8.4%	8.13%	7.8%	8.17%	8.15%	7.91%	7.66%	8.13%	7.89%	6.87%	6.83%	7.86%	8.19%	8.28%	8.56%	6.6%	6.11%	6.32%	6.37%	6.65%	6.64%	5.48%	5.02%	4.81%
EBITDA Growth %	-20.24%	-29.18%	-24.03%	-35.99%	13.19%	85.83%	-12.98%	-8.51%	31.9%	9.84%	-4.34%	7.49%	23.35%	-9.37%	7.81%	26.88%	20.04%	-33.94%	1.97%	-2.04%	-3.43%	61.5%	36.75%	2.45%	7.31%	-6.02%	2.39%	31.06%	6.66%	6.76%	-45.52%
D&A (Non-Cash Add-back)	42.98M	46.39M	56.74M	58.15M	57.45M	49.61M	45.85M	44.47M	43.57M	40.56M	35.8M	29.1M	27.57M	27.67M	27.46M	25.81M	24.8M	23.53M	20.96M	19.09M	16.8M	15.92M	13.96M	12.74M	11.52M	12.33M	11.79M	10.48M	8.89M	18.78M	21.88M
EBIT	199.45M	151.58M	247.31M	339.57M	568.14M	503.84M	281.04M	297.89M	330.76M	243.19M	219.77M	241.49M	222.23M	173.24M	197.92M	180.83M	139.97M	113.74M	186.84M	184.69M	186.97M	190.53M	119.42M	83.58M	81.73M	72.82M	14.43M	11.01M	-19.04M	-36.28M	-13.8M
Net Interest Income	918K	12.69M	5.42M	3.95M	-3.62M	-3.98M	-3.95M	-3.14M	-3.35M	-3.17M	-3.79M	-2.95M	-3.18M	-3.21M	-3.11M	-3.11M	-3.62M	-4.03M	-7.35M	-6.68M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	2.71M	13.69M	5.42M	3.95M	0	0	0	0	0	0	0	0	0	0	0	1.71M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.79M	996K	0	0	3.62M	3.98M	3.95M	3.14M	3.35M	3.17M	3.79M	2.95M	3.18M	3.21M	3.1M	3.11M	3.62M	4.03M	7.35M	6.68M	6.82M	4.74M	0	3.24M	0	0	0	0	0	0	0
Other Income/Expense	1.92M	-19.48M	5.42M	3.95M	-3.62M	-3.98M	-3.95M	-3.14M	-3.35M	-3.17M	-3.79M	-2.95M	-3.18M	-3.21M	2.01M	-3.11M	-3.62M	-4.03M	-7.35M	-6.68M	-6.82M	-2.05M	-3.02M	-3.24M	-4.29M	-6.8M	-9.13M	-4.51M	-3.5M	-2.71M	-7.55M
Pretax Income	173.56M	150.58M	254.33M	348.1M	567.46M	501.69M	249M	295.76M	328.38M	240.8M	219.46M	238.76M	221.19M	173.38M	202.75M	180.13M	136.35M	109.71M	179.49M	178.01M	184.4M	194.74M	116.39M	81.56M	79.39M	69.58M	73.49M	77.2M	57.95M	42.57M	32.35M
Pretax Margin %	3.48%	3.17%	5.26%	6.55%	7.63%	7.67%	6.02%	7.23%	7.11%	6.6%	6.92%	7.19%	6.94%	6.5%	7.31%	6.8%	5.68%	5.46%	6.79%	7.16%	7.34%	7.73%	5.76%	5.11%	5.27%	5%	5.18%	5.56%	4.51%	3.24%	2.52%
Income Tax	41.86M	35.57M	58.38M	83.7M	136.55M	120.17M	56.89M	68.06M	73.17M	63.81M	82.11M	91.07M	82.39M	64.46M	72.97M	67.19M	49.77M	39.76M	68.56M	68.36M	71.31M	74.78M	44.52M	30.86M	30.17M	26.79M	28.29M	31.27M	23.47M	17.88M	13.43M
Effective Tax Rate %	24.12%	23.62%	22.95%	24.05%	24.06%	23.95%	22.85%	23.01%	22.28%	26.5%	37.41%	38.14%	37.25%	37.18%	35.99%	37.3%	36.5%	36.24%	38.2%	38.4%	38.67%	38.4%	38.25%	37.83%	38%	38.5%	38.5%	40.5%	40.5%	42%	41.5%
Net Income	131.7M	115.01M	195.95M	264.39M	430.91M	381.52M	192.11M	227.72M	255.28M	177.09M	137.35M	147.69M	138.81M	146.01M	129.78M	113.01M	87.51M	70.39M	110.93M	109.65M	113.08M	115.6M	71.87M	50.7M	49.22M	42.79M	45.19M	45.94M	11.89M	24.69M	18.93M
Net Margin %	2.64%	2.42%	4.05%	4.98%	5.79%	5.83%	4.64%	5.57%	5.53%	4.85%	4.33%	4.45%	4.36%	5.48%	4.68%	4.27%	3.65%	3.5%	4.2%	4.41%	4.5%	4.59%	3.56%	3.18%	3.27%	3.07%	3.19%	3.31%	0.93%	1.88%	1.47%
Net Income Growth %	-21.57%	-41.31%	-25.89%	-38.64%	12.95%	98.6%	-15.64%	-10.8%	44.15%	28.93%	-7%	6.4%	-4.93%	12.5%	14.84%	29.13%	24.32%	-36.54%	1.16%	-3.03%	-2.17%	60.84%	41.76%	3%	15.02%	-5.31%	-1.62%	286.28%	-51.83%	30.46%	-24.18%
Net Income (Continuing)	131.7M	115.01M	195.95M	264.39M	430.91M	381.52M	192.11M	227.7M	255.21M	177M	137.35M	147.69M	138.81M	108.92M	129.78M	112.94M	86.58M	69.95M	110.93M	109.65M	113.08M	119.96M	71.87M	50.7M	49.22M	42.79M	45.19M	45.94M	34.48M	25.43M	19.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	37.09M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	2.31M	3.21M	0	0	0	0	0	0	-797K	135K	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	3.88	3.31	5.51	7.36	11.76	9.98	4.98	5.72	6.18	4.21	3.25	3.37	3.07	3.16	2.77	2.38	1.77	1.37	2.10	1.99	1.93	1.91	1.16	0.79	0.74	0.63	0.63	0.57	0.13	0.25	0.18
EPS Growth %	-19.08%	-39.93%	-25.14%	-37.41%	17.84%	100.4%	-12.94%	-7.44%	46.79%	29.54%	-3.56%	9.77%	-2.85%	14.08%	16.39%	34.46%	29.2%	-34.76%	5.53%	3.11%	1.05%	64.66%	46.84%	6.76%	17.46%	0%	10.53%	338.46%	-48%	38.89%	-25%
EPS (Basic)	-	3.31	5.51	7.36	11.99	10.12	4.98	5.72	6.19	4.22	3.26	3.38	3.09	3.17	2.78	2.38	1.77	1.38	2.11	2.01	1.95	1.95	1.19	0.82	0.76	0.64	0.64	0.57	0.14	0.25	0.19
Diluted Shares Outstanding	33.94M	34.72M	35.54M	35.92M	36.63M	38.23M	38.6M	39.79M	41.31M	42.02M	42.24M	43.81M	45.17M	46.21M	46.88M	47.52M	49.58M	51.28M	52.85M	55.16M	58.65M	60.41M	61.8M	63.84M	67.07M	68.37M	71.85M	80.82M	88.98M	100.64M	102.65M
Basic Shares Outstanding	33.94M	34.72M	35.54M	35.92M	35.93M	37.69M	38.6M	39.79M	41.27M	41.94M	42.11M	43.66M	44.96M	46.04M	46.7M	47.44M	49.52M	51.09M	52.5M	54.68M	57.85M	59.2M	60.15M	61.46M	64.56M	66.69M	70.25M	79.86M	88.18M	100.33M	102.28M
Dividend Payout Ratio	-	108.48%	61.48%	44.3%	26.84%	29.35%	57%	12.25%	34.83%	9%	10.43%	39.19%	19.89%	-	26.18%	8.83%	10.77%	12.34%	7.33%	6.74%	5.63%	2.53%	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityStable

Balance SheetFortress

Cash FlowStable

Top Statement Risk

Thin operating margin headroom

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Rebound Amid Cyclical Volatility

Revenue grew 17.9% YoY in 2026Q2, a sharp reversal from the prior year's declines, yet the absolute level remains below 2024 peaks, suggesting a cyclical recovery rather than a new growth trajectory.

The 17.9% YoY revenue growth in 2026Q2 marks a significant inflection from the negative growth rates seen throughout 2024 and 2025, which ranged from -18.3% to -1.0%. This rebound appears driven by improving freight volumes and pricing, as indicated by management's commentary on truck volumes and revenue per load. However, revenue of $1.4B is still below the $1.2B levels of 2024, implying the recovery is not yet complete. Investors should monitor whether this growth is sustainable or a temporary spot-market spike.

Gross Margin Volatility Signals Pricing Power Shifts

Gross margin swung from 20.5% in 2024Q2 to 13.2% in 2026Q2, reflecting the company's variable-cost model and sensitivity to spot rate fluctuations, with the latest quarter showing a sharp contraction.

The gross margin of 13.2% in 2026Q2 is a stark decline from the 20.5% reported in 2024Q2, indicating a significant compression in the take rate. This volatility is inherent to Landstar's spot-market exposure, where margins expand when spot rates rise faster than purchased transportation costs. The recent contraction suggests that while revenue grew, the cost of capacity increased disproportionately, squeezing gross profit. This highlights the company's limited pricing power in a loose capacity environment, a key risk for margin stability.

Operating Leverage Muted by Variable Cost Structure

Operating income grew 12.8% YoY in 2026Q2, but operating margin remained flat at 4.4%, indicating that the revenue rebound has not translated into meaningful operating leverage due to the high variable cost base.

Despite a 17.9% revenue increase, operating income rose only 12.8% YoY, and operating margin stayed at 4.4%, unchanged from the prior year. This suggests that the company's ultra-high variable cost structure, where purchased transportation consumes the bulk of revenue, limits the scalability of profits. SG&A expenses increased significantly from $107.6M in 2026Q2 to $155.2M in 2025Q2, but the latest quarter's SG&A of $107.6M is lower, indicating some cost discipline. However, the lack of operating leverage implies that any further revenue growth may not proportionally boost operating income.

EPS Growth Outpaces Net Income on Buybacks

Diluted EPS grew 20% YoY in 2026Q2, outpacing net income growth of 17%, suggesting that share repurchases are enhancing per-share metrics, though stock-based compensation remains modest.

Net income increased from $41.9M in 2025Q2 to $49.0M in 2026Q2, a 17% rise, while diluted EPS grew 20% from $1.20 to $1.44. This discrepancy indicates a reduction in share count, consistent with the company's history of buybacks. Stock-based compensation of $2.9M is relatively small, representing less than 6% of net income, so earnings quality is not significantly diluted. However, the EPS miss versus consensus in 2026Q2 suggests that despite the growth, expectations were higher, possibly due to the upbeat operational commentary.

Purchased Transportation Drives Cost Structure

COGS as a percentage of revenue rose to 86.8% in 2026Q2 from 80.0% in 2025Q2, underscoring the dominant cost of purchased transportation and the thin gross margin available to cover overhead.

The cost of goods sold, which primarily represents payments to BCOs and third-party carriers, increased to 86.8% of revenue in 2026Q2, up from 80.0% in the prior year. This rise indicates that the company is paying more for capacity relative to the revenue it generates, compressing gross margin. SG&A expenses, however, decreased from $155.2M in 2025Q2 to $107.6M in 2026Q2, suggesting management is controlling overhead costs. The primary cost driver remains purchased transportation, and any further increases could erode the already thin operating margin of 4.4%.

Thin Margins Leave Little Room for Error

With operating margin at 4.4% and gross margin at 13.2%, any uptick in purchased transportation costs or SG&A could quickly turn profits negative, making the earnings recovery fragile.

The current operating margin of 4.4% is razor-thin, and the gross margin of 13.2% provides limited buffer. If capacity costs rise further or if the company faces any operational disruptions, the operating income could contract sharply. The 2026Q2 EPS miss of $1.44 versus $1.65 consensus suggests that even with revenue growth, cost pressures are present. Short-sellers might argue that the company's reliance on independent contractors and spot-market pricing makes it vulnerable to margin compression, and the recent volatility in gross margins supports this concern. Investors should monitor whether the company can maintain cost discipline in the coming quarters.

LSTR — Frequently Asked Questions

Quick answers to the most common questions about buying LSTR stock.

What was Landstar System, Inc.'s (LSTR) revenue in 2025?

For fiscal year 2025, Landstar System, Inc. (LSTR) reported total revenue of $4.74B. This represents a 269.5% increase compared to $1.28B in 1996.

Is Landstar System, Inc. (LSTR) profitable?

Landstar System, Inc. (LSTR) is profitable, generating $115.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.4%.

What is Landstar System, Inc.'s operating profit margin?

Landstar System, Inc. (LSTR) reported an operating income of $170.1M, resulting in an operating profit margin of 3.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Landstar System, Inc.'s gross profit and gross margin?

Landstar System, Inc. (LSTR) generated $621.6M in gross profit for the year, representing a gross profit margin of 13.1%. This demonstrates the company's core pricing power and production efficiency.