Revenue growth remains largely stagnant with a 1.3% increase in 2026Q1, while operating margins have compressed to 4.5% due to persistent overhead costs and volatile freight demand.
| 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 | 4.77B | 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 % | -1.03% | -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 | 3.94B | 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 | 821.79M | 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 % | 17.24% | 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 | 657.4M | 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 | 362.46M | 230.55M | 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 | - | 4.86% | 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 | 221.02M | 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 | 164.4M | 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 % | 3.45% | 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 | 209.12M | 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 % | 4.39% | 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 % | -26.16% | -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) | 44.72M | 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 | 192.21M | 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 | 2.06M | 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 | 4.47M | 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 | 2.41M | 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 | -674K | -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 | 163.72M | 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 % | 3.43% | 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 | 39.08M | 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 % | 23.87% | 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 | 124.64M | 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 % | 2.62% | 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 % | -30.23% | -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) | 124.64M | 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) | 3.66 | 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 % | -28.32% | -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 | 34.02M | 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 | 34.02M | 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% | - | - | - | - | - | - | - | - | - |
Cyclical spot market exposure
As reported in recent financial filings, Landstar's revenue growth has remained largely flat, with the most recent quarter showing a modest 1.3% increase following a prolonged period of year-over-year declines, highlighting the company's sensitivity to the broader North American freight cycle and spot market volatility.
The persistent stagnation in top-line performance suggests that Landstar is struggling to gain meaningful market share in a loose capacity environment. Investors should monitor whether this slight uptick represents a genuine cyclical recovery or merely a temporary stabilization of pricing after several quarters of contraction.
Based on the company's income statement data, gross margins have exhibited significant volatility, swinging from a low of 13.2% in late 2025 to 22.6% in 2026Q1, which underscores the inherent difficulty in managing purchased transportation costs during fluctuating freight demand cycles.
The wide variance in gross margins suggests that Landstar's ability to capture spread is highly dependent on the speed at which it can adjust agent payouts relative to spot rate movements. This structural sensitivity implies that profitability remains vulnerable to any sudden shifts in the supply-demand balance of independent owner-operators.
According to quarterly income statements, operating income has failed to scale consistently with gross profit, as evidenced by operating margins compressing to 4.5% in 2026Q1, suggesting that fixed corporate costs remain a persistent drag on profitability during periods of top-line weakness.
The inability to maintain operating margins above the 5% threshold during recent quarters indicates that the company's lean corporate structure may still be too heavy for the current revenue environment. This warrants further investigation into whether management can achieve greater SG&A efficiency without compromising the agent-based network.
Analysis of recent financial statements reveals that SG&A expenses have fluctuated significantly, reaching $61.0 million in 2026Q1, which indicates that management is actively attempting to align corporate overhead with the realities of a challenging and cyclical freight brokerage environment.
The reduction in SG&A from the $150 million range seen in 2024 suggests a concerted effort to preserve operating income, yet the impact on long-term growth capacity remains unclear. Investors should monitor whether these cost-cutting measures are sustainable or if they risk eroding the productivity of the decentralized agent network.
Quick answers to the most common questions about buying LSTR stock.
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.
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%.
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.
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.