# Landstar System (LSTR) Q2 2025 Financial Results Summary
Released on July 29, 2025, Landstar System, Inc. (NASDAQ: LSTR) has reported its financial results for the second quarter of 2025. Below is a summary of key metrics and figures compared to the same period of the previous year:
### Financial Highlights
– **Revenue**:
– **Q2 2025**: $1.211 billion
– **Q2 2024**: $1.225 billion
– **Change**: Decreased by **1.1%** year-over-year.
– **Gross Profit**:
– **Q2 2025**: $109 million
– **Q2 2024**: $120 million
– **Change**: Decreased by **9.1%** year-over-year.
– **Variable Contribution**:
– **Q2 2025**: $170 million
– **Q2 2024**: $175 million
– **Change**: Decreased by **2.9%** year-over-year.
– **Operating Income**:
– **Q2 2025**: $56 million
– **Q2 2024**: $68 million
– **Change**: Decreased by **17.6%** year-over-year.
– **Basic and Diluted Earnings Per Share (EPS)**:
– **Q2 2025**: $1.20
– **Q2 2024**: $1.48
– **Change**: Decreased by **19.0%** year-over-year.
### Operational Metrics
– **Truck Transportation Revenue**:
– **Q2 2025**: $1.118 billion (92% of total revenue)
– **Q2 2024**: $1.106 billion (90% of total revenue)
– **Change**: Increased by **1.1%** year-over-year.
– **Truckload Transportation Revenue**:
– **Van Equipment**:
– **Q2 2025**: $591 million
– **Q2 2024**: $619 million
– **Change**: Decreased by **4.5%** year-over-year.
– **Unsided/Platform Equipment**:
– **Q2 2025**: $401 million
– **Q2 2024**: $381 million
– **Change**: Increased by **5.3%** year-over-year.
– **Other Truck Transportation**:
– **Q2 2025**: $101 million
– **Q2 2024**: $78 million
– **Change**: Increased by **29.5%** year-over-year.
– **Revenue Haul via Rail, Air, and Ocean Cargo**:
– **Q2 2025**: $73 million (6% of revenue)
– **Q2 2024**: $94 million (8% of revenue)
– **Change**: Decreased by **22.3%** year-over-year.
– **Truck Revenue Per Load**:
– **Q2 2025**: Increased by **2.6%** year-over-year.
– **Number of Loads Hauled**:
– **Q2 2025**: Declined by **1.5%** year-over-year.
### Capital Return to Shareholders
– **Share Repurchases**:
– For Q2 2025, Landstar purchased **300,141 shares** at an aggregate cost of **$42.4 million**.
– In the six months ending June 28, 2025, a total of **686,459 shares** were repurchased for **$103.3 million**.
– The company still has authorization to repurchase an additional **1,861,522 shares**.
– **Dividends**:
– A quarterly dividend of **$0.40 per share** was declared, payable on **September 9, 2025**, to stockholders of record as of **August 19, 2025**.
– The dividend reflects an increase from **$0.33 per share** in Q2 2024, which is a **21.2%** increase.
### Financial Position
– **Cash and Short-term Investments**: Approximately **$426 million** as of June 28, 2025.
– **Return on Equity**:
– **Trailing Twelve Months**: **17%**.
– **Return on Invested Capital**:
– **16%**.
Landstar’s performance highlights the challenges in the freight transportation sector while continuing its commitment to return value to shareholders through dividends and stock buybacks. The company is adapting to the dynamic market landscape with a focus on operational efficiency and maintaining strong cash reserves.
Here are the extracted tables from the press release:
### 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 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |
| Revenue | $ 2,363,885 | $ 2,396,048 | $ 1,211,383 | $ 1,225,005 |
| Investment income | 7,327 | 7,066 | 3,729 | 3,654 |
| Costs and expenses: | ||||
| Purchased transportation | 1,839,289 | 1,855,579 | 941,411 | 950,058 |
| Commissions to agents | 192,836 | 197,098 | 99,522 | 99,816 |
| Other operating costs, net of gains on | 31,424 | 28,994 | 19,595 | 14,135 |
| asset sales/dispositions | ||||
| Insurance and claims | 70,301 | 53,432 | 30,449 | 27,164 |
| Selling, general and administrative | 117,288 | 111,361 | 55,706 | 54,939 |
| Depreciation and amortization | 24,375 | 28,630 | 12,149 | 14,488 |
| Total costs and expenses | 2,275,513 | 2,275,094 | 1,158,832 | 1,160,600 |
| Operating income | 95,699 | 128,020 | 56,280 | 68,059 |
| Interest and debt expense (income) | 539 | (3,286) | 698 | (1,675) |
| Income before income taxes | 95,160 | 131,306 | 55,582 | 69,734 |
| Income taxes | 23,461 | 31,586 | 13,689 | 17,110 |
| Net income | $ 71,699 | $ 99,720 | $ 41,893 | $ 52,624 |
| Basic and diluted earnings per share | $ 2.05 | $ 2.79 | $ 1.20 | $ 1.48 |
| Average basic and diluted shares outstanding | 35,037,000 | 35,702,000 | 34,870,000 | 35,654,000 |
| Dividends per common share | $ 0.76 | $ 0.66 | $ 0.40 | $ 0.33 |
### Landstar System, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited)
| ASSETS | June 28, 2025 | December 28, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 359,237 | $ 515,018 |
| Short-term investments | 66,935 | 51,619 |
| Trade accounts receivable, less allowance of | 717,249 | 683,841 |
| $12,284 and $12,904 | ||
| Other receivables, including advances to independent | 48,781 | 47,160 |
| contractors, less allowance of $21,995 and | ||
| $17,812 | ||
| Other current assets | 45,144 | 22,229 |
| Total current assets | 1,237,346 | 1,319,867 |
| Operating property, less accumulated depreciation | 287,500 | 311,345 |
| and amortization of $464,538 and $456,547 | ||
| Goodwill | 41,399 | 40,933 |
| Other assets | 133,399 | 141,166 |
| Total assets | $ 1,699,644 | $ 1,813,311 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Cash overdraft | $ 58,141 | $ 61,033 |
| Accounts payable | 401,849 | 383,625 |
| Current maturities of long-term debt | 30,747 | 33,116 |
| Insurance claims | 36,797 | 40,511 |
| Dividends payable | – | 70,632 |
| Other current liabilities | 91,605 | 84,237 |
| Total current liabilities | 619,139 | 673,154 |
| Long-term debt, excluding current maturities | 54,677 | 69,191 |
| Insurance claims | 73,268 | 62,842 |
| Deferred income taxes and other non-current | 30,734 | 35,685 |
| liabilities | ||
| Shareholders’ equity: | ||
| Common stock, $0.01 par value, authorized | 686 | 686 |
| 160,000,000 shares, issued 68,589,418 and | ||
| 68,559,269 | ||
| Additional paid-in capital | 258,915 | 255,260 |
| Retained earnings | 2,905,011 | 2,859,916 |
| Cost of 33,935,882 and 33,243,196 shares | (2,235,622) | (2,131,413) |
| of common stock in treasury | ||
| Accumulated other comprehensive loss | (7,164) | (12,010) |
| Total shareholders’ equity | 921,826 | 972,439 |
| Total liabilities and shareholders’ equity | $ 1,699,644 | $ 1,813,311 |
