Item 1. Financial Statements
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 thirty-nine weeks ended September 27, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 27, 2025.
These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2024 Annual Report on Form 10-K.
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LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
(Unaudited)
September 27,
2025
December 28,
2024
ASSETS
Current Assets
Cash and cash equivalents
$
375,191
$
515,018
Short-term investments
59,227
51,619
Trade accounts receivable, less allowance of $ 12,471 and $ 12,904
695,983
683,841
Other receivables, including advances to independent contractors, less allowance of $ 18,665 and $ 17,812
56,437
47,160
Assets held for sale
13,856
—
Other current assets
44,414
22,229
Total current assets
1,245,108
1,319,867
Operating property, less accumulated depreciation and amortization of $ 468,683 and $ 456,547
262,466
311,345
Goodwill
34,005
40,933
Other assets
120,617
141,166
Total assets
$
1,662,196
$
1,813,311
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Cash overdraft
$
47,992
$
61,033
Accounts payable
402,753
383,625
Current maturities of long-term debt
29,428
33,116
Insurance claims
43,889
40,511
Dividends payable
—
70,632
Contractor escrow
31,011
30,205
Liabilities held for sale
4,247
—
Other current liabilities
59,758
54,032
Total current liabilities
619,078
673,154
Long-term debt, excluding current maturities
47,703
69,191
Insurance claims
67,567
62,842
Deferred income taxes and other noncurrent liabilities
39,144
35,685
Shareholders’ Equity
Common stock, $ 0.01 par value, authorized 160,000,000 shares, issued 68,589,418 and 68,559,269 shares
686
686
Additional paid-in
capital
260,501
255,260
Retained earnings
2,910,514
2,859,916
Cost of 34,244,716 and 33,243,196 shares of common stock in treasury
( 2,276,252
)
( 2,131,413
)
Accumulated other comprehensive loss
( 6,745
)
( 12,010
)
Total shareholders’ equity
888,704
972,439
Total liabilities and shareholders’ equity
$
1,662,196
$
1,813,311
See accompanying notes to consolidated financial statements.
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LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
Thirty-Nine Weeks Ended
Thirteen Weeks Ended
September 27,
2025
September 28,
2024
September 27,
2025
September 28,
2024
Revenue
$
3,569,291
$
3,609,915
$
1,205,406
$
1,213,867
Investment income
10,620
10,988
3,293
3,922
Costs and expenses:
Purchased transportation
2,775,761
2,799,384
936,472
943,805
Commissions to agents
291,529
295,801
98,693
98,703
Other operating costs, net of gains on asset sales/dispositions
46,996
44,138
15,572
15,144
Insurance and claims
103,309
83,830
33,008
30,398
Selling, general and administrative
174,303
162,613
57,015
51,252
Depreciation and amortization
35,884
44,001
11,509
15,371
Impairment of intangible and other assets
30,104
—
30,104
—
Total costs and expenses
3,457,886
3,429,767
1,182,373
1,154,673
Operating income
122,025
191,136
26,326
63,116
Interest and debt expense (income)
756
( 4,455
)
217
( 1,169
)
Income before income taxes
121,269
195,591
26,109
64,285
Income taxes
30,206
45,838
6,745
14,252
Net income
$
91,063
$
149,753
$
19,364
$
50,033
Basic and diluted earnings per share
$
2.61
$
4.21
$
0.56
$
1.41
Average basic and diluted shares outstanding
34,885,000
35,608,000
34,581,000
35,420,000
Dividends per common share
$
1.16
$
1.02
$
0.40
$
0.36
See accompanying notes to consolidated financial statements.
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LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
Thirty-Nine Weeks Ended
Thirteen Weeks Ended
September 27,
2025
September 28,
2024
September 27,
2025
September 28,
2024
Net income
$
91,063
$
149,753
$
19,364
$
50,033
Other comprehensive income (loss):
Unrealized holding gains on available-for-sale
investments, net of tax expense of $ 570 ,
$ 828 , $ 146 and $ 624
2,081
3,023
535
2,277
Foreign currency translation gains (losses)
3,184
( 4,713
)
( 116
)
( 1,354
)
Other comprehensive income (loss)
5,265
( 1,690
)
419
923
Comprehensive income
$
96,328
$
148,063
$
19,783
$
50,956
See accompanying notes to consolidated financial statements.
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LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Thirty-Nine Weeks Ended
September 27,
2025
September 28,
2024
OPERATING ACTIVITIES
Net income
$
91,063
$
149,753
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
35,884
44,001
Non-cash
interest charges
198
198
Provisions for losses on trade and other accounts receivable
13,305
13,058
Gains on sales/disposals of operating property
( 1,670
)
( 1,204
)
Impairment of intangible and other assets
30,104
—
Deferred income taxes, net
5,891
( 4,359
)
Stock-based compensation
5,243
3,573
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable
( 34,724
)
27,877
Increase in other assets
( 27,455
)
( 7,884
)
Increase in accounts payable
19,128
727
Increase (decrease) in other liabilities
7,099
( 2,785
)
Increase in insurance claims
8,103
2,484
NET CASH PROVIDED BY OPERATING ACTIVITIES
152,169
225,439
INVESTING ACTIVITIES
Sales and maturities of investments
120,693
81,072
Purchases of investments
( 119,097
)
( 74,297
)
Purchases of operating property
( 7,673
)
( 24,256
)
Proceeds from sales of operating property
6,398
6,265
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES
321
( 11,216
)
FINANCING ACTIVITIES
Decrease in cash overdraft
( 13,041
)
( 10,795
)
Dividends paid
( 111,097
)
( 107,758
)
Taxes paid in lieu of shares issued related to stock-based compensation plans
( 933
)
( 3,928
)
Purchases of common stock
( 143,230
)
( 78,697
)
Principal payments on finance lease obligations
( 25,176
)
( 22,872
)
NET CASH USED BY FINANCING ACTIVITIES
( 293,477
)
( 224,050
)
Effect of exchange rate changes on cash and cash equivalents
1,958
( 2,386
)
Decrease in cash and cash equivalents, including cash and cash equivalents classified as assets held for sale
( 139,029
)
( 12,213
)
Less: Net change in cash and cash equivalents classified as assets held for sale
( 798
)
—
Net change in cash and cash equivalents
( 139,827
)
( 12,213
)
Cash and cash equivalents at beginning of period
515,018
481,043
Cash and cash equivalents at end of period
$
375,191
$
468,830
See accompanying notes to consolidated financial statements.
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LANDSTAR SYSTEM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Thirty-Nine and Thirteen Weeks Ended September 27, 2025 and September 28, 2024
(Dollars in thousands)
(Unaudited)
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
Net income
19,364
19,364
Dividends ($ 0.40 per share)
( 13,861
)
( 13,861
)
Purchases of common stock
308,709
( 40,613
)
( 40,613
)
Issuance of stock related to stock-based compensation plans
125
( 17
)
( 17
)
Stock-based compensation
1,586
1,586
Other comprehensive income
419
419
Balance September 27, 2025
68,589,418
$
686
$
260,501
$
2,910,514
34,244,716
$
( 2,276,252
)
$
( 6,745
)
$
888,704
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Common Stock
Additional
Paid-In
Retained
Treasury Stock at Cost
Accumulated
Other
Comprehensive
Shares
Amount
Capital
Earnings
Shares
Amount
(Loss) Income
Total
Balance December 30, 2023
68,497,324
$
685
$
254,642
$
2,783,645
32,780,651
$
( 2,048,184
)
$
( 6,865
)
$
983,923
Net income
47,096
47,096
Dividends ($ 0.33 per share)
( 11,802
)
( 11,802
)
Issuance of stock related to stock-based compensation plans
50,229
( 2,174
)
4,864
( 886
)
( 3,060
)
Stock-based compensation
1,724
1,724
Other comprehensive income
30
30
Balance March 30, 2024
68,547,553
$
685
$
254,192
$
2,818,939
32,785,515
$
( 2,049,070
)
$
( 6,835
)
$
1,017,911
Net income
52,624
52,624
Dividends ($ 0.33 per share)
( 11,777
)
( 11,777
)
Purchases of common stock
315,649
( 56,995
)
( 56,995
)
Issuance of stock related to stock-based compensation plans
6,374
1
1,112
( 201
)
( 200
)
Stock-based compensation
1,892
1,892
Other comprehensive loss
( 2,643
)
( 2,643
)
Balance June 29, 2024
68,553,927
$
686
$
256,084
$
2,859,786
33,102,276
$
( 2,106,266
)
$
( 9,478
)
$
1,000,812
Net income
50,033
50,033
Dividends ($ 0.36 per share)
( 12,746
)
( 12,746
)
Purchases of common stock
121,270
( 22,393
)
( 22,393
)
Issuance of stock related to stock-based compensation plans
5,342
( 643
)
4,550
( 25
)
( 668
)
Stock-based compensation
( 43
)
( 43
)
Other comprehensive income
923
923
Balance September 28, 2024
68,559,269
$
686
$
255,398
$
2,897,073
33,228,096
$
( 2,128,684
)
$
( 8,555
)
$
1,015,918
See accompanying notes to consolidated financial statements.
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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.
(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 thirty-nine-week and thirteen-week periods ended September 27, 2025 and September 28, 2024 (dollars in thousands):
Thirty-Nine Weeks Ended
Thirteen Weeks Ended
September 27,
2025
September 28,
2024
September 27,
2025
September 28,
2024
Mode
Truck – BCO Independent Contractors
38
%
38
%
38
%
38
%
Truck – Truck Brokerage Carriers
54
%
52
%
52
%
52
%
Rail intermodal
2
%
2
%
2
%
2
%
Ocean and air cargo carriers
5
%
6
%
6
%
6
%
Truck Equipment Type
Van equipment
$
1,769,440
$
1,851,237
$
583,369
$
603,993
Unsided/platform equipment
$
1,127,276
$
1,093,753
$
386,006
$
369,758
Less-than-truckload
$
72,229
$
77,902
$
24,480
$
24,195
Other truck transportation (1)
$
288,807
$
242,853
$
96,041
$
93,178
(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.
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(2)
Share-based Payment Arrangements
As of September 27, 2025, 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):
Thirty-Nine Weeks Ended
Thirteen Weeks Ended
September 27,
2025
September 28,
2024
September 27,
2025
September 28,
2024
Total cost of the Plans during the period
$
5,243
$
3,573
$
1,586
$
( 43
)
Amount of related income tax benefit recognized during the period
( 1,179
)
( 1,997
)
( 387
)
( 313
)
Net cost of the Plans during the period
$
4,064
$
1,576
$
1,199
$
( 356
)
Included in income tax benefits recognized in the thirty-nine-week periods ended September 27, 2025 and September 28, 2024 were tax deficiencies (excess tax benefits) from stock-based awards of $ 106,000 and ($ 1,122,000 ), respectively.
As of September 27, 2025, there were 174,149 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 2,672,025 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 28, 2024
162,652
$
144.12
Granted
53,930
$
147.14
Forfeited
( 8,653
)
$
158.98
Outstanding at September 27, 2025
207,929
$
144.29
During the thirty-nine-week period ended September 27, 2025, the Company granted RSUs with a performance condition and RSUs with a market condition, as further described below. Outstanding RSUs at both December 28, 2024 and September 27, 2025 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2024 Annual Report on Form 10-K.
RSUs with a performance condition granted on January 31, 2025 and February 3, 2025 may vest on January 31 of 2028, 2029 and 2030 based on growth in operating income and pre-tax
income per diluted share from continuing operations as compared to the results from the 2024 fiscal year.
On January 31, 2025, the Company granted 6,050 RSUs that vest based on a market condition. These RSUs may vest based on the achievement of the target Company’s 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.
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The Company recognized approximately $ 1,586,000 and $ 408,000 of share-based compensation expense related to RSU awards in the thirty-nine-week periods ended September 27, 2025 and September 28, 2024, respectively. As of September 27, 2025, there was a maximum of $ 52.3 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.0 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
Weighted Average
Grant Date
Fair Value
Non-vested
at December 28, 2024
47,519
$
180.17
Granted
30,149
$
159.69
Vested
( 23,950
)
$
176.95
Forfeited
( 661
)
$
173.64
Non-vested
at September 27, 2025
53,057
$
170.07
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, third or fifth 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 September 27, 2025, there was $ 5,727,000 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 2025 and 2024 thirty-nine-week periods were based on estimated annual effective income tax rates of 24.6 % and 24.3 %, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards. The effective income tax rate for the 2025 thirty-nine-week period was 24.9 %. 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. The effective income tax rate for the 2024 thirty-nine-week period was 23.4 %. The effective income tax rate was higher than the statutory federal income tax rate of 21 % in the 2024 period primarily attributable to state taxes, partially offset by federal tax credits.
(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 2025 and 2024 thirty-nine-week periods.
1 2
Table of Contents
(5)
Additional Cash Flow Information
During the 2025 thirty-nine-week period, Landstar paid income taxes and interest of $ 45,646,000 and $ 4,107,000 , respectively. During the 2024 thirty-nine-week period, Landstar paid income taxes and interest of $ 45,638,000 and $ 2,641,000 , respectively. Landstar did not acquire any operating property by entering into finance leases in the 2025 thirty-nine-week period. Landstar acquired operating property by entering into finance leases in the amount of $ 24,238,000 in the 2024 thirty-nine-week period. During the 2025 thirty-nine-week period, the Company purchased its common stock at a total cost of $ 143,908,000 , including $ 142,512,000 in cash purchases and accrued excise tax of $ 1,396,000 , which is included in other current liabilities in the consolidated balance sheet at September 27, 2025. The Company also paid $ 718,000 in excise tax on its common stock purchases, which was included in other current liabilities in the consolidated balance sheet at December 28, 2024. During the 2024 thirty-nine-week period, the Company purchased its common stock at a total cost of $ 79,388,000 , including $ 78,697 ,000 in cash purchases and accrued excise tax of $ 691,000 , which was included in other current liabilities in the cons
olidated balance sheet at September 28, 2024.
(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 thirty-nine-week and thirteen-week periods ended September 27, 2025 and September 28, 2024 (in thousands):
Thirty-Nine Weeks Ended
September 27, 2025
September 28, 2024
Transportation
Logistics
Insurance
Total
Transportation
Logistics
Insurance
Total
External revenue
$
3,525,234
$
44,057
$
3,569,291
$
3,561,941
$
47,974
$
3,609,915
Internal revenue
64,110
64,110
65,411
65,411
Total revenue
3,525,234
108,167
3,633,401
3,561,941
113,385
3,675,326
Investment income
10,620
10,620
10,988
10,988
Purchased transportation
2,775,761
2,775,761
2,799,384
2,799,384
Commissions to agents
291,529
291,529
295,801
295,801
Other operating costs, net of gains on asset sales/dispositions
46,996
46,996
44,138
44,138
Insurance and claims
89,387
78,032
167,419
84,429
64,812
149,241
Selling, general and administrative
165,860
8,443
174,303
153,118
9,495
162,613
Depreciation and amortization
35,884
35,884
44,001
44,001
Impairment of intangible and other assets
30,104
30,104
—
—
Operating income
89,713
32,312
122,025
141,070
50,066
191,136
Goodwill
34,005
34,005
41,122
41,122
Operating income
122,025
191,136
Interest and debt expense (income) (1)
756
( 4,455
)
Income before income taxes
121,269
195,591
Thirteen Weeks Ended
September 27, 2025
September 28, 2024
Transportation
Logistics
Insurance
Total
Transportation
Logistics
Insurance
Total
External revenue
$
1,190,802
$
14,604
$
1,205,406
$
1,198,334
$
15,533
$
1,213,867
Internal revenue
11,017
11,017
12,065
12,065
Total revenue
1,190,802
25,621
1,216,423
1,198,334
27,598
1,225,932
Investment income
3,293
3,293
3,922
3,922
Purchased transportation
936,472
936,472
943,805
943,805
Commissions to agents
98,693
98,693
98,703
98,703
Other operating costs, net of gains on asset sales/dispositions
15,572
15,572
15,144
15,144
Insurance and claims
26,014
18,011
44,025
29,592
12,871
42,463
Selling, general and administrative
53,875
3,140
57,015
48,101
3,151
51,252
Depreciation and amortization
11,509
11,509
15,371
15,371
Impairment of intangible and other assets
30,104
30,104
—
—
Operating income
18,563
7,763
26,326
47,618
15,498
63,116
Operating income
26,326
63,116
Interest and debt expense (income) (1)
217
( 1,169
)
Income before income taxes
26,109
64,285
(1)
Interest and debt expense (income) includes (i) interest income earned on cash balances held by the transportation logistics segment of $ 3,549
and $ 7,296
in the 2025 and 2024 thirty-nine-week periods, respectively, and $ 1,140
and $ 2,251
in the 2025 and 2024 thirteen-week periods, respectively, and (ii) consolidated total interest expense of $ 4,305
and $ 2,841
in the 2025 and 2024 thirty-nine-week periods, respectively, and $ 1,357
and $ 1,082
in the 2025 and 2024 thirteen-week periods, respectively.
In the thirty-nine-week periods ended September 27, 2025 and September 28, 2024, no single customer accounted for more than 10 % of the Company’s consolidated revenue.
1 4
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(7)
Other Comprehensive Income
The following table presents the components of and changes in accumulated other comprehensive (loss) income, net of related income taxes, as of and for the thirty-nine-week period ended September 27, 2025 (in thousands):
Unrealized
Holding (Losses)
Gains on
Available-for-Sale
Securities
Foreign Currency
Translation
Total
Balance as of December 28, 2024
$
( 2,805
)
$
( 9,205
)
$
( 12,010
)
Other comprehensive income
2,081
3,184
5,265
Balance as of September 27, 2025
$
( 724
)
$
( 6,021
)
$
( 6,745
)
Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the thirty-nine-week period ended September 27, 2025.
(8)
Investments
Investments include primarily investment-grade corporate bonds, asset-backed securities, commercial paper and U.S. treasury obligations having maturities of up to five years
(the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as available-for-sale
and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management performs an analysis of the nature of the unrealized losses on available-for-sale
investments to determine whether an allowance for credit loss is necessary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be a result of credit-related factors, are to be included as a charge in the statement of income, while unrealized losses considered to be a result of non-credit-related
factors are to be included as a component of shareholders’ equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability,
which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities, commercial paper and direct obligations of government agencies. Unrealized losses, net of unrealized gains, on the investments in the bond portfolio were $ 922,000
and $ 3,573,000
at September 27, 2025 and December 28, 2024, respectively.
The amortized cost and fair values of available-for-sale
investments are as follows at September 27, 2025 and December 28, 2024 (in thousands):
Gross
Gross
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
September 27, 2025
Money market investments
$
5,998
$
—
$
—
$
5,998
Asset-backed securities
21,686
57
1,240
20,503
Corporate bonds, commercial paper and direct obligations of government agencies
103,735
993
739
103,989
U.S. Treasury obligations
14,869
7
—
14,876
Total
$
146,288
$
1,057
$
1,979
$
145,366
December 28, 2024
Money market investments
$
13,473
$
—
$
—
$
13,473
Asset-backed securities
26,785
25
1,770
25,040
Corporate bonds, commercial paper and direct obligations of government agencies
107,180
198
2,026
105,352
Total
$
147,438
$
223
$
3,796
$
143,865
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For those available-for-sale
investments with unrealized losses at September 27, 2025 and December 28, 2024, the following table summarizes the duration of the unrealized loss (in thousands):
Less than 12 months
12 months or longer
Total
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
September 27, 2025
Asset-backed securities
$
4,537
$
411
$
9,400
$
829
$
13,937
$
1,240
Corporate bonds, commercial paper, and direct obligations of government agencies
16,299
130
17,003
609
33,302
739
Total
$
20,836
$
541
$
26,403
$
1,438
$
47,239
$
1,979
December 28, 2024
Asset-backed securities
$
9,663
$
37
$
12,596
$
1,733
$
22,259
$
1,770
Corporate bonds, commercial paper, and direct obligations of government agencies
18,409
169
59,609
1,857
78,018
2,026
Total
$
28,072
$
206
$
72,205
$
3,590
$
100,277
$
3,796
The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of
all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income.
(9)
Leases
Landstar’s noncancelable leases are primarily comprised of finance leases for the acquisition of new trailing equipment. Each finance
lease for the acquisition of trailing equipment is a five year lease with a $ 1 purchase option for the applicable equipment at lease expiration. Substantially all of Landstar’s operating lease right-of-use
assets and operating lease liabilities represent leases for facilities maintained in support of the Company’s network of BCO Independent Contractors and office space used to conduct Landstar’s business. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out
clauses. Further, the leases do not contain contingent rent provisions. Landstar also rents certain trailing equipment to supplement the Company-owned trailer fleet under “month-to-month”
lease terms, which are not required to be recorded on the balance sheet due to the less than twelve month lease term exemption. Sublease income is primarily comprised of weekly trailing equipment rentals to BCO Independent Contractors.
Most of Landstar’s operating leases include one or more options to renew. The exercise of lease renewal options is typically at Landstar’s sole discretion, and, as such, the majority of renewals to extend the lease terms are not included in the right-of-use
assets and lease liabilities as they are not reasonably certain of exercise. Landstar regularly evaluates the renewal options, and when they are reasonably certain of exercise, Landstar includes the renewal period in the lease term.
As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, the Company applies a portfolio approach for determining the incremental borrowing rate.
1 6
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The components of lease cost for finance leases and operating leases for the thirty-nine weeks ended September 27, 2025 were (in thousands):
Finance leases:
Amortization of right-of-use
assets
$
13,764
Interest on lease liability
3,343
Total finance lease cost
17,107
Operating leases:
Lease cost
3,429
Variable lease cost
—
Sublease income
( 4,605
)
Total net operating lease income
( 1,176
)
Total net lease cost
$
15,931
A summary of the lease classification on the Company’s consolidated balance sheet as of September 27, 2025 is as follows (in thousands):
Assets:
Operating lease right-of-use
assets
Other assets
$
681
Finance lease assets
Operating property, less accumulated depreciation and amortization
115,008
Total lease assets
$
115,689
Liabilities:
The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at September 27, 2025 (in thousands):
Finance
Leases
Operating
Leases
2025 Remainder
$
8,997
$
74
2026
30,028
298
2027
19,217
264
2028
15,309
94
2029
10,920
—
Thereafter
—
—
Total future minimum lease payments
84,471
730
Less amount representing interest ( 1.6 % to 6.4 %)
7,340
49
Present value of minimum lease payments
$
77,131
$
681
Current maturities of long-term debt
29,428
Long-term debt, excluding current maturities
47,703
Other current liabilities
288
Deferred income taxes and other noncurrent liabilities
393
The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of September 27, 2025 were:
Finance
Leases
Operating
Leases
Weighted average remaining lease term (years)
3.3
2.5
Weighted average discount rate
5.1
%
5.5
%
1 7
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(10)
Debt
Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of September 27, 2025 and December 28, 2024.
On July 1, 2022, Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (as further amended as of June 21, 2024, the “Credit Agreement”). The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $ 300,000,000
, $ 45,000,000
of which may be utilized in the form of letters of credit. The Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of $ 600,000,000
. As of September 27, 2025, the Company had no borrowings outstanding under the Credit Agreement.
The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) a forward-looking term rate based on the secured overnight financing rate plus 0.10
% and an applicable margin ranging from 1.25
% to 2.00
%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25
% to 1.00
%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.20 % to 0.30 %, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered.
The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum fixed charge coverage ratio, as described in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 2.5 to 1 on a pro forma basis as of the end of the Company’s most recently completed fiscal quarter. The Credit Agreement provides for an event of default in the event that, among other things, a person or group acquires 35 % or more of the outstanding capital stock of the Company or obtains power to elect a majority of the Company’s directors or the directors cease to consist of a majority of Continuing Directors, as defined in the Credit Agreement. None of these covenants are presently considered by management to be materially restrictive to the Company’s operations, capital resources or liquidity. The Company is currently in compliance with all of the debt covenants under the Credit Agreement.
The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates and, as such, carrying value approximates fair value. Interest rates on borrowings under finance leases approximate the interest rates that would currently be available to the Company under similar terms and, as such, carrying value approximates fair value.
(11)
Commitments and Contingencies
Short-term investments include $ 59,227,000
in current maturities of investments held by the Company’s insurance segment at September 27, 2025. The non-current
portion of the bond portfolio of $ 86,139,000
is included in other assets. The short-term investments, together with $ 24,474,000
of non-current
investments, provide collateral for the $ 75,331,000
of letters of credit issued to guarantee payment of insurance claims. As of September 27, 2025, Landstar also had $ 34,916,000
of additional letters of credit outstanding under the Company’s Credit Agreement.
As previously disclosed by the Company in its Quarterly Report on Form 10-Q
for the 2025 second quarter and in a Current Report on Form 8-K
filed on August 13, 2025, a trial verdict (the “Verdict”) was rendered on August 6, 2025 in state court in El Paso County, Texas, in the matter of Eduardo Cabral, et. al. v. Landstar Ranger, Inc., et. al. (the “Cabral Matter”). The Verdict included a determination by the jury that Landstar Ranger acted as a broker and not as a motor carrier with respect to the transportation of the shipment involved in a tragic, catastrophic accident. The Verdict also determined that 15 % of the total monetary damages were attributed to Landstar Ranger, or $ 3.42 million, of the $ 22.8 million total monetary damages, with the remainder of the total monetary damages being attributed to the hauling motor carrier, MyUniverse, and the MyUniverse truck driver. Based on knowledge of the facts, available insurance coverage and the analysis of the Company’s outside counsel, an immaterial accrual was included in insurance claims in the Company’s consolidated balance sheet as of September 27, 2025, with respect to the Cabral Matter. The plaintiffs, as well as Landstar Ranger, have filed post-trial motions and may attempt to appeal the Verdict. No assurances can be provided as to the probability of success with respect to any post-trial motions or appeals relating to the Verdict or the ultimate outcome of any such motions or appeals. The total cost associated with this matter, which may include post-judgment interest, bonding-related costs and legal and other professional fees, will depend on many factors and the ultimate financial impact, as well as the timing of the ultimate resolution of this matter, are difficult to predict.
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Table of Contents
The Company is involved in certain other claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year.
(12)
Change in Accounting Estimate for Self-Insured Claims
Landstar provides for the estimated costs of self-insured claims primarily on an actuarial basis. The amount recorded for the estimated liability for claims incurred is based upon the facts and circumstances known on the applicable balance sheet date. The ultimate resolution of these claims may be for an amount greater or less than the amount estimated by management. The Company continually revises its existing claim estimates as new or revised information becomes available on the status of each claim. Historically, the Company has experienced both favorable and unfavorable development of prior years’ claims estimates within its various programs.
The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from net unfavorable development of prior year self-insured claims estimates on operating income, net income and basic and diluted earnings per share set forth in the consolidated statements of income for the thirty-nine-week and thirteen-week periods ended September 27, 2025 and September 28, 2024 (in thousands, except per share amounts):
Thirty-Nine Weeks Ended
Thirteen Weeks Ended
September 27,
2025
September 28,
2024
September 27,
2025
September 28,
2024
Operating income
$
22,860
$
6,666
$
9,219
$
4,550
Net income
$
17,236
$
5,046
$
6,951
$
3,444
Basic and diluted earnings per share
$
0.49
$
0.14
$
0.20
$
0.10
The unfavorable development of prior years’ claims during the thirty-nine-week period ended September 27, 2025 was primarily attributable to elevated cargo loss experience as a result of fraud and theft in the supply chain and several specific commercial trucking claims.
(13)
Gain Contingency
The Company does not allow for the recognition of a gain contingency within its consolidated financial statements prior to the settlement of the underlying events or contingencies associated with the gain contingency. As a result, the consideration related to a gain contingency is recorded in the consolidated financial statements during the period in which all underlying events or contingencies are resolved and the gain is realized.
Within the Company’s third party insurance arrangements providing excess coverage for commercial trucking liabilities, structured arrangements with third party reinsurers within a specific loss layer may include provisions that provide for a refund of premium in the event of favorable loss experience. During the 2025 thirty-nine-week period, with respect to one such three-year commercial auto liability reinsurance arrangement relating to certain excess claims incurred between May 1, 2020 through April 30, 2023, the Company received $ 12,000,000
of cash payments from third party reinsurance providers in the form of a “no claims bonus” due to favorable loss experience with respect to claims incurred during the applicable policy period. The Company recorded this payment as a deferred gain within other current liabilities in the consolidated balance sheet as of September 27, 2025, until such time as all underlying claims with exposure under the applicable excess layer insurance arrangement are resolved and the gain can be recognized. Based on the Verdict, the Cabral Matter referenced above in footnote 11 is not anticipated to adversely impact the Company’s ability to meet the requirements of such “no claims bonus”. No assurances can be provided, however, regarding whether the Company will ultimately be able to recognize a gain with respect to the “no claims bonus.”
19
Table of Contents
(14)
Held for Sale Subsidiary
During the 2025 third fiscal quarter, the Company entered into an arrangement with a financial advisor to actively market its Mexican subsidiary, Landstar Metro, S.A.P.I. de C.V. (“Landstar Metro”) and to consider other strategic alternatives for this subsidiary, which may involve a sale or other disposition in whole or in part of Landstar Metro during the Company’s 2025 fiscal year. The Company determined that this planned divestiture does not represent a strategic shift that would be expected to have a significant effect on our consolidated results of operations, and therefore the results of Landstar Metro are not reported as discontinued operations. It is not anticipated that a sale or other disposition of Landstar Metro will adversely affect the Company’s ability to provide U.S./Mexico cross-border services, given that Landstar Metro is principally engaged in intra-Mexico truck transportation services.
In connection with the decision to actively market Landstar Metro, management identified a triggering event to perform a quantitative goodwill impairment test. As part of its analysis, the Company used a combination of the discounted cash flow method and the market approach. Based on the quantitative assessment, the Company concluded that Landstar Metro’s goodwill was impaired and recorded a non-cash
impairment charge of $ 7,530,000 to goodwill within the transportation logistics segment. Further, based on the expected fair value of Landstar Metro, net of costs to sell, the Company recognized an impairment on assets held for sale of $ 8,612,000 . Both impairments are included in impairment of intangible and other assets within the Company’s consolidated statements of income. No assurances can be provided that there will not be additional charges and expenses incurred by the Company in connection with this sale process or upon any ultimate disposition of Landstar Metro.
As of September 27, 2025, the assets and liabilities of Landstar Metro are presented as held for sale at carrying value. A summary of assets and liabilities associated with Landstar Metro that are held for sale, is presented below (in thousands):
As of September 27, 2025
Assets held for sale:
Cash and cash equivalents
$
798
Trade and other receivables
9,362
Operating property
7,601
Other assets
4,707
Less: valuation allowance
( 8,612
)
Total assets held for sale (1)
$
13,856
Liabilities held for sale:
Accounts payable
$
2,132
Deferred income taxes and other liabilities
2,115
Total liabilities held for sale (1)
$
4,247
Cumulative translation loss of foreign entities held for sale (2)
$
1,205
(1)
Assets and liabilities held for sale are separately presented on the consolidated balance sheets.
(2)
Cumulative translation loss of foreign entities held for sale is included within accumulated other comprehensive loss on the consolidated balance sheets.
(15)
Impairment of Software Assets
The Company evaluates its operating property whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable in accordance with ASC 360, Property,
Plant and Equipment
. When such events or changes in circumstances occur, a recoverability test is performed based on projected undiscounted cash flows expected to be realized from the use and eventual disposition of the asset or asset group. An impairment is recorded for any excess of the carrying amount over the estimated fair value. Fair value is determined based on quoted market values, discounted cash flows or external appraisals, as appropriate.
During the 2025 third fiscal quarter, the Company performed a strategic review of its operations. In connection with this strategic review, management evaluated its transportation management systems (“TMSs”), including the Landstar TMS, a cloud-based platform for truckload freight agent workflow, and the Blue TMS, a cloud-based platform built specifically to service the truckload brokerage contract services market. Management determined that the Landstar TMS, rather than the Blue TMS, would be the Company’s primary TMS used in the future to service the truckload brokerage contract services market. As a result of this decision, the Company also determined to wind-down the Blue TMS and, in connection therewith, the Company performed a recoverability test with respect to potential impairment of the software assets associated with the Blue TMS and determined estimated fair value based on discounted cash flows. The Company subsequently recorded a $ 8,963,000 non-cash impairment charge within its transportation logistics segment, which is included in impairment of intangible and other assets within the Company’s consolidated statements of income.
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Table of Contents
(16)
Impairment of Equity Investment
In 2022, the Company acquired a minority equity investment in Cavnue, LLC (“Cavnue”), a privately held start-up
company focused on combining technology and road infrastructure to unlock the full potential of connected and autonomous vehicles. This non-controlling
investment in units of Cavnue is considered an investment in non-marketable
equity securities without a readily determinable market value. The carrying value of the non-marketable
equity securities is adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or impairment (referred to as the measurement alternative).
During the 2025 third fiscal quarter, the Company determined that there were indicators of potential impairment related to the value of its equity investment in Cavnue related to the financial performance of the company and its ability to raise additional capital to finance continued investment in its operations. As such, the Company recorded a non-cash
impairment charge for the carrying value of its investment in Cavnue of $ 4,999,000 during the thirteen-week period ended September 27, 2025, which is included in impairment of intangible and other assets within the Company’s consolidated statements of income.
(17)
Recent Accounting Pronouncements
Accounting Standards Issued But Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
(“ASU 2023-09”),
which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023-09
is effective for annual periods beginning after December 15, 2024. ASU 2023-09
is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03,
Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses
(“ASU 2024-03”),
which expands disclosures about certain categories of expenses. ASU 2024-03
is effective for annual periods beginning after December 15, 2026. The Company is currently evaluating the impact of ASU 2024-03
on its consolidated financial statements and disclosures.
(18)
Supply Chain Fraud Matter
During the last week of the Company’s 2025 first quarter, the Company identified a supply chain fraud relating to the Company’s international freight forwarding operations. This supply chain fraud matter does not involve the Company’s core North American truckload services. In connection with this supply chain fraud matter, consolidated revenue and purchased transportation as reported in the Company’s fiscal year 2024, 2023 and 2022 financial results were each overstated by approximately 2
%, 1
%, and less than 0.5
%, respectively. As the overstated amount of revenue was approximately equal to the overstated amount of purchased transportation, the impact on each of operating income and net income, as reported, was less than 1
% in fiscal year 2024 and less than 0.2
% in fiscal years 2023 and 2022, respectively.
The Company has performed a quantitative and qualitative analysis of the impact of this supply chain fraud matter in respect of the 2025 first quarter and the financial statements for each prior fiscal year period during which identified instances of fraud relating to this matter occurred. In connection therewith, the Company concluded that such impact was immaterial with respect to each such fiscal period. The Company’s financial results for the 2025 first quarter and for the thirty-nine week period ended September 27, 2025 included a $ 4.8
million pre-tax
expense, or $ 0.10
per basic and diluted share, relating to this matter. This expense reflects the total currently anticipated aggregate adverse financial impact to Landstar relating to the fraud, net of certain actual and anticipated recoveries and before taking into account the cost of legal and other professional fees as well as additional potential recoveries in the future. This expense was reflected in 2025 first quarter selling, general & administrative costs as an increase to the provision for customer bad debt expense, resulting in an increase in the allowance for doubtful accounts related to trade accounts receivable.
In the 2025 second quarter, this expense was reclassified from the provision for customer bad debt expense within selling, general and administrative costs to the provision for contractor bad debt expense within other operating costs due to the finalization of certain agreements with the affected independent commission sales agency during the 2025 second fiscal quarter. As of the September 27, 2025 consolidated balance sheet, this amount was included in the allowance for doubtful accounts related to other receivables.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.