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Landstar System (LSTR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Landstar System (LSTR) Q3 2026 earnings results →

Q3 2026 Revenue up 25% year over year to $1.5B · 3¢ of every $1 of revenue kept as net profit · operating margin 4.3%

Landstar System made $1.5B in Q3 2026 (+25% Y/Y): Transportation Logistics $1.5B, Insurance $14.7M. Operating margin 4.3%, net earnings $48.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$1.5B
Year over year+25%
Operating margin4.3%
Net earnings$48.0M
Operating cash flow$70.9M

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Landstar System Q3 2026 revenue breakdown: Sankey diagram of revenue (Transportation Logistics, Insurance), costs, profit and cash flow
Landstar System Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.5B in Q3 2026, up 25% year over year and up 6% from the previous quarter. Transportation Logistics was the largest line at 99% of revenue. Transportation Logistics added $0.31B year over year (up 26%), 100% of the total change.

Operating profit was $0.07B, a 4.3% margin (up 2.2 points year over year). Of the extra revenue versus Q3 2025, 13% reached operating profit, above the 2% margin then. Total costs grew 23% against revenue growth of 25%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $0.05B, up 148% year over year. The effective tax rate was 26.3%.

Operating cash flow was $0.07B (down 21% year over year), 148% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items added $0.01B. Capital expenditures of $2.9M left free cash flow of $0.07B.

Quarterly history

Landstar System revenue by quarterLandstar System revenue by quarter$1.2BQ1 2025$1.2BQ2 2025$1.2BQ3 2025$1.2BQ4 2025$1.2BQ1 2026$1.4BQ2 2026$1.5BQ3 2026
Landstar System net earnings by quarterLandstar System net earnings by quarter$29.8MQ1 2025$41.9MQ2 2025$19.4MQ3 2025$23.9MQ4 2025$39.4MQ1 2026$49.0MQ2 2026$48.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$1.5B+25%4.3%$48.0M$70.9M
Q2 202610-QJul 29, 2026$1.4B+18%4.6%$49.0M−$50.4M
Q1 202610-QApr 29, 2026$1.2B+2%4.5%$39.4M$78.2M
Q4 202510-KFeb 24, 2026$1.2B-3%2.5%$23.9M$72.7M
Q3 202510-QOct 28, 2025$1.2B-0.7%2.2%$19.4M$89.3M
Q2 202510-QJul 29, 2025$1.2B-1%4.6%$41.9M$7.1M
Q1 202510-QMay 13, 2025$1.2B-2%3.4%$29.8M$55.7M

Charts

Landstar System: revenue growth, year over year and quarter over quarterLandstar System: revenue growth, year over year and quarter over quarterY/YQ/Q-2%Q1 2025-1%+5%Q2 2025-1%0%Q3 2025-3%-3%Q4 2025+2%0%Q1 2026+18%+22%Q2 2026+25%+6%Q3 2026
Latest (Q3 2026): Y/Y +25%, Q/Q +6%.
Landstar System: where the cash came from (+) and went (−), TTM to Q3 2026Landstar System: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$171MDividends−$124MBuybacks−$102MCash drawn (+) / kept (−)$77.9MNet borrowing (+) / repaid (−)−$30.8MOther financing$19.7MCapital spending−$13.8MAsset & business sales$7.0MOther investing−$4.4MTaxes on employees’ shares−$1.1MExchange rates−$1.0MNot reconciled$798K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Landstar System: profit against cash, quarter by quarterLandstar System: profit against cash, quarter by quarterNet incomeOperating cash flow$46.2M$61.1MQ4 2024$29.8M$55.7MQ1 2025$41.9M$7.1MQ2 2025$19.4M$89.3MQ3 2025$23.9M$72.7MQ4 2025$39.4M$78.2MQ1 2026$49.0M−$50.4MQ2 2026$48.0M$70.9MQ3 2026
Latest (Q3 2026): Net income $48.0M, Operating cash flow $70.9M.
Landstar System: diluted shares by fiscal yearLandstar System: diluted shares by fiscal year39MFY202038MFY202137MFY202236MFY202336MFY202435MFY2025
-10.1% since FY2020: buybacks shrank the count.
Landstar System in its industry: growth against margin (13 companies, SIC 4213)Landstar System in its industry: growth against margin (13 companies, SIC 4213)revenue growth, year over year →↑ operating marginmedian +14%median 4%JBHTKNXODFLSNDRARCBSAIAWERNULHCVLGMRTNHTLDPAMTLSTR (+25%, 4%)
Trucking (No Local); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Landstar System

Landstar System, Inc. was incorporated in January 1991 under the laws of the State of Delaware and has been a publicly held company since its initial public offering in March 1993. The principal executive offices of Landstar System, Inc. (collectively with its subsidiaries and other affiliated companies referred to herein as “Landstar” or the “Company,” unless the context otherwise requires) is located at 13410 Sutton Park Drive South, Jacksonville, Florida 32224 and its telephone number is (904) 398-9400.

In its own words, from its 10-K, filed Feb 24, 2026.

Landstar System against its Trucking (No Local) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +16%. Operating margin: 4.3% against the peers' median 6.7%.

CompanyQuarterRevenueY/YOp. margin
LSTR Landstar SystemQ3 2026$1.5B+25%4.3%
JBHT Hunt J B Transport ServicesQ3 2026$3.7B+20%6.7%
KNX Knight-Swift Transportation HoldingsQ3 2026$2.2B+14%8.1%
ODFL Old Dominion Freight LineQ3 2026$1.6B+13%28.5%
SNDR Schneider NationalQ3 2026$1.6B+9%3.9%
ARCB ArcbestQ3 2026$1.2B+16%6.1%
SAIA SaiaQ3 2026$982M+17%12.4%
WERN Werner EnterprisesQ3 2026$951M+23%1.8%
ULH Universal Logistics HoldingsQ3 2026$394M-0.7%8.3%

Source: Landstar System 10-Q on SEC EDGAR · CIK 853816 · Trucking (No Local)

Guidance and outlook

Landstar System: what its forward-looking statements are about (10-Q filed 2026-07-29)Landstar System: what its forward-looking statements are about (10-Q filed 2026-07-29)Costs1Financing1Other1
3 statements; tone +0.33 (−1 all cautious, +1 all confident); 1 hedged.
Landstar System: outlook statements against the filing beforeLandstar System: outlook statements against the filing beforeConfident1

13F: who owns LSTR and who is buying

Largest holders of LSTR (13F)Largest holders of LSTR (13F)BlackRock$699MKayne Anderson Rudnick Investment…$638MVanguard Group$461MAQR Capital Management LLC$439MVanguard Portfolio Management LLC$371MVanguard Capital Management LLC$318MBoston Partners$298MState Street$236MGeode Capital Management, LLC$205MFirst Trust Advisors LP$173M
Funds' net buying of LSTR by quarter (13F)Funds' net buying of LSTR by quarter (13F)−$6.0M2024-09−$66.2M2024-12$27.7M2025-03$94.1M2025-06−$147M2025-09$47.9M2025-12$33.7M2026-03−$296M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LSTR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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