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Landstar System cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$68.0M in Q3 2026 · $158M over twelve months

Operating cash flow$70.9M
Capital spending−$2.9M
Free cash flow+$68.0M
Cash / net income1.5×

Analysis

In Q3 2026, Landstar System generated $70.9M of operating cash flow and spent $2.9M on capital projects, leaving free cash flow of $68.0M.

Over the twelve months to Sep 26, 2026, operating cash flow was $171M; the largest uses were dividends ($124M), buybacks ($102M), net borrowing (+) / repaid (−) ($30.8M); besides operations, cash came from other financing ($19.7M), asset & business sales ($7.0M); the cash balance fell by $77.9M.

Operating cash flow was $70.9M against net income of $48.0M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: receivables −$58.3M, payables +$13.3M, depreciation & amortization +$9.9M.

Free cash flow

Landstar System: free cash flow by quarterLandstar System: free cash flow by quarter$54.4MQ4 2024$53.8MQ1 2025$4.7MQ2 2025$86.0MQ3 2025$70.5MQ4 2025$72.4MQ1 2026−$53.3MQ2 2026$68.0MQ3 2026
Operating cash flow less capital spending.
Landstar System: operating cash flow against capital spendingLandstar System: operating cash flow against capital spendingOperating cash flowCapital spending$61.1M$6.7MQ4 2024$55.7M$1.9MQ1 2025$7.1M$2.5MQ2 2025$89.3M$3.3MQ3 2025$72.7M$2.2MQ4 2025$78.2M$5.8MQ1 2026−$50.4M$2.9MQ2 2026$70.9M$2.9MQ3 2026
Latest (Q3 2026): Operating cash flow $70.9M, Capital spending $2.9M.

Capital allocation, year by year

Landstar System: where the cash came from (up) and went (down), by fiscal yearLandstar System: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $277MFY2021: Net borrowing −$37.6MFY2021: Shares issued $160KFY2021: Asset sales $3.0MFY2021: Capital spending −$23.3MFY2021: Buybacks −$123MFY2021: Dividends −$112M$280MFY2021FY2022: Operating cash flow $623MFY2022: Net borrowing −$39.1MFY2022: Shares issued $68KFY2022: Asset sales $5.2MFY2022: Capital spending −$26.0MFY2022: Buybacks −$286MFY2022: Dividends −$116M$628MFY2022FY2023: Operating cash flow $394MFY2023: Net borrowing −$36.4MFY2023: Shares issued $28KFY2023: Asset sales $8.3MFY2023: Capital spending −$25.7MFY2023: Buybacks −$53.9MFY2023: Dividends −$117M$402MFY2023FY2024: Operating cash flow $287MFY2024: Net borrowing −$31.0MFY2024: Asset sales $9.7MFY2024: Capital spending −$31.0MFY2024: Buybacks −$81.4MFY2024: Dividends −$120M$296MFY2024FY2025: Operating cash flow $225MFY2025: Net borrowing −$33.2MFY2025: Asset sales $6.9MFY2025: Capital spending −$9.9MFY2025: Buybacks −$180MFY2025: Dividends −$125M$232MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were buybacks ($724M) and dividends ($590M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$351M
Debtnone
Net cash$351M

Landstar System funds itself: free cash flow was $158M over the last twelve months, with $351M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Landstar System: sources (+) and uses (−) of cash, Q3 2026Landstar System: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$70.9MBuybacks−$41.0MDividends−$14.9MNet borrowing (+) / repaid (−)−$7.5MOther financing−$4.2MAsset & business sales$3.6MCash drawn (+) / kept (−)−$3.0MCapital spending−$2.9MOther investing−$1.1MExchange rates$102K
Landstar System: sources (+) and uses (−) of cash, TTM to Q3 2026Landstar System: sources (+) and uses (−) of cash, 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 profit to cash

Landstar System: net income to operating cash flow, Q3 2026Landstar System: net income to operating cash flow, Q3 2026Net income$48.0MDepreciation & amortization$9.9MStock-based pay$3.0MGains on disposals−$238KReceivables−$58.3MPayables$13.3MPrepaid and other assets$7.0MOther liabilities$3.0MOperating cash flow$70.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$70.9M−$2.9M−$41.0M−$14.9M−$7.5M−$3.0M$68.0M
Q2 2026−$50.4M−$2.9M−$1.8M−$13.6M−$7.7M$58.9M−$53.3M
Q1 2026$78.2M−$5.8M−$22.4M−$81.7M−$7.6M$43.4M$72.4M
Q4 2025$72.7M−$2.2M−$36.6M−$13.7M—−$21.5M$70.5M
Q3 2025$89.3M−$3.3M−$40.9M−$13.9M−$8.3M−$16.0M$86.0M
Q2 2025$7.1M−$2.5M−$41.9M−$13.9M−$8.5M$58.2M$4.7M
Q1 2025$55.7M−$1.9M−$60.4M−$83.3M−$8.3M$97.6M$53.8M
Q4 2024$61.1M−$6.7M−$2.7M−$12.7M−$8.2M−$46.2M$54.4M

Landstar System: income statement and cash flow

Landstar System, Q3 2026: revenue $1.5B (+25% year over year), operating margin 4.3%. The chart follows the revenue to costs, profit and cash.

Landstar System: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.