When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

Valuation - Landstar System, Inc. (LSTR) is trading at a forward 12-month price-to-sales ratio (P/S-F12M) of 0.99X, significantly lower than the industry average of 2.36X over the past five years, indicating an attractive valuation [1][2]. Growth Opportunities - The company is focusing on developing its heavy haul services and enhancing cross-border transportation with Mexico, which presents significant growth opportunities as companies increasingly source products from Mexico [5]. - Heavy haul services involve transporting oversized loads that require specialized equipment, which could boost profitability by serving sectors like mining, construction, and manufacturing [5]. Financial Health - Landstar has a strong balance sheet, ending the fourth quarter of 2025 with cash and cash equivalents of $452.22 million against a current debt level of $85 million, indicating financial flexibility [7]. - The company has consistently rewarded shareholders through dividends, paying $124.7 million in 2025, and has been active in share repurchases, buying back $179.8 million worth of shares in 2025 [8][9]. Stock Performance - LSTR shares have increased by 15.9% over the past six months, but this performance lags behind the transportation-truck industry's 34.9% surge and peers like J.B. Hunt Transport Services (JBHT) and Knight-Swift Transportation Holdings Inc. (KNX) [10]. Challenges - The company faces headwinds from reduced demand for freight services and increased truck capacity, leading to low shipment volumes and rates [6][13]. - A driver shortage continues to be a significant concern for the trucking industry, impacting operational efficiency [16]. Earnings Outlook - The Zacks Consensus Estimate for LSTR's earnings has been revised downward for the first and second quarters of 2026, indicating a lack of confidence among brokers [17][18].

Core Viewpoint - Lodestar Metals Corp. has received final approval for drilling permits at its Gold Run Property in Nevada, allowing the company to advance its exploration efforts in a promising gold district [1][2]. Group 1: Permit Approval and Drilling Plans - The Bureau of Land Management has approved the Notice of Intent drilling permits, enabling Lodestar to submit the required reclamation bond payment and documentation [2]. - Drilling activities are expected to commence shortly after the confirmation of the bonding, with contractors ready to mobilize by late March [2][8]. Group 2: Geophysical Survey and Drill Targets - A dipole-dipole induced polarization (DDIP) geophysical survey has been completed over key target areas at Gold Run, covering 7.2 line kilometers across five main gold-silver prospects [4]. - The DDIP results indicate at least three extensive trends of high chargeability, which coincide with known gold and silver prospects, highlighting several new drill target areas [5][11]. Group 3: Specific Trends Identified - The Central IP Trend shows high chargeability (>20 mV/V up to 35 mV/V) extending for at least 800 meters, coinciding with known deposits and representing new drill targets [5]. - The Eastern IP Trend, with chargeability >20 mV/V up to 25 mV/V, also extends for at least 800 meters and is associated with significant previous intersections, remaining largely untested at depth [11]. - The Western IP Trend, characterized by very strong chargeability (>25 mV/V up to 35 mV/V), is located near the Robbers Knob deposit, where previous drilling has shown significant intersections [11]. Group 4: Company Overview - Lodestar Metals Corp. is a Canadian gold exploration company focused on the Gold Run Project in Nevada, strategically located on a major Carlin-style gold trend [10]. - The company's strategy emphasizes capital allocation on high-value targets and rapid advancement of known mineralization to build a compliant gold resource [10].

Core Viewpoint - Landstar System's recent earnings report shows mixed results, with a slight decline in revenues and earnings per share, raising questions about future performance leading up to the next earnings release [2][3]. Financial Performance - Landstar's Q4 2025 earnings per share were $1.24, exceeding the Zacks Consensus Estimate of $1.19, but down 5.3% year over year [3]. - Revenues for the quarter were $1.17 billion, missing the Zacks Consensus Estimate of $1.18 billion, and reflecting a 2.9% decline year over year [3]. - Operating income fell significantly by 48.8% to $29.52 million compared to the prior-year quarter [3]. - Total costs and expenses decreased slightly by 0.6% to $1.14 billion [3]. Segment Performance - The truck transportation segment, which accounts for 91.8% of total revenues, generated $1.07 billion, a decrease of 0.2% from the previous year [4]. - Rail intermodal revenues increased by 30.7% to $23.98 million compared to the second quarter of 2024, surpassing expectations [4]. - Revenues from ocean and air-cargo carrier segments fell by 40.1% year over year to $52.73 million, which was below expectations [5]. - Other revenues decreased by 11.4% to $19.48 million, but this figure exceeded expectations [5]. Liquidity and Shareholder Returns - At the end of Q4 2025, Landstar had cash and cash equivalents of $396.69 million, up from $375.19 million in the prior quarter [6]. - Long-term debt stood at $48.48 million, slightly increasing from $47.70 million in the previous quarter [6]. - During Q4 2025, Landstar repurchased 286,695 shares for $37 million and has authorization to buy back an additional 1,266,118 shares [7]. - A quarterly cash dividend of 40 cents per share was announced, payable on March 11, 2026 [7]. Market Sentiment and Estimates - There has been a downward trend in earnings estimates for Landstar over the past month [8][11]. - The stock currently holds a Zacks Rank of 3 (Hold), indicating an expectation of an in-line return in the coming months [11]. Industry Comparison - Landstar operates within the Zacks Transportation - Truck industry, where competitor Knight-Swift Transportation Holdings has seen a 10.5% increase in stock price over the past month [12]. - Knight-Swift reported revenues of $1.86 billion for the last quarter, reflecting a year-over-year change of -0.4% [12].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 27, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-21238 Landstar System, Inc. 13410 Sutton Park Drive South Jacksonville, Florida 32224 (Address of principal executiv ...

Core Viewpoint - Lodestar Metals Corp. has successfully closed the final tranche of its non-brokered private placement financing, raising a total of $1,570,000 through the issuance of 7,850,000 units at a price of $0.20 per unit, reflecting strong investor interest in the company's flagship Goldrun asset [1][2]. Financing Details - The final tranche involved the issuance of 2,700,000 units, contributing to gross proceeds of $540,000 [1]. - The total offering size was increased due to heightened investor demand, resulting in a total of 7,850,000 units issued [1]. - Each unit consists of one common share and one common share purchase warrant, with warrants allowing the purchase of additional shares at $0.30 for 18 months [3]. Use of Proceeds - Proceeds from the offering will be allocated towards exploration and drilling activities on the Goldrun Property, as well as for working capital purposes [5]. - The company has also granted 785,000 stock options to directors, officers, and consultants, exercisable at $0.20 per share for five years [5]. Company Strategy and Outlook - The company aims to execute a disciplined exploration program at Goldrun, marking a pivotal milestone towards defining a resource [3]. - With a strengthened balance sheet, Lodestar is positioned to pursue additional high-value opportunities across Nevada, aiming for long-term growth [3]. - The management expresses confidence in the company's strategy and vision to unlock value in Nevada's premier mining jurisdiction [2].

It has only been two months since my previous coverage of Landstar System, Inc. ( LSTR ). And yet, we have already seen notable changes, which justifies my downgrade from strong buy to buy. True to theI have been working in the logistics sector for almost two decades. I have been into stock investing and macroeconomic analysis for almost a decade. Currently, I focus on ASEAN and NYSE/NASDAQ Stocks, particularly in banks, telco, logistics, and hotels. Since 2014, I have been trading on the PH stock market. I ...

Market Overview - Wall Street is experiencing significant disruption concerns due to AI, leading to a sell-off in various sectors, particularly software companies, which has resulted in sharp losses in U.S. stocks this week [1][2]. Software Sector - The S&P 500 Software & Services index has lost approximately $2 trillion in value since its peak in October, with half of this loss occurring in the past two weeks due to fears that AI could disrupt traditional subscription and enterprise tools [2]. - Notable declines in the Nasdaq 100 include Atlassian down 47%, Intuit down 40%, and Workday down 33% [4]. - The U.S. software sector is facing its worst drawdown in over three years, impacting alternative asset managers with exposure to software-related loans, with firms like Ares, Blackstone, and KKR seeing declines between 13% and 24% this year [5]. Financial Brokerage, Data Analytics & Legal Services - The financial industry, especially brokerages and data analytics firms, has been negatively affected after Altruist introduced AI-enabled tax planning features, raising fears about the viability of their business models [6]. - Shares of brokers such as LPL Financial and Charles Schwab fell over 7%, while S&P Global's shares dropped more than 25% in February, marking its worst month since 2009 [7]. Real Estate Services - Commercial real estate and investment managers have suffered as investors shift away from high-fee, labor-intensive business models perceived as vulnerable to AI disruption, with CBRE Group and Jones Lang LaSalle each dropping about 12% [8]. Insurance Sector - Insurance stocks have experienced a significant decline, with the S&P 500 insurance index falling 3.9% on a single day, its largest drop since mid-October, following the release of an AI-powered comparison tool by Insurify [10]. - Shares of Willis Towers Watson have decreased by 15% this week, while Aon and Arthur J. Gallagher fell by 9% and 15%, respectively [11]. Trucking & Logistics - The trucking and logistics sector saw unexpected declines, with stocks like Landstar System and C.H. Robinson dropping sharply after Algorhythm Holdings reported a significant increase in freight volumes without a corresponding rise in operational headcount [13].

Core Insights - Landstar System, Inc. (LSTR) reported fourth-quarter 2025 earnings per share (EPS) of $1.24, exceeding the Zacks Consensus Estimate of $1.19, but reflecting a 5.3% decline year over year. Revenues totaled $1.17 billion, falling short of the Zacks Consensus Estimate of $1.18 billion and down 2.9% year over year [2][10]. Financial Performance - Operating income decreased significantly by 48.8% year over year to $29.52 million. Total costs and expenses slightly decreased by 0.6% year over year to $1.14 billion [2][10]. - Truck transportation segment revenues, which account for 91.8% of total revenues, were $1.07 billion, a minor decline of 0.2% from the previous year, aligning with expectations [4]. - Rail intermodal revenues increased by 30.7% year over year to $23.98 million, surpassing expectations of $17.7 million [4]. - Revenues from ocean and air-cargo carrier segments fell sharply by 40.1% year over year to $52.73 million, which was below the expected $89.9 million. Other revenues decreased by 11.4% year over year to $19.48 million, but exceeded expectations of $16.8 million [5]. Liquidity and Shareholder Returns - At the end of Q4 2025, Landstar had cash and cash equivalents of $396.69 million, an increase from $375.19 million in the prior quarter. Long-term debt rose slightly to $48.48 million from $47.70 million [6]. - During the fourth quarter, Landstar repurchased 286,695 shares for $37 million and is authorized to buy back an additional 1,266,118 shares. A quarterly cash dividend of 40 cents per share was announced, payable on March 11, 2026, to stockholders of record as of February 18, 2026 [7].

Core Insights - Landstar System, Inc. has appointed Ms. Terri Lewis as Chief Human Resources Officer (CHRO), effective February 23, 2026, to enhance its human resources strategy and support long-term growth [1][3] Company Overview - Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions, delivering specialized transportation services to a diverse customer base [5] - The company operates through a network of agents, third-party capacity providers, and employees, and is headquartered in Jacksonville, Florida [5] Leadership Appointment - Ms. Terri Lewis brings over 25 years of human resources leadership experience from both public and private sectors, previously serving as Chief People Officer at One Call [2] - Lewis has held senior roles in various organizations, including Pontoon Solutions and General Electric, and holds a master's degree in human resources management [2] Responsibilities of CHRO - As CHRO, Lewis will oversee talent acquisition, retention, leadership effectiveness, learning and development, succession planning, and employee relations [3] - She will collaborate with executive leadership and the Board of Directors to foster a high-performance culture and strengthen Landstar's employer brand [3] Executive Statements - Frank Lonegro, President and CEO of Landstar, expressed confidence in Lewis's capabilities to support the company's network and enhance its people strategies [4] - Lewis emphasized her commitment to supporting the team and driving collective success within the organization [4]