[Q2 2025 Earnings Highlights](index=1&type=section&id=Q2%202025%20Earnings%20Highlights) [Financial Performance Summary and CEO Commentary](index=1&type=section&id=Financial%20Performance%20Summary%20and%20CEO%20Commentary) Landstar reported Q2 2025 diluted EPS of $1.20 on $1.211 billion revenue, with sequential improvements in truck revenue per load and BCO count Q2 2025 vs Q2 2024 Key Financials ($ in thousands, except EPS) | Metric | 2Q 2025 | 2Q 2024 | | :--- | :--- | :--- | | Revenue | $1,211,383 | $1,225,005 | | Gross profit | $109,261 | $119,996 | | Variable contribution | $170,450 | $175,131 | | Operating income | $56,280 | $68,059 | | Basic and diluted EPS | $1.20 | $1.48 | - Truck revenue per load increased **3.2%** sequentially compared to the 2025 first quarter, outperforming typical seasonality[2](index=2&type=chunk) - Net BCO truck count remained essentially **flat** sequentially, the best performance since the second quarter of 2022[2](index=2&type=chunk) [Capital Allocation and Shareholder Returns](index=1&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) Landstar returned capital to stockholders, repurchasing 300,141 shares for $42.4 million in Q2 2025 and declaring a $0.40 per share dividend Stock Repurchase Program (Q2 2025 & YTD) (Shares, $ in millions) | Period | Shares Purchased | Aggregate Cost | | :--- | :--- | :--- | | 2025 Second Quarter | 300,141 | $42.4 million | | Twenty-six weeks ended June 28, 2025 | 686,459 | $103.3 million | - Company is authorized to purchase up to an additional **1,861,522 shares** under its share purchase program[5](index=5&type=chunk) - Quarterly dividend of **$0.40 per share** declared, payable on September 9, 2025[5](index=5&type=chunk) [Detailed Financial and Operational Review](index=2&type=section&id=Detailed%20Financial%20and%20Operational%20Review) [Revenue Analysis by Segment](index=2&type=section&id=Revenue%20Analysis%20by%20Segment) Total revenue for Q2 2025 was $1.211 billion, a slight decrease, with truck transportation dominating despite mixed equipment performance Total Revenue Q2 2025 vs Q2 2024 ($ in millions) | Metric | 2Q 2025 | 2Q 2024 | | :--- | :--- | :--- | | Total Revenue | $1,211 million | $1,225 million | Revenue by Transportation Type (Q2 2025 vs Q2 2024) ($ in millions) | Transportation Type | 2Q 2025 Revenue | 2Q 2024 Revenue | 2Q 2025 % of Total | 2Q 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | | Truck transportation (BCOs & brokerage) | $1,118 million | $1,106 million | 92% | 90% | | Van equipment | $591 million | $619 million | - | - | | Unsided/platform equipment | $401 million | $381 million | - | - | | Other truck transportation | $101 million | $78 million | - | - | | Rail, air and ocean cargo carriers | $73 million | $94 million | 6% | 8% | [Profitability Metrics](index=2&type=section&id=Profitability%20Metrics) Gross profit and variable contribution both decreased in Q2 2025 compared to Q2 2024, indicating reduced overall profitability Gross Profit and Variable Contribution (Q2 2025 vs Q2 2024) ($ in millions) | Metric | 2Q 2025 | 2Q 2024 | | :--- | :--- | :--- | | Gross profit | $109 million | $120 million | | Variable contribution | $170 million | $175 million | [Balance Sheet and Financial Health](index=2&type=section&id=Balance%20Sheet%20and%20Financial%20Health) Landstar maintains a strong balance sheet with $426 million in cash and short-term investments, reporting **17% return on equity** and **16% return on invested capital** - Cash and short-term investments of approximately **$426 million** as of June 28, 2025[9](index=9&type=chunk) - Trailing twelve-month return on average shareholders' equity was **17%**[9](index=9&type=chunk) - Return on invested capital, representing net income divided by the sum of average equity plus average debt, was **16%**[9](index=9&type=chunk) [Key Operational Metrics](index=2&type=section&id=Key%20Operational%20Metrics) Truck revenue per load increased by 2.6% year-over-year in Q2 2025, despite a 1.5% decline in loads hauled, while capacity providers decreased - Truck revenue per load increased **2.6%** in the 2025 second quarter as compared to the 2024 second quarter[7](index=7&type=chunk) - The number of loads hauled via truck declined **1.5%** over the same period (2Q 2025 vs 2Q 2024)[7](index=7&type=chunk) Key Operational Metrics (Q2 2025 vs Q2 2024) (Counts, $) | Metric | 2Q 2025 | 2Q 2024 | | :--- | :--- | :--- | | Total truck transportation loads | 500,510 | 507,950 | | Total loads | 515,770 | 523,700 | | Revenue per load (Total truck transportation) | $2,234 | $2,177 | | BCO Independent Contractors | 7,844 | 8,385 | | Approved and active Truck Brokerage Carriers | 41,842 | 45,382 | | Trucks provided by BCO Independent Contractors | 8,611 | 9,180 | [Corporate Information and Disclosures](index=3&type=section&id=Corporate%20Information%20and%20Disclosures) [About Landstar System, Inc.](index=3&type=section&id=About%20Landstar%20System,%20Inc.) Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions, headquartered in Jacksonville, Florida - Landstar is a **technology-enabled, asset-light** provider of integrated transportation management solutions[11](index=11&type=chunk) - Delivers safe, specialized transportation services utilizing a network of agents, third-party capacity providers, and employees[11](index=11&type=chunk) - Certified to **ISO 9001:2015** quality management system standards and **RC14001:2015** environmental, health, safety and security management system standards[11](index=11&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) The company uses non-GAAP measures like variable contribution to provide insights into variable costs, facilitate peer comparisons, and aid decision-making - Variable contribution and variable contribution margin are presented as **non-GAAP financial measures**[12](index=12&type=chunk) - These measures are useful for understanding underlying trends, facilitating comparisons with peer companies, and assisting management in decision-making[13](index=13&type=chunk) [Forward-Looking Statements Disclaimer](index=4&type=section&id=Forward-Looking%20Statements%20Disclaimer) The press release contains forward-looking statements subject to various uncertainties and risks, including demand, accidents, third-party dependence, and regulatory changes - Statements not based on historical facts are '**forward-looking statements**' and are subject to uncertainties and risks[14](index=14&type=chunk) - Risks include decreased demand, accidents, dependence on third-party insurance/agents/capacity providers, competition, system disruptions, cyber incidents, and regulatory changes[14](index=14&type=chunk) - The Company undertakes no obligation to publicly update or revise any forward-looking statements[14](index=14&type=chunk) [Investor Relations and Corporate Contact](index=3&type=section&id=Investor%20Relations%20and%20Corporate%20Contact) Landstar will host a live webcast of its quarterly earnings conference call, with details available on its investor relations website - A live webcast of the quarterly earnings conference call is available at www.investor.landstar.com[10](index=10&type=chunk) - Contact for investor inquiries: Jim Todd, Chief Financial Officer, 904-398-9400[11](index=11&type=chunk) [Unaudited Financial Statements](index=5&type=section&id=Unaudited%20Financial%20Statements) [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Presents unaudited consolidated statements of income for the thirteen and twenty-six weeks ended June 28, 2025, detailing key financial metrics Consolidated Statements of Income (Thirteen Weeks Ended) ($ in thousands, except EPS and Dividends per share) | Metric | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Revenue | $1,211,383 | $1,225,005 | | Investment income | $3,729 | $3,654 | | Total costs and expenses | $1,158,832 | $1,160,600 | | Operating income | $56,280 | $68,059 | | Income before income taxes | $55,582 | $69,734 | | Net income | $41,893 | $52,624 | | Basic and diluted earnings per share | $1.20 | $1.48 | | Dividends per common share | $0.40 | $0.33 | Consolidated Statements of Income (Twenty-Six Weeks Ended) ($ in thousands, except EPS and Dividends per share) | Metric | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Revenue | $2,363,885 | $2,396,048 | | Investment income | $7,327 | $7,066 | | Total costs and expenses | $2,275,513 | $2,275,094 | | Operating income | $95,699 | $128,020 | | Income before income taxes | $95,160 | $131,306 | | Net income | $71,699 | $99,720 | | Basic and diluted earnings per share | $2.05 | $2.79 | | Dividends per common share | $0.76 | $0.66 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Provides unaudited consolidated balance sheets as of June 28, 2025, and December 28, 2024, outlining assets, liabilities, and equity Consolidated Balance Sheets (June 28, 2025 vs December 28, 2024) ($ in thousands) | Item | June 28, 2025 | December 28, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | $359,237 | $515,018 | | Short-term investments | $66,935 | $51,619 | | Total current assets | $1,237,346 | $1,319,867 | | Total assets | $1,699,644 | $1,813,311 | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Total current liabilities | $619,139 | $673,154 | | Long-term debt, excluding current maturities | $54,677 | $69,191 | | Total shareholders' equity | $921,826 | $972,439 | | Total liabilities and shareholders' equity | $1,699,644 | $1,813,311 | [Reconciliation of Gross Profit to Variable Contribution](index=9&type=section&id=Reconciliation%20of%20Gross%20Profit%20to%20Variable%20Contribution) Details the reconciliation of gross profit to variable contribution for the thirteen and twenty-six weeks ended June 28, 2025, clarifying revenue cost components Reconciliation of Gross Profit to Variable Contribution (Thirteen Weeks Ended) ($ in thousands, except percentages) | Metric | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Revenue | $1,211,383 | $1,225,005 | | Variable costs of revenue | $1,040,933 | $1,049,874 | | Other costs of revenue | $61,189 | $55,135 | | Total costs of revenue | $1,102,122 | $1,105,009 | | Gross profit | $109,261 | $119,996 | | Gross profit margin | 9.0% | 9.8% | | Variable contribution | $170,450 | $175,131 | | Variable contribution margin | 14.1% | 14.3% | Reconciliation of Gross Profit to Variable Contribution (Twenty-Six Weeks Ended) ($ in thousands, except percentages) | Metric | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Revenue | $2,363,885 | $2,396,048 | | Variable costs of revenue | $2,032,125 | $2,052,677 | | Other costs of revenue | $124,194 | $109,473 | | Total costs of revenue | $2,156,319 | $2,162,150 | | Gross profit | $207,566 | $233,898 | | Gross profit margin | 8.8% | 9.8% | | Variable contribution | $331,760 | $343,371 | | Variable contribution margin | 14.0% | 14.3% | [Supplemental Operational Data Tables](index=7&type=section&id=Supplemental%20Operational%20Data%20Tables) Presents detailed supplemental operational data, including revenue by transportation type, loads, revenue per load, and truck capacity providers Revenue Generated Through (Thirteen Weeks Ended) ($ in thousands) | Transportation Type | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Van equipment | $591,276 | $618,940 | | Unsided/platform equipment | $400,862 | $380,950 | | Less-than-truckload | $25,313 | $28,090 | | Other truck transportation | $100,687 | $77,709 | | Total truck transportation | $1,118,138 | $1,105,689 | | Rail intermodal | $22,028 | $22,307 | | Ocean and air cargo carriers | $50,789 | $71,306 | | Other | $20,428 | $25,703 | | Total Revenue | $1,211,383 | $1,225,005 | Number of Loads (Thirteen Weeks Ended) (Number of Loads) | Transportation Type | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Van equipment | 284,091 | 300,959 | | Unsided/platform equipment | 128,996 | 126,460 | | Less-than-truckload | 41,250 | 42,617 | | Other truck transportation | 46,173 | 37,914 | | Total truck transportation | 500,510 | 507,950 | | Rail intermodal | 7,820 | 7,230 | | Ocean and air cargo carriers | 7,440 | 8,520 | | Total Loads | 515,770 | 523,700 | | Loads hauled via BCO Independent Contractors | 203,930 | 213,560 | Revenue per Load (Thirteen Weeks Ended) ($) | Transportation Type | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Van equipment | $2,081 | $2,057 | | Unsided/platform equipment | $3,108 | $3,012 | | Less-than-truckload | $614 | $659 | | Other truck transportation | $2,181 | $2,050 | | Total truck transportation | $2,234 | $2,177 | | Rail intermodal | $2,817 | $3,085 | | Ocean and air cargo carriers | $6,826 | $8,369 | | Revenue per load on loads hauled via BCO Independent Contractors | $2,263 | $2,180 | Truck Capacity Providers (June 28, 2025 vs June 29, 2024) (Counts) | Capacity Type | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | BCO Independent Contractors | 7,844 | 8,385 | | Approved and active Truck Brokerage Carriers | 41,842 | 45,382 | | Other approved Truck Brokerage Carriers | 27,672 | 25,450 | | Total available truck capacity providers | 77,358 | 79,217 | | Trucks provided by BCO Independent Contractors | 8,611 | 9,180 |

Core Viewpoint - Landstar System, Inc. reported a decline in revenue and earnings per share for the second quarter of 2025 compared to the same period in 2024, while maintaining a strong focus on safety and service in a challenging freight transportation environment [1][2]. Financial Performance - The company reported total revenue of $1.211 billion in Q2 2025, down from $1.225 billion in Q2 2024, representing a decrease of approximately 1.1% [2]. - Basic and diluted earnings per share were $1.20 in Q2 2025, compared to $1.48 in Q2 2024, reflecting a decline of about 19% [1][12]. - Gross profit for Q2 2025 was $109 million, down from $120 million in Q2 2024, indicating a decrease of approximately 9.2% [4][12]. - Variable contribution in Q2 2025 was $170 million, compared to $175 million in Q2 2024, a decline of about 2.9% [4][12]. Revenue Breakdown - Truck transportation revenue accounted for 92% of total revenue in Q2 2025, amounting to $1.118 billion, compared to $1.106 billion (90% of revenue) in Q2 2024 [2]. - Truckload transportation revenue via van equipment was $591 million in Q2 2025, down from $619 million in Q2 2024 [2]. - Revenue from unsided/platform equipment increased to $401 million in Q2 2025 from $381 million in Q2 2024 [2]. - Revenue from other truck transportation services rose to $101 million in Q2 2025, compared to $78 million in Q2 2024 [2]. Operational Metrics - Truck revenue per load increased by 2.6% in Q2 2025 compared to Q2 2024, despite a 1.5% decline in the number of loads hauled [3]. - The number of independent business capacity owners (BCOs) remained flat sequentially, marking the best performance since Q2 2022 [1]. Capital Management - Landstar returned capital to shareholders through stock repurchases and dividends, purchasing 300,141 shares for $42.4 million in Q2 2025, totaling 686,459 shares for approximately $103.3 million in the first half of 2025 [1]. - The Board of Directors declared a quarterly dividend of $0.40 per share, payable on September 9, 2025 [1]. Balance Sheet Strength - As of June 28, 2025, Landstar had cash and short-term investments totaling approximately $426 million [5]. - The trailing twelve-month return on average shareholders' equity was 17%, and return on invested capital was 16% [6].

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Landstar System, Inc. due to allegations of federal securities law violations and unlawful business practices following a significant supply chain fraud revelation [1][3]. Group 1: Company Overview - Landstar System, Inc. (NASDAQ:LSTR) is facing scrutiny after announcing a significant supply chain fraud that may impact its earnings per share for the first quarter of 2025 by $0.35 to $0.50 [3]. - The company withdrew its previously issued earnings guidance for the first quarter of 2025 due to the fraud [3]. Group 2: Investor Impact - Following the announcement of the fraud, Landstar's stock experienced a decline, which was exacerbated by the company's inability to file its quarterly report on time due to ongoing evaluations of accounting and internal control matters related to the fraud [3]. - Investors who purchased Landstar shares and suffered losses are encouraged to contact Bragar Eagel & Squire for potential legal recourse [1][4].

Company Announcement - Landstar System, Inc. will release its 2025 second quarter results after the market closes on July 29, 2025 [1] - A quarterly conference call with analysts and investors is scheduled for 4:30 p.m. ET on the same day to discuss the results [1] - The conference call will be accessible via webcast and will also have a telephone replay available for 48 hours [1] Company Overview - Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions [2] - The company delivers specialized transportation services to a diverse customer base through a network of agents, third-party capacity providers, and employees [2] - Landstar is certified to ISO 9001:2015 and RC14001:2015 standards for quality management and environmental, health, safety, and security management systems [2]

Group 1 - Lodestar Metals Corp. will resume trading on the TSX Venture Exchange on June 27, 2025, following the completion of its acquisition of the Gold Run Property [1][2] - The Gold Run Property is located in Humboldt County, Nevada, and is considered a highly prospective gold project [2][4] - The company has strengthened its leadership team with the appointment of David Christie as a director and Don McDowell as a Strategic Advisor [2][3] Group 2 - The President and CEO of Lodestar, Lowell Kamin, expressed optimism about the company's growth and commitment to long-term shareholder value through disciplined exploration and strategic execution [3] - Lodestar's flagship assets include the Gold Run Property and the Peny Property in the Snow Lake District of Manitoba, focusing on high-impact exploration and strategic acquisitions [4]

Core Viewpoint - Landstar System (LSTR) has experienced a 2% decline in share price over the past month, underperforming the S&P 500, raising questions about its future performance leading up to the next earnings release [1] Estimates Movement - Consensus estimates for Landstar have trended downward over the past month, with a significant shift of -15% [2] VGM Scores - Landstar currently holds a Growth Score of B, a Momentum Score of C, and a Value Score of D, placing it in the bottom 40% for the value investment strategy, resulting in an aggregate VGM Score of C [3] Outlook - The downward trend in estimates suggests a negative outlook for Landstar, reflected in its Zacks Rank of 5 (Strong Sell), indicating expectations of below-average returns in the coming months [4]

Group 1 - Companies that consistently increase their dividends are often considered better investments over time, indicating strong financial health and stability [1] - Regular dividend hikes suggest that a company produces strong cash flow and can provide both income and total returns [1] Group 2 - The article emphasizes the importance of establishing a growing income stream for investors, particularly for younger investors [1] - The individual investor mentioned, Derek, aims to navigate the investment world to provide a wealthy and stable retirement for his family [1]

Core Viewpoint - Landstar System, Inc. is under investigation for potential violations of federal securities laws following the disclosure of significant supply chain fraud that may impact its earnings [1][2]. Financial Impact - On April 2, 2025, Landstar announced that the identified fraud could adversely affect its first quarter 2025 earnings per share by a range of $0.35 to $0.50, leading to the withdrawal of its previous earnings guidance [2]. - Following this announcement, Landstar's stock price dropped by $13.30, or 8.75%, closing at $138.63 per share on April 3, 2025 [3]. - On April 25, 2025, Landstar disclosed it would be unable to timely file its quarterly report due to ongoing evaluations related to the fraud, resulting in a further stock price decline of $4.92, or 3.5%, closing at $135.00 per share [4][3]. Legal and Investigative Actions - Glancy Prongay & Murray LLP is leading an investigation on behalf of Landstar investors regarding the potential securities law violations [1]. - Investors who have suffered losses are encouraged to inquire about pursuing claims to recover their losses [2]. - Whistleblowers with non-public information about Landstar may receive rewards under the SEC Whistleblower Program, which can total up to 30% of any successful recovery made by the SEC [6]. Company Background - Glancy Prongay & Murray LLP is a prominent law firm specializing in securities litigation and has a strong track record in recovering funds for investors [7][8].

Core Viewpoint - Landstar System, Inc. is under investigation for potential violations of federal securities laws following the disclosure of significant supply chain fraud that may impact its earnings [1][3]. Group 1: Company Disclosure and Impact - On April 2, 2025, Landstar revealed a significant supply chain fraud that could adversely affect its first quarter 2025 earnings per share by $0.35 to $0.50, leading to a withdrawal of its earnings guidance [3]. - Following this announcement, Landstar's stock price dropped by $13.30, or 8.75%, closing at $138.63 per share on April 3, 2025 [3]. - On April 25, 2025, Landstar announced it would be unable to file its quarterly report on time due to ongoing evaluations related to the identified fraud, resulting in a further stock price decline of $4.92, or 3.5%, to close at $135.00 per share [4]. Group 2: Legal Actions and Investor Communication - The Law Offices of Howard G. Smith are investigating on behalf of Landstar investors who may have suffered losses due to the company's disclosures and are encouraging affected investors to pursue claims [1][2]. - Investors are invited to contact the Law Offices of Howard G. Smith for more information regarding their legal rights and potential claims related to their investments in Landstar [5].

Core Viewpoint - Landstar System, Inc. is under investigation for potential violations of federal securities laws following the disclosure of significant supply chain fraud that may impact its earnings [1][2]. Financial Impact - On April 2, 2025, Landstar announced that the identified fraud could adversely affect its first quarter 2025 earnings per share by a range of $0.35 to $0.50, leading to the withdrawal of its previously issued earnings guidance [2]. - Following this announcement, Landstar's stock price dropped by $13.30, or 8.75%, closing at $138.63 per share on April 3, 2025 [3]. - On April 25, 2025, Landstar revealed it would be unable to file its quarterly report on time due to ongoing evaluations related to the fraud, resulting in a further stock price decline of $4.92, or 3.5%, to close at $135.00 per share [4].