Landstar System Inc., founded in 1988 and headquartered in Jacksonville, Florida, United States, operates as a non-asset-based transportation management firm that connects independent owner-operators with freight demand. The company reported approximately $2.8 billion in revenue in FY 2022 and utilizes a digital freight matching platform to drive operational efficiency. Under the leadership of CEO Edward J. Anderson and CFO Michael J. Buck, Landstar sustains a competitive edge through its extensive network of over 13,000 assets. It continues to invest in digital initiatives and strategic growth to capture new market opportunities in the logistics sector.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
4,757,450
4,834,060
5,313,460
7,439,720
Cost of Sales
4,075,740
4,137,990
4,530,930
6,418,880
Gross Profit
681,705
696,063
782,533
1,020,840
Selling, General & Administrative Expenses
389,984
331,637
326,040
347,114
Depreciation & Amortization Expenses
46,388
56,738
58,153
57,453
Other Operating Expenses
93,756
58,781
54,191
45,192
Operating Profit
151,577
248,907
344,149
571,083
Interest Expense
(996)
5,419
3,946
(3,620)
Total Non-Operating Income
(996)
5,419
3,946
(3,620)
Income Before Provision for Income Taxes
150,581
254,326
348,095
567,463
Provision for Income Taxes
35,574
58,380
83,701
136,549
Consolidated Net Income
115,007
195,946
264,394
430,914
Net Income Attributable to Common Shareholders
115,007
195,946
264,394
430,914
Basic EPS
3.31
5.51
7.36
11.76
Diluted EPS
3.31
5.51
7.36
11.76
Basic Weighted Average Shares Outstanding
34,717
35,538
35,920
36,633
Diluted Weighted Average Shares Outstanding
34,717
35,538
35,920
36,633
Shares Outstanding
34,059
35,316
35,717
35,927
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
396,694
515,018
481,043
339,581
Short-Term Investments
55,531
51,619
59,661
53,955
Total Cash and Cash Equivalents
452,225
566,637
540,704
393,536
Accounts Receivable
670,137
683,841
743,762
967,793
Other Receivables
52,784
47,160
43,339
56,235
Total Trade Receivables
722,921
731,001
787,101
1,024,030
Other Current Assets
41,180
22,229
24,936
21,826
Total Current Assets
1,216,330
1,319,870
1,352,740
1,439,390
Net Property, Plant & Equipment
261,322
311,345
284,300
314,990
Goodwill
34,005
40,933
42,275
41,220
Other Long-Term Assets
124,282
141,166
122,530
136,279
Total Assets
1,635,940
1,813,310
1,801,850
1,931,880
Accounts Payable
369,567
383,625
395,980
527,372
Short-Term Debt
56,654
61,033
61,541
92,953
Current Portion of Long-Term Debt
28,342
33,116
27,876
36,175
Other Current Liabilities
241,277
195,380
189,827
221,635
Total Current Liabilities
695,840
673,154
675,224
878,135
Long-Term Debt
48,480
69,191
43,264
67,225
Other Long-Term Liabilities
95,950
98,527
99,435
99,298
Total Long-Term Liabilities
144,430
167,718
142,699
166,523
Total Liabilities
840,270
840,872
817,923
1,044,660
Common Stock
686
686
685
684
Treasury Stock
(2,313,250)
(2,131,410)
(2,048,180)
(1,992,890)
Additional Paid-in Capital
261,256
255,260
254,642
258,487
Accumulated Other Comprehensive Income
(5,712)
(12,010)
(6,865)
(15,024)
Retained Earnings
2,852,680
2,859,920
2,783,650
2,635,960
Total Common Shareholders' Equity
795,665
972,439
983,923
887,221
Total Shareholders' Equity
795,665
972,439
983,923
887,221
Total Liabilities and Shareholders' Equity
1,635,940
1,813,310
1,801,850
1,931,880
FY 2024
FY 2023
FY 2022
FY 2021
Net Income
195,946
264,394
430,914
381,524
Depreciation & Amortization
56,738
58,153
57,453
49,609
Share-Based Compensation Expense
3,435
4,282
12,399
27,537
Other Adjustments
9,942
2,012
4,271
549
Changes in Trade Receivables
37,834
222,895
219,190
(362,234)
Changes in Accounts Payable
(12,355)
(131,392)
(76,758)
224,125
Changes in Other Operating Activities
(4,979)
(26,696)
(24,810)
(44,370)
Cash from Operating Activities
286,561
393,648
622,659
276,740
Capital Expenditure
(30,998)
(25,688)
(26,005)
(23,261)
Proceeds from Sale of Property, Plant & Equipment
9,746
8,294
5,236
2,971
Purchases of Investments
(101,312)
(101,639)
(45,201)
(84,992)
Proceeds from Sale of Investments
112,065
112,555
41,198
31,938
Cash from Investing Activities
(10,499)
(6,478)
(24,772)
(73,344)
Issuance of Common Shares
—
28
68
160
Repurchases of Common Shares
(85,328)
(63,104)
(296,411)
(125,064)
Net Issuance / (Repurchases) of Common Shares
(85,328)
(63,076)
(296,343)
(124,904)
Common Share Dividends Paid
(120,476)
(117,130)
(115,671)
(111,961)
Other Financing Activities
(31,535)
(67,765)
(63,668)
3,918
Cash from Financing Activities
(237,339)
(247,971)
(475,682)
(232,947)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(4,748)
2,263
(2,195)
(232)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash