LANDSTAR SYSTEM INC
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Income Statement
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | 1,171,291 | 1,152,502 | +1.6% |
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| Less than Truckload · BCO Independent Contractor Truck and Brokerage Carriers Truck | 23,788 | 22,436 | +6.0% |
| Other Truck Transportation · BCO Independent Contractor Truck and Brokerage Carriers Truck | 86,518 | 92,079 | -6.0% |
| Unsided/Platform Equipment · BCO Independent Contractor Truck and Brokerage Carriers Truck | 368,569 | 340,408 | +8.3% |
| Van Equipment · BCO Independent Contractor Truck and Brokerage Carriers Truck | 603,406 | 594,795 | +1.4% |
| Interest Income Operating | 2,974 | 3,598 | -17.3% |
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| Insurance | 2,974 | 3,598 | -17.3% |
| Purchased Transportation Costs | 906,997 | 897,878 | +1.0% |
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| Transportation Logistics | 906,997 | 897,878 | +1.0% |
| Sales Commissions And Fees | 92,143 | 93,314 | -1.3% |
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| Transportation Logistics | 92,143 | 93,314 | -1.3% |
| Other Cost And Expense Operating | 14,800 | 11,829 | +25.1% |
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| Transportation Logistics | 14,800 | 11,829 | +25.1% |
| Operating Insurance And Claims Costs Production | 35,564 | 39,852 | -10.8% |
| Selling, General & Administrative | 60,965 | 61,582 | -1.0% |
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| Insurance | 3,179 | 2,156 | +47.4% |
| Transportation Logistics | 57,786 | 59,426 | -2.8% |
| Depreciation And Amortization | 10,560 | 12,226 | -13.6% |
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| Transportation Logistics | 10,560 | 12,226 | -13.6% |
| Total Costs & Expenses | 1,121,029 | 1,116,681 | +0.4% |
| Operating Income | 53,236 | 39,419 | +35.1% |
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| Insurance | 9,147 | 10,203 | -10.3% |
| Transportation Logistics | 44,089 | 29,216 | +50.9% |
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| Development of Prior Year Self Insured Claims Estimates | 4,888 | 11,352 | -56.9% |
| Interest And Debt Income Expense | 518 | -159 | +425.8% |
| Income Before Taxes | 52,718 | 39,578 | +33.2% |
| Income Tax Expense (Benefit) | 13,278 | 9,772 | +35.9% |
| Net Income | 39,440 | 29,806 | +32.3% |
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| Retained Earnings | 39,440 | 29,806 | +32.3% |
| EPS (Basic) | 1.16 | 0.85 | +36.5% |
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| Development of Prior Year Self Insured Claims Estimates | 0.11 | 0.24 | -54.2% |
| EPS (Diluted) | 1.16 | 0.85 | +36.5% |
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| Development of Prior Year Self Insured Claims Estimates | 0.11 | 0.24 | -54.2% |
| Wtd Avg Shares (Basic) | 34,022,000 | 35,203,000 | -3.4% |
| Wtd Avg Shares (Diluted) | 34,022,000 | 35,203,000 | -3.4% |
| Common Stock Dividends Per Share Declared | 0.4 | 0.36 | +11.1% |
| Revenue | 1,171,291 | 1,152,502 | +1.6% |
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| Insurance | 14,290 | 14,757 | -3.2% |
| Insurance · Related Party | 11,294 | 11,579 | -2.5% |
| Transportation Logistics | 1,157,001 | 1,137,745 | +1.7% |
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| Related Party | 11,294 | 11,579 | -2.5% |
| Net Income | 39,440 | 29,806 | +32.3% |
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| Development of Prior Year Self Insured Claims Estimates | 3,671 | 8,548 | -57.1% |
| Comprehensive Income | 38,065 | 30,820 | +23.5% |
| Other Comprehensive Income | -1,375 | 1,014 | -235.6% |
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| Accumulated Net Unrealized Investment Gain Loss | -780 | — | — |
| Accumulated Other Comprehensive Income | -1,375 | — | — |
| Accumulated Translation Adjustment | -595 | — | — |
| Interest Expense | 1,296 | 1,509 | -14.1% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 353,255 | 417,420 | -15.4% |
| Short-Term Investments | 57,697 | 56,016 | +3.0% |
| Accounts Receivable | 692,016 | — | — |
| Nontrade Receivables Current | 48,402 | — | — |
| Assets Of Disposal Group Including Discontinued Operation Current | 11,788 | — | — |
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| Landstar Metro [Member] | 11,788 | — | — |
| Other Assets Current | 20,443 | 16,571 | +23.4% |
| Total Current Assets | 1,183,601 | 1,241,621 | -4.7% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 255,738 | 297,517 | -14.0% |
| Goodwill | 34,005 | 40,881 | -16.8% |
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| Transportation Logistics | 34,005 | 40,881 | -16.8% |
| Other Non-Current Assets | 128,854 | 136,159 | -5.4% |
| Total Assets | 1,602,198 | 1,716,178 | -6.6% |
| Operating Lease Right-of-Use Assets | 552 | 983 | -43.8% |
| Long Term Investments (Q) | — | — | — |
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| Non Current Investments [Member] | 89,745,000 | 90,402,000 | -0.7% |
| Current Liabilities | |||
| Bank Overdrafts | 54,432 | 59,359 | -8.3% |
| Accounts Payable | 396,654 | 389,592 | +1.8% |
| Finance Lease Liability Current | 26,121 | 32,024 | -18.4% |
| Self Insurance Reserve Current | 56,794 | 37,638 | +50.9% |
| Liabilities Of Disposal Group Including Discontinued Operation | 8,468 | — | — |
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| Landstar Metro [Member] | 8,468 | — | — |
| Other Liabilities Current | 88,251 | 93,701 | -5.8% |
| Total Current Liabilities | 630,720 | 612,314 | +3.0% |
| Non-Current Liabilities | |||
| Finance Lease Liability Noncurrent | 43,145 | 61,944 | -30.3% |
| Self Insurance Reserve Noncurrent | 96,502 | 75,436 | +27.9% |
| Deferred Income Taxes And Other Liabilities Noncurrent | 32,855 | 35,729 | -8.0% |
| Operating Lease Liabilities | 261 | 516 | -49.4% |
| Stockholders' Equity | |||
| Common Stock | 686 | 686 | 0.0% |
| Additional Paid In Capital Common Stock | 263,740 | 257,296 | +2.5% |
| Retained Earnings | 2,878,506 | 2,877,034 | +0.1% |
| Treasury Stock Value | -2,336,869 | -2,193,265 | -6.5% |
| Accumulated Other Comprehensive Income | -7,087 | — | — |
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| Landstar Metro [Member] | 1,205 | — | — |
| Total Stockholders' Equity | 798,976 | 930,755 | -14.2% |
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| Accumulated Net Unrealized Investment Gain Loss | -1,176 | -1,841 | +36.1% |
| Accumulated Other Comprehensive Income | -7,087 | -10,996 | +35.5% |
| Accumulated Translation Adjustment | -5,911 | -9,155 | +35.4% |
| Total Liabilities & Equity | 1,602,198 | 1,716,178 | -6.6% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization of Financing Costs | 66 | 66 | 0.0% |
| Provision For Doubtful Accounts | 107 | 6,455 | -98.3% |
| Gain Loss On Sale Of Property Plant Equipment | -335 | -830 | +59.6% |
| Increase Decrease In Deferred Income Taxes | 250 | 146 | +71.2% |
| Stock-Based Compensation | 2,487 | 2,038 | +22.0% |
| Increase Decrease In Receivables | -17,604 | -27,068 | +35.0% |
| Increase Decrease In Other Operating Assets | 2,629 | 8,657 | -69.6% |
| Change in Accounts Payable | 27,087 | 5,967 | +353.9% |
| Increase Decrease In Other Operating Liabilities | 10,277 | 8,514 | +20.7% |
| Increase Decrease In Insurance Liabilities | 3,247 | 9,721 | -66.6% |
| Net Cash from Operations | 78,211 | 55,698 | +40.4% |
| Investing Activities | |||
| Proceeds From Sale And Maturity Of Marketable Securities | 34,752 | 46,858 | -25.8% |
| Payments To Acquire Marketable Securities | -35,908 | -48,085 | +25.3% |
| Capital Expenditures | -5,814 | -1,902 | -205.7% |
| Proceeds From Sale Of Property Plant And Equipment | 1,173 | 4,276 | -72.6% |
| Net Cash from Investing | -5,797 | 1,147 | -605.4% |
| Financing Activities | |||
| Proceeds From Repayments Of Bank Overdrafts | -2,222 | -1,674 | -32.7% |
| Payments Of Dividends | -81,731 | -83,320 | +1.9% |
| Tax Withholding for Share Compensation | -1,040 | -909 | -14.4% |
| Share Repurchases | -22,387 | -60,361 | +62.9% |
| Repayments Of Long Term Debt And Capital Securities | -7,556 | -8,339 | +9.4% |
| Net Cash from Financing | -114,936 | -154,603 | +25.7% |
| Supplemental | |||
| Interest Paid | 1,233,000 | 1,446,000 | -14.7% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | -781 | 160 | -588.1% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Including Cash Cash Equivalents Classified As Assets Held For Sale | -43,303 | -97,598 | +55.6% |
| Increase Decrease In Cash And Cash Equivalents Classified As Assets Held For Sale | -136 | — | — |
| Net Change in Cash | -43,439 | -97,598 | +55.5% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 353,255 | 417,420 | -15.4% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.