LANDSTAR SYSTEM INC

Listed Company

LSTRCIK 0000853816NasdaqLarge AcceleratedTrucking (No Local)DelawareFY ends Dec 30

Period

FY 2025

Revenue

$4.70B

Net Income

$115.01M

Total Assets

$1.64B

Equity

$795.66M

Shares Out

33.93M

Op. Cash Flow

$224.88M

Business

LANDSTAR SYSTEM INC is a technology-enabled, asset-light provider of integrated transportation management solutions that arranges and coordinates freight movements using a network of agents, third-party capacity providers and employees. It offers truckload, less-than-truckload, rail intermodal, air and ocean freight, expedited and time‑critical delivery, heavy‑haul/specialized services, temperature‑controlled shipments, cross‑border services and customs brokerage, plus insurance and risk management services. The company reports two operating segments: transportation logistics and insurance. Its services operate principally throughout the United States, with additional operations in Canada and Mexico and international door‑to‑door offerings, marketed mainly through independent commission sales agents and digital platforms.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	4,700	4,819	5,303	7,437	6,538
Investment income	14	15	10	3	3
Purchased transportation	3,688	3,745	4,068	5,804	5,115
Commissions to agents	387	393	463	615	507
Other operating costs, net of gains on asset sales/dispositions	62	59	54	45	37
Insurance and claims	159	114	114	126	105
Selling, general and administrative	231	218	212	221	221
Depreciation and amortization	46	57	58	57	50
Impairment of intangible and other assets	32	0	0	—	—
Total costs and expenses	4,606	4,585	4,969	6,869	6,035
Operating income	152	249	344	571	506
Interest and debt expense (income)	996,000	−5	−4	4	4
Income before income taxes	151	254	348	567	502
Income taxes	36	58	84	137	120
Net income	115	196	264	431	382
Basic earnings per share	3.31	5.51	7.36	11.76	9.98
Diluted earnings per share	3.31	5.51	7.36	11.76	9.98
Average basic shares outstanding	35	36	36	37	38
Average diluted shares outstanding	35	36	36	37	38
Dividends per common share	3.56	3.38	3.26	3.1	2.92

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	397	515	481	340	216
Short-term investments	56	52	60	54	36
Trade accounts receivable, less allowance of $12,490 and $12,904	670	684	744	968	1,154
Other receivables, including advances to independent contractors, less allowance of $18,759 and $17,812	53	47	43	56	101
Assets held for sale	12	0	—	—	—
Other current assets	29	22	25	22	16
Total current assets	1,216	1,320	1,353	1,439	1,523
Operating property, less accumulated depreciation and amortization of $473,642 and $456,547	261	311	284	315	317
Goodwill	34	41	42	41	41
Other assets	124	141	123	136	164
Total assets	1,636	1,813	1,802	1,932	2,045
Cash overdraft	57	61	62	93	116
Accounts payable	370	384	396	527	604
Current maturities of long-term debt	28	33	28	36	37
Insurance claims	87	41	42	51	47
Dividends payable	68	71	71	72	75
Liabilities held for sale	7	0	—	—	—
Other current liabilities	79	84	77	99	131
Total current liabilities	696	673	675	878	1,010
Long-term debt, excluding current maturities	48	69	43	67	75
Insurance claims	63	63	59	58	50
Deferred income taxes and other noncurrent liabilities	33	36	41	41	49
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,590,708 and 68,559,269 shares	686,000	686,000	685,000	684,000	682,000
Additional paid-in capital	261	255	255	258	255
Retained earnings	2,853	2,860	2,784	2,636	2,317
Cost of 34,531,982 and 33,243,196 shares of common stock in treasury	−2,313	−2,131	−2,048	−1,993	−1,706
Accumulated other comprehensive loss	−6	−12	−7	−15	−5
Total shareholders' equity	796	972	984	887	862
Total liabilities and shareholders' equity	1,636	1,813	1,802	1,932	2,045

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash interest charges	264,000	263,000	263,000	355,000	447,000
Provisions for losses on trade and other accounts receivable	17	18	14	12	6
Gains on sales/disposals of operating property	−2	−2	−5	−3	−2
Deferred income taxes, net	3	−7	−8	−5	−4
Stock-based compensation	6	3	4	12	28
(Increase) decrease in trade and other accounts receivable	−8	38	223	219	−362
Increase in other assets	−11	−16	−3	−6	4
Decrease in accounts payable	−14	−12	−131	−77	224
(Decrease) increase in other liabilities	−5	9	−16	−32	43
Increase (decrease) in insurance claims	47	3	−8	13	−92
NET CASH PROVIDED BY OPERATING ACTIVITIES	225	287	394	623	277
Sales and maturities of investments	163	112	113	41	32
Purchases of investments	−163	−101	−102	−40	−85
Purchases of operating property	−10	−31	−26	−26	−23
Proceeds from sales of operating property	7	10	8	5	3
NET CASH USED BY INVESTING ACTIVITIES	−2	−10	−6	−25	−73
Decrease in cash overdraft	−4	−508,000	−31	−24	42
Dividends paid	−125	−120	−117	−116	−112
Proceeds from exercises of stock options	0	0	28,000	68,000	160,000
Taxes paid in lieu of shares issued related to stock-based compensation plans	−933,000	−4	−9	−10	−2
Purchases of common stock	−180	−81	−54	−286	−123
Principal payments on finance lease obligations	−33	−31	−36	−39	−38
NET CASH USED BY FINANCING ACTIVITIES	−343	−237	−248	−476	−233
Effect of exchange rate changes on cash and cash equivalents	2	−5	2	−2	−232,000
(Decrease) increase in cash and cash equivalents, including cash and cash equivalents classified as assets held for sale	−118	34	141	—	—
Less: Net change in cash and cash equivalents classified as assets held for sale	−179,000	0	0	—	—
Net change in cash and cash equivalents	−118	34	141	120	−30

Filings

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