--- title: "Landstar | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 1.171 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/284629701.md" datetime: "2026-04-29T19:12:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284629701.md) - [en](https://longbridge.com/en/news/284629701.md) - [zh-HK](https://longbridge.com/zh-HK/news/284629701.md) --- # Landstar | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 1.171 B Revenue: As of FY2026 Q1, the actual value is USD 1.171 B, beating the estimate of USD 1.158 B. EPS: As of FY2026 Q1, the actual value is USD 1.16, beating the estimate of USD 1.1151. EBIT: As of FY2026 Q1, the actual value is USD 53.75 M. ### Consolidated Financial Performance #### Revenue and Net Income Landstar System, Inc. reported consolidated revenue of $1,171,291,000 for the thirteen weeks ended March 28, 2026, an increase of 2% from $1,152,502,000 in the prior year period. Net income for the period was $39,440,000, up from $29,806,000 in the previous year. #### Operating Income and Margins Consolidated operating income increased to $53,236,000 from $39,419,000 in the prior year. Gross profit was $112,542,000 (9.6% margin) for the thirteen weeks ended March 28, 2026, compared to $98,305,000 (8.5% margin) for the same period in 2025. Variable contribution, a non-GAAP measure, was $172,151,000 (14.7% margin) in 2026, up from $161,310,000 (14.0% margin) in 2025. The operating income as a percentage of variable contribution, also a non-GAAP measure, increased to 30.9% in 2026 from 24.4% in 2025. ### Segmented Results #### Transportation Logistics Segment External revenue for the Transportation Logistics segment was $1,157,001,000 in 2026, compared to $1,137,745,000 in 2025. Operating income for this segment was $44,089,000 in 2026, up from $29,216,000 in 2025. #### Insurance Segment External revenue for the Insurance segment was $14,290,000 in 2026, down from $14,757,000 in 2025. Internal revenue was $11,294,000 in 2026, compared to $11,579,000 in 2025. Operating income for this segment was $9,147,000 in 2026, down from $10,203,000 in 2025. ### Operational Costs and Expenses #### Purchased Transportation and Commissions Total purchased transportation was $906,997,000 (77.4% of revenue) in 2026, compared to $897,878,000 (77.9% of revenue) in 2025. Total commissions to agents were $92,143,000 (7.9% of revenue) in 2026, compared to $93,314,000 (8.1% of revenue) in 2025. #### Other Operating Costs Other operating costs increased to $14,800,000 in 2026 from $11,829,000 in 2025, primarily due to increased trailer equipment maintenance, increased trailer rental costs, and decreased gains on asset sales. #### Insurance and Claims Insurance and claims decreased to $35,564,000 in 2026 from $39,852,000 in 2025. This decrease was mainly due to lower net unfavorable adjustments to prior years’ claims estimates ($4,888,000 in 2026 vs. $11,352,000 in 2025), partially offset by increased frequency of current year trucking claims and increased BCO miles traveled. #### Selling, General and Administrative (SG&A) SG&A decreased to $60,965,000 in 2026 from $61,582,000 in 2025. The 2025 period included a $4,800,000 expense related to a supply chain fraud matter, while incentive compensation increased to $3,396,000 in 2026 from $1,000,000 in 2025. #### Depreciation and Amortization Depreciation and amortization decreased to $10,560,000 in 2026 from $12,226,000 in 2025, mainly due to decreased depreciation on information technology software and trailing equipment. #### Interest and Debt Expense (Income) Net expense was $518,000 in 2026, compared to net income of - $159,000 in 2025, primarily due to decreased interest income on cash balances held by the transportation logistics segment. #### Effective Income Tax Rate The effective income tax rate was 25.2% in 2026 and 24.7% in 2025, both higher than the statutory federal rate primarily due to state taxes. ### Cash Flow and Capital Resources #### Operating Activities Net cash provided by operating activities was $78,211,000 in 2026, up from $55,698,000 in 2025, driven by timing of accounts payable payments, increased net income, and partially offset by timing of insurance claims payments. #### Investing Activities Net cash used by investing activities was - $5,797,000 in 2026, compared to $1,147,000 provided by investing activities in 2025. #### Financing Activities Net cash used by financing activities was - $114,936,000 in 2026, compared to - $154,603,000 in 2025. #### Common Stock Purchases and Dividends The Company purchased 150,923 shares for $22,587,000 in 2026, compared to 386,318 shares for $60,945,000 in 2025. Dividends paid were $81,731,000 in 2026, compared to $83,320,000 in 2025. #### Working Capital and Long-term Debt Working capital was $552,881,000 at March 28, 2026, with a current ratio of 1.9 to 1. Long-term debt was $69,266,000 at March 28, 2026, a decrease of $7,556,000 from December 27, 2025. #### Credit Agreement Landstar System, Inc. has a $300,000,000 revolving credit facility, maturing July 1, 2027, with an accordion feature for an additional $300,000,000. As of March 28, 2026, no borrowings were outstanding, and $265,084,000 was available. ### Unique Operational Metrics #### Load and Revenue per Load Total loads decreased to 486,880 in 2026 from 500,170 in 2025, representing a 3% decrease. Revenue per load for total truck transportation increased to $2,285 in 2026 from $2,165 in 2025. #### Independent Contractors and Carriers The number of BCO Independent Contractors decreased to 7,663 at March 28, 2026, from 7,871 at March 29, 2025. Trucks provided by BCO Independent Contractors decreased to 8,476 at March 28, 2026, from 8,620 at March 29, 2025. Approved and active truck brokerage carriers decreased to 37,647 at March 28, 2026, from 47,323 at March 29, 2025. ### Future Outlook and Strategy Landstar System, Inc. anticipates acquiring approximately $113,000,000 in operating property during the remainder of fiscal year 2026, primarily for new trailing equipment and information technology hardware and software. Management believes that available cash, cash flow from operations, and borrowing capacity under the Credit Agreement will be sufficient to meet debt service, fund growth, pay dividends, complete authorized share purchases, and meet working capital needs. The Company continues to actively market its Mexican subsidiary, Landstar Metro, S.A.P.I. de C.V., and recognized an additional impairment of $1,054,000 on assets held for sale in the 2026 thirteen-week period. ### Related Stocks - [LSTR.US](https://longbridge.com/en/quote/LSTR.US.md) ## Related News & Research - [Landstar Statement on U.S. Supreme Court Decision | LSTR Stock News](https://longbridge.com/en/news/286906551.md) - [Trucking Stocks Tumble As Supreme Court Ruling Risks "Extinction Event" For Freight Brokers](https://longbridge.com/en/news/286445976.md) - [Should you invest $1,000 in AGNC Investment right now?](https://longbridge.com/en/news/286802595.md) - [Landstar to Release First Quarter Results on Tuesday, April 28, 2026 | LSTR Stock News](https://longbridge.com/en/news/282685115.md) - [A Look At Toll Brothers (TOL) Valuation As Earnings Concerns And Leadership Changes Shape Sentiment](https://longbridge.com/en/news/286842873.md)