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Trucking · Industrials · Fiscal year ends Dec 30
Landstar System reported revenue of $4.7B in the fiscal year ended Dec 2025, down 1.6% from the year before. Operating income was $152M, an operating margin of 3.2%, and net income was $115M. Operating cash flow of $225M less capital expenditure of $10M left free cash flow of $215M. It held more cash than debt (net cash $397M).
Ranks among the 10 trucking companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 6,538 | 7,437 | 5,303 | 4,819 | 4,744 |
| Selling, general & admin | 221 | 221 | 212 | 218 | 231 |
| Operating income | 506 | 571 | 344 | 249 | 152 |
| Interest expense | 4.0 | 4.5 | 3.9 | 4.1 | 5.6 |
| Pre-tax income | 502 | 567 | 348 | 254 | 151 |
| Income tax | 120 | 137 | 83.7 | 58.4 | 35.6 |
| Net income | 382 | 431 | 264 | 196 | 115 |
| Diluted EPS | 9.98 | 11.76 | 7.36 | 5.51 | 3.31 |
| Diluted shares | 38.2 | 36.6 | 35.9 | 35.5 | 34.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 216 | 340 | 481 | 515 | 397 |
| Receivables | 1,154 | 968 | 744 | 684 | 670 |
| Current assets | 1,523 | 1,439 | 1,353 | 1,320 | 1,216 |
| Net PP&E | 317 | 315 | 284 | 311 | 261 |
| Goodwill | 40.8 | 41.2 | 42.3 | 40.9 | 34.0 |
| Total assets | 2,045 | 1,932 | 1,802 | 1,813 | 1,636 |
| Payables | 604 | 527 | 396 | 384 | 370 |
| Current liabilities | 1,010 | 878 | 675 | 673 | 696 |
| Long-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 1,183 | 1,045 | 818 | 841 | 840 |
| Shareholders' equity | 862 | 887 | 984 | 972 | 796 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 277 | 623 | 394 | 287 | 225 |
| Capital expenditure | 23.3 | 26.0 | 25.7 | 31.0 | 9.9 |
| Free cash flow | 253 | 597 | 368 | 256 | 215 |
| Depreciation & amortisation | 49.6 | 57.5 | 58.2 | 56.7 | 46.4 |
| Stock-based compensation | 27.5 | 12.4 | 4.3 | 3.4 | 6.0 |
| Share buybacks | 123 | 286 | 53.9 | 81.4 | 180 |
| Dividends paid | 112 | 116 | 117 | 120 | 125 |
| Dividend per share | 2.92 | 3.10 | 3.26 | 3.38 | 3.56 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.8% | −28.7% | −9.1% | −1.6% |
| Operating income growth (YoY) | – | 12.9% | −39.7% | −27.7% | −39.1% |
| EPS growth (YoY) | – | 17.8% | −37.4% | −25.1% | −39.9% |
| Operating margin | 7.7% | 7.7% | 6.5% | 5.2% | 3.2% |
| Net margin | 5.8% | 5.8% | 5.0% | 4.1% | 2.4% |
| Return on equityBlank when equity is negative | 44.3% | 48.6% | 26.9% | 20.1% | 14.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 48.8% | 54.2% | 30.5% | 21.8% | 16.1% |
| Free cash flow margin | 3.9% | 8.0% | 6.9% | 5.3% | 4.5% |
| Cash conversion (CFO ÷ net income) | 0.73x | 1.44x | 1.49x | 1.46x | 1.96x |
| Receivable days | 64 | 48 | 51 | 52 | 52 |
| Interest cover | 127x | 126x | 89.0x | 61.1x | 27.1x |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −216 | −340 | −481 | −515 | −397 |
| Current ratio | 1.51x | 1.64x | 2.00x | 1.96x | 1.75x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.