Highlights

  • Third quarter 2026 revenue was $1.512 billion, and basic and diluted earnings per share were $1.42, compared with $0.56 a year earlier.
  • Insurance and claims costs were $55.3 million in the third quarter of 2026, compared with $33.0 million in the 2025 third quarter.
  • Landstar purchased 232,645 shares at an aggregate cost of $41.4 million during the third quarter and declared a $0.44 dividend.
  • October 2026 truck loads were approximately 7% above October 2025, and truck revenue per load was approximately 29% above.

Landstar System, Inc. (NASDAQ:LSTR) shares were trading at USD 139.92 on October 28, 2026, down 17.10%, with a relative volume at time of 8.05. The asset-light freight transportation and logistics provider reported third quarter 2026 results on October 27, declared a quarterly dividend of $0.44 per share and gave October 2026 business activity updates.

Landstar System is incorporated in Delaware and lists its principal executive offices in Jacksonville, Florida. The company is a technology-enabled, asset-light provider of freight transportation and logistics solutions. It serves customers through a network of agents, third-party capacity providers and employees. Its presentation lists approximately 980 agents, approximately 20,000 customers, more than 75,000 capacity providers and approximately 1,300 employees. Landstar reports truck transportation, rail intermodal, ocean and air cargo, and insurance revenue.

Third Quarter 2026 Results

Landstar reported total revenue of $1.512 billion for the 2026 third quarter, an increase of 25% compared with $1.205 billion in the 2025 third quarter. Basic and diluted earnings per share were $1.42, an increase of 154% compared with $0.56. The company noted that 2025 third quarter earnings per share included non-cash impairment charges of $30.1 million, or $0.66 per share.

Operating income was $65,540 thousand, compared with $26,326 thousand. Net income was $48,043 thousand, compared with $19,364 thousand. Gross profit was $126,547 thousand, a 14% increase, and variable contribution, a non-GAAP measure, was $212,066 thousand, a 25% increase.

Truck revenue was $1.407 billion, an increase of 29%. Truck revenue per load increased approximately 25%, and the number of loads hauled via truck increased approximately 3%.

Insurance and Claims Costs

The company said third quarter 2026 earnings per share were negatively affected by highly elevated insurance and claim costs of $55.3 million, compared with $33.0 million in the 2025 third quarter. The costs included approximately $13.0 million, or $0.29 per share, of adverse actuarial adjustments to insurance and claim reserves. They also included $8.0 million, or $0.18 per share, of prior year development tied to settlements of a 2024 brokered truck accident claim and a 2025 BCO accident.

Management said Landstar is not immune to the challenges of insurance and claims inflation in its industry. The company reported 165 net Business Capacity Owner truck additions in the quarter and a 5% year-over-year improvement in DOT accident frequency among its BCOs.

Balance Sheet, Cash Flow and Capital

Cash and short-term investments were approximately $351 million as of September 26, 2026. Cash and cash equivalents were $297,321 thousand, compared with $396,694 thousand at December 27, 2025.

Trailing twelve-month return on average shareholders' equity was 19%, and return on invested capital was 18%. For the year-to-date period, cash flow from operations was 98.7 million and capital expenditures were 11.6 million, as shown in the earnings presentation.

During the third quarter Landstar purchased 232,645 shares of common stock at an aggregate cost of $41.4 million. Year-to-date purchases were 383,568 shares at an aggregate cost of approximately $64.0 million. The company is authorized to purchase up to an additional 882,550 shares. The Board declared a quarterly dividend of $0.44 per share payable on December 8, 2026, to stockholders at the close of business on November 17, 2026.

Current Market Update

The earnings presentation reported October 2026 business activity. Truck loads were approximately 7% above October 2025, and truck revenue per load was approximately 29% above October 2025. Both were described as slightly above typical September to October month-to-month historical trends.

The presentation also listed pre-pandemic seasonality patterns, which would normally yield a slight increase in truck revenue, truck loads and truck revenue per load from the third quarter to the fourth quarter.