Landstar System (LSTR) financial statements
Landstar System reported revenue of $4.7B in fiscal 2025, up 4.6% a year over 9 years.
Net income was $115M and the operating margin 3.2%, against 7.0% in 2016.
Free cash flow was $215M, and the company returned $125M in dividends and $180M in net buybacks.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Landstar System's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.6B | $4.6B | $4.1B | $4.1B | $6.5B | $7.4B | $5.3B | $4.8B | $4.7B |
| Selling, general and admin | $143M | $171M | $188M | $159M | $168M | $221M | $221M | $212M | $218M | $231M |
| Operating income | $223M | $244M | $332M | $299M | $253M | $506M | $571M | $344M | $249M | $152M |
| Interest expense | $4M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $6M |
| Pre-tax income | $219M | $241M | $328M | $296M | $249M | $502M | $567M | $348M | $254M | $151M |
| Income tax | $82M | $64M | $73M | $68M | $57M | $120M | $137M | $84M | $58M | $36M |
| Net income | $137M | $177M | $255M | $228M | $192M | $382M | $431M | $264M | $196M | $115M |
| EPS (diluted) | $3.25 | $4.21 | $6.18 | $5.72 | $4.98 | $9.98 | $11.76 | $7.36 | $5.51 | $3.31 |
| Diluted shares | 42M | 42M | 41M | 40M | 39M | 38M | 37M | 36M | 36M | 35M |
| Operating margin | 7.0% | 6.7% | 7.2% | 7.3% | 6.1% | 7.7% | 7.7% | 6.5% | 5.2% | 3.2% |
| Net margin | 4.3% | 4.9% | 5.5% | 5.6% | 4.6% | 5.8% | 5.8% | 5.0% | 4.1% | 2.4% |
Balance sheet
Fiscal years, from Landstar System's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $245M | $291M | $240M | $352M | $291M | $251M | $394M | $541M | $567M | $452M |
| Receivables | $463M | $631M | $692M | $589M | $764M | $1.2B | $968M | $744M | $684M | $670M |
| Total current assets | $737M | $961M | $971M | $998M | $1.2B | $1.5B | $1.4B | $1.4B | $1.3B | $1.2B |
| Property, plant and equipment | $273M | $276M | $284M | $286M | $297M | $317M | $315M | $284M | $311M | $261M |
| Goodwill | $31M | $39M | $38M | $39M | $41M | $41M | $41M | $42M | $41M | $34M |
| Total assets | $1.1B | $1.4B | $1.4B | $1.4B | $1.7B | $2.0B | $1.9B | $1.8B | $1.8B | $1.6B |
| Total current liabilities | $380M | $549M | $536M | $553M | $806M | $1.0B | $878M | $675M | $673M | $696M |
| Long-term debt | — | — | — | — | — | $75M | $67M | — | — | — |
| Total liabilities | $554M | $699M | $691M | $706M | $962M | $1.2B | $1.0B | $818M | $841M | $840M |
| Shareholders' equity | $543M | $651M | $687M | $721M | $692M | $862M | $887M | $984M | $972M | $796M |
| Net debt | -$179M | -$242M | -$200M | -$320M | -$249M | -$140M | -$272M | -$481M | -$515M | -$397M |
Cash flow
Fiscal years, from Landstar System's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $190M | $139M | $298M | $308M | $211M | $277M | $623M | $394M | $287M | $225M |
| Capital spending | $23M | $16M | $10M | $19M | $31M | $23M | $26M | $26M | $31M | $10M |
| Free cash flow | $168M | $123M | $288M | $288M | $180M | $253M | $597M | $368M | $256M | $215M |
| Stock-based compensation | $3M | $8M | $18M | $4M | $5M | $28M | $12M | $4M | $3M | $6M |
| Dividends paid | $14M | $16M | $89M | $28M | $110M | $112M | $116M | $117M | $120M | $125M |
| Share buybacks (net) | -$51M | $0 | -$208M | -$89M | -$116M | -$123M | -$286M | -$54M | -$81M | -$180M |
| Free cash flow margin | 5.3% | 3.4% | 6.2% | 7.1% | 4.4% | 3.9% | 8.0% | 6.9% | 5.3% | 4.5% |
| Dividends per share | $0.34 | $0.38 | $2.15 | $0.70 | $2.84 | $2.93 | $3.16 | $3.26 | $3.39 | $3.59 |
Questions
What was Landstar System's revenue in 2025?
$4.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Landstar System generate?
$215M in fiscal 2025 (operating cash flow minus capital spending).
From Landstar System's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.