$LSTR

LANDSTAR SYSTEM INC

CIK:0000853816|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Revenue	$ 1,432,264	$ 1,211,383	$ 2,603,555	$ 2,363,885
Investment income	2,705	3,729	5,679	7,327
Costs and expenses:
Purchased transportation	1,123,400	941,411	2,030,397	1,839,289
Commissions to agents	109,435	99,522	201,578	192,836
Other operating costs, net of gains on asset sales/dispositions	17,945	19,595	32,745	31,424
Insurance and claims	39,359	30,449	74,923	70,301
Selling, general and administrative	68,193	55,706	129,158	117,288
Depreciation and amortization	10,409	12,149	20,969	24,375
Total costs and expenses	1,368,741	1,158,832	2,489,770	2,275,513
Operating income	66,228	56,280	119,464	95,699
Interest and debt expense	812	698	1,330	539
Income before income taxes	65,416	55,582	118,134	95,160
Income taxes	16,465	13,689	29,743	23,461
Net income	$ 48,951	$ 41,893	$ 88,391	$ 71,699
Basic earnings per share	$ 1.44	$ 1.2	$ 2.6	$ 2.05
Diluted earnings per share	$ 1.44	$ 1.2	$ 2.6	$ 2.05
Average basic shares outstanding	33,935,000	34,870,000	33,979,000	35,037,000
Average diluted shares outstanding	33,935,000	34,870,000	33,979,000	35,037,000
Dividends per common share	$ 0.4	$ 0.4	$ 0.8	$ 0.76

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
OPERATING ACTIVITIES
Net income	$ 88,391	$ 71,699
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,969	24,375
Non-cash interest charges	132	132
Provisions for losses on trade and other accounts receivable	2,785	9,912
Gains on sales/disposals of operating property	(368)	(1,389)
Deferred income taxes, net	7,671	(5,904)
Stock-based compensation	5,420	3,657
Changes in operating assets and liabilities:
Increase in trade and other accounts receivable	(194,049)	(44,941)
Increase in other assets	(25,744)	(26,544)
Increase in accounts payable	99,213	18,224
Increase in other liabilities	15,733	6,903
Increase in insurance claims	7,657	6,712
NET CASH PROVIDED BY OPERATING ACTIVITIES	27,810	62,836
INVESTING ACTIVITIES
Sales and maturities of investments	78,673	84,755
Purchases of investments	(80,970)	(86,838)
Purchases of operating property	(8,714)	(4,383)
Proceeds from sales of operating property	2,851	5,690
NET CASH USED BY INVESTING ACTIVITIES	(8,160)	(776)
FINANCING ACTIVITIES
Increase (decrease) in cash overdraft	15,195	(2,892)
Dividends paid	(95,298)	(97,236)
Taxes paid in lieu of shares issued related to stock-based compensation plans	(1,057)	(916)
Purchases of common stock	(24,149)	(102,300)
Principal payments on finance lease obligations	(15,245)	(16,883)
NET CASH USED BY FINANCING ACTIVITIES	(120,554)	(220,227)
Effect of exchange rate changes on cash and cash equivalents	(1,619)	2,386
Decrease in cash and cash equivalents, including cash and cash equivalents classified as assets held for sale	(102,523)	(155,781)
Plus: Net change in cash and cash equivalents classified as assets held for sale	179	0
Net change in cash and cash equivalents	(102,344)	(155,781)
Cash and cash equivalents at beginning of period	396,694	515,018
Cash and cash equivalents at end of period	$ 294,350	$ 359,237

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2026	Dec. 27, 2025
Current Assets
Cash and cash equivalents	$ 294,350	$ 396,694
Short-term investments	53,352	55,531
Trade accounts receivable, less allowance of $9,135 and $12,490	866,879	670,137
Other receivables, including advances to independent contractors, less allowance of $14,727 and $18,759	47,306	52,784
Assets held for sale	0	12,231
Other current assets	59,159	28,949
Total current assets	1,321,046	1,216,326
Operating property, less accumulated depreciation and amortization of $488,271 and $473,642	252,963	261,322
Goodwill	34,005	34,005
Other assets	134,521	124,282
Total assets	1,742,535	1,635,935
Current Liabilities
Cash overdraft	71,849	56,654
Accounts payable	468,780	369,567
Current maturities of long-term debt	24,686	28,342
Insurance claims	59,020	87,343
Dividends payable	0	68,117
Liabilities held for sale	0	6,961
Other current liabilities	99,588	78,856
Total current liabilities	723,923	695,840
Long-term debt, excluding current maturities	42,088	48,480
Insurance claims	98,686	62,706
Deferred income taxes and other noncurrent liabilities	41,108	33,244
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,631,174 and 68,590,708 shares	686	686
Additional paid-in capital	266,673	261,256
Retained earnings	2,913,890	2,852,680
Cost of 34,694,249 and 34,531,982 shares of common stock in treasury	(2,336,862)	(2,313,245)
Accumulated other comprehensive loss	(7,657)	(5,712)
Total shareholders' equity	836,730	795,665
Total liabilities and shareholders' equity	$ 1,742,535	$ 1,635,935