10-Q · July 29, 2026
Landstar delivered a strong top-line recovery in Q2, with revenue up 18% year over year to $1.432 billion as truck revenue per load rose 17%; diluted EPS increased 20% to $1.44 but missed the $1.47 consensus estimate.…
Earnings analysis · 10-Q
LSTR earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Landstar delivered strong top-line performance in Q3 2026, with revenue of $1.512 billion, up 25.4% year over year and above consensus, led by $1,407.171 million of truck revenue. Operating income rose 149.0% to $65.540…
Read full summary
Landstar delivered strong top-line performance in Q3 2026, with revenue of $1.512 billion, up 25.4% year over year and above consensus, led by $1,407.171 million of truck revenue. Operating income rose 149.0% to $65.540 million, but EPS of $1.42 missed the $1.66 estimate, with $55.3 million of insurance and claims costs remaining a significant headwind. Liquidity was sound, with no revolver borrowings outstanding, but the filing provided no quantitative forward guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.42
- Operating margin
- 4.33%
- Segment
- Truck revenue: $1,407.171 million; other segment revenue was not provided in the extracted filing text.
What stood out
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Revenue growth beat consensus
Revenue was $1.512 billion, up 25.4% year over year and approximately 5.7% sequentially from $1.43 billion in 2026 Q2; revenue also exceeded the $1.497 billion consensus estimate by approximately $15 million.
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Truck revenue drove growth
Truck revenue was $1,407.171 million, indicating that truck freight was the primary contributor to the quarter’s $1.512 billion of total revenue.
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Operating income surged
Operating income increased 149.0% year over year to $65.540 million. Based on reported revenue, operating margin was approximately 4.33%, compared with 4.4% in 2026 Q2 and 1.9% in 2025 Q3.
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No revolver borrowings
The company had no borrowings outstanding under its credit facility during the entire third quarter and as of September 26, 2026, preserving liquidity against a $300 million revolving facility.
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Share repurchases continued
The company repurchased 232,645 shares during the quarter at an average price of $176.36 per share, leaving authorization to repurchase 882,550 shares as of September 26, 2026.
What to watch
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EPS missed by $0.24
Diluted EPS was $1.42, $0.24 below the $1.66 consensus estimate, despite revenue of $1.512 billion; this reflects continued bottom-line pressure relative to the quarter’s strong revenue growth.
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Elevated claims costs
Insurance and claims costs were $55.3 million in the quarter, creating a material drag on profitability and contributing to the gap between revenue growth and EPS performance.
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Capital-return covenant
The amended credit agreement limits dividends and other distributions if the pro forma Net Leverage Ratio would exceed 2.5-to-1. Although there were no borrowings outstanding as of September 26, 2026, the covenant could constrain capital returns if leverage rises.
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No new risk-factor changes
The filing states that there were no material changes to the risk factors in the December 27, 2025 Form 10-K, other than changes previously disclosed in the June 27, 2026 Form 10-Q; therefore, no new material risk-factor changes were identified in this quarter’s filing.
Management's outlook
No quantitative forward revenue or EPS guidance was provided in the filing or accompanying earnings materials.
Earlier filings 4
10-Q · April 29, 2026
Landstar System, Inc. reported Q1 2026 revenue of $1,171,291,000, exceeding estimates of $1,162,118,840, and delivered an EPS of $1.16, beating the forecast of $1.12. The company's gross profit showed significant…
10-K · February 24, 2026
Landstar presents itself as a technology-enabled, asset-light integrated transportation management provider with revenue of $4.7 billion in fiscal 2025, leveraging a large agent and third‑party capacity network. The…
10-K · February 24, 2025
Landstar positions itself as a technology-enabled, asset-light integrated transportation management provider with revenue of $4.8 billion in the most recently completed fiscal year and a competitive moat anchored in its…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.