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Sep 27
Landstar Q3 2025 Earnings Report
Landstar reported its financial results for the third quarter of 2025, including total revenue of $1,205 million and basic and diluted EPS of $0.56, which was impacted by non-cash impairment charges.
Key Takeaways
Landstar System, Inc. reported a challenging third quarter in 2025 with total revenue of $1,205 million, a slight decrease from the previous year. Basic and diluted EPS significantly dropped to $0.56, primarily due to $0.66 per share in non-cash, non-recurring impairment charges. Excluding these charges, adjusted EPS would have been $1.22. Despite the economic headwinds, the company saw strong performance in unsided/platform equipment services and achieved sequential growth in BCO truck count.
Total revenue for Q3 2025 was $1,205 million, a slight decrease from $1,214 million in Q3 2024.
Basic and diluted EPS for Q3 2025 was $0.56, significantly lower than $1.41 in Q3 2024, primarily due to $0.66 in non-cash impairment charges.
Adjusted EPS, excluding the non-cash impairment charges, would have been $1.22 for Q3 2025.
The company experienced strong performance in services hauled by unsided/platform equipment and achieved sequential quarter-over-quarter growth in BCO truck count for the first time since Q1 2022.
Landstar
Landstar
Landstar Revenue by Segment
Landstar Revenue by Geographic Location
Revenue by Segment
Truckload Van Equipment Revenue
CapyFin.comTruckload Unsided/Platform Equipment Revenue
CapyFin.comLess-than-truckload Revenue
CapyFin.comOther Truck Transportation Revenue
CapyFin.comRail Intermodal Revenue
CapyFin.comOcean and Air Cargo Carriers Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
The report does not contain explicit forward-looking guidance for the next quarter or fiscal year. However, it highlights strategic focuses for future growth.
Positive Outlook
- Sustained strength over multiple quarters in unsided/platform business is expected to be leveraged in the next upcycle.
- Turning the corner on net BCO truck count is a positive indicator for future capacity.
- Laser focus on safety, security, and delivering great service to customers will be key elements for the next upcycle.
- Strategic review of operations focused on streamlining core operations and positioning the Company for future growth.
- Continued return of capital to stockholders through stock purchase program and dividends.
Challenges Ahead
- Continued challenges in the overall economic environment for truck transportation services.
- Non-cash, non-recurring impairment charges adversely impacted Q3 2025 financial results.
- Decision to actively market for sale Landstar Metro, S.A.P.I. de C.V., the Company’s wholly-owned Mexican operating subsidiary.
- Decision to wind-down an alternative transportation management system currently in use by one of the Company’s operating subsidiaries.
- Impairment relating to a non-controlling equity investment in a privately held technology start-up company.
Revenue & Expenses
Visualization of income flow from segment revenue to net income