LANDSTAR SYSTEM INC

Landstar System, Inc. (NASDAQ: LSTAR) operates as a technology-enabled, asset-light provider of integrated transportation management solutions. The company's website is www.landstar.com. Landstar delivers specialized transportation services across multiple modes through a distinctive network-based business model that emphasizes safety, cargo security, information coordination, and customer service.

The company operates two reportable segments: the transportation logistics segment, which generated approximately 99% of consolidated revenue, and the insurance segment, which contributed approximately 1% of revenue. The transportation logistics segment provides a comprehensive range of services including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery, heavy-haul and specialized services, hazardous materials transportation, temperature-controlled services, cross-border transportation between the United States, Canada, and Mexico, and customs brokerage. The company serves diverse industries including automotive, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics, and military equipment.

Landstar's business model relies on approximately 960 independent commission sales agents and over 70,000 third-party capacity providers, primarily truck operators. During fiscal year 2025, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers, and railroads represented approximately 38%, 53%, and 2% of consolidated revenue, respectively. The company generated $4.7 billion in revenue during fiscal year 2025. Truck transportation services contributed 91% of consolidated revenue, while rail intermodal and air and ocean services contributed 2% and 5%, respectively.

The company maintains a fleet of approximately 17,426 trailers, with 14,523 vans, 2,751 unsided and platform trailers, and 152 temperature-controlled units. At December 27, 2025, the company's network included 8,514 trucks provided by BCO Independent Contractors. The company's top 100 customers accounted for approximately 46% of consolidated revenue, with no single customer representing more than 8% of revenue.

Landstar has invested approximately $220 million in digital transformation initiatives since 2016, including cloud-based platforms, analytics tools, pricing applications, mobile applications, and freight tracking systems designed to enhance efficiency across its entrepreneurial network of agents and capacity providers.