LANDSTAR SYSTEM INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LANDSTAR SYSTEM INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,168	3,646	4,615	4,085	4,133	6,538	7,437	5,303	4,819	4,744
Selling, general and administrative	143	171	188	159	168	221	221	212	218	231
Operating income	223	244	332	299	253	506	571	344	249	152
Interest expense	3.79	3.17	3.35	3.14	3.95	3.98	4.52	3.87	4.08	5.59
Pre-tax income	219	241	328	296	249	502	567	348	254	151
Income tax	82.1	63.8	73.2	68.1	56.9	120	137	83.7	58.4	35.6
Net income to minority interests		-0.09	-0.07	-0.02	0	0
Net income	137	177	255	228	192	382	431	264	196	115
EBITDA	259	285	375	343	299	555	629	402	306	198
EPS, basic	3.26	4.22	6.19	5.72	4.98	9.98	11.76	7.36	5.51	3.31
EPS, diluted	3.25	4.21	6.18	5.72	4.98	9.98	11.76	7.36	5.51	3.31
Shares, basic (weighted)	42.1	41.9	41.3	39.8	38.6	38.2	36.6	35.9	35.5	34.7
Shares, diluted (weighted)	42.2	42	41.3	39.8	38.6	38.2	36.6	35.9	35.5	34.7
Dividend per share	0.34	1.88	0.63	2.70	2.79	2.92	3.10	3.26	3.38	3.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	179	242	200	320	249	216	340	481	515	397
Short-term investments	66.6	48.9	40.1	32.9	41.4	35.8	54	59.7	51.6	55.5
Receivables	463	631	692	589	764	1,154	968	744	684	670
Other current assets	10.3	14.4	16.3	21.4	18.5	16.2	21.8	24.9	22.2	28.9
Total current assets	737	961	971	998	1,208	1,523	1,439	1,353	1,320	1,216
Property, plant and equipment	273	276	284	286	297	317	315	284	311	261
Lease right-of-use assets								1.7	1.06	0.62
Goodwill	31.1	39.1	38.2	38.5	40.9	40.8	41.2	42.3	40.9	34
Other non-current assets	55.2	76.2	86.9	105	108	164	136	123	141	124
Total assets	1,097	1,352	1,381	1,428	1,654	2,045	1,932	1,802	1,813	1,636
Accounts payable	219	285	314	272	381	604	527	396	384	370
Accrued liabilities	7.77	30.1	29.5	9.88
Total current liabilities	380	549	536	553	806	1,010	878	675	673	696
Long-term debt						75.2	67.2
Lease liabilities							1.26	0.86	0.54	0.33
Total liabilities	554	699	691	706	962	1,183	1,045	818	841	840
Total debt	0	0	0	0	0	0	0	0	0	0
Paid-in capital	199	210	227	226	229	255	258	255	255	261
Retained earnings	1,513	1,611	1,841	1,962	2,046	2,317	2,636	2,784	2,860	2,853
Treasury stock	-1,167	-1,168	-1,376	-1,465	-1,582	-1,706	-1,993	-2,048	-2,131	-2,313
Other comprehensive income	-3.09	-3.16	-5.88	-2.21	-2	-5.4	-15	-6.87	-12	-5.71
Shareholders' equity	543	651	687	721	692	862	887	984	972	796
Minority interests		3.21	2.31
Total equity	543	654	689	721	692	862	887	984	972	796
Total liabilities and equity	1,097	1,352	1,381	1,428	1,654	2,045	1,932	1,802	1,813	1,636

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	137	177	255	228	192	382	431	264	196	115
Depreciation and amortization	35.8	40.6	43.6	44.5	45.9	49.6	57.5	58.2	56.7	46.4
Stock-based compensation	2.75	7.72	18.3	4.24	4.64	27.5	12.4	4.28	3.44	6
Deferred income tax	6.33	-17	2.12	4.77	1.13	-3.79	-5.36	-7.71	-6.99	2.65
Change in receivables	-6.23	-181	-57.4	81.4	-285	-362	219	223	37.8	-8.49
Change in payables	-9.6	68.9	22.5	-42.1	108	224	-76.8	-131	-12.4	-14.1
Cash from operations	190	139	298	308	211	277	623	394	287	225
Capital expenditures	-22.6	-15.6	-9.75	-19.4	-30.6	-23.3	-26	-25.7	-31	-9.88
Acquisitions		-8.46		0	-2.77	0	0
Purchases of investments	-43.5	-58.5	-54	-65.9	-25.6	-85	-40.2	-102	-101	-163
Sales and maturities of investments	41.8	56.4	51.6	62.9	22.6	31.9	41.2	113	112	163
Cash from investing	-14.2	-22.1	-8.19	-18.6	-28.4	-73.3	-24.8	-6.48	-10.5	-2.36
Stock issued	2.33	3.18	1.44	1.06	0.73	0.16	0.07	0.03	0	0
Share buybacks	-50.5	0	-208	-88.6	-116	-123	-286	-53.9	-81.4	-180
Dividends paid	-14.3	-15.9	-88.9	-27.9	-110	-112	-116	-117	-120	-125
Cash from financing	-112	-54.4	-331	-171	-252	-233	-476	-248	-237	-343
Exchange rate effect	0.38	1.03	-1.71	1.06	-0.43	-0.23
Net change in cash	64.4	63.5	-42.7	120	-70.2	-29.8	120	141	34	-118
Free cash flow	168	123	288	288	180	253	597	368	256	215
Interest paid	3.79	3.89	3.76	4.44	3.92	3.72	4.15	3.6	3.81	5.33
Income taxes paid	69.1	86.6	75.1	67.3	47.6	105	159	92.7	47.5	51.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 26, 2026; growth uses fiscal years. Valuation uses the share price of $145.71 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	4.1%	Operating income / revenue.
EBITDA margin	4.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.0%	Pre-tax income / revenue.
Net margin	3.0%	Net income / revenue.
FCF margin	3.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.2%	Cash from operations / revenue.
Effective tax rate	24.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.9%	Net income / average total assets.
Return on invested capital (ROIC)	30.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	4.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-39.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-35.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-9.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-35.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-32.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-41.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-35.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-39.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-34.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-7.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-28.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-28.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-18.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.79x	Current assets / current liabilities.
Quick ratio	1.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	54.1%	Total liabilities / total assets.
Interest coverage	42.4x	Operating income / interest expense.
Working capital	$605.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$796.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.93x	Revenue / average total assets.
Fixed asset turnover	19.7x	Revenue / average property, plant and equipment.
Receivables turnover	5.93x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
FCF conversion	98.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$156.18	Revenue / diluted weighted shares.
FCF per share	$4.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.06	Cash from operations / diluted weighted shares.
Book value per share	$24.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$23.50	Tangible book value / shares outstanding.
Cash per share	$10.36	(Cash + short-term investments) / shares outstanding.
Payout ratio	77.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	78.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	64.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.94B	Share price x shares outstanding.
Enterprise value	$4.59B	Market cap + total debt - cash - short-term investments.
P/E	30.8x	Market cap / net income. Only when net income is positive.
P/S	0.93x	Market cap / revenue.
P/B	5.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.21x	Market cap / tangible book value, when positive.
P/FCF	31.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.8x	Market cap / cash from operations, when positive.
EV/Sales	0.87x	Enterprise value / revenue.
EV/EBIT	21.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.2%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	4.6%	(Dividends paid + share buybacks) / market cap.

What was LANDSTAR SYSTEM INC's revenue in fiscal 2025?

LANDSTAR SYSTEM INC reported revenue of $4.74B for fiscal 2025, 1.6% lower than the year before.

Was LANDSTAR SYSTEM INC profitable in fiscal 2025?

Yes. Net income was $115.0M, a net margin of 2.4%.

How much free cash flow did LANDSTAR SYSTEM INC generate in fiscal 2025?

Cash from operations of $224.9M minus capital expenditures of $9.9M left free cash flow of $215.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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