# EDGAR Filing Document

**Accession Number:** 0000853816
**File Stem:** 0001193125-26-027265
**Filing Date:** 2026-1
**Character Count:** 57321
**Document Hash:** 48d55402db0d878ea29ed938c8207f16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-027265.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001193125-26-027265

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20260128

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LANDSTAR SYSTEM INC
- **CENTRAL INDEX KEY:** 0000853816
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING (NO LOCAL) [4213]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 061313069
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1230

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-21238
- **FILM NUMBER:** 26572737

**BUSINESS ADDRESS:**
- **STREET 1:** 13410 SUTTON PARK DRIVE SOUTH
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32224
- **BUSINESS PHONE:** 9043989400

**MAIL ADDRESS:**
- **STREET 1:** LANDSTAR SYSTEM INC
- **STREET 2:** 13410 SUTTON PARK DRIVE SOUTH
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32224

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) January 28, 2026
![LOGO](g85231g0127102601345.jpg)

## LANDSTAR SYSTEM, INC.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **021238** | **06-1313069** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **13410 Sutton Park Drive South, Jacksonville, Florida** | **32224** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

(904) 398-9400

#### (Registrant's telephone number, including area code)

#### N/A

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock | LSTR | NASDAQ |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

Item 2.02 Results of Operations and Financial Condition

On January 28, 2026, Landstar System, Inc. ("Landstar" or the "Company") issued a press release announcing results for the fourth quarter of fiscal 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information contained in Item 7.01 concerning the presentation to Landstar investors is hereby incorporated into this Item 2.02 by reference.

The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure

A slide presentation, dated January 28, 2026, is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The slide presentation provides information that may be referred to by the Company on its conference call with investors scheduled to occur on January 28, 2026 in connection with the Company's release of results for the fourth quarter of fiscal 2025.

The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits

---

| | |
|:---|:---|
| **Exhibits** |  |
| 99.1 | [Press Release, dated January 28, 2026, of Landstar System, Inc.](d85231dex991.htm) |
| 99.2 | [Slide Presentation, dated January 28, 2026, of Landstar System, Inc.](d85231dex992.htm) |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | LANDSTAR SYSTEM, INC. | LANDSTAR SYSTEM, INC. |
| Date: January 28, 2026 | By: | /s/ James P. Todd |
|  | Name: | James P. Todd |
|  | Title: | Vice President, Chief Financial Officer<br> and Assistant Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g85231g0127091658643.jpg)

<u>For Immediate Release</u> January 28, 2026

**LANDSTAR SYSTEM REPORTS FOURTH QUARTER RESULTS** 

Jacksonville, FL—Landstar System, Inc. (NASDAQ: LSTR) ("Landstar" or the "Company") today confirmed its financial results for the 2025 fourth quarter. As previously disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on January 21, 2026, the Company reported total revenue of $1,174 million in the 2025 fourth quarter, compared to $1,209 million in the 2024 fourth quarter. Landstar reported basic and diluted earnings per share ("EPS") of $0.70 for the 2025 fourth quarter, compared to $1.31 in the 2024 fourth quarter.

"The Landstar team of independent business owners and employees performed well during the 2025 fourth quarter despite continued tough macro demand conditions in the freight transportation market. In fact, fourth quarter truck transportation revenue was nearly flat year over year, as the decrease in total revenue was primarily attributable to decreased ocean revenue. Our services hauled by unsided/platform equipment, a real bright spot for Landstar throughout 2025, continued to demonstrate sustained strength in the fourth quarter," said Landstar President and Chief Executive Officer Frank Lonegro. "Truck revenue per load was another positive development related to the top line. Landstar achieved sequential improvement in truck revenue per load in the fourth quarter that exceeded pre-pandemic normal seasonality, and December truck revenue per load was six percent above fiscal October's truck revenue per load. Increased insurance and claims expense, however, had a significant adverse impact on our fourth quarter results, as the claim environment for freight transportation providers remains extremely challenging."

------

LANDSTAR SYSTEM/ 2

As previously disclosed in a Form 8-K filed with the SEC on January 21, 2026, 2025 fourth quarter EPS reflected highly elevated insurance and claims costs of $56 million, an increase from the approximately $30 million of insurance and claims costs reported during the 2024 fourth quarter. The following items are reflected in insurance and claims for the 2025 fourth quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $16.7 million, or $0.37 per share, of insurance and claims costs related to three tragic vehicular
accidents, two of which occurred during the 2025 fourth fiscal quarter and the third of which occurred during fiscal year 2022 but involved a post-trial judgment entered against the Company by the court in January 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5.3 million, or $0.12 per share, related to an increase in the Company's actuarily determined claim
reserves.

In addition to the insurance and claims items reference above, the Company also recorded $2.1 million of additional non-cash impairment charges, or $0.05 per share, related to the ongoing sales process of Landstar Metro, S.A.P.I. de C.V., the Company's wholly-owned Mexican operating subsidiary, principally engaged in intra-Mexico truck transportation services.

---

| | | |
|:---|:---|:---|
|  | **4Q 2025** | **4Q 2024** |
|  Revenue | $1174469 | $1209330 |
|  Gross profit | $85568 | $109423 |
|  Variable contribution | $166019 | $166523 |
|  Operating income | $29552 | $57771 |
|  Basic and diluted earnings per share ("EPS") | $0.70 | $1.31 |

---

(1) Dollars above in thousands, except per share amounts.

(2) Please refer to the Consolidated Statements of Income and the Reconciliation of Gross Profit to Variable
Contribution included below.

Landstar continues to return capital to stockholders through the Company's stock purchase program and dividends. During the 2025 fourth quarter, Landstar purchased 286,695 shares of its common stock at an aggregate cost of $37.0 million, bringing the total number of common shares purchased during the 2025 fiscal year to 1,281,863 shares at an aggregate cost of approximately $180.9 million. The Company is currently authorized to purchase up to an additional 1,266,118 shares of the Company's common stock under its longstanding share purchase program. Landstar also announced today that its Board of Directors declared a quarterly dividend of $0.40 per share payable on March 11, 2026, to stockholders of record as of the close of business on February 18, 2026.

------

LANDSTAR SYSTEM/ 3

Truck transportation revenue hauled by independent business capacity owners ("BCOs") and truck brokerage carriers in the 2025 fourth quarter was $1,078 million, or 92% of revenue, compared to $1,081 million, or 89% of revenue, in the 2024 fourth quarter. Truckload transportation revenue hauled via van equipment in the 2025 fourth quarter was $559 million, compared to $597 million in the 2024 fourth quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2025 fourth quarter was $401 million, compared to $362 million in the 2024 fourth quarter. Revenue from other truck transportation, which is largely related to power-only services, in the 2025 fourth quarter was $95 million, compared to $100 million in the 2024 fourth quarter. Revenue hauled by rail, air and ocean cargo carriers was $77 million, or 7% of revenue, in the 2025 fourth quarter, compared to $107 million, or 9% of revenue, in the 2024 fourth quarter.

During the 2025 fourth quarter, truck revenue per load increased approximately 1% compared to the 2024 fourth quarter, while the number of loads hauled via truck decreased approximately 1% compared to the 2024 fourth quarter.

Gross profit in the 2025 fourth quarter was $86 million, and variable contribution (defined as revenue less the cost of purchased transportation and commissions to agents) in the 2025 fourth quarter was $166 million. Gross profit in the 2024 fourth quarter was $109 million, and variable contribution in the 2024 fourth quarter was $167 million. Reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2025 and 2024 fourth quarters and year-to-date periods are provided in the Company's accompanying financial disclosures.

The Company's balance sheet continues to be very strong, with cash and short-term investments of approximately $452 million as of December 27, 2025. Trailing twelve-month return on average shareholders' equity was 13%. Return on invested capital, representing net income divided by the sum of average equity plus average debt, was 12%.

------

LANDSTAR SYSTEM/ 4

Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 4:30 p.m. ET. To access the webcast, visit www.investor.landstar.com; click on "Webcasts," then click on "Landstar's Fourth Quarter 2025 Earnings Release Conference Call." A slide presentation to accompany the webcast presentation is also available on Landstar's investor relations website at https://investor.landstar.com/.

Contact:

Jim Todd

Chief Financial Officer

904-398-9400

***About Landstar:***

Landstar System, Inc., is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market<sup>®</sup> under the symbol LSTR.

***Non-GAAP Financial Measures:***

In this earnings release and accompanying financial disclosures, the Company provides the following information that may be deemed non-GAAP financial measures: variable contribution and variable contribution margin. The Company believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. The Company also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons: (1) disclosure of these matters will allow investors to better understand the underlying trends in the Company's financial condition and results of operations; (2) this information will facilitate comparisons by investors of the Company's results as compared to the results of peer companies; and (3) management considers this financial information in its decision making.

------

LANDSTAR SYSTEM/ 5

***Forward Looking Statements Disclaimer:***

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are "forward-looking statements." This press release contains forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies and expectations. Terms such as "anticipates," "believes," "estimates," "intention," "expects," "plans," "predicts," "may," "should," "could," "will," the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: decreased demand for transportation services; U.S. trade relationships and potential or imposed tariffs; an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company's second largest such agent by revenue in the 2025 fiscal year; substantial industry competition; disruptions or failures in the Company's computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; acquisitions and investments; and other operational, financial or legal risks or uncertainties detailed in Landstar's Form 10-K for the 2024 fiscal year, described in Part I, Item 1A Risk Factors, Landstar's Form 10-Q for the 2025 first quarter, described in Part II, Item 1A Risk Factors, and in other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

------

 **LANDSTAR SYSTEM/ 6** 

**Landstar System, Inc. and Subsidiary** 

**Consolidated Statements of Income** 

(Dollars in thousands, except per share amounts)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fiscal Years Ended | Fiscal Years Ended | Fiscal Quarters Ended | Fiscal Quarters Ended |
|  | December 27,<br>2025 | December 28,<br>2024 | December 27,<br>2025 | December 28,<br>2024 |
|  Revenue | $4743760 | $4819245 | $1174469 | $1209330 |
|  Investment income | 13685 | 14810 | 3065 | 3822 |
|  Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased transportation | 3688343 | 3745241 | 912582 | 945857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions to agents | 387397 | 392751 | 95868 | 96950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating costs, net of gains on asset sales/dispositions | 61586 | 58781 | 14590 | 14643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance and claims | 159436 | 113929 | 56127 | 30099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 230548 | 217708 | 56245 | 55095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 46388 | 56738 | 10504 | 12737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of intangible and other assets | 32170 |  | 2066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 4605868 | 4585148 | 1147982 | 1155381 |
|  Operating income | 151577 | 248907 | 29552 | 57771 |
|  Interest and debt expense (income) | 996 | (5419) | 240 | (964) |
|  Income before income taxes | 150581 | 254326 | 29312 | 58735 |
|  Income taxes | 35574 | 58380 | 5368 | 12542 |
|  Net income | $115007 | $195946 | $23944 | $46193 |
|  Basic and diluted earnings per share | $3.31 | $5.51 | $0.70 | $1.31 |
|  Average basic and diluted shares outstanding | 34717000 | 35538000 | 34214000 | 35328000 |
|  Dividends per common share | $3.56 | $3.38 | $2.40 | $2.36 |

---

------

**LANDSTAR SYSTEM/7** 

**Landstar System, Inc. and Subsidiary** 

**Consolidated Balance Sheets** 

(Dollars in thousands, except per share amounts)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | December 27,<br>2025 | December 28,<br>2024 |
|  ASSETS |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $396694 | $515018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 55531 | 51619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable, less allowance of $12,490 and $12,904 | 670137 | 683841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables, including advances to independent contractors, less allowance of $18,759 and $17,812 | 52784 | 47160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale | 12231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 28949 | 22229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 1216326 | 1319867 |
|  Operating property, less accumulated depreciation and amortization of $473,642 and $456,547 | 261322 | 311345 |
|  Goodwill | 34005 | 40933 |
|  Other assets | 124282 | 141166 |
|  Total assets | $1635935 | $1813311 |
|  LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash overdraft | $56654 | $61033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 369567 | 383625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current maturities of long-term debt | 28342 | 33116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance claims | 87343 | 40511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 68117 | 70632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities held for sale | 6961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 78856 | 84237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 695840 | 673154 |
|  Long-term debt, excluding current maturities | 48480 | 69191 |
|  Insurance claims | 62706 | 62842 |
|  Deferred income taxes and other non-current liabilities | 33244 | 35685 |
|  Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,590,708 and 68,559,269 | 686 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 261256 | 255260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 2852680 | 2859916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of 34,531,982 and 33,243,196 shares of common stock in treasury | (2313245) | (2131413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (5712) | (12010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 795665 | 972439 |
|  Total liabilities and shareholders' equity | $1635935 | $1813311 |

---

------

**LANDSTAR SYSTEM/8** 

**Landstar System, Inc. and Subsidiary** 

**Supplemental Information** 

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fiscal Years Ended | Fiscal Years Ended | Fiscal Quarters Ended | Fiscal Quarters Ended |
|  | December 27,<br>2025 | December 28,<br>2024 | December 27,<br>2025 | December 28,<br>2024 |
|  <u>Revenue generated through (in thousands):</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck transportation  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truckload: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Van equipment | $2328386 | $2447810 | $558946 | $596573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsided/platform equipment | 1527802 | 1455663 | 400526 | 361910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less-than-truckload | 95856 | 99828 | 23627 | 21926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other truck transportation <sup>(1)</sup> | 383970 | 343253 | 95163 | 100400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total truck transportation | 4336014 | 4346554 | 1078262 | 1080809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail intermodal | 87164 | 84328 | 23981 | 18347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocean and air cargo carriers | 241433 | 289902 | 52737 | 88173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(2)</sup> | 79149 | 98461 | 19489 | 22001 |
|  | $4743760 | $4819245 | $1174469 | $1209330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue on loads hauled via BCO Independent Contractors <sup>(3)</sup>included in total truck transportation | $1803514 | $1821989 | $457662 | $447074 |
|  <u>Number of loads:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck transportation  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truckload: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Van equipment | 1124539 | 1170772 | 274492 | 282877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsided/platform equipment | 487060 | 476815 | 117565 | 114188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less-than-truckload | 151518 | 153253 | 35826 | 33907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other truck transportation <sup>(1)</sup> | 180683 | 160120 | 45077 | 45568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total truck transportation | 1943800 | 1960960 | 472960 | 476540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail intermodal | 29970 | 27970 | 8010 | 6550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocean and air cargo carriers | 31120 | 34440 | 6750 | 8320 |
|  | 2004890 | 2023370 | 487720 | 491410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loads hauled via BCO Independent Contractors <sup>(3)</sup>included in total truck transportation | 798050 | 814150 | 201040 | 193510 |
|  <u>Revenue per load:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck transportation  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truckload: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Van equipment | $2071 | $2091 | $2036 | $2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsided/platform equipment | 3137 | 3053 | 3407 | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less-than-truckload | 633 | 651 | 659 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other truck transportation <sup>(1)</sup> | 2125 | 2144 | 2111 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total truck transportation | 2231 | 2217 | 2280 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail intermodal | 2908 | 3015 | 2994 | 2801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocean and air cargo carriers | 7758 | 8418 | 7813 | 10598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue per load on loads hauled via BCO Independent Contractors <sup>(3)</sup> | $2260 | $2238 | $2276 | $2310 |
|  <u>Revenue by capacity type (as a % of total revenue):</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck capacity providers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCO Independent Contractors <sup>(3)</sup> | 38% | 38% | 39% | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck Brokerage Carriers | 53% | 52% | 53% | 52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail intermodal | 2% | 2% | 2% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocean and air cargo carriers | 5% | 6% | 4% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 2% | 2% | 2% | 2% |

---

---

| | | |
|:---|:---|:---|
|  | December 27,<br>2025 | December 28,<br>2024 |
|  <u>Truck Capacity Providers:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCO Independent Contractors <sup>(3)</sup> | 7712 | 8082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck Brokerage Carriers: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approved and active <sup>(4)</sup> | 36852 | 43718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other approved | 25938 | 26527 |
|  | 62790 | 70245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total available truck capacity providers | 70502 | 78327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trucks provided by BCO Independent Contractors <sup>(3)</sup> | 8514 | 8843 |

---

(1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue
generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee.

(2) Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico
transportation services revenue generated by Landstar Metro.

(3) BCO Independent Contractors are independent contractors who provide truck capacity to the Company under
exclusive lease arrangements.

(4) Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the
fiscal quarter end.

------

**LANDSTAR SYSTEM/9** 

**Landstar System, Inc. and Subsidiary** 

**Reconciliation of Gross Profit to Variable Contribution** 

(Dollars in thousands)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fiscal Years Ended | Fiscal Years Ended | Fiscal Quarters Ended | Fiscal Quarters Ended |
|  | December 27,<br>2025 | December 28,<br>2024 | December 27,<br>2025 | December 28,<br>2024 |
|  Revenue | $4743760 | $4819245 | $1174469 | $1209330 |
|  Costs of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased transportation | 3688343 | 3745241 | 912582 | 945857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions to agents | 387397 | 392751 | 95868 | 96950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable costs of revenue | 4075740 | 4137992 | 1008450 | 1042807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trailing equipment depreciation | 27195 | 27950 | 6366 | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology costs (1) | 13675 | 22744 | 2747 | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance-related costs (2) | 161370 | 115764 | 56748 | 30642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating costs | 61586 | 58781 | 14590 | 14643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other costs of revenue | 263826 | 225239 | 80451 | 57100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs of revenue | 4339566 | 4363231 | 1088901 | 1099907 |
|  Gross profit | $404194 | $456014 | $85568 | $109423 |
|  Gross profit margin | 8.5% | 9.5% | 7.3% | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plus: other costs of revenue | 263826 | 225239 | 80451 | 57100 |
|  Variable contribution | $668020 | $681253 | $166019 | $166523 |
|  Variable contribution margin | 14.1% | 14.1% | 14.1% | 13.8% |

---

(1) Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company's independent commission sales agents, third party capacity providers, and customers, included
as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income.

(2) Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and
other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs
available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company's Consolidated Statements of Income.

## Exhibit 99.2

![Slide 1](g85231ex99_2s1g1.jpg)

Date Landstar System, Inc. Earnings Conference Call 4Q 2025 Exhibit 99.2

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![Slide 2](g85231ex99_2s2g1.jpg)

Forward-Looking Statements Disclaimer The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Statements made in this slide presentation that are not based on historical facts are "forward-looking statements." This presentation may make certain statements containing forward-looking statements, such as statements which relate to Landstar's business objectives, plans, strategies and expectations. Such statements are by nature subject to uncertainties and risks, including but not limited to: the operational, financial or legal risks or uncertainties detailed in Landstar's Form 10-K for the 2024 fiscal year and Form 10-Q for the 2025 first quarter, described in the section Risk Factors, and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements. 4Q 2025

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![Slide 3](g85231ex99_2s3g1.jpg)

Non-GAAP Financial Measures 4Q 2025 In this slide presentation, the Company provides the following information that may be deemed a non-GAAP financial measure: variable contribution, variable contribution margin and operating income as a percentage of variable contribution. Management believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. Management believes that operating income as a percentage of variable contribution is a useful measure as: (i) variable costs of revenue for a significant portion of the Company's business are highly influenced by short-term market-based trends in the freight transportation industry, whereas other costs, including other costs of revenue, are much less impacted by short-term freight market trends; and (ii) this measure is meaningful to investors' evaluations of the Company's management of costs attributable to operations other than the purely variable costs associated with purchased transportation and commissions to agents that the Company incurs to provide services to our customers. Management also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons: (1) disclosure of these matters will allow investors to better understand the underlying trends in the Company's financial condition and results of operations; (2) this information will facilitate comparisons by investors of the Company's results as compared to the results of peer companies; and (3) management considers this financial information in its decision making. A tabulation of the expenses identified as costs of revenue as well as a reconciliation of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2025 and 2024 fourth quarters and fiscal year periods is included in this slide presentation within the Appendix.

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![Slide 4](g85231ex99_2s4g1.jpg)

Frank Lonegro Chief Executive Officer 4Q 2025 Executive Summary

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![Slide 5](g85231ex99_2s5g1.jpg)

Slide header CEO Perspective R E S U L T S Dollars in Millions (except per share amounts) H I G H L I G H T S 4Q revenue performance Strong performance in our services hauled by unsided/platform equipment Overall truck revenue per load that outperformed pre-pandemic historical trends Operating income and EPS Negatively impacted by challenging insurance and claims environment (discrete insurance items of $0.49 per share); and additional Metro impairment ($0.05 per share) Strong balance sheet Continuing to return meaningful capital to stockholders Investing through the cycle Supporting our network of entrepreneurs with continued investment in trailing equipment and technology, including AI Metric 4Q 2025 4Q 2024 Chg. Revenue $1,174.5 $1,209.3 (2.9%) Operating Income $29.6 $57.8 (48.8%) Earnings per Share $0.70 $1.31 (46.6%)

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![Slide 6](g85231ex99_2s6g1.jpg)

Jim Applegate Chief Corporate Sales, Strategy and Specialized Freight Officer 4Q 2025 AI Strategy

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![Slide 7](g85231ex99_2s7g1.jpg)

AI Effort: AI Task Force Benefit: Accelerate the automation of routine agent & BCO workflows Unlock Growth Network Retention Improve Communications Enhance Decision Making Identify and Reduce Risk Improve Productivity Accelerate Workflow Automation Recruit, retain & grow network through enhanced technology AI Effort: BCO Retention Benefit: Targeted support for at risk BCOs AI Effort: AI agents embedded within agent portal; AI Task Force Benefit: Raise agent & BCO revenue thresholds through enhanced tools AI Effort: AI-Enhanced Fraud Detection Tool Benefit: Technology enhanced vetting to minimize fraudulent activity AI Effort: Pricing Tool; AI agents embedded within agent portal Benefit: Improve insights and decision support AI Effort: AI-Enabled Call Center; AI Task Force Benefit: Reduced network friction Improve productivity and unlock Agent & BCO growth Attract & retain Agents & BCOs Strengthen reputation as the leader in Safety, Security and Service AI For The Landstar Network of Entrepreneurs In-flight AI Efforts AI related projects account for half of Landstar's 2026 IT capital budget

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![Slide 8](g85231ex99_2s8g1.jpg)

AI Effort: AI-Enabled Contact Center; AI agents: AI Task Force Benefits: Synchronize agent, BCO and corporate workflows & communication Strengthen Brand Leverage Financial Strength Network Retention Enhance Decision Making Identify Risk Improve Productivity Improve Network Integration Grow network through enhanced support AI Effort: ERP; AI Enhanced Credit Benefit: Improve decision making AI Effort: AI-Enabled Contact Center; Microsoft Co-Pilot corporate roll-out Benefit: Optimize internal resources, focus on higher value problem solving AI Effort: AI-Enhanced Fraud Detection Tool Benefit: Enhanced analytical tools to minimize fraudulent activity AI Effort AI-Enabled Contact Center Benefit: Improve network support & access to information AI Effort: BCO Retention Tool Benefit: Improve toolkit to aid BCO retention Improve the experience for all Landstar Network stakeholders Optimize the deployment of resources Minimize risk and reduce friction throughout the Landstar Network AI For Landstar Corporate In-flight AI Efforts

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![Slide 9](g85231ex99_2s9g1.jpg)

Frank Lonegro Chief Executive Officer 4Q 2025 Network and Capacity

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![Slide 10](g85231ex99_2s10g1.jpg)

Slide header $1.08B Truck Revenue 473K Truck Loadings $2,280 Truck Revenue per Load 457 Million $ Agents\*\* 8,514 BCO Trucks 62,790 Carriers 17,400+ Trailers 0.59 DOT Accidents per Million Miles\*\*\* \*\* Based on 2025 fiscal year \*\*\* Based on 2025 fiscal year; See definition of DOT Accidents within the Appendix 4Q R E S U L T S L A N D S T A R N E T W O R K Agents ~960 Customers 20,000+ Capacity 70,000+ Employees\* ~1,300 Landstar Network and 4Q Truckload Operating Results \* Excluding LSTR Metro

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![Slide 11](g85231ex99_2s11g1.jpg)

Slide header Active refers to truck brokerage carriers who hauled freight for Landstar in the 180-day period immediately preceding the period end. Note: Fuel surcharges billed to customers on freight hauled by BCO Independent Contractors, which are paid 100% to the BCO and not included in either revenue or the cost of purchased transportation, were $228.9 million and $252.6 million in the 2025 and 2024 fiscal year periods, respectively, and $59.4 million and $55.4 million in the 2025 and 2024 fourth quarters, respectively. A V A I L A B L E T R U C K C A P A C I T Y P R O V I D E R S Type of Capacity Dec 27, 2025 Dec 28, 2024 BCO Independent Contractors 7,712 8,082 Truck Brokerage Carriers Approved and Active (1) 36,852 43,718 Other Approved 25,938 26,527 Total Truck Brokerage Carriers 62,790 70,245 Total Available Truck Capacity Providers 70,502 78,327 Trucks Provided by BCO Independent Contractors 8,514 8,843 Truck Capacity All information is provided as of the end of the applicable period

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![Slide 12](g85231ex99_2s12g1.jpg)

Jim Todd Chief Financial Officer 4Q 2025 Financial Results

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![Slide 13](g85231ex99_2s13g1.jpg)

Slide header Revenue Source Rate (1) Vol. (2) Chg. Truck 0.5% (0.8%) (0.2%) Rail Intermodal 6.9% 22.3% 30.7% Ocean/Air (26.3%) (18.9%)) (40.2%) Insurance Premiums N/A N/A (4.4%) Total Revenue — — (2.9%) R E S U L T S V A R I A N C E Percentage change in rate is calculated on a revenue per load basis. Percentage change in volume is calculated on the number of loads hauled. Revenue Dollars in Millions

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![Slide 14](g85231ex99_2s14g1.jpg)

Slide header Revenue Share Y-O-Y Change 4Q 2025 4Q 2024 Market Segment in Revenue 27.8 27.4 Consumer Durables (2) 16.1 13.7 Machinery 14 9.6 10.1 Automotive (7) 9.4 9.4 Building Products (3) 7.4 6.5 AA&E, Hazmat 10 7.3 7.0 Electrical 1 4.8 5.0 Metals (8) 3.3 3.0 Energy 6 2.0 2.3 Substitute Line Haul (15) 12.3 15.6 Other (22) Transportation logistics revenue down 3% Y-O-Y Revenue Variances by Industry Served with Revenue Share Indicated Amounts in Percent

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![Slide 15](g85231ex99_2s15g1.jpg)

Slide header Gross Profit Variable Contribution Amounts in % 4Q 2024 13.8 Revenue – Variable 0.2 Change in Mix/Other 0.2 Revenue – Fixed (3) (0.1) 2025 14.1 C H A N G E I N V C M A R G I N Gross profit equals revenue less the cost of purchased transportation, commissions to agents and other costs of revenue. Gross profit margin equals gross profit divided by revenue. Variable contribution (VC) equals revenue less the cost of purchased transportation and commissions to agents. Variable contribution margin equals VC divided by revenue. Revenue on transactions where the Company's variable contribution margin was based on a contractually pre-determined percentage of revenue accounted for 44% and 42% of revenue in the 2025 and 2024 fourth quarters, respectively. R E S U L T S 7.3% 9.0% 14.1% 13.8% Gross Profit (1) and Variable Contribution (2) with Associated Margins Dollars in Millions

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![Slide 16](g85231ex99_2s16g1.jpg)

Slide header Operating Income Percentage of Gross Profit Variable Contribution C H A N G E I N P E R C E N T A G E of Variable Contribution R E S U L T S Operating Income as a Percentage of Gross Profit and Variable Contribution Dollars in Millions Amounts in % 4Q 2024 34.7) Insurance and claims (16.2) Non-cash impairment charges (1.2) SG&A (0.8) Other operating costs 0.0 Depreciation and amortization 1.3 2025 17.8

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![Slide 17](g85231ex99_2s17g1.jpg)

Slide header Return Type Dec 27, 2025 Dec 28, 2024 Equity 13% 20% Invested Capital 12% 18% Assets 7% 11% N E T C A S H (1) with Debt to Capital (2) as of date indicated S O U R C E S / U S E S O F C A S H Year-to-date as of date indicated Cash Flow Type 4Q 2025 4Q 2024 Cash flow from operations $224.9 $286.6 Capital expenditures $9.9 $31.0 Free cash flow (3) $215.0 $255.6 Share repurchases $179.9 $81.4 Dividends paid $124.8 $120.5 R E T U R N S Trailing 12 months as of date indicated Net cash is defined as cash and cash equivalents of $396.7 million plus short term investments of $55.5 million less outstanding debt of $76.8 million as of December 27, 2025. As of December 28, 2024, net cash was cash and cash equivalents of $515.0 million plus short term investments of $51.6 million less outstanding debt of $102.3 million. Capital is defined as total debt plus total shareholders' equity. Free cash flow is defined as cash flow from operations less cash capital expenditures. 9% 10% Key Balance Sheet and Cash Flow Statistics Dollars in Millions

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![Slide 18](g85231ex99_2s18g1.jpg)

Frank Lonegro Chief Executive Officer 4Q 2025 Closing Remarks

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![Slide 19](g85231ex99_2s19g1.jpg)

Slide header Current Market Update and Historical Trends Ü Current Market Update - January 2026 business activity: – Truck Loads: January approximately 1% below January 2025 – Essentially in line with typical December to January month-to-month historical trends – Truck Revenue per Load: January approximately 4% above January 2025 – Modestly above typical December to January month-to-month historical trends Historical Trends - Pre-pandemic historical seasonality patterns would normally yield: – Truck Revenue: Mid-single digit to high-single digit decrease from 4Q to 1Q – Truck Loads: 4% decline 4Q to 1Q – Truck Revenue per Load: 4% decline 4Q to 1Q

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![Slide 20](g85231ex99_2s20g1.jpg)

4Q 2025 Appendix

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![Slide 21](g85231ex99_2s21g1.jpg)

Slide header Revenue Breakdown by Service Type P E R C E N T A G E O F R E V E N U E 4Q 2 0 2 5 by Service Type LTL — 2% T R U C K L O A D Van — 48%, Unsided/Platform — 34% OTHER TRUCK — 8% T R U C K T R A N S P O R T A T I O N RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 4% CHANGE IN SHARE SINCE 4Q 2024 Van Equipment Unsided/ Platform Equipment LTL Other Truck Transportation Rail Intermodal Ocean/ Air cargo All Other 49% Ü 48% 30% Ü 34% 2% Ü 2% 8% Ü 8% 2% Ü 2% 7% Ü 4% 2% Ü 2% ALL OTHER — 2%

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![Slide 22](g85231ex99_2s22g1.jpg)

Slide header Truckload Loadings and Revenue per Truckload Trends U N S I D E D / P L A T F O R M V A N NUMBER OF LOADS REVENUE PER LOAD NUMBER OF LOADS REVENUE PER LOAD

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![Slide 23](g85231ex99_2s23g1.jpg)

Slide header Revenue – Fiscal Year Dollars in Millions Revenue Source Rate (1) Vol. (2) Chg. Truck 0.6% (0.9%) (0.2%) Rail Intermodal (3.5%) 7.2% 3.4% Ocean/Air (7.8%) (9.6%)) (16.7%) Insurance Premiums N/A N/A (7.3%) Total Revenue — — (1.6%) R E S U L T S V A R I A N C E Percentage change in rate is calculated on a revenue per load basis. Percentage change in volume is calculated on the number of loads hauled.

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![Slide 24](g85231ex99_2s24g1.jpg)

Slide header Gross Profit and Variable Contribution – Fiscal Year with Associated Margins Dollars in Millions Gross Profit Variable Contribution Amounts in % 2025 2024 14.1 Revenue – Fixed (1) 0.0 Revenue – Variable 0.0 Change in Mix/Other 0.0 2025 14.1 C H A N G E I N V C M A R G I N Revenue on transactions where the Company's variable contribution margin was based on a contractually pre-determined percentage of revenue accounted for 43% of revenue in both the 2025 and 2024 fiscal year periods. R E S U L T S 8.5% 9.5% 14.1% 14.1%

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![Slide 25](g85231ex99_2s25g1.jpg)

Slide header Operating Income – Fiscal Year as a Percentage of Gross Profit and Variable Contribution Dollars in Millions Operating Income Percentage of Gross Profit Variable Contribution C H A N G E I N P E R C E N T A G E of Variable Contribution R E S U L T S Amounts in % 2025 2024 36.5) Insurance and claims (7.3) Non-cash impairment charges (4.8) SG&A (2.5) Other operating costs (0.6) Depreciation and amortization 1.4 2025 22.7

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![Slide 26](g85231ex99_2s26g1.jpg)

Slide header Reconciliation of Gross Profit to Variable Contribution Dollars in Thousands Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company's independent commission sales agents, third party capacity providers, and customers, included as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income. Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company's Consolidated Statements of Income. 2010 2011 2009 % Proj % Plan % External Revenue #REF! #REF! #REF! Purchased Transportation 0 #REF! 0 #REF! #REF! #REF! Commissions to Agents 0 #REF! 0 #REF! #REF! #REF! Net Revenue #REF! #REF! #REF! #REF! #REF! #REF! Investment Income 0 #REF! #VALUE! #VALUE! #REF! 1.1% Other Operating Costs #REF! #REF! #REF! #REF! #REF! #REF! Insurance Expense #REF! #REF! #REF! #REF! #REF! #REF! SG&A #REF! #REF! #REF! #REF! #REF! #REF! Depreciation and Amortization #REF! #REF! #REF! #REF! #REF! #REF! Operating Income #REF! #REF! #REF! #REF! #REF! #REF! Interest and Debt Expense #REF! #REF! #REF! Income Before Income Taxes #REF! #REF! #REF! Income Taxes #REF! #REF! #REF! Net Income #REF! #REF! #REF! Diluted Earnings per Share Shares Diluted Earnings per Share % of 2013 % of 2013 % of Fiscal Years Ended Fiscal Quarters Ended Dec 27, Dec 28, Dec 27, Dec 28, 2025 2024 2025 2024 2012 Rev/GP Plan Rev/GP Proj Rev/GP Revenue $4,743,760 $4,819,245 $1,174,469 $1,209,330 External Revenue #REF! #REF! #REF! Costs of revenue: Purchased Transportation #REF! #REF! #REF! #REF! #REF! #REF! Purchased transportation 3,688,343 3,745,241 ,912,582 ,945,857 Commissions to agents ,387,397 ,392,751 95,868 96,950 Variable costs of revenue 4,075,740 4,137,992 1,008,450 1,042,807 Interest and Debt Expense #REF! #REF! #REF! Income Before Income Taxes #REF! #REF! #REF! Trailing equipment depreciation 27,195 27,950 6,366 7,186 Information technology costs (1) 13,675 22,744 2,747 4,629 Insurance-related costs (2) ,161,370 ,115,764 56,748 30,642 Income Taxes #REF! #REF! #REF! Other operating costs 61,586 58,781 14,590 14,643 Other costs of revenue ,263,826 ,225,239 80,451 57,100 Total costs of revenue 4,339,566 4,363,231 1,088,901 1,099,907 Gross profit $,404,194 $,456,014 $85,568 $,109,423 Gross profit margin 8.5% 9.5% 7.3% 0.09 Plus: other costs of revenue ,263,826 ,225,239 80,451 57,100 Variable contribution $,668,020 $,681,253 $,166,019 $,166,523 Variable contribution margin 0.14082078351349983 0.14099999999999999 0.14135664713159735 0.13800000000000001 (1) Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company's independent commission sales agents, third party capacity providers, and customers, included as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income. (2) Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company's Consolidated Statements of Income. 2010 2011 2009 % Proj % Plan % External Revenue #REF! #REF! #REF! Purchased Transportation 0 #REF! 0 #REF! #REF! #REF! Commissions to Agents 0 #REF! 0 #REF! #REF! #REF! Net Revenue #REF! #REF! #REF! #REF! #REF! #REF! Investment Income 0 #REF! #VALUE! #VALUE! #REF! 1.1% Other Operating Costs #REF! #REF! #REF! #REF! #REF! #REF! Insurance Expense #REF! #REF! #REF! #REF! #REF! #REF! SG&A #REF! #REF! #REF! #REF! #REF! #REF! Depreciation and Amortization #REF! #REF! #REF! #REF! #REF! #REF! Operating Income #REF! #REF! #REF! #REF! #REF! #REF! Interest and Debt Expense #REF! #REF! #REF! Income Before Income Taxes #REF! #REF! #REF! Income Taxes #REF! #REF! #REF! Net Income #REF! #REF! #REF! Diluted Earnings per Share Shares Diluted Earnings per Share % of 2013 % of 2013 % of Fiscal Years Ended Fiscal Quarters Ended Dec 27, Dec 28, Dec 27, Dec 28, 2025 2024 2025 2024 2012 Rev/GP Plan Rev/GP Proj Rev/GP Revenue $4,743,760 $4,819,245 $1,174,469 $1,209,330 External Revenue #REF! #REF! #REF! Costs of revenue: Purchased Transportation #REF! #REF! #REF! #REF! #REF! #REF! Purchased transportation 3,688,343 3,745,241 ,912,582 ,945,857 Commissions to agents ,387,397 ,392,751 95,868 96,950 Variable costs of revenue 4,075,740 4,137,992 1,008,450 1,042,807 Interest and Debt Expense #REF! #REF! #REF! Income Before Income Taxes #REF! #REF! #REF! Trailing equipment depreciation 27,195 27,950 6,366 7,186 Information technology costs (1) 13,675 22,744 2,747 4,629 Insurance-related costs (2) ,161,370 ,115,764 56,748 30,642 Income Taxes #REF! #REF! #REF! Other operating costs 61,586 58,781 14,590 14,643 Other costs of revenue ,263,826 ,225,239 80,451 57,100 Total costs of revenue 4,339,566 4,363,231 1,088,901 1,099,907 Gross profit $,404,194 $,456,014 $85,568 $,109,423 Gross profit margin 8.5% 9.5% 7.3% 0.09 Plus: other costs of revenue ,263,826 ,225,239 80,451 57,100 Variable contribution $,668,020 $,681,253 $,166,019 $,166,523 Variable contribution margin 0.14082078351349983 0.14099999999999999 0.14135664713159735 0.13800000000000001 (1) Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company's independent commission sales agents, third party capacity providers, and customers, included as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income. (2) Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company's Consolidated Statements of Income.

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![Slide 27](g85231ex99_2s27g1.jpg)

Slide header Free Cash Flow with Stock Purchases and Dividends Dollars and Shares in Millions 5 – Y E A R S U M M A R Y Cash Flow Item 2021 2022 2023 2024 2025 Cash flow from operations $277 $623 $394 $287 $225 Cash capital expenditures $24 $26 $26 $31 $10 Free cash flow $253 $597 $368 $256 $215 Share repurchases $123 $286 $54 $81 $180 Dividends paid $112 $116 $117 $120 $125 Common share count(1) 37.7 35.9 35.7 35.3 34.1 Common share count as of the end of the applicable period.

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Slide header DOT Accident (1) Frequency per Million Miles Traveled by BCOs 5 – Y E A R S U M M A R Y A "DOT Accident" is defined, consistent with U.S. 49 CFR 390.5T, as an occurrence involving a commercial motor vehicle operating on a highway in interstate or intrastate commerce that results in a fatality, a bodily injury to a person who, as a result of the injury, immediately receives medical treatment away from the scene of the accident, or one or more motor vehicles incurring disabling damage as a result of the accident, requiring the motor vehicle(s) to be transported away from the scene by a tow truck or by other motor vehicle, but does not include an occurrence involving only boarding and alighting from a stationary motor vehicle or an occurrence involving only the loading or unloading of cargo.

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Date Landstar System, Inc. Earnings Conference Call 4Q 2025