Revenue from trucking operations at Landstar has increased for the first time in close to 3 years.
Landstar System Reports Q2 2025 Earnings, Highlights Resilience Amid Challenging Freight Environment
Landstar System, Inc., a leading provider of integrated transportation management solutions, recently announced its Q2 2025 earnings, showcasing solid profitability despite a year-over-year revenue decline of about 1%.
The company reported earnings per share (EPS) of $1.20, beating analyst expectations of $1.17. Total revenue for the quarter was $1.211 billion, a decrease of approximately 1% compared to the same period last year.
Truck revenue per load increased sequentially by 3.2%, outperforming typical seasonal trends, indicating improved operational efficiency. Truck transportation revenue, which includes loads hauled by independent business capacity owners (BCOs) using van, unsided/platform, and less-than-truckload equipment, rose 1.1% sequentially to $1.12 billion, representing 92% of total revenue.
Gross BCO additions were the highest in seven quarters, up 12.5% year-over-year and 9.5% sequentially. The net BCO truck count remained essentially flat sequentially, marking the best performance since Q2 2022. The heavy haul segment grew robustly by 9% in revenue.
Equipment utilization, particularly with unsided/platform equipment loads, showed strong performance. Landstar's management highlighted safety, service, and a focus on operational excellence amid a challenging freight environment.
Looking ahead to Q3 2025, Landstar refrained from giving formal guidance due to market uncertainty. However, management expressed confidence in its network's ability to maintain stable performance based on current operational trends and customer diversification.
The company continued a shareholder return program with stock repurchases and declared a quarterly dividend of $0.40 per share, reflecting financial strength and confidence in ongoing cash flow.
Key Points Summary
- Earnings per share (EPS): $1.20 (beat analyst expectations of $1.17)
- Total revenue: $1.211 billion (down ~1% YoY)
- Truck revenue per load: +3.2% sequential increase (Q1 to Q2 2025)
- Truck transportation revenue: $1.12 billion, +1.1% sequential growth; 92% of revenue
- Equipment utilization: Strong performance especially with unsided/platform loads
- Net BCO truck count: Stable sequentially (best since Q2 2022)
- Heavy haul segment revenue: +9% YoY growth
- Q3 expectations: No formal guidance given; emphasis on stability and operational focus
- Shareholder returns: Continue stock buyback and quarterly dividend ($0.40/share)
[1] [2] [3] [4] These sources provide additional details about Landstar's Q2 2025 performance and outlook, including insights into truck capacity, revenue from loads brokered by other companies, attrition among core carriers, and more.
This data reflects Landstar’s continued resilience and operational improvements despite the challenging freight environment, driven by strong independent agent and BCO execution and a diversified customer base.
- In the challenging freight environment, Landstar System managed to tender rejections to some clients, maintaining operational excellence and focusing on supply chain efficiency.
- In terms of financials, Landstar System's spot rates showed growth as the company continued its shareholder return program, demonstrating robustness in the business and technology sectors.
- As Landstar System looks ahead to Q3 2025, they will focus on maintaining stable performance, ensuring that their diversified finance strategy and advanced technology infrastructure remain a key strength in their supply chain.
