Landstar Reports 3% Revenue Slip Amid Weak Market in Q4

Landstar's approximately $170 million in heavy-haul revenue in Q4 2025 marked a 23% increase over the previous year's level. (Landstar System Inc.)

Landstar System Inc.’s revenue and earnings declined as market challenges continued in the fourth quarter of 2025, the company reported Jan. 28.

The Jacksonville, Fla.-based motor carrier posted net income of $23.9 million, or 70 cents a diluted share, for the three months ending Dec. 27. That compared with $46.2 million, $1.31, during the 2024 period. Total revenue decreased 2.9% to $1.17 billion from $1.21 billion.

“The challenging demand conditions experienced in the truckload freight environment, over the past three years, continued during the 2025 fourth quarter,” Landstar CEO Frank Lonegro said during a call with investors. “Volatile federal trade policy and lingering inflation concerns continued to generate supply chain uncertainty. Nevertheless, the Landstar team of independent business owners and employees performed well.”

Landstar Metro is a subsidiary that provides freight, logistics and cross-border services to customers in Mexico, but leadership revealed earlier in the year it intended to sell the division. Lonegro noted those operations, as well as an agent fraud matter and insurance claim expenses, also negatively impacted Q4 results.

“Nevertheless, we are encouraged by several positive signs,” Lonegro said. “One consistent highlight is the continued strength in the unsided/platform equipment business, which posted another strong quarter with an 11% year-over-year revenue increase. Driven by the performance of Landstar’s heavy-haul service offering, we generated approximately $170 million of heavy-haul revenue during the 2025 fourth quarter, or a 23% increase over the 2024 fourth quarter.”

Lonegro stressed that the company continues to focus on accelerating the business model through various strategic growth initiatives. That means, he noted, continuing to invest in the foundational work that will put Landstar in a better position to leverage the freight environment as it improves.

“The freight environment in the 2025 fourth quarter was characterized by relatively soft demand from a seasonal perspective,” Lonegro said. “The impact of accumulated inflation remains a drag on the amount of truckload freight generated in relation to consumer spending, while the industrial economy remains soft.”

Lonegro considers the revenue performance to be admirable given the market conditions. The number of loads hauled via truck was down about 1%, but even that, he noted, was nearly offset by an increase in truck revenue per load.

“We continue to invest through the cycle in leading technology and AI solutions for the benefit of our network of independent business owners,” Lonegro said, “and have allocated a significant amount of capital this year towards refreshing our fleet of trailing equipment, with a particular focus on investment in new van equipment.”

Landstar earnings Q4 2025

For the full year, Landstar reported net income of $115 million, or $3.31 a share, on revenue of $4.74 billion, compared with net income of $196 million, $5.51, on revenue of $4.82 billion in 2024.

Landstar noted in the earnings report truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers decreased slightly to $1.08 billion from $1.08 billion (dollar values are rounded) the prior year. This represents 92% of revenue and includes truckload operations such as van equipment as well as unsided/platform equipment. It also includes less-than-truckload and other truck transportation operations.

• Truckload transportation revenue hauled via van equipment decreased 6.4% to $559 million from $597 million.
• Truckload transportation revenue hauled via unsided/platform equipment increased 10.7% to $401 million from $362 million.
• Revenue from other truck transportation, which is largely related to power-only services, slipped 5% to $95 million from $100 million.

Revenue from rail, air and ocean cargo carriers decreased 39% to $77 million from $107 million. These operations represent 7% of total revenue.

Landstar ranks No. 11 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 25 on the TT Top 100 logistics companies list.