EX-99.2
Date Landstar System, Inc. Earnings
Conference Call 1Q 2026 Exhibit 99.2
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. Terms such as “anticipates,”
“believes,” “estimates,” “intention,” “expects,” “plans,” “predicts,” “may,” “should,” “could,” “would,” “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: the operational, financial or legal risks or uncertainties
detailed in Landstar’s Form 10-K for the 2025 fiscal year, 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. 1Q 2026
Non-GAAP Financial Measures 1Q 2026 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 2026 and 2025 first quarters is included in this slide presentation within the Appendix.
Frank Lonegro Chief Executive Officer
1Q 2026 Executive Summary
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 1Q revenue performance 3% increase in truck transportation revenue over 1Q 2025, primarily attributable to an 8% increase in unsided/platform revenue Improving financial metrics
and EPS 14% increase in gross profit and a 7% increase in variable contribution over 1Q 2025 10% increase in BCO utilization over 1Q 2025 First year over year increase in variable contribution since the third quarter of 2022 Improved earnings per
share performance 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 1Q
2026 1Q 2025 Chg. Revenue $ 1,171.3 $ 1,152.5 1.6% Operating Income $ 53.2 $ 39.4 35.1% Earnings per Share $ 1.16 $ 0.85 36.5%
Frank Lonegro Chief Executive Officer
1Q 2026 Network and Capacity
Slide header $1.08B Truck Revenue 474K
Truck Loadings $2,285 Truck Revenue per Load 457 Million $ Agents* 8,476 BCO Trucks 65,067 Carriers 17,200+ Trailers 0.64 DOT Accidents per Million Miles** * Based on 2025 fiscal year **See definition of DOT accidents within the Appendix 1Q R E S U
L T S L A N D S T A R N E T W O R K Agents ~980 Customers 20,000+ Capacity 72,000+ Employees* ~1,300 Landstar Network and 1Q Truckload Operating Results * Excluding LSTR Metro
Truck Capacity All information is
provided as of the end of the applicable period 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 $60.4 million and $54.2 million in the 2026 and 2025 first 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 Mar 28, 2026 Dec 27, 2025 Mar 29, 2025 BCO Independent Contractors 7,663 7,712 7,871 Truck Brokerage Carriers Approved and Active (1) 37,647 36,852 47,323 Other Approved 27,420 25,938 33,275 Total
Truck Brokerage Carriers 65,067 62,790 80,598 Total Available Truck Capacity Providers 72,730 70,502 88,469 Trucks Provided by BCO Independent Contractors 8,476 8,514 8,620
Jim Todd Chief Financial Officer 1Q
2026 Financial Results
Slide header Revenue Source Rate
(1) Vol. (2) Chg. Truck 5.6% (2.3%) 3.1% Rail Intermodal 3.1% 7.2% 10.4% Ocean/Air (0.7%) (26.4%)) (26.9%) Insurance Premiums N/A N/A (3.2%) 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. Revenue Dollars in Millions
Slide header Revenue Share Y-O-Y
Change 1Q 2026 1Q 2025 Market Segment in Revenue 28.9 29.0 Consumer Durables 1 16.3 14.4 Machinery 16 9.2 8.7 Building Products 7 8.5 9.1 Automotive (6) 7.3 7.2 AA&E, Hazmat 3 7.0 7.3 Electrical (2) 4.9 5.1 Metals (2) 2.6 2.7 Foodstuffs (1) 1.7
2.0 Substitute Line Haul (13) 13.6 14.5 Other (5) Transportation logistics revenue up 2% Y-O-Y Revenue Variances by Industry Served with Revenue Share Indicated Amounts in Percent
Slide header Gross Profit Variable
Contribution Amounts in % 1Q 2025 14.0 Change in Mix/Other 0.5 Revenue – Variable 0.1 Revenue – Fixed (3) 0.1 2026 14.7 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 45% and 42% of revenue in the 2026 and 2025 first quarters,
respectively. R E S U L T S 9.6% 8.5% 14.7% 14.0% Gross Profit (1) and Variable Contribution (2) with Associated Margins Dollars in Millions
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 % 1Q 2025 24.4)
Insurance and claims 3.5 SG&A 2.8 Depreciation and amortization 1.5 Other operating costs (1.3) 2026 30.9
Slide header Return Type Mar 28,
2026 Mar 29, 2025 Equity 14% 18% Invested Capital 13% 17% Assets 7% 10% 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 1Q 2026 1Q 2025 Cash flow
from operations $ 78.2 $ 55.7 Capital expenditures $ 5.8 $ 1.9 Free cash flow (3) $ 72.4 $ 53.8 Share repurchases $ 22.4 $ 60.4 Dividends paid $ 81.7 $ 83.3 R E T U R N S Trailing 12 months as of date indicated Net cash is defined as cash and cash
equivalents of $353.3 million plus short term investments of $57.7 million less outstanding debt of $69.3 million as of March 28, 2026. As of March 29, 2025, net cash was cash and cash equivalents of $417.4 million plus short term investments of
$56.0 million less outstanding debt of $94.0 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. 8% 9% Key Balance Sheet and Cash
Flow Statistics Dollars in Millions
Frank Lonegro Chief Executive
Officer 1Q 2026 Closing Remarks
Slide header Current Market Update
and Historical Trends Ü Current Market Update - April 2026 business activity: – Truck Loads: April approximately equal to April 2025 – Essentially in-line with typical March to April month-to-month historical trends – Truck
Revenue per Load: April approximately 13% above April 2025 – Significantly above typical March to April month-to-month historical trends Historical Trends - Pre-pandemic historical seasonality patterns would normally yield: – Truck
Revenue: Mid-single digit to high-single digit increase from 1Q to 2Q – Truck Loads: 7% increase 1Q to 2Q – Truck Revenue per Load: 2% increase 1Q to 2Q
1Q 2026 Appendix
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 1Q 2 0 2 6 by Service Type LTL — 2% T R U C K L O A D Van — 52%, Unsided/Platform — 31% OTHER TRUCK — 7% 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 MIX SINCE 1Q 2025 Van Equipment Unsided/ Platform Equipment LTL Other Truck Transportation Rail Intermodal Ocean/ Air cargo All Other 52% Ü 52% 30% Ü 31% 2% Ü 2% 8% Ü 7% 2% Ü 2% 6%
Ü 4% 2% Ü 2% ALL OTHER — 2%
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
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 Thirteen Weeks Ended December 25, December 26, March 28, March 29, 2021 2020 2026 2025 2012 Rev/GP Plan Rev/GP Proj Rev/GP Revenue
$6,537,568 $4,132,981 $1,171,291 $1,152,502 External Revenue #REF! #REF! #REF! Costs of revenue: Purchased Transportation #REF! #REF! #REF! #REF! #REF! #REF! Purchased transportation 5,114,667 3,192,850 ,906,997 ,897,878 Commissions to agents
,507,209 ,340,780 92,143 93,314 Variable costs of revenue 5,621,876 3,533,630 ,999,140 ,991,192 Interest and Debt Expense #REF! #REF! #REF! Income Before Income Taxes #REF! #REF! #REF! Trailing equipment depreciation 35,204 34,892 6,268 6,977
Information technology costs (1) 13,560 9,791 2,603 3,675 Insurance-related costs (2) ,109,387 90,778 35,938 40,524 Income Taxes #REF! #REF! #REF! Other operating costs 36,531 30,463 14,800 11,829 Other costs of revenue ,194,682 ,165,924 59,609
63,005 Total costs of revenue 5,816,558 3,699,554 1,058,749 1,054,197 Gross profit $,721,010 $,433,427 $,112,542 $98,305 Gross profit margin 0.11028718936460775 0.10487031031596807 9.6% 8.5% Plus: other costs of revenue ,194,682 ,165,924 59,609
63,005 Variable contribution $,915,692 $,599,351 $,172,151 $,161,310 Variable contribution margin 0.14006615304039668 0.14501663569225215 0.14699999999999999 0.13996504995219097 (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 Thirteen
Weeks Ended December 25, December 26, March 28, March 29, 2021 2020 2026 2025 2012 Rev/GP Plan Rev/GP Proj Rev/GP Revenue $6,537,568 $4,132,981 $1,171,291 $1,152,502 External Revenue #REF! #REF! #REF! Costs of revenue: Purchased Transportation #REF!
#REF! #REF! #REF! #REF! #REF! Purchased transportation 5,114,667 3,192,850 ,906,997 ,897,878 Commissions to agents ,507,209 ,340,780 92,143 93,314 Variable costs of revenue 5,621,876 3,533,630 ,999,140 ,991,192 Interest and Debt Expense #REF! #REF!
#REF! Income Before Income Taxes #REF! #REF! #REF! Trailing equipment depreciation 35,204 34,892 6,268 6,977 Information technology costs (1) 13,560 9,791 2,603 3,675 Insurance-related costs (2) ,109,387 90,778 35,938 40,524 Income Taxes #REF! #REF!
#REF! Other operating costs 36,531 30,463 14,800 11,829 Other costs of revenue ,194,682 ,165,924 59,609 63,005 Total costs of revenue 5,816,558 3,699,554 1,058,749 1,054,197 Gross profit $,721,010 $,433,427 $,112,542 $98,305 Gross profit margin
0.11028718936460775 0.10487031031596807 9.6% 8.5% Plus: other costs of revenue ,194,682 ,165,924 59,609 63,005 Variable contribution $,915,692 $,599,351 $,172,151 $,161,310 Variable contribution margin 0.14006615304039668 0.14501663569225215
0.14699999999999999 0.13996504995219097 (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.
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.
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.
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
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
Date Landstar System, Inc. Earnings
Conference Call 1Q 2026
