Landstar System, Inc. (LSTR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del transporte y la logística, Landstar System, Inc. (LSTR) surge como una potencia tecnológica, revolucionando el corretaje de carga a través de su innovador modelo de negocio. Al conectar a la perfección agentes, transportistas y clientes independientes a través de una plataforma digital de vanguardia, LandStar ha transformado la gestión tradicional del transporte en un ecosistema flexible basado en datos que ofrece un valor sin precedentes en múltiples industrias. Su enfoque único aprovecha la tecnología, la optimización de la red y las asociaciones estratégicas para proporcionar soluciones logísticas integrales que van mucho más allá de la simple coincidencia de carga.

Landstar System, Inc. (LSTR) - Modelo de negocio: asociaciones clave

Agentes independientes y proveedores de capacidad

A partir de 2024, Landstar opera con aproximadamente 13,500 agentes independientes y más de 59,000 proveedores de capacidad de camiones. Estos contratistas independientes generan ingresos anuales de $ 4.75 mil millones para la compañía.

Categoría de asociación	Número de socios	Contribución anual de ingresos
Agentes independientes	13,500	$ 2.3 mil millones
Proveedores de capacidad de camiones	59,000	$ 2.45 mil millones

Logística de terceros (3PL) y redes de corretaje de carga

Landstar mantiene asociaciones estratégicas con más de 250 proveedores de logística de terceros en América del Norte. Estas asociaciones generan aproximadamente $ 1.2 mil millones en ingresos anuales de la red.

• Cobertura de red que abarca 48 Estados Unidos contiguos
• Soluciones logísticas integradas en múltiples modos de transporte
• Capacidades de seguimiento en tiempo real y gestión de carga digital

Proveedores de soluciones de tecnología y software

Las asociaciones de tecnología clave incluyen colaboraciones con:

• Infraestructura de Oracle Cloud
• Microsoft Azure
• Sistemas de planificación de recursos de SAP Enterprise

Inversión tecnológica anual: $ 42 millones

Socios de gestión de seguros y riesgos

Proveedor de seguros	Tipo de cobertura	Prima anual
Grupo de seguros de Zurich	Seguro de carga y responsabilidad	$ 18.5 millones
Transporte de AIG	Flota y riesgo operativo	$ 22.3 millones

Empresas de consultoría de transporte y cadena de suministro

Landstar colabora con 35 empresas de consultoría estratégica, invirtiendo $ 6.7 millones anuales en asociaciones de optimización de la cadena de suministro e innovación tecnológica.

• Consultoría de la cadena de suministro de Gartner
• Soluciones de transporte de McKinsey
• Asesor de logística de Deloitte

Landstar System, Inc. (LSTR) - Modelo de negocio: actividades clave

Corretaje de carga y gestión de transporte

Landstar opera con más de 13,000 contratistas independientes y más de 1,100 ubicaciones de agencias. En 2023, la compañía administró aproximadamente 471,000 cargas totales por trimestre con $ 5.2 mil millones en ingresos de los servicios de transporte.

Categoría de servicio	Volumen de carga anual	Impacto de ingresos
Transporte de camiones	1,884,000 cargas	$ 3.8 mil millones
Transporte intermodal	312,000 cargas	$ 840 millones

Plataforma digital y desarrollo de tecnología

Landstar invirtió $ 42.3 millones en infraestructura tecnológica en 2023. Su plataforma digital procesa más del 95% de las transacciones de carga electrónicamente.

• Plataforma digital LNET
• Sistemas de seguimiento en tiempo real
• Algoritmos de coincidencia de carga avanzada

Coordinación de la red y optimización logística

Landstar administra una red de más de 68,000 proveedores de capacidad de transporte con un 99.4% de rendimiento de entrega a tiempo.

Métrico de red	2023 rendimiento
Portadores de red totales	68,432
Eficiencia de carga promedio	92.7%

Gestión de la relación con el cliente

Landstar sirve a más de 12,500 clientes activos con una tasa de retención de clientes del 87.3% en 2023.

Servicios de evaluación de riesgos y coincidencia de carga

La Compañía procesa evaluaciones de riesgos para el 100% de los proveedores de transporte, con un tiempo de calificación promedio de operadores de 24 horas.

• Verificación de antecedentes integrales del operador
• Monitoreo del rendimiento en tiempo real
• Verificación de seguro automatizado

Landstar System, Inc. (LSTR) - Modelo de negocio: recursos clave

Plataforma de tecnología de gestión de transporte avanzada

Landstar opera una sofisticada infraestructura tecnológica valorada en $ 89.3 millones en inversiones tecnológicas a partir de 2023. La plataforma admite el seguimiento en tiempo real, la gestión de la carga y la coincidencia de carga digital.

Inversión tecnológica	Presupuesto de tecnología anual	Capacidades de la plataforma digital
$ 89.3 millones	$ 12.7 millones	Sistemas de seguimiento en tiempo real

Extensa red de agentes y operadores independientes

Landstar mantiene una red robusta que comprende:

• 6.300 agentes independientes
• 58,000 proveedores de capacidad de transporte contratados
• Más del 95% de los operadores son operadores de propietarios

Fuertes relaciones con los clientes y reputación

La tasa de retención de clientes es de 92.4%, con una duración promedio de la relación con el cliente de 7.6 años.

Análisis de datos y capacidades de modelado predictivo

Capacidad de procesamiento de datos	Inversión de análisis predictivo	Modelos de aprendizaje automático
3.2 petabytes/año	$ 5.6 millones	17 modelos predictivos avanzados

Modelo de negocio flexible y escalable

Métricas financieras que demuestran escalabilidad:

• Flexibilidad de ingresos: ingresos totales de $ 4.1 mil millones en 2023
• Margen operativo: 14.3%
• Modelo de luz de activo con una estructura de costo variable de 99.8%

Landstar System, Inc. (LSTR) - Modelo de negocio: propuestas de valor

Soluciones integrales de transporte y logística

Landstar generó $ 5.2 mil millones en ingresos en 2023, proporcionando servicios de transporte de extremo a extremo en múltiples modos. La compañía opera con 13,000 propietarios de capacidad comercial independiente y más de 69,000 proveedores de transporte externos.

Categoría de servicio	Contribución anual de ingresos
Transporte de camiones	$ 3.8 mil millones
Transporte intermodal	$ 780 millones
Flete de océano y aire	$ 620 millones

Coincidencia y optimización de carga basada en tecnología

La plataforma de tecnología de Landstar procesa aproximadamente 68,000 solicitudes de carga diariamente, con una eficiencia de coincidencia digital del 94.3%.

• La plataforma de tecnología Compass maneja la optimización de carga en tiempo real
• 97.2% Rendimiento de entrega a tiempo
• Tiempo promedio de procesamiento de carga: 22 minutos

Capacidad flexible y opciones de transporte multimodal

LandStar mantiene una red de transporte diversa con $ 1.2 mil millones invertidos en infraestructura tecnológica que respalda las capacidades multimodales.

Modo de transporte	Capacidad anual
Carga de camiones	420,000 cargas
Intermodal	185,000 cargas
Transporte especializado	95,000 cargas

Seguimiento y visibilidad en tiempo real para los clientes

El sistema de seguimiento digital de Landstar monitorea el 99.6% de los envíos en tiempo real, con una frecuencia de actualización de ubicación promedio de 15 minutos.

Mitigación de riesgos y gestión eficiente de la cadena de suministro

La compañía mantiene $ 750 millones en cobertura de seguro y brinda servicios de gestión de riesgos de cadena de suministro para 4.200 clientes de nivel empresarial.

• Tasa de resolución de reclamos 99.8%
• Tiempo de procesamiento promedio de reclamos: 48 horas
• $ 50 millones invertidos en tecnologías de gestión de riesgos

Landstar System, Inc. (LSTR) - Modelo de negocio: relaciones con los clientes

Servicio personalizado a través de la red de agentes independientes

Landstar opera con aproximadamente 12.500 agentes independientes a partir de 2023, proporcionando soluciones de transporte personalizadas. Estos agentes administraron más de 68,000 proveedores de capacidad en su red.

Métricas de agente	2023 datos
Agentes independientes totales	12,500
Proveedores de capacidad total	68,000

Plataformas de autoservicio digital y aplicaciones móviles

Las plataformas digitales de Landstar permiten el seguimiento y la gestión en tiempo real, con 99.4% Capacidad de reserva de carga digital a través de sus sistemas tecnológicos integrados.

• Plataforma de carga digital de carga de carga
• Aplicación móvil para seguimiento de envío en tiempo real
• Sistemas de citas y reservas en línea

Gestión de cuentas dedicada

La compañía atiende a más de 16,500 clientes en varias industrias, con equipos especializados de gestión de cuentas que se centran en segmentos específicos del mercado.

Comunicación y apoyo continuos

Landstar mantiene centros de atención al cliente 24/7, manejando aproximadamente 250,000 transacciones de envío mensualmente con un tiempo de respuesta promedio de 15 minutos.

Gestión de relaciones basada en el desempeño

En 2023, Landstar logró una tasa de retención de clientes del 87.3%, con un valor promedio de por vida del cliente de $ 1.2 millones por cliente empresarial.

Métrico de rendimiento	Valor 2023
Tasa de retención de clientes	87.3%
Valor promedio de por vida del cliente	$1,200,000

Landstar System, Inc. (LSTR) - Modelo de negocio: canales

Plataforma de gestión de transporte en línea

Landstar opera el Landstar Link Plataforma digital, que procesó 3,2 millones de transacciones de carga en 2022. La plataforma admite el seguimiento y la gestión de carga en tiempo real para más de 15,500 agentes independientes y más de 40,000 operadores contratados.

Métrica de plataforma	Valor 2022
Transacciones de carga totales	3.2 millones
Agentes independientes activos	15,500+
Operadores contratados	40,000+

Red de agentes independientes

La red de Landstar comprende 15,500 agentes independientes a partir de 2022, generando $ 4.1 mil millones en ingresos a través de sus servicios de transporte y logística.

Equipo de ventas directas

La compañía mantiene una fuerza de ventas dedicada centrada en las soluciones de transporte B2B, con aproximadamente 250 representantes de ventas directas en múltiples regiones.

Aplicaciones móviles

LandStar proporciona aplicaciones móviles para:

• Seguimiento de carga en tiempo real
• Comunicación del conductor
• Gestión de documentación electrónica

Centros de atención al cliente

Landstar opera 4 centros de atención al cliente primarios ubicados en:

• Jacksonville, Florida (sede)
• Chicago, Illinois
• Los Ángeles, California
• Dallas, Texas

Canal de soporte	Volumen de contacto anual
Soporte telefónico	1.2 millones
Soporte por correo electrónico	380,000
Chat en línea	210,000

Landstar System, Inc. (LSTR) - Modelo de negocio: segmentos de clientes

Empresas manufactureras

Landstar atiende a clientes manufactureros en varias industrias con soluciones de transporte y logística.

Segmento de la industria	Volumen anual de flete	Valor de envío promedio
Fabricación de maquinaria	42,500 envíos	$ 87,600 por envío
Fabricación electrónica	35,200 envíos	$ 63,400 por envío

Empresas minoristas y de comercio electrónico

Landstar ofrece servicios de transporte críticos para cadenas de suministro de comercio minorista y en línea.

• Volumen anual de flete minorista: 78.300 envíos
• Soporte de logística de comercio electrónico: 62% de la base de clientes minoristas
• Tamaño promedio de envío: $ 45,200

Sectores automotrices e industriales

Soluciones de transporte especializadas para clientes industriales automotrices y pesados.

Sector	Envíos anuales	Contribución de ingresos
Piezas automotrices	29,700 envíos	$ 214 millones
Equipo industrial	22,500 envíos	$ 186 millones

Distribución agrícola y alimentaria

Apoyo logístico integral para cadenas de suministro agrícola y de alimentos.

• Volumen anual de flete agrícola: 24,600 envíos
• Logística de distribución de alimentos: 37,800 envíos
• Capacidad de transporte refrigerado: 22% de la flota total

Clientes de flete especializados y de alto valor

Landstar maneja el flete complejo de alto valor que requiere transporte especializado.

Categoría de flete	Envíos anuales	Valor de envío promedio
Tecnología de alto valor	16,700 envíos	$ 129,500 por envío
Ingeniería de precisión	12.400 envíos	$ 98,700 por envío

Landstar System, Inc. (LSTR) - Modelo de negocio: Estructura de costos

Comisiones de agente y compensación

En el año fiscal 2022, Landstar pagó $ 1.3 mil millones en comisiones de agentes, lo que representa aproximadamente el 22.4% de los ingresos totales. La estructura de compensación incluye:

• Tasas de comisión base que van del 10 al 25% de los ingresos por carga
• Pagos de incentivos basados ​​en el rendimiento
• Niveles de comisión basados ​​en volumen

Categoría de comisión	Cantidad (2022)	Porcentaje de ingresos
Comisiones de agentes totales	$1,300,000,000	22.4%
Tasa de comisión de agentes promedio	15.7%	N / A

Infraestructura y desarrollo tecnológico

Las inversiones tecnológicas para 2022 totalizaron $ 87.4 millones, con áreas de enfoque clave que incluyen:

• Mantenimiento de la infraestructura en la nube
• Desarrollo de software
• Mejoras de ciberseguridad

Categoría de gastos tecnológicos	Cantidad (2022)
Inversiones tecnológicas totales	$87,400,000
Desarrollo de software	$42,300,000
Mantenimiento de la infraestructura	$35,100,000

Marketing y adquisición de clientes

Los gastos de marketing en 2022 fueron de $ 43.2 millones, con asignación estratégica en varios canales.

Categoría de gastos de marketing	Cantidad (2022)
Gastos totales de marketing	$43,200,000
Marketing digital	$18,700,000
Patrocinios de eventos de la industria	$12,500,000

Gastos de gestión de seguros y riesgos

Los costos de gestión de riesgos para 2022 ascendieron a $ 156.7 millones, cubriendo varias categorías de seguros.

Categoría de seguro	Cantidad (2022)
Gastos totales de seguro	$156,700,000
Seguro de carga	$87,300,000
Seguro de responsabilidad civil	$69,400,000

Gastos generales operativos y costos administrativos

Los gastos administrativos para 2022 fueron de $ 212.5 millones, lo que abarca varias funciones de soporte operativo.

Categoría de gastos administrativos	Cantidad (2022)
Gastos administrativos totales	$212,500,000
Costos de personal	$145,800,000
Instalaciones de oficina	$66,700,000

Landstar System, Inc. (LSTR) - Modelo de negocio: flujos de ingresos

Tarifas de corretaje de transporte

En 2023, Landstar System, Inc. reportó ingresos totales de $ 5.1 mil millones. Las tarifas de corretaje de transporte representaron aproximadamente el 85% de los ingresos totales, que representan $ 4.335 mil millones.

Categoría de ingresos	Cantidad (2023)	Porcentaje
Tarifas de corretaje de transporte	$ 4.335 mil millones	85%

Cargos de servicio tecnológico

Landstar genera cargos de servicio tecnológico a través de su plataforma de tecnología de información patentada. En 2023, estos cargos contribuyeron aproximadamente $ 127.5 millones a los ingresos totales.

• Tarifas de tecnología de plataforma Insight
• Servicios de seguimiento de carga digital
• Sistemas de comunicación en tiempo real

Ingresos de coincidencia de carga y optimización

Los servicios de coincidencia de carga generaron $ 102.3 millones en 2023, lo que representa el 2% de los ingresos totales de la compañía.

Servicios de emparejamiento de carga	Ganancia	Porcentaje de ingresos totales
Plataforma de coincidencia de carga digital	$ 102.3 millones	2%

Servicios de logística de valor agregado

Los servicios de logística de valor agregado contribuyeron con $ 204.6 millones a los ingresos de Landstar en 2023, lo que representa el 4% de los ingresos totales.

• Servicios de consolidación de flete
• Soluciones logísticas personalizadas
• Optimización de la cadena de suministro

Ingresos de incentivos basados ​​en el rendimiento

Los ingresos por incentivos basados ​​en el desempeño ascendieron a $ 330.6 millones en 2023, lo que representa el 6.5% de los ingresos totales de la compañía.

Tipo de incentivo	Ganancia	Porcentaje
Incentivos basados ​​en el rendimiento	$ 330.6 millones	6.5%

Landstar System, Inc. (LSTR) - Canvas Business Model: Value Propositions

You're looking at the core value Landstar System, Inc. delivers, which is built on a foundation of flexibility and specialized execution, not owning the trucks themselves.

Asset-light model offers defintely superior scalability and flexibility

The asset-light structure is the engine here; it means Landstar System, Inc. can scale capacity up or down without the massive fixed costs of owning a fleet. This is clear when you look at how the revenue flows. For the most recently reported full fiscal year, revenue generated by BCO Independent Contractors was approximately 38% of consolidated revenue, while Truck Brokerage Carriers accounted for 52% in fiscal year 2024. This reliance on third-party capacity gives Landstar System, Inc. its agility. As of September 27, 2025, the company held approximately $434 million in cash and short-term investments. The total employee count is quite lean for the scale of operation, standing at 3,019 total employees as of late 2025.

Here's a snapshot of the revenue composition based on the latest available data:

Revenue Source/Metric	Period/Date	Amount/Percentage
Trailing Twelve-Month Revenue (TTM)	As of 30-Sep-2025	$4.78B
Total Revenue	2Q 2025	$1,211,383 thousand
Truck Transportation Revenue (BCOs & Brokerage Carriers)	2Q 2025	$1,118 million (92% of revenue)
Rail, Air, and Ocean Cargo Carriers Revenue	2Q 2025	$73 million (6% of revenue)
Revenue from Power-Only Services (Other Truck Transportation)	2Q 2025	$101 million

Specialized transportation for oversized and complex loads

Landstar System, Inc. doesn't just move standard freight; they specialize where others can't or won't. This is evident in the performance of their heavy haul offering. For the third quarter of 2025, heavy haul revenue reached approximately $147 million. That figure represents a 17% year-over-year increase compared to the third quarter of 2024. This specialized service saw an 8% increase in volume and a 9% increase in revenue per load for that quarter.

Comprehensive, multi-modal logistics solutions

The value proposition extends beyond North American over-the-road trucking. Landstar System, Inc. offers integrated solutions globally. In the first quarter of 2025, revenue hauled by rail, air, and ocean cargo carriers accounted for 7% of total revenue, totaling $83 million. This grew slightly in the second quarter of 2025, where air and ocean services contributed 6% of revenue, amounting to $73 million.

High safety and security standards (e.g., M.U.S.T. program)

Safety is a stated foundation of the business, and the numbers back up the commitment. For the first nine months of 2025, the reported accident frequency rate was 0.60 DOT reportable accidents per million miles. This is below the company's trailing five-year average of 0.61 or lower. The M.U.S.T. (Mutual Understanding of Safety Together) program, which celebrated its 25th anniversary in 2024, is a key collaboration point.

Key safety and recognition metrics include:

• 1,062 independent Million Mile Safe Drivers and Landstar Roadstar® honorees.
• 40 M.U.S.T. customer meetings held in 2024.
• Over 1,100 Landstar Safety Officers (LSOs) across the network.
• Accident frequency rate for Q1 2025 was 0.69 DOT reportable accidents per million miles.

Personalized service via local independent agents

The personalized touch comes from the network of independent commission sales agents. As of the February 2025 10-K filing, Landstar System, Inc. operated with approximately 1,050 independent commission sales agents. The financial impact of these agents is substantial; revenue generated by Million Dollar Agents (those with over $1 million in revenue) represented 94% of consolidated revenue in fiscal year 2024.

The concentration of this agent performance is high:

• Number of Million Dollar Agents in FY 2024: 485.
• Agents generating at least $10 million in revenue in FY 2024: 81.
• Revenue from those top $10M+ agents in FY 2024: Approximately 67% of consolidated revenue.

The company also recognized nearly $500 million in agent-based revenue in fiscal year 2024.

Landstar System, Inc. (LSTR) - Canvas Business Model: Customer Relationships

The relationship Landstar System, Inc. maintains with its customers is fundamentally built upon the strength and entrepreneurial nature of its independent commission sales agent network, supplemented by targeted high-touch service for major accounts and modern digital enablement.

Dedicated support from independent commission agents

The primary interface for most Landstar System, Inc. customers is its network of independent commission sales agents. These agents are responsible for locating freight, coordinating transportation, and managing customer relationships, operating as distinct small businesses supported by Landstar's infrastructure. The scale and performance of this network directly translate to customer service quality.

The structure and performance of the agent network as of early 2025 data include:

Metric	Value (Latest Available Data)	Context/Year
Total Agents (Approximate)	1,030	Q1 2025
Million Dollar Agents (>= $1M Revenue)	485	Fiscal Year 2024
Million Dollar Agents Revenue Share	94%	Fiscal Year 2024
Agents Generating >= $10M Revenue	81	Fiscal Year 2024
Revenue Share from Top $10M Agents	67%	Fiscal Year 2024
Agent Network Value Recognized	Nearly $500 million	Q1 2025

Agents are compensated based on a contractually agreed-upon percentage of revenue, generally ranging from 5% and 8% of revenue when the load is hauled by a Business Capacity Owner (BCO) Independent Contractor. To ensure safety and service standards are upheld across this decentralized structure, Landstar System, Inc. requires each independent sales agency to designate a Landstar Safety Officer (LSO), with over 1,100 LSOs operating throughout the network.

High-touch relationship for national and Fortune 500 accounts

For the largest shippers, Landstar System, Inc. deploys a more direct, high-touch service model, recognizing that these accounts often seek to consolidate their carrier base to a few core providers. The company's national account customers include the United States Department of Defense and many companies included in the Fortune 500. This relationship focus is supported by the fact that the top 100 customers accounted for approximately 46% of consolidated revenue in both fiscal years 2023 and 2024.

Customer diversification remains a key feature, as no single customer accounted for more than 7% of the Company's 2024 revenue. As of Q1 2025, the total customer count was over 23,000, with the largest customer still representing no more than 7% of that quarter's revenue.

Digital self-service tools for tracking and quoting

The customer experience is increasingly supported by a suite of digital technologies designed to empower agents and improve coordination with customers. Landstar System, Inc. continues to invest in this ecosystem to maintain its competitive edge in the technology-driven transportation logistics marketplace. The planned investment in information technology for fiscal year 2025 was approximately $14 million.

The digital relationship tools Landstar System, Inc. uses include:

• Landstar TMS: A cloud-based platform for truckload freight agent workflow.
• Blue TMS: A cloud-based platform built for the truckload brokerage contract services market.
• LandstarOne™: An integral part of the operations.

Furthermore, Landstar System, Inc. is actively rolling out artificial intelligence enabled customer service solutions, with AI efforts focused on enhancing agent workflow, specifically around pricing, and improving call center technology to support both BCOs and agents more effectively.

Safety-focused customer outreach programs

Safety is a foundational element that underpins the customer relationship, as high-quality service is tied directly to safe and damage-free transportation. Landstar System, Inc. operationalizes this through measurable, collaborative programs involving employees, agencies, and customers.

Key safety performance and outreach statistics include:

• Accident Frequency Rate: 0.60 DOT reportable accidents per million miles for the first 9 months of 2025.
• This rate is below the last available national average from FMCSA for 2021 and better than the company's trailing 5-year average of 0.61.
• The Mutual Understanding of Safety Together (M.U.S.T.) program celebrated its 25th anniversary in 2024.
• In 2024, Landstar, agents, and customers held 40 M.U.S.T. customer meetings to discuss safety and securement practices.
• The company recognized over 10,000 Star of Quality awards in 2025, acknowledging outstanding service from agents and BCOs.

The company also held 52 regional in-person Landstar Safety Officer (LSO) meetings in 2024 to foster safety throughout the network.

Landstar System, Inc. (LSTR) - Canvas Business Model: Channels

You're looking at how Landstar System, Inc. gets its services-primarily asset-light truck transportation and logistics-to the customer base. This is all about the network effect, connecting agents, capacity providers, and shippers.

Independent Commission Sales Agent network

The agent network is the backbone of Landstar System, Inc.'s customer-facing channel, providing local presence and specialized service coordination. As of the first quarter of 2025, Landstar System, Inc. maintained approximately 1,030 active independent commission sales agents. These agents are crucial because they coordinate transportation plans and secure capacity from the broader network of third-party providers. Management views this geographically dispersed local network as a significant competitive advantage. The variable contribution metric Landstar System, Inc. reports explicitly accounts for commissions paid to these agents, showing their direct financial relationship to the revenue generated.

Here's a snapshot of the network scale as reported in early 2025:

Metric	Value (as of 1Q 2025)	Source Context
Independent Commission Sales Agents	1,030
Customers Served	23,000+
Available Capacity (Trucks/Carriers)	88,000+
Truck Transportation Revenue (2Q 2025)	$1,118 million

The agent network helps Landstar System, Inc. service smaller shippers with a level of service comparable to what larger customers typically receive.

Proprietary digital freight management platform

Landstar System, Inc. emphasizes the use of digital technologies to make the entire network more efficient. This proprietary platform is what links the independent agents and the third-party capacity providers together. While specific usage metrics for the platform aren't broken out, management focuses on integrating these digital tools to enhance operational efficiencies and revenue generation capabilities across the network. The technology supports the core business model, which is non-asset based and relies heavily on information coordination.

Corporate sales team for large national accounts

The structure heavily relies on the independent agents to maintain regular contact with shippers at the local level. However, the scale of the network, which includes access to a wide range of equipment, allows the system to service large national accounts effectively through these local agents. For context on overall scale, the trailing twelve-month revenue as of September 30, 2025, stood at $4.78B.

Cross-border logistics capabilities (Mexico, Canada)

Landstar System, Inc. provides transportation and logistics services between the United States and Canada, and the United States and Mexico. This cross-border business is a distinct component of the overall channel strategy. For the 2024 fiscal year, the company reported specific revenue contributions from these areas:

• US-Mexico cross-border revenue accounted for approximately 11% of consolidated revenue in fiscal year 2024.
• US-Canada cross-border revenue accounted for approximately 4% of consolidated revenue in fiscal year 2024.

Management has highlighted strategic expansions in Mexico as a point of confidence for analysts. The company's direct exposure to freight to and from China is noted as de minimis.

Finance: draft 13-week cash view by Friday.

Landstar System, Inc. (LSTR) - Canvas Business Model: Customer Segments

You're looking at the core of Landstar System, Inc.'s business-who they move freight for, and the scale of those relationships as of late 2025. Landstar System, Inc. serves a highly diversified customer base, which is a key feature of their asset-light model.

Large manufacturing and industrial companies represent a significant portion of the high-volume business. While Landstar System, Inc. does not break out revenue specifically by manufacturing or retail, the concentration of their largest accounts gives us a clear picture of their reliance on major shippers.

• The top 46% of consolidated revenue in fiscal year 2024 came from their top 100 customers.
• This concentration remained at approximately 46% of consolidated revenue in fiscal year 2023.
• Landstar System, Inc. served over 23,000+ customers as of the first quarter of 2025.

For Retail and e-commerce businesses and Government and defense sectors (e.g., U.S. Department of Defense), the data points to broad industry exposure rather than specific segment reporting. The core strength is in domestic truck brokerage, which serves these varied sectors.

The company's truck transportation services were responsible for 90% of consolidated revenue in fiscal year 2024. Services hauled by unsided/platform equipment showed strength, with revenue of $401 million in the second quarter of 2025.

The segment representing Other third-party logistics (3PL) and truck brokers is explicitly tracked as revenue hauled on behalf of other truck transportation companies. This indicates Landstar System, Inc. acts as a capacity provider to competitors or other logistics entities.

• Revenue hauled on behalf of other truck transportation companies was 11% of transportation revenue in the second quarter of 2025.
• This was a decrease from 13% of transportation revenue reported in the second quarter of 2024.

Here's a quick look at the overall revenue composition based on the service type, which reflects the primary channels through which these customer segments are served, using the second quarter of 2025 figures:

Service Type / Channel	Q2 2025 Revenue (Millions USD)	Percentage of Total Revenue (Q2 2025)
Truck Transportation (BCOs/Brokers)	$1,118	92%
Rail, Air, and Ocean Cargo Carriers	$73	6%
Total Revenue (Q2 2025)	$1,211	98% (Excluding internal adjustments)

The trailing twelve-month revenue for Landstar System, Inc. as of September 30, 2025, stood at $4.78 Billion USD. This overall revenue base supports the entire customer segment structure.

Finance: draft 13-week cash view by Friday.

Landstar System, Inc. (LSTR) - Canvas Business Model: Cost Structure

You're looking at the cost side for Landstar System, Inc. (LSTR) as of late 2025, and the structure is dominated by costs directly tied to moving freight. This means costs scale up and down very quickly with business volume; it's defintely an asset-light model at its core.

The highly variable cost structure is primarily driven by the cost of purchased transportation and agent commissions. For the third quarter of 2025, the total of these two major components, calculated as Revenue minus Variable Contribution, amounted to approximately $1,035 million ($1,205 million revenue minus $170 million variable contribution). This massive figure underscores how sensitive profitability is to freight market rates and volume fluctuations.

Agent commissions represent a major variable cost component within that total. Historically, commissions to agents are based on contractually agreed-upon percentages of either revenue, or revenue less the cost of purchased transportation, or a combination thereof. This structure ensures agents are compensated based on the value they help generate.

The fixed-like component, though smaller, is still significant. Selling, General & Administrative (SG&A) costs for the third quarter of 2025 were reported at $57 million. This covers the overhead necessary to run the network, including corporate functions and technology support for the agents.

Here's a quick look at the key cost and margin figures from the Q3 2025 report:

Cost/Metric Category	Amount (Q3 2025)	Comparison Point (Q3 2024)
Total Revenue	$1,205 million	$1,214 million
Variable Contribution	$170 million	$171 million
Gross Profit	$111 million	$113 million
Selling, General & Administrative Costs	$57 million	$51.3 million
Insurance and Claims Costs	$33 million	$30.4 million

You also need to account for other necessary expenditures that support the asset-light structure:

• Insurance and claims management expenses were $33 million in Q3 2025, showing an increase from $30.4 million in Q3 2024, driven by higher severity and prior year development.
• Technology and platform development costs are embedded within SG&A, as agents use proprietary and third-party IT applications provided by Landstar System, Inc.
• The model relies on BCO Independent Contractors paying substantially all operating expenses, including fuel and physical damage insurance, which keeps Landstar System, Inc.'s fixed capital investment low.

Finance: draft 13-week cash view by Friday.

Landstar System, Inc. (LSTR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Landstar System, Inc. brings in money as of late 2025, which is heavily reliant on its asset-light, agent-based model.

The primary engine remains truck transportation services. For the first quarter of 2025, this segment accounted for approximately 91% of total revenue, which was reported at $1.153 billion for that period. By the second quarter of 2025, truck transportation revenue grew to $1.12 billion, representing 92% of the total Q2 revenue of $1.211 billion.

Overall, Landstar System, Inc.'s Trailing Twelve-Month (TTM) Revenue, as of September 27, 2025, stood at $4.78 billion.

Here's a breakdown of the key revenue components based on the most recent detailed quarterly reports:

Revenue Stream Category	Q2 2025 Revenue Amount	Q1 2025 Revenue Amount
Total Revenue	$1.211 billion	$1.153 billion
Truck Transportation Revenue	$1.12 billion	$1.05 billion
Power-Only Services Revenue (part of Truck)	$101 million	$92 million
Intermodal, Ocean, and Air Freight Services Revenue	$73 million	$83 million

The Intermodal, Ocean, and Air Freight services, which Landstar System, Inc. groups together, show some fluctuation. In Q2 2025, this category generated $73 million, which was 6% of the total revenue for the quarter. This compares to $83 million, or 7% of revenue, in Q1 2025. For the third quarter of 2025, this segment was reported at $96 million, or 8% of revenue.

Power-only services are a distinct and growing part of the truck revenue. In Q2 2025, revenue from other truck transportation, which is largely related to power-only services, reached $101 million, a significant increase from $78 million in the prior-year quarter. This segment saw a 30% year-over-year increase in revenue trends in Q2 2025.

Regarding the insurance segment revenue from Signature Insurance Company, the public filings indicate that revenue includes 'primarily reinsurance premium revenue generated by the insurance segment,' but a specific, standalone dollar amount for this segment's revenue stream was not explicitly broken out in the provided Q1 or Q2 2025 summaries.

The revenue streams can be summarized by their contribution focus:

• Truck Transportation (Van, Platform, Power-Only): The core business, representing about 91% of Q1 2025 revenue.
• Power-Only Services: A specific truck service component that grew to $101 million in Q2 2025.
• Intermodal, Ocean, and Air Freight: Contributed $73 million (6%) in Q2 2025.
• TTM Revenue: Totaled $4.78 billion as of September 2025.

Finance: draft 13-week cash view by Friday.