Landstar System, Inc. (LSTR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de transporte e logística, a Landstar System, Inc. (LSTR) surge como uma potência tecnológica, revolucionando a corretora de frete por meio de seu inovador modelo de negócios. Ao conectar perfeitamente agentes, transportadores e clientes independentes por meio de uma plataforma digital de ponta, a Landstar transformou o gerenciamento tradicional de transporte em um ecossistema flexível e orientado a dados que oferece valor sem precedentes em vários setores. Sua abordagem exclusiva aproveita a tecnologia, a otimização de rede e as parcerias estratégicas para fornecer soluções de logística abrangentes que vão muito além da simples correspondência de carga.

Landstar System, Inc. (LSTR) - Modelo de negócios: Parcerias -chave

Agentes independentes e provedores de capacidade

A partir de 2024, o Landstar opera com aproximadamente 13.500 agentes independentes e mais de 59.000 fornecedores de capacidade de caminhões. Esses contratados independentes geram receita anual de US $ 4,75 bilhões para a empresa.

Categoria de parceria	Número de parceiros	Contribuição anual da receita
Agentes independentes	13,500	US $ 2,3 bilhões
Provedores de capacidade de caminhões	59,000	US $ 2,45 bilhões

Logística de terceiros (3PL) e redes de corretagem de frete

A Landstar mantém parcerias estratégicas com mais de 250 provedores de logística de terceiros em toda a América do Norte. Essas parcerias geram aproximadamente US $ 1,2 bilhão em receita anual da rede.

• Cobertura de rede que abrange 48 Estados Unidos contíguos
• Soluções de logística integradas em vários modos de transporte
• Recursos em tempo real e recursos de gerenciamento de frete digital

Provedores de solução de tecnologia e software

As principais parcerias tecnológicas incluem colaborações com:

• Oracle Cloud Infrastructure
• Microsoft Azure
• Sistemas de planejamento de recursos da SAP Enterprise

Investimento de tecnologia anual: US $ 42 milhões

Parceiros de seguro e gerenciamento de riscos

Provedor de seguros	Tipo de cobertura	Premium anual
Grupo de Seguros de Zurique	Seguro de carga e responsabilidade	US $ 18,5 milhões
Transporte AIG	Frota e risco operacional	US $ 22,3 milhões

Empresas de consultoria de transporte e cadeia de suprimentos

A Landstar colabora com 35 empresas de consultoria estratégica, investindo US $ 6,7 milhões anualmente na otimização da cadeia de suprimentos e parcerias de inovação tecnológica.

• Consultoria da cadeia de suprimentos do Gartner
• McKinsey Transportation Solutions
• Deloitte Logistics Advisory

Landstar System, Inc. (LSTR) - Modelo de negócios: Atividades -chave

Corretagem de frete e gerenciamento de transporte

A Landstar opera com mais de 13.000 contratados independentes e mais de 1.100 locais de agências. Em 2023, a empresa conseguiu aproximadamente 471.000 cargas totais por trimestre, com US $ 5,2 bilhões em receita dos serviços de transporte.

Categoria de serviço	Volume anual de carga	Impacto de receita
Transporte de caminhão	1.884.000 cargas	US $ 3,8 bilhões
Transporte intermodal	312.000 cargas	US $ 840 milhões

Plataforma digital e desenvolvimento de tecnologia

A Landstar investiu US $ 42,3 milhões em infraestrutura de tecnologia em 2023. Sua plataforma digital processa mais de 95% das transações de carga eletronicamente.

• Plataforma digital LNET
• Sistemas de rastreamento em tempo real
• Algoritmos de correspondência de carga avançada

Coordenação de rede e otimização de logística

Landstar gerencia uma rede de mais de 68.000 fornecedores de capacidade de transporte com 99,4% de desempenho de entrega no tempo.

Métrica de rede	2023 desempenho
Total de transportadoras de rede	68,432
Eficiência média de carga	92.7%

Gerenciamento de relacionamento com o cliente

A Landstar atende a mais de 12.500 clientes ativos com uma taxa de retenção de clientes de 87,3% em 2023.

Avaliação de risco e serviços de correspondência de carga

A empresa processa avaliações de risco para 100% dos provedores de transporte, com um tempo médio de qualificação da transportadora de 24 horas.

• Verificações abrangentes de antecedentes da transportadora
• Monitoramento de desempenho em tempo real
• Verificação automatizada do seguro

Landstar System, Inc. (LSTR) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de gerenciamento de transporte avançado

A Landstar opera uma infraestrutura de tecnologia sofisticada, avaliada em US $ 89,3 milhões em investimentos em tecnologia a partir de 2023. A plataforma suporta rastreamento em tempo real, gerenciamento de carga e correspondência digital de frete.

Investimento em tecnologia	Orçamento de tecnologia anual	Recursos de plataforma digital
US $ 89,3 milhões	US $ 12,7 milhões	Sistemas de rastreamento em tempo real

Extensa rede de agentes e transportadores independentes

Landstar mantém uma rede robusta compreendendo:

• 6.300 agentes independentes
• 58.000 provedores de capacidade de transporte contratados
• Mais de 95% das transportadoras são proprietários-operadores

Forte relacionamentos e reputação do cliente

A taxa de retenção de clientes é de 92,4%, com uma duração média do relacionamento com o cliente de 7,6 anos.

Análise de dados e recursos de modelagem preditiva

Capacidade de processamento de dados	Investimento de análise preditiva	Modelos de aprendizado de máquina
3.2 Petabytes/ano	US $ 5,6 milhões	17 modelos preditivos avançados

Modelo de negócios flexível e escalável

Métricas financeiras demonstrando escalabilidade:

• Flexibilidade da receita: Receita total de US $ 4,1 bilhões em 2023
• Margem operacional: 14,3%
• Modelo de luz de ativos com estrutura de custo variável de 99,8%

Landstar System, Inc. (LSTR) - Modelo de negócios: proposições de valor

Soluções abrangentes de transporte e logística

A Landstar gerou US $ 5,2 bilhões em receita em 2023, fornecendo serviços de transporte de ponta a ponta em vários modos. A empresa opera com 13.000 proprietários de capacidade de negócios independentes e mais de 69.000 provedores de transporte de terceiros.

Categoria de serviço	Contribuição anual da receita
Transporte de caminhão	US $ 3,8 bilhões
Transporte intermodal	US $ 780 milhões
Frete oceano e aéreo	US $ 620 milhões

Correspondência e otimização de carga orientada pela tecnologia

A plataforma tecnológica da Landstar processa aproximadamente 68.000 solicitações de carga diariamente, com uma eficiência de correspondência digital de 94,3%.

• A plataforma de tecnologia da Compass lida com otimização de carga em tempo real
• 97,2% de desempenho de entrega no tempo
• Tempo médio de processamento de carga: 22 minutos

Capacidade flexível e opções de transporte multimodal

A Landstar mantém uma rede de transporte diversificada com US $ 1,2 bilhão investido em infraestrutura tecnológica que suporta recursos multimodais.

Modo de transporte	Capacidade anual
Carga de caminhão	420.000 cargas
Intermodal	185.000 cargas
Transporte especializado	95.000 cargas

Rastreamento e visibilidade em tempo real para clientes

O sistema de rastreamento digital da Landstar monitora 99,6% das remessas em tempo real, com uma frequência média de atualização de localização de 15 minutos.

Mitigação de riscos e gerenciamento eficiente da cadeia de suprimentos

A empresa mantém US $ 750 milhões em cobertura de seguro e fornece serviços de gerenciamento de riscos da cadeia de suprimentos para 4.200 clientes em nível corporativo.

• 99,8% da taxa de resolução de reivindicações
• Tempo médio de processamento de reivindicações: 48 horas
• US $ 50 milhões investidos em tecnologias de gerenciamento de riscos

Landstar System, Inc. (LSTR) - Modelo de Negócios: Relacionamentos do Cliente

Serviço personalizado por meio de rede de agentes independentes

A Landstar opera com aproximadamente 12.500 agentes independentes a partir de 2023, fornecendo soluções de transporte personalizadas. Esses agentes administraram mais de 68.000 fornecedores de capacidade em sua rede.

Métricas de agente	2023 dados
Agentes independentes totais	12,500
Provedores de capacidade total	68,000

Plataformas de autoatendimento digital e aplicativos móveis

As plataformas digitais da Landstar permitem rastreamento e gerenciamento em tempo real, com 99,4% de capacidade de reserva de carga digital através de seus sistemas de tecnologia integrados.

• Plataforma de frete digital de loadsmart
• Aplicativo móvel para rastreamento de remessa em tempo real
• Sistemas de citação e reserva on -line

Gerenciamento de conta dedicado

A empresa atende a mais de 16.500 clientes em vários setores, com equipes especializadas de gerenciamento de contas focadas em segmentos de mercado específicos.

Comunicação e suporte contínuos

Landstar mantém os centros de suporte a clientes 24/7, lidando com aproximadamente 250.000 transações de remessa mensalmente com um tempo médio de resposta de 15 minutos.

Gerenciamento de relacionamento baseado em desempenho

Em 2023, o Landstar alcançou uma taxa de retenção de clientes de 87,3%, com um valor médio de vida útil do cliente de US $ 1,2 milhão por cliente corporativo.

Métrica de desempenho	2023 valor
Taxa de retenção de clientes	87.3%
Valor médio de vida útil do cliente	$1,200,000

Landstar System, Inc. (LSTR) - Modelo de Negócios: Canais

Plataforma de gerenciamento de transporte on -line

Landstar opera o Landstar Link Plataforma digital, que processou 3,2 milhões de transações de carga em 2022. A plataforma suporta rastreamento e gerenciamento de carga em tempo real para mais de 15.500 agentes independentes e mais de 40.000 transportadoras contratadas.

Métrica da plataforma	2022 Valor
Transações de carga total	3,2 milhões
Agentes independentes ativos	15,500+
Transportadoras contratadas	40,000+

Rede de agentes independentes

A rede da Landstar compreende 15.500 agentes independentes em 2022, gerando US $ 4,1 bilhões em receita por meio de seus serviços de transporte e logística.

Equipe de vendas diretas

A empresa mantém uma força de vendas dedicada focada nas soluções de transporte B2B, com aproximadamente 250 representantes de vendas diretas em várias regiões.

Aplicativos móveis

Landstar fornece aplicativos móveis para:

• Rastreamento de carga em tempo real
• Comunicação do motorista
• Gerenciamento de documentação eletrônica

Centros de suporte ao cliente

Landstar opera 4 centros de suporte a clientes primários localizados em:

• Jacksonville, Flórida (sede)
• Chicago, Illinois
• Los Angeles, Califórnia
• Dallas, Texas

Canal de suporte	Volume de contato anual
Suporte telefônico	1,2 milhão
Suporte por e -mail	380,000
Chat online	210,000

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

Empresas de manufatura

A Landstar atende clientes de fabricação em vários setores com soluções de transporte e logística.

Segmento da indústria	Volume anual de frete	Valor médio de remessa
Fabricação de máquinas	42.500 remessas	US $ 87.600 por remessa
Fabricação eletrônica	35.200 remessas	US $ 63.400 por remessa

Negócios de varejo e comércio eletrônico

A Landstar fornece serviços críticos de transporte para cadeias de suprimentos de comércio on -line e de varejo.

• Volume anual de frete de varejo: 78.300 remessas
• Suporte logístico de comércio eletrônico: 62% da base de clientes de varejo
• Tamanho médio da remessa: US $ 45.200

Setores automotivo e industrial

Soluções de transporte especializadas para clientes industriais automotivos e pesados.

Setor	Remessas anuais	Contribuição da receita
Peças automotivas	29.700 remessas	US $ 214 milhões
Equipamento industrial	22.500 remessas	US $ 186 milhões

Distribuição agrícola e alimentar

Suporte logístico abrangente para cadeias de suprimentos agrícolas e alimentares.

• Volume anual de frete agrícola: 24.600 remessas
• Logística de distribuição de alimentos: 37.800 remessas
• Capacidade de transporte refrigerado: 22% da frota total

Clientes de frete especializados e de alto valor

O Landstar lida com um frete complexo e de alto valor que exige transporte especializado.

Categoria de frete	Remessas anuais	Valor médio de remessa
Tecnologia de alto valor	16.700 remessas	US $ 129.500 por remessa
Engenharia de Precisão	12.400 remessas	US $ 98.700 por remessa

Landstar System, Inc. (LSTR) - Modelo de negócios: estrutura de custos

Comissões de agentes e compensação

No ano fiscal de 2022, Landstar pagou US $ 1,3 bilhão em comissões de agentes, representando aproximadamente 22,4% da receita total. A estrutura de compensação inclui:

• Taxas de comissão base que variam de 10 a 25% da receita de carga
• Pagamentos de incentivo baseados em desempenho
• Níveis de comissão baseados em volume

Categoria de comissão	Valor (2022)	Porcentagem de receita
Total de comissões de agentes	$1,300,000,000	22.4%
Taxa média de comissão do agente	15.7%	N / D

Infraestrutura e desenvolvimento de tecnologia

Os investimentos em tecnologia para 2022 totalizaram US $ 87,4 milhões, com as principais áreas de foco, incluindo:

• Manutenção da infraestrutura em nuvem
• Desenvolvimento de software
• Aprimoramentos de segurança cibernética

Categoria de despesa de tecnologia	Valor (2022)
Total de investimentos em tecnologia	$87,400,000
Desenvolvimento de software	$42,300,000
Manutenção de infraestrutura	$35,100,000

Marketing e aquisição de clientes

As despesas de marketing em 2022 foram de US $ 43,2 milhões, com alocação estratégica em vários canais.

Categoria de despesa de marketing	Valor (2022)
Total de despesas de marketing	$43,200,000
Marketing digital	$18,700,000
Patrocínio de eventos do setor	$12,500,000

Despesas de seguro e gerenciamento de riscos

Os custos de gerenciamento de riscos de 2022 totalizaram US $ 156,7 milhões, cobrindo várias categorias de seguros.

Categoria de seguro	Valor (2022)
Total de despesas de seguro	$156,700,000
Seguro de carga	$87,300,000
Seguro de responsabilidade	$69,400,000

Custos gerais operacionais e administrativos

As despesas administrativas de 2022 foram de US $ 212,5 milhões, abrangendo várias funções de suporte operacional.

Categoria de despesa administrativa	Valor (2022)
Despesas administrativas totais	$212,500,000
Custos de pessoal	$145,800,000
Instalações de escritório	$66,700,000

Landstar System, Inc. (LSTR) - Modelo de negócios: fluxos de receita

Taxas de corretagem de transporte

Em 2023, a Landstar System, Inc. registrou receita total de US $ 5,1 bilhões. As taxas de corretagem de transporte representaram aproximadamente 85% da receita total, representando US $ 4,335 bilhões.

Categoria de receita	Valor (2023)	Percentagem
Taxas de corretagem de transporte	US $ 4,335 bilhões	85%

Cobranças de Serviço de Tecnologia

A Landstar gera cobranças de serviços de tecnologia por meio de sua plataforma de tecnologia proprietária de Insight. Em 2023, essas acusações contribuíram com aproximadamente US $ 127,5 milhões para a receita total.

• Taxas de tecnologia da plataforma Insight
• Serviços de rastreamento de carga digital
• Sistemas de comunicação em tempo real

Caixa de carga e receita de otimização

Os serviços de correspondência de carga geraram US $ 102,3 milhões em 2023, representando 2% da receita total da empresa.

Serviços de correspondência de carga	Receita	Porcentagem da receita total
Plataforma de correspondência de carga digital	US $ 102,3 milhões	2%

Serviços de logística de valor agregado

Os serviços de logística de valor agregado contribuíram com US $ 204,6 milhões para a receita da Landstar em 2023, representando 4% da receita total.

• Serviços de consolidação de frete
• Soluções de logística personalizadas
• Otimização da cadeia de suprimentos

Receita de incentivo baseada em desempenho

As receitas de incentivo baseadas no desempenho totalizaram US $ 330,6 milhões em 2023, representando 6,5% da receita total da empresa.

Tipo de incentivo	Receita	Percentagem
Incentivos baseados em desempenho	US $ 330,6 milhões	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.