Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Snapshot
LANDSTAR SYSTEM, INC.'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.
Revenue
-7.7%Compound growth, FY2021 to FY2025
Gross profit
FY2025Latest annual filing, FY2025
Operating Income
-26.0%Compound growth, FY2021 to FY2025
Net income
-25.9%Compound growth, FY2021 to FY2025
Headline results
Four lines, five fiscal years, straight from the filings.
LANDSTAR SYSTEM, INC. headline income statement — FY2025
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for LANDSTAR SYSTEM, INC., from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
LANDSTAR SYSTEM, INC. expanded income statement — FY2025
Expanded annual statement lines sourced from the SEC EDGAR database for LANDSTAR SYSTEM, INC..
Margins
How much of LANDSTAR SYSTEM, INC.'s revenue survives through gross profit, operating income, and net income.
Gross margin
N/AFY2025, versus FY2021
Operating Margin
-454 bpsFY2025, versus FY2021
Net income margin
-341 bpsFY2025, versus FY2021
Observation window
yearsFY2021 through FY2025
Margin table
Side-by-side read of gross, operating and net margin.
LANDSTAR SYSTEM, INC. margins — FY2025
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of LANDSTAR SYSTEM, INC.'s statement measured against the immediately prior period.
Revenue YoY
FY2024FY2025 versus FY2024
Gross profit YoY
FY2024FY2025 versus FY2024
Op. income YoY
FY2024FY2025 versus FY2024
Net income YoY
FY2024FY2025 versus FY2024
Year-on-year table
Contractions are tinted so slowdowns are obvious.
LANDSTAR SYSTEM, INC. year-on-year change — FY2025
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.
Revenue CAGR
4yrFY2021 to FY2025
Gross profit CAGR
4yrFY2021 to FY2025
Op. income CAGR
4yrFY2021 to FY2025
Net income CAGR
4yrFY2021 to FY2025
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the past five years, LANDSTAR SYSTEM, INC. showed a peak in financial performance in 2022 with revenues reaching roughly USD 7.44 billion, operating income of USD 571 million, and net income of USD 431 million. Prior to 2022, the company’s 2021 performance was solid, with revenues of about USD 6.54 billion and margins that were similarly healthy. However, entering 2023, there was a marked decline: revenue dropped significantly by approximately 29% from USD 7.44 billion in 2022 to USD 5.30 billion in 2023, with corresponding reductions in gross profit, operating income, and net income. This year-over-year swing exceeding 20% in revenues and profits suggests the company faced notable challenges, potentially linked to shifts in market demand or disruptions in operational efficiency. In the subsequent years, the downward trend persisted. Revenues continued to decline to about USD 4.82 billion in 2024 and further to USD 4.74 billion in 2025. Gross profit, operating income, and net income also contracted considerably, with net income dropping from USD 264 million in 2023 to USD 115 million in 2025. These significant contractions across all key profitability metrics indicate a challenging adjustment phase for Landstar in a competitive transportation and logistics landscape, where market conditions can rapidly evolve. Overall, despite a period of robust financial health around 2021–2022, the recent declines raise concerns about sustainability unless the company can identify and address operational or market-related issues affecting its revenue generation and cost management.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
