Landstar System’s latest quarter offered a clean snapshot of a split truckload market: industrial-facing flatbed held its ground while consumer-tied dry van stayed sluggish. For the quarter ended Sept. 27, the asset-light carrier reported revenue of $1.205 billion, essentially flat year over year, and adjusted earnings of $1.22 per share after backing out non-cash items tied to a tech write-down and plans to sell its Mexico unit. Within the mix, van revenue slipped to $583 million (down roughly 3.5% year over year) while unsided/platform — Landstar’s flatbed and specialized freight — rose to $386 million (up about 4%). Management also flagged a sequential increase in its network of BCO trucks for the first time since early 2022, a sign capacity is beginning to re-engage ahead of the next upcycle.
The platform outperformance matters because it reflects where freight is actually moving. Flatbed leans on construction steel, machinery, project cargo and energy — sectors that have proven more resilient than general merchandise. Landstar’s platform revenue growth, against a flat total truck revenue backdrop, shows customers are still paying for high-service, specialized moves even as broader demand remains tepid. That mix also helped counterbalance a softer van book of business and kept overall revenue essentially unchanged from a year ago.
Fresh spot-market reads support the idea that flatbed is closer to the turn than dry van. In the latest weekly Truckstop/FTR update, flatbed loads increased 4.9% week over week and were nearly 58% higher than the same week in 2024, even as linehaul rates eased by about a cent. The year-over-year surge is concentrated on the West Coast and in the Southeast — regions aligned with project and construction demand — suggesting the platform market is building a base even if pricing is still bumping along the bottom.
Costs are shifting too. The national on‑highway diesel average jumped 9.8 cents to $3.718 per gallon for the week of Oct. 27. For brokers and carriers, that moves more revenue into fuel surcharge and puts a premium on managing empty miles and dwell. Asset-light models like Landstar’s can flex quickly as fuel fluctuates, but the uptick is a reminder that any rate recovery will first show up in ex‑fuel linehaul before margins feel meaningfully better.
Strategically, Landstar used the quarter to prune and refocus. The company recorded non‑cash charges totaling $0.66 per share, including an impairment associated with actively marketing Landstar Metro (its Mexico subsidiary) for sale and consolidating to a single transportation management system. Even with those moves, Landstar returned cash to shareholders via $40.6 million in buybacks and declared a $0.40 dividend — a signal its balance sheet remains a lever in a slow market.
On the Street, the print landed close to expectations: adjusted EPS of $1.22 was a hair below the $1.24 consensus cited by Zacks, while revenue modestly topped estimates. That kind of “in‑line” outcome typically reflects a market that’s stopped getting worse — consistent with the flatbed stabilization and the company’s first sequential BCO truck count increase since the last expansion.
What it means for fleets and brokers: lean harder into platform and heavy‑haul opportunities where project cargo and industrial freight are showing up, keep van exposure disciplined, and watch fuel. If the weekly spot data continues to show improving flatbed load counts — even with mixed pricing — specialized capacity should tighten first. Landstar’s mix shift and network momentum suggest that’s the part of the market most likely to lead whatever recovery comes next.
Sources: FreightWaves, Landstar System (GlobeNewswire), U.S. Energy Information Administration, FTR Transportation Intelligence (Truckstop data), Associated Press
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