Landstar, Ryder & Werner 2Q26, Reviews

Research evidence excerpt

Landstar, Ryder & Werner 2Q26, Reviews

Equity Research

29 July 2026

Landstar, Ryder & Werner

2Q26, Reviews

2Q trucking results thus far have reflected improving contract

rates, freight volumes that appear to be inflecting positively

and mostly higher forward company guidance, albeit with a North America Transportation POSITIVE

Unchangedslightly slower start from WERN’s below consensus 2Q

outcome. North America Transportation

Brandon R. Oglenski

+1 212 526 8903

In this note we provide an overview of 2Q26 earnings for Ryder, Landstar and Werner and update brandon.oglenski@barclays.com

estimates for all three companies. BCI, US

Eric Morgan, CFA

Landstar System, Inc. +1 212 526 9642

Where we stand: Landstar second quarter earnings were slightly ahead of our forecast on an eric.morgan@barclays.com

operating basis as higher revenue was met with lower than feared in-period insurance costs. BCI, US

Importantly, management disclosed the renewal of insurance coverage in a post-Montgomery

period (see analysis on the topic here: “Montgomery Ruling Broker Cost Analysis” published 15

May 2026) for only slightly higher rates, alleviating some market concerns that brokerage

insurance premiums could significantly escalate given increased liability following the negative

US Supreme Court ruling. Nonetheless, the issue is not likely to fade in the market anytime

soon, as increased cases are potentially brought to court against Landstar and other brokers,

thus leading to more clarity on carrier selection criteria and developing potential liability

thresholds for negligence. Apart from the long-term discussion of insurance and liabilities,

management provided a more upbeat discussion of market trends in the third quarter, speaking