Landstar: Highlights from Calls with the Company and Model Update

研报英文原文证据摘录

Landstar: Highlights from Calls with the Company and Model Update

J P M O R G A N North America Equity Research

28 July 2026

Landstar Neutral

LSTR, LSTR US

Highlights from Calls with the Company and Model Price (28 Jul 26):$185.32

Update ▲Price Target (Dec-27):$204.00 Prior (Dec-26):$198.00

Landstar delivered a 2Q26 beat as an accelerating rate environment drove both

truck revenue per load and volumes above normal seasonal patterns, with the Airfreight & Surface Transportation /

Shippingcompany's asset-light model generating meaningful operating leverage on an

+18% YoY revenue increase. The BCO count inflected positively with net Brian P. Ossenbeck, CFA AC

additions of 68 trucks in the quarter, the best performance since 1Q22, a (1-212) 622-1023

brian.p.ossenbeck@jpmorgan.com

constructive signal that recruitment and retention initiatives are gaining traction as

the freight cycle recovers. The primary offset to an otherwise strong print was Grady Carr

(1-212) 622-1251

insurance and claims, which came in above expectations due to unfavorable grady.carr@jpmchase.com

development of prior year claims and an increasingly challenging litigation

Brandon Wexler

backdrop highlighted by the U.S. Supreme Court's Montgomery decision on (1-212) 622-1956

broker liability. Management again refrained from providing formal guidance but brandon.wexler@jpmchase.com

offered a July market update that was positive and tracking ahead of seasonality. J.P. Morgan Securities LLC

Overall, we expect estimates will move higher as the rate recovery broadens and

BCO count stabilizes, though the insurance and claims overhang could be a

Key Changes (FYE Dec)headwind to margin expansion, especially in light of the recent nuclear verdict on

C.H. Robinson. Prev Cur Δ

Adj. EPS - 26E ($) 5.67 5.85 3.1%

Adj.