Landstar System
28 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Customers
Top 100 customers
earns from · approximately 46% of consolidated revenueThe Company’s top 100 customers accounted for approximately 46% of consolidated revenue during both fiscal years 2025 and 2024.Business (Item 1)
Suppliers
Truck Brokerage Carriers
depends on · 53% of consolidated revenuenamed as a riskDuring fiscal year 2025, revenue generated by BCO Independent Contractors and Truck Brokerage Carriers was 38% and 53%, respectively, of consolidated revenue.Business (Item 1)
BCO Independent Contractors
depends on · 38% of consolidated revenuenamed as a riskA significant decrease in available capacity provided by either the Company’s BCO Independent Contractors or other third party capacity providers, or increased rates charged by other third party capacity providers that cannot be passed through to customers, could have a material adverse effect on Landstar, including its results of operations and revenue.Risk factors (Item 1A)
Third party excess liability insurers
depends on · approximately $22 million, or approximately 400%named as a riskSince the annual policy year ended April 30, 2020, as compared to the annual policy year ending May 31, 2026, the Company experienced an increase of approximately $22 million, or approximately 400%, in the premiums charged by third party insurance companies to the Company for excess coverage for commercial trucking liabilities in excess of $10 million.Risk factors (Item 1A)
Class 1 railroads
depends on · 2% of consolidated revenueThe transportation logistics segment’s rail intermodal services contributed 2% of consolidated revenue in each of fiscal years 2025, 2024 and 2023.Business (Item 1)
Third party data centers
depends onnamed as a riskAlthough the Company has redundant systems for its critical operations, any significant disruption or failure of its technology systems or those of third party data centers on which it relies could significantly disrupt the Company’s operations and impose significant costs on the Company.Risk factors (Item 1A)
Partners and platforms
Independent commission sales agents (Million Dollar Agents)
depends on · approximately 95% of Landstar's consolidated revenuenamed as a riskDuring fiscal year 2025, 457 agents generated revenue for Landstar of at least $1 million each, or in the aggregate approximately 95% of Landstar’s consolidated revenue.Risk factors (Item 1A)
Two largest independent commission sales agencies
concentrated in · approximately $994,000,000, or 21%, of Landstar's consolidated revenuenamed as a riskOf these larger agencies, two such Landstar independent commission sales agencies each generated over 10% of Landstar’s consolidated revenue, or in the aggregate approximately $994,000,000, or 21%, of Landstar’s consolidated revenue and approximately 16% of Landstar’s consolidated variable contribution in fiscal year 2025.Risk factors (Item 1A)
Other companies
Cabral Matter
$12,000,000named as a riskThe Company intends to vigorously appeal the Cabral Matter, including the Judgment; however, no assurances can be provided regarding whether the Company will ultimately be able to recognize a gain with respect to the “no claims bonus.”Risk factors (Item 1A)
JPMorgan Chase Bank, N.A.
depends on · $300,000,000On July 1, 2022, Landstar entered into the Second Amended and Restated Credit Agreement (as further amended as of June 21, 2024, the “Credit Agreement”) with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent.Market risk (Item 7A)
Places
Landstar Metro (Mexico)
operates in · $10,678,000named as a riskLandstar Metro is subject to certain risks arising from doing business in Mexico, including: changes in Mexico’s economic strength; changes in trade agreements, US-Mexico trade relations, or the imposition of tariffs on imports from Mexico and related retaliatory tariffs that may be imposed by the Mexican government; disruptions related to port of entry restrictions; difficulties in enforcing contractual obligations; foreign currency fluctuations; theft or vandalism of equipment; and social, political, and economic instability.Risk factors (Item 1A)
Ukraine
depends onnamed as a riskAs disclosed in a Current Report on Form 8-K filed by the Company on February 28, 2022, the second largest Landstar independent commission sales agency by 2025 revenue referenced above, while based in the United States, has significant administrative operations located in Ukraine.Risk factors (Item 1A)
Also named by C, CL, DKNG, JLL, LKQ, MDLZ, MSFT, NUE and 4 more
Jacksonville, Florida
concentrated innamed as a riskAs noted above in Item 1, “Business — Factors Significant to the Company’s Operations — Technology,” the Company’s information technology systems used in connection with its operations are located in Jacksonville, Florida and to a lesser extent in Rockford, Illinois.Risk factors (Item 1A)
Hazards
Nuclear Verdicts (commercial trucking accident litigation)
$5 million per occurrencenamed as a riskMoreover, the occurrence of a Nuclear Verdict, or the settlement of a catastrophic injury and/or fatality claim that could have otherwise resulted in a Nuclear Verdict, could have a material adverse effect on Landstar’s cost of insurance and claims and its results of operations.Risk factors (Item 1A)
Cargo theft
$250,000 for each cargo claimnamed as a riskThe Company has experienced, and may continue to experience, increases in the amount of cargo theft, including strategic cargo theft, resulting in increased exposure to liability from cargo claims.Risk factors (Item 1A)
Supply Chain Fraud Matter
$4.8 million pre-tax expensenamed as a riskThe Company’s financial results for the fiscal year ended December 27, 2025 included a $4.8 million pre-tax expense, or $0.10 per basic and diluted share, relating to this matter.Risk factors (Item 1A)
Commodities and inputs
Diesel fuel
exposed to its price · $229 million in fuel surchargesnamed as a riskAny such increase in fuel taxes, without a corresponding increase in price to the customer, could have a material adverse effect on Landstar, including its results of operations and financial condition.Risk factors (Item 1A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Regulators
California Air Resources Board (CARB)
subject tonamed as a riskAccordingly, many of the Company’s BCO Independent Contractors may choose not to haul loads that would require travel within California, which could affect the ability of the Company to service customer freight needs for freight originating from, delivering to or traveling through California.Risk factors (Item 1A)
Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more
Federal Motor Carrier Safety Administration (FMCSA)
subject tonamed as a riskNo assurances can be given with respect to what impact new or revised motor carrier oversight programs implemented by the FMCSA could have on the Company, its motor carrier operations or the aggregate number of trucks that provide hauling capacity to the Company.Risk factors (Item 1A)
Also named by CASY, CVLG, ET, FDXF, HTLD, IOT, JBHT, R and 5 more
U.S. Customs and Border Protection
subject toOne of the Operating Subsidiaries is licensed by the U.S. Department of Homeland Security through the Bureau of U.S. Customs and Border Protection (“U.S. Customs”) as a customs broker.Business (Item 1)
Also named by BALL, BJ, CHRW, CROX, EXPD, FDX, FDXF, JBHT and 12 more
Federal Maritime Commission (FMC)
subject toCertain of the Operating Subsidiaries are licensed as Ocean Transportation Intermediaries by the U.S. Federal Maritime Commission as non-vessel-operating common carriers and/or as ocean freight forwarders.Risk factors (Item 1A)
Laws and programs
U.S. tariffs (2025 baseline tariff)
subject to · baseline tariff of 10%named as a riskThe U.S. government has made significant changes in U.S. trade policy, including the imposition on April 2, 2025, of a baseline tariff of 10% on product imports from almost all countries and individualized higher tariffs on certain other countries.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Inflation Reduction Act stock buyback excise tax
subject to · $1,762,000named as a riskAccrued excise tax of $1,762,000 was included in other current liabilities in the consolidated balance sheet at December 27, 2025.Risk factors (Item 1A)
United States-Mexico-Canada Agreement (USMCA)
subject tonamed as a riskFurther, there is potential for significant disruption with respect to trade between the United States and, respectively, Mexico and Canada, in connection with the anticipated review in 2026 of the United States-Mexico-Canada Agreement and related potential impacts on trade, tariffs and border duties and taxes throughout North America.Risk factors (Item 1A)
Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more
Federal Aviation Administration Authorization Act of 1994 (FAAAA)
subject tonamed as a riskThere is currently significant legal uncertainty regarding Broker Liability Claims as state and federal courts across the United States are divided as to whether such claims are preempted by federal law under the FAAAA, or are subject to the “safety exception” under the FAAAA.Risk factors (Item 1A)
California ABC test
subject tonamed as a riskCertain states, most notably California, have enacted laws codifying the strict “ABC” test for purposes of determining a worker’s status as an independent contractor or employee under that state’s law.Risk factors (Item 1A)
Zero-emission vehicle mandates
subject tonamed as a riskMandates requiring the transition to ZEVs would create substantial costs for the Company’s third party capacity providers and, in turn, increase the cost of purchased transportation to the Company.Risk factors (Item 1A)