Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 27, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-21238 Landstar System, Inc. 13410 Sutton Park Drive South Jacksonville, Florida 32224 (Address of principal executiv ...

Core Viewpoint - Lodestar Metals Corp. has successfully closed the final tranche of its non-brokered private placement financing, raising a total of $1,570,000 through the issuance of 7,850,000 units at a price of $0.20 per unit, reflecting strong investor interest in the company's flagship Goldrun asset [1][2]. Financing Details - The final tranche involved the issuance of 2,700,000 units, contributing to gross proceeds of $540,000 [1]. - The total offering size was increased due to heightened investor demand, resulting in a total of 7,850,000 units issued [1]. - Each unit consists of one common share and one common share purchase warrant, with warrants allowing the purchase of additional shares at $0.30 for 18 months [3]. Use of Proceeds - Proceeds from the offering will be allocated towards exploration and drilling activities on the Goldrun Property, as well as for working capital purposes [5]. - The company has also granted 785,000 stock options to directors, officers, and consultants, exercisable at $0.20 per share for five years [5]. Company Strategy and Outlook - The company aims to execute a disciplined exploration program at Goldrun, marking a pivotal milestone towards defining a resource [3]. - With a strengthened balance sheet, Lodestar is positioned to pursue additional high-value opportunities across Nevada, aiming for long-term growth [3]. - The management expresses confidence in the company's strategy and vision to unlock value in Nevada's premier mining jurisdiction [2].

It has only been two months since my previous coverage of Landstar System, Inc. ( LSTR ). And yet, we have already seen notable changes, which justifies my downgrade from strong buy to buy. True to theI have been working in the logistics sector for almost two decades. I have been into stock investing and macroeconomic analysis for almost a decade. Currently, I focus on ASEAN and NYSE/NASDAQ Stocks, particularly in banks, telco, logistics, and hotels. Since 2014, I have been trading on the PH stock market. I ...

Market Overview - Wall Street is experiencing significant disruption concerns due to AI, leading to a sell-off in various sectors, particularly software companies, which has resulted in sharp losses in U.S. stocks this week [1][2]. Software Sector - The S&P 500 Software & Services index has lost approximately $2 trillion in value since its peak in October, with half of this loss occurring in the past two weeks due to fears that AI could disrupt traditional subscription and enterprise tools [2]. - Notable declines in the Nasdaq 100 include Atlassian down 47%, Intuit down 40%, and Workday down 33% [4]. - The U.S. software sector is facing its worst drawdown in over three years, impacting alternative asset managers with exposure to software-related loans, with firms like Ares, Blackstone, and KKR seeing declines between 13% and 24% this year [5]. Financial Brokerage, Data Analytics & Legal Services - The financial industry, especially brokerages and data analytics firms, has been negatively affected after Altruist introduced AI-enabled tax planning features, raising fears about the viability of their business models [6]. - Shares of brokers such as LPL Financial and Charles Schwab fell over 7%, while S&P Global's shares dropped more than 25% in February, marking its worst month since 2009 [7]. Real Estate Services - Commercial real estate and investment managers have suffered as investors shift away from high-fee, labor-intensive business models perceived as vulnerable to AI disruption, with CBRE Group and Jones Lang LaSalle each dropping about 12% [8]. Insurance Sector - Insurance stocks have experienced a significant decline, with the S&P 500 insurance index falling 3.9% on a single day, its largest drop since mid-October, following the release of an AI-powered comparison tool by Insurify [10]. - Shares of Willis Towers Watson have decreased by 15% this week, while Aon and Arthur J. Gallagher fell by 9% and 15%, respectively [11]. Trucking & Logistics - The trucking and logistics sector saw unexpected declines, with stocks like Landstar System and C.H. Robinson dropping sharply after Algorhythm Holdings reported a significant increase in freight volumes without a corresponding rise in operational headcount [13].

Core Insights - Landstar System, Inc. (LSTR) reported fourth-quarter 2025 earnings per share (EPS) of $1.24, exceeding the Zacks Consensus Estimate of $1.19, but reflecting a 5.3% decline year over year. Revenues totaled $1.17 billion, falling short of the Zacks Consensus Estimate of $1.18 billion and down 2.9% year over year [2][10]. Financial Performance - Operating income decreased significantly by 48.8% year over year to $29.52 million. Total costs and expenses slightly decreased by 0.6% year over year to $1.14 billion [2][10]. - Truck transportation segment revenues, which account for 91.8% of total revenues, were $1.07 billion, a minor decline of 0.2% from the previous year, aligning with expectations [4]. - Rail intermodal revenues increased by 30.7% year over year to $23.98 million, surpassing expectations of $17.7 million [4]. - Revenues from ocean and air-cargo carrier segments fell sharply by 40.1% year over year to $52.73 million, which was below the expected $89.9 million. Other revenues decreased by 11.4% year over year to $19.48 million, but exceeded expectations of $16.8 million [5]. Liquidity and Shareholder Returns - At the end of Q4 2025, Landstar had cash and cash equivalents of $396.69 million, an increase from $375.19 million in the prior quarter. Long-term debt rose slightly to $48.48 million from $47.70 million [6]. - During the fourth quarter, Landstar repurchased 286,695 shares for $37 million and is authorized to buy back an additional 1,266,118 shares. A quarterly cash dividend of 40 cents per share was announced, payable on March 11, 2026, to stockholders of record as of February 18, 2026 [7].

Core Insights - Landstar System, Inc. has appointed Ms. Terri Lewis as Chief Human Resources Officer (CHRO), effective February 23, 2026, to enhance its human resources strategy and support long-term growth [1][3] Company Overview - Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions, delivering specialized transportation services to a diverse customer base [5] - The company operates through a network of agents, third-party capacity providers, and employees, and is headquartered in Jacksonville, Florida [5] Leadership Appointment - Ms. Terri Lewis brings over 25 years of human resources leadership experience from both public and private sectors, previously serving as Chief People Officer at One Call [2] - Lewis has held senior roles in various organizations, including Pontoon Solutions and General Electric, and holds a master's degree in human resources management [2] Responsibilities of CHRO - As CHRO, Lewis will oversee talent acquisition, retention, leadership effectiveness, learning and development, succession planning, and employee relations [3] - She will collaborate with executive leadership and the Board of Directors to foster a high-performance culture and strengthen Landstar's employer brand [3] Executive Statements - Frank Lonegro, President and CEO of Landstar, expressed confidence in Lewis's capabilities to support the company's network and enhance its people strategies [4] - Lewis emphasized her commitment to supporting the team and driving collective success within the organization [4]

Core Insights - The final judgment against Landstar Ranger amounted to nearly $22.9 million in damages, with an additional $3.7 million in pre-judgment interest and post-judgment interest accruing at 7% [3] - A Texas jury found Landstar responsible for 15% of the damages, while the remaining liability was attributed to the hauling motor carrier and its employee truck driver [3] - The operating income for Landstar System fell to $29.6 million in Q4, reflecting a nearly 49% year-over-year decline due to increased costs from crashes [6] Financial Impact - Insurance and claims costs rose to $56 million in Q4, which included $11 million related to two crashes and $5.7 million for a fatal crash on December 31, 2021 [6] - The company's insurance premiums surged by approximately $22 million, representing a 400% increase for the annual policy ending May 31, 2026 [4] - The Q4 insurance and claims line item was reported at $30.1 million, indicating significant margin pressure compared to the previous year [4]

Group 1 - Truist lowered the price target on Landstar System (LSTR) to $145 from $150 [1] - The firm maintains a Hold rating on the shares following an earnings miss [1] - Q4 performance was impacted by discrete insurance items, but underlying fundamentals remain unchanged [1]

Core Insights - Landstar System is facing ongoing challenges in freight demand and supply chain uncertainty, but has noted improving pricing trends and strong performance in its heavy haul business [2][3] Freight Market Backdrop and Trends - The CEO indicated that the "freight recession" has lasted longer than anticipated, influenced by volatile federal trade policies and persistent inflation concerns [3] - The industrial economy remains weak, with the ISM Index below 50 throughout the fourth quarter [3] Revenue and Financial Performance - Truck transportation revenue was nearly flat year-over-year, with total revenue declining about 1% year-over-year in fiscal 2025 fourth quarter, primarily due to lower ocean revenue and adjustments related to a previous agent fraud issue [4][5] - Total truckloads hauled decreased roughly 1% compared to the prior-year quarter, but this was offset by a 1% increase in truck revenue per load [6] - Heavy haul revenue increased by approximately 23% year-over-year, reaching around $170 million, attributed to a 16% rise in revenue per load and a 7% increase in volume [7] Profitability and Cost Metrics - Insurance and claim costs rose sharply to $56.1 million in the fiscal 2025 fourth quarter from $30.1 million a year earlier, representing 12.3% of BCO revenue compared to 6.7% in the prior-year quarter [10] - Gross profit declined to $85.6 million from $109.4 million, with gross profit margin falling to 7.3% of revenue from 9.0% [13] Network Metrics and Capital Allocation - The BCO truck count was down about 4% year-over-year, but turnover improved, with trailing 12-month truck turnover declining to 31.4% from 34.5% [15] - The company ended the quarter with $452 million in cash and short-term investments, with operating cash flow of $225 million and dividends paid totaling $125 million [16] Technology and AI Initiatives - Landstar is focusing on technology and AI to enhance agent productivity and support its network, with about 50% of its fiscal 2026 IT capital expenditures budget allocated to AI initiatives [18] - The company has implemented an AI-powered fraud detection solution to identify high-risk freight and reduce shipment losses [19]

Core Insights - Landstar System (LSTR) reported revenue of $1.17 billion for the quarter ended December 2025, reflecting a year-over-year decline of 2.9% and an EPS of $1.24, down from $1.31 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $1.19 billion, resulting in a surprise of -1.15%, while the EPS exceeded expectations by 4.2% [1] Financial Performance Metrics - Total number of loads was 487,720, slightly below the three-analyst average estimate of 488,684 [4] - Revenue per load for ocean and air cargo carriers was $7,813, significantly lower than the estimated $9,749.34 [4] - Revenue from rail intermodal increased by 30.7% year-over-year to $23.98 million, surpassing the average estimate of $19.73 million [4] - Truck transportation revenue was reported at $1.08 billion, matching analyst estimates but showing a slight decline of 0.2% year-over-year [4] - Revenue from ocean and air cargo carriers dropped by 40.2% year-over-year to $52.74 million, compared to the average estimate of $76.75 million [4] - Investment income was reported at $3.07 million, exceeding the average estimate of $2.71 million, but reflecting a year-over-year decline of 19.8% [4] Stock Performance - Shares of Landstar have returned +4.5% over the past month, outperforming the Zacks S&P 500 composite, which saw a +0.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]