LSTR · CIK 853816
What Landstar System, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for LSTR. More may follow as additional filings are processed.
In its own words
What could break it.
Regulatory & policy
- U.S. tariffs / trade policy (import-export freight volumes)medium
Landstar hauls many imported/export-bound shipments; the April 2, 2025 baseline 10% tariff (plus higher country-specific tariffs and retaliation) could materially reduce freight demand from customers and the industry.
“The 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.”
Supplier concentration
- independent-agent network concentrationmedium
Landstar's revenue flows overwhelmingly through its independent commission sales agents: 'Million Dollar Agents' generated 95% of 2025 revenue, and 77 agencies (≥$10M each) comprised ~68% of consolidated revenue.
“Landstar revenue from the Million Dollar Agents in the aggregate represented 95% and 94% of consolidated revenue in 2025 and 2024, respectively. Included among the Company's Million Dollar Agents, the Company had 77 independent sales agencies that generated at least $10 million in Landstar revenue during the 2025 5 Table of Contents fiscal year, which in aggregate comprised approximately 68% of Landstar's consolidated revenue.”
SEC filing →As of 2026
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