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Side-by-side financial comparison of Corpay (CPAY) and LANDSTAR SYSTEM INC (LSTR). Click either name above to swap in a different company.
Corpay is the larger business by last-quarter revenue ($1.2B vs $1.2B, roughly 1.1× LANDSTAR SYSTEM INC). Corpay runs the higher net margin — 21.2% vs 3.4%, a 17.8% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 1.6%). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs -2.2%).
Corpay, Inc., headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
Landstar System, Inc. is an American transportation services company specializing in logistics and, more specifically, third-party logistics. Landstar utilizes an extensive network of over 8,800 independent owner-operators, referred to internally as business capacity owners (BCOs), over 1,000 independent freight agents, and over 70,000 vetted carriers. Landstar provides services principally throughout the United States and to a lesser extent in Canada and between the U.S. and Canada, Mexico, ...
CPAY vs LSTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.2B |
| Net Profit | $264.5M | $39.4M |
| Gross Margin | — | 9.6% |
| Operating Margin | 45.2% | 4.5% |
| Net Margin | 21.2% | 3.4% |
| Revenue YoY | 20.7% | 1.6% |
| Net Profit YoY | 7.5% | 32.3% |
| EPS (diluted) | $3.74 | $1.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.2B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $975.7M | $1.2B |
| Q1 26 | — | $39.4M | ||
| Q4 25 | $264.5M | $23.9M | ||
| Q3 25 | $277.9M | $19.4M | ||
| Q2 25 | $284.2M | $41.9M | ||
| Q1 25 | $243.2M | $29.8M | ||
| Q4 24 | $246.0M | $46.2M | ||
| Q3 24 | $276.4M | $50.0M | ||
| Q2 24 | $251.6M | $52.6M |
| Q1 26 | — | 9.6% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 4.5% | ||
| Q4 25 | 45.2% | 2.5% | ||
| Q3 25 | 44.6% | 2.2% | ||
| Q2 25 | 43.5% | 4.6% | ||
| Q1 25 | 42.5% | 3.4% | ||
| Q4 24 | 47.2% | 4.8% | ||
| Q3 24 | 45.5% | 5.2% | ||
| Q2 24 | 44.4% | 5.6% |
| Q1 26 | — | 3.4% | ||
| Q4 25 | 21.2% | 2.0% | ||
| Q3 25 | 23.7% | 1.6% | ||
| Q2 25 | 25.8% | 3.5% | ||
| Q1 25 | 24.2% | 2.6% | ||
| Q4 24 | 23.8% | 3.8% | ||
| Q3 24 | 26.9% | 4.1% | ||
| Q2 24 | 25.8% | 4.3% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $3.74 | $0.70 | ||
| Q3 25 | $3.91 | $0.56 | ||
| Q2 25 | $3.98 | $1.20 | ||
| Q1 25 | $3.40 | $0.85 | ||
| Q4 24 | $3.43 | $1.30 | ||
| Q3 24 | $3.90 | $1.41 | ||
| Q2 24 | $3.52 | $1.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $411.0M |
| Total DebtLower is stronger | $10.0B | $26.1M |
| Stockholders' EquityBook value | $3.9B | $799.0M |
| Total Assets | $26.4B | $1.6B |
| Debt / EquityLower = less leverage | 2.58× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $411.0M | ||
| Q4 25 | $2.4B | $452.2M | ||
| Q3 25 | $2.0B | $434.4M | ||
| Q2 25 | $2.2B | $426.2M | ||
| Q1 25 | $1.6B | $473.4M | ||
| Q4 24 | $1.6B | $566.6M | ||
| Q3 24 | $1.3B | $531.3M | ||
| Q2 24 | $1.4B | $504.0M |
| Q1 26 | — | $26.1M | ||
| Q4 25 | $10.0B | $0 | ||
| Q3 25 | $8.1B | $0 | ||
| Q2 25 | $8.1B | $0 | ||
| Q1 25 | $8.2B | $0 | ||
| Q4 24 | $8.0B | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 |
| Q1 26 | — | $799.0M | ||
| Q4 25 | $3.9B | $795.7M | ||
| Q3 25 | $4.1B | $888.7M | ||
| Q2 25 | $3.9B | $921.8M | ||
| Q1 25 | $3.5B | $930.8M | ||
| Q4 24 | $3.1B | $972.4M | ||
| Q3 24 | $3.1B | $1.0B | ||
| Q2 24 | $2.8B | $1.0B |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $26.4B | $1.6B | ||
| Q3 25 | $19.7B | $1.7B | ||
| Q2 25 | $20.4B | $1.7B | ||
| Q1 25 | $18.5B | $1.7B | ||
| Q4 24 | $18.0B | $1.8B | ||
| Q3 24 | $17.6B | $1.8B | ||
| Q2 24 | $16.2B | $1.8B |
| Q1 26 | — | 0.03× | ||
| Q4 25 | 2.58× | 0.00× | ||
| Q3 25 | 1.99× | 0.00× | ||
| Q2 25 | 2.07× | 0.00× | ||
| Q1 25 | 2.37× | 0.00× | ||
| Q4 24 | 2.56× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $812.7M | — |
| Free Cash FlowOCF − Capex | $760.3M | — |
| FCF MarginFCF / Revenue | 60.9% | — |
| Capex IntensityCapex / Revenue | 4.2% | — |
| Cash ConversionOCF / Net Profit | 3.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $812.7M | $72.7M | ||
| Q3 25 | $-378.9M | $89.3M | ||
| Q2 25 | $1.1B | $7.1M | ||
| Q1 25 | $-74.2M | $55.7M | ||
| Q4 24 | $648.7M | $61.1M | ||
| Q3 24 | $400.8M | $83.1M | ||
| Q2 24 | $540.9M | $48.1M |
| Q1 26 | — | — | ||
| Q4 25 | $760.3M | $70.5M | ||
| Q3 25 | $-429.8M | $86.0M | ||
| Q2 25 | $1.1B | $4.7M | ||
| Q1 25 | $-118.9M | $53.8M | ||
| Q4 24 | $604.6M | $54.4M | ||
| Q3 24 | $355.0M | $75.6M | ||
| Q2 24 | $496.8M | $40.6M |
| Q1 26 | — | — | ||
| Q4 25 | 60.9% | 6.0% | ||
| Q3 25 | -36.7% | 7.1% | ||
| Q2 25 | 98.7% | 0.4% | ||
| Q1 25 | -11.8% | 4.7% | ||
| Q4 24 | 58.4% | 4.5% | ||
| Q3 24 | 34.5% | 6.2% | ||
| Q2 24 | 50.9% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 0.2% | ||
| Q3 25 | 4.3% | 0.3% | ||
| Q2 25 | 4.8% | 0.2% | ||
| Q1 25 | 4.5% | 0.2% | ||
| Q4 24 | 4.3% | 0.6% | ||
| Q3 24 | 4.4% | 0.6% | ||
| Q2 24 | 4.5% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.07× | 3.04× | ||
| Q3 25 | -1.36× | 4.61× | ||
| Q2 25 | 4.01× | 0.17× | ||
| Q1 25 | -0.30× | 1.87× | ||
| Q4 24 | 2.64× | 1.32× | ||
| Q3 24 | 1.45× | 1.66× | ||
| Q2 24 | 2.15× | 0.91× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
LSTR
Segment breakdown not available.
