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Side-by-side financial comparison of LANDSTAR SYSTEM INC (LSTR) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
LANDSTAR SYSTEM INC is the larger business by last-quarter revenue ($1.2B vs $614.5M, roughly 1.9× Cloudflare, Inc.). LANDSTAR SYSTEM INC runs the higher net margin — 3.4% vs -2.0%, a 5.3% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 1.6%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -2.2%).
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, ...
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
LSTR vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $614.5M |
| Net Profit | $39.4M | $-12.1M |
| Gross Margin | 9.6% | 73.6% |
| Operating Margin | 4.5% | -8.0% |
| Net Margin | 3.4% | -2.0% |
| Revenue YoY | 1.6% | 33.6% |
| Net Profit YoY | 32.3% | 6.0% |
| EPS (diluted) | $1.16 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $1.2B | $562.0M | ||
| Q2 25 | $1.2B | $512.3M | ||
| Q1 25 | $1.2B | $479.1M | ||
| Q4 24 | $1.2B | $459.9M | ||
| Q3 24 | $1.2B | $430.1M | ||
| Q2 24 | $1.2B | $401.0M |
| Q1 26 | $39.4M | — | ||
| Q4 25 | $23.9M | $-12.1M | ||
| Q3 25 | $19.4M | $-1.3M | ||
| Q2 25 | $41.9M | $-50.4M | ||
| Q1 25 | $29.8M | $-38.5M | ||
| Q4 24 | $46.2M | $-12.8M | ||
| Q3 24 | $50.0M | $-15.3M | ||
| Q2 24 | $52.6M | $-15.1M |
| Q1 26 | 9.6% | — | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 2.5% | -8.0% | ||
| Q3 25 | 2.2% | -6.7% | ||
| Q2 25 | 4.6% | -13.1% | ||
| Q1 25 | 3.4% | -11.1% | ||
| Q4 24 | 4.8% | -7.5% | ||
| Q3 24 | 5.2% | -7.2% | ||
| Q2 24 | 5.6% | -8.7% |
| Q1 26 | 3.4% | — | ||
| Q4 25 | 2.0% | -2.0% | ||
| Q3 25 | 1.6% | -0.2% | ||
| Q2 25 | 3.5% | -9.8% | ||
| Q1 25 | 2.6% | -8.0% | ||
| Q4 24 | 3.8% | -2.8% | ||
| Q3 24 | 4.1% | -3.6% | ||
| Q2 24 | 4.3% | -3.8% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | $0.70 | $-0.03 | ||
| Q3 25 | $0.56 | $0.00 | ||
| Q2 25 | $1.20 | $-0.15 | ||
| Q1 25 | $0.85 | $-0.11 | ||
| Q4 24 | $1.30 | $-0.05 | ||
| Q3 24 | $1.41 | $-0.04 | ||
| Q2 24 | $1.48 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $411.0M | $943.5M |
| Total DebtLower is stronger | $26.1M | — |
| Stockholders' EquityBook value | $799.0M | $1.5B |
| Total Assets | $1.6B | $6.0B |
| Debt / EquityLower = less leverage | 0.03× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $411.0M | — | ||
| Q4 25 | $452.2M | $943.5M | ||
| Q3 25 | $434.4M | $1.1B | ||
| Q2 25 | $426.2M | $1.5B | ||
| Q1 25 | $473.4M | $204.5M | ||
| Q4 24 | $566.6M | $147.7M | ||
| Q3 24 | $531.3M | $182.9M | ||
| Q2 24 | $504.0M | $157.0M |
| Q1 26 | $26.1M | — | ||
| Q4 25 | $0 | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $0 | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | — |
| Q1 26 | $799.0M | — | ||
| Q4 25 | $795.7M | $1.5B | ||
| Q3 25 | $888.7M | $1.3B | ||
| Q2 25 | $921.8M | $1.2B | ||
| Q1 25 | $930.8M | $1.4B | ||
| Q4 24 | $972.4M | $1.0B | ||
| Q3 24 | $1.0B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $6.0B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $5.6B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.8B | $3.3B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.8B | $2.9B |
| Q1 26 | 0.03× | — | ||
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 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 | — | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $72.7M | $190.4M | ||
| Q3 25 | $89.3M | $167.1M | ||
| Q2 25 | $7.1M | $99.8M | ||
| Q1 25 | $55.7M | $145.8M | ||
| Q4 24 | $61.1M | $127.3M | ||
| Q3 24 | $83.1M | $104.7M | ||
| Q2 24 | $48.1M | $74.8M |
| Q1 26 | — | — | ||
| Q4 25 | $70.5M | $105.2M | ||
| Q3 25 | $86.0M | $82.5M | ||
| Q2 25 | $4.7M | $39.9M | ||
| Q1 25 | $53.8M | $59.9M | ||
| Q4 24 | $54.4M | $54.2M | ||
| Q3 24 | $75.6M | $54.5M | ||
| Q2 24 | $40.6M | $45.2M |
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | 17.1% | ||
| Q3 25 | 7.1% | 14.7% | ||
| Q2 25 | 0.4% | 7.8% | ||
| Q1 25 | 4.7% | 12.5% | ||
| Q4 24 | 4.5% | 11.8% | ||
| Q3 24 | 6.2% | 12.7% | ||
| Q2 24 | 3.3% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 13.9% | ||
| Q3 25 | 0.3% | 15.1% | ||
| Q2 25 | 0.2% | 11.7% | ||
| Q1 25 | 0.2% | 17.9% | ||
| Q4 24 | 0.6% | 15.9% | ||
| Q3 24 | 0.6% | 11.7% | ||
| Q2 24 | 0.6% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.04× | — | ||
| Q3 25 | 4.61× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 1.87× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 0.91× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LSTR
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
