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Side-by-side financial comparison of LANDSTAR SYSTEM INC (LSTR) and REPUBLIC AIRWAYS HOLDINGS INC. (RJET), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
LANDSTAR SYSTEM INC is the larger business by last-quarter revenue ($1.2B vs $1.1B, roughly 1.1× REPUBLIC AIRWAYS HOLDINGS INC.). Over the past eight quarters, REPUBLIC AIRWAYS HOLDINGS INC.'s revenue compounded faster (196.1% CAGR vs 0.1%).
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, ...
Republic Airways Holdings Inc. is an American airline holding company based in Indianapolis, Indiana. The company owns two regional airlines, Mesa Airlines and Republic Airways. Together the two airlines operate the world's largest fleet of Embraer 170 and Embraer 175 aircraft. The majority of the shares of company are owned by the mainline carriers that contract with Republic, American Airlines Group, Delta Air Lines, and United Airlines.
LSTR vs RJET — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.1B |
| Net Profit | $23.9M | — |
| Gross Margin | — | — |
| Operating Margin | 2.5% | 22.0% |
| Net Margin | 2.0% | — |
| Revenue YoY | -2.9% | — |
| Net Profit YoY | -48.2% | — |
| EPS (diluted) | $0.70 | $3.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.2B | $90.7M | ||
| Q2 25 | $1.2B | $92.8M | ||
| Q1 25 | $1.2B | $94.7M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | $110.8M | ||
| Q1 24 | $1.2B | $131.6M |
| Q4 25 | $23.9M | — | ||
| Q3 25 | $19.4M | $-14.1M | ||
| Q2 25 | $41.9M | $20.9M | ||
| Q1 25 | $29.8M | $-58.6M | ||
| Q4 24 | $46.2M | — | ||
| Q3 24 | $50.0M | — | ||
| Q2 24 | $52.6M | $-19.9M | ||
| Q1 24 | $47.1M | $11.7M |
| Q4 25 | 2.5% | 22.0% | ||
| Q3 25 | 2.2% | -10.1% | ||
| Q2 25 | 4.6% | -0.2% | ||
| Q1 25 | 3.4% | -60.4% | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 5.6% | -8.1% | ||
| Q1 24 | 5.1% | 8.8% |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.6% | -15.6% | ||
| Q2 25 | 3.5% | 22.5% | ||
| Q1 25 | 2.6% | -61.9% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 4.3% | -18.0% | ||
| Q1 24 | 4.0% | 8.9% |
| Q4 25 | $0.70 | $3.13 | ||
| Q3 25 | $0.56 | $-0.34 | ||
| Q2 25 | $1.20 | $0.50 | ||
| Q1 25 | $0.85 | $-1.42 | ||
| Q4 24 | $1.30 | — | ||
| Q3 24 | $1.41 | — | ||
| Q2 24 | $1.48 | $-0.48 | ||
| Q1 24 | $1.32 | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $452.2M | $296.5M |
| Total DebtLower is stronger | $0 | $882.9M |
| Stockholders' EquityBook value | $795.7M | $1.3B |
| Total Assets | $1.6B | $3.3B |
| Debt / EquityLower = less leverage | 0.00× | 0.66× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $452.2M | $296.5M | ||
| Q3 25 | $434.4M | $38.7M | ||
| Q2 25 | $426.2M | $42.5M | ||
| Q1 25 | $473.4M | $54.1M | ||
| Q4 24 | $566.6M | — | ||
| Q3 24 | $531.3M | — | ||
| Q2 24 | $504.0M | $16.3M | ||
| Q1 24 | $530.5M | $18.5M |
| Q4 25 | $0 | $882.9M | ||
| Q3 25 | $0 | $27.0M | ||
| Q2 25 | $0 | $28.2M | ||
| Q1 25 | $0 | $31.7M | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | $287.7M | ||
| Q1 24 | $0 | $299.0M |
| Q4 25 | $795.7M | $1.3B | ||
| Q3 25 | $888.7M | $-52.6M | ||
| Q2 25 | $921.8M | $-38.7M | ||
| Q1 25 | $930.8M | $-59.8M | ||
| Q4 24 | $972.4M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | $134.9M | ||
| Q1 24 | $1.0B | $154.7M |
| Q4 25 | $1.6B | $3.3B | ||
| Q3 25 | $1.7B | $158.9M | ||
| Q2 25 | $1.7B | $178.6M | ||
| Q1 25 | $1.7B | $215.0M | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.8B | $664.4M | ||
| Q1 24 | $1.7B | $706.3M |
| Q4 25 | 0.00× | 0.66× | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | 2.13× | ||
| Q1 24 | 0.00× | 1.93× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $72.7M | — |
| Free Cash FlowOCF − Capex | $70.5M | — |
| FCF MarginFCF / Revenue | 6.0% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.2% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 3.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $215.0M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $72.7M | — | ||
| Q3 25 | $89.3M | — | ||
| Q2 25 | $7.1M | $-9.4M | ||
| Q1 25 | $55.7M | — | ||
| Q4 24 | $61.1M | — | ||
| Q3 24 | $83.1M | — | ||
| Q2 24 | $48.1M | $11.2M | ||
| Q1 24 | $94.2M | — |
| Q4 25 | $70.5M | — | ||
| Q3 25 | $86.0M | — | ||
| Q2 25 | $4.7M | $-10.5M | ||
| Q1 25 | $53.8M | — | ||
| Q4 24 | $54.4M | — | ||
| Q3 24 | $75.6M | — | ||
| Q2 24 | $40.6M | $7.5M | ||
| Q1 24 | $84.9M | — |
| Q4 25 | 6.0% | — | ||
| Q3 25 | 7.1% | — | ||
| Q2 25 | 0.4% | -11.3% | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | 3.3% | 6.8% | ||
| Q1 24 | 7.3% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.2% | 1.2% | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | 3.4% | ||
| Q1 24 | 0.8% | — |
| Q4 25 | 3.04× | — | ||
| Q3 25 | 4.61× | — | ||
| Q2 25 | 0.17× | -0.45× | ||
| Q1 25 | 1.87× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 0.91× | — | ||
| Q1 24 | 2.00× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
LSTR
| Transportation Logistics | $1.2B | 99% |
| Insurance | $14.6M | 1% |
RJET
| United Airlines | $517.5M | 48% |
| Delta Air Lines | $409.7M | 38% |
| Other | $49.9M | 5% |
| Republic Airways Holdings Inc. | $42.2M | 4% |
| Other Airlines | $25.7M | 2% |
| LIFT Academy | $23.2M | 2% |
