<![CDATA[The transportation and logistics sector plays a strategic role in supporting mobility, national distribution, and overall economic activity. However, firms in this sector continue to face rising operating costs, supply chain disruptions, and inflationary pressures that may affect their financial performance. This study aims to analyze the effects of sales growth, leverage, and operational efficiency on the financial performance of transportation and logistics companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employs a quantitative explanatory approach using secondary data obtained from the annual reports of sample companies. The sample was selected through purposive sampling, resulting in 28 companies with a total of 112 observations. Data were analyzed using panel data regression with EViews 13. Based on the model selection results, this study employs the Common Effect Model (CEM) with White cross-section robust standard errors. The findings show that sales growth, leverage, and operational efficiency simultaneously have a significant effect on financial performance. However, partially, sales growth, leverage, and operational efficiency do not have a significant effect on financial performance. These results indicate that the financial performance of the transportation and logistics sector is more influenced by external factors, such as market conditions, industry competition, and fuel price fluctuations, rather than internal factors within the company. Therefore, companies should focus more on business strategies that address these external factors in order to improve their financial performance in the future.]]>
