HUBG earnings analysis
What we found in HUBG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Hub Group reported Q3 2025 revenue of $934.5M, down from $986.9M a year ago, while operating income improved to $39.4M and diluted EPS rose to $0.47. Cash balances and non-controlling interests increased, the company completed several acquisitions (including a $53.4M Marten Intermodal asset purchase), and operating cash flow for the nine months fell to $159.6M.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue decline vs prior year
- Operating revenue decreased to $934,496,000 in Q3 2025 from $986,892,000 in Q3 2024, a decline of $52,396,000 (filed Condensed Consolidated Statements of Income).
- Operating income and margin expanded
- Operating income rose to $39,443,000 (Q3 2025) from $32,099,000 (Q3 2024), lifting operating margin to ~4.2% (39,443 / 934,496) from ~3.3% (32,099 / 986,892) (filed income statement).
- EPS up year-over-year
- Diluted earnings per share increased to $0.47 for Q3 2025 from $0.39 in Q3 2024 (filed Condensed Consolidated Statements of Income).
- Gross margin (purchase-cost basis) improved
- Using purchased transportation and warehousing as the primary cost, gross profit was $250,839,000 (934,496 − 683,657) implying a gross margin of ~26.8% in Q3 2025 versus ~25.0% in Q3 2024 (986,892 − 739,995 = 246,897) (filed income statement line items).
- Stronger cash position; modest debt reduction
- Cash and cash equivalents increased to $119,699,000 at September 30, 2025 from $98,248,000 at December 31, 2024 (+$21,451,000), while total long-term debt declined to $160,479,000 from $164,361,000 (filed balance sheet).
- Capital deployment and acquisitions
- Nine months investing activity included purchases of property and equipment of $39,190,000 and acquisition of container assets of $53,427,000; the company completed a $53.4M Marten Intermodal asset purchase and a ~$1.3M SITH acquisition (filed notes and cash flow statement).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating cash flow decreased YTD
- Net cash provided by operating activities for the nine months ended September 30, 2025 was $159,633,000 versus $193,815,000 for the nine months ended September 30, 2024, a decline of $34,182,000 (filed Statement of Cash Flows).
- Working capital headwind (AP down, AR up)
- Accounts receivable trade, net rose to $592,202,000 from $581,516,000 (increase $10,686,000) while accounts payable trade fell to $243,415,000 from $279,982,000 (decrease $36,567,000), indicating a working capital use pressure (filed balance sheet).
- Deferred consideration / restricted cash tied to acquisition
- Deferred consideration related to the EASO transaction was $28,579,000 and restricted cash was $26,806,000 as of September 30, 2025, reflecting contingent/deferred payments from the investment (filed notes and balance sheet).
- Contingent consideration exposure
- Total contingent consideration related to the EASO transaction disclosed at closing was $3,721,000 (filed acquisition disclosure), representing a potential cash reimbursement obligation tied to pre-transaction operating tax balances.
- Non-controlling interest and permanent equity classification
- Non-controlling interests increased to $53,139,000 at September 30, 2025 (from $46,954,000 at December 31, 2024) and management notes a call right (2030–2032) that does not meet derivative definition, resulting in permanent equity treatment—a structural financing/ownership consideration (filed notes).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.47
- Gross margin
- 26.828400000000002%
- Operating margin
- 4.22204217969809%
What they said about what is next.
The 10-Q contains no explicit numeric forward guidance for revenue or EPS. MD&A/disclosures include: estimated amortization related to the EASO investment of $669,000 for the remainder of 2025 and $2,681,000 in each of 2026–2029 (filed Note 3); the Board declared quarterly cash dividends of $0.125 per share (filed Note 1); and the Board’s $250M repurchase authorization remains (no Q3 purchases; YTD nine months purchases were ~330,441 shares for $13.8M) (filed Note 1).
The filing reads about the same as the one before it.
What came before.
- 10-Q · August 6, 2025
- Hub Group reported Q2 operating revenue of $905,648,000 (down $80,847,000 or 8.2% year-over-year from $986,495,000) and GAAP diluted EPS of $0.42 (down $0.05 from $0.47 a year ago). Gross margin remained ~27.6% while…
- 10-Q · May 9, 2025
- Hub Group reported operating revenue of $915,216,000 for the quarter ended March 31, 2025, down from $999,493,000 in the comparable 2024 period. Margins improved (gross ~28.1%, operating ~4.1%) and diluted EPS was flat…
- 10-K · February 25, 2025
- Hub Group describes a multi-modal, asset-light + asset-owned strategy focused on intermodal and logistics services, generating approximately $4.0 billion of annual revenue and targeting growth through cross-selling,…
- 10-Q · November 1, 2024
- Hub Group reported Q3 operating revenue of $986,892,000 (down $37,943,000 or 3.7% vs. Q3 2023) and GAAP diluted EPS of $0.39 (vs. $0.48 prior year). Gross margin was ~25.0% and operating margin was ~3.3% for the…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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