JBHT earnings analysis
What we found in JBHT'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
J.B. Hunt delivered a strong Q2, with revenue up 19.4% to $3.495 billion, EPS of $1.91, and operating margin expanding to 7.4% from 6.7% a year earlier. Growth was led by JBI intermodal, DCS, and ICS, while FMS contracted and JBT turned unprofitable despite sharp revenue growth. First-half operating cash flow declined 10.3% to $723.3 million on working-capital timing, but net capex dropped to $144.9 million and management expects 2026 net capex of $600 million to $800 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and EPS accelerated
- Q2 revenue rose 19.4% year over year to $3.495 billion from $2.928 billion, and grew sequentially from $3.06 billion in Q1 2026. Diluted EPS was $1.91, up from $1.31 in Q2 2025 and $1.49 in Q1 2026.
- Operating leverage expanded
- Operating income increased 31.5% to $259.5 million from $197.3 million, lifting operating margin 70 basis points to 7.4% from 6.7%. Sequential operating margin also improved from 6.8% in Q1 2026.
- JBI intermodal drove earnings growth
- Intermodal was the largest profit driver: JBI revenue increased 22% to $1.754 billion and operating income jumped 58% to $150.9 million. JBI load volume rose 10%, including a 16% increase in Eastern-network loads.
- Dedicated segment remained resilient
- DCS revenue grew 9% to $921 million and operating income rose 9% to $102.5 million, supported by 9% higher revenue per truck per week. Customer retention remained approximately 96%.
- ICS returned to operating profit
- Brokerage recovery was substantial: ICS revenue rose 49% to $388 million and the segment shifted to $1.7 million of operating income from a $3.6 million operating loss. ICS volumes increased 19% and revenue per load increased 26%.
- Capex moderated and debt was retired
- First-half operating cash flow was $723.3 million, while net capital expenditures fell to $144.9 million from $399.1 million a year earlier. The company retired $700 million of senior notes in March 2026 and had $4.2 million of cash, $54 million drawn on its revolver, and $350 million of term loans at June 30.
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.
- Final-mile revenue and profit declined
- FMS remained the principal revenue laggard: Q2 revenue declined 6% to $198 million from $211 million and operating income fell 30% to $5.6 million, reflecting lost business during efforts to improve account profitability and higher purchased transportation expense.
- JBT growth did not translate to profit
- JBT revenue increased 35% to $240 million, but the segment moved to a $1.3 million operating loss from $3.4 million of operating income. Gross profit declined 12% as tightening third-party capacity raised purchased transportation costs.
- Third-party transport and fuel costs rose
- Cost pressure persists despite margin expansion: rents and purchased transportation expense increased 32.4% and fuel and fuel taxes increased 53.0% year over year. ICS gross-profit margin fell to 12.5% from 15.5% as third-party capacity costs rose.
- Risk-factor disclosure largely unchanged
- The filing does not identify a discrete new or amended risk factor versus the 2025 Form 10-K, instead directing investors back to that filing. Quantified current exposures include $611.5 million of net purchase commitments and a $4.0 million annual pretax earnings reduction from a 1-percentage-point increase in variable borrowing rates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.91
- Operating margin
- 7.4%
- Segment
- JBI revenue: $1.754 billion, up 22% year over year from $1.438 billion
- Segment
- DCS revenue: $921 million, up 9% year over year from $847 million
- Segment
- ICS revenue: $388 million, up 49% year over year from $260 million
- Segment
- FMS revenue: $198 million, down 6% year over year from $211 million
- Segment
- JBT revenue: $240 million, up 35% year over year from $177 million
What they said about what is next.
The 10-Q provides no revenue or EPS outlook. Management maintained its expected 2026 annual effective tax rate of 24.0% to 24.5%, versus 25.4% in Q2 2026 and 26.9% in Q2 2025; it expects $600 million to $800 million of net capital expenditures in 2026.
The filing reads better than the one before it.
What came before.
- 10-Q · April 24, 2026
- J.B. Hunt reported Q1 2026 operating revenues of $3.06 billion, up 5% year-over-year, with operating income rising 15.9% to $207.0 million and an operating margin of 6.8% (vs. 6.1% a year ago). Segment strength was…
- 10-K · February 24, 2026
- J.B. Hunt (JBHT) describes an integrated, multimodal strategy centered on its J.B. Hunt 360 platform and asset-backed intermodal and dedicated services. FY2025 revenue was roughly flat versus FY2024 (~$12.03B vs…
- 10-Q · October 24, 2025
- J.B. Hunt reported Q3 2025 total operating revenues of $3,052,897 (thousands) and diluted EPS of $1.76, up from $3,068,171 (thousands) and $1.49 in Q3 2024. Operating income increased to $242,657 (thousands) from…
- 10-Q · July 24, 2025
- JBHT reported essentially flat revenue of $2,928,181 (thousands) in Q2 2025 versus $2,928,685 (thousands) in Q2 2024, with operating income declining to $197,274 (thousands) from $205,709 (thousands) and diluted EPS…
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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