10-Q · July 24, 2026
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…
Earnings analysis · 10-Q
JBHT earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
J.B. Hunt delivered strong third-quarter growth, with revenue up 20.4% to $3.68 billion and diluted EPS of $1.82, led by Intermodal and ICS. However, operating margin contracted to 6.7% as purchased transportation,…
Read full summary
J.B. Hunt delivered strong third-quarter growth, with revenue up 20.4% to $3.68 billion and diluted EPS of $1.82, led by Intermodal and ICS. However, operating margin contracted to 6.7% as purchased transportation, fuel, insurance, and equipment costs increased, while DCS and FMS profitability weakened. Liquidity is manageable but cash was just $3.8 million, and receivables absorbed $451.1 million of operating cash flow. Management maintained its approximately 24.0% 2026 tax-rate outlook and expects approximately $700 million of full-year net capital expenditures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.82
- Operating margin
- 6.7%
What stood out
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Strong revenue and EPS performance
Third-quarter operating revenue increased 20.4% year over year to $3.68 billion, while diluted EPS rose to $1.82 from $1.76. Revenue exceeded the supplied consensus estimate of $3.58 billion by approximately 2.8%.
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Intermodal led profit growth
JBI operating income increased 18% to $147.5 million on $1.83 billion of revenue, supported by an 8% increase in load volumes and an 11% increase in revenue per load.
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ICS returned to profitability
ICS revenue increased 57% to $434 million and returned to operating profitability with $9.6 million of operating income versus a $0.8 million loss in the prior-year quarter.
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Lower capital intensity
Nine-month operating cash flow was $1.11 billion, while net capital expenditures declined to $291.1 million from $490.9 million in the prior-year period.
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Debt reduced year to date
Total debt declined to $1.12 billion at September 30, 2026 from $1.47 billion at December 31, 2025, despite cash declining to $3.8 million from $17.3 million.
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Continued share repurchases
The company repurchased 704,364 shares for $173.8 million during the quarter and had $619.3 million remaining under its authorized repurchase plan at September 30, 2026.
What to watch
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Cost inflation compressed margins
Consolidated operating margin declined to 6.7% from 7.9% year over year, as operating expenses increased 22.0% while revenue increased 20.4%. Rents and purchased transportation rose 31.9% and fuel expense rose 58.8%.
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Dedicated margins deteriorated
DCS operating income fell 22% to $81.7 million despite revenue growth of 11% to $960 million, driven by higher driver personnel, medical, insurance, equipment, and onboarding costs.
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Final Mile weakness continued
FMS operating income fell 76% to $1.6 million on a 3% revenue decline to $200 million, with management citing lost business and higher purchased transportation expense.
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Working capital absorbed cash
Trade accounts receivable increased to $1.61 billion from $1.16 billion at December 31, 2025, contributing to a $451.1 million operating-cash outflow from receivables and reducing nine-month operating cash flow to $1.11 billion from $1.29 billion.
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Low cash balance increases liquidity risk
Cash and cash equivalents were only $3.8 million at September 30, 2026, while the company had $1.12 billion of long-term debt and $81.9 million outstanding on its revolving credit line.
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Claims severity remains a headwind
Insurance and claims expense increased 23% year over year in the quarter, and management cited higher claim severity; long-term claims accruals were $501.9 million at September 30, 2026.
Management's outlook
No revenue or EPS guidance was provided. Management expects a 2026 annual effective tax rate of approximately 24.0% and expects approximately $700 million of full-year 2026 net capital expenditures. The company stated that liquid assets, operating cash flow, and its revolving credit line should provide sufficient funds for operating and capital requirements for the foreseeable future.
Earlier filings 4
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.