J.B. Hunt Transport Services, Inc. (JBHT)

J.B. Hunt reported third-quarter 2026 revenue of $3.68 billion on 15 October, up 20 percent from a year earlier, while operating income rose only 2 percent to $247.1 million 1.

Net earnings were $172.4 million, or $1.82 a diluted share, against $170.8 million, or $1.76, a year earlier 1.

Revenue excluding fuel surcharges, the fuel cost customers pay on top of the freight rate, rose 13 percent 1. The company credits an 8 percent rise in Intermodal loads and a 29 percent rise in Truckload revenue per load 1.

Profit lagged revenue because costs rose too: Chief Financial Officer Brad Delco said driver, claims and fuel costs cut operating income by over $50 million against the second quarter 4. The company also named higher purchased transportation and group medical expense 1.

Delco called margin repair a top priority, and the president of Intermodal, Darren Field, said about 10 percent of its volume reprices in the fourth quarter 4. The open question is the Union Pacific and Norfolk Southern merger, which the Surface Transportation Board put on a review schedule on 19 August 6.

J.B. Hunt was incorporated in Arkansas on 10 August 1961 and has been publicly held since its 1983 initial public offering 3. It runs five businesses: Intermodal, Dedicated Contract Services, Integrated Capacity Solutions, Final Mile Services and Truckload 3.

Intermodal, freight moved in a container by train for the long leg with trucks at each end, began in 1989 as a partnership with what is now BNSF Railway 3. The company calls it the first agreement that linked major rail and truckload carriers in a joint service environment 3.

Revenue was $12.83 billion in 2023, $12.09 billion in 2024 and $12.00 billion in 2025 3. The 2025 total was down 0.7 percent, and FreightWaves described the stretch as a lingering downturn 35.

Fuel surcharge revenue fell 3.5 percent to $1.48 billion in 2025, and revenue without it fell 0.3 percent 3. Fuel surcharges follow diesel prices, so they move revenue without changing the freight rate 3.

The brokerage lost $10 million in 2025 against $56 million in 2024, a year that carried $26 million of integration and write-off costs 3. Dedicated kept about 94 percent of its customers, and revenue per truck per week rose 2 percent 3.

On 30 September 2023 the company closed its purchase of the brokerage assets of BNSF Logistics, an affiliate of Burlington Northern Santa Fe, for $85.0 million 3. That bought it a larger brokerage business, which then lost money while it was folded in 3.

In 2025 revenue slipped because Intermodal and Truckload earned less per load, brokerage volume fell, Dedicated ran fewer trucks and Final Mile lost revenue 3. Final Mile fell 10 percent to $824 million from $910 million 3.

Costs fell faster than revenue, so operating income rose to $865 million in 2025 from $831 million in 2024 3. The operating ratio, operating costs as a share of revenue, improved to 92.8 percent from 93.1 percent 3.

FreightWaves reported in December 2025 that the brokerage unit had lost money for 11 straight quarters and that headcount sat 15 percent below its prior peak 5. It also reported a $100 million cost reduction program, which the company called structural 5.

The company also shrank its share count, with 94.6 million shares outstanding at the end of 2025 against 100.6 million a year earlier 3. It borrowed through $750 million of 4.90 percent senior notes issued in March 2025 and due in 2030 3.

Intermodal (JBI)

Intermodal is the company's largest business, with $5.98 billion of 2025 revenue and 2,138,191 loads 3. A customer's freight rides in a J.B. Hunt container on a railroad, and the company's own trucks haul it to and from the rail ramps 3.

It operated 124,838 company-owned containers and trailers at the end of 2025, and the majority of its business travels on BNSF and Norfolk Southern rails 3. In the third quarter of 2026 segment revenue was $1.83 billion and operating income $147.5 million, up 18 percent 1.

Eastern loads grew 18 percent in the quarter and cross-country loads grew 1 percent, and Field said the value of intermodal is the strongest in more than a decade 14. Rivals include Hub Group, the second-ranked intermodal operator, plus Schneider and STG Logistics, FreightWaves reported 8.

Dedicated Contract Services (DCS)

Dedicated builds and runs a private truck fleet for a customer, on contracts of three to 10 years that average about five 3. It operated 11,878 company-owned trucks at the end of 2025 and earned $3.38 billion that year 3.

Third-quarter 2026 revenue was $960 million, up 11 percent, but operating income fell 22 percent to $81.7 million 1. The company cited driver pay, group medical, insurance and the cost of onboarding new business 1.

There were 162 more revenue-producing trucks than a year before, and retention was about 96 percent 1. Sales reached 970 new trucks in the first nine months against a full-year goal of 1,000 to 1,200, per the earnings call 4.

Integrated Capacity Solutions and J.B. Hunt 360

Integrated Capacity Solutions is the brokerage: it arranges loads on other companies' trucks, with about 126,000 available carriers and 575 employees, and 2025 revenue of $1.11 billion 3. J.B. Hunt 360 is its online marketplace where shippers and carriers match loads 3.

Third-quarter 2026 revenue jumped 57 percent to $434 million, and the segment earned $9.6 million against a $0.8 million loss a year earlier 1. Gross profit margin was 14.3 percent against 15.0 percent a year earlier 1.

Brokerage rivals are consolidating: C.H. Robinson agreed in October to buy RXO in a deal of about US$5.8 billion, Container News reported on 6 October 7. The 10-K names non-asset logistics companies and freight brokers as this segment's competition 3.

Final Mile Services (FMS)

Final Mile delivers big and bulky goods such as appliances and furniture to homes, and installs them, from a network of cross-dock sites 3. Its 2025 revenue was $824 million 3.

Third-quarter 2026 revenue fell 3 percent to $200 million and operating income fell 76 percent to $1.6 million 1. Nick Hobbs, the chief operating officer, said the company is working to offset a previously disclosed $90 million revenue headwind 4.

Truckload (JBT)

Truckload moves full dry-van loads in J.B. Hunt trailers, through its 360box drop-trailer program, using contractors and third-party carriers 3. Revenue was $734 million in 2025, and 360box volume rose 9 percent 3.

Third-quarter 2026 revenue rose 37 percent to $261 million 1. The company had 2,003 independent contractor trucks at the end of 2025, and thousands of carriers compete in this field 3.

Plants and facilities

The company owns its headquarters in Lowell, Arkansas, on a 218 acre campus 3. It also owns or leases 59 other significant facilities for maintenance and fuel, and 106 cross-dock and delivery sites for Final Mile 3.

People

Shelley Simpson is president and chief executive and Brad Delco is chief financial officer 4. At the end of 2025 the company had 31,750 employees, including 21,554 company drivers, and none belonged to a union 3.

Problems and costs

Group medical expense rose more than $16 million in the quarter, and Delco said an elevated number of train derailments raises cargo claims 4. The 10-K says it is party to claims from normal business and expects no material effect 3.

The umbrella, in words

J.B. Hunt Transport Services is a holding company that works through wholly owned subsidiaries 3. Its Exhibit 21.1 lists J.B. Hunt Transport, Inc. of Georgia, J.B. Hunt Logistics, Inc. of Arkansas and Hunt Mexicana of Mexico among its subsidiaries 9.

The company bought the brokerage assets of BNSF Logistics in 2023, an agreed purchase and not a stake in another company 3. Its brands include J.B. Hunt 360, 360box, Dedicated Contract Services and Final Mile Services 3.

Vanguard Capital Management reported owning 5.96 percent of the common stock in a Schedule 13G for 31 March 2026 10. The 10-K lists a single class of common stock on NASDAQ 3.

Delco said the company expects net capital spending of approximately $700 million for the year, with spending trending higher in the fourth quarter on a strong Dedicated pipeline 4. It expects a full-year tax rate near 24 percent 1.

Dedicated aims for gross sales of 1,000 to 1,200 new trucks this year 4. In December 2025 management also restated a goal of 800 to 1,000 net truck additions a year 5.

On pricing, Field said the company reprices about 10 percent of Intermodal volume in the fourth quarter and 30 percent in each of the first three quarters of the year 4. He added that results take time into next year to show the new prices 4.

The Surface Transportation Board adopted a schedule on 19 August 2026 for the $85 billion Union Pacific and Norfolk Southern merger, with final briefs due 28 May 2027 6. J.B. Hunt said in December 2025 it prefers two Eastern rail partners 5.

Hobbs said the company expects a modest peak season in Final Mile while it works to offset a previously disclosed $90 million revenue headwind 4. Simpson said the largest opportunity ahead is ensuring pricing reflects the value the company creates 4.

Simpson said the company will keep working to improve productivity and lower structural costs where opportunities exist, while staying disciplined about the returns on growth 4.

The $700 million of 3.875 percent senior notes matured in March 2026 and were paid in full 2. Debt outstanding was approximately $1.12 billion at 30 September 2026 against $1.47 billion at the end of 2025 1.

The company holds $619 million of share repurchase authority and declared a quarterly dividend of $0.45, payable 20 November 2026 12. C.H. Robinson expects its RXO purchase to close in the first half of 2027 7.