J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for the Third Quarter 2026

Operating margin fell to 6.7% from 7.9% as quarterly revenue growth outpaced operating income growth.

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• Third Quarter 2026 Revenue: $3.68 billion; up 20%
• Third Quarter 2026 Operating Income: $247.1 million; up 2%
• Third Quarter 2026 Diluted EPS: $1.82 vs. $1.76; up 3%

LOWELL, Ark.--(BUSINESS WIRE)-- J.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2026 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $172.4 million, or diluted earnings per share of $1.82 versus third quarter 2025 net earnings of $170.8 million, or $1.76 per diluted share.

“I want to thank our people for their unwavering commitment to serving our customers, operating safely and executing with excellence every day. Their discipline and focus enabled us to meet customer needs, improve our operations, and continue providing excellent service,” said Shelley Simpson, president and CEO. We remain confident in our strategy and are building the capabilities needed to support our customers' evolving needs, strengthen our competitive position and drive long-term profitable growth for our shareholders.”

Total operating revenue for the current quarter was $3.68 billion compared with $3.05 billion for the third quarter 2025, an increase of 20%. Current quarter total operating revenue, excluding fuel surcharge revenue, increased 13% versus the third quarter 2025. The increase in revenue, excluding fuel surcharge revenue, was primarily driven by an 8% increase in Intermodal (JBI) loads, a 27% increase in Integrated Capacity Solutions (ICS) revenue per load, excluding fuel surcharge revenue, and a 29% increase in Truckload (JBT) revenue per load, excluding fuel surcharge revenue, partially offset by a 10% decline in Final Mile Services (FMS) stops.

Operating income for the current quarter increased 2% to $247.1 million versus $242.7 million for the third quarter 2025. The increase in operating income was primarily driven by higher revenue, improved productivity across the organization and lower equipment storage and facility rental expenses. These were partially offset by higher purchase transportation and increased professional driver personnel expenses, higher equipment-related cost and increased insurance and group medical claims expense compared to the prior year period. On a consolidated basis, operating income as a percentage of gross revenue decreased year-over-year as a result of higher purchased transportation, fuel and fuel taxes, and increased insurance claims expenses as a percentage of gross revenue.

Net interest expense for the current quarter decreased compared to third quarter 2025 due to a lower average consolidated debt balance partially offset by a modestly higher average interest rate.

The effective income tax rate in the current quarter was 25.5% versus 24.0% in the third quarter 2025 due to the timing of certain discrete tax items. We expect our 2026 full year annual tax rate to be approximately 24.0%.

Segment Information:

Intermodal (JBI)

• Third Quarter 2026 Segment Revenue: $1.83 billion; up 20%
• Third Quarter 2026 Operating Income: $147.5 million; up 18%

Intermodal volume increased 8% over the same period in 2025. Transcontinental network loads increased 1%, while Eastern network loads increased 18% compared to the third quarter 2025. Overall demand for our intermodal service was strong throughout the quarter driven by the strong value proposition intermodal presents to customers. In the Eastern network, we continue to see strong demand for road-to-rail conversion. Segment gross revenue increased 20% from the prior-year period, reflecting an 11% increase in gross revenue per load, resulting from higher fuel surcharge revenue, customer rates and changes in mix of freight, and the 8% increase in volume. Revenue per load excluding fuel surcharge revenue increased 2% year-over-year.

Operating income increased 18% compared to the prior year period in the third quarter primarily from improved network balance and efficiency improvements, continued discipline and execution on our initiative to lower our cost to serve and lower container storage expense. These were partially offset by higher professional driver personnel expense, higher equipment-related cost and increased insurance and group medical claims expense.

Dedicated Contract Services (DCS)

• Third Quarter 2026 Segment Revenue: $960 million; up 11%
• Third Quarter 2026 Operating Income: $81.7 million; down 22%

DCS revenue increased 11% during the current quarter over the same period 2025 driven by a 10% improvement in productivity (revenue per truck per week) and a 1% increase in average trucks. Productivity excluding fuel surcharge revenue increased 3% from a year ago driven by contracted indexed-based price escalators and a decline in idled tractor equipment. On a net basis, there were 162 additional revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period and 120 more versus the end of the second quarter 2026. Customer retention rates remain at approximately 96%.

Operating income decreased 22% from the prior-year quarter. The decrease was driven by higher professional driver personnel expense, increased group medical claims, higher expenses related to insurance premiums and equipment, and increased new business onboarding expense, compared to the prior year period.

Integrated Capacity Solutions (ICS)

• Third Quarter 2026 Segment Revenue: $434 million; up 57%
• Third Quarter 2026 Operating Income/(Loss): $9.6 million; vs. $(0.8) million in Q3'25

ICS revenue increased 57% during the current quarter versus the third quarter 2025. Overall segment volume increased 22% versus the prior-year period with growth in both published and spot volume. Revenue per load increased 29% compared to the third quarter 2025 due to increases in both contractual and transactional rates. Contractual volume represented approximately 63% of the total load volume and 58% of the total revenue in the current quarter compared to 63% and 64%, respectively, in third quarter 2025.

Operating income was $9.6 million compared to an operating loss of $0.8 million in the third quarter 2025. Operating results improved from the prior-year quarter primarily due to an increase in gross profit driven by increases in both revenue per load and volume, partially offset by higher personnel-related and insurance claims expense. Gross profit margin of 14.3% in the third quarter of 2026 declined compared to 15.0% in the prior year period but improved from 12.5% in the second quarter of 2026.

Final Mile Services (FMS)

• Third Quarter 2026 Segment Revenue: $200 million; down 3%
• Third Quarter 2026 Operating Income: $1.6 million; down 76%

FMS revenue decreased 3% compared to the same period 2025. The decrease in revenue was primarily driven by known business losses given our ongoing efforts to improve revenue quality and profitability across the portfolio. The decrease in segment gross revenue was partially offset by stabilizing demand across many of our end markets and improved revenue quality across various accounts.

Operating income decreased 76% compared to the prior-year period primarily driven by the decline in segment revenue along with higher purchased transportation expense. The decline in operating income was partially offset by lower personnel-related and facility rental expenses along with continued progress on the initiative to lower our cost to serve.

Truckload (JBT)

• Third Quarter 2026 Segment Revenue: $261 million; up 37%
• Third Quarter 2026 Operating Income: $7.0 million; down 6%

JBT segment gross revenue increased 37% compared to the same period in the previous year. Segment gross revenue excluding fuel surcharge revenue increased 34% driven by a 29% increase in gross revenue per load excluding fuel surcharge revenue and a 4% increase in load volume. Total average effective trailer count decreased by approximately 60 units, or 1% versus the prior-year period. Compared to the third quarter 2025, trailer turns in the quarter were up 3%, primarily due to better network balance, improved asset utilization and modestly higher load volume.

JBT segment operating income decreased 6% to $7.0 million versus the third quarter 2025. The decrease in operating income was primarily driven by higher purchase transportation expense and equipment-related costs, partially offset by continued disciplined cost management and the benefits of a more balanced network. JBT segment operating income as a percentage of segment gross revenue decreased year-over-year primarily due to higher third-party capacity costs as a percentage of revenue.

Cash Flow and Capitalization:

At September 30, 2026, we had approximately $1.12 billion outstanding on various debt instruments compared to $1.60 billion at September 30, 2025 and $1.47 billion at December 31, 2025.

Our net capital expenditures for the nine months ended September 30, 2026 approximated $291.1 million compared to $490.9 million for the same period 2025. At September 30, 2026, we had cash and cash equivalents of approximately $4 million.

In the third quarter 2026, we purchased approximately 704,000 shares of common stock for approximately $174 million. At September 30, 2026, we had approximately $619 million remaining under our share repurchase authorization. Actual shares outstanding at September 30, 2026 approximated 93.2 million.

Conference Call Information:

The company will hold a conference call today from 4:00–5:00 p.m. CDT to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investor.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.

Forward-Looking Statements:

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2025. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available to interested parties on our website, www.jbhunt.com.

About J.B. Hunt

J.B. Hunt’s vision is to create the most efficient transportation network in North America. The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country and third-party capacity through its J.B. Hunt 360°^® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment in-between. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.

J.B. Hunt Transport Services Inc. is an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
		Three Months Ended September 30
		2026					2025
				% Of					% Of
		Amount		Revenue			Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	3,006,018				$	2,667,276
Fuel surcharge revenues		670,789					385,621
Total operating revenues		3,676,807		100.0	%		3,052,897		100.0	%
Operating expenses
Rents and purchased transportation		1,757,791		47.8	%		1,332,386		43.6	%
Salaries, wages and employee benefits		876,653		23.8	%		822,193		26.9	%
Fuel and fuel taxes		260,449		7.1	%		164,008		5.4	%
Depreciation and amortization		183,547		5.0	%		179,125		5.9	%
Operating supplies and expenses		147,909		4.0	%		132,701		4.3	%
Insurance and claims		100,905		2.7	%		82,015		2.7	%
General and administrative expenses, including asset dispositions		72,260		2.1	%		69,004		2.3	%
Operating taxes and licenses		19,750		0.5	%		18,020		0.6	%
Communication and utilities		10,450		0.3	%		10,788		0.4	%
Total operating expenses		3,429,714		93.3	%		2,810,240		92.1	%
Operating income		247,093		6.7	%		242,657		7.9	%
Net interest expense		15,685		0.4	%		17,871		0.5	%
Earnings before income taxes		231,408		6.3	%		224,786		7.4	%
Income taxes		58,990		1.6	%		53,937		1.8	%
Net earnings	$	172,418		4.7	%	$	170,849		5.6	%
Average diluted shares outstanding		94,647					96,847
Diluted earnings per share	$	1.82				$	1.76

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
		Nine Months Ended September 30
		2026					2025
				% Of					% Of
		Amount		Revenue			Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	8,508,347				$	7,803,324
Fuel surcharge revenues		1,720,247					1,099,146
Total operating revenues		10,228,594		100.0	%		8,902,470		100.0	%
Operating expenses
Rents and purchased transportation		4,839,971		47.3	%		3,892,622		43.7	%
Salaries, wages and employee benefits		2,482,601		24.3	%		2,438,781		27.4	%
Fuel and fuel taxes		670,716		6.6	%		477,652		5.4	%
Depreciation and amortization		543,567		5.3	%		535,581		6.0	%
Operating supplies and expenses		412,039		4.0	%		384,399		4.3	%
Insurance and claims		277,447		2.7	%		251,870		2.8	%
General and administrative expenses, including asset dispositions		199,833		1.9	%		216,850		2.5	%
Operating taxes and licenses		57,202		0.6	%		53,270		0.6	%
Communication and utilities		31,625		0.3	%		32,833		0.4	%
Total operating expenses		9,515,001		93.0	%		8,283,858		93.1	%
Operating income		713,593		7.0	%		618,612		6.9	%
Net interest expense		50,354		0.5	%		57,754		0.6	%
Earnings before income taxes		663,239		6.5	%		560,858		6.3	%
Income taxes		168,234		1.7	%		143,645		1.6	%
Net earnings	$	495,005		4.8	%	$	417,213		4.7	%
Average diluted shares outstanding		94,929					98,424
Diluted earnings per share	$	5.21				$	4.24

Financial Information By Segment
(in thousands)
(unaudited)
		Three Months Ended September 30
		2026						2025
					% Of						% Of
		Amount			Total			Amount			Total
Revenue
Intermodal	$	1,827,621			50	%	$	1,520,377			50	%
Dedicated		960,169			26	%		864,110			28	%
Integrated Capacity Solutions		433,849			12	%		276,343			9	%
Final Mile Services		200,124			5	%		206,481			7	%
Truckload		260,759			7	%		189,743			6	%
Subtotal		3,682,522			100	%		3,057,054			100	%
Intersegment eliminations		(5,715	)		(0	%)		(4,157	)		(0	%)
Consolidated revenue	$	3,676,807			100	%	$	3,052,897			100	%
Operating income
Intermodal	$	147,473			60	%	$	125,003			52	%
Dedicated		81,727			33	%		104,282			43	%
Integrated Capacity Solutions		9,578			4	%		(752	)		(0	%)
Final Mile Services		1,634			1	%		6,913			2	%
Truckload		6,996			2	%		7,436			3	%
Other (1)		(315	)		(0	%)		(225	)		(0	%)
Operating income	$	247,093			100	%	$	242,657			100	%
		Nine Months Ended September 30
		2026						2025
					% Of						% Of
		Amount			Total			Amount			Total
Revenue
Intermodal	$	5,086,103			50	%	$	4,427,515			50	%
Dedicated		2,721,435			26	%		2,533,157			28	%
Integrated Capacity Solutions		1,145,080			11	%		804,628			9	%
Final Mile Services		586,188			6	%		617,812			7	%
Truckload		705,796			7	%		533,339			6	%
Subtotal		10,244,602			100	%		8,916,451			100	%
Intersegment eliminations		(16,008	)		(0	%)		(13,981	)		(0	%)
Consolidated revenue	$	10,228,594			100	%	$	8,902,470			100	%
Operating income
Intermodal	$	412,826			58	%	$	315,137			51	%
Dedicated		271,596			38	%		278,243			45	%
Integrated Capacity Solutions		6,622			1	%		(6,972	)		(1	%)
Final Mile Services		14,356			2	%		19,583			3	%
Truckload		8,378			1	%		12,845			2	%
Other (1)		(185	)		(0	%)		(224	)		(0	%)
Operating income	$	713,593			100	%	$	618,612			100	%
(1) Includes corporate support activity

Operating Statistics by Segment
(unaudited)
		Three Months Ended September 30
		2026					2025
Intermodal
Loads		585,582					539,907
Average length of haul		1,598					1,643
Revenue per load	$	3,121				$	2,816
Average tractors during the period *		6,371					6,361
Tractors (end of period) *		6,439					6,388
Trailing equipment (end of period)		124,180					125,105
Average effective trailing equipment usage		114,394					104,573
Dedicated
Loads		1,023,096					992,032
Average length of haul		169					175
Revenue per truck per week**	$	5,732				$	5,209
Average trucks during the period***		12,791					12,718
Trucks (end of period) ***		12,864					12,702
Trailing equipment (end of period)		35,056					32,240
Average effective trailing equipment usage		36,834					33,152
Integrated Capacity Solutions
Loads		164,462					135,309
Revenue per load	$	2,638				$	2,042
Gross profit margin		14.3	%				15.0	%
Employee count (end of period)		722					563
Final Mile Services
Stops		876,409					971,244
Average trucks during the period***		1,173					1,296
Truckload
Loads		119,450					115,269
Revenue per load	$	2,183				$	1,646
Average length of haul		563					576
Tractors (end of period)
Company-owned		-					-
Independent contractor		2,221					2,091
Total tractors		2,221					2,091
Trailers (end of period)		12,639					12,676
Average effective trailing equipment usage		12,046					12,107
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks

Operating Statistics by Segment
(unaudited)
		Nine Months Ended September 30
		2026					2025
Intermodal
Loads		1,700,506					1,586,889
Average length of haul		1,599					1,644
Revenue per load	$	2,991				$	2,790
Average tractors during the period *		6,256					6,389
Tractors (end of period) *		6,439					6,388
Trailing equipment (end of period)		124,180					125,105
Average effective trailing equipment usage		111,593					104,967
Dedicated
Loads		2,960,921					2,927,698
Average length of haul		171					178
Revenue per truck per week**	$	5,539				$	5,167
Average trucks during the period***		12,696					12,677
Trucks (end of period) ***		12,864					12,702
Trailing equipment (end of period)		35,056					32,240
Average effective trailing equipment usage		35,276					33,032
Integrated Capacity Solutions
Loads		473,137					405,367
Revenue per load	$	2,420				$	1,985
Gross profit margin		13.1	%				15.3	%
Employee count (end of period)		722					563
Final Mile Services
Stops		2,543,050					2,890,504
Average trucks during the period***		1,200					1,322
Truckload
Loads		351,585					314,770
Revenue per load	$	2,007				$	1,694
Average length of haul		581					603
Tractors (end of period)
Company-owned		-					-
Independent contractor		2,221					2,091
Total tractors		2,221					2,091
Trailers (end of period)		12,639					12,676
Average effective trailing equipment usage		12,250					12,116
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks

J.B. HUNT TRANSPORT SERVICES, INC. Condensed Consolidated Balance Sheets (in thousands) (unaudited)
		September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	3,750			$	17,284
Accounts Receivable, net		1,611,490				1,160,371
Prepaid expenses and other		322,145				426,535
Total current assets		1,937,385				1,604,190
Property and equipment		9,481,199				9,348,370
Less accumulated depreciation		4,117,561				3,810,269
Net property and equipment		5,363,638				5,538,101
Other assets, net		786,090				784,864
	$	8,087,113			$	7,927,155
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt	$	-			$	699,859
Trade accounts payable		889,520				655,604
Claims accruals		334,394				310,339
Accrued payroll		167,987				110,388
Other accrued expenses		186,180				159,153
Total current liabilities		1,578,081				1,935,343
Long-term debt		1,123,837				766,938
Long-term claims accruals		501,893				444,479
Other long-term liabilities		342,254				307,005
Deferred income taxes		907,345				908,305
Stockholders' equity		3,633,703				3,565,085
	$	8,087,113			$	7,927,155

Supplemental Data (unaudited)
		September 30, 2026				December 31, 2025
Actual shares outstanding at end of period (000)		93,219				94,595
Book value per actual share outstanding at end of period	$	38.98			$	37.69
		Nine Months Ended September 30
		2026				2025
Net cash provided by operating activities (000)	$	1,108,428			$	1,292,674
Net capital expenditures (000)	$	291,133			$	490,919

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261015548892/en/

Andrew Hall
Sr. Director, Finance
(479) 820-0000

Source: J.B. Hunt Transport Services, Inc.

Key Terms

u.s. gaap financial

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

diluted earnings per share financial

Diluted earnings per share is a measure of a company's profit allocated to each share of stock, taking into account all possible shares that could be created through stock options, convertible bonds, or other securities. It shows the lowest possible earnings per share if all these potential shares were issued, helping investors understand the worst-case scenario for their ownership. This figure matters because it provides a more conservative view of a company's profitability per share.