[10-Q] HUNT J B TRANSPORT SERVICES INC Quarterly Earnings Report

Rhea-AI Filing Summary

J.B. Hunt Transport Services (JBHT) reported steady profitability in Q3 2025 despite a slight revenue dip. Total operating revenues were $3.05 billion, down 0.5% year over year, while operating income rose to $242.7 million and net earnings reached $170.8 million. Diluted EPS increased to $1.76 from $1.49 a year ago as mix and cost controls supported margins.

Segment results were mixed. Intermodal (JBI) revenue fell 2% to $1.52 billion, but operating income improved to $125.0 million on better network balance and lower empty moves. Dedicated (DCS) revenue rose 2% to $864 million with operating income up to $104.3 million on higher productivity. ICS revenue slipped 1% to $276 million, with a reduced operating loss of $0.8 million. Final Mile (FMS) revenue declined 5% to $206 million and operating income fell to $6.9 million. Truckload (JBT) revenue grew 10% to $190 million, though operating income eased to $7.4 million.

Year to date, operating cash flow was $1.29 billion, funding $490.9 million in net capital spending and $783.4 million of share repurchases. The Board also authorized an additional $1 billion repurchase on October 22, 2025. Debt included $700 million of 3.875% notes due 2026 and $750 million of 4.90% notes due 2030; $160 million was outstanding on the revolver at 5.16%.

Insights

Transport sector analyst

Margin resilience offset a small revenue decline; cash returns remained robust.

JBHT delivered higher profitability on flat-to-down volumes, with Q3 operating income at $242.7M and diluted EPS at $1.76. Mix improvements in JBI (fewer empty moves) and stronger DCS productivity supported earnings, while ICS losses narrowed on cost controls.

Cash generation stayed strong: year-to-date operating cash flow of $1.29B covered net capex of $490.9M and buybacks of $783.4M. The capital stack features fixed-rate senior notes at 3.875% (2026) and 4.90% (2030), plus $160M drawn on the revolver at 5.16%.

The Board’s additional $1B repurchase authorization on October 22, 2025 signals continued capital return. Quarterly dynamics varied by segment, so forward performance will hinge on freight mix, rate trends, and cost discipline across JBI, DCS, and ICS.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 0-11757

J.B. HUNT TRANSPORT SERVICES, INC.

(Exact name of registrant as specified in its charter)

Arkansas	71-0335111
(State or other jurisdiction	(I.R.S. Employer
of incorporation or	Identification No.)
organization)

615 J.B. Hunt Corporate Drive, Lowell, Arkansas 72745

(Address of principal executive offices)

479-820-0000

(Registrant's telephone number, including area code)

www.jbhunt.com

(Registrant's web site)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	JBHT	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.

Yes   ☒            No    ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes   ☒            No    ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒  Accelerated filer ☐  Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐           No    ☒     

The number of shares of the registrant’s $0.01 par value common stock outstanding on September 30, 2025 was 95,218,346.

J.B. HUNT TRANSPORT SERVICES, INC.

Form 10-Q

For The Quarterly Period Ended September 30, 2025

Table of Contents

		Page
Part I.    Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Statements of Earnings for the Three and Nine Months Ended September 30, 2025 and 2024	3
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	4
	Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	6
	Notes to Condensed Consolidated Financial Statements as of September 30, 2025	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22
Part II.    Other Information
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults Upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	23
Exhibits		24
Signatures		25

Part I.    Financial Information

ITEM 1.   FINANCIAL STATEMENTS

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share amounts)

(unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Operating revenues, excluding fuel surcharge revenues		$	2,667,276			$	2,678,484			$	7,803,324			$	7,775,991
Fuel surcharge revenues			385,621				389,687				1,099,146				1,164,865
Total operating revenues			3,052,897				3,068,171				8,902,470				8,940,856
Operating expenses:
Rents and purchased transportation			1,332,386				1,380,380				3,892,622				3,935,379
Salaries, wages and employee benefits			822,193				809,494				2,438,781				2,420,425
Depreciation and amortization			179,125				187,982				535,581				555,637
Fuel and fuel taxes			164,008				158,792				477,652				496,610
Operating supplies and expenses			132,701				127,889				384,399				371,305
Insurance and claims			82,015				78,441				251,870				227,348
General and administrative expenses, net of asset dispositions			69,004				72,389				216,850				223,878
Operating taxes and licenses			18,020				17,705				53,270				52,815
Communication and utilities			10,788				10,991				32,833				33,273
Total operating expenses			2,810,240				2,844,063				8,283,858				8,316,670
Operating income			242,657				224,108				618,612				624,186
Net interest expense			17,871				20,751				57,754				56,598
Earnings before income taxes			224,786				203,357				560,858				567,588
Income taxes			53,937				51,291				143,645				152,156
Net earnings		$	170,849			$	152,066			$	417,213			$	415,432
Weighted average basic shares outstanding			96,184				101,319				97,832				102,312
Basic earnings per share		$	1.78			$	1.50			$	4.26			$	4.06
Weighted average diluted shares outstanding			96,847				102,135				98,424				103,126
Diluted earnings per share		$	1.76			$	1.49			$	4.24			$	4.03

See Notes to Condensed Consolidated Financial Statements.

3

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

		September 30, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	52,290			$	46,983
Trade accounts receivable, net			1,231,356				1,224,166
Prepaid expenses and other			392,636				499,834
Total current assets			1,676,282				1,770,983
Property and equipment, at cost			9,341,316				9,148,928
Less accumulated depreciation			3,700,489				3,419,129
Net property and equipment			5,640,827				5,729,799
Goodwill and intangible assets, net			215,511				230,979
Other assets			575,032				580,509
Total assets		$	8,107,652			$	8,312,270
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt		$	699,647			$	500,000
Trade accounts payable			664,517				645,925
Claims accruals			284,712				257,121
Accrued payroll			141,778				122,477
Other accrued expenses			142,214				152,517
Total current liabilities			1,932,868				1,678,040
Long-term debt			902,207				977,702
Long-term claims accruals			420,430				368,704
Other long-term liabilities			341,921				377,070
Deferred income taxes			938,360				896,249
Shareholders' equity			3,571,866				4,014,505
Total liabilities and shareholders' equity		$	8,107,652			$	8,312,270

See Notes to Condensed Consolidated Financial Statements.

4

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except per share amounts)

(unaudited)

		Three Months Ended September 30, 2025 and 2024
						Additional
		Common				Paid-in				Retained				Treasury				Stockholders’
		Stock				Capital				Earnings				Stock				Equity
Balances at June 30, 2024		$	1,671			$	578,624			$	7,153,058			$	(3,657,357	)		$	4,075,996
Comprehensive income:
Net earnings			-				-				152,066				-				152,066
Cash dividend declared and paid ($0.43 per share)			-				-				(43,686	)			-				(43,686	)
Purchase of treasury shares			-				-				-				(199,998	)			(199,998	)
Share-based compensation			-				19,813				-				-				19,813
Restricted share issuances, net of stock repurchased for payroll taxes and other			-				(3,773	)			-				(200	)			(3,973	)
Balances at September 30, 2024		$	1,671			$	594,664			$	7,261,438			$	(3,857,555	)		$	4,000,218
Balances at June 30, 2025		$	1,671			$	617,689			$	7,533,189			$	(4,497,219	)		$	3,655,330
Comprehensive income:
Net earnings			-				-				170,849				-				170,849
Cash dividend declared and paid ($0.44 per share)			-				-				(42,520	)			-				(42,520	)
Purchase of treasury shares			-				-				-				(230,450	)			(230,450	)
Share-based compensation			-				20,587				-				-				20,587
Restricted share issuances, net of stock repurchased for payroll taxes and other			-				(2,229	)			-				299				(1,930	)
Balances at September 30, 2025		$	1,671			$	636,047			$	7,661,518			$	(4,727,370	)		$	3,571,866

		Nine Months Ended September 30, 2025 and 2024
						Additional
		Common				Paid-in				Retained				Treasury				Stockholders’
		Stock				Capital				Earnings				Stock				Equity
Balances at December 31, 2023		$	1,671			$	549,132			$	6,978,119			$	(3,425,164	)		$	4,103,758
Comprehensive income:
Net earnings			-				-				415,432				-				415,432
Cash dividend declared and paid ($1.29 per share)			-				-				(132,113	)			-				(132,113	)
Purchase of treasury shares			-				-				-				(428,283	)			(428,283	)
Share-based compensation			-				57,376				-				-				57,376
Restricted share issuances, net of stock repurchased for payroll taxes and other			-				(11,844	)			-				(4,108	)			(15,952	)
Balances at September 30, 2024		$	1,671			$	594,664			$	7,261,438			$	(3,857,555	)		$	4,000,218
Balances at December 31, 2024		$	1,671			$	583,945			$	7,373,462			$	(3,944,573	)		$	4,014,505
Comprehensive income:
Net earnings			-				-				417,213				-				417,213
Cash dividend declared and paid ($1.32 per share)			-				-				(129,157	)			-				(129,157	)
Purchase of treasury shares			-				-				-				(783,360	)			(783,360	)
Share-based compensation			-				58,695				-				-				58,695
Restricted share issuances, net of stock repurchased for payroll taxes and other			-				(6,593	)			-				563				(6,030	)
Balances at September 30, 2025		$	1,671			$	636,047			$	7,661,518			$	(4,727,370	)		$	3,571,866

See Notes to Condensed Consolidated Financial Statements.

5

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

		Nine Months Ended September 30,
		2025				2024
Cash flows from operating activities:
Net earnings		$	417,213			$	415,432
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			535,581				555,637
Noncash lease expense			72,305				75,737
Share-based compensation			58,695				57,376
Net loss on sale of revenue equipment and other assets			11,938				13,305
Deferred income taxes			42,111				(74,380	)
Changes in operating assets and liabilities:
Trade accounts receivable			(7,190	)			71,991
Other assets			158,652				191,020
Trade accounts payable			63,212				(107,615	)
Income taxes payable or receivable			(33,852	)			(15,234	)
Claims accruals			30,972				31,943
Accrued payroll and other accrued expenses			(56,963	)			(49,692	)
Net cash provided by operating activities			1,292,674				1,165,520
Cash flows from investing activities:
Additions to property and equipment			(596,363	)			(641,083	)
Proceeds from sale of equipment			105,444				153,016
Proceeds from sale of investment			-				6,768
Business acquisitions			-				3,785
Net cash used in investing activities			(490,919	)			(477,514	)
Cash flows from financing activities:
Proceeds from issuances of long-term debt			750,000				-
Payments on long-term debt			(500,000	)			(250,000	)
Proceeds from revolving lines of credit and other			2,320,100				2,255,300
Payments on revolving lines of credit and other			(2,448,001	)			(2,050,300	)
Purchase of treasury stock			(783,360	)			(428,283	)
Stock repurchased for payroll taxes and other			(6,030	)			(15,952	)
Dividends paid			(129,157	)			(132,113	)
Net cash used in financing activities			(796,448	)			(621,348	)
Net change in cash and cash equivalents			5,307				66,658
Cash and cash equivalents at beginning of period			46,983				53,344
Cash and cash equivalents at end of period		$	52,290			$	120,002
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest		$	68,677			$	71,548
Income taxes		$	126,487			$	242,602
Noncash investing activities
Accruals for equipment received		$	29,286			$	88,395

See Notes to Condensed Consolidated Financial Statements.

6

J.B. HUNT TRANSPORT SERVICES, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. General

Basis of Presentation

The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. We believe such statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10-Q, the accompanying financial statements do not include all disclosures required by GAAP for annual financial statements. While we believe the disclosures presented are adequate to make the information not misleading, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024. Operating results for the periods presented in this report are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2025, or any other interim period. Our business is somewhat seasonal with slightly higher freight volumes typically experienced during August through early November in our full-load freight transportation business.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which enhances income tax disclosures to provide more transparency about income tax information, primarily related to the rate reconciliation and income taxes paid by jurisdiction information. These disclosures will include consistent categories and greater disaggregation of information in the rate reconciliation and require income taxes paid to be disaggregated by jurisdiction as well as additional amendments to improve the effectiveness of income tax disclosures. The new standard became effective prospectively for us on January 1, 2025, for annual periods, with retrospective adoption permitted. We do not anticipate the adoption of this accounting pronouncement to have a material impact on our financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. The standard becomes effective prospectively for us on January 1, 2027, for annual periods, and January 1, 2028, for interim periods, with retrospective adoption permitted. We are currently evaluating the impact of the adoption of this accounting pronouncement on our financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which clarified and modernizes the accounting for costs related to internal-use software. The amendments in the standard remove all previous references to project stages and clarify the threshold entities apply to begin capitalizing costs. The standard becomes effective for us on January 1, 2028, for annual and interim periods and may be adopted on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are currently evaluating the impact of the adoption of this accounting pronouncement on our financial statements.

2. Earnings Per Share

We compute basic earnings per share by dividing net earnings available to common shareholders by the actual weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflects the potential dilution that could occur if holders of unvested restricted and performance share units converted their holdings into common stock. The dilutive effect of restricted and performance share units was 0.7 million and 0.6 million shares during the three and nine months ended September 30, 2025, respectively, compared to 0.8 million shares during the three and nine months ended September 30, 2024.

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3. Share-based Compensation

The following table summarizes the components of our share-based compensation program expense (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Restricted share units:
Pretax compensation expense		$	15,423			$	13,842			$	41,968			$	39,659
Tax benefit			4,047				3,654				11,012				10,470
Restricted share unit expense, net of tax		$	11,376			$	10,188			$	30,956			$	29,189
Performance share units:
Pretax compensation expense		$	5,164			$	5,971			$	16,727			$	17,717
Tax benefit			1,355				1,576				4,389				4,677
Performance share unit expense, net of tax		$	3,809			$	4,395			$	12,338			$	13,040

As of September 30, 2025, we had $66.5 million and $35.7 million of total unrecognized compensation expense related to restricted share units and performance share units, respectively, that is to be recognized over the remaining weighted average period of approximately 2.8 years for restricted share units and 2.2 years for performance share units. During the nine months ended September 30, 2025, we issued 40,686 shares for vested restricted share units and 84,001 shares for vested performance share units. Of this total, 34,838 shares for vested restricted share units and zero shares for vested performance share units were issued during the third quarter 2025.

4. Financing Arrangements

Outstanding borrowings, net of unamortized discount and unamortized debt issuance cost, under our current financing arrangements consist of the following (in millions):

		September 30, 2025				December 31, 2024
Senior credit facility		$	159.2			$	778.7
Senior notes			1,442.6				699.0
Less current portion of long-term debt			(699.6	)			(500.0	)
Total long-term debt		$	902.2			$	977.7

Senior Credit Facility

At September 30, 2025, we were authorized to borrow through a revolving line of credit, which is supported by a credit agreement with a group of banks. The revolving line of credit authorizes us to borrow up to $1.0 billion under a five-year term expiring September 2027 and allows us to request an increase in the revolving line of credit total commitment by up to $300 million and to request two one-year extensions of the maturity date. In addition, the credit agreement authorized us to borrow up to an additional $500 million through committed term loans during the nine-month period beginning September 27, 2022, due September 2025, which we exercised in June 2023. The entire outstanding balance of these term loans was paid in full in March 2025. The applicable interest rates under this agreement are based on either the Secured Overnight Financing Rate (SOFR), or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees. At September 30, 2025, we had $160 million outstanding on the revolving line of credit, at an average interest rate of 5.16%, under this agreement.

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Senior Notes

Our senior notes consist of two separate issuances. The first is $700 million of 3.875% senior notes due March 2026, issued in March 2019. Interest payments under these notes are due semiannually in March and September of each year beginning September 2019. The second is $750 million of 4.90% senior notes due March 2030, issued in March 2025. Interest payments under these notes are due semiannually in March and September of each year beginning September 2025. Both senior notes were issued by J.B. Hunt Transport Services, Inc., a parent-level holding company with no significant tangible assets or operations. The notes are guaranteed on a full and unconditional basis by our wholly-owned operating subsidiary. All other subsidiaries of the parent are minor. We registered these offerings and the sale of the notes under the Securities Act of 1933, pursuant to shelf registration statements filed in January 2019 and February 2023, respectively. Both notes are unsecured obligations and rank equally with our existing and future senior unsecured debt. We may redeem for cash some or all of the notes based on a redemption price set forth in the note indenture.

Our financing arrangements require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at September 30, 2025.

5. Capital Stock

On August 16, 2024, our Board of Directors authorized the purchase of up to $1 billion of our common stock. At September 30, 2025, we had $106.5 million available under this authorized plan to purchase our common stock. On October 22, 2025, our Board of Directors authorized the purchase of up to an additional $1 billion of our common stock to be effective upon our purchase of the remaining balance under the August 2024 authorization. During the nine months ended September 30, 2025, we purchased approximately 5,427,000 shares, or $783.4 million of our common stock in accordance with plans authorized by our Board, of which approximately 1,603,000 shares, or $230.4 million, were purchased in the third quarter of 2025. On January 23, 2025, our Board of Directors declared a regular quarterly cash dividend of $0.44, which was paid February 21, 2025, to shareholders of record on February 7, 2025. On April 24, 2025, our Board of Directors declared a regular quarterly dividend of $0.44 per common share, which was paid May 23, 2025, to shareholders of record on May 9, 2025. On July 23, 2025, our Board of Directors declared a regular quarterly dividend of $0.44 per common share, which was paid on August 22, 2025, to shareholders of record on August 8, 2025. On October 22, 2025, our Board of Directors declared a regular quarterly dividend of $0.44 per common share, which will be paid on November 21, 2025, to shareholders of record on November 7, 2025.

6. Fair Value Measurements

Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2).

Assets Measured at Fair Value on a Recurring Basis

The following assets are measured at fair value on a recurring basis (in millions):

		Asset Balance
		September 30, 2025				December 31, 2024				Input Level
Trading investments		$	35.8			$	33.9				1

The fair value of trading investments has been measured using the market approach (Level 1) and reflects quoted market prices. Trading investments are classified in other assets in our Condensed Consolidated Balance Sheets.

Financial Instruments

The carrying amount of our senior credit facility and senior notes was $1.60 billion and $1.48 billion at September 30, 2025 and December 31, 2024, respectively. The estimated fair value of these liabilities using the income approach (Level 2), based on their net present value, discounted at our current borrowing rate, was $1.63 billion and $1.48 billion at September 30, 2025 and December 31, 2024, respectively.

The carrying amounts of all other instruments at September 30, 2025, approximate their fair value due to the short maturity of these instruments.

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7. Income Taxes

Our effective income tax rate was 24.0% for the three months ended September 30, 2025, compared to 25.2% for the three months ended September 30, 2024. Our effective income tax rate was 25.6% for the first nine months of 2025, compared to 26.8% in 2024. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits.

At September 30, 2025, we had a total of $80.6 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our Condensed Consolidated Balance Sheets. Of this amount, $64.9 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $17.3 million at September 30, 2025.

On July 4, 2025, new U.S tax legislation was signed into law which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the legislation makes changes to certain U.S. corporate tax provisions. We continue to evaluate the impact of the new legislation; however, we do not expect it to have a material impact on our consolidated statements of earnings. Our deferred income tax liabilities as of September 30, 2025 and December 31, 2024 were $938 million and $896 million, respectively.  This increase was primarily due to the bonus depreciation and domestic tax research cost expensing provisions of the legislation.

8. Commitments and Contingencies

As the result of state use tax audits, we have been assessed amounts owed from which we are vigorously appealing. We have recorded a liability for the estimated probable exposure under these audits and await resolution of the matter.

We purchase insurance coverage for a portion of expenses related to vehicular collisions and accidents. These policies include a level of self-insurance (deductible) coverage applicable to each claim as well as certain coverage-layer-specific, aggregated reimbursement limits of covered excess claims. Our claims from time to time exceed some of these existing coverage layer aggregate reimbursement limits, and accordingly, we have recorded a liability for the estimated probable exposure for these occurrences.

We are involved in certain other claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.

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9. Business Segments

We reported five distinct business segments during the nine months ended September 30, 2025 and 2024. These segments included Intermodal (JBI), Dedicated Contract Services® (DCS®), Integrated Capacity Solutions (ICS), Final Mile Services® (FMS), and Truckload (JBT). The operation of each of these businesses is described in Note 13, Segment Information, of our Annual Report (Form 10-K) for the year ended December 31, 2024. A summary of certain segment information is presented below (in millions):

		Assets (Excludes intercompany accounts) As of
		September 30, 2025				December 31, 2024
JBI		$	3,475			$	3,507
DCS			2,141				2,195
ICS			282				288
FMS			508				544
JBT			361				389
Total segment assets			6,767				6,923
Other (includes corporate)			1,341				1,389
Total		$	8,108			$	8,312

		Net Capital Expenditures (1) For The Nine Months Ended September 30,
		2025				2024
JBI		$	168.9			$	207.2
DCS			172.4				129.7
ICS			0.9				19.3
FMS			11.0				13.0
JBT			0.3				14.6
Total segment net capital expenditures			353.5				383.8
Other (includes corporate)			137.4				104.3
Total		$	490.9			$	488.1

		Revenues and Operating Income/(Loss)
		For The Three Months ended September 30, 2025
		JBI				DCS				ICS				FMS				JBT				Intersegment Eliminations				Consolidated
Total operating revenues		$	1,520.4			$	864.1			$	276.3			$	206.4			$	189.7			$	(4.0	)		$	3,052.9
Operating expenses:
Rents, purchased transportation, and fuel			934.4				110.0				236.9				78.5				140.5
Salaries, wages and employee benefits			221.3				390.6				17.1				71.0				10.4
Depreciation and amortization			62.3				79.5				2.0				11.2				5.7
Operating supplies and expenses			66.2				70.4				2.2				9.1				8.1
Insurance and claims			28.3				43.1				3.4				5.2				6.4
General and administrative expenses, net of asset dispositions			75.0				51.5				15.4				22.7				10.7
Other segment items (2)			7.9				14.7				0.1				1.8				0.5
Total operating expenses			1,395.4				759.8				277.1				199.5				182.3				(3.9	)			2,810.2
Operating Income (3)		$	125.0			$	104.3			$	(0.8	)		$	6.9			$	7.4			$	(0.1	)		$	242.7

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		Revenues and Operating Income/(Loss)
		For The Three Months ended September 30, 2024
		JBI				DCS				ICS				FMS				JBT				Intersegment Eliminations				Consolidated
Total operating revenues		$	1,556.8			$	846.0			$	278.2			$	218.3			$	173.2			$	(4.3	)		$	3,068.2
Operating expenses:
Rents, purchased transportation, and fuel			999.1				109.0				230.1				79.8				125.3
Salaries, wages and employee benefits			217.2				383.3				18.1				74.9				10.6
Depreciation and amortization			62.2				82.7				6.3				11.1				8.9
Operating supplies and expenses			65.2				71.2				1.7				9.7				6.4
Insurance and claims			28.9				43.1				4.2				3.8				3.2
General and administrative expenses, net of asset dispositions			64.5				46.5				20.8				25.0				10.2
Other segment items (2)			7.9				14.7				0.3				2.0				0.4
Total operating expenses			1,445.0				750.5				281.5				206.3				165.0				(4.2	)			2,844.1
Operating Income (3)		$	111.8			$	95.5			$	(3.3	)		$	12.0			$	8.2			$	(0.1	)		$	224.1

		Revenues and Operating Income/(Loss)
		For The Nine Months ended September 30, 2025
		JBI				DCS				ICS				FMS				JBT				Intersegment Eliminations				Consolidated
Total operating revenues		$	4,427.5			$	2,533.2			$	804.6			$	617.8			$	533.3			$	(13.9	)		$	8,902.5
Operating expenses:
Rents, purchased transportation, and fuel			2,748.9				323.1				688.4				230.0				393.1
Salaries, wages and employee benefits			660.9				1,148.9				50.7				212.1				31.4
Depreciation and amortization			184.4				238.4				6.0				33.5				20.1
Operating supplies and expenses			194.4				211.0				5.4				28.6				22.6
Insurance and claims			84.7				131.8				11.9				17.6				19.1
General and administrative expenses, net of asset dispositions			215.1				158.0				48.5				70.6				32.8
Other segment items (2)			24.0				43.8				0.7				5.8				1.4
Total operating expenses			4,112.4				2,255.0				811.6				598.2				520.5				(13.8	)			8,283.9
Operating Income (3)		$	315.1			$	278.2			$	(7.0	)		$	19.6			$	12.8			$	(0.1	)		$	618.6

		Revenues and Operating Income/(Loss)
		For The Nine Months ended September 30, 2024
		JBI				DCS				ICS				FMS				JBT				Intersegment Eliminations				Consolidated
Total operating revenues		$	4,359.6			$	2,557.0			$	833.8			$	682.9			$	519.6			$	(12.0	)		$	8,940.9
Operating expenses:
Rents, purchased transportation, and fuel			2,766.7				346.0				709.2				245.0				376.2
Salaries, wages and employee benefits			620.4				1,147.4				58.4				233.8				32.9
Depreciation and amortization			184.0				247.1				13.8				34.2				27.1
Operating supplies and expenses			181.5				208.6				4.7				31.3				20.4
Insurance and claims			75.8				126.5				17.1				8.7				14.9
General and administrative expenses, net of asset dispositions			194.6				151.1				63.7				76.4				33.7
Other segment items (2)			23.7				44.7				1.0				6.6				1.5
Total operating expenses			4,046.7				2,271.4				867.9				636.0				506.7				(12.0	)			8,316.7
Operating Income (3)		$	312.9			$	285.6			$	(34.1	)		$	46.9			$	12.9			$	-			$	624.2

	(1)	Net capital expenditures report the additions to property and equipment, net of proceeds from the sale of property and equipment.
	(2)	Other segment items include communication, utilities, and operating taxes and licenses expense items.
	(3)	Refer to the Condensed Consolidated Statements of Earnings for the reconciliation of consolidated operating income to earnings before income taxes.

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ITEM 2.             MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should refer to the attached interim Condensed Consolidated Financial Statements and related notes and also to our Annual Report (Form 10-K) for the year ended December 31, 2024, as you read the following discussion. We may make statements in this report that reflect our current expectation regarding future results of operations, performance, and achievements. These are “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995 and are based on our belief or interpretation of information currently available. When we use words like “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “goals,” “strategy,” “future,” “predict,” “seek,” “estimate,” “likely,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements are inherently uncertain, subject to risks, and should be viewed with caution. These statements are based on our belief or interpretation of information currently available. Shareholders and prospective investors are cautioned that actual results and future events may differ materially from these forward-looking statements as a result of many factors. Some of the factors and events that are not within our control and that could have a material impact on future operating results include the following: general economic and business conditions; competition and competitive rate fluctuations; excess capacity in the intermodal or trucking industries; a loss of one or more major customers; cost and availability of diesel fuel; interference with or termination of our relationships with certain railroads; rail service delays; disruptions to U.S. port-of-call activity; ability to attract and retain qualified drivers, delivery personnel, independent contractors, and third-party carriers; retention of key employees; insurance costs and availability; litigation and claims expense; determination that independent contractors are employees; new or different environmental or other laws and regulations; volatile financial credit markets or interest rates; the impacts of recent or future changes in border or trade policies, including tariffs; terrorist attacks or actions; acts of war; political instability; adverse weather conditions; disruption or failure of information systems; inability to keep pace with technological advances affecting our information technology platforms; potential business or operational disruptions resulting from the effects of a national or international health pandemic; operational disruption or adverse effects of business acquisitions; increased costs for and availability of new revenue equipment; disruptions in the procurement of domestic or imported revenue equipment; decreases in the value of used equipment; and the ability of revenue equipment manufacturers to perform in accordance with agreements for guaranteed equipment trade-in values. Additionally, our business is somewhat seasonal with slightly higher freight volumes typically experienced during August through early November in our full-load transportation business. You should also refer to Part I, Item 1A of our Annual Report (Form 10-K) for the year ended December 31, 2024, for additional information on risk factors and other events that are not within our control. Our future financial and operating results may fluctuate as a result of these and other risk factors or events as described from time to time in our filings with the SEC. 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.

GENERAL

We are one of the largest surface transportation, delivery, and logistics companies in North America. We operate five distinct, but complementary, business segments and provide a wide range of reliable transportation, brokerage, and delivery services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico. Our service offerings include transportation of full-truckload containerized freight, which we directly transport utilizing our company-controlled revenue equipment and company drivers, independent contractors, or third-party carriers. We have arrangements with most of the major North American rail carriers to transport freight in containers or trailers, while we perform the majority of the pickup and delivery services. We also provide customized freight movement, revenue equipment, labor, systems, and delivery services that are tailored to meet individual customers’ requirements and typically involve long-term contracts. These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, freight handling, specialized equipment, and freight network design. In addition, we provide or arrange for local and home delivery services, generally referred to as last-mile delivery services, to customers through a network of cross-dock and other delivery system locations throughout the continental United States. Utilizing thousands of reliable third-party carriers, we also provide comprehensive freight transportation brokerage and logistics services. In addition to dry-van, full-load operations, we also arrange for these unrelated outside carriers to provide flatbed, refrigerated, less-than-truckload (LTL), and other specialized equipment, drivers, and services. Also, we utilize contracted power units to provide traditional over-the-road full truckload delivery services. Our customers, who include many Fortune 500 companies, have extremely diverse businesses. Many of them are served by J.B. Hunt 360°®, an online platform that offers shippers and carriers greater access, visibility and transparency of the supply chain. We account for our business on a calendar year basis, with our full year ending on December 31 and our quarterly reporting periods ending on March 31, June 30, and September 30. The operation of each of our five business segments is described in Note 9, Business Segments, in our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q and in Note 13, Segment Information, of our Annual Report (Form 10-K) for the year ended December 31, 2024.

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Critical Accounting Policies and Estimates

The preparation of our financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that impact the amounts reported in our Condensed Consolidated Financial Statements and accompanying notes. Therefore, the reported amounts of assets, liabilities, revenues, expenses, and associated disclosures of contingent liabilities are affected by these estimates. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with experts, and other methods considered reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position, or results of operations resulting from revisions to these estimates are recognized in the accounting period in which the facts that give rise to the revision become known.

Information regarding our Critical Accounting Policies and Estimates can be found in our Annual Report (Form 10-K). The critical accounting policies that we believe require us to make more significant judgments and estimates when we prepare our financial statements include those relating to self-insurance accruals, revenue equipment, revenue recognition and income taxes. We have discussed the development and selection of these critical accounting policies and estimates with the Audit Committee of our Board of Directors. In addition, Note 2, Summary of Significant Accounting Policies, to the financial statements in our Annual Report (Form 10-K) for the year ended December 31, 2024, contains a summary of our critical accounting policies. There have been no material changes to the methodology we apply for critical accounting estimates as previously disclosed in our Annual Report on Form 10-K.

RESULTS OF OPERATIONS

Comparison of Three Months Ended September 30, 2025 to Three Months Ended September 30, 2024

		Summary of Operating Segment Results For the Three Months Ended September 30, (in millions)
		Operating Revenues								Operating Income/(Loss)
		2025				2024				2025				2024
JBI		$	1,520			$	1,557			$	125.0			$	111.8
DCS			864				846				104.3				95.5
ICS			276				278				(0.8	)			(3.3	)
FMS			206				218				6.9				12.0
JBT			190				173				7.4				8.2
Other (includes corporate)			-				-				(0.1	)			(0.1	)
Subtotal			3,056				3,072				242.7				224.1
Inter-Segment eliminations			(3	)			(4	)			-				-
Total		$	3,053			$	3,068			$	242.7			$	224.1

Total consolidated operating revenues were $3.05 billion for the third quarter 2025, a 0.5% decrease from $3.07 billion in the third quarter 2024. Third quarter 2025 operating revenues decreased primarily due to a decline in revenue per load in JBI and JBT, lower volumes in ICS and DCS, and fewer stops in FMS, when compared to the third quarter 2024. These increases were offset by higher productivity in DCS, increased revenue per load in ICS, and increased loads in JBT. Total consolidated operating revenue, excluding fuel surcharge revenue, decreased 0.4%, when compared to the third quarter 2024.

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JBI segment revenue decreased 2% to $1.52 billion during the third quarter 2025, compared with $1.56 billion in 2024. During the third quarter of 2025, JBI had a 1% decrease in load volumes and revenue per load, which is determined by the combination of freight mix, fuel surcharges, and customer rates. Transcontinental loads decreased 6% during the third quarter 2025, while eastern network load volume increased 6% compared to the third quarter 2024. Our decision during bid season to prioritize network balance, especially in the Transcontinental network, pressured volumes compared to last year but reduced empty moves from the network. Volume growth in our Eastern network remained strong, driven by the value proposition it presents for customers and reliable rail service. Revenue per load, excluding fuel surcharge revenue, decreased 1% compared to the third quarter 2024. JBI segment operating income increased 12% to $125.0 million in the third quarter 2025 from $111.8 million in 2024. The increase is primarily due to improved network balance, which resulted in fewer empty container moves and increased efficiency throughout our drayage fleet, as well as improvements associated with the initiative to lower our cost to serve and overall cost management initiatives. The current quarter ended with approximately 125,100 units of trailing capacity and 6,400 power units assigned to the dray fleet.

DCS segment revenue increased 2% to $864 million in the third quarter 2025, compared to $846 million in 2024. Productivity, defined as revenue per truck per week, increased 3%, while average truck count decreased 1%, when compared to the third quarter 2024. Productivity, excluding fuel surcharge revenue, increased 3%, primarily due to contractual index-based rate increases and a decline in idle equipment. On a net basis, revenue-producing trucks in the fleet at the end of the third quarter 2025 decreased by 59 trucks, or 1%, compared to the prior-year period. Customer retention rates are approximately 95%. DCS segment operating income increased 9% to $104.3 million in the third quarter 2025, from $95.5 million in 2024. The increase is primarily due to higher revenue, lower equipment and maintenance costs, improvements associated with the initiative to lower our cost to serve, and the maturing of new business onboarded over the past year, partially offset by higher insurance premiums.

ICS segment revenue decreased 1% to $276 million in the third quarter 2025, from $278 million in 2024. Overall volumes decreased 8% compared to the third quarter 2024, while revenue per load increased 9%, primarily due to higher contractual and spot rates and changes in customer freight mix. Contractual business represented approximately 63% of total load volume and 64% of total revenue in the third quarter 2025, compared to 62% and 61%, respectively, in 2024. The ICS segment had an operating loss of $0.8 million in the third quarter 2025, compared to an operating loss of $3.3 million in 2024. The decrease in operating loss is primarily due to lower personnel salary and wages expense, lower insurance claims expense, and reduced technology costs. Gross profit margin decreased to 15.0% in the third quarter 2025, compared to 17.9% in 2024 as the absence of project work in the current quarter compared to the prior year, more than offset the benefits of our disciplined bid strategy and effective sourcing of capacity. ICS’s carrier base increased 13% compared to the third quarter 2024, following recent declines due to changes in carrier qualification requirements.

FMS segment revenue decreased 5% to $206 million in the third quarter 2025 from $218 million in 2024, primarily due to decreased customer demand and a change in mix between asset and asset-light business. FMS segment operating income decreased 42% to $6.9 million in the third quarter of 2025 compared to $12.0 million in 2024. This decrease was primarily due to lower revenue and higher insurance claims expense, partially offset by lower personnel-related expenses and improvements associated with the initiative to lower our cost to serve.

JBT segment revenue increased 10% to $190 million in the third quarter 2025, from $173 million in 2024. Revenue, excluding fuel surcharge revenue, increased 10% primarily due to a 14% increase in load volume, partially offset by a 4% decrease in revenue per load, excluding fuel surcharge revenue, compared to third quarter 2024. JBT average effective trailer count decreased to 12,107 in the third quarter 2025, compared to 12,588 in 2024. At the end of the third quarter 2025, the JBT power fleet consisted of 2,091 tractors, compared to 1,989 tractors at September 30, 2024. Trailer turns in the third quarter of 2025 increased 19% compared to third quarter 2024, due to higher load volumes and improvements in network balance. JBT segment operating income decreased 9% to $7.4 million in 2025, compared with $8.2 million during third quarter 2024. The decrease is primarily due to higher insurance claims expense and increased maintenance-related costs as well as higher third-party capacity costs as a percentage of revenue.

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Consolidated Operating Expenses

The following table sets forth items in our Condensed Consolidated Statements of Earnings as a percentage of operating revenues and the percentage increase or decrease of those items as compared with the prior period.

		Three Months Ended September 30,
		Dollar Amounts as a Percentage of Total Operating Revenues								Percentage Change of Dollar Amounts Between Quarters
		2025				2024				2025 vs. 2024
Total operating revenues			100.0	%			100.0	%			(0.5	)%
Operating expenses:
Rents and purchased transportation			43.6				45.0				(3.5	)
Salaries, wages and employee benefits			26.9				26.4				1.6
Depreciation and amortization			5.9				6.1				(4.7	)
Fuel and fuel taxes			5.4				5.2				3.3
Operating supplies and expenses			4.3				4.2				3.8
Insurance and claims			2.7				2.6				4.6
General and administrative expenses, net of asset dispositions			2.3				2.2				(4.7	)
Operating taxes and licenses			0.6				0.6				1.8
Communication and utilities			0.4				0.4				(1.9	)
Total operating expenses			92.1				92.7				(1.2	)
Operating income			7.9				7.3				8.3
Net interest expense			0.5				0.7				(13.9	)
Earnings before income taxes			7.4				6.6				10.5
Income taxes			1.8				1.6				5.2
Net earnings			5.6	%			5.0	%			12.4	%

Total operating expenses decreased 1.2%, while operating revenues decreased 0.5% during the third quarter 2025 from the comparable period 2024. Operating income increased to $242.7 million during the third quarter 2025 from $224.1 million in 2024.

Rents and purchased transportation costs decreased 3.5% in the third quarter 2025. This decrease was primarily the result of a decrease in JBI and ICS load volumes, which decreased services provided by third-party carriers, partially offset by increased JBT load volumes, during the third quarter 2025 compared to 2024.

Salaries, wages, and employee benefits costs increased 1.6% during the third quarter 2025, compared with 2024. This increase was primarily due to an increase in incentive compensation, partially offset by lower office employee wage expenses.

Depreciation and amortization expense decreased 4.7% in third quarter 2025 compared with 2024, primarily due to an increase in the expected useful lives of our chassis and trailer fleets, the reduction in DCS truck counts, and lower depreciation of information systems. Fuel costs increased 3.3% in the third quarter 2025, compared with 2024, due primarily to an increase in the price of fuel.

Operating supplies and expenses increased 3.8%, driven primarily by higher equipment maintenance costs, increased tire expense, and increased tolls expense. Insurance and claims expenses increased 4.6% in 2025 compared with 2024, primarily due to increased insurance policy premiums expense and higher claim volume, partially offset by lower claim severity. General and administrative expenses decreased 4.7% for the current quarter from the comparable period in 2024, primarily due to lower building and yard rental expense, reduced technology costs, decreased professional services expense, and lower bad debt expense, partially offset by an increase in net loss from sale or disposal of assets. Net loss from sale or disposal of assets was $2.6 million in 2025, compared to a net loss from sale or disposal of assets of $0.8 million in 2024.

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Net interest expense decreased 13.9% in 2025 due to a decrease in effective interest rates and the resolution of certain tax positions, partially offset by a higher average debt balance compared to third quarter 2024. Income tax expense increased 5.2% in 2025, compared with 2024, primarily due to higher taxable earnings. Our effective income tax rate decreased to 24.0% for the third quarter of 2025, compared to 25.2% in 2024, primarily due to the resolution of certain tax positions. Our annual tax rate for 2025 is expected to be approximately 24.5%. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits.

Comparison of Nine Months Ended September 30, 2025 to Nine Months Ended September 30, 2024

		Summary of Operating Segment Results For the Nine Months Ended September 30, (in millions)
		Operating Revenues								Operating Income/(loss)
		2025				2024				2025				2024
JBI		$	4,428			$	4,360			$	315.1			$	312.9
DCS			2,533				2,557				278.2				285.6
ICS			805				834				(7.0	)			(34.1	)
FMS			618				683				19.6				46.9
JBT			533				519				12.8				12.9
Other (includes corporate)			-				-				(0.1	)			-
Subtotal			8,917				8,953				618.6				624.2
Inter-segment eliminations			(15	)			(12	)			-				-
Total		$	8,902			$	8,941			$	618.6			$	624.2

Total consolidated operating revenues were $8.90 billion for the first nine months of 2025, versus $8.94 billion for the comparable period 2024. Fuel surcharge revenue decreased to $1.10 billion during the first nine months of 2025, compared with $1.16 billion in 2024. Total consolidated operating revenue, excluding fuel surcharge revenue, was relatively flat when compared to the first nine months of 2024.

JBI segment revenue increased 2% to $4.43 billion during the first nine months of 2025, compared with $4.36 billion in 2024. Load volume during the first nine months of 2025 increased 4% and revenue per load decreased 2%, compared to a year ago. Revenue per load, excluding fuel surcharge revenue, decreased 1% compared to the first nine months of 2024. JBI segment operating income increased 1% to $315.1 million in the first nine months of 2025, from $312.9 million in 2024. The increase is primarily due to higher revenue and improved network balance and increased efficiency throughout our drayage fleet as well as improvements associated with our overall cost management initiatives. These benefits were partially offset by higher driver and non-driver wages, higher insurance claims and premiums expense, higher group medical expense, and increased equipment maintenance costs.

DCS segment revenue decreased 1% to $2.53 billion during the first nine months of 2025, from $2.56 billion in 2024. Productivity, defined as revenue per truck per week, increased 3% from a year ago. Productivity, excluding fuel surcharge revenue, for the first nine months of 2025 increased 4% from a year ago. The increase in productivity was primarily due to contractual index-based rate increases, increased utilization of equipment, and reduced idle equipment during the current period. Operating income of our DCS segment decreased 3% to $278.2 million in the first nine months of 2025, from $285.6 million in 2024. The decrease is primarily due to decreased revenue, higher insurance claim and premium expense, higher group medical expense, and increased equipment maintenance costs, partially offset by the maturing of new business onboarded over the past year, lower bad debt expense, and overall cost management initiatives when compared to the first nine months of 2024.

ICS revenue decreased 4% to $805 million during the first nine months of 2025, from $834 million in 2024. Overall volumes decreased 10%, while revenue per load increased 7% compared to 2024. The ICS segment had an operating loss of $7.0 million in the first nine months of 2025 compared to an operating loss of $34.1 million in 2024. The decrease in operating loss is primarily due to lower personnel salary and wages expense, lower cargo claims expense, reduced technology costs, overall cost management initiatives, and a reduction in integration and transition costs related to the 2023 purchase of the brokerage assets of BNSF Logistics, LLC during the first nine months of 2025. Gross profit margin decreased to 15.3% in the current period compared to 15.7% in 2024.

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FMS revenue decreased 10% to $618 million during the first nine months of 2025, from $683 million in 2024, primarily due to decreased customer demand and internal efforts to improve revenue quality across certain accounts. FMS segment had operating income of $19.6 million in the first nine months of 2025 compared to $46.9 million in 2024. This decrease was primarily due to lower revenue, higher insurance premium and claims expense, and the absence of a $4.2 million net benefit from claim settlements recorded in the first nine months of 2024.

JBT segment revenue increased 3% to $533 million for the first nine months of 2025, from $519 million in 2024. Revenue, excluding fuel surcharge revenue, increased 4%, primarily due to a 10% increase in load volume, partially offset by a 5% decrease in revenue per load, excluding fuel surcharge revenue compared to the first nine months of 2024. Operating income of our JBT segment was $12.8 million in the first nine months of 2025, relatively flat compared to $12.9 million in 2024, as higher insurance premium and claims expense, and increased maintenance related costs were offset by lower personnel-related expenses and a continued focus on cost management initiatives and productivity.

Consolidated Operating Expenses

The following table sets forth items in our Condensed Consolidated Statements of Earnings as a percentage of operating revenues and the percentage increase or decrease of those items as compared with the prior period.

		Nine Months Ended September 30,
		Dollar Amounts as a Percentage of Total Operating Revenues								Percentage Change of Dollar Amounts Between Periods
		2025				2024				2025 vs. 2024
Total operating revenues			100.0	%			100.0	%			(0.4	)%
Operating expenses:
Rents and purchased transportation			43.7				44.0				(1.1	)
Salaries, wages and employee benefits			27.4				27.1				0.8
Depreciation and amortization			6.0				6.2				(3.6	)
Fuel and fuel taxes			5.4				5.6				(3.8	)
Operating supplies and expenses			4.3				4.2				3.5
Insurance and claims			2.8				2.5				10.8
General and administrative expenses, net of asset dispositions			2.5				2.4				(3.1	)
Operating taxes and licenses			0.6				0.6				0.9
Communication and utilities			0.4				0.4				(1.3	)
Total operating expenses			93.1				93.0				(0.4	)
Operating income			6.9				7.0				(0.9	)
Net interest expense			0.6				0.7				2.0
Earnings before income taxes			6.3				6.3				(1.2	)
Income taxes			1.6				1.7				(5.6	)
Net earnings			4.7	%			4.6	%			0.4	%

Total operating expenses and operating revenues decreased 0.4%, during the first nine months of 2025, from the comparable period of 2024. Operating income decreased to $618.6 million during the first nine months of 2025, from $624.2 million in 2024.

Rents and purchased transportation costs decreased 1.1% in 2025. This decrease was primarily the result of decreased ICS load volumes, which decreased services provided by third-party carriers, partially offset by increased JBI and JBT load volumes, compared to 2024.

Salaries, wages, and employee benefits costs increased 0.8% in 2025 from 2024. This increase was primarily due to higher incentive compensation, an increase in group medical benefit expenses and higher driver wages, partially offset by lower office employee wage expenses.

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Depreciation and amortization expense decreased 3.6% in 2025 primarily due to an increase in the expected useful lives of our chassis and trailer fleets, the reduction in DCS truck counts, and lower depreciation of information systems, partially offset by higher intermodal container counts. Fuel costs decreased 3.8% in 2025, compared with 2024, due primarily to a decrease in the price of fuel and decreased road miles.

Operating supplies and expenses increased 3.5%, driven primarily by higher equipment maintenance costs, increased tire expense, and higher tolls expense, partially offset by lower travel and entertainment expenses and towing costs. Insurance and claims expense increased 10.8% in 2025 compared with 2024, primarily due to higher claim severity, increased insurance policy premiums expense, and the absence of a $4.2 million net benefit from claim settlements recorded in the first nine months of 2024. General and administrative expenses decreased 3.1% from the comparable period in 2024, primarily due to lower building and yard rental expense, decreased professional services expense, and a decrease in net loss from sale or disposal of assets, partially offset by higher advertising costs. Net loss from sale or disposal of assets was $11.9 million in 2025, compared to a net loss from sale or disposal of assets of $13.3 million in 2024.

Net interest expense increased 2.0% in 2025, due primarily to decreased interest income and an increase in our average debt balance. Income tax expense decreased 5.6% during the first nine months of 2025 compared with 2024, primarily due to decreased taxable earnings and a lower effective income tax rate in the first nine months of 2025. Our effective income tax rate was 25.6% for the first nine months of 2025, compared to 26.8% in 2024 due to discrete tax items. Our annual tax rate for 2025 is expected to be approximately 24.5%. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits.

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities totaled $1.29 billion during the first nine months of 2025, compared with $1.17 billion for the same period 2024. Operating cash flows increased primarily due to increased earnings, partially offset by the timing of general working capital activities. Net cash used in investing activities totaled $490.9 million in 2025, compared with $477.5 million in 2024. The increase is primarily due to cash proceeds from investment and business acquisition activities present in the prior period. Net cash used in financing activities was $796.4 million in 2025, compared with $621.3 million in 2024. This increase resulted primarily from an increase in treasury stock purchases and net payments on revolving line of credit.

Liquidity

Our need for capital has typically resulted from the acquisition of containers and chassis, trucks, tractors, and trailers required to support our growth and the replacement of older equipment as well as periodic business acquisitions and real estate transactions. We are frequently able to accelerate or postpone a portion of equipment replacements or other capital expenditures depending on market and overall economic conditions. In recent years, we have obtained capital through cash generated from operations, revolving lines of credit and long-term debt issuances. We have also periodically utilized operating leases to acquire revenue equipment. For our senior notes maturing in 2026, it is our intent to pay the entire outstanding balances in full, on or before the maturity dates, using our existing cash balance, senior revolving line of credit or other sources of long-term financing.

We believe our liquid assets, cash generated from operations, and revolving line of credit will provide sufficient funds for our operating and capital requirements for the foreseeable future. At September 30, 2025, we were authorized to borrow through a revolving line of credit, which is supported by a credit agreement with a group of banks. The revolving line of credit authorizes us to borrow up to $1.0 billion under a five-year term expiring September 2027, and allows us to request an increase in the revolving line of credit total commitment by up to $300 million and to request two one-year extensions of the maturity date. In addition, the credit agreement authorized us to borrow up to an additional $500 million through committed term loans during the nine-month period beginning September 27, 2022, due September 2025, which we exercised in June 2023. The entire outstanding balance of these term loans were paid in full in March 2025. The applicable interest rates under this agreement are based on either the Secured Overnight Financing Rate (SOFR), or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees. At September 30, 2025, we had a $160 million outstanding balance under our senior credit facility, at an average interest rate of 5.16% and a cash balance of $52.3 million.

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We continue to evaluate the possible effects of current economic conditions and reasonable and supportable economic forecasts on operational cash flows, including the risks of declines in the overall freight market due to anticipated or potential increases in tariffs or other factors and our customers' liquidity and ability to pay. We regularly monitor working capital and maintain frequent communication with our customers, suppliers and service providers. A large portion of our cost structure is variable. Purchased transportation expense represents more than half of our total costs and is heavily tied to load volumes. Our second largest cost item is salaries and wages, the largest portion of which is driver pay, which includes a large variable component.

Our financing arrangements require us to maintain certain covenants and financial ratios. At September 30, 2025, we were compliant with all covenants and financial ratios.

Our net capital expenditures were approximately $490.9 million during the first nine months of 2025, compared with $488.1 million for the same period 2024. Our net capital expenditures include net additions to revenue equipment and non-revenue producing assets that are necessary to contribute to and support the future growth of our various business segments. Capital expenditures in the first nine months of 2025 were primarily for tractors, trailing equipment and related enhancements, and real estate. We expect to spend in the range of $550 million to $600 million for net capital expenditures during the full calendar year 2025. We are currently committed to spend approximately $130.6 million, net of proceeds from sales or trade-ins, during the years 2025 and 2026. At September 30, 2025, our aggregate future minimum lease payments under operating lease obligations related primarily to the rental of maintenance and support facilities, cross-dock and delivery system facilities, office space, parking yards, and equipment totaled $295.9 million.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements, other than our net purchase commitments of $130.6 million, as of September 30, 2025.

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Risk Factors

You should refer to Part I, Item 1A of our Annual Report (Form 10-K) for the year ended December 31, 2024, under the caption “Risk Factors” for specific details on the following factors and events that are not within our control and could affect our financial results.

Risks Related to Our Industry

● Our business can be significantly impacted by economic conditions, customer business cycles, government policies, and seasonal factors.

● Extreme or unusual weather conditions can disrupt our operations, impact freight volumes, and increase our costs, all of which could have a material adverse effect on our business results.

● Our operations are subject to various environmental laws and regulations, including legislative and regulatory responses to climate change. Compliance with environmental requirements could result in significant expenditures and the violation of these regulations could result in substantial fines or penalties.

● We depend on third parties in the operation of our business, particularly rail service providers, transportation equipment manufacturers, third party carriers and independent contractors.

● Rapid changes in fuel costs could impact our periodic financial results.

● Insurance and claims expenses could significantly reduce our earnings.

● We operate in a regulated industry, and increased direct and indirect costs of compliance with, or liability for violation of, existing or future regulations could have a material adverse effect on our business.

● Difficulty in attracting and retaining drivers and delivery personnel could affect our profitability and ability to grow.

● We operate in a competitive and highly fragmented industry. Numerous factors could impair our ability to maintain our current profitability and to compete with other carriers and private fleets.

● Our business can be significantly impacted by the effects of national or international health pandemics on general economic conditions and the operations of our customers and third-party suppliers and service providers.

Risks Related to Our Business

● We derive a significant portion of our revenue from a few major customers, the loss of one or more of which could have a material adverse effect on our business.

● A determination that independent contractors are employees could expose us to various liabilities and additional costs.

● We may be subject to litigation claims that could result in significant expenditures.

● We rely significantly on our information technology systems, a disruption, failure or security breach of which or an inability to keep pace with technological advances could have a material adverse effect on our business.

● Acquisitions or business combinations may disrupt or have a material adverse effect on our operations or earnings.

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ITEM 3.             QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest rate risk can be quantified by measuring the financial impact of a near-term adverse increase in short-term interest rates on variable-rate debt outstanding. Our total long-term debt consists of both fixed and variable interest rate facilities. Our senior notes have fixed interest rates ranging from 3.875% to 4.90%. These fixed-rate facilities reduce the impact of changes to market interest rates on future interest expense. Our senior credit facility has variable interest rates, which are based on either SOFR or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees. At September 30, 2025, the average interest rate under our senior credit facility was 5.16%. Our earnings would be affected by changes in these short-term variable interest rates. At our current level of borrowing, a one-percentage-point increase in our applicable rate would reduce annual pretax earnings by $1.6 million.

Although we conduct business in foreign countries, foreign currency transaction gains and losses were not material to our results of operations for the nine months ended September 30, 2025. Accordingly, we are not currently subject to material foreign currency exchange rate risks from the effects that exchange rate movements of foreign currencies would have on our future costs or on future cash flows we would receive from our foreign investment. As of September 30, 2025, we had no foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.

The price and availability of diesel fuel are subject to fluctuations due to changes in the level of global oil production, seasonality, weather, and other market factors. Historically, we have been able to recover a majority of fuel price increases from our customers in the form of fuel surcharges. We cannot predict the extent to which high fuel price levels may occur in the future or the extent to which fuel surcharges could be collected to offset such increases. As of September 30, 2025, we had no derivative financial instruments to reduce our exposure to fuel price fluctuations.

ITEM 4.             CONTROLS AND PROCEDURES

We maintain controls and procedures designed to ensure that the information we are required to disclose in the reports we file with the SEC is recorded, processed, summarized and reported, within the time periods specified in the SEC rules, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.

There were no changes in our internal control over financial reporting during the third quarter 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II. Other Information

ITEM 1.             LEGAL PROCEEDINGS

We are involved in certain claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.

ITEM 1A.          RISK FACTORS

Information regarding risk factors appears in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report on Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

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ITEM 2.             UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities

The following table summarizes purchases of our common stock during the three months ended September 30, 2025:

Period		Number of Common Shares Purchased				Average Price Paid Per Common Share Purchased				Total Number of Shares Purchased as Part of a Publicly Announced Plan (1)				Maximum Dollar Amount of Shares That May Yet Be Purchased Under the Plan (in millions) (1)
July 1 through July 31, 2025			-			$	-				-			$	335
August 1 through August 31, 2025			960,111				143.70				960,111				198
September 1 through September 30, 2025			642,672				143.91				642,672				107
Total			1,602,783			$	143.78				1,602,783			$	107

(1)         On August 16, 2024, our Board of Directors authorized the purchase of up to $1 billion of our common stock. This stock repurchase program has no expiration date. On October 22, 2025, our Board of Directors authorized the purchase of up to an additional $1 billion of our common stock to be effective upon our purchase of the remaining balance under the August 2024 authorization. These stock repurchase programs have no expiration date.

ITEM 3.             DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.             MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.             OTHER INFORMATION

During the three months ended September 30, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6.             EXHIBITS

Index to Exhibits

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Exhibit Number		Exhibits
3.1		Amended and Restated Articles of Incorporation of J.B. Hunt Transport Services, Inc. dated May 19, 1988 (incorporated by reference from Exhibit 3.1 of the Company’s quarterly report on Form 10-Q for the period ended March 31, 2005, filed April 29, 2005)
3.2		Second Amended and Restated Bylaws of J.B. Hunt Transport Services, Inc. dated October 21, 2021 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K, filed October 27, 2021)
3.3		Amendment No. 1 to the Second Amended and Restated Bylaws J.B. Hunt Transport Services, Inc. dated July 20, 2022 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K, filed July 26, 2022)
3.4		Amendment No. 2 to the Second Amended and Restated Bylaws of J.B. Hunt Transport Services, Inc., dated January 19, 2023 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K, filed January 24, 2023)
3.5		Amendment No. 3 to the Second Amended and Restated Bylaws of J.B. Hunt Transport Services, Inc., dated October 19, 2023 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K, filed October 24, 2023)
22.1		List of Guarantor Subsidiaries of J.B. Hunt Transport Services, Inc. (incorporated by reference from Exhibit 22.1 of the Company’s annual report on Form 10-K for the year ended December 31, 2021, filed February 25, 2022)
31.1		Rule 13a-14(a)/15d-14(a) Certification
31.2		Rule 13a-14(a)/15d-14(a) Certification
32.1		Section 1350 Certification
32.2		Section 1350 Certification
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL Document and included in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, in the city of Lowell, Arkansas, on the 24th day of October 2025.

	J.B. HUNT TRANSPORT SERVICES, INC.
	(Registrant)
	BY:	/s/ Shelley Simpson
		Shelley Simpson
		President and Chief Executive Officer
		(Principal Executive Officer)
	BY:	/s/ A. Brad Delco
		A. Brad Delco
		Chief Financial Officer,
		Executive Vice President
		(Principal Financial Officer)
	BY:	/s/ John Kuhlow
		John Kuhlow
		Chief Accounting Officer,
		Senior Vice President
		(Principal Accounting Officer)

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