🇺🇸 SECJ.B. HuntDoubao · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 04:23:02·⟳ 抓取 04:23:34 +32s·⚡ 决策 10-16 04:25:22 +1m48s·11.6 天前
J.B. Hunt公布2026年Q3财报：营收36.8亿美元同比增20%，但EPS仅增3%、营业利润率大幅收缩，盘后冲高回落跌2.6%
这是一份强收入、弱利润的分歧型财报：营收+20%表面亮眼，但增长大量来自燃油附加费（燃油附加费收入同比从3.86亿增至6.71亿）和低毛利的ICS/JBT放量，营业利润率从7.9%压缩到6.7%，DCS/FMS利润大幅下滑。更关键的是公司早在9月16日即由CFO公开预警Q3盈利环比降5%-10%（当日股价已重挫约10%），成本压力这一核心利空已被提前消化；实际EPS 1.82较Q2的1.91环比-4.7%，落在预警区间上沿甚至略好。盘后先冲高至237.7再回落至229.18(-2.6%)本身就反映多空分歧、方向未收敛。既无干净的超预期（不宜做多），利空又已被预警和9月大跌price-in（不宜追空），无正期望，故AVOID。
📄 原文J.B. Hunt↗ 原文
----- jbht20261014_8k.htm ----- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursu…
不做 J.B. Hunt Transport Services（JBHT.US）
强收入、弱利润的分歧型财报：营收+20%但营业利润率从7.9%降至6.7%、DCS/FMS利润大跌；核心成本利空9月16日已被CFO预警并引发约10%大跌，实际EPS环比-4.7%略好于预警，无干净超预期也无新增净利空。盘后冲高至237.7后回落至229.18(-2.6%)，多空未收敛、方向不明，风险收益不支持任一方向开仓。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
J.B. Hunt Q3营收+20%但营业利润仅+2%、利润率显著收缩，属强收入弱利润；成本压力早在9月16日被公司预警并引发约10%大跌，实际EPS环比-4.7%略好于预警，盘后冲高回落、多空分歧，两边均无清晰edge，不做。
消息传播链
- 盘后收盘时点提交8-K并同步发布Q3财报新闻稿，电话会安排当日16:00 CDT市场反应:盘后股价一度冲高237.67后回落至229.18，较收盘235.31跌约2.6%，盘后成交约4.8万股
关键理由
- 营收同比+20%、剔除燃油+13%、多式联运量+8%且JBI利润+18%、ICS扭亏，需求侧并不弱，但这被利润率收缩和已消化的预期对冲
- EPS环比-4.7%略好于公司自身5%-10%的下降预警，核心利空9月已price-in，做空缺乏新增净利空
主要风险
- 电话会若给出Q4盈利/成本或需求继续走弱的新指引，盘后跌幅可能扩大并演变为趋势性利空
- 若管理层强调货运周期回暖、road-to-rail转换和ICS扭亏，分歧可能向上修复，踏空反弹风险
反向证据
- 做多前查反向 · 来源 web · 日期 2026-10-15 · 影响 weakens
做多反证明确：营业利润率7.9%→6.7%、外购运输/燃油/保险理赔占比上升、DCS利润-22%、FMS -76%、季末现金仅375万美元
检索:JBHT Q3 2026 margin contraction insurance claims dedicated final mile weakness guidance 原文 ↗ - 做空前查反向 · 来源 web · 日期 2026-09-16 · 影响 invalidates
做空反证：盈利环比走弱早在9月被公司预警并引发约10%大跌，实际EPS环比-4.7%处于预警上沿/略好，且营收强劲，无新增净利空
检索:JB Hunt CFO warned Q3 earnings down 5-10% September stock already dropped 原文 ↗
先例如何影响了这次决策
对本次决策的影响:缺乏高相似先例叠加业绩方向分歧，直接支持降低置信度并AVOID，而非凭单季同比数字追多或追空
方向:未取得干净、首发锚定的可比财报先例面板，不以记忆中的货运股财报反应推断方向
涨幅量级:无对齐先例校准幅度；本事件为分歧型业绩且盘后仅-2.6%，不支持设定做多/做空tp/sl
形态:最相关的内部锚是公司9月16日自身预警后约10%的大跌，说明成本利空已在事件前被消化，而非本次新增
工具执行结果 · 成功 6 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 11 ms
{"result": "search_processed_events:agent query=`j.b. hunt jbht q3 2026 earnings results third quarter | jbht 8-k october 15 2026 revenue eps $1.82`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - fetch_decision_experience 成功 stock_tools_inprocess · 2 ms
{ - web_search 成功 doubao_search · 1,369 ms
豆包搜索结果（原始查询:J.B. Hunt JBHT Q3 2026 earnings consensus estimate EPS revenue beat miss；API SearchType:web） - stock_quote 成功 stock_tools HTTP · 137 ms
{ - web_search 成功 doubao_search · 1,248 ms
豆包搜索结果（原始查询:J.B. Hunt third quarter 2026 results analyst estimate $1.82 EPS expectations shares fall after hours；API SearchType:web） - web_search 成功 doubao_search · 1,396 ms
豆包搜索结果（原始查询:JBHT Q3 2026 earnings reaction operating margin intermodal dedicated profits decline；API SearchType:web）
原文全文
展开原文 · 28,061 字
----- jbht20261014_8k.htm -----
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 15, 2026
J.B. HUNT TRANSPORT SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Arkansas
0-11757
71-0335111
(State or other Jurisdiction of
Incorporation or Organization
Commission File Number
(IRS Employer
Identification No.)
615 J.B. Hunt Corporate Drive
Lowell
,
Arkansas
72745
(
479
)
820-0000
(Address of Principal Executive Offices)
(Zip Code)
(Registrant’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
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
The
NASDAQ
Stock Market LLC
Nasdaq Texas, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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. ☐
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On October 15, 2026, we issued a news release announcing our revenues and earnings for the third quarter ended September 30, 2026. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d)
Exhibits
.
99.1
News release dated October 15, 2026, issued by J.B. Hunt Transport Services, Inc.
104
Cover Page Interactive Data File (embedded within the Inline XBRL Document)
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 on the 15
th
day of October 2026.
J.B. HUNT TRANSPORT SERVICES, INC.
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)
----- ex_1025956.htm -----
EX-99.1
2
ex_1025956.htm
EXHIBIT 99.1
ex_1025956.htm
Exhibit 99.1
J.B. Hunt Transport Services, Inc.
615 J.B. Hunt Corporate Drive
Lowell, Arkansas 72745
(NASDAQ: JBHT)
Contact: Andrew Hall
Sr. Director, Finance
(479) 820-0000
FOR IMMEDIATE RELEASE
J.B. HUNT TRANSPORT SERVICES, INC. REPORTS U.S. GAAP REVENUES, NET EARNINGS AND EARNINGS PER SHARE FOR THE THIRD QUARTER 2026
■
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., October 15, 2026 - 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
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
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 15, 2026
J.B. HUNT TRANSPORT SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Arkansas
0-11757
71-0335111
(State or other Jurisdiction of
Incorporation or Organization
Commission File Number
(IRS Employer
Identification No.)
615 J.B. Hunt Corporate Drive
Lowell
,
Arkansas
72745
(
479
)
820-0000
(Address of Principal Executive Offices)
(Zip Code)
(Registrant’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
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
The
NASDAQ
Stock Market LLC
Nasdaq Texas, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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. ☐
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On October 15, 2026, we issued a news release announcing our revenues and earnings for the third quarter ended September 30, 2026. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d)
Exhibits
.
99.1
News release dated October 15, 2026, issued by J.B. Hunt Transport Services, Inc.
104
Cover Page Interactive Data File (embedded within the Inline XBRL Document)
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 on the 15
th
day of October 2026.
J.B. HUNT TRANSPORT SERVICES, INC.
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)
----- ex_1025956.htm -----
EX-99.1
2
ex_1025956.htm
EXHIBIT 99.1
ex_1025956.htm
Exhibit 99.1
J.B. Hunt Transport Services, Inc.
615 J.B. Hunt Corporate Drive
Lowell, Arkansas 72745
(NASDAQ: JBHT)
Contact: Andrew Hall
Sr. Director, Finance
(479) 820-0000
FOR IMMEDIATE RELEASE
J.B. HUNT TRANSPORT SERVICES, INC. REPORTS U.S. GAAP REVENUES, NET EARNINGS AND EARNINGS PER SHARE FOR THE THIRD QUARTER 2026
■
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., October 15, 2026 - 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
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
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