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

October 15, 2026 4:05 PM

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

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

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

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

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

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

Segment Information:

Intermodal (JBI)

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)

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)

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)

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)

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

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

Cash Flow and Capitalization:

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

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

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

Conference Call Information:

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

Forward-Looking Statements:

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

About J.B. Hunt

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

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

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30

2026

2025

% Of % Of
Amount Revenue Amount Revenue
Operating revenues, excluding fuel surcharge revenues $

3,006,018

$

2,667,276

Fuel surcharge revenues

670,789

385,621

Total operating revenues

3,676,807

100.0

%

3,052,897

100.0

%

Operating expenses
Rents and purchased transportation

1,757,791

47.8

%

1,332,386

43.6

%

Salaries, wages and employee benefits

876,653

23.8

%

822,193

26.9

%

Fuel and fuel taxes

260,449

7.1

%

164,008

5.4

%

Depreciation and amortization

183,547

5.0

%

179,125

5.9

%

Operating supplies and expenses

147,909

4.0

%

132,701

4.3

%

Insurance and claims

100,905

2.7

%

82,015

2.7

%

General and administrative expenses, including asset dispositions

72,260

2.1

%

69,004

2.3

%

Operating taxes and licenses

19,750

0.5

%

18,020

0.6

%

Communication and utilities

10,450

0.3

%

10,788

0.4

%

Total operating expenses

3,429,714

93.3

%

2,810,240

92.1

%

Operating income

247,093

6.7

%

242,657

7.9

%

Net interest expense

15,685

0.4

%

17,871

0.5

%

Earnings before income taxes

231,408

6.3

%

224,786

7.4

%

Income taxes

58,990

1.6

%

53,937

1.8

%

Net earnings $

172,418

4.7

%

$

170,849

5.6

%

Average diluted shares outstanding

94,647

96,847

Diluted earnings per share $

1.82

$

1.76

J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
Nine Months Ended September 30

2026

2025

% Of % Of
Amount Revenue Amount Revenue
Operating revenues, excluding fuel surcharge revenues $

8,508,347

$

7,803,324

Fuel surcharge revenues

1,720,247

1,099,146

Total operating revenues

10,228,594

100.0

%

8,902,470

100.0

%

Operating expenses
Rents and purchased transportation

4,839,971

47.3

%

3,892,622

43.7

%

Salaries, wages and employee benefits

2,482,601

24.3

%

2,438,781

27.4

%

Fuel and fuel taxes

670,716

6.6

%

477,652

5.4

%

Depreciation and amortization

543,567

5.3

%

535,581

6.0

%

Operating supplies and expenses

412,039

4.0

%

384,399

4.3

%

Insurance and claims

277,447

2.7

%

251,870

2.8

%

General and administrative expenses, including asset dispositions

199,833

1.9

%

216,850

2.5

%

Operating taxes and licenses

57,202

0.6

%

53,270

0.6

%

Communication and utilities

31,625

0.3

%

32,833

0.4

%

Total operating expenses

9,515,001

93.0

%

8,283,858

93.1

%

Operating income

713,593

7.0

%

618,612

6.9

%

Net interest expense

50,354

0.5

%

57,754

0.6

%

Earnings before income taxes

663,239

6.5

%

560,858

6.3

%

Income taxes

168,234

1.7

%

143,645

1.6

%

Net earnings $

495,005

4.8

%

$

417,213

4.7

%

Average diluted shares outstanding

94,929

98,424

Diluted earnings per share $

5.21

$

4.24

Financial Information By Segment
(in thousands)
(unaudited)
Three Months Ended September 30

2026

2025

% Of % Of
Amount Total Amount Total
Revenue
Intermodal $

1,827,621

50

%

$

1,520,377

50

%

Dedicated

960,169

26

%

864,110

28

%

Integrated Capacity Solutions

433,849

12

%

276,343

9

%

Final Mile Services

200,124

5

%

206,481

7

%

Truckload

260,759

7

%

189,743

6

%

Subtotal

3,682,522

100

%

3,057,054

100

%

Intersegment eliminations

(5,715

)

(0

%)

(4,157

)

(0

%)

Consolidated revenue $

3,676,807

100

%

$

3,052,897

100

%

Operating income
Intermodal $

147,473

60

%

$

125,003

52

%

Dedicated

81,727

33

%

104,282

43

%

Integrated Capacity Solutions

9,578

4

%

(752

)

(0

%)

Final Mile Services

1,634

1

%

6,913

2

%

Truckload

6,996

2

%

7,436

3

%

Other (1)

(315

)

(0

%)

(225

)

(0

%)

Operating income $

247,093

100

%

$

242,657

100

%

Nine Months Ended September 30

2026

2025

% Of % Of
Amount Total Amount Total
Revenue
Intermodal $

5,086,103

50

%

$

4,427,515

50

%

Dedicated

2,721,435

26

%

2,533,157

28

%

Integrated Capacity Solutions

1,145,080

11

%

804,628

9

%

Final Mile Services

586,188

6

%

617,812

7

%

Truckload

705,796

7

%

533,339

6

%

Subtotal

10,244,602

100

%

8,916,451

100

%

Intersegment eliminations

(16,008

)

(0

%)

(13,981

)

(0

%)

Consolidated revenue $

10,228,594

100

%

$

8,902,470

100

%

Operating income
Intermodal $

412,826

58

%

$

315,137

51

%

Dedicated

271,596

38

%

278,243

45

%

Integrated Capacity Solutions

6,622

1

%

(6,972

)

(1

%)

Final Mile Services

14,356

2

%

19,583

3

%

Truckload

8,378

1

%

12,845

2

%

Other (1)

(185

)

(0

%)

(224

)

(0

%)

Operating income $

713,593

100

%

$

618,612

100

%

(1) Includes corporate support activity
Operating Statistics by Segment
(unaudited)
Three Months Ended September 30

2026

2025

Intermodal
Loads

585,582

539,907

Average length of haul

1,598

1,643

Revenue per load $

3,121

$

2,816

Average tractors during the period *

6,371

6,361

Tractors (end of period) *

6,439

6,388

Trailing equipment (end of period)

124,180

125,105

Average effective trailing equipment usage

114,394

104,573

Dedicated
Loads

1,023,096

992,032

Average length of haul

169

175

Revenue per truck per week** $

5,732

$

5,209

Average trucks during the period***

12,791

12,718

Trucks (end of period) ***

12,864

12,702

Trailing equipment (end of period)

35,056

32,240

Average effective trailing equipment usage

36,834

33,152

Integrated Capacity Solutions
Loads

164,462

135,309

Revenue per load $

2,638

$

2,042

Gross profit margin

14.3

%

15.0

%

Employee count (end of period)

722

563

Final Mile Services
Stops

876,409

971,244

Average trucks during the period***

1,173

1,296

Truckload
Loads

119,450

115,269

Revenue per load $

2,183

$

1,646

Average length of haul

563

576

Tractors (end of period)
Company-owned

-

-

Independent contractor

2,221

2,091

Total tractors

2,221

2,091

Trailers (end of period)

12,639

12,676

Average effective trailing equipment usage

12,046

12,107

* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
Operating Statistics by Segment
(unaudited)
Nine Months Ended September 30

2026

2025

Intermodal
Loads

1,700,506

1,586,889

Average length of haul

1,599

1,644

Revenue per load $

2,991

$

2,790

Average tractors during the period *

6,256

6,389

Tractors (end of period) *

6,439

6,388

Trailing equipment (end of period)

124,180

125,105

Average effective trailing equipment usage

111,593

104,967

Dedicated
Loads

2,960,921

2,927,698

Average length of haul

171

178

Revenue per truck per week** $

5,539

$

5,167

Average trucks during the period***

12,696

12,677

Trucks (end of period) ***

12,864

12,702

Trailing equipment (end of period)

35,056

32,240

Average effective trailing equipment usage

35,276

33,032

Integrated Capacity Solutions
Loads

473,137

405,367

Revenue per load $

2,420

$

1,985

Gross profit margin

13.1

%

15.3

%

Employee count (end of period)

722

563

Final Mile Services
Stops

2,543,050

2,890,504

Average trucks during the period***

1,200

1,322

Truckload
Loads

351,585

314,770

Revenue per load $

2,007

$

1,694

Average length of haul

581

603

Tractors (end of period)
Company-owned

-

-

Independent contractor

2,221

2,091

Total tractors

2,221

2,091

Trailers (end of period)

12,639

12,676

Average effective trailing equipment usage

12,250

12,116

* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

September 30, 2026 December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents $

3,750

$

17,284

Accounts Receivable, net

1,611,490

1,160,371

Prepaid expenses and other

322,145

426,535

Total current assets

1,937,385

1,604,190

Property and equipment

9,481,199

9,348,370

Less accumulated depreciation

4,117,561

3,810,269

Net property and equipment

5,363,638

5,538,101

Other assets, net

786,090

784,864

$

8,087,113

$

7,927,155

LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt $

-

$

699,859

Trade accounts payable

889,520

655,604

Claims accruals

334,394

310,339

Accrued payroll

167,987

110,388

Other accrued expenses

186,180

159,153

Total current liabilities

1,578,081

1,935,343

Long-term debt

1,123,837

766,938

Long-term claims accruals

501,893

444,479

Other long-term liabilities

342,254

307,005

Deferred income taxes

907,345

908,305

Stockholders' equity

3,633,703

3,565,085

$

8,087,113

$

7,927,155

Supplemental Data

(unaudited)

September 30, 2026

December 31, 2025

Actual shares outstanding at end of period (000)

93,219

94,595

Book value per actual share outstanding at end of period $

38.98

$

37.69

Nine Months Ended September 30

2026

2025

Net cash provided by operating activities (000) $

1,108,428

$

1,292,674

Net capital expenditures (000) $

291,133

$

490,919

Andrew Hall

Sr. Director, Finance

(479) 820-0000

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

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