J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for the Third Quarter 2026
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.
2026
2025
3,006,018
2,667,276
670,789
385,621
3,676,807
100.0
%
3,052,897
100.0
%
1,757,791
47.8
%
1,332,386
43.6
%
876,653
23.8
%
822,193
26.9
%
260,449
7.1
%
164,008
5.4
%
183,547
5.0
%
179,125
5.9
%
147,909
4.0
%
132,701
4.3
%
100,905
2.7
%
82,015
2.7
%
72,260
2.1
%
69,004
2.3
%
19,750
0.5
%
18,020
0.6
%
10,450
0.3
%
10,788
0.4
%
3,429,714
93.3
%
2,810,240
92.1
%
247,093
6.7
%
242,657
7.9
%
15,685
0.4
%
17,871
0.5
%
231,408
6.3
%
224,786
7.4
%
58,990
1.6
%
53,937
1.8
%
172,418
4.7
%
170,849
5.6
%
94,647
96,847
1.82
1.76
2026
2025
8,508,347
7,803,324
1,720,247
1,099,146
10,228,594
100.0
%
8,902,470
100.0
%
4,839,971
47.3
%
3,892,622
43.7
%
2,482,601
24.3
%
2,438,781
27.4
%
670,716
6.6
%
477,652
5.4
%
543,567
5.3
%
535,581
6.0
%
412,039
4.0
%
384,399
4.3
%
277,447
2.7
%
251,870
2.8
%
199,833
1.9
%
216,850
2.5
%
57,202
0.6
%
53,270
0.6
%
31,625
0.3
%
32,833
0.4
%
9,515,001
93.0
%
8,283,858
93.1
%
713,593
7.0
%
618,612
6.9
%
50,354
0.5
%
57,754
0.6
%
663,239
6.5
%
560,858
6.3
%
168,234
1.7
%
143,645
1.6
%
495,005
4.8
%
417,213
4.7
%
94,929
98,424
5.21
4.24
2026
2025
1,827,621
50
%
1,520,377
50
%
960,169
26
%
864,110
28
%
433,849
12
%
276,343
9
%
200,124
5
%
206,481
7
%
260,759
7
%
189,743
6
%
3,682,522
100
%
3,057,054
100
%
(5,715
)
(0
%)
(4,157
)
(0
%)
3,676,807
100
%
3,052,897
100
%
147,473
60
%
125,003
52
%
81,727
33
%
104,282
43
%
9,578
4
%
(752
)
(0
%)
1,634
1
%
6,913
2
%
6,996
2
%
7,436
3
%
(315
)
(0
%)
(225
)
(0
%)
247,093
100
%
242,657
100
%
2026
2025
5,086,103
50
%
4,427,515
50
%
2,721,435
26
%
2,533,157
28
%
1,145,080
11
%
804,628
9
%
586,188
6
%
617,812
7
%
705,796
7
%
533,339
6
%
10,244,602
100
%
8,916,451
100
%
(16,008
)
(0
%)
(13,981
)
(0
%)
10,228,594
100
%
8,902,470
100
%
412,826
58
%
315,137
51
%
271,596
38
%
278,243
45
%
6,622
1
%
(6,972
)
(1
%)
14,356
2
%
19,583
3
%
8,378
1
%
12,845
2
%
(185
)
(0
%)
(224
)
(0
%)
713,593
100
%
618,612
100
%
2026
2025
585,582
539,907
1,598
1,643
3,121
2,816
6,371
6,361
6,439
6,388
124,180
125,105
114,394
104,573
1,023,096
992,032
169
175
5,732
5,209
12,791
12,718
12,864
12,702
35,056
32,240
36,834
33,152
164,462
135,309
2,638
2,042
14.3
%
15.0
%
722
563
876,409
971,244
1,173
1,296
119,450
115,269
2,183
1,646
563
576
-
-
2,221
2,091
2,221
2,091
12,639
12,676
12,046
12,107
2026
2025
1,700,506
1,586,889
1,599
1,644
2,991
2,790
6,256
6,389
6,439
6,388
124,180
125,105
111,593
104,967
2,960,921
2,927,698
171
178
5,539
5,167
12,696
12,677
12,864
12,702
35,056
32,240
35,276
33,032
473,137
405,367
2,420
1,985
13.1
%
15.3
%
722
563
2,543,050
2,890,504
1,200
1,322
351,585
314,770
2,007
1,694
581
603
-
-
2,221
2,091
2,221
2,091
12,639
12,676
12,250
12,116
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
3,750
17,284
1,611,490
1,160,371
322,145
426,535
1,937,385
1,604,190
9,481,199
9,348,370
4,117,561
3,810,269
5,363,638
5,538,101
786,090
784,864
8,087,113
7,927,155
-
699,859
889,520
655,604
334,394
310,339
167,987
110,388
186,180
159,153
1,578,081
1,935,343
1,123,837
766,938
501,893
444,479
342,254
307,005
907,345
908,305
3,633,703
3,565,085
8,087,113
7,927,155
Supplemental Data
(unaudited)
September 30, 2026
December 31, 2025
93,219
94,595
38.98
37.69
Nine Months Ended September 30
2026
2025
1,108,428
1,292,674
291,133
490,919