olivLaw · US equity research
J.B. Hunt Transport Services, Inc. JBHT
Trucking (No Local) · SIC 4213 · Vertical: Trucking (No Local) (SIC 4213)
J.B. Hunt Transport Services is one of the largest surface transportation, delivery and logistics companies in North America, operating five complementary segments from intermodal to last-mile delivery. In the third quarter of 2026 its revenue rose 20%, to 3.68 billion dollars, while the company kept a close eye on network efficiency and insurance and personnel costs.
At the close of 03 Nov 2026, J.B. Hunt Transport Services, Inc. (JBHT) stock was 224.64 USD (+0.38% on the day), with market capitalisation 20.9 bn USD, P/E 31.6 on diluted EPS of 7.12 USD over the last 12 months, dividend yield 0.21%, beta 0.96, 52-week range 158.92–298.41 USD. Latest reported quarter (Q3 2026): revenue of 3.7 bn USD (+20.4% YoY), net income of 172.4 m USD (+0.9% YoY), diluted EPS 1.82 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.0
- weak (30–45)
- Bollinger (20, 2)
- 219.50 – 234.51
- in the lower half of the band · %B 0.34 · band width 6.6%
- SMA 50 / 200
- 240.17 / 246.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.22 / -4.80
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.1% | −2.0% | −2.1 pp | — |
| 3 months | −18.2% | −2.2% | −16.0 pp | — |
| 6 months | −7.6% | +4.3% | −11.8 pp | — |
| Year to date | +15.6% | +10.6% | +5.0 pp | — |
| 1 year | +32.3% | +10.5% | +21.9 pp | +34.0% |
| 3 years | +27.9% | +73.7% | −45.8 pp | −8.0% |
| 5 years | +13.9% | +61.7% | −47.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 2.9 bn | 2.9 bn | 3.1 bn | 3.1 bn | 3.1 bn | 3.5 bn | 3.7 bn |
| Operating income | 207.0 m | 178.7 m | 197.3 m | 242.7 m | 246.5 m | 207.0 m | 259.5 m | 247.1 m |
| Depreciation & amortisation | 205.5 m | 179.5 m | 177.0 m | 179.1 m | 179.2 m | 179.4 m | 180.6 m | 183.5 m |
| Interest expense | 22.4 m | 18.6 m | 21.3 m | 17.9 m | 17.5 m | 17.9 m | 16.8 m | 15.7 m |
| Pre-tax income | 191.9 m | 160.1 m | 176.0 m | 224.8 m | 233.3 m | 189.1 m | 242.7 m | 231.4 m |
| Income tax | 36.5 m | 42.3 m | 47.4 m | 53.9 m | 52.2 m | 47.6 m | 61.7 m | 59.0 m |
| Net income | 155.5 m | 117.7 m | 128.6 m | 170.8 m | 181.1 m | 141.6 m | 181.0 m | 172.4 m |
| Diluted EPS | 1.53 ≈ | 1.17 | 1.31 | 1.76 | 1.90 ≈ | 1.49 | 1.91 | 1.82 |
| Operating cash flow | 317.6 m | 404.2 m | 402.1 m ≈ | 486.4 m ≈ | 385.6 m | 353.0 m | 370.2 m ≈ | 385.2 m ≈ |
| Capex | 224.3 m | 245.8 m | 216.5 m ≈ | 134.1 m ≈ | 134.3 m | 110.3 m | 116.9 m ≈ | 166.0 m ≈ |
| Dividends paid | 43.4 m | 44.0 m | 42.6 m ≈ | 42.5 m ≈ | 41.9 m | 42.6 m | 42.4 m ≈ | 42.2 m ≈ |
| Share repurchases | 85.6 m | 234.1 m | 318.8 m ≈ | 230.4 m ≈ | 139.9 m | 80.1 m | 97.8 m ≈ | 173.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 89 percentile of its own 44-quarter history (min 16.4, median 25.2, max 41.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.6 bn | 9.2 bn | 9.6 bn | 12.2 bn | 14.8 bn | 12.8 bn | 12.1 bn | 12.0 bn |
| Revenue YoY | +19.8% | +6.4% | +5.1% | +26.3% | +21.7% | −13.4% | −5.8% | −0.7% |
| Net income | 489.6 m | 516.3 m | 506.0 m | 760.8 m | 969.4 m | 728.3 m | 570.9 m | 598.3 m |
| Net income YoY | −28.7% | +5.5% | −2.0% | +50.3% | +27.4% | −24.9% | −21.6% | +4.8% |
| Diluted EPS | 4.43 | 4.77 | 4.74 | 7.14 | 9.21 | 6.97 | 5.56 | 6.12 |
| Diluted EPS YoY | −28.3% | +7.7% | −0.6% | +50.6% | +29.0% | −24.3% | −20.2% | +10.1% |
| net % | 5.7% | 5.6% | 5.3% | 6.3% | 6.5% | 5.7% | 4.7% | 5.0% |
| Free cash flow | 92.2 m | 244.2 m | 384.3 m | 276.3 m | 236.1 m | -117.8 m | 617.8 m | 947.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.3 m USD
- Financial debt
- 1.5 bn USD
- Net debt
- 1.4 bn USD
- Equity
- 3.6 bn USD
- Total assets
- 7.9 bn USD
- Debt / equity
- 0.41x
- Current ratio
- 0.83x
- ROE
- 15.8%
- ROA
- 7.4%
- FCF margin
- 7.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 9.6 bn | 12.2 bn | 14.8 bn | 12.8 bn | 12.1 bn | 12.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 713.1 m | 1.0 bn | 1.3 bn | 993.2 m | 831.2 m | 865.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 527.4 m | 557.1 m | 644.5 m | 738.0 m | 761.1 m | 714.8 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 1.2 bn ≈ | 1.6 bn ≈ | 2.0 bn ≈ | 1.7 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 47.6 m | 46.3 m | 51.2 m | 65.9 m | 79.0 m | 75.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 666.0 m | 999.8 m | 1.3 bn | 934.9 m | 759.5 m | 794.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 160.0 m | 239.0 m | 312.0 m | 206.6 m | 188.6 m | 195.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 506.0 m | 760.8 m | 969.4 m | 728.3 m | 570.9 m | 598.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 4.74 | 7.14 | 9.21 | 6.97 | 5.56 | 6.12 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 106.8 m | 106.6 m | 105.3 m | 104.5 m | 102.8 m | 97.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 1.08 | 1.18 | 1.60 | 1.68 | 1.72 | 0.44 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 313.3 m | 355.5 m | 51.9 m | 53.3 m | 47.0 m | 17.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 1.1 bn | 1.5 bn | 1.5 bn | 1.3 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 23.8 m | 25.0 m | 40.6 m | 42.2 m | 41.7 m | 42.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 1.8 bn | 2.3 bn | 2.2 bn | 2.0 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 3.7 bn | 4.1 bn | 5.0 bn | 5.8 bn | 5.7 bn | 5.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 105.4 m | 100.5 m | — | — | 134.1 m | 134.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 106.8 m | 90.6 m | 115.9 m | 133.9 m | 96.9 m | 76.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 5.9 bn | 6.8 bn | 7.8 bn | 8.6 bn | 8.3 bn | 7.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 0 | 356.0 m | 0 | 250.0 m | 500.0 m | 699.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 1.3 bn | 945.3 m | 1.3 bn | 1.3 bn | 977.7 m | 766.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 1.1 bn | 1.7 bn | 1.6 bn | 1.5 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 3.3 bn | 3.7 bn | 4.1 bn | 4.5 bn | 4.3 bn | 4.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 2.6 bn † | 3.1 bn † | 3.7 bn † | 4.1 bn † | 4.0 bn † | 3.6 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.2 bn | 1.8 bn | 1.7 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 738.5 m | 947.6 m | 1.5 bn | 1.9 bn | 865.4 m | 730.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 384.3 m ≈ | 276.3 m ≈ | 236.1 m ≈ | -117.8 m ≈ | 617.8 m ≈ | 947.6 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -613.0 m | -877.0 m | -1.6 bn | -1.7 bn | -663.7 m | -574.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -231.6 m | -304.6 m | -530.4 m | -58.0 m | -825.8 m | -1.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 114.2 m | 124.4 m | 166.7 m | 173.9 m | 175.5 m | 171.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 92.5 m | 151.7 m | 300.0 m | 159.6 m | 513.9 m | 923.3 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 20.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet50
- Valuation76
- Quality91
- Growth0
- Returns67
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 106.52 – 424.36 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)106.52 – 169.80 (Mid 130.98)WACC 9.1% · starting FCFF 1.0 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 17.4%
- Peers: EV/EBITDA179.86 – 279.75 (Mid 262.79)6 companies used · median multiple 15.2x · quartiles 10.6x – 16.2xARCB, HTLD, KNX, ODFL, SAIA, ULH
- Peers: P/E243.57 – 424.36 (Mid 253.60)6 companies used · median multiple 35.6x · quartiles 34.2x – 59.6xKNX, LSTR, MRTN, ODFL, SAIA, SNDR
- Dividend discount (DDM)outside the aggregate5.78 – 7.78 (Mid 6.63)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.7% | 90 (vs peers) | 10% |
| Net margin · Quality | 5.1% | 83 (vs peers) | 6% |
| FCF conversion · Quality | 143.0% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -6.8% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -12.7% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.7x | 25 (vs peers) | 10% |
| Interest coverage · Balance sheet | 14.2x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 31.6x | 100 (vs peers) | 10% |
| EV/EBITDA · Valuation | 13.1x | 67 (vs peers) | 10% |
| FCF yield · Valuation | 4.6% | 58 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.2% | 45 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 17.5% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet50/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality91/100 · 3/3 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation76/100 · 3/3 factors with a value
Memo
J.B. HUNT TRANSPORT SERVICES, INC. (JBHT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 12.0 bn USD in 2025; YoY growth -0.7%; net margin 5.1%; ROE 18.8%; net debt/EBITDA 0.7x.
The estimated value range is 179.86–279.75 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 253.60 USD, the price of 224.64 USD leaves a potential of 12.9% (value / price − 1) and a margin of safety of 11.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.7%
- Net margin: 5.1%
- FCF conversion: 143.0%
- Interest coverage: 14.2x
- P/E (TTM): 31.6x
- Payout ratio (FCF): 17.5%
What contradicts it
- Revenue CAGR 3Y: -6.8%
- EPS CAGR 3Y: -12.7%
- Net debt / EBITDA: 0.7x
Versus the vertical median
Trucking (No Local) (SIC 4213) · same industry (4-digit SIC) · compared with 12 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ODFLOld Dominion Freight Line, Inc. | 36.8 bn | 34.2 | 24.8% | 19.4% | −5.5% | +31% / −9% |
| JBHTJ.b. Hunt Transport Services, Inc. | 20.9 bn | 31.6 | 18.8% | 5.1% | −0.7% | +32% / +28% |
| KNXKnight-Swift Transportation Holdings Inc. | 10.2 bn | 67.2 | 2.2% | 1.9% | +0.8% | +36% / +16% |
| SAIASaia, Inc. | 9.7 bn | 34.3 | 10.6% | 8.0% | +0.8% | +28% / −7% |
| LSTRLandstar System, Inc. | 5.1 bn | 32.0 | 18.7% | 3.0% | −1.6% | +16% / −12% |
| ARCBArcbest Corporation | 3.1 bn | 201.5 | 1.3% | 0.4% | −4.0% | +117% / +17% |
| WERNWerner Enterprises, Inc. | 1.8 bn | — | -3.3% | -1.4% | −1.8% | +15% / −27% |
| MRTNMarten Transport, Ltd. | 1.0 bn | 74.8 | 1.6% | 1.5% | −8.3% | +21% / −34% |
| ULHUniversal Logistics Holdings, Inc. | 862.8 m | — | -15.1% | -6.0% | −15.6% | +118% / +32% |
| HTLDHeartland Express Inc | 829.0 m | — | -2.8% | -3.0% | −23.1% | +36% / −20% |
| PAMTPamt Corp | 259.3 m | — | -18.9% | -7.1% | −16.3% | +38% / −34% |
| SNDRSchneider National, Inc. | — | 37.0 | 4.6% | 2.4% | +7.3% | +32% / +29% |
| CVLGCovenant Logistics Group, Inc. | — | 237.7 | 0.9% | 0.3% | +2.9% | +70% / +59% |
1- and 3-year price returns: for JBHT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 122.41 Total return -45% · Per year -45% | 217.51 Total return -3% · Per year -3% | 329.12 Total return 47% · Per year 47% |
| 3 years | 97.20 Total return -56% · Per year -24% | 196.30 Total return -12% · Per year -4% | 329.12 Total return 47% · Per year 14% |
| 5 years | 77.18 Total return -65% · Per year -19% | 177.16 Total return -20% · Per year -4% | 329.12 Total return 48% · Per year 8% |
- Exit P/E± 49.07
- Net margin± 34.35
- Annual revenue growth± 31.02
- Annual dilution± 2.89
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
J.B. Hunt Transport Services is one of the largest surface transportation, delivery and logistics companies in North America, operating five complementary segments from intermodal to last-mile delivery. In the third quarter of 2026 its revenue rose 20%, to 3.68 billion dollars 3, while the company kept a close eye on network efficiency and insurance and personnel costs.
SWOT
Strengths
- The company offers an integrated range of services, from intermodal through brokerage to last-mile delivery, which it presents as a competitive advantage 1. A relatively new fleet and a large owned-equipment base support service quality 1.
- Revenue and operating income grew in the third quarter of 2026, and the company continued to repurchase its shares 3.
Weaknesses
- Revenue is concentrated in a small number of large customers, and contracts in some segments can be cancelled 1. This could make results more sensitive to the loss of one major customer.
- Auto liability claims costs have at times exceeded insurance coverage layers, and the company is self-insured for part of its risk 1. These costs could reduce earnings.
- Profitability in the FMS segment fell considerably in the third quarter of 2026, due to known business losses and higher purchased transportation expense 3.
Opportunities
- Road-to-rail conversion and strong intermodal demand could lift volumes, particularly in the eastern network 3. Customers seeking lower-emission solutions could prefer the company's services 1.
- Lower capital expenditure could support cash generation and debt reduction if the current level is maintained 3.
Threats
- An economic downturn or a shift in customer business cycles could reduce volumes and pressure rates, and excess industry capacity increases this risk 1.
- Difficulty attracting and retaining drivers, fuel price swings and regulatory changes could raise costs or reduce capacity 1.
- If independent contractors were reclassified as employees, costs could rise significantly, and tariffs and trade policy could change customer demand 1.
Risks
- Dependence on large customershigh
A small number of customers generates a significant share of revenue, and losing one of them could affect results 1.
- Insurance and claims costshigh
Auto liability claims costs have at times exceeded the company's coverage layers, which has hurt operating results 1.
- Classification of independent contractorsmedium
If authorities treated independent contractors as employees, tax and labor costs could rise materially 1.
- Fuel price volatilitymedium
The company held no derivative instruments to hedge fuel prices as of December 31, 2025, and lags in fuel surcharges could reduce profit 1.
- Regulation and compliance costslow
Changes in DOT, FMCSA or environmental rules could raise costs or limit services, and failure to comply can bring fines 1.
Investment thesis
What would need to be true (bull case)
- Third-quarter 2026 results showed strong growth in revenue and operating income, supported by better volumes and rates in several segments 3.
- The integrated model, combining owned equipment, third-party capacity and a digital platform, could let the company respond flexibly to customer demand 1.
- If lower capital spending and share repurchases continue, the balance sheet could become stronger over time 3.
What would break the thesis
- Profitability in some segments, including FMS and DCS, fell in the third quarter of 2026 because of personnel and insurance costs 3.
- Consolidated revenue slipped slightly in 2025, and reliance on a few large customers could make results more vulnerable 1.
- A fragmented market and competition from private fleets and brokers could limit the ability to sustain higher rates 1.
What to watch
- Trend in operating margin and insurance costsQ4 2026
- Revenue growth in ICS and JBT excluding fuel surcharge revenueQ4 2026
- Updated guidance on the annual tax rate and capital expenditure2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
J.B. Hunt Transport Services, Inc. is a publicly held holding company listed on NASDAQ that, through subsidiaries, provides full-truckload containerized freight, dedicated services, last-mile delivery and freight brokerage across the continental United States, Canada and Mexico 1. It describes its vision as creating the most efficient transportation network in North America 1. Its model combines its own fleet with thousands of third-party carriers, giving it flexible capacity for customers 1.
Market context
The freight transportation market in which the company operates is described as highly fragmented and competitive, with rivals including private fleets, local and regional delivery providers and truckload carriers 1. In the third quarter of 2026 revenue grew much faster than volume, which points to favourable pricing in some segments 3. If demand or rates change, results could differ from one quarter to the next 1.
Trends
- Revenue growth from pricing and intermodaltailwind
In the third quarter of 2026 revenue rose sharply, supported by higher intermodal volume and better rates in ICS and JBT 3. If this trend holds, it could support the company's margins.
- Personnel and insurance costsheadwind
The company reported higher costs for professional drivers, insurance and group medical claims in the third quarter of 2026, which pressured the profitability of some segments 3. Auto liability insurance has risen across the industry in recent years 1.
- Lower capital expendituremixed
Net capital expenditure fell in the first nine months of 2026 compared with the same period of 2025, and debt was reduced 3. This could ease cash flow pressure but may also limit fleet growth.
- Trade and regulatory policyheadwind
Rapid changes in trade policy and tariffs can alter customer demand and equipment costs, while DOT and FMCSA rules can raise compliance costs 1. The effect depends on the direction and speed of these changes.
Competitive position
The company competes with intermodal marketing companies, full-load truckers, non-asset-based logistics firms and freight brokers, and in some segments with railroads 1. Competition is based mainly on price, on-time service and the availability of capacity 1.
Large customers often select a limited group of core carriers, which can restrict access to business or push rates down through repeated bidding 1. Smaller regional carriers compete locally, while nationwide competitors are few 1.
- North American railroads and intermodal operators
Compete with JBI through intermodal services or directly by rail, as described in the company's filing 1.
- Full-load truckload carriers
Compared with JBT and the third-party carrier network, a market with thousands of firms, many very small 1.
- Non-asset logistics companies and freight brokers
Compete with ICS for the same brokerage and logistics contracts 1.
- Customers' private fleets and delivery providers
Compete with DCS and FMS, and customers expanding their own fleets could reduce demand for outside services 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Stocks making the biggest moves midday: CoreWeave, Moog, J.B. Hunt, Alcoa & moreCNBC — Top News · 16 Oct 2026 · EN
- J.B. Hunt Sees Strong Freight Demand as Rising Costs Pressure Q3 EarningsYahoo Finance — News · 22 Sept 2026 · EN
- Is J.B. Hunt Transport Services Stock Outperforming the S&P 500?Yahoo Finance — News · 21 Sept 2026 · EN
- Why J.B. Hunt Stock Dropped TodayYahoo Finance — News · 16 Sept 2026 · EN
- JBHT Stock Plummets as J.B. Hunt Warns Investors About Q3 EarningsYahoo Finance — News · 16 Sept 2026 · EN
- J.B. Hunt warns of earnings drop as diesel hits record highYahoo Finance — News · 16 Sept 2026 · EN
- J.B. Hunt Stock Plunges. Diesel Prices Are High Enough to Hit Earnings.Yahoo Finance — News · 16 Sept 2026 · EN
- Stocks making the biggest moves midday: SpaceX, Lumentum, Diamondback Energy, J.B. Hunt & moreCNBC — Top News · 16 Sept 2026 · EN
- J.B. Hunt flags Q3 cost pressures, shares sink 12%Yahoo Finance — News · 16 Sept 2026 · EN
- J.B. Hunt stock plunges 10% after company warns third-quarter earnings will fallCNBC — Top News · 16 Sept 2026 · EN
- Stocks making the biggest moves premarket: SK Hynix, J.B. Hunt, Expedia & moreCNBC — Top News · 16 Sept 2026 · EN
- J.B. Hunt Stock: Analyst Estimates & RatingsYahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 16 Oct 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report23 Oct 2026
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report24 Jul 2026
- Current report15 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report24 Apr 2026
- Current report24 Apr 2026Shareholder vote
- Current report15 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement11 Mar 2026
- Current report05 Mar 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Annual report24 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / J.B. Hunt Transport Services, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / J.B. Hunt Transport Services, Inc. · 23 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / J.B. Hunt Transport Services, Inc. · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.