olivLaw · US equity research
Hub Group, Inc. HUBG
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
Hub Group is one of the largest freight transportation and logistics providers in North America, combining rail-based intermodal transport with trucking and non-asset logistics services. The company now faces an ongoing accounting restatement, operating losses in the first half of 2026 and a possible Nasdaq delisting, with revenue having fallen from about 4 billion dollars a year to an estimated 3.6 to 3.8 billion dollars for 2026.
At the close of 04 Nov 2026, Hub Group, Inc. (HUBG) stock was 26.96 USD (+0.41% on the day), with market capitalisation 1.0 bn USD, P/E 0.1 on diluted EPS of 402.05 USD over the last 12 months, dividend yield 2.98%, beta 1.04, 52-week range 25.66–52.53 USD. Latest reported quarter (Q3 2025): revenue of 934.5 m USD (−5.3% YoY), net income of 28.6 m USD (+21.0% YoY), diluted EPS 0.47 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)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 25.42 – 27.55
- in the upper half of the band · %B 0.72 · band width 8.1%
- SMA 50 / 200
- 30.72 / 39.69
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.04 / -1.48
- 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 | −6.2% | −2.0% | −4.2 pp | — |
| 3 months | −43.3% | −2.2% | −41.2 pp | — |
| 6 months | −37.6% | +4.3% | −41.9 pp | — |
| Year to date | −36.7% | +10.6% | −47.3 pp | — |
| 1 year | −24.0% | +10.5% | −34.5 pp | −52.6% |
| 3 years | −24.2% | +73.7% | −97.9 pp | −74.3% |
| 5 years | −34.9% | +61.7% | −96.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2025 · 30 Sept 2025
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 985.0 m | 999.5 m | 986.5 m | 986.9 m | 973.5 m | 915.2 m | 905.6 m | 934.5 m |
| Operating income | 29.4 m | 37.1 m | 39.5 m | 32.1 m | 31.5 m | 37.3 m | 34.3 m | 39.4 m |
| Depreciation & amortisation | 47.7 m | 49.6 m | 37.8 m | 32.4 m | 47.1 m | 47.0 m | 32.4 m | 31.4 m |
| Interest expense | 3.8 m | 3.9 m | 3.7 m | 3.6 m | 3.3 m | 3.2 m | 3.1 m | 3.0 m |
| Pre-tax income | 29.8 m | 34.5 m | 37.6 m | 30.7 m | 29.8 m | 35.6 m | 32.9 m | 38.5 m |
| Income tax | 992.0 k | 7.4 m | 8.6 m | 7.1 m | 5.4 m | 8.4 m | 7.9 m | 9.6 m |
| Net income | 28.8 m | 27.1 m | 29.0 m | 23.6 m | 24.3 m | 26.8 m | 25.2 m | 28.6 m |
| Diluted EPS | 459.95 ≈ | 0.44 | 0.47 | 0.39 | 400.72 ≈ | 0.44 | 0.42 | 0.47 |
| Operating cash flow | 99.5 m | 80.5 m | 69.9 m ≈ | 43.4 m ≈ | 604.0 k | 70.0 m | 61.5 m ≈ | 28.1 m ≈ |
| Capex | 34.4 m | 17.5 m | 13.7 m ≈ | 12.0 m ≈ | 7.6 m | 19.2 m | 11.3 m ≈ | 8.7 m ≈ |
| Dividends paid | 0 | 7.6 m | 7.6 m ≈ | 7.5 m ≈ | 7.5 m | 7.5 m | 7.5 m ≈ | 7.5 m ≈ |
| Share repurchases | 26.4 m | 25.8 m | 7.2 m ≈ | 35.3 m ≈ | 0 | 13.8 m | 0 ≈ | 0 ≈ |
≈ 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 0 percentile of its own 36-quarter history (min 0.1, median 3.2, max 14.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.7 bn | 3.7 bn | 3.5 bn | 4.2 bn | 5.3 bn | 4.2 bn | 3.9 bn |
| Revenue YoY | +13.5% | +17.9% | −0.4% | −4.7% | +21.1% | +26.2% | −21.3% | −6.1% |
| Net income | 135.2 m | 201.7 m | 107.2 m | 73.6 m | 171.5 m | 356.9 m | 167.5 m | 104.0 m |
| Net income YoY | +80.7% | +49.3% | −46.9% | −31.4% | +133.1% | +108.2% | −53.1% | −37.9% |
| Diluted EPS | 4.05 | 6.01 | 3.20 | 2.19 | 2.53 | 5.32 | 2.62 | 1.70 |
| Diluted EPS YoY | +84.1% | +48.4% | −46.8% | −31.6% | +15.5% | +110.3% | −50.8% | −35.1% |
| net % | 4.3% | 5.5% | 2.9% | 2.1% | 4.1% | 6.7% | 4.0% | 2.6% |
| Free cash flow | 50.7 m | 11.0 m | 159.7 m | 59.6 m | 119.9 m | 239.0 m | 282.1 m | 143.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 98.2 m USD
- Financial debt
- 264.4 m USD
- Net debt
- 166.1 m USD
- Equity
- 1.7 bn USD
- Total assets
- 2.9 bn USD
- Debt / equity
- 0.16x
- Current ratio
- 1.33x
- ROE
- 6.3%
- ROA
- 3.6%
- FCF margin
- 3.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 3.5 bn | 4.2 bn | 5.3 bn | 4.2 bn | 3.9 bn | SEC (XBRL)· 25 Feb 2025verified |
| Cost of revenue | 3.1 bn | 3.1 bn | 3.6 bn | 4.5 bn | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Gross profit | 521.1 m | 425.4 m | 599.6 m | 889.5 m | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Operating income | 152.4 m | 105.8 m | 238.5 m | 474.7 m | 212.2 m | 140.3 m | SEC (XBRL)· 25 Feb 2025verified |
| Depreciation & amortisation | 116.9 m | 123.7 m | 130.6 m | 153.7 m | 184.4 m | 192.6 m | SEC (XBRL)· 25 Feb 2025verified |
| EBITDA | 269.3 m ≈ | 229.5 m ≈ | 369.1 m ≈ | 628.4 m ≈ | 396.7 m ≈ | 332.9 m ≈ | SEC (XBRL)· 25 Feb 2025derived |
| Interest expense | 11.0 m | 9.3 m | 7.3 m | 7.5 m | 13.4 m | 14.5 m | SEC (XBRL)· 25 Feb 2025verified |
| Pre-tax income | 143.9 m | 96.1 m | 230.9 m | 468.0 m | 209.2 m | 132.5 m | SEC (XBRL)· 25 Feb 2025verified |
| Income tax | 36.7 m | 22.5 m | 59.4 m | 111.0 m | 41.7 m | 28.5 m | SEC (XBRL)· 25 Feb 2025verified |
| Net income | 107.2 m | 73.6 m | 171.5 m | 356.9 m | 167.5 m | 104.0 m | SEC (XBRL)· 25 Feb 2025verified |
| Diluted EPS | 3.20 | 2.19 | 2.53 | 5.32 | 2.62 | 1.70 | SEC (XBRL)· 25 Feb 2025verified |
| Weighted average diluted shares | 33.5 k | 33.5 k | 67.8 k | 67.1 k | 64.0 k | 61.1 k | SEC (XBRL)· 25 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 168.7 m | 124.5 m | 159.8 m | 286.6 m | 187.3 m | 98.2 m | SEC (XBRL)· 25 Feb 2025verified |
| Receivables | 443.5 m | — | — | — | — | — | SEC (XBRL)· 28 Feb 2020verified |
| Current assets | 640.2 m | 672.8 m | 894.3 m | 1.1 bn | 849.2 m | 768.3 m | SEC (XBRL)· 25 Feb 2025verified |
| Property, plant & equipment, net | 663.2 m | 671.1 m | 681.5 m | 783.7 m | 791.7 m | 739.9 m | SEC (XBRL)· 25 Feb 2025verified |
| Goodwill | 484.5 m | 508.6 m | 576.9 m | 629.4 m | 733.7 m | 814.3 m | SEC (XBRL)· 25 Feb 2025verified |
| Intangibles (excl. goodwill) | 121.0 m | 164.0 m | 196.7 m | 197.4 m | 304.6 m | 267.4 m | SEC (XBRL)· 25 Feb 2025verified |
| Total assets | 2.0 bn | 2.1 bn | 2.4 bn | 2.8 bn | 2.9 bn | 2.9 bn | SEC (XBRL)· 25 Feb 2025verified |
| Accounts payable | 257.2 m | 285.3 m | 424.9 m | 344.8 m | 349.4 m | 280.0 m | SEC (XBRL)· 25 Feb 2025verified |
| Short-term debt | 94.7 m | 93.6 m | 97.3 m | 101.7 m | 105.1 m | 100.0 m | SEC (XBRL)· 25 Feb 2025verified |
| Long-term debt | 186.9 m | 176.8 m | 177.5 m | 240.7 m | 245.6 m | 164.4 m | SEC (XBRL)· 25 Feb 2025verified |
| Current liabilities | 507.4 m | 529.1 m | 687.1 m | 691.8 m | 658.2 m | 579.5 m | SEC (XBRL)· 25 Feb 2025verified |
| Equity | 1.1 bn † | 1.2 bn † | 1.3 bn | 1.6 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 25 Feb 2025verified |
† 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 254.5 m | 175.0 m | 252.8 m | 458.2 m | 422.2 m | 194.4 m | SEC (XBRL)· 25 Feb 2025verified |
| Capex | 94.8 m | 115.3 m | 133.0 m | 219.1 m | 140.1 m | 50.8 m | SEC (XBRL)· 25 Feb 2025verified |
| Free cash flow | 159.7 m ≈ | 59.6 m ≈ | 119.9 m ≈ | 239.0 m ≈ | 282.1 m ≈ | 143.6 m ≈ | SEC (XBRL)· 25 Feb 2025derived |
| Investing cash flow | -66.1 m | -196.9 m | -210.1 m | -278.9 m | -373.2 m | -53.3 m | SEC (XBRL)· 25 Feb 2025verified |
| Financing cash flow | -81.1 m | -22.3 m | -7.4 m | -52.5 m | -148.4 m | -201.3 m | SEC (XBRL)· 25 Feb 2025verified |
| Dividends paid | — | — | — | 0 | 0 | 30.2 m | SEC (XBRL)· 25 Feb 2025verified |
| Share repurchases | 25.0 m | 0 | 0 | 75.0 m | 143.8 m | 68.3 m | SEC (XBRL)· 25 Feb 2025verified |
≈ 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: 73 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Valuation100
- Returns77
- Quality75
- Balance sheet91
- Growth0
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: 38.22 – 10,201.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)38.22 – 64.49 (Mid 48.01)WACC 8.4% · starting FCFF 123.2 m USD · terminal value share of EV 75%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): -22.6%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E9,767.14 – 10,201.36 (Mid 9,896.58)3 companies used · median multiple 24.6x · quartiles 24.3x – 25.4xBCO, CHRW, RLGT
- Dividend discount (DDM)unavailable · input data missing
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 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.1% | 60 (vs peers) | 10% |
| Net margin · Quality | 2.8% | 75 (vs peers) | 6% |
| FCF conversion · Quality | 108.0% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -2.3% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -12.4% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.5x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 11.2x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 0.1x | 100 (vs peers) | 10% |
| EV/EBITDA · Valuation | 3.8x | 100 (on a fixed band) | 10% |
| FCF yield · Valuation | 11.3% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 4.4% | 62 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 26.5% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet91/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns77/100 · 2/2 factors with a value
- Valuation100/100 · 3/3 factors with a value
Memo
HUB GROUP, INC. (HUBG). Latest full fiscal year: 2024; data up to 2025-09-30.
Figures computed from the financial statements: revenue 3.9 bn USD in 2024; YoY growth -6.1%; net margin 2.8%; ROE 6.3%; net debt/EBITDA 0.5x.
The estimated value range is 4,902.68–5,132.92 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4,972.30 USD, the price of 26.96 USD leaves a potential of 18,343.2% (value / price − 1) and a margin of safety of 99.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 73/100, 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
- Net margin: 2.8%
- FCF conversion: 108.0%
- Net debt / EBITDA: 0.5x
- Interest coverage: 11.2x
- P/E (TTM): 0.1x
- EV/EBITDA: 3.8x
- FCF yield: 11.3%
- Payout ratio (FCF): 26.5%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -2.3%
- EPS CAGR 3Y: -12.4%
- The valuation methods diverge
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 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 | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 26.6 bn | 29.7 | 42.6% | 7.6% | +4.4% | +39% / +70% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 26.1 | 64.0% | 3.3% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | −17% / −70% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −24% / −24% |
1- and 3-year price returns: for HUBG 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.
The engine has no published run for this company yet.
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 | 0.10 Total return -100% · Per year -100% | 0.18 Total return -99% · Per year -99% | 0.28 Total return -99% · Per year -99% |
| 3 years | 0.09 Total return -100% · Per year -85% | 0.18 Total return -99% · Per year -81% | 0.29 Total return -99% · Per year -78% |
| 5 years | 0.07 Total return -100% · Per year -69% | 0.17 Total return -99% · Per year -64% | 0.31 Total return -99% · Per year -59% |
- Exit P/E± 0.04
- Net margin± 0.03
- Annual revenue growth± 0.03
- Annual dilution± 0.00
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
Hub Group is one of the largest freight transportation and logistics providers in North America, combining rail-based intermodal transport with trucking and non-asset logistics services. The company now faces an ongoing accounting restatement, operating losses in the first half of 2026 and a possible Nasdaq delisting, with revenue having fallen from about 4 billion dollars a year to an estimated 3.6 to 3.8 billion dollars for 2026 13.
SWOT
Strengths
- The company holds a established position in intermodal, a container network and an own fleet covering most drayage 12.
- Its customer base is diversified, and multi-year relationships with railroads and carriers give operational stability 1.
- The asset-light model allows more efficient use of capital and reduces the need for equipment investment 1.
Weaknesses
- The intermodal business depends on a small number of railroads, which creates risk if service is interrupted 1.
- Operating margins thinned in 2024 and in the first half of 2026, when operating results turned to a loss before one-time charges 3.
- The restatement process and filing delays weigh on financial credibility and raise administrative costs 3.
Opportunities
- Tighter trucking capacity could allow price increases and the conversion of customers from trucks to intermodal 3.
- Integrating recent acquisitions such as EASO and Forward Air Final Mile could widen the network and final mile services 1.
- Efficiency and cost programs could improve yields if executed successfully 3.
Threats
- If Nasdaq proceeds with delisting the Class A shares, liquidity and access to capital markets could be affected 3.
- Rising fuel, labor and transport costs could compress margins if they cannot be passed on to customers 1.
- Dependence on consumer goods demand and trade policy, including tariffs, could reduce volumes 12.
Risks
- Accounting restatement and reporting delayshigh
The company is restating previously issued financial statements and has not yet filed its 2025 annual report or its 2026 quarterly reports 3. The delays could weigh on investor confidence and access to financing.
- Nasdaq delisting riskhigh
The company expects to receive a delisting determination from Nasdaq and plans to request a hearing, without assurance the stay will be granted 3. A delisting could reduce share liquidity.
- Dependence on railroadsmedium
The intermodal service relies on contracts with a few railroads, and a cut in service or capacity could affect volumes 1.
- Cost and pricing pressuremedium
Rising labor, fuel and transport costs could compress margins if they cannot be passed to customers 13.
- Customer concentrationmedium
A small number of customers generates a large share of revenue, and losing one could affect results 12.
Investment thesis
What would need to be true (bull case)
- If tighter trucking capacity and firmer pricing hold, the ITS segment could recover margins lost in 2024 and 2025 3.
- Efficiency and cost reduction programs could improve operating yields in the second half of 2026 3.
- A leading intermodal position and an own drayage fleet could support market share if demand recovers 12.
What would break the thesis
- Operating losses in the first half of 2026 and reporting delays could deepen the loss of investor confidence 3.
- If the Nasdaq delisting proceeds, share liquidity could fall significantly 3.
- Revenue declined in 2024 and 2025, and the 2026 outlook could signal continued pressure on demand and pricing 13.
What to watch
- Completion of the financial restatement and filing of the 2025 annual reportQ4 2026
- Outcome of the Nasdaq hearing request and any delisting decision2026
- ITS margin trend after rate increases from the third quarter of 2026Q4 2026
- Final 2025 results and the effect of efficiency programs on costsnext 10-K
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
Hub Group, Inc. presents itself as a leading supply chain solutions provider offering full freight transportation and logistics services, some performed with its own assets and some with contracted third parties 1. The company reports two segments: Intermodal and Transportation Solutions (ITS), covering intermodal and dedicated trucking, and Logistics, covering transportation management, brokerage, consolidation, fulfillment and final mile delivery 1. The business is seasonal, with higher demand ahead of the December holidays as retail customers restock 1.
The model is asset-light: the company combines its own equipment such as containers and tractors with capacity bought from railroads, independent carriers and third-party warehouses 1. Hub Group describes itself as one of the largest purchasers of rail transportation in North America, and a significant share of drayage is handled by its own fleet 1. Customers are diversified across retail, consumer products, automotive and durable goods 1.
In 2024 the company extended its portfolio through acquisitions: Forward Air Final Mile, bought in December 2023 for about 257.2 million dollars in cash, and a controlling interest in EASO, a Mexican intermodal and trucking provider, in October 2024 1. These deals added final mile capacity and a cross-border Mexico-US network, but also raised salary and amortization costs 1.
Segments
Intermodal and Transportation Solutions (ITS)
The ITS segment generated 57% of revenue in 2024 and fell 10% to 2.2 billion dollars, due to lower prices per load and lower fuel surcharge revenue 11. In the first nine months of 2025 ITS revenue stayed roughly flat while operating income rose 17%, helped by lower purchased transportation costs 2.
Logistics
The Logistics segment stayed near 1.8 billion dollars in 2024, while in the third quarter of 2025 its revenue fell 13% on lower brokerage volume and softer demand in final mile and managed transportation 12. In the first half of 2026 excess capacity in consolidation and fulfillment weighed on segment results 3.
Market context
Hub Group operates in North American freight transportation, a market sensitive to consumer goods demand, international trade and fuel prices 1. The company says its volumes depend on the purchase and production of goods, so a fall in trade or production reduces the freight it moves 1. The revenue declines in 2024 and 2025 reflect weaker demand and intense pricing competition 12.
The market is strongly cyclical: rising truck capacity and competitors' pricing can compress margins, while tighter capacity or a stronger peak season could support a revenue recovery 13. The company has already noted that capacity conditions tightened in the first half of 2026 3.
Trends
- Fuel, rail and drayage cost pressureheadwind
The company reported that in the first half of 2026 higher fuel, rail and drayage costs weighed on ITS results before rate increases from the third quarter of 2026 3. If these costs stay high, margins could remain under pressure 1.
- Tighter trucking capacitytailwind
The company notes that reduced truckload capacity and restocking demand could support pricing and revenue, and the market tightened in 2026 13. This trend could support the shift of customers from trucking to intermodal.
- Excess capacity in consolidation and fulfillmentheadwind
Excess capacity in consolidation and fulfillment and the loss of some customers weighed on the Logistics segment in 2026 3. If this pressure persists, margin recovery in logistics could take longer.
- Efficiency and cost reduction programsmixed
The company launched a cost reduction program and a new efficiency program focused on yield management, warehouse consolidation and targeted cost cuts 3. If these measures succeed they could improve margins, though details are due with the final 2025 results.
Competitive position
The company describes transportation and logistics as highly competitive, with rivals including intermodal providers, logistics companies, third-party brokers, trucking carriers, transportation management and warehousing providers, and railroads marketing their own services 1. Competition rests mainly on rates, quality of service, reliability, transit time and scope of operations 1. Larger competitors with greater financial resources can put pressure on prices 1.
The company warns that new entrants offering similar services at lower cost or with stronger technology could erode its share 1. Consolidation in the trucking industry could create larger competitors, and customers may use multiple carriers for the same shipments 1.
- Intermodal providers and logistics companies (generic category named in source)
The source names these competitor categories without identifying individual companies.
- Railroads marketing their own intermodal services
Railroads could compete directly with Hub Group if they develop their own marketing capacity.
- Trucking carriers and freight brokers
Competition also comes from trucking and brokerage firms, particularly on price.
- Transportation management and warehousing providers
The source includes transportation management and warehousing providers among competitors.
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
- Jim Cramer on Hub Group (HUBG): “Got to Wait Till Oil Calms Down”Yahoo Finance — News · 21 Sept 2026 · EN
- Hub Group receives Nasdaq delisting notice, plans to appealYahoo Finance — News · 18 Sept 2026 · EN
- Hub Group (HUBG) Expects an Operating Loss. Can Pricing Catch Up with Freight Costs?Yahoo Finance — News · 17 Sept 2026 · EN
- Hub Group hands incoming CFO $1.3M stock awardYahoo Finance — News · 16 Sept 2026 · EN
- Hub Group warns of Nasdaq delisting notice; flags H1 operating lossYahoo Finance — News · 14 Sept 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 02 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
- Current report02 Oct 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Sept 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Sept 2026Material agreement · Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Aug 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)26 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Non-reliance on financial statements
- Current report24 Mar 2026Material agreement · Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Feb 2026Results of operations · Non-reliance on financial statements · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2024-12-31 · SEC / Hub Group, Inc. · 25 Feb 2025
- [2] Form 10-Q, quarter ended 2025-09-30 · SEC / Hub Group, Inc. · 05 Nov 2025
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hub Group, Inc. · 15 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.