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J.B. Hunt Transport Services (JBHT) FY2025 results: revenue $12.0 billion, down 0.7% on the year

J.B. Hunt Transport Services, Inc. (JBHT) reported revenue of $12.0 billion for fiscal 2025, the year ended 31 December 2025, down 0.7% on the year before. Net income was $598 million, up 4.8%, and diluted earnings per share $6.12. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$12.0 billion
-0.7% on the year
FY2018FY2025
Operating margin
7.2%
6.9% a year earlier
FY2018FY2025
Net income
$598 million
+4.8% on the year
FY2018FY2025
Diluted EPS
$6.12
+10.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new.

  • Operating income rose 19%: Operating income was $246.5 million against $207.0 million. The prior-year quarter included $16.0 million of intangible asset impairment charges.
  • Diluted EPS rose to $1.90: Net earnings were $181.1 million, or $1.90 diluted EPS, against $155.5 million, or $1.53. Average diluted shares fell to 95.5 million from 101.6 million.
  • Intermodal operating income rose on network balance: Intermodal operating income was $135.5 million, up 16%. Management cited network balance, drayage efficiency and cost-to-serve work, with fewer empty container moves and lower storage expense.
  • Truckload volume grew, operating income fell: Truckload revenue was $200 million, up 10%. Operating income was $8.4 million, down 2%, as third-party purchased transportation costs rose. Trailer turns were up 12%.
  • ICS gross margin fell to 12.4%: ICS gross profit margin was 12.4% against 17.3%. Management cited a lack of project work and higher purchased transportation costs from tighter market capacity.
Read the Q4 FY2025 earnings call summary

From this 10-K

J.B. Hunt is one of the largest surface transportation, delivery and logistics companies in North America, moving freight across the continental United States, Canada and Mexico through wholly owned subsidiaries. It hauls full-truckload containerised freight on its own equipment with its own drivers, independent contractors or third-party carriers; it has arrangements with most major North American rail carriers and performs most of the pickup and delivery itself; it runs dedicated fleets under long-term contracts; it delivers to homes through a cross-dock network; and it brokers freight to thousands of outside carriers. The company was incorporated in Arkansas on 10 August 1961 and has been publicly held since 1983. Its customers include many Fortune 500 companies, and many are served through J.B. Hunt 360, an online platform for quoting, booking and tracking shipments. Five segments are reported.

J.B. Hunt Transport Services, Inc., the 10-K for 2025

J.B. Hunt is one of the largest surface transportation, delivery and logistics companies in North America, moving freight across the continental United States, Canada and Mexico through wholly owned subsidiaries. It hauls full-truckload containerised freight on its own equipment with its own drivers, independent contractors or third-party carriers; it has arrangements with most major North American rail carriers and performs most of the pickup and delivery itself; it runs dedicated fleets under long-term contracts; it delivers to homes through a cross-dock network; and it brokers freight to thousands of outside carriers. The company was incorporated in Arkansas on 10 August 1961 and has been publicly held since 1983. Its customers include many Fortune 500 companies, and many are served through J.B. Hunt 360, an online platform for quoting, booking and tracking shipments. Five segments are reported.

Intermodal

The JBI segment uses arrangements with most major North American rail carriers for the long-haul leg and handles the origin and destination drayage itself with company tractors, using third-party dray carriers where that is cheaper. It began in 1989 with what is now BNSF Railway Company, the first agreement linking a major rail carrier and a truckload carrier in a joint service, and further agreements with other Class I railroads followed. At 31 December 2025 it operated 124,838 pieces of company-owned trailing equipment, mostly 53-foot high-cube containers built for double-stack economics, and owned a chassis fleet of 104,474 units designed to pair only with those containers. It also ran 5,880 company-owned tractors and 308 contracted independent contractor trucks and employed 8,704 people, including 7,606 company drivers.

Dedicated Contract Services

Customised freight movement with equipment, labour, systems and network design supplied to a single customer, typically involving multiple pickups and drops, freight handling and specialised equipment. Contracts run three to 10 years and average approximately five, and pricing is typically cost-plus, with fixed costs recovered regardless of how much the equipment is used but customised for the capital invested and the length of the contract. At 31 December 2025 the segment operated 11,878 company-owned trucks and 761 customer-owned trucks, 26,767 owned pieces of trailing equipment and 5,218 customer-owned trailers, and employed 15,131 people including 12,835 drivers.

Integrated Capacity Solutions

Freight brokerage and transportation logistics, placing loads with third-party carriers and with the company's own equipment in other segments. It covers flatbed, refrigerated and expedited work as well as dry-van and intermodal, runs the multimodal marketplace on J.B. Hunt 360 that matches loads with carriers, and provides most of the company's single-source logistics management for customers outsourcing their transportation function. At 31 December 2025 it employed 575 people and had approximately 126,000 available third-party carriers.

Final Mile and Truckload

Final Mile Services delivers to the home through a network of cross-dock and other delivery locations, offering both asset and brokerage big and bulky delivery and installation, fulfilment, retail-pooling distribution and less-than-truckload work, on contracts of one to five years averaging approximately three. At 31 December 2025 it operated 1,085 company-owned trucks, 169 customer-owned trucks and 39 independent contractor trucks, with 1,091 owned trailers, and employed 2,271 people. The Truckload segment carries full-load dry-van freight from shipper to consignee, sold through the 360box programme, which uses the J.B. Hunt 360 platform to find capacity and offer drop trailer service. At 31 December 2025 it operated 12,658 company-owned trailers, employed 276 people and had 2,003 independent contractors.

Freight, seasons and people

The company moves general merchandise, specialty consumer items, appliances, home furnishings, forest and paper products, rubber and plastics, food and beverages, building materials, apparel, soaps and cosmetics, automotive parts, agricultural products, electronics and chemicals. Volumes are usually slightly higher from August through early November, with the dedicated and final mile businesses less seasonal than the rest. The company bills the customer for all services and pays the third parties for their share. It operates over 190,000 pieces of transportation equipment and had 31,750 employees at 31 December 2025: 21,554 company drivers, 8,481 office personnel, 1,374 maintenance technicians and 341 delivery and material assistants, plus arrangements with 2,350 independent contractors. None of the employees are represented by unions.

From J.B. Hunt's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue11,99912,08712,830-0.7%
Operating income865831993+4.1%
Operating margin7.2%6.9%7.7%
Interest expense75.279.065.9-4.8%
Pre-tax income794760935+4.6%
Income tax196189207+3.8%
Effective tax rate24.7%24.8%22.1%
Net income598571728+4.8%
Net margin5.0%4.7%5.7%
Diluted EPS$6.12$5.56$6.97+10.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,6781,4831,745+13.2%
Capital expenditure7318651,862-15.6%
Free cash flow948618-118+53.4%
Free cash flow margin7.9%5.1%-0.9%
Cash from investing-575-664-1,685
Cash from financing-1,133-826-58.0
Depreciation and amortisation715761738-6.1%
Share-based compensation71.865.779.2+9.2%
Buybacks923514160+79.7%
Dividends paid171176174-2.6%
Dividend per share$1.76$1.72$1.68+2.3%
Diluted shares, weighted98m103m104m-4.9%
Shares outstanding at period end95m101m103m-5.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,5654,0154,104-11.2%
Debt1,4671,4781,576-0.7%
Operating lease liabilities168214253-21.4%
Other liabilities2,7272,6062,655+4.6%
Total liabilities and equity7,9278,3128,588-4.6%
Fixed assets5,5385,7305,774-3.3%
Goodwill134134n/a0.0%
Intangible assets76.396.9134-21.3%
Securities held for sale or to maturity0.00.0n/a
Cash and equivalents17.347.053.3-63.2%
Receivables1,1601,2241,335-5.2%
Inventory42.241.742.2+1.3%
Other assets9591,0391,250-7.7%
Total assets7,9278,3128,588-4.6%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.