J.B. HUNT TRANSPORT SERVICES, INC. REPORTS U.S. GAAP REVENUES, NET EARNINGS AND EARNINGS PER SHARE FOR THE THIRD QUARTER 2026
HUNT J B TRANSPORT SERVICES INC (JBHT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 J.B. Hunt Transport Services, Inc. 615 J.B. Hunt Corporate Drive Lowell, Arkansas 72745 (NASDAQ: JBHT) Contact: Andrew Hall Sr. Director, Finance (479) 820-0000 FOR IMMEDIATE RELEASE J.B. HUNT TRANSPORT SERVICES, INC. REPORTS U.S. GAAP REVENUES, NET EARNINGS AND EARN
How this was made
The 30-second read
Why it matters
Traders can update expectations for 2026 tax rate (guided to about 24.0%) and assess segment-level profitability trends that may influence forward margin estimates.
Market read
EPS and revenue growth are supportive, but segment profitability divergence and margin pressure from insurance and purchased transportation are key for positioning.
What to watch
DCS operating income declined 22% and FMS operating income fell 76%, so the quality of earnings may be more dependent on intermodal and ICS than on the weaker segments.
Third Quarter 2026 Revenue: $3.68 billion; up 20%; Operating Income: $247.1 million; up 2%; Diluted EPS: $1.82 vs. $1.76; up 3%
Revenue increased 20% and diluted EPS increased 3%, but operating income increased 2% and operating income as a percentage of gross revenue decreased year-over-year. Intermodal and ICS improved, while Dedicated, Final Mile Services and Truckload operating income declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three Months Ended September 30, 2026 operating revenues, excluding fuel surcharge revenuesGAAP | $3.01B | – | increased 13% |
| Three Months Ended September 30, 2026 fuel surcharge revenuesGAAP | $670.8M | – | – |
| Three Months Ended September 30, 2026 total operating revenuesGAAP | $3.68B | – | 20% |
| Three Months Ended September 30, 2026 rents and purchased transportationGAAP | $1.76B | – | – |
| Three Months Ended September 30, 2026 salaries, wages and employee benefitsGAAP | $876.7M | – | – |
| Three Months Ended September 30, 2026 fuel and fuel taxesGAAP | $260.4M | – | – |
| Three Months Ended September 30, 2026 depreciation and amortizationGAAP | $183.5M | – | – |
| Three Months Ended September 30, 2026 operating supplies and expensesGAAP | $147.9M | – | – |
| Three Months Ended September 30, 2026 insurance and claimsGAAP | $100.9M | – | – |
| Three Months Ended September 30, 2026 general and administrative expenses, including asset dispositionsGAAP | $72.26M | – | – |
| Three Months Ended September 30, 2026 total operating expensesGAAP | $3.43B | – | – |
| Three Months Ended September 30, 2026 operating incomeGAAP | $247.1M | – | 2% |
| Three Months Ended September 30, 2026 operating income as a percentage of revenueGAAP | 6.7 % | – | decreased year-over-year |
| Three Months Ended September 30, 2026 net interest expenseGAAP | $15.69M | – | decreased |
| Three Months Ended September 30, 2026 earnings before income taxesGAAP | $231.4M | – | – |
| Three Months Ended September 30, 2026 income taxesGAAP | $58.99M | – | – |
| Three Months Ended September 30, 2026 effective income tax rateGAAP | 25.5% | – | – |
| Three Months Ended September 30, 2026 net earningsGAAP | $172.4M | – | – |
| Three Months Ended September 30, 2026 net earnings as a percentage of revenueGAAP | 4.7 % | – | – |
| Three Months Ended September 30, 2026 average diluted shares outstandingGAAP | 94,647 | – | – |
| Three Months Ended September 30, 2026 diluted earnings per shareGAAP | $ 1.82 | – | 3% |
| Nine Months Ended September 30, 2026 total operating revenuesGAAP | $10.23B | – | – |
| Nine Months Ended September 30, 2026 operating incomeGAAP | $713.6M | – | – |
| Nine Months Ended September 30, 2026 net earningsGAAP | $495.0M | – | – |
| Nine Months Ended September 30, 2026 diluted earnings per shareGAAP | $ 5.21 | – | – |
| Nine Months Ended September 30, 2026 net cash provided by operating activitiesGAAP | $1.11B | – | – |
| Nine Months Ended September 30, 2026 net capital expendituresother | $291.1M | – | – |
| September 30, 2026 cash and cash equivalentsGAAP | $3.75M | – | – |
| September 30, 2026 long-term debtGAAP | $1.12B | – | – |
| September 30, 2026 actual shares outstanding at end of period (000)other | 93,219 | – | – |
| September 30, 2026 book value per actual share outstanding at end of periodother | $ 38.98 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Intermodal (JBI)Volume increased 8%, including a 1% increase in transcontinental network loads and an 18% increase in Eastern network loads. Gross revenue per load increased 11%, while revenue per load excluding fuel surcharge revenue increased 2% year-over-year. | $1.83B | – | 20% |
| Dedicated Contract Services (DCS)Revenue growth was driven by a 10% improvement in productivity and a 1% increase in average trucks. Productivity excluding fuel surcharge revenue increased 3%, and customer retention rates remained at approximately 96%. | $960.2M | – | 11% |
| Integrated Capacity Solutions (ICS)Segment volume increased 22% and revenue per load increased 29%. Contractual volume represented approximately 63% of total load volume and 58% of total revenue, compared to 63% and 64%, respectively, in third quarter 2025. | $433.8M | – | 57% |
| Final Mile Services (FMS)Revenue declined primarily because of known business losses tied to efforts to improve revenue quality and profitability. The decline was partially offset by stabilizing demand across many end markets and improved revenue quality across accounts. | $200.1M | – | down 3% |
| Truckload (JBT)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. Trailer turns were up 3%. | $260.8M | – | 37% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 full year outlook
- Tax rateapproximately 24.0%
Capital returns
- In the third quarter 2026, the company purchased approximately 704,000 shares of common stock for approximately $174 million.
- At September 30, 2026, the company had approximately $619 million remaining under its share repurchase authorization.
- Actual shares outstanding at September 30, 2026 approximated 93.2 million.
What drove it
- Total operating revenue excluding fuel surcharge revenue increased 13% versus the third quarter 2025.
- Revenue excluding fuel surcharge revenue was primarily driven by an 8% increase in Intermodal loads, a 27% increase in ICS revenue per load excluding fuel surcharge revenue, and a 29% increase in JBT revenue per load excluding fuel surcharge revenue.
- Higher revenue, improved productivity across the organization, and lower equipment storage and facility rental expenses supported operating income.
- Intermodal operating income increased 18% to $147.5 million, reflecting improved network balance, efficiency improvements, cost-to-serve actions, and lower container storage expense.
- ICS operating income was $9.6 million versus an operating loss of $0.8 million, supported by higher revenue per load and volume.
Concerns
- Operating income as a percentage of gross revenue decreased year-over-year because purchased transportation, fuel and fuel taxes, and insurance claims expenses were higher as a percentage of gross revenue.
- Rents and purchased transportation were $ 1,757,791, or 47.8 % of revenue, compared with $ 1,332,386, or 43.6 % of revenue.
- Dedicated operating income decreased 22% to $81.7 million, reflecting higher professional driver personnel expense, group medical claims, insurance premiums, equipment expenses, and new-business onboarding expense.
- Final Mile Services operating income decreased 76% to $1.6 million, primarily due to lower revenue and higher purchased transportation expense.
- Truckload operating income decreased 6% to $7.0 million, primarily due to higher purchase transportation expense and equipment-related costs.
- ICS gross profit margin was 14.3 % compared with 15.0 % in the prior-year period, despite improving from 12.5% in the second quarter of 2026.
What to watch
- The company expects its 2026 full year annual tax rate to be approximately 24.0%.
- Intermodal demand and road-to-rail conversion in the Eastern network, where loads increased 18% compared to the third quarter 2025.
- Dedicated cost pressures, including professional driver personnel expense, group medical claims, insurance premiums, equipment costs, and onboarding expense.
- The sustainability of ICS volume, revenue-per-load growth, contractual volume mix, and gross profit margin.
- Final Mile Services revenue quality initiatives and the impact of known business losses.
Balance sheet and cash flow
- At September 30, 2026, the company 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.
- Cash and cash equivalents were $ 3,750 at September 30, 2026, compared with $ 17,284 at December 31, 2025.
- Net cash provided by operating activities for the nine months ended September 30, 2026 was $ 1,108,428, compared with $ 1,292,674 for the same period 2025.
- Net capital expenditures for the nine months ended September 30, 2026 were $ 291,133, compared with $ 490,919 for the same period 2025.
Analysis
J.B. Hunt reported third-quarter U.S. GAAP total operating revenue of $3.68 billion, up 20%, while revenue excluding fuel surcharge revenue increased 13%. GAAP operating income increased 2% to $247.1 million and GAAP diluted EPS increased 3% to $1.82. The revenue increase reflected higher fuel surcharge revenue as well as growth in Intermodal loads, ICS revenue per load excluding fuel surcharge revenue, and JBT revenue per load excluding fuel surcharge revenue.
Profit conversion was more limited than revenue growth. Operating income as a percentage of revenue was 6.7 % versus 7.9 % in the prior-year quarter. The company identified higher purchased transportation, fuel and fuel taxes, and insurance claims expense as a percentage of gross revenue as the principal consolidated margin pressures. Rents and purchased transportation rose to $ 1,757,791 from $ 1,332,386, while insurance and claims increased to $ 100,905 from $ 82,015. Net interest expense decreased to $ 15,685 from $ 17,871, while the effective income tax rate increased to 25.5% from 24.0% due to the timing of certain discrete tax items.
Intermodal was the principal earnings contributor, with revenue of $ 1,827,621 and operating income of $ 147,473. Strong demand and Eastern network road-to-rail conversion supported an 8% volume increase, while efficiency, network balance, cost-to-serve actions, and lower container storage expense supported an 18% increase in operating income. ICS revenue increased 57% to $ 433,849 and the segment generated operating income of $ 9,578 after an operating loss of $ (752) in the prior-year quarter. These gains were offset by lower operating income in Dedicated, Final Mile Services, and Truckload.
Dedicated revenue increased 11% to $ 960,169, supported by productivity and average-truck growth, but operating income declined 22% to $ 81,727 because of higher driver personnel, medical claims, insurance, equipment, and onboarding costs. Final Mile Services revenue declined 3% to $ 200,124 and operating income declined 76% to $ 1,634. Truckload revenue increased 37% to $ 260,759, but operating income declined 6% to $ 6,996 as higher purchase transportation and equipment-related costs outweighed disciplined cost management and improved network balance.
Capital deployment included approximately $174 million of share repurchases in the quarter, while net capital expenditures for the nine months ended September 30, 2026 were $ 291,133, compared with $ 490,919 in the prior-year period. The company reported approximately $1.12 billion of debt outstanding and approximately $4 million of cash and cash equivalents at September 30, 2026. The only forward financial outlook was an expected 2026 full-year annual tax rate of approximately 24.0%.
Management, verbatim
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.
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.
Shelley Simpson, president and CEO
Not in the filing
stated, not guessed- Non-GAAP revenue, operating income, net income, EPS, and cash flow measures were not reported.
- Free cash flow was not reported.
- Dividend declaration or dividend payment information was not reported.
- Forward revenue, gross margin, operating expense, and capital expenditure guidance was not reported.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is J.B. Hunt Transport Services’ SEC Form 8-K furnishing Q3 2026 U.S. GAAP financial results and segment performance.
Ticker impact
JBHT reported Q3 2026 U.S. GAAP results, with revenue up 20% and diluted EPS up to $1.82 from $1.76.
Likely upward bias as the market digests EPS and revenue growth, tempered by margin pressure signals from higher purchased transportation, insurance claims, and weaker FMS profitability.
The filing provides same-quarter EPS and revenue figures plus segment operating income directionality, which typically drives near-term repricing while highlighting offsetting cost and segment weakness.
Market effects
Reinforces trucking and intermodal demand strength narrative, while highlighting cost headwinds from insurance claims and purchased transportation.
No specific regional demand shock disclosed; commentary is network-based (Eastern vs Transcontinental).
Limited direct global linkage beyond intermodal freight demand and fuel-related dynamics.
Counterpoint
Despite EPS growth, consolidated operating income margin fell year-over-year due to higher purchased transportation, fuel taxes, and insurance claims as a share of gross revenue.
Key entities
- companyJ.B. Hunt Transport Services, Inc.
Reported Q3 2026 U.S. GAAP revenue, net earnings, diluted EPS, and segment operating income changes.
- segmentIntermodal (JBI)
Revenue up 20% with operating income up 18%, supported by higher loads and network balance.
- segmentDedicated Contract Services (DCS)
Revenue up 11% but operating income down 22%, reflecting higher driver and medical claims costs.
- segmentIntegrated Capacity Solutions (ICS)
Revenue up 57% with operating income turning positive, driven by higher revenue per load and volume.
- segmentFinal Mile Services (FMS)
Revenue down 3% and operating income down 76%, attributed to known business losses and higher purchased transportation.
