J.B. Hunt Transport Services, Inc.

What they do

JBHT transports full-truckload containerized freight using company-controlled equipment, company drivers, independent contractors and third-party carriers, and works with most major North American rail carriers while performing most pickup and delivery itself. It also provides dedicated contract services with customized equipment, labor and network design, last-mile home delivery through cross-dock locations, and freight brokerage and logistics using thousands of third-party carriers. Customers include many Fortune 500 companies, and many are served through the J.B. Hunt 360 online platform.

Revenue drivers

• Intermodal (JBI) — Largest segment; second quarter 2026 revenue of $1.75 billion, up 22%, driven by 10% volume growth (transcontinental loads +5%, Eastern network +16%) and an 11% increase in gross revenue per load.
• Dedicated Contract Services (DCS) — Second quarter 2026 revenue of $921 million, up 9%, with operating income of $102.5 million; long-term customized contracts that management says are less seasonal than other segments.
• Integrated Capacity Solutions (ICS) and Truckload (JBT) — Brokerage/logistics and over-the-road truckload operations that contributed to the quarter's higher volumes and revenue per load, but also drove higher purchased transportation cost.
• Final Mile Services (FMS) — Local and home delivery through a cross-dock network; second quarter 2026 revenue was affected by a 14% decline in stops.

Recent performance

Second quarter 2026 total operating revenue was $3.50 billion, up 19% from $2.93 billion a year earlier, with revenue excluding fuel surcharge up 11%. Operating income rose 32% to $259.5 million and diluted EPS was $1.91 versus $1.31, on net earnings of $181.0 million. Intermodal operating income increased 58% to $150.9 million, while DCS revenue grew 9% to $921 million. Net interest expense fell about 21% on a lower average debt balance. Market conditions remain dynamic, with volume gains partly offset by a 14% decline in FMS stops.

Strategy

The stated vision is to create the most efficient transportation network in North America, using an integrated, multimodal approach to deliver capacity-oriented solutions. Management has been executing an initiative to remove structural cost and continues to invest in people, technology and capacity. The company emphasizes service, safety and cost discipline while maintaining discipline around returns on capital. J.B. Hunt 360 remains the platform for giving shippers and carriers greater supply chain access, visibility and transparency.

Risks

• Freight demand and economic cycles — Recessionary cycles or downturns in customer industries can reduce freight volumes, create industry overcapacity and pressure the rates JBHT can charge.
• Trade and border policy — Rapid changes in government or political policies, including border or trade policies and tariffs, can reduce customers' freight shipping needs or affect the cost or availability of equipment.
• Weather and seasonality — Ice, snow, hurricanes and flooding can disrupt operations and raise costs, and winter months bring higher fuel consumption from idle time and higher maintenance costs.
• Self-insurance and claims exposure — JBHT was self-insured for $500,000 per occurrence for 2024 and 2025 and carried $283 million of current and $444 million of long-term estimated claims accruals at December 31, 2025.

Outlook

Management expects the 2026 annual effective income tax rate to be between 24.0% and 24.5%, down from 25.4% in the second quarter. The company describes an evolving market environment and says it will stay focused on service, safety, cost discipline and long-term shareholder value. It continues to pursue structural cost removal and capital returns discipline. The 10-K highlights that JBI and JBT typically see slightly higher freight volumes from August through early November, while DCS and FMS are subject to less seasonal variation.