HUNT J B TRANSPORT SERVICES (JBHT) Company Report

On November 25, 2025, J.B. Hunt Transport Services Inc. and J.B. Hunt Transport, Inc. entered into a $1.7 billion Second Amended and Restated Credit Agreement, extending their existing $1.0 billion revolving credit facility to November 25, 2030, with two one-year extension options.
The amended facility features a $400 million accordion option, increasing the revolver to $1.4 billion, and a six-month commitment period to fund up to $700 million in term loans maturing November 25, 2028.
Borrowing costs are based on SOFR or Base Rate plus applicable margins, and the facility replaces the prior $1.5 billion credit agreement and the $500 million term loan repaid in March 2025.
Proceeds may be used for equipment purchases, share repurchases, refinancing existing senior debt, and general working capital.

2 days ago

8-K

J.B. Hunt discusses market conditions and growth initiatives at UBS conference

JBHT

Demand Weakening

Challenging freight market: Peak-season volumes aligned with Q3 expectations, but overall demand remains soft amid significant inflation and abundant capacity, with only select brokerage markets showing tightness.
Intermodal growth: Eastern Network volumes rose mid-single to double digits despite depressed truck rates, driven by best-ever service quality and highway-to-rail conversions ahead of CSX’s Howard Street Tunnel opening.
$100 M cost reduction: Launched a structural cost-savings initiative targeting $100 million in 2025, reaching ~80% of the run-rate in Q3; further business transformation and automation efforts planned to offset inflation.
Dedicated segment pipeline: Maintains a healthy backlog targeting 1,000–1,200 new trucks annually for 800–1,000 net fleet growth, with startups now achieving profitability faster than in prior cycles.

3 days ago

Transcript

J.B. Hunt discusses freight trends and cost initiatives at UBS conference

JBHT

Demand Weakening

J.B. Hunt observed a peak season in line with its 3Q outlook, noting soft overall freight demand, pockets of brokerage tightness and improved customer forecast accuracy.
The Eastern Network intermodal segment saw mid-single to double-digit volume growth despite depressed truck rates, driven by customer hedging against future rail price hikes and strong service delivery.
Introduced a $100 million structural cost reduction program in early 2025, achieving over 80% of the annualized run rate in Q3, with further gains expected via targeted business transformation.
For 2026, the company is prioritizing operational excellence and cost control, remains cautious on demand, and highlights potential regulatory impacts on up to 400,000 drivers alongside new tax law effects.

3 days ago

Transcript

J.B. Hunt highlights Dedicated segment strength and cost initiatives at Stephens conference

JBHT

Demand Weakening

J.B. Hunt CFO Brad Delco noted high customer net promoter scores, announced a $100 million structural cost reduction initiative, and emphasized operational excellence amid weaker Q3 freight demand.
Dedicated Contract Services outperformed broader market due to its scale, continuous improvement program (Customer Value Delivery), success-based CapEx contracts underwritten to ROIC, and an average new account size of 15–17 trucks in a $90 billion addressable private fleet segment.
Intermodal segment expects typical Q4 seasonality with October as the peak month, sees localized supply tightness, and focuses on restoring service reliability—targeting 98–99% on-time performance through tailored programs and proprietary container assets.
The company delivered flat revenue but achieved an 8% uplift in operating income and 18% EPS growth year-over-year in Q3, driven by disciplined cost control despite over 3% inflationary pressures.

Nov 18, 2025, 2:00 PM

Transcript

J.B. Hunt discusses Dedicated segment resilience and supply enforcement

JBHT

New Projects/Investments

Enforcement of ELD, non-domestic and cabotage regulations has led to a rise in roadside inspections and out-of-service citations since July, reducing carrier capacity and potentially tightening supply over time.
The Dedicated segment leverages J.B. Hunt’s scale and Customer Value Delivery (CVD) program, achieving historically 98% retention and averaging 15–17 trucks per new deal.
Success-based CapEx underwriting drives Dedicated growth, with a target of 1,000–1,200 tractor sales annually and margin goals of 12–14%, while maintaining strict ROIC discipline.
Intermodal maintains normal seasonality with active cost-control measures; any Union Pacific–Norfolk Southern merger is expected to preserve competition for J.B. Hunt’s business

Nov 18, 2025, 2:00 PM

Transcript

J.B. Hunt discusses freight market dynamics and $100 M cost-savings plan

JBHT

Demand Weakening

New Projects/Investments

J.B. Hunt sees weak third-quarter freight demand but reports continued share gains and select regional supply tightness driven by increased regulatory enforcement of non-dom and ELP carriers.
The Dedicated Contract Services segment benefits from scale, operational excellence (Customer Value Delivery), and flexible asset deployment, with an average deal size of 15–17 trucks and a $90 billion addressable private fleet market.
The company targets $100 million in structural cost-to-serve savings, having realized an $80 million annualized benefit through efficiency programs, with further savings expected in Q4 and Q1 2026.
Capital allocation emphasizes approximately $700 million in maintenance CapEx, continued investment in Dedicated growth, 21 years of consecutive dividend increases, and opportunistic share repurchases; M&A remains a low priority.
Rising insurance and healthcare costs pose significant headwinds despite J.B. Hunt’s strong safety performance and lower-than-industry premium increases.

Nov 18, 2025, 2:00 PM

Transcript

J.B. Hunt outlines operational priorities and intermodal growth at Baird conference

JBHT

Emphasized operational excellence, with a 53% net promoter score and three consecutive years of record safety improvements, including a 25% reduction in DOT-preventable accidents in 2023.
Reported > $20 million of Q3 cost savings and reaffirmed a target of $100 million in structural cost reductions across all five business segments to bolster margins.
Owns over 125,000 intermodal containers and proprietary chassis, pre-funded expansion to 150,000 units, and sees potential to convert 7–11 million annual truckloads to intermodal.
Maintains a healthy balance sheet at 1× trailing EBITDA leverage, funds capital reinvestment from strong operating cash flow, and repurchased $728 million of shares year-to-date.
Highlighted market and regulatory dynamics—pockets of capacity tightness in brokerage and the uncertain impact of a transcontinental rail merger—while positioning to capture upside when freight demand recovers.

Nov 11, 2025, 6:35 PM

Transcript

J.B. Hunt reports strong Q3 2025 results

JBHT

Earnings

Demand Weakening

Achieved Q3 EPS of $1.76 vs. $1.47 estimate and revenue of $3.05 billion vs. $3.025 billion estimate
Net earnings rose to $170.8 million from $152.1 million year-over-year
Operating income increased 8% to $242.7 million, supported by lower interest expenses and a reduced effective tax rate
Intermodal revenue per load grew 12%, while truckload and final-mile segments saw declines
Shares have declined about 18.3% YTD versus the S&P 500’s 13% gain, underscoring market pressures

Oct 15, 2025, 10:46 PM

Bloomberg

J.B. Hunt announces Q3 2025 results

JBHT

Earnings

Share Buyback

Demand Weakening

Revenue was roughly flat YoY; operating income improved 8% and diluted EPS grew 18% versus Q3 2024.
Returned value to shareholders with over $780 million of share repurchases YTD while maintaining target leverage.
Advanced cost-reduction initiatives, eliminating >$20 million in Q3 toward a $100 million structural savings goal.
Intermodal volumes declined 1% YoY; transcontinental volumes were down 6% while Eastern loads rose 6%, underpinned by strong service and efficiency gains.
Dedicated Contract Services sold ~280 new trucks in the quarter, sustained double-digit margins, and expects flat 2025 operating income versus 2024.

Oct 15, 2025, 9:00 PM

Transcript

J. B. Hunt reports Q3 2025 results

JBHT

Earnings

Share Buyback

Demand Weakening

Revenue flat YoY; operating income +8%; EPS +18%, driven by productivity and cost management despite higher insurance, wage and equipment expenses.
Repurchased $780 M of stock YTD, maintaining leverage around 1× trailing EBITDA while prioritizing business investment, dividend support and opportunistic buybacks.
Eliminated >$20 M in Q3 toward a $100 M cost-to-serve savings goal, with most impact slated for 2026 as part of broader structural cost reductions.
Freight demand remains soft: intermodal volumes down 1% YoY but service gains continue; ICS achieved low-mid single digit rate increases in bid season with healthy gross margins; Dedicated sold ~280 new trucks in Q3 toward an 800–1,000 annual target and expects 2025 operating income flat vs. 2024.

Oct 15, 2025, 9:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for HUNT J B TRANSPORT SERVICES.

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