JBHT

Industrials

J.B. Hunt

Price Chart

Market Data

Financials

XBRL · SEC EDGAR

2008–2025(18yr)

Revenue

Net Income

Free CF

Metric	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$3.7B	$3.2B	$3.8B	$4.5B	$5.1B	$5.6B	$6.2B	$6.2B	$6.6B	$7.2B	$8.6B	$9.2B	$9.6B	$12.2B	$14.8B	$12.8B	$12.1B	$12.0B	-0.7%
Operating Income	$358.4M	$248.0M	$347.6M	$444.2M	$530.2M	$576.7M	$631.5M	$715.7M	$721.0M	$623.8M	$681.0M	$733.8M	$713.1M	$1.0B	$1.3B	$993.2M	$831.2M	$865.1M	+4.1%
Operating Margin	9.6%	7.7%	9.2%	9.8%	10.5%	10.3%	10.2%	11.6%	11.0%	8.7%	7.9%	8.0%	7.4%	8.6%	9.0%	7.7%	6.9%	7.2%	+0.3pp
Net Income	$200.6M	$136.4M	$199.6M	$257.0M	$310.4M	$342.4M	$374.8M	$427.2M	$432.1M	$686.3M	$489.6M	$516.3M	$506.0M	$760.8M	$969.4M	$728.3M	$570.9M	$598.3M	+4.8%
Net Margin	5.4%	4.3%	5.3%	5.7%	6.1%	6.1%	6.1%	6.9%	6.6%	9.5%	5.7%	5.6%	5.3%	6.3%	6.5%	5.7%	4.7%	5.0%	+0.3pp
Free Cash Flow	$201.9M	$3.8M	$165.6M	$133.4M	$108.5M	$80.9M	-$161.8M	$148.2M	$215.7M	$328.2M	$92.2M	$244.2M	$384.3M	$276.3M	$236.1M	-$117.8M	$617.8M	$947.6M	+53.4%
FCF Margin	5.4%	0.1%	4.4%	2.9%	2.1%	1.4%	-2.6%	2.4%	3.3%	4.6%	1.1%	2.7%	4.0%	2.3%	1.6%	-0.9%	5.1%	7.9%	+2.8pp
EPS (Diluted)	$1.56	$1.05	$1.56	$2.11	$2.59	$2.87	$3.16	$3.66	$3.81	$6.18	$4.43	$4.77	$4.74	$7.14	$9.21	$6.97	$5.56	$6.12	+10.1%

Total Debt$766.9M

Cash & Equiv.$17.3M

Net Debt$749.7M

4 min read

1. THE BIG PICTURE

J.B. Hunt is attempting to pivot from a traditional trucking firm into a high-tech multimodal orchestrator, yet it remains tethered to the volatile realities of physical freight. While management touts its J.B. Hunt 360° platform as a differentiator, J.B. Hunt is currently seeing revenue shrink in four of its five segments, leaving it reliant on aggressive capital returns to justify a stock price that trades at a significant premium to its more profitable railroad partners.

2. WHERE THE RISKS HIT HARDEST

The "operational competitive advantage" J.B. Hunt claims from its proprietary high-cube containers and chassis is threatened by revenue equipment depreciation because these assets accounted for 6.0% of operating revenues in 2025; any change in their estimated useful life or salvage value would directly erode margins (Risks). Furthermore, J.B. Hunt’s "integrated, multimodal approach" is threatened by purchased transportation costs, as relying on third parties for more than half of its total costs makes the business model highly sensitive to carrier availability and market fluctuations that J.B. Hunt cannot control (10-K Item 1, Risks).

3. WHAT THE NUMBERS SAY TOGETHER

The financial data reveals a disconnect between J.B. Hunt’s premium valuation and its operational trajectory. While J.B. Hunt reported a 10% increase in Truckload (JBT) volume, this was offset by a 10% revenue decline in Final Mile Services (FMS) and a 3% drop in its core Intermodal (JBI) segment (8-K). This divergence suggests that J.B. Hunt’s growth is currently structural rather than cyclical, as gains in one niche are being cannibalized by "soft demand" and shifting business mixes elsewhere. With a short interest of 4.0% of the float, there is a measurable level of market skepticism regarding this transition.

J.B. Hunt’s margin profile also highlights its unique position; its 18.9% gross margin is the lowest in its peer group, which includes high-margin rail operators like Union Pacific (56.4%). This is not necessarily a sign of inefficiency but a reflection of J.B. Hunt’s business mix as a logistics intermediary that pays heavily for third-party rail and drayage capacity. Despite these lower margins, J.B. Hunt leads its peer group in buyback yield at 4.8%, suggesting that management is using its cash flow to support the share price in the absence of top-line growth (XBRL, Peer Benchmarking).

4. IS IT WORTH IT AT THIS PRICE?

At 24.6x forward earnings, J.B. Hunt trades at a 25% premium to the peer median of 19.7x (Peer Benchmarking). According to the (CAPM analysis), the market is pricing in approximately 7.1% long-term growth. This expectation appears optimistic given that TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter revenue growth is currently negative (-0.7%) and J.B. Hunt is facing a 10% revenue decline in its FMS segment.

The current price is only justified if J.B. Hunt can achieve an implied EPSEPSEarnings Per Share — the company's net profit divided by its share count; the most common per-share profitability metric growth of 11.8%, a figure that relies heavily on the continued 4.8% share retirement via buybacks. If growth were to slow to a 5% "Base" scenario, the justified multiple would fall to 16.3x, representing a potential 34% downside from current levels. Investors are currently paying for a "best-in-class" reputation and capital return policy rather than the immediate reality of J.B. Hunt's financial performance.

5. WHAT WOULD CHANGE THIS VIEW?

Constructive if the Intermodal (JBI) segment, which accounts for $1.55 billion in quarterly revenue, reverses its 2% volume decline, signaling a return of freight demand to rail-based solutions.
Cautious if the ICS segment’s operating loss begins to widen again, as the recent improvement from a $21.8 million loss to a $3.3 million loss was a primary driver of the most recent earnings beat (8-K).
Cautious if fuel price volatility increases, as the time-lag in fuel surcharge programs creates an immediate drag on operating income that J.B. Hunt’s current margins have little room to absorb (Risks).

6. BOTTOM LINE

Structural Advantage: Proprietary intermodal equipment and a dominant multimodal network that functions as an essential extension of customer supply chains. Bottom Line: J.B. Hunt is a premier logistics operator whose stock is currently priced for a growth acceleration that its fragmented and shrinking revenue base has yet to deliver.

Source: Synthesis · LLM Analysis

3 min read

1. Top 5 Material Risks

Insurance and Claims Liability: J.B. Hunt maintains significant self-insurance for employee injuries, vehicular collisions, and cargo damage. At December 31, 2025, J.B. Hunt held $283 million in current and $444 million in long-term accruals for these claims. A significant increase in claim volume or settlements exceeding coverage-layer-specific reimbursement limits could materially increase these liabilities.
Fuel Price Volatility: Fuel surcharge programs often involve a time lag between changes in fuel costs and the reflection of those changes in revenue. This lag negatively impacts operating income during periods of rapidly increasing fuel prices.
Purchased Transportation Costs: Payments to railroads, dray carriers, and other third parties represent more than half of J.B. Hunt’s total costs. These expenses are heavily tied to load volumes, making J.B. Hunt’s cost structure sensitive to freight market fluctuations.
Revenue Equipment Depreciation: J.B. Hunt relies on the straight-line depreciation of tractors, trucks, and containers. Changes in the estimated useful lives or salvage values of this equipment directly impact depreciation expense, which totaled 6.0% of operating revenues in 2025.
Economic and Market Sensitivity: J.B. Hunt’s financial performance is subject to general economic conditions and freight market demand. Weakness in customer demand or the loss of business—such as the 10% revenue decline in the FMS segment in 2025—directly threatens operating income.

2. Company-Specific Risks

Customer Concentration and Retention: J.B. Hunt monitors customer liquidity and ability to pay, noting that its DCS segment maintains a customer retention rate of approximately 94%.
Integration of Acquisitions: J.B. Hunt faces risks related to the integration of acquired businesses, such as the 2023 purchase of BNSF Logistics, which previously resulted in $26 million of impairment or accelerated amortization of intangible and information system assets.
Platform Dependency: J.B. Hunt leverages the J. B. Hunt 360 platform to grow capacity, and the performance of this technology is critical to the growth of service offerings like 360box, which saw a 9% volume increase in 2025.
Driver and Personnel Costs: As the second-largest cost item, salaries and wages—particularly driver pay—are subject to upward pressure from incentive compensation and group medical benefit expenses.

3. Regulatory/Legal Risks

Tax Contingencies: J.B. Hunt is subject to complex tax laws and audits. J.B. Hunt accrues for tax positions that are not "more likely than not" to be sustained upon audit, and the resolution of these matters can take a number of years.
Debt Covenants: J.B. Hunt’s financing arrangements, including its $1.7 billion revolving credit facility and senior notes, require compliance with specific financial ratios and covenants. Failure to maintain these could restrict liquidity.

4. Financial Impact Map

Insurance and Claims Liability → Insurance and claims expense / Accrued liabilities → $727 million in total accruals at December 31, 2025.
Fuel Price Volatility → Operating income → Negative impact during periods of rapidly increasing fuel costs due to program time lags.
Purchased Transportation Costs → Rents and purchased transportation → Represents more than half of total operating expenses.
Revenue Equipment Depreciation → Depreciation and amortization → 6.0% of operating revenues in 2025.
Economic and Market Sensitivity → Operating revenues → $12.00 billion in 2025, down 0.7% from 2024.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
10-K	Feb 2026	Dec 2025
8-K	Jan 2026	—
10-Q	Oct 2025	Sep 2025
14A	Mar 2025	—