J.B. Hunt Transport Services (JBHT) Reports Higher Profitability in Q3 2025
Earnings Release Date: October 15, 2025
Key Points
- Revenue: $3.05 billion, nearly flat year over year (vs. $3.07 billion in Q3 2024).
- Operating income: $242.7 million, up 8 % YoY.
- Net income: $170.8 million, up 12 % YoY.
- Diluted EPS: $1.76 (vs. $1.49 in Q3 2024), up 18 %.
- Operating margin: 7.9 % (vs. 7.3 % a year ago).
- Effective tax rate: 24.0 % (vs. 25.2 % last year).
- Share repurchases: 1.6 million shares for $230 million during the quarter.
Against Street Expectations:
- EPS of $1.76 beat Street expectations of $1.47 by $0.29.
- Revenue of $3.05 B slightly exceeded the Street estimate of $3.02 B.
Quarter Highlights
- Revenue flat YoY as declines in intermodal and truckload rates offset productivity gains in dedicated services.
- Operating income up 8 %, driven by cost control, productivity gains, and lower purchased transportation costs.
- Segment performance:
- Intermodal: Revenue $1.52 B (–2 %), Operating Income $125 M (+12 %).
- Dedicated Contract Services: Revenue $864 M (+2 %), Operating Income $104 M (+9 %).
- Integrated Capacity Solutions: Revenue $276 M (–1 %), Operating Loss $0.8 M (improved from –$3.3 M).
- Final Mile Services: Revenue $206 M (–5 %), Operating Income $6.9 M (–42 %).
- Truckload: Revenue $190 M (+10 %), Operating Income $7.4 M (–9 %).
- Operating margin: Improved to 7.9 % from 7.3 %.
- Tax rate: 24.0 %; expected full-year 2025 tax rate ~24.5 %.
- Cash & equivalents: $52 M; Debt: $1.60 B outstanding.
CEO Statement and Outlook
“I’m proud of our people for their hard work to deliver this improved financial performance,” said Shelley Simpson, President and CEO.
“I remain confident in our long-term strategy focused on operational excellence with our customers, safety performance, and execution on the efforts to lower our cost to serve to deliver value for all of our stakeholders.”
Future Outlook
- The company did not issue formal EPS or revenue guidance for Q4 2025.
- Management expects continued progress in structural cost reduction and network efficiency to sustain margin growth.
- Dedicated Contract Services and Intermodal divisions are expected to remain the primary earnings drivers heading into 2026.
Financial Summary
| Metric | Q3 2025 | Q3 2024 |
|---|---|---|
| Revenue | $3.05 B | $3.07 B |
| Operating Income | $242.7 M | $224.1 M |
| Operating Margin | 7.9 % | 7.3 % |
| Net Income | $170.8 M | $152.1 M |
| Diluted EPS | $1.76 | $1.49 |
| Effective Tax Rate | 24.0 % | 25.2 % |
| Cash & Cash Equivalents | $52 M | — |
| Debt Outstanding | $1.60 B | $1.53 B |
| Shares Repurchased | 1.6 M | — |
| Share Repurchase Value | $230 M | — |
Capital Return
- Share repurchases: 1.6 M shares for $230 M; $107 M remains authorized.
- Dividend: Not disclosed in this release.
- Debt: $1.6 B outstanding; slightly higher than $1.53 B last year.
- Cash: $52 M; Net CapEx: $490.9 M year-to-date.
About J.B. Hunt
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) is one of North America’s largest supply chain solutions providers, delivering intermodal, dedicated, truckload, final mile, and logistics services. Its vision is to create the most efficient transportation network in North America through its J.B. Hunt 360°® digital freight marketplace, enabling transparency, cost savings, and end-to-end visibility. Headquartered in Lowell, Arkansas, J.B. Hunt is an S&P 500 company and a component of the Dow Jones Transportation Average.
Key Takeaways
- Profit growth without revenue growth: Revenue remained flat at $3.05B, yet net income rose 12% and EPS increased 18% to $1.76, indicating improved margins from cost discipline.
- Margin expansion: Operating margin improved to 7.9% from 7.3%, driven by productivity gains and lower purchased transportation.
- Strong intermodal and dedicated performance: Intermodal operating income rose 12% despite lower revenue, while Dedicated Contract Services grew 9% in operating income.
- Improved network efficiency: Progress on cost reduction and efficiency in Integrated Capacity Solutions reduced operating losses.
- Shareholder returns: Repurchased 1.6M shares for $230M, demonstrating confidence in long-term cash flow.
- Overall: J.B. Hunt delivered earnings growth through efficiency, margin control, and cost discipline—an operationally strong quarter despite muted freight demand.