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JB Hunt Transport Services (JBHT)
NASDAQ:JBHT
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JB Hunt
(NASDAQ:JBHT)
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Rating:69Neutral
Price Target:
$244.00
▲(9.47% Upside)
Action:ReiteratedDate:02/25/26
JBHT scores 69 mainly on steady financial resilience (moderate leverage, solid returns, improved 2025 cash generation) and supportive technical trend/momentum. The score is held back by a high P/E with a low dividend yield, while earnings-call commentary points to strong cost and capital-allocation execution but ongoing revenue/margin headwinds (including the expected 2026 Final Mile revenue hit).
Positive Factors
Controlled leverage & balance-sheet flexibility
Debt reduction and an improved debt-to-equity (~0.41 in 2025) provide durable financial flexibility. An investment-grade posture and sizable equity base let management fund replacement capex, opportunistic buybacks and absorb cyclical shocks without forcing asset sales or aggressive refinancing.
Improved cash generation & FCF recovery
A strong rebound in operating cash flow and nearly $1B of free cash flow in 2025 materially improves funding optionality for capex, dividends and buybacks. Sustained FCF supports capital returns and balance-sheet resiliency even if revenue remains cyclical over the next several quarters.
Operational efficiency & capital discipline
A multi‑quarter run rate of >$100M in cost savings plus disciplined capex and record buybacks signal durable execution gains. Improved safety and customer retention strengthen service reliability, lowering cost-to-serve and supporting long-term margins and competitive positioning.
Negative Factors
Top-line weakness & volume pressure
Modest but persistent revenue declines and soft intermodal volumes reflect a fragile freight market. Reduced load volumes and uneven demand can suppress utilization and growth for several quarters, limiting sustainable revenue expansion until demand normalization or share gains materialize.
Margin compression & pricing headwinds
A sharp drop in gross margin and pressure from elevated spot truckload rates indicate structural price-capture and cost challenges. Restoring margins requires durable contract re-pricing, capacity management and sustained efficiency gains, a multi-quarter process that weighs on near-term profitability.
Final Mile exposure & Dedicated growth lag
An anticipated ~$90M final-mile revenue loss and limited Dedicated profitability upside reflect structural demand weakness in key end markets and fleet/contract timing. These issues can meaningfully slow earnings recovery and defer meaningful growth until new business and fleet ramps fully realize in 2027.
JB Hunt (JBHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.22B
Dividend Yield0.89%
Average Volume (3M)1.13M
Price to Earnings (P/E)36.3
Beta (1Y)0.88
Revenue Growth-1.60%
EPS Growth4.87%
CountryUS
Employees33,646
SectorIndustrials
Sector Strength72
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)1.90
Shares Outstanding95,218,346
10 Day Avg. Volume1,032,652
30 Day Avg. Volume1,129,056
Financial Highlights & Ratios
PEG Ratio3.42
Price to Book (P/B)5.33
Price to Sales (P/S)1.58
P/FCF Ratio20.03
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue1.89
Enterprise Value/Gross Profit13.47
Enterprise Value/Ebitda14.35
Forecast
1Y Price Target
$212.29Price Target Upside-4.76% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering21
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
JB Hunt Business Overview & Revenue Model
Company DescriptionJ.B. Hunt Transport Services, Inc. provides surface transportation, delivery, and logistic services in North America. It operates through five segments: Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), Final Mile Services (FMS), and Truckload (JBT). The JBI segment offers intermodal freight solutions. It operates 104,973 pieces of company-owned trailing equipment; owns and maintains its chassis fleet of 85,649 units; and manages a fleet of 5,612 company-owned tractors, 582 independent contractor trucks, and 6,943 company drivers. The DCS segment designs, develops, and executes supply chain solutions that support various transportation networks. As of December 31, 2021, it operated 11,139 company-owned trucks, 544 customer-owned trucks, and 6 contractor trucks. The company also operates 21,069 owned pieces of trailing equipment and 7,753 customer-owned trailers. The ICS segment provides freight brokerage and transportation logistics solutions; flatbed, refrigerated, expedited, and less-than-truckload, as well as dry-van and intermodal solutions; an online multimodal marketplace; and logistics management for customers to outsource the transportation functions. The FMS segment offers delivery services through 1,272 company-owned trucks, 272 customer-owned trucks, and 19 independent contractor trucks; and 1,036 owned pieces of trailing equipment and 185 customer-owned trailers. The JBT segment provides dry-van freight services by utilizing tractors and trailers operating over roads and highways through 734 company-owned tractors and 11,172 company-owned trailers. It also transports or arranges for the transportation of freight, such as general merchandise, specialty consumer items, appliances, forest and paper products, food and beverages, building materials, soaps and cosmetics, automotive parts, agricultural products, electronics, and chemicals. The company was incorporated in 1961 and is headquartered in Lowell, Arkansas.
How the Company Makes MoneyJB Hunt generates revenue primarily through its various service segments. The Intermodal segment involves the transportation of freight using rail and truck, which provides cost-effective and efficient shipping solutions. The Dedicated Contract Services segment focuses on providing customized transportation solutions tailored to specific customer needs, ensuring long-term contracts that contribute to stable revenue streams. The Truckload segment offers standard freight transportation services, while Final Mile Services focus on delivering goods directly to consumers. Key revenue streams include freight charges, logistics management fees, and service contracts. Additionally, partnerships with railroads enhance the intermodal service efficiency, contributing to JB Hunt's earnings through improved capacity utilization and cost savings.
JB Hunt Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows revenue distribution across various business segments, indicating which areas are growing and contributing most to overall sales.
Shows revenue distribution across various business segments, indicating which areas are growing and contributing most to overall sales.
Data provided by:
The Fly
The FlyJB Hunt Earnings Call Summary
Earnings Call Date:Jan 15, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 20, 2026
Earnings Call Sentiment Positive
The call balanced notable operational and financial strengths against persistent market and segment-level headwinds. Highlights include significant improvement in profitability and EPS, achievement of a >$100M annualized cost-savings run rate, record share repurchases, strong safety and customer retention, and pockets of volume and share gains. Lowlights include modest revenue declines, intermodal and transcontinental volume softness, margin pressure from rising spot truckload rates and a roughly $90M expected final-mile revenue headwind, plus industry/regulatory uncertainty. Overall, the company presented disciplined execution and momentum on cost and capital allocation while acknowledging ongoing market fragility and work remaining to fully repair margins.Q4-2025 Updates
Positive Updates
Improved Profitability Despite Revenue Pressure
Q4 GAAP revenue down 2% year-over-year, while operating income improved 19% and diluted EPS improved 24% versus prior-year quarter; on a FY2025 GAAP basis revenue declined 1% while operating income increased 4%, reflecting operational execution that offset weaker top-line trends.
Material Cost Savings and Lowering Cost-to-Serve Progress
Executed over $25 million of tracked savings in Q4 and reached a run rate of more than $100 million of annualized cost savings, driven by service efficiencies, network balancing, discretionary spending controls and productivity improvements — management expects continued execution above the initial $100M target over time.
Record Share Repurchases and Capital Discipline
Returned capital via the largest annual share repurchase in company history at $923 million, retiring almost 6.3 million shares; net capital spending for 2025 was $575 million (net of proceeds) and 2026 net CapEx is guided to $600–$800 million, emphasizing replacement with some success-based growth capital.
Strong Safety and Customer Retention
Recorded third consecutive year of record safety performance (DOT preventable accidents per million miles); celebrated a driver reaching 5,000,000 safe miles; company reported its highest customer retention since 2017 — safety and reliability cited as competitive differentiators.
Operational Momentum and Market Share Gains
Management cited strong peak season execution that enabled customers to trust J.B. Hunt with additional freight, with comments that the company gained share in pockets where competitors struggled to meet commitments; Truckload (JBT) achieved a third consecutive quarter of double-digit volume growth.
Dedicated Sales Activity and Pipeline
Sold approximately 385 trucks in Q4 and ~1,205 new trucks for the full year (gross new truck sales); management reports a strong sales pipeline in Dedicated with an addressable market of roughly $90 billion and expects renewed net fleet growth momentum in 2026.
Improved Segment Cost Performance — ICS
Intermodal/ICS operating costs in the quarter were approximately $41 million, the lowest since Q4 2018, reflecting progress on controllable costs and resizing the cost structure in response to market conditions.
Negative Updates
Top-Line Weakness and Volume Pressure
Revenue declined modestly: Q4 GAAP revenue down 2% YoY and FY2025 down 1% YoY; Intermodal volumes in Q4 down 2% YoY (October -1%, November -3%, December flat), with transcontinental volumes down 6% while Eastern loads were up 5%, reflecting challenging freight shifts and uneven demand.
Margin Pressure from Spot Truckload and Pricing Environment
Truckload spot rates moved notably higher in late November/December, pressuring gross margins (particularly in ICS); management noted inflationary cost pressures that were not fully covered by pricing in 2025 and continued work is required on price capture to repair margins.
Final Mile End-Market Softness and Revenue Headwind
Final mile demand remained soft in categories such as furniture, exercise equipment and appliances; company expects losing some legacy appliance-related business in 2026 representing an approximately $90 million revenue headwind that management is working to offset with new business.
Dedicated Fleet Losses Limited Near-Term Profitability Upside
Known fleet losses and some unexpected customer bankruptcies resulted in a year where Dedicated delivered flat operating income versus 2024 despite strong gross truck sales; management expects only modest operating income growth in Dedicated in 2026 with more material improvement likely in 2027 as a wave of truck growth ramps.
Industry and Regulatory Uncertainty
Management described the freight market as 'fragile' with capacity exiting the truckload market, increased regulatory enforcement and potential industry disruption from Class I rail consolidation — these factors create near-term uncertainty for volume and pricing dynamics.
Comparability Items and One-Time Charges in Prior Periods
Prior-year quarter included pretax intangible asset impairments of $16 million; while adjustments show operating income growth was less pronounced (+10% after charges), these comparability factors complicate trend assessment.
Company Guidance
Guidance highlights: management expects 2026 net CapEx of $600–$800 million (largely replacement with some success‑based growth capital), will manage leverage to remain just under ~1.0x trailing‑12‑month EBITDA and maintain an investment‑grade balance sheet (with a $700 million note maturing March 1 covered by the amended credit facility), and will continue to support dividend growth and opportunistic buybacks after 2025’s $923 million of repurchases that retired ~6.3 million shares. They reported lowering‑our‑cost‑to‑serve momentum—> $25 million executed in Q4 and a run rate of >$100 million of annualized savings—and said they’ll keep driving cost, productivity and network balance; Dedicated expects only modest operating‑income growth in 2026 (a material lift requires ~6 months of truck growth), with an annual net sales target of 800–1,000 new trucks (Q4 sold ~385; ~1,205 new trucks booked in 2025), Final Mile faces an anticipated ~$90 million 2026 revenue headwind, and Intermodal saw Q4 volumes down 2% YoY (Oct -1%, Nov -3%, Dec flat; transcontinental -6% Q4, Eastern +5%) while targeting a 10–12% margin band that they say needs roughly 1 point from cost, 1 point from volume, and 1 point from price. For context, FY2025 results included GAAP revenue -1% (Q4 -2% YoY), operating income +4% for the year (+19% in Q4, or +10% ex‑$16M prior charges), diluted EPS +24% in Q4, 2025 net CapEx ~$575 million, and ICS operating costs of about $41 million in Q4 (lowest since Q4‑2018).JB Hunt Financial Statement Overview
Summary
Fundamentals are stable but cyclical: revenue has been under pressure and profitability softened (including a sharp 2025 gross-margin squeeze), but leverage is controlled with solid ROE (~16.8%) and operating cash flow improved in 2025 with free cash flow rebounding strongly despite volatility.Income Statement
Revenue has been under pressure recently (down ~6% in 2024 and essentially flat-to-down again in 2025), and profitability has softened versus the 2021–2023 period. Gross margin compressed sharply in 2025 (~10.5% vs ~17% in 2024), while EBIT and net margins remained positive but below earlier-cycle highs (net margin ~5.0% in 2025 vs ~6.5% in 2022). Offsetting this, the business still generates consistent operating profits with relatively steady EBITDA margin (~13% range), indicating resilience despite a weaker freight environment.62
Positive
Balance Sheet
Leverage looks controlled with debt-to-equity improving to ~0.41 in 2025 from ~0.47 in 2023, and total debt stepping down versus prior years. Equity remains sizable (~$3.6B in 2025), supporting balance-sheet flexibility. A watch item is the downward drift in total assets and equity since 2023, but overall returns remain solid (return on equity ~16.8% in 2025) and the capital structure does not appear stretched.74
Positive
Cash Flow
Cash generation is generally healthy: operating cash flow rose to ~$1.68B in 2025 (above 2024), and free cash flow rebounded strongly to ~$948M in 2025 after a negative year in 2023. Free cash flow growth was strong in 2025 (20%), and free cash flow covered a meaningful portion of earnings (~56% in 2025). The main weakness is volatility—free cash flow swung from negative in 2023 to strongly positive in 2025—suggesting sensitivity to working capital and/or investment cycles.70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.00B | 12.09B | 12.83B | 14.81B | 12.17B |
| Gross Profit | 1.26B | 2.06B | 2.21B | 2.47B | 1.87B |
| EBITDA | 1.58B | 1.60B | 1.74B | 1.98B | 1.60B |
| Net Income | 598.28M | 570.89M | 728.29M | 969.35M | 760.81M |
Balance Sheet | |||||
| Total Assets | 7.93B | 8.53B | 8.81B | 8.00B | 6.95B |
| Cash, Cash Equivalents and Short-Term Investments | 17.28M | 46.98M | 53.34M | 51.93M | 355.55M |
| Total Debt | 1.47B | 1.79B | 1.93B | 1.57B | 1.48B |
| Total Liabilities | 4.36B | 4.51B | 4.70B | 4.34B | 3.84B |
| Stockholders Equity | 3.57B | 4.01B | 4.10B | 3.67B | 3.12B |
Cash Flow | |||||
| Free Cash Flow | 947.59M | 617.78M | -117.81M | 236.09M | 276.33M |
| Operating Cash Flow | 1.68B | 1.48B | 1.74B | 1.78B | 1.22B |
| Investing Cash Flow | -574.77M | -663.69M | -1.69B | -1.55B | -877.02M |
| Financing Cash Flow | -1.13B | -825.83M | -57.99M | -530.43M | -304.63M |
JB Hunt Technical Analysis
Positive
222.90
Price Trends
208.69
Positive
186.32
Positive
164.22
Positive
Market Momentum
5.36
Positive
56.38
Neutral
62.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JBHT, the sentiment is Positive. The current price of 222.9 is above the 20-day moving average (MA) of 220.01, above the 50-day MA of 208.69, and above the 200-day MA of 164.22, indicating a bullish trend. The MACD of 5.36 indicates Positive momentum. The RSI at 56.38 is Neutral, neither overbought nor oversold. The STOCH value of 62.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JBHT.
JB Hunt Risk Analysis
JB Hunt disclosed 15 risk factors in its most recent earnings report. JB Hunt reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JB Hunt Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $18.61B | 24.36 | 36.47% | 1.02% | 12.54% | 19.59% | |
73 Outperform | $19.10B | 16.93 | 13.83% | 2.98% | 12.89% | 3.12% | |
69 Neutral | $21.22B | 36.26 | 15.79% | 0.89% | -1.60% | 4.87% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $23.96B | 77.33 | 18.26% | ― | -0.30% | -11.02% | |
61 Neutral | $21.04B | 36.67 | 32.91% | 1.51% | -7.08% | 71.39% | |
58 Neutral | $5.03B | 44.08 | 14.41% | 2.56% | -0.74% | -32.79% |
* Industrials Sector Average
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63.96
40.24%
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JB Hunt Corporate Events
Business Operations and StrategyPrivate Placements and Financing
JB Hunt Secures $1.7 Billion Credit Agreement
Positive
Dec 2, 2025
On November 25, 2025, J.B. Hunt Transport Services, Inc. entered into a $1.7 billion Second Amended and Restated Credit Agreement, extending its existing $1.0 billion revolving line of credit for a five-year term with potential extensions. The agreement includes an increased accordion feature and a commitment to fund up to $700 million in term loans, replacing a previous $500 million term loan. This facility will support equipment purchases, stock repurchases, debt refinancing, and working capital, enhancing J.B. Hunt’s financial flexibility and operational capabilities.
The most recent analyst rating on (JBHT) stock is a Buy with a $175.00 price target. To see the full list of analyst forecasts on JB Hunt stock, see the JBHT Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.