Download PDF

1. Company Snapshot

1.a. Company Description

J.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.

Show Full description

1.b. Last Insights on JBHT

Breaking News: J.B. Hunt Transport Services Inc reported its recent quarterly earnings on February 6 2024 with EPS of 083 and revenue of 322 billion The company has seen increased interest from institutional investors Focus Partners Advisor Solutions LLC acquired additional shares increasing its position by 1141% to 13310 shares Currently analysts recommend a hold rating with some analysts providing a buy recommendation citing the company strong performance and growth prospects Several analysts have a neutral view on the stock citing various market and economic factors

1.c. Company Highlights

2. J.B. Hunt Transport Services' Earnings Shine with Operational Excellence

J.B. Hunt Transport Services, Inc. reported a revenue decline of 2% year over year in the fourth quarter of 2025, while operating income improved 19% on a GAAP basis. Diluted earnings per share increased 24% versus the prior year period, coming in at $1.9, beating analyst estimates of $1.81. For the full year 2025, revenue declined 1%, while operating income increased 4%. The company's ability to structurally remove costs and prioritize operational excellence has led to exceptional safety performance and a new benchmark for success.

Publication Date: Jan -16

📋 Highlights
  • Revenue and Profit Growth:: Q4 2025 revenue declined 2% YoY, but operating income rose 19% GAAP, with diluted EPS up 24%, while full-year 2025 revenue fell 1% but operating income increased 4%.
  • Cost-Saving Initiative:: Achieved $100M+ annualized cost savings via "lowering cost to serve" efforts, with a $25M quarterly run rate, exceeding initial targets.
  • Capital Allocation:: Spent $575M in CapEx and $923M on share repurchases in 2025, retiring 6.3M shares, signaling financial discipline and shareholder returns.
  • Intermodal Performance:: Q4 intermodal volumes dropped 2% YoY (transcontinental -6%, Eastern +5%), but the company remains confident in its leading intermodal franchise and growth opportunities.
  • 2026 Strategic Focus:: Plans $600–800M net CapEx, disciplined growth through operational excellence, and leveraging AI/technology for efficiency, targeting margin repair and expansion in backhaul markets.

Operational Highlights

The company's business segments reported updates, with final mile demand remaining soft, but the company is focused on providing high levels of service. Highway businesses saw strong service and focus on operations lead to double-digit volume growth. The dedicated business delivered flat operating income despite a lower fleet count, with a strong sales pipeline and opportunities for future growth. As CEO Shelley Simpson emphasized, the team's efforts to maintain high service levels and prioritize operational excellence have been key to the company's success.

Guidance and Outlook

CFO Brad Delco discussed the company's plan for 2026, with net CapEx expected to be between $600 million and $800 million. The company anticipates disciplined growth through operational excellence, leveraging investments in people, technology, and capacity into competitive advantages, and continuing to repair margins. Analysts estimate next year's revenue growth at 7.0%, indicating a positive outlook for the company's future performance.

Valuation Metrics

With a P/E Ratio of 35.49 and an EV/EBITDA of 13.48, the company's valuation appears to be reasonable, considering its strong operational performance and growth prospects. Additionally, the company's ROE of 15.16% and ROIC of 9.14% indicate a strong ability to generate returns for shareholders. The company's financial discipline, including a strong balance sheet and record share repurchases, supports shareholder value.

Segment Performance

The intermodal business saw a 2% year-over-year decrease in volumes in the fourth quarter, with transcontinental volumes down 6% and Eastern loads up 5%. The company has a strong pipeline and visibility to growth, and remains confident in its industry-leading intermodal franchise. The dedicated business is expected to see modest operating income growth in 2026, with more momentum likely in 2027, due to a wave of new truck growth.

Cost Savings Initiatives

The company has made progress on lowering its cost to serve, with a $25 million quarterly run rate and a $100 million annual target. Executives expect to continue executing above this target, driving efficiency in overhead and people, scaling investments, and challenging costs. The company's focus on reimagining its business with technology, including AI, aims to empower teams and drive further cost savings.

3. NewsRoom

Card image cap

J.B. Hunt Transport Services, Inc. $JBHT Shares Acquired by Focus Partners Advisor Solutions LLC

Mar -06

Source: defenseworld.net

Card image cap

J.B. Hunt Announces Anticipated Dual Listing on Nasdaq Texas Stock Exchange

Mar -05

Source: businesswire.com

Card image cap

J.B. Hunt Transport Services, Inc. Announces Participation in Upcoming Investor Conference

Mar -04

Source: businesswire.com

Card image cap

J.B. Hunt Transport Services, Inc. (JBHT) Presents at 47th Annual Raymond James Institutional Investor Conference Transcript

Mar -03

Source: seekingalpha.com

Card image cap

Aster Capital Management DIFC Ltd Takes $327,000 Position in J.B. Hunt Transport Services, Inc. $JBHT

Feb -28

Source: defenseworld.net

Card image cap

J.B. Hunt Earns Sixth Straight Best Overall Intermodal Provider Recognition in Latest JOC Survey

Feb -26

Source: businesswire.com

Card image cap

J.B. Hunt Transport Services, Inc. $JBHT Shares Sold by Envestnet Asset Management Inc.

Feb -19

Source: defenseworld.net

Card image cap

J.B. Hunt Transport Services, Inc. $JBHT Holdings Lessened by Horrell Capital Management Inc.

Feb -18

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.22%)

6. Segments

Intermodal

Expected Growth: 9%

J.B. Hunt's Intermodal segment growth is driven by increasing demand for efficient and cost-effective transportation solutions, strategic investments in technology and infrastructure, and a strong network of rail and highway carriers. Additionally, the company's focus on customer service, capacity expansion, and competitive pricing also contribute to its 9% growth.

Dedicated Contract Services

Expected Growth: 7%

Dedicated Contract Services' 7% growth driven by increasing demand for customized logistics solutions, expansion of e-commerce, and rising need for supply chain efficiency. Additionally, J.B. Hunt's investments in technology and capacity expansion, as well as its strong relationships with major retailers, contribute to the segment's growth.

Integrated Capacity Solutions

Expected Growth: 8%

Integrated Capacity Solutions' 8% growth driven by increasing demand for supply chain visibility, rising adoption of digital brokerage platforms, and J.B. Hunt's strategic investments in technology and capacity expansion, enabling shippers to optimize their logistics operations and improve efficiency.

Final Mile Services

Expected Growth: 10%

J.B. Hunt's Final Mile Services growth is driven by increasing e-commerce demand, rising need for last-mile delivery efficiency, and growing demand for heavy goods delivery. Additionally, strategic partnerships, investments in technology, and expansion into new markets contribute to the 10% growth rate.

Truckload

Expected Growth: 6%

J.B. Hunt's Truckload segment growth is driven by increasing demand for dedicated capacity, strategic fleet expansion, and investments in digital brokerage platform, JBT. Additionally, the company's focus on customer relationships, operational efficiency, and cost savings initiatives contribute to the 6% growth rate.

Intersegment Eliminations

Expected Growth: 5%

J.B. Hunt Transport Services, Inc.'s 5% growth in Intersegment Eliminations is driven by increased operational efficiency, higher volumes in its Dedicated Contract Carriage and Integrated Capacity Solutions segments, and strategic pricing initiatives. Additionally, the company's investments in technology and digitalization have improved its ability to optimize routes and reduce costs, contributing to the growth.

7. Detailed Products

Dedicated

Customized transportation solutions for high-volume shippers, providing dedicated capacity and equipment

Truckload

Long-haul trucking services for shippers who need to move large quantities of goods

Intermodal

Rail and truck transportation services for shippers who need to move goods over long distances

Less Than Truckload (LTL)

Smaller shipments consolidated with other shipments to reduce costs and increase efficiency

Refrigerated

Temperature-controlled transportation services for perishable goods

Flatbed

Specialized transportation services for oversized or heavy cargo

Final Mile

Delivery services for the last leg of the transportation journey, from the distribution center to the customer's doorstep

Freight Brokerage

Third-party logistics services that connect shippers with qualified carriers

Warehouse and Distribution

Warehousing and distribution services for shippers who need to store and manage inventory

8. J.B. Hunt Transport Services, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for J.B. Hunt Transport Services, Inc. is medium due to the availability of alternative transportation modes such as air and sea freight, but the company's strong network and logistics capabilities mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's diverse customer base and the lack of concentration of customers, which reduces their bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few large suppliers for fuel and equipment, but the company's scale and negotiating power mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the transportation industry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the transportation industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.00%
Debt Cost 4.39%
Equity Weight 71.00%
Equity Cost 9.81%
WACC 8.24%
Leverage 40.84%

11. Quality Control: J.B. Hunt Transport Services, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Expeditors International of Washington

A-Score: 5.5/10

Value: 2.9

Growth: 4.9

Quality: 7.1

Yield: 2.0

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
ABM Industries

A-Score: 5.1/10

Value: 6.1

Growth: 5.7

Quality: 5.4

Yield: 4.0

Momentum: 1.5

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
J.B. Hunt Transport Services

A-Score: 4.2/10

Value: 3.3

Growth: 5.0

Quality: 5.3

Yield: 2.0

Momentum: 4.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Hub Group

A-Score: 4.1/10

Value: 5.1

Growth: 4.0

Quality: 6.1

Yield: 1.0

Momentum: 2.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
GXO Logistics

A-Score: 3.7/10

Value: 4.0

Growth: 5.9

Quality: 2.5

Yield: 0.0

Momentum: 3.5

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
XPO Logistics

A-Score: 3.3/10

Value: 2.0

Growth: 4.8

Quality: 3.9

Yield: 0.0

Momentum: 4.5

Volatility: 4.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

217.46$

Current Price

217.46$

Potential

-0.00%

Expected Cash-Flows