J.B. Hunt third-quarter net earnings rise to $172.4 million as revenue climbs 20%

J.B. Hunt Transport Services, Inc. (JBHT) said in a news release that third-quarter 2026 net earnings rose to $172.4 million, or $1.82 per diluted share, from $170.8 million, or $1.76 per diluted share, a year earlier.

Total operating revenue for the quarter was $3.68 billion, up 20% from $3.05 billion in the third quarter of 2025. Revenue excluding fuel surcharge increased 13%.

The results were also furnished in a Form 8-K filed with the Securities and Exchange Commission.

Here's how the company did:

• Net earnings: $172.4 million, or $1.82 per diluted share, vs. $170.8 million, or $1.76 per diluted share, a year earlier
• Total operating revenue: $3.68 billion vs. $3.05 billion a year earlier
• Revenue excluding fuel surcharge: $3.01 billion vs. $2.67 billion a year earlier
• Operating income: $247.1 million vs. $242.7 million a year earlier

Fuel surcharge revenue was $670.8 million, up from $385.6 million a year earlier.

Operating income rose 2% to $247.1 million. The company said the increase was primarily driven by higher revenue, improved productivity across the organization and lower equipment storage and facility rental expenses.

Those gains were partly offset by higher purchased transportation, increased professional driver personnel expenses, higher equipment-related costs and increased insurance and group medical claims expense.

Operating income as a percentage of gross revenue decreased from a year earlier, the company said, because of higher purchased transportation, fuel and fuel taxes, and insurance claims expenses.

Net interest expense fell to $15.7 million from $17.9 million. The company attributed the decline to a lower average consolidated debt balance, partially offset by a modestly higher average interest rate.

The effective income tax rate was 25.5%, up from 24.0%, due to the timing of certain discrete tax items. The company expects its 2026 full-year tax rate to be approximately 24.0%.

Here's how the company's segments did during the quarter:

• Intermodal: revenue $1.83 billion, up 20%; operating income up 18%
• Dedicated Contract Services: revenue $960 million, up 11%; operating income down 22%
• Integrated Capacity Solutions: revenue $434 million, up 57%; operating income $9.6 million vs. an operating loss of $0.8 million a year earlier
• Final Mile Services: revenue $200 million, down 3%; operating income down 76%
• Truckload: revenue $261 million, up 37%; operating income down 6% to $7.0 million

Intermodal volume rose 8%. Eastern network loads increased 18%, while Transcontinental network loads rose 1%.

Revenue per intermodal load was up 11%, reflecting higher fuel surcharge revenue, customer rates and freight mix. Excluding fuel surcharge, revenue per load rose 2%.

Dedicated Contract Services revenue rose 11%, driven by a 10% improvement in revenue per truck per week and a 1% increase in average trucks. The segment had 162 more revenue-producing trucks than a year earlier, and customer retention remained at approximately 96%.

Dedicated operating income fell 22%. The company cited higher professional driver personnel expense, increased group medical claims, higher insurance premium and equipment expenses, and new business onboarding expense.

Integrated Capacity Solutions revenue rose 57%, with segment volume up 22% and revenue per load up 29%. Gross profit margin was 14.3%, down from 15.0% a year earlier but up from 12.5% in the second quarter of 2026.

Final Mile Services revenue fell 3% on known business losses, the company said, as it works to improve revenue quality and profitability. Final Mile stops declined 10%.

Truckload revenue rose 37%. Revenue per load excluding fuel surcharge rose 29%, and load volume rose 4%. Segment operating income fell 6% to $7.0 million, on higher purchased transportation and equipment-related costs.

President and CEO Shelley Simpson said in the release: "We remain confident in our strategy and are building the capabilities needed to support our customers' evolving needs, strengthen our competitive position and drive long-term profitable growth for our shareholders."

At September 30, 2026, the company had approximately $1.12 billion outstanding on various debt instruments, compared with $1.60 billion a year earlier and $1.47 billion at December 31, 2025. Cash and cash equivalents were approximately $4 million.

Net capital expenditures for the nine months ended September 30, 2026, approximated $291.1 million, compared with $490.9 million for the same period of 2025.

In the third quarter, the company purchased approximately 704,000 shares of common stock for approximately $174 million. About $619 million remained under its share repurchase authorization at September 30, 2026.

Shares outstanding at September 30, 2026, approximated 93.2 million.

The company will hold a conference call from 4:00 to 5:00 p.m. CDT to discuss the quarterly earnings. Investors can listen live at investor.jbhunt.com, and an online replay will be available a few hours after the call ends.

The release gave no updated revenue or earnings outlook beyond the 2026 tax rate.