01—Abstract
Summary
Summary of the 10-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.
J.B.
Hunt Transport Services, Inc. (JBHT) reported 2025 total operating revenues of $11.99 billiona, down 0.7% from $12.09 billion in 2024, as lower revenue per load in JBI and JBT, lower ICS volume, fewer DCS trucks and reduced FMS stop counts offset higher JBI and JBT volumes and higher ICS revenue per load. Operating income rose to $865 million from $831 million, and the operating ratio improved to 92.8% from 93.1%. Net earnings were $598.3 million, or $6.12 diluted earnings per share, compared with $570.9 million, or $5.56 per share, in 2024.
Operating cash flow increased to $1.68 billionb from $1.48 billion. The company's capital return and balance sheet activity were significant in 2025. J.B.
Hunt repurchased $923.3 millionc of common stock, and shares outstanding fell to 94.6 million at year-end from 100.6 million a year earlier. Total debt on the balance sheet rose to $1.47 billion in senior notes and senior credit facility borrowings, after the company issued $750 million of 4.90% senior notes due 2030 and the $700 million of 3.875% notes due March 2026 are classified as current. Management stated its intent to repay the 2026 notes from cash, its revolving line of credit or other long-term financing.
The quarterly dividend was increased to $0.45d per share from $0.44 in January 2026. Segment results were mixed. JBI operating income increased to $450 million and DCS to $377 million, while ICS improved to an operating loss of $10 million from $56 million and FMS fell to $27 million from $60 million.
JBT was flat at $21 million. Management reported that internal controls were effective as of December 31, 2025, with PricewaterhouseCoopers LLP issuing an unqualified opinion on both the financial statements and internal control over financial reporting.
02—Key points
Key Highlights
- Total operating revenues of $11.99 billion, down 0.7% from $12.09 billion in 2024; fuel surcharge revenues decreased 3.5% to $1.48 billion.
- Operating income increased to $865.1 million from $831.2 million, with the operating ratio improving to 92.8% from 93.1%.
- Diluted earnings per share of $6.12 in 2025, up from $5.56 in 2024; net earnings of $598.3 million versus $570.9 million.
- Operating cash flow of $1.68 billion, up from $1.48 billion, while net capital expenditures were $575 million.
- Share repurchases totaled $923.3 million in 2025; $967.6 million remained under the authorized repurchase plan at year-end, and shares outstanding fell to 94.6 million from 100.6 million.
- Segment operating income: JBI $450 million (up from $430 million), DCS $377 million (up from $376 million), ICS operating loss of $10 million (improved from $56 million), FMS $27 million (down from $60 million), and JBT $21 million (flat).
- Quarterly dividend increased to $0.45 per share from $0.44, announced January 22, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 24, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $12.00B$12.09B | −0.7% |
| Operating Expenses | $11.13B$11.26B | −1.1% |
| Operating Income | $865.07M$831.23M | +4.1% |
| Net Income | $598.28M$570.89M | +4.8% |
| EPS (Basic) | $6.16$5.60 | +10.0% |
| EPS (Diluted) | $6.12$5.56 | +10.1% |
| Shares Outstanding (Basic) | 97.09M101.95M | −4.8% |
| Shares Outstanding (Diluted) | 97.69M102.75M | −4.9% |
05—Questions
Frequently Asked Questions
How did J.B. Hunt perform financially in 2025?
Revenue declined 0.7% to $11.99 billion, but operating income rose to $865.1 million and net earnings increased to $598.3 million, or $6.12 per diluted share, from $5.56 per diluted share in 2024. The operating ratio improved to 92.8% from 93.1%.
What drove the change in revenue?
Revenue decreased primarily due to lower revenue per load within JBI and JBT, lower volume within ICS, reduced truck count in DCS, and decreased revenue and stop counts in FMS. These were partially offset by higher volume in JBI and JBT, higher revenue per load in ICS, and increased productivity in DCS.
How much debt does the company have and when is it due?
Senior notes totaled $1.44 billion and the senior credit facility had $23.6 million of borrowings at December 31, 2025. The $700 million of 3.875% senior notes mature in March 2026 and are classified as current; management intends to pay them in full using cash, the revolving line of credit or other long-term financing. The $750 million of 4.90% senior notes mature in March 2030.
How much did the company return to shareholders in 2025?
The company purchased about 6,269,000 shares for $923.3 million during 2025 and paid $171.0 million in dividends, at $0.44 per quarter. At year-end, $967.6 million remained under the authorized repurchase plan.
What is the outlook for capital spending and dividends?
The company is committed to spend approximately $107.3 million, net of proceeds from sales or trade-ins, in 2026, primarily on tractors, containers, chassis and other trailing equipment. The Board increased the quarterly dividend to $0.45 per share from $0.44, and management currently intends to continue paying quarterly cash dividends, though no assurance is given.
06—Continue