01—Abstract
Summary
Summary of the 10-Q filed July 24, 2026. Cited figures are marked; the original filing is the authoritative source.
J.B.
Hunt Transport Services, Inc. reported a strong second quarter 2026, with total operating revenues of $3.50 billiona, up from $2.93 billion in the second quarter 2025, and operating income of $259.5 million versus $197.3 million a year earlier. Net earnings were $181.0 million, or $1.91 per diluted share, compared with $128.6 million, or $1.31 per diluted share, in the prior-year quarter. Management attributed the revenue growth mainly to higher volumes in JBI, ICS and JBT, higher revenue per load, and increased DCS productivity.
Fuel surcharge revenue rose sharply to $641.5 millionb from $351.9 million, and rents and purchased transportation expense increased 32.4%, reflecting greater use of third-party carriers and higher purchased transportation rates. For the first six months of 2026, total operating revenues were $6.55 billion and net earnings were $322.6 million, or $3.39 per diluted share. Cash flow from operations was $723.3 million, down from $806.2 million, mainly due to working capital timing.
Net capital expenditures were $144.9 millionc for the six months, and management expects net capital expenditures of $600 million to $800 million for full-year 2026. The company retired $700 million of 3.875% senior notes at maturity in March 2026, funded partly by borrowings. Total long-term debt rose to $1,145.3 million from $766.9 million, and cash and cash equivalents were $4.2 million at June 30, 2026.
During the quarter, the company repurchased 391,758 shares for $97.8 milliond, leaving $791 million available under its repurchase authorization, and declared a regular quarterly dividend of $0.45 per share payable in August 2026. The company stated it was in compliance with all financing covenants at June 30, 2026, and its disclosure controls were concluded to be effective.
02—Key points
Key Highlights
- Second quarter 2026 total operating revenues rose 19.4% to $3.50 billion, and operating income increased to $259.5 million from $197.3 million.
- Diluted earnings per share were $1.91 for the second quarter 2026, versus $1.31 a year earlier; net earnings for the six months were $322.6 million, or $3.39 per diluted share.
- JBI segment operating income increased 58% to $150.9 million in the second quarter, on load volume growth of 10% and gross revenue per load growth of 11%.
- ICS segment revenue rose 49% to $388 million, but gross profit margin fell to 12.5% from 15.5% as third-party capacity tightened.
- Rents and purchased transportation expense increased 32.4% in the second quarter, and fuel costs increased 53.0%, pressuring margins relative to revenue growth.
- Long-term debt increased to $1,145.3 million at June 30, 2026, from $766.9 million at December 31, 2025, after the $700 million senior note maturity was repaid in March 2026.
- The company repurchased $177.8 million of stock in the first half of 2026 and declared a $0.45 quarterly dividend, with $791.4 million remaining under its buyback authorization.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 24, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $3.50B$2.93B | +19.4% |
| Operating Expenses | $3.24B$2.73B | +18.5% |
| Operating Income | $259.45M$197.27M | +31.5% |
| Net Income | $181.03M$128.62M | +40.7% |
| EPS (Basic) | $1.92$1.32 | +45.5% |
| EPS (Diluted) | $1.91$1.31 | +45.8% |
| Shares Outstanding (Basic) | 94.13M97.45M | −3.4% |
| Shares Outstanding (Diluted) | 94.94M97.98M | −3.1% |
05—Questions
Frequently Asked Questions
How did J.B. Hunt perform in the second quarter of 2026?
Total operating revenues were $3.50 billion, up from $2.93 billion, and operating income rose to $259.5 million from $197.3 million. Net earnings were $181.0 million, or $1.91 per diluted share, compared with $128.6 million, or $1.31 per diluted share, in the second quarter of 2025.
What drove the revenue increase?
Management cited higher volumes in JBI, ICS and JBT, increased revenue per load in those segments, and increased DCS productivity. Fuel surcharge revenue of $641.5 million, up from $351.9 million, also contributed significantly to the total.
How is the company managing its debt and capital spending?
The company repaid $700 million of 3.875% senior notes at maturity in March 2026, and total long-term debt rose to $1,145.3 million at June 30, 2026. Net capital expenditures for the first six months were $144.9 million, and the company expects $600 million to $800 million for full-year 2026.
What is the company's capital return activity?
During the second quarter, the company purchased 391,758 shares for $97.8 million. It had $791 million available under its repurchase plan at quarter end, and its Board declared a regular quarterly dividend of $0.45 per share payable August 21, 2026.
Are there any notable risks or accounting items for investors to watch?
The company recorded a liability for estimated probable exposure from state use tax audits that it is appealing, and it had $71.7 million in gross unrecognized tax benefits. Purchased transportation costs rose as third-party capacity tightened, which compressed gross margins in the ICS, FMS and JBT segments.
06—Continue