01—Abstract
Summary
Summary of the 10-Q filed October 23, 2026. Cited figures are marked; the original filing is the authoritative source.
J.B.
Hunt Transport Services, Inc. reported third-quarter 2026 total operating revenues of $3.68 billiona, up from $3.05 billion in the third quarter of 2025, and operating income of $247.1 million versus $242.7 million a year earlier. Net earnings were $172.4 million, or $1.82 per diluted share, compared with $170.8 million, or $1.76 per diluted share, in the prior-year quarter. The filing attributes the revenue growth mainly to higher volumes and revenue per load in JBI, ICS and JBT, while Rents and purchased transportation rose 31.9% and fuel costs rose 58.8%, compressing segment margins in DCS and FMS.
For the first nine months of 2026, total operating revenues were $10.23 billionb versus $8.90 billion, and operating income was $713.6 million versus $618.6 million. Net earnings were $495.0 million, or $5.21 per diluted share, compared with $417.2 million, or $4.24 per diluted share. Operating cash flow fell to $1.11 billion from $1.29 billion, mainly on working capital timing.
The company repaid its $700 millionc 3.875% senior notes at maturity in March 2026 and repurchased about 1,479,000 shares for $351.7 million during the first nine months. At September 30, 2026, total debt was $1.12 billion, cash was $3.8 million, and shareholders' equity was $3.63 billion. The company expects net capital expenditures of approximately $700 million for 2026 and declared a regular quarterly dividend of $0.45 per share on October 21, 2026, payable November 20, 2026.
02—Key points
Key Highlights
- Total operating revenues rose to $3.68 billion in Q3 2026 from $3.05 billion in Q3 2025, a 20% increase; ICS revenue grew 57% and JBT revenue grew 37%.
- Q3 2026 diluted EPS was $1.82 versus $1.76 in Q3 2025; net earnings were $172.4 million versus $170.8 million.
- Nine-month 2026 operating income was $713.6 million, up from $618.6 million, and diluted EPS was $5.21 versus $4.24.
- Rents and purchased transportation expense rose 31.9% in Q3 2026, and fuel and fuel taxes rose 58.8%, with insurance and claims up 23%.
- Operating cash flow for the first nine months fell to $1.11 billion from $1.29 billion, attributed to timing of working capital activities.
- The company retired $700 million of 3.875% senior notes at maturity in March 2026, and total long-term debt rose to $1.12 billion from $766.9 million at year-end 2025.
- The company repurchased $351.7 million of common stock in the first nine months, with $619.3 million remaining under its authorized plan.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 23, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $3.68B$3.05B | +20.4% |
| Operating Expenses | $3.43B$2.81B | +22.0% |
| Operating Income | $247.09M$242.66M | +1.8% |
| Net Income | $172.42M$170.85M | +0.9% |
| EPS (Basic) | $1.84$1.78 | +3.4% |
| EPS (Diluted) | $1.82$1.76 | +3.4% |
| Shares Outstanding (Basic) | 93.74M96.18M | −2.5% |
| Shares Outstanding (Diluted) | 94.65M96.85M | −2.3% |
05—Questions
Frequently Asked Questions
How did J.B. Hunt's profitability change in the third quarter of 2026?
Operating income rose to $247.1 million from $242.7 million, and net earnings were $172.4 million compared with $170.8 million. Diluted earnings per share were $1.82, up from $1.76, aided by fewer diluted shares outstanding. The operating margin declined to 6.7% from 7.9% as operating expenses grew faster than revenue.
Which segments drove results and which saw pressure?
JBI operating income rose 18% to $147.5 million and ICS swung to $9.6 million of operating income from a loss of $0.8 million. DCS operating income fell 22% to $81.7 million, and FMS operating income fell 76% to $1.6 million. The filing cites higher professional driver personnel expense, group medical claims, and insurance costs for the DCS decline.
What is the company's capital allocation and debt position?
At September 30, 2026, long-term debt was $1.12 billion, including $379.3 million under the senior credit facility and $744.5 million of 4.90% senior notes due March 2030. The company expects net capital expenditures of about $700 million for 2026 and declared a $0.45 quarterly dividend on October 21, 2026. The company was in compliance with all covenants at September 30, 2026.
What are the main cost pressures mentioned in the filing?
The filing cites higher third-party carrier and rail purchased transportation costs tied to volume growth, a 58.8% increase in fuel costs in the quarter driven by fuel prices, and a 23% increase in insurance and claims expense from higher claim severity. The company expects its 2026 annual effective tax rate to be approximately 24.0%.
06—Continue