J.B. Hunt Transport Services (JBHT) investor relations material

Executive summary

• Q3 revenue rose 20.4% YoY to $3.68B; operating income increased 2% to $247.1M and diluted EPS rose to $1.82 from $1.76.

• Demand and customer pipelines strengthened, led by Intermodal and ICS; driver investments, fuel volatility, and claims and medical costs pressured margins, making pricing catch-up and disciplined growth priorities.

Financial highlights

• Q3 revenue excluding fuel surcharges increased 13%; net earnings were $172.4M versus $170.8M a year earlier.

• Operating income fell 5% QoQ; driver-related costs, claims, and fuel reduced operating income by more than $50M versus Q2, including over $16M in higher group medical costs.

• Q3 operating expenses rose 22% YoY, exceeding revenue growth; rent and purchased transportation increased 31.9%, and fuel costs rose 58.8%.

• 9M revenue rose 14.9% to $10.23B; operating income increased 15.4% to $713.6M, net earnings reached $495.0M, and diluted EPS was $5.21.

• Q3 Intermodal revenue per load excluding fuel increased 2%; loads grew 8%, including 18% Eastern and 1% transcon growth.

Outlook and guidance

• FY 2026 net CapEx target remained ~$700M; Q3 net CapEx was $146M, with Q4 spending expected to rise on a robust Dedicated pipeline.

• Management expects pricing gains to support margin repair, with confidence in reaching margin targets coming out of next year; price realization will phase in over multiple quarters.

• Intermodal repricing covers 10% of volume in Q4 and 30% in each of the first three quarters of the year; no rate-increase forecast was offered.

• Dedicated gross sales target is 1,000–1,200 new trucks for the year; 970 had been sold year-to-date, with fleet growth expected to continue and some startup margin pressure likely.

• FY 2026 annual effective tax rate is expected to be ~24.0%; committed net purchases for 2026–27 total $552.1M.