J.B. Hunt Transport Services (JBHT) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 20% YoY to $3.68B, operating income increased 2% to $247.1M, and diluted EPS rose 3% to $1.82; revenue growth excluding fuel surcharges was 13%.

• Stronger demand and customer pipelines were offset by driver investments, fuel volatility, and claims and medical costs; margin repair, disciplined growth, and pricing catch-up are priorities.

Financial highlights

• Q3 net earnings were $172.4M vs. $170.8M a year earlier; operating income fell 5% QoQ, with driver-related costs, claims, and fuel reducing it by more than $50M vs. Q2, including over $16M in higher group medical costs.

• 9M revenue was $10.23B vs. $8.90B, operating income was $713.6M vs. $618.6M, and net earnings were $495.0M vs. $417.2M.

• 9M diluted EPS was $5.21 vs. $4.24; net cash provided by operating activities was $1,108.4M vs. $1,292.7M.

Outlook and guidance

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

• Pricing gains are expected 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 were sold year-to-date, with fleet growth and some startup margin pressure expected.

• FY 2026 annual tax rate is expected to be ~24.0%.