# J.B. Hunt Transport Services (JBHT) Sector: Intermodal and truck freight transportation | Field | Value | |---|---| | Price | $227.66 | | Market cap | $21B | | Intrinsic value source | Analysts | | Data as of | 2026-11-13 | | Next earnings | 2027-01-14 (estimate) | Analysts: Bullish Picks: Research only Discount category: Far above intrinsic value ## In short Investors pay a premium for the Intermodal growth of this freight carrier, and only wider margins in Dedicated and Intermodal through 2027, despite rising driver, insurance and equipment costs, can earn this price. ## Themes and gap - Themes: Weak consumer (weak-consumer), Tariffs and trade (trade-tariffs) - Gap type: Can close (closable) - Why: The Q4 2026 report, expected in mid-January 2027, and the 2027 quarters show whether Intermodal growth and cost cuts can offset higher driver, insurance and equipment costs. ## About J.B. Hunt Transport Services, Inc. (J.B. Hunt) is based in Lowell, Arkansas. It moves freight in North America with five segments: Intermodal, which moves its own containers on railroads, Dedicated Contract Services, Integrated Capacity Solutions, which arranges freight with other carriers, Final Mile Services and Truckload. Operating revenues were $3,677 million in Q3 2026, of which Intermodal made $1,828 million and Dedicated made $960 million. The common stock trades on Nasdaq in US dollars. J.B. Hunt files 10-K and 10-Q reports. ## Thesis The price of J.B. Hunt depends on whether growth in Intermodal and cost cuts can outrun higher costs for drivers, insurance and equipment. In Q3 2026 revenue grew 20%, but operating income grew only 2% to $247.1 million, because purchased transportation, fuel and insurance claims rose faster than revenue. Intermodal operating income rose 18% on 8% more loads, while Dedicated operating income fell 22%. For the price to hold or rise, four things must be true. Intermodal volume must keep growing, mainly in the Eastern network, where customers move freight from roads to rail. Dedicated margins must recover as the cost of new business onboarding falls. Insurance and medical claims costs must stop rising. The truckload market must tighten, so that prices rise in all segments. The Q4 2026 report, expected in mid-January 2027, is the next test. ## Checkpoints - Jan 14, 2027 (estimate): Q4 2026 results. Status: Pending. Watch: Operating income grows against Q4 2025 and Dedicated operating income stops falling, and this passes; lower operating income fails. - Apr 2027 (estimate): Q1 2027 results. Status: Pending. Watch: Intermodal loads grow and the operating margin of Intermodal improves against Q1 2026, and this passes; fewer loads or a lower margin fails. ## Balance sheet - Cash: $4.0M - Debt: $1.1B - Net debt: $1.1B - Undrawn credit line: $918M, to November 2030 - Last debt due: 2030 At September 30, 2026, J.B. Hunt had debt with a carrying amount of $1.12 billion: $750 million of 4.90% senior notes due March 2030, $81.9 million on its $1.0 billion revolving line of credit, which expires in November 2030, and $300 million of term loans due November 2028. Debt was $1.47 billion at December 31, 2025. Cash and cash equivalents were about $4 million. Operating cash flow was $1.11 billion for nine months and net capital spending was $291.1 million. The company had $619 million left under its share repurchase authorization. Operating lease liabilities are not in these figures. As of 2026-09-30. Sources: - https://www.sec.gov/Archives/edgar/data/728535/000143774926033365/jbht20260930_10q.htm - https://www.sec.gov/Archives/edgar/data/728535/000143774926032715/ex_1025956.htm ## Dividends - Dividend yield: 0.8% (last 12 months, at the current price) - Paid per share, last 12 months: $1.80 (4 payments) - Current annual rate: $1.80 ($0.45 x 4 a year) - Payout ratio: 29% of the earnings of the last fiscal year (the year ended 2025-12-31) - Latest ex-dividend date: 2026-11-06, $0.45 per share - Growth from 2020 to 2025: 10.3% a year - Growth from 2015 to 2025: 7.7% a year Dividends per share by year: 2016: $0.88, 2017: $0.92, 2018: $0.96, 2019: $1.04, 2020: $1.08, 2021: $1.18, 2022: $1.60, 2023: $1.68, 2024: $1.72, 2025: $1.76. Source: company filings and market data, read on 2026-11-12. ## Recent events - 2026-10-15: J.B. Hunt reported Q3 2026 results. Revenue rose 20% to $3.68 billion, operating income rose 2% to $247.1 million and diluted earnings per share rose to $1.82 from $1.76. It purchased about 704,000 shares for about $174 million in the quarter, and $619 million remained under its repurchase authorization. - 2026-07-15: J.B. Hunt reported Q2 2026 results. Revenue rose 19% to $3.50 billion, operating income rose 32% to $259.5 million and diluted earnings per share rose to $1.91 from $1.31. - 2026-03-05: J.B. Hunt said that its common stock is approved for a dual listing on Nasdaq Texas. - 2025-11-25: J.B. Hunt signed a $1.7 billion credit agreement. It extends its $1.0 billion revolving line of credit to November 25, 2030 and allows up to $700 million of term loans due November 2028. J.B. Hunt drew $300 million of term loans in February 2026. ## Latest news and filings - Last earnings: 2026-10-15 (8-K: https://www.sec.gov/Archives/edgar/data/728535/000143774926032715/) - Next earnings: 2027-01-14 (expected; the company has not confirmed it) | Filed | Form | Headline | Period end | XBRL document | Link | | --- | --- | --- | --- | --- | --- | | 2026-10-23 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | | https://www.sec.gov/Archives/edgar/data/728535/000143774926033365/jbht20260930_10q.htm | | 2026-10-15 | 8-K | Earnings release | | | https://www.sec.gov/Archives/edgar/data/728535/000143774926032715/ | | 2026-07-24 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | | https://www.sec.gov/Archives/edgar/data/728535/000143774926024397/jbht20260630_10q.htm | | 2026-07-15 | 8-K | Earnings release | | | https://www.sec.gov/Archives/edgar/data/728535/000143774926023629/ | | 2026-04-24 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | | https://www.sec.gov/Archives/edgar/data/728535/000143774926013300/jbht20260331_10q.htm | | 2026-04-24 | 8-K | Shareholder vote results | | | https://www.sec.gov/Archives/edgar/data/728535/000143774926013243/jbht20260423_8k.htm | | 2026-04-15 | 8-K | Earnings release | | | https://www.sec.gov/Archives/edgar/data/728535/000143774926012396/ | | 2026-03-05 | 8-K | Investor disclosure and Other company news | | | https://www.sec.gov/Archives/edgar/data/728535/000143774926007077/jbht20260304_8k.htm | | 2026-02-24 | 10-K | Annual report for the period ended Dec 31, 2025 | 2025-12-31 | | https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm | | 2026-01-15 | 8-K | Earnings release | | | https://www.sec.gov/Archives/edgar/data/728535/000143774926001357/ | Every filing on SEC EDGAR (CIK 728535): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000728535&type=&dateb=&owner=include&count=40 ## Risks - High: Costs rise faster than revenue. Rents and purchased transportation were 47.8% of revenue in Q3 2026, against 43.6% a year before, and operating income grew only 2% while revenue grew 20%. - Medium: Dedicated profits fell. Operating income of Dedicated Contract Services fell 22% in Q3 2026 because of higher driver pay, medical claims, insurance and equipment costs and new business onboarding. - Medium: Insurance and claims costs grow. Insurance and claims expense was $277.4 million for nine months, up from $251.9 million. - Medium: Intermodal moves its containers on the networks of rail partners, so rail service problems would lower its volume and margins. - Low: Final Mile Services is shrinking. Its revenue fell 3% and its operating income fell 76% in Q3 2026, after J.B. Hunt ended some business to improve revenue quality. ## Links - Page: https://picks.utilarium.app/company/JBHT/ - History of changes: https://picks.utilarium.app/company/JBHT/history/ - JSON with full history: https://picks.utilarium.app/data/company/JBHT.json > Picks is a personal record of stock picks. It gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Prices, intrinsic values and ratings can be delayed or wrong; check the original source. Full disclaimer: /disclaimer/.