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# J.B. Hunt's Revenue Rose 20% To $3.68 Billion, But Operating Income Rose Just 2%
- URL: https://www.bullished.co/j-b-hunts-revenue-rose-20-to-3-68-billion-but-operating-income-rose-just-2-6dd1d988/
- Published: 2026-10-15T20:37:53.000Z
- Updated: 2026-10-23T12:50:25.000Z
- Description: Third-quarter sales climbed while purchased transportation costs grew as a share of revenue and the dedicated unit's operating income fell 22%.
- Author: Matteo Parrino
- Tags: Earnings, JBHT, Industry: Industrials

[J.B. Hunt Transport](https://www.bullished.co/tag/jbht/) Services posted third-quarter revenue of [$3.68 billion](https://www.sec.gov/Archives/edgar/data/0000728535/000143774926032715/ex%5F1025956.htm?ref=bullished.co), up 20%, but operating income rose only 2% to $247.1 million, according to the earnings release attached to an [8-K](https://www.sec.gov/Archives/edgar/data/0000728535/000143774926032715/jbht20261014%5F8k.htm?ref=bullished.co) filed Thursday. Diluted earnings per share were $1.82, against $1.76 a year earlier.

## The finding: sales up fast, margin down

Net earnings were $172.4 million versus $170.8 million in the third quarter of 2025\. Operating income as a share of revenue slipped to 6.7% from 7.9%.

Excluding fuel surcharges, revenue grew 13%. The company said that rise came mainly from an 8% increase in intermodal loads (freight moved partly by rail), a 27% rise in revenue per load at its Integrated Capacity Solutions brokerage unit and a 29% rise at its Truckload unit, partly offset by a 10% decline in Final Mile Services stops.

Fuel surcharge revenue was $670.8 million, compared with $385.6 million a year earlier.

## The catch: costs and weak segments

Rents and purchased transportation took 47.8% of revenue, up from 43.6%. Fuel and fuel taxes rose to 7.1% of revenue from 5.4%. The company blamed the lower consolidated margin on higher purchased transportation, fuel and fuel taxes, and insurance claims as a share of gross revenue.

Segment results diverged:

- Intermodal operating income rose 18% to $147.5 million on revenue of $1.83 billion, up 20%.
- Dedicated Contract Services operating income fell 22% to $81.7 million on revenue of $960 million, up 11%, which the company tied to driver personnel, group medical, insurance premium, equipment and onboarding costs.
- Final Mile Services operating income fell 76% to $1.6 million as revenue slipped 3% to $200 million.
- Truckload operating income fell 6% to $7.0 million on revenue up 37%.
- Integrated Capacity Solutions earned $9.6 million, against a loss of $0.8 million, on revenue up 57% to $434 million.

## Balance sheet and buybacks

The company bought about 704,000 shares for roughly $174 million in the quarter, leaving about $619 million under its repurchase authorization. Debt outstanding was about $1.12 billion at September 30, versus $1.60 billion a year earlier. Cash was about $4 million.

In after-hours trading Thursday, JBHT shares were at $230.19, about 2% below the regular close of $235.31.

## What came before

Before the report, a FreightWaves piece carried by [Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/intermodal-freight-must-volatile-markets-190008650.html?ref=bullished.co) said J.B. Hunt told an investor conference that third-quarter earnings per share would be roughly flat from a year earlier. It also said a cost-cutting program launched about a year ago had grown past $130 million.

The company held its conference call from 4:00 to 5:00 p.m. CDT on Thursday, with a webcast replay to follow.

### Sources

- [8-K Filing — HUNT J B TRANSPORT SERVICES INC (JBHT)](https://www.sec.gov/Archives/edgar/data/0000728535/000143774926032715/jbht20261014%5F8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex\_1025956.htm — HUNT J B TRANSPORT SERVICES INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000728535/000143774926032715/ex%5F1025956.htm?ref=bullished.co) — SEC EDGAR
- [Intermodal: Freight’s MUST-HAVE in Volatile Markets](https://finance.yahoo.com/markets/stocks/articles/intermodal-freight-must-volatile-markets-190008650.html?ref=bullished.co) — Yahoo Finance
- [Is Uber Stock Worth More Than Its Competitors?](https://finance.yahoo.com/markets/stocks/articles/uber-stock-worth-more-competitors-014327452.html?ref=bullished.co) — Yahoo Finance

### More on J.B. Hunt Transport

- [J.B. Hunt CFO: Own Drayage Capacity Was 'A Bottleneck,' And Dedicated Contracts Are Being Reopened](https://www.bullished.co/j-b-hunt-cfo-own-drayage-capacity-was-a-bottleneck-and-dedicated-contracts-are-being-955ed4f1/)

[All J.B. Hunt Transport (JBHT) coverage →](https://www.bullished.co/tag/jbht/)