At a glance
JB Hunt Transport Services Inc is worth $20.86B, about 37 times its fiscal 2025 earnings. Revenue fell 0.7% to $12.00B in fiscal 2025, with 5.0% kept as profit; over 5 years it has grown 4.5% a year. It pays a 0.8% dividend yield, and returned $2.86B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.6% over the past year with dividends reinvested and +3.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.5% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 20 months after the lows.
The business in plain English
J.B. Hunt Transport Services is one of the largest trucking, delivery and logistics companies in North America. It was incorporated in Arkansas in 1961 and has been public since 1983. It moves freight across the continental US, Canada and Mexico for a wide range of shippers, including many Fortune 500 companies. It bills customers for the whole move and pays any railroads or outside truckers involved. Revenue was $12.0 billion in 2025. About 12% of that came from fuel surcharges, which are fees that pass diesel costs on to customers.
Intermodal (JBI) is the core business, at 49.8% of 2025 revenue. Intermodal means freight stays in one container while it switches between truck and train. J.B. Hunt owns the containers, railroads such as BNSF and Norfolk Southern haul them long distances, and its own trucks handle most pickups and deliveries. Dedicated Contract Services (DCS), at 28.1% of revenue, supplies trucks, drivers and supply chain design to individual customers. Its contracts average about five years and are typically priced to recover fixed costs.
The three smaller segments are Integrated Capacity Solutions (ICS, 9.2%), a freight broker that arranges loads with about 126,000 outside carriers; Final Mile Services (FMS, 6.9%), which handles local and home delivery and installation of big, bulky goods; and Truckload (JBT, 6.1%), which hauls full trailer loads mainly through independent contractors. Many customers book through J.B. Hunt 360, the company's online freight platform.
Price history
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JBHT +33.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Service Excluding Fuel Surcharge | $10.52B | 87.7% |
| Fuel Surcharge | $1.48B | 12.3% |
By business segment
| JBI | $5.97B | 49.8% |
| DCS | $3.38B | 28.1% |
| ICS | $1.11B | 9.2% |
| FMS | $824.0M | 6.9% |
| JBT | $734.0M | 6.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.68B, up 20.4% from a year earlier, and net income was $172.4M (+0.9%).
- For fiscal 2025, revenue was $12.00B (-0.7% year over year; +4.5% a year from FY2020 to FY2025) with a 5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.5% watch |
|---|---|
| Operating margin | 7.2% watch |
| Free cash flow margin | 7.9% watch |
| Return on equity (FY2025) | 16.8% good |
| Return on assets (FY2025) | 7.5% watch |
| Net cash (cash minus debt) | $-1.12B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.64B | $506.0M | $384.3M |
| FY2021 | $12.17B | $760.8M | $276.3M |
| FY2022 | $14.81B | $969.4M | $236.1M |
| FY2023 | $12.83B | $728.3M | $-117.8M |
| FY2024 | $12.09B | $570.9M | $617.8M |
| FY2025 | $12.00B | $598.3M | $947.6M |
Valuation snapshot
| Market value | $20.86B |
|---|---|
| P/E ratio | 36.6 |
| Dividend yield | 0.8% |
Rank among 1514 US companies
Market value at each year end
JB Hunt Transport Services’s market value went from $10.89B at the end of 2016 to $20.86B on Nov 2, 2026, up 92%; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $20.86B | +12.7% |
| 2025 | $18.50B | +7.5% |
| 2024 | $17.21B | -16.5% |
| 2023 | $20.60B | +14.1% |
| 2022 | $18.05B | -15.9% |
| 2021 | $21.46B | +48.6% |
| 2020 | $14.44B | +16.0% |
| 2019 | $12.45B | +22.5% |
| 2018 | $10.16B | -19.5% |
| 2017 | $12.62B | +15.9% |
| 2016 | $10.89B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JBHT price data to Nov 2, 2026 | +15.8% | +33.6% | +10.1% | +3.9% | +11.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.8% |
| 2025 | +15.2% |
| 2024 | -13.8% |
| 2023 | +15.6% |
| 2022 | -13.9% |
| 2021 | +50.6% |
| 2020 | +18.1% |
| 2019 | +26.8% |
| 2018 | -18.4% |
| 2017 | +19.6% |
| 2016 | +33.8% |
| 2015 | -12.0% |
| 2014 | +10.1% |
| 2013 | +30.3% |
| 2012 | +34.2% |
| 2011 | +11.7% |
| 2010 | +28.2% |
| 2009 | +24.9% |
| 2008 | -3.4% |
| 2007 | +34.4% |
| 2006 | -6.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 29% over that stretch · deepest drop along the way 53.1%, back to its old high 20.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.2% over that stretch · deepest drop along the way 31.5%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.5% over that stretch · deepest drop along the way 28.8%, back to its old high 19.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 7 sales ($4.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 15, 2026 | Bradley W. Hicks President of DCS | sell | $2.0M |
| May 14, 2026 | Darren P. Field EVP and President Intermodal | sell | $1.0M |
| May 19, 2026 | Spencer Frazier EVP of Sales and Marketing | sell | $516K |
| Jun 5, 2026 | Brian Webb EVP- Final Mile Services | sell | $426K |
| Apr 22, 2026 | Nicholas Hobbs EVP and COO | sell | $319K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.96% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.5% | Dec 31, 2024 |
ETFs with the most weight in JBHT
| SUPL ProShares Supply Chain Logistics ETF | 2.94% |
| IYT iShares US Transportation ETF | 2.13% |
| FTXR First Trust Nasdaq Transportation ETF | 1.86% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 1.34% |
| RSPN Invesco S&P 500 Equal Weight Industrials ETF | 1.2% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 0.98% |
| SHPP Pacer Industrials and Logistics ETF | 0.92% |
| VSDA VictoryShares Dividend Accelerator ETF | 0.87% |
What could go wrong
- Heavy reliance on BNSF and Norfolk Southern. Intermodal brings in about half of revenue and depends on railroads. Most of its freight moves on BNSF and Norfolk Southern. Contract disputes, rail labor problems or poor service could hurt volumes and profits.
- Freight demand rises and falls with economy. Recessions cut shipping volumes and leave too many trucks chasing too few loads, which pushes rates down. Tariffs and trade policy add risk. Revenue fell from $14.8 billion in 2022 to $12.0 billion in 2025.
- A few big customers drive much revenue. J.B. Hunt earns a significant portion of its revenue from a few major customers. Losing one or more of them could materially hurt sales and profits.
- Finding and keeping enough drivers. The company needs thousands of drivers. DCS alone had 12,835 at the end of 2025. Trouble hiring and keeping drivers and delivery staff could squeeze profits and limit growth.
- Accident claims and insurance costs. Trucks on public roads can be involved in serious accidents, which can lead to large claims and lawsuits. The company warns that insurance and claims expenses could significantly reduce its earnings.
- Contractors could be ruled employees. The Truckload segment relies on 2,003 independent contractors. If regulators or courts decide that such drivers are employees, J.B. Hunt could face added liabilities and costs, such as benefits and payroll taxes.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
For income and retirement investors
J.B. Hunt pays a modest dividend. It yielded 0.8% as of October 28, 2026, so most of any return depends on the share price. Dividends per share rose each year from $1.08 in 2020 to $1.72 in 2024. Dividends paid in 2025 totaled $171 million. That was 28.6% of earnings and 18.1% of free cash flow (the cash left after capital spending), which leaves a wide cushion. The company returns more cash through buybacks, meaning it repurchases its own shares. It spent $2.05 billion on buybacks from 2021 to 2025, compared with $812 million on dividends. The share count fell 11.1% between February 2022 and September 2026.
The shares have fallen hard in downturns. They dropped 53.1% in the 2008 financial crisis and took about 21 months from the low to recover. They fell 31.5% in the 2020 COVID crash and recovered within about two months. In the 2022 bear market they fell 28.8% and took almost 20 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does J.B. Hunt make money?
J.B. Hunt earns fees for moving other companies' freight across North America. Revenue was $12.0 billion in 2025. Intermodal brought in 49.8% of that. It pairs the company's own containers with long-distance rail service. Dedicated Contract Services added 28.1% by running fleets for single customers under multiyear contracts. Freight brokerage (9.2%), last-mile delivery (6.9%) and truckload hauling (6.1%) made up the rest. About 12.3% of revenue came from fuel surcharges passed on to customers.
Does J.B. Hunt pay a dividend?
Yes, but the yield is small: 0.8% as of October 28, 2026. Dividends per share rose each year from $1.08 in 2020 to $1.72 in 2024. Dividends paid in 2025 totaled $171 million, or 28.6% of earnings. The company relies more on share buybacks. It spent $2.05 billion on them from 2021 to 2025, compared with $812 million on dividends. Investors who need high current income may find the yield low.
What is J.B. Hunt Intermodal?
Intermodal is J.B. Hunt's largest segment, with $5.98 billion of revenue in 2025. Freight rides in a J.B. Hunt container that railroads haul over long distances. The company's own trucks handle most pickups and deliveries, which is known as drayage. The business began in 1989 through a partnership with what is now BNSF Railway. At December 31, 2025, it ran 124,838 pieces of company-owned trailing equipment, mostly 53-foot containers, plus 104,474 chassis.
What is J.B. Hunt's P/E ratio?
It was about 36.5 as of October 28, 2026, based on 2025 earnings. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of a company's annual profit. J.B. Hunt's diluted earnings per share were $6.12 in 2025, well below $9.21 in 2022, when revenue reached $14.8 billion. A high P/E can reflect hopes that profits will recover, but it leaves less room for disappointment if they do not.
How has J.B. Hunt stock performed over the long term?
Well over 10 years, but weakly over five. As of October 28, 2026, the share price had gained 11.7% a year over 10 years (202% in total) but only 3.4% a year over five years. It rose 35.1% over the prior 12 months. Calendar-year results swing widely, from a 13.8% loss in 2024 to a 15.2% gain in 2025. In the three years to October 28, 2026, the largest peak-to-trough drop was 42.4%.