Business Description
J.B. Hunt Transport Services, Inc. provides surface transportation, delivery, and logistic services in North America. It operates through five segments: Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), Final Mile Services (FMS), and Truckload (JBT). The JBI segment offers intermodal freight solutions. It operates 104,973 pieces of company-owned trailing equipment; owns and maintains its chassis fleet of 85,649 units; and manages a fleet of 5,612 company-owned tractors, 582 independent contractor trucks, and 6,943 company drivers. The DCS segment designs, develops, and executes supply chain solutions that support various transportation networks. As of December 31, 2021, it operated 11,139 company-owned trucks, 544 customer-owned trucks, and 6 contractor trucks. The company also operates 21,069 owned pieces of trailing equipment and 7,753 customer-owned trailers. The ICS segment provides freight brokerage and transportation logistics solutions; flatbed, refrigerated, expedited, and less-than-truckload, as well as dry-van and intermodal solutions; an online multimodal marketplace; and logistics management for customers to outsource the transportation functions. The FMS segment offers delivery services through 1,272 company-owned trucks, 272 customer-owned trucks, and 19 independent contractor trucks; and 1,036 owned pieces of trailing equipment and 185 customer-owned trailers. The JBT segment provides dry-van freight services by utilizing tractors and trailers operating over roads and highways through 734 company-owned tractors and 11,172 company-owned trailers. It also transports or arranges for the transportation of freight, such as general merchandise, specialty consumer items, appliances, forest and paper products, food and beverages, building materials, soaps and cosmetics, automotive parts, agricultural products, electronics, and chemicals. The company was incorporated in 1961 and is headquartered in Lowell, Arkansas.
Business History
Generated: Jun 7, 2026 5:12pmPrice Overview
Last updated: Jun 7, 2026 6:08pm (19d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 6.12
Total Equity: $3.57B
Shares: 97,688,000
Total Debt: $1.72B
Cash: $17.28M
EBITDA: $1.58B
Total Debt: $1.72B
Cash: $17.28M
Revenue: $12.00B
Revenue: $12.00B
Revenue: $12.00B
Total Equity: $3.57B
Tax Rate: 24.7%
Equity: $3.57B
Total Debt: $1.72B
Cash: $17.28M
Current Liabilities: $1.94B
Long-Term Debt: $935.04M
Total Debt: $1.72B
Total Equity: $3.57B
Shares: 97,688,000
Shares: 97,688,000
CapEx: -$730.69M
Shares: 97,688,000
Stock Price: $284.95
Net Income: $598.28M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 6:10pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.2B | $14.8B | $12.8B | $12.1B | $12.0B |
| Cost of Revenue | $10.3B | $12.3B | $10.6B | $10.0B | $10.4B |
| Gross Profit | $1.9B | $2.5B | $2.2B | $2.1B | $1.6B |
| Operating Expenses | $824.3M | $1.1B | $1.2B | $1.2B | $731.6M |
| Operating Income | $1.0B | $1.3B | $993.2M | $831.2M | $865.1M |
| Net Income | $760.8M | $969.4M | $728.3M | $570.9M | $598.3M |
| EBITDA | $1.6B | $2.0B | $1.7B | $1.6B | $1.6B |
| EPS | $7.22 | $9.31 | $7.06 | $5.60 | $6.12 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 5:12pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $355.5M | $51.9M | $53.3M | $47.0M | $17.3M |
| Total Current Assets | $2.3B | $2.2B | $2.0B | $1.8B | $1.6B |
| Total Assets | $7.0B | $8.0B | $8.8B | $8.5B | $8.1B |
| Current Liabilities | $1.7B | $1.6B | $1.5B | $1.7B | $1.9B |
| Long-Term Debt | $945.3M | $1.3B | $1.3B | $977.7M | $935.0M |
| Total Liabilities | $3.8B | $4.3B | $4.7B | $4.5B | $4.6B |
| Total Equity | $3.1B | $3.7B | $4.1B | $4.0B | $3.6B |
| Retained Earnings | $5.6B | $6.4B | $7.0B | $7.4B | $7.8B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 6:10pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.2B | $1.8B | $1.7B | $1.5B | $1.7B |
| Capital Expenditure | -$947.6M | -$1.5B | -$1.9B | -$865.4M | -$730.7M |
| Free Cash Flow | $276.3M | $236.1M | -$117.8M | $617.8M | $947.6M |
| Acquisitions (net) | $70.5M | -$118.2M | -$85.0M | $3.8M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$180.2M | -$331.2M | -$196.6M | -$550.3M | -$948.4M |
| Net Change in Cash | $42.2M | -$303.6M | $1.4M | -$6.4M | -$29.7M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 5:09pm (19d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$13.9B $13.2B – $15.6B
|
$14.7B $14.7B – $14.7B
|
$16.3B $15.4B – $17.8B
|
$15.4B $14.5B – $16.8B
|
| EBITDA |
$1.9B $1.8B – $2.1B
|
$2.0B $1.9B – $2.0B
|
$2.2B $2.0B – $2.4B
|
$2.1B $1.9B – $2.2B
|
| Net Income |
$852.7M $834.9M – $934.3M
|
$958.2M $889.3M – $1.1B
|
$1.3B $1.2B – $1.4B
|
$1.1B $1.0B – $1.2B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 6:10pm (19d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +21.7% | -13.4% | -5.8% | -0.7% |
| Gross Profit Growth | +32.2% | -10.6% | -6.7% | -22.6% |
| Operating Income Growth | +27.4% | -25.4% | -16.3% | +4.1% |
| Net Income Growth | +27.4% | -24.9% | -21.6% | +4.8% |
| EBITDA Growth | +23.3% | -12.1% | -8.0% | -1.2% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 6:09pm (19d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-05 | Keefauver David | S-Sale | 703.00 | $285.13 | $200,444 |
| 2026-06-05 | Webb Brian | S-Sale | 1,500.00 | $284.01 | $426,015 |
| 2026-05-29 | Hobbs Nicholas | G-Gift | 6,204.00 | $0.00 | $0 |
| 2026-06-02 | GARRISON EARL WAYNE | G-Gift | 76,744.00 | $0.00 | $0 |
| 2026-05-28 | ROBO JAMES L | J-Other | 37,856.00 | $270.24 | $10.2M |
| 2026-05-19 | Frazier Spencer | S-Sale | 2,000.00 | $258.20 | $516,406 |
| 2026-05-15 | Hicks Bradley W. | S-Sale | 7,644.00 | $261.91 | $2.0M |
| 2026-05-14 | Field Darren P. | S-Sale | 4,000.00 | $254.49 | $1.0M |
| 2026-05-05 | Delco Albert Brad | G-Gift | 98.00 | $0.00 | $0 |
| 2026-04-23 | ROBO JAMES L | A-Award | 1,359.00 | $253.71 | $344,792 |
| 2026-04-23 | Hill Thad | A-Award | 1,320.00 | $253.71 | $334,897 |
| 2026-04-23 | Lisboa Persio V | A-Award | 1,241.00 | $253.71 | $314,854 |
| 2026-04-23 | GASAWAY SHARILYN S | A-Award | 1,399.00 | $253.71 | $354,940 |
| 2026-04-23 | Edwardson Francesca M. | A-Award | 1,241.00 | $253.71 | $314,854 |
| 2026-04-23 | Biggs M. Brett | A-Award | 855.00 | $253.71 | $216,922 |
| 2026-04-22 | Hobbs Nicholas | S-Sale | 1,272.00 | $250.75 | $318,953 |
| 2026-04-21 | THOMPSON JAMES K | S-Sale | 1,000.00 | $254.28 | $254,275 |
| 2026-03-31 | Kuhlow John | M-Exempt | 1,977.00 | $0.00 | $0 |
| 2026-03-31 | Kuhlow John | F-InKind | 858.00 | $211.90 | $181,810 |
| 2026-03-31 | Kuhlow John | M-Exempt | 2,705.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 7, 2026 5:09pm (19d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-08 | $0.45 | 2026-04-23 | 2026-05-08 | 2026-05-22 |
| 2026-02-06 | $0.45 | 2026-01-22 | 2026-02-06 | 2026-02-20 |
| 2025-11-07 | $0.44 | 2025-10-22 | 2025-11-07 | 2025-11-21 |
| 2025-08-08 | $0.44 | 2025-07-23 | 2025-08-08 | 2025-08-22 |
| 2025-05-09 | $0.44 | 2025-04-24 | 2025-05-09 | 2025-05-23 |
| 2025-02-07 | $0.44 | 2025-01-23 | 2025-02-07 | 2025-02-21 |
| 2024-11-08 | $0.43 | 2024-10-17 | 2024-11-08 | 2024-11-22 |
| 2024-08-02 | $0.43 | 2024-07-17 | 2024-08-02 | 2024-08-16 |
| 2024-05-09 | $0.43 | 2024-04-25 | 2024-05-10 | 2024-05-24 |
| 2024-02-08 | $0.43 | 2024-01-18 | 2024-02-09 | 2024-02-23 |
| 2023-11-09 | $0.42 | 2023-10-19 | 2023-11-10 | 2023-11-24 |
| 2023-08-03 | $0.42 | 2023-07-19 | 2023-08-04 | 2023-08-18 |
| 2023-05-11 | $0.42 | 2023-04-27 | 2023-05-12 | 2023-05-26 |
| 2023-02-09 | $0.42 | 2023-01-19 | 2023-02-10 | 2023-02-24 |
| 2022-11-03 | $0.40 | 2022-10-20 | 2022-11-04 | 2022-11-18 |
| 2022-08-04 | $0.40 | 2022-07-20 | 2022-08-05 | 2022-08-19 |
| 2022-05-12 | $0.40 | 2022-04-28 | 2022-05-13 | 2022-05-27 |
| 2022-02-03 | $0.40 | 2022-01-20 | 2022-02-04 | 2022-02-18 |
| 2021-11-04 | $0.30 | 2021-10-21 | 2021-11-05 | 2021-11-19 |
| 2021-08-05 | $0.30 | 2021-07-21 | 2021-08-06 | 2021-08-20 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw numbers first: revenue is essentially flat-to-declining ($12.83B in 2023 → $12.09B in 2024 → $12.00B in 2025), and the most recent quarter (Q1 2026 at $3.06B with 4.6% margin and $141.6M NI) is materially worse than Q4 2025 ($3.10B / 5.8% / $181M) and roughly flat versus Q1 2025. That's not "accelerating" — the revenue confidence signal is misreading sequential seasonality. NI run-rate of ~$565M against a $26.87B market cap is a 47x P/E on trailing earnings, well above the cited 43.6x. Operating margin has compressed from ~9% in 2021-2022 to ~7.2% now, and gross margin collapsed from $2.06B (17%) in 2024 to $1.60B (13.3%) in 2025 — that's a 460bps gross margin hit in one year, which is alarming and not adequately flagged. FCF of $948M on a $26.87B cap is a 3.5% FCF yield; not cheap for a no-growth cyclical.
Where I disagree with the prior models: the synthesis "$96.67 fair value" is too aggressive on the downside. A DCF that lands at one-third of current price on a Buffett-held, investment-grade intermodal franchise with $1.68B operating cash flow is almost certainly using a depressed terminal margin or punitive discount rate. JBHT has historically traded 20-25x earnings through cycles; even normalized EPS of $7-8 (between 2025's $5.80 and 2022's $9.14 peak) at 22x gets you $155-175, not $97. The Market Forces "execution failures and competitive erosion" framing overstates the case — this looks like garden-variety freight recession with intermodal volumes pressured by truckload spot rates, exactly what happened in 2019 and 2016. The Narrative layer is more honest: this is a quality-compounder premium that's gotten stretched, not a broken business.
The contrarian read on the bear case: if you believe we're at or near a freight cycle trough (ATA tonnage indices, spot rates stabilizing, and intermodal volume comps easing into 2026), then current depressed EPS is the wrong denominator. Mid-cycle EPS for JBHT is probably $8-9, and 2027 consensus likely embeds operating leverage on the recovery. The 2022 peak (NI $969M, op margin ~9%) shows what the franchise earns when volumes and pricing align. The Q1 2026 margin dip to 4.6% may actually be the bottom — Q4 2025's 5.8% suggested recovery, then Q1 gave it back, which is consistent with seasonal patterns rather than secular decay. Insider activity is small-dollar and routine — 13,644 shares of sales against gifts and awards isn't a smoke signal. The current ratio of 0.83 is normal for asset-heavy logistics with revolver capacity; not a red flag.
That said, I'm not buying here. At $285 you're paying 30x normalized earnings and 28x FCF for a business with -3.3% revenue CAGR, ROIC of 10.3% (below cost of capital arguments are valid given capex intensity), and a balance sheet the file can't fully resolve (debt blank). The gross margin compression from 17% to 13.3% is a real concern that nobody above has properly underwritten — either it reverses (cyclical) or it doesn't (structural pricing pressure from Knight-Swift, Schneider, and asset-light brokers), and that single variable swings fair value by 30%. Fair value is somewhere in the $160-200 range on normalized assumptions, not $97 and not $285. The synthesis is directionally right (overvalued) but its magnitude is wrong; the Market Forces verdict is too dark; the Narrative read is the most accurate of the four. Wait for either a sub-$200 print or two quarters of sequential gross margin recovery before committing.
GPT Critique
The raw data on J.B. Hunt Transport Services, Inc. shows a steady decline in revenue over the past few years, from $14.81 billion in 2022 to $12 billion in 2025, with a noticeable dip in net income from $969.4 million in 2022 to $598.3 million in 2025. This indicates a challenging period for the company, marked by margin compression and reduced profitability. The recent quarterly data further underscores this trend, with the latest quarter showing a 4.6% margin, down from 5.8% the previous quarter. The operating cash flow remains strong at $1.68 billion, but the free cash flow yield of 3.5% is modest given the lack of revenue growth. The price-to-earnings ratio of 43.6x suggests the market is pricing in significant future growth, which seems optimistic against the backdrop of declining revenues and compressed margins.
Opus argues that the stock is "overvalued but not broken," setting a fair value range of $160-200 based on normalized earnings. I agree with the assessment that the current market price of $285 is steep, given the company's current financial performance and the broader industry challenges. However, I diverge on the valuation synthesis's aggressive downside target of $97, which seems excessively punitive. The market is indeed pricing J.B. Hunt as a premium-quality operator, consistent with its historical trading range of 20-25x earnings. A fair value closer to Opus's range seems more plausible, reflecting a belief in the company's ability to rebound in a cyclical industry.
Where I disagree with Opus is in the dismissal of the gross margin decline from 17% to 13.3% as a key concern. This decline is significant and suggests underlying issues that need addressing, potentially from structural changes in the industry or competitive pressures. The narrative that this is merely a cyclical dip feels inadequate given the severity of the margin compression. Furthermore, Opus's confidence that the Q1 2026 margin dip is the bottom may be premature without clear evidence of a sustained turnaround in subsequent quarters.
A skeptic might argue that both Opus and I are underestimating the potential for further downside if the freight cycle doesn't recover as expected or if competitive pressures intensify. The insider selling, albeit small, and the absence of clear data on total debt could be red flags that warrant caution. Additionally, the assumption of a mid-cycle EPS recovery may be optimistic without signs of improving operating leverage or a stabilization in key metrics like gross margin.