JBHT Filings — J.b. Hunt Transport Services, Inc. - FilingSpy
JBHT
J.b. Hunt Transport Services, Inc.
One of North America's largest transportation and logistics companies, moving freight by train and truck through services like intermodal hauling, dedicated private fleets, truckload, and last-mile delivery. It began in 1961 in Stuttgart, Arkansas, when Johnnie Bryan Hunt and his wife, Johnelle, recycled rice hulls into poultry litter; they bought their first five tractors in 1969 and built a trucking giant. The name comes straight from its founder, a sharecropper's son who once picked cotton.
Intermodal profit rose 58% on higher rates and volume, swinging the quarter's story from cost absorption to pricing power.
Intermodal pricing turned positive for the first time in years. rose 19% to $3.50 billion and rose 32% to $259.5 million, driven by an 11% increase in intermodal revenue per load and a 10% rise in volume. The question is whether the rate gains stick long enough to offset the insurance costs and brokerage margin pressure that are still building underneath.
Key takeaways
Intermodal (JBI) rose 58% to $150.9 million, the 's highest quarterly profit since at least Q2 2022, as gross per load rose 11% and load volume rose 10% — a clear reversal from the yield-driven profit erosion of the prior three years.
Integrated Capacity Solutions (ICS) swung to a $1.7 million from a $3.6 million loss a year ago, as rose 49% on a 19% increase in load volume and a 26% increase in revenue per load.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 19% to $3.50B with operating income up 32% to $259.5M, led by intermodal volume and rate gains.
⌄
JBI grew 22% on 10% higher load volume and 11% higher gross revenue per load, driving a 58% jump in to $150.9M.
ICS surged 49% to $388M as volumes rose 19% and revenue per load increased 26%, swinging the to a $1.7M from a $3.6M loss.
Truckload (JBT) rose 35% to $240 million on stronger load volume and revenue per load, but the posted a $1.3 million operating loss as tighter third-party capacity raised purchased transportation costs.
Rents and purchased transportation expense rose 32.4%, outpacing the 19% growth and compressing gross margins in the ICS and JBT segments.
was $242.8 million, up 53% , as net fell to $144.9 million from $399.1 million a year ago; the full-year 2026 net capex plan is set at $600 million to $800 million.
rose 48% to $1.30 billion, while cash and equivalents fell to $4.6 million, reflecting the company's use of its to fund operations and capital returns.
What changed
JBI per load inflection: the 11% increase in gross revenue per load this quarter settles the question flagged in every filing since FY 2022 — whether contractual rate resets would turn pricing positive. They did, and the 58% increase in shows the to pricing when volume also grows.
ICS return to profitability: the reached a $1.7 million , crossing the breakeven threshold that had been flagged as a watch item since the FY 2023 loss of $44 million. The swing was driven by a 26% increase in per load, though the 32.4% rise in purchased transportation costs kept the margin thin.
Insurance and claims cost trajectory: the persistent rise in casualty claims severity flagged across multiple filings is now explicitly cited as a partial offset to JBI's efficiency gains, and the JBT 's $1.3 million operating loss despite 35% growth suggests the cost pressure is spreading.
and liquidity: rose to $1.30 billion from $767 million at year-end 2025, and cash fell to $4.6 million, a sharp reversal from the debt reduction and $948 million story of FY 2025. The company is now drawing on its to fund operations and capital returns.
What to watch
JBI per load sustainability: whether the 11% increase in gross revenue per load holds or expands in Q3 2026 as further contractual rates reset, or if this quarter marks a peak before yield erosion resumes.
ICS : whether the can sustain profitability if the 32.4% rise in purchased transportation costs continues to outpace the 26% increase in per load, or if the margin compresses back toward breakeven.
Insurance and claims run-rate: whether the casualty claims severity that pushed JBT to a $1.3 million operating loss despite 35% growth moderates, or if it continues to spread across segments and absorb the benefit of JBI's pricing gains.
and liquidity: whether the company reduces borrowings as accumulates through the year, or if continues to rise from the $1.30 billion level, given the $4.6 million cash balance and $600 million to $800 million plan.
JBT climbed 35% to $240M on stronger load volume and revenue per load, but the posted a $1.3M operating loss as tighter third-party capacity raised purchased transportation costs.
Rents and purchased transportation expense grew 32.4%, outpacing growth and compressing gross margins in the ICS and JBT segments.
Net fell to $723.3M from $806.2M due to timing, while net dropped to $144.9M from $399.1M; full-year 2026 net capex is guided to $600M–$800M.
Quantitative and Qualitative Disclosures About Market Risk
Interest-rate risk from variable-rate debt is the primary quantified exposure; foreign-currency and fuel-price risks are currently unhedged and deemed not material.
⌄
A one-percentage-point rise in short-term rates would reduce annual pretax earnings by $4.0 million based on current variable-rate borrowings.
Fixed-rate senior notes at 4.90% partially insulate the company from interest-rate movements, while the senior averaged 4.61% at quarter-end.
Foreign-currency transaction gains and losses were not material in the first half of FY2026, and no currency derivatives were held.
Diesel fuel costs are subject to global supply, seasonal, and weather factors; the company historically recovers most increases through customer fuel surcharges.
No derivative instruments were in place as of June 30, 2026 to hedge fuel-price or foreign-exchange exposures.
We are involved in certain claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a mate…
⌄
We are involved in certain claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.
Information regarding risk factors appears in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report on Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.
⌄
Information regarding risk factors appears in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report on Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.