J.B. Hunt · Earnings release

J.B. Hunt Transport Services, Inc.

615 J.B. Hunt Corporate Drive

(NASDAQ: JBHT)

Contact: Andrew Hall

Sr. Director, Finance

FOR IMMEDIATE RELEASE

J.B. HUNT TRANSPORT SERVICES, INC. REPORTS U.S. GAAP REVENUES, NET EARNINGS AND EARNINGS PER SHARE FOR THE THIRD QUARTER 2025

■ Third Quarter 2025 Revenue:

■ Third Quarter 2025 Operating Income:

■ Third Quarter 2025 Diluted EPS:

LOWELL, Ark., October 15, 2025 - J.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2025 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $170.8 million, or diluted earnings per share of $1.76 versus third quarter 2024 net earnings of $152.1 million, or $1.49 per diluted share.

“I’m proud of our people for their hard work to deliver this improved financial performance,” said Shelley Simpson, president and CEO. “I remain confident in our long-term strategy focused on operational excellence with our customers, safety performance, and execution on the efforts to lower our cost to serve to deliver value for all of our stakeholders.”

Total operating revenue for the current quarter was $3.05 billion compared with $3.07 billion for the third quarter 2024, a decrease of less than 1%. Revenue performance was driven by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services® (DCS®), respectively, and 8% fewer stops in Final Mile Services® (FMS). These items were partially offset by an improvement in DCS productivity of 3%, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased less than 1% versus the comparable period.

Operating income for the current quarter increased 8% to $242.7 million versus $224.1 million for the third quarter 2024. Operating income increased primarily due to structural cost removal as part of our efforts to lower our cost to serve, improved productivity across the organization and lower purchase transportation costs compared to third quarter 2024. On a consolidated basis, operating income as a percentage of gross revenue increased year-over-year as a result of the same aforementioned items, partially offset by higher professional-driver wages and benefit expense and higher equipment-related costs as a percentage of gross revenue.

Net interest expense for the current quarter decreased compared to third quarter 2024 due primarily to lower interest rates and the resolution of certain tax positions, partially offset by a higher average debt balance.

The effective income tax rate in the current quarter was 24.0% versus 25.2% in the third quarter 2024. The decrease was due to the resolution of certain tax positions. G1We expect our 2025 annual tax rate to be approximately 24.5%.

Segment Information:

Intermodal (JBI)

■ Third Quarter 2025 Segment Revenue:

■ Third Quarter 2025 Operating Income:

Intermodal volume decreased 1% over the same period in 2024. Transcontinental network loads decreased 6%, while Eastern network loads increased 6% compared to the third quarter 2024. Our decision during bid season to prioritize network balance, especially in the Transcontinental network, pressured volumes compared to last year but reduced empty moves from the network. Volume growth in our Eastern network remained strong, driven by the value proposition it presents for customers and reliable rail service. Segment gross revenue decreased 2% from the prior-year period, reflecting the 1% decrease in volume and a 1% decrease in gross revenue per load, resulting from changes in the mix of freight, fuel surcharge revenue, and customer rates. Revenue per load excluding fuel surcharge revenue decreased 1% year-over-year.

Operating income increased 12% compared to the prior year period in the third quarter primarily from improved network balance and efficiency improvements associated with the initiative to lower our cost to serve. During the quarter, a more balanced network resulted in fewer empty container moves and drove efficiency throughout our drayage fleet.

Dedicated Contract Services (DCS)

■ Third Quarter 2025 Segment Revenue:

■ Third Quarter 2025 Operating Income:

DCS revenue increased 2% during the current quarter over the same period 2024 driven by a 3% improvement in productivity (revenue per truck per week) partially offset by a 1% decline in average trucks. Productivity excluding fuel surcharge revenue increased 3% from a year ago driven by contracted indexed-based price escalators and a decline in idled equipment. On a net basis, there were 59 fewer revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period and 37 fewer versus the end of the second quarter 2025. Customer retention rates are approximately 95%.

Operating income increased 9% from the prior-year quarter primarily from higher revenue combined with lower equipment-related expenses, execution on the initiative to lower our cost to serve and the maturing of new business onboarded over the trailing twelve months. These items were partially offset by increases in insurance premiums.

Integrated Capacity Solutions (ICS)

■ Third Quarter 2025 Segment Revenue:

■ Third Quarter 2025 Operating (Loss):

ICS revenue declined 1% during the current quarter versus the third quarter 2024. Overall segment volume decreased 8% versus the prior-year period. Revenue per load increased 9% compared to the third quarter 2024 due to increases in both contractual and transactional rates as well as changes in customer mix. Contractual volume represented approximately 63% of the total load volume and 64% of the total revenue in the current quarter compared to 62% and 61%, respectively, in third quarter 2024.

Operating loss was $0.8 million compared to an operating loss of $3.3 million in the third quarter 2024. Operating results improved from the prior-year quarter primarily due to lower personnel-related expenses, reduced technology costs and insurance claims expense. Gross profit decreased 17% as lower gross profit margins more than offset higher revenue per load. Gross profit margins decreased to 15.0% in the current period versus 17.9% in the prior period as the lack of project work in the third quarter this year as compared to the prior year, more than offset the benefits of our disciplined bid strategy and effective sourcing of capacity. ICS carrier base increased 13% year-over-year following declines last year from changes made to carrier qualification requirements to mitigate cargo theft.

Final Mile Services (FMS)

■ Third Quarter 2025 Segment Revenue:

■ Third Quarter 2025 Operating Income:

FMS revenue decreased 5% compared to the same period 2024 primarily driven by general softness in demand across many of the end markets served and a change in mix between our asset and asset-lite businesses within FMS.

Operating income decreased 42% compared to the prior-year period primarily driven by the decline in segment revenue along with higher insurance claims expense as compared to the prior-year period. These items were partially offset by lower personnel-related expenses and progress on the initiative to lower our cost to serve.

Truckload (JBT)

■ Third Quarter 2025 Segment Revenue:

■ Third Quarter 2025 Operating Income:

$7.4 million; down 9%

JBT segment gross revenue increased 10% compared to the same period in the previous year. Segment gross revenue excluding fuel surcharge revenue increased 10% due to a 14% increase in load volume partially offset by a 4% decline in gross revenue per load excluding fuel surcharge revenue. Total average effective trailer count decreased by approximately 480 units, or 4% versus the prior-year period. Trailer turns in the quarter were up 19% from the prior-year period primarily due to higher load volume and better network balance as compared to the third quarter 2024.

JBT segment operating income decreased 9% to $7.4 million versus the third quarter 2024. The decrease in operating income was primarily driven by higher insurance claims expense and equipment-related costs. JBT segment operating income as a percentage of segment gross revenue decreased year-over-year due to the aforementioned items as well as higher third-party capacity costs as a percentage of revenue. JBT continues to leverage the J.B. Hunt 360°® platform to grow capacity and capability for the 360box® service offering. J.B. Hunt’s 360box volume increased 11% versus the third quarter 2024.

Cash Flow and Capitalization:

At September 30, 2025, we had approximately $1.60 billion outstanding on various debt instruments compared to $1.53 billion at September 30, 2024 and $1.48 billion at December 31, 2024.

Our net capital expenditures for the nine months ended September 30, 2025 approximated $490.9 million compared to $488.1 million for the same period 2024. At September 30, 2025, we had cash and cash equivalents of approximately $52 million.

In the third quarter 2025, we purchased approximately 1,600,000 shares of common stock for approximately $230 million. At September 30, 2025, we had approximately $107 million remaining under our share repurchase authorization. Actual shares outstanding at September 30, 2025 approximated 95.2 million.

Conference Call Information:

The company will hold a conference call today from 4:00–5:00 p.m. CDT to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investor.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.

Forward-Looking Statements:

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2024. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available to interested parties on our website, www.jbhunt.com.

About J.B. Hunt

J.B. Hunt’s vision is to create the most efficient transportation network in North America. The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country and third-party capacity through its J.B. Hunt 360°® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment in-between. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.

J.B. Hunt Transport Services Inc. is an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

Three Months Ended September 30

% Of

% Of

Amount

Revenue

Amount

Revenue

Operating revenues, excluding fuel surcharge revenues

$

$

Fuel surcharge revenues

Total operating revenues

%

%

Operating expenses

Rents and purchased transportation

%

%

Salaries, wages and employee benefits

%

%

Depreciation and amortization

%

%

Fuel and fuel taxes

%

%

Operating supplies and expenses

%

%

Insurance and claims

%

%

General and administrative expenses, net of asset dispositions

%

%

Operating taxes and licenses

%

%

Communication and utilities

%

%

Total operating expenses

%

%

Operating income

%

%

Net interest expense

%

%

Earnings before income taxes

%

%

Income taxes

%

%

Net earnings

$

%

$

%

Average diluted shares outstanding

Diluted earnings per share

$

$

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

Nine Months Ended September 30

% Of

% Of

Amount

Revenue

Amount

Revenue

Operating revenues, excluding fuel surcharge revenues

$

$

Fuel surcharge revenues

Total operating revenues

%

%

Operating expenses

Rents and purchased transportation

%

%

Salaries, wages and employee benefits

%

%

Depreciation and amortization

%

%

Fuel and fuel taxes

%

%

Operating supplies and expenses

%

%

Insurance and claims

%

%

General and administrative expenses, net of asset dispositions

%

%

Operating taxes and licenses

%

%

Communication and utilities

%

%

Total operating expenses

%

%

Operating income

%

%

Net interest expense

%

%

Earnings before income taxes

%

%

Income taxes

%

%

Net earnings

$

%

$

%

Average diluted shares outstanding

Diluted earnings per share

$

$

Financial Information By Segment

(in thousands)

(unaudited)

Three Months Ended September 30

% Of

% Of

Amount

Total

Amount

Total

Revenue

Intermodal

$

%

$

%

Dedicated

%

%

Integrated Capacity Solutions

9

%

9

%

Final Mile Services

7

%

7

%

Truckload

6

%

5

%

Subtotal

%

%

Intersegment eliminations

)

(0

%)

)

(0

%)

Consolidated revenue

$

%

$

%

Operating income

Intermodal

$

%

$

%

Dedicated

%

%

Integrated Capacity Solutions

)

(0

%)

)

(1

%)

Final Mile Services

2

%

5

%

Truckload

3

%

3

%

Other (1)

)

(0

%)

)

(0

%)

Operating income

$

%

$

%

Nine Months Ended September 30

% Of

% Of

Amount

Total

Amount

Total

Revenue

Intermodal

$

%

$

%

Dedicated

%

%

Integrated Capacity Solutions

9

%

9

%

Final Mile Services

7

%

8

%

Truckload

6

%

5

%

Subtotal

%

%

Intersegment eliminations

)

(0

%)

)

(0

%)

Consolidated revenue

$

%

$

%

Operating income

Intermodal

$

%

$

%

Dedicated

%

%

Integrated Capacity Solutions

)

(1

%)

)

(5

%)

Final Mile Services

3

%

8

%

Truckload

2

%

1

%

Other (1)

)

(0

%)

)

(0

%)

Operating income

$

%

$

%

(1)

Includes corporate support activity

Operating Statistics by Segment

(unaudited)

Three Months Ended September 30

Intermodal

Loads

Average length of haul

Revenue per load

$

$

Average tractors during the period *

Tractors (end of period) *

Trailing equipment (end of period)

Average effective trailing equipment usage

Dedicated

Loads

Average length of haul

Revenue per truck per week**

$

$

Average trucks during the period***

Trucks (end of period) ***

Trailing equipment (end of period)

Average effective trailing equipment usage

Integrated Capacity Solutions

Loads

Revenue per load

$

$

Gross profit margin

%

%

Employee count (end of period)

Approximate number of third-party carriers (end of period)

Marketplace for J.B. Hunt 360 revenue (millions)

$

$

Final Mile Services

Stops

Average trucks during the period***

Truckload

Loads

Revenue per load

$

$

Average length of haul

Tractors (end of period)

Company-owned

-

Independent contractor

Total tractors

Trailers (end of period)

Average effective trailing equipment usage

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

Operating Statistics by Segment

(unaudited)

Nine Months Ended September 30

Intermodal

Loads

Average length of haul

Revenue per load

$

$

Average tractors during the period *

Tractors (end of period) *

Trailing equipment (end of period)

Average effective trailing equipment usage

Dedicated

Loads

Average length of haul

Revenue per truck per week**

$

$

Average trucks during the period***

Trucks (end of period) ***

Trailing equipment (end of period)

Average effective trailing equipment usage

Integrated Capacity Solutions

Loads

Revenue per load

$

$

Gross profit margin

%

%

Employee count (end of period)

Approximate number of third-party carriers (end of period)

Marketplace for J.B. Hunt 360 revenue (millions)

$

$

Final Mile Services

Stops

Average trucks during the period***

Truckload

Loads

Revenue per load

$

$

Average length of haul

Tractors (end of period)

Company-owned

-

Independent contractor

Total tractors

Trailers (end of period)

Average effective trailing equipment usage

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

$

Accounts Receivable, net

Prepaid expenses and other

Total current assets

Property and equipment

Less accumulated depreciation

Net property and equipment

Other assets, net

$

$

LIABILITIES & STOCKHOLDERS' EQUITY

Current liabilities:

Current debt

$

$

Trade accounts payable

Claims accruals

Accrued payroll

Other accrued expenses

Total current liabilities

Long-term debt

Long-term claims accruals

Other long-term liabilities

Deferred income taxes

Stockholders' equity

$

$

Supplemental Data

(unaudited)

Actual shares outstanding at end of period (000)

Book value per actual share outstanding at end of period

$

$

Nine Months Ended September 30

Net cash provided by operating activities (000)

$

$

Net capital expenditures (000)

$

$