J.B. Hunt Transport Services, Inc. JBHT

IndustrialsFreight & Logistics ServicesUnited States of America

Last close 221.08 USD on Nov 1, 2026, +14.4% year to date

Quant rating

Quant rating B Rank 183 of 486 in Industrials

Growth C 257 of 486
Valuation B 151 of 486
Quality B 75 of 486
Revisions C 274 of 486
Momentum C 272 of 486

Wall Street consensus Buy (2.20)Average target 279.19 USD +26.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.6B
Enterprise value: 21.7B
52-week range: 157.82 – 299.36
3-year range: 124.73 – 299.36
Dividend yield: 0.81%
Beta (5 years): 1.26
Shares outstanding: 93.2M
Next earnings: Jan 13, 2027

About the company

J.B. Hunt Transport Services, Inc. is a surface transportation, delivery, and logistics company in North America. The Company, through its wholly owned subsidiaries, provides a range of transportation, brokerage, and delivery services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico. It operates through five segments: Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), Final Mile Services (FMS) and Truckload (JBT). JBI segment includes freight that is transported by rail over at least some portion of the movement and also includes certain repositioning truck freight moved by JBI equipment or third-party carriers. DCS segment focuses on private fleet conversion and creation of replenishment and specialized equipment. ICS segment provides non-asset and asset-light transportation solutions to customers through relationships with third-party carriers and integration with Company-owned equipment.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,999	12,087	12,830	14,814	12,168	–
Revenue growth	−0.7%	−5.8%	−13.4%	21.7%	26.3%	4.5%
EPS (basic, normalized)	6.12	5.56	6.97	9.21	7.14	–
EPS growth	10.1%	−20.2%	−24.3%	29.0%	–	–
Gross margin	19.3%	19.3%	19.0%	17.6%	16.9%	18.4%
Net margin	5.0%	4.7%	5.7%	6.5%	6.3%	5.6%
ROE	15.8%	14.1%	18.7%	28.6%	26.6%	20.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	3.8
Current ratio	1.23x
Long-term debt (mil)	1,124
Net debt (mil)	1,120
Total equity (mil)	3,634
Net debt / equity	0.31x
Net debt / EBITDA	0.71x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	11,999	−0.7%	1.8x	1,580	−1.2%	13.8x	6.12	+10.1%	36.1x
2026	13,961	+16.4%	1.6x	1,723	+9.1%	12.6x	7.25	+18.5%	30.5x
2027	15,414	+10.4%	1.4x	2,055	+19.2%	10.6x	9.84	+35.6%	22.5x
2028	16,696	+8.3%	1.3x	2,306	+12.2%	9.4x	11.92	+21.2%	18.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,961	+1.8%	+2.1%	+8.2%	7.25	−4.6%	−7.3%	−1.0%
2027	15,414	+2.9%	+3.4%	+11.8%	9.84	−1.6%	−2.8%	+9.0%
2028	16,696	+3.9%	+4.6%	+14.8%	11.92	+0.5%	−1.0%	+16.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	2,929	3,068	3,146	2,921	2,928	3,053	3,097	3,056	3,495	3,677
Sales mean (mil)	3,043	3,018	3,147	2,903	2,924	3,025	3,099	2,940	3,257	3,567
Surprise	−3.8%	+1.7%	0.0%	+0.6%	+0.2%	+0.9%	−0.1%	+4.0%	+7.3%	+3.1%
EPS reported	1.32	1.49	1.53	1.17	1.31	1.76	1.90	1.49	1.91	1.82
EPS mean	1.52	1.41	1.61	1.15	1.32	1.46	1.81	1.44	1.74	1.89
Surprise	−12.9%	+5.7%	−5.1%	+1.5%	−0.7%	+20.1%	+4.8%	+3.4%	+10.0%	−3.5%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
JBHT J.B. Hunt Transport Services, Inc.	20.6B	0.71x	5.0%	5.67x	30.5x	22.5x	12.6x	10.6x
UNP Union Pacific Corporation	180.7B	2.19x	29.1%	8.20x	23.1x	21.1x	15.2x	14.1x
CP Canadian Pacific Kansas City Limited	78.0B	3.28x	27.5%	2.38x	24.5x	21.3x	16.4x	14.9x
CNR Canadian National Railway Co	74.8B	2.56x	27.3%	4.77x	21.2x	19.3x	13.9x	13.1x
CSX CSX Corporation	95.8B	2.70x	20.5%	6.67x	25.3x	22.2x	15.3x	14.0x
UPS United Parcel Service Inc	92.1B	1.60x	6.3%	6.11x	14.9x	13.4x	8.9x	8.2x
Mean		2.17x	19.3%	5.64x	23.2x	20.0x	13.7x	12.5x
Median		2.38x	23.9%	5.89x	23.8x	21.2x	14.6x	13.6x

Technical analysis

1M−2.2%
3M−20.2%
1Y+33.8%
3Y+37.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, J.B. Hunt Transport Services, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	11,999	12,087	12,830	14,814	12,168	9,637
Cost of revenue	9,688	9,758	10,391	12,200	10,111	7,994
Gross profit	2,311	2,329	2,439	2,614	2,058	1,643
Selling, general & administrative expenses	325	350	317	251	230	214
Research & development	–	–	–	–	–	–
Depreciation/amortization	715	761	738	645	557	527
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	0.9	–	–
Other operating expenses	406	386	391	386	225	189
Operating income	865	831	993	1,332	1,046	713
Net interest income (expense)	−71.0	−71.7	−58.3	−50.2	−45.8	−47.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	794	760	935	1,281	1,000	666
Provision for taxes	196	189	207	312	239	160
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	598	571	728	969	761	506
Extraordinary items	–	–	–	–	–	–
Net income	598	571	728	969	761	506
EBIT, normalized	865	831	993	1,332	1,046	713
EBITDA, normalized	1,580	1,592	1,731	1,977	1,603	1,240
Basic EPS, normalized	6.12	5.56	6.97	9.21	7.14	–

Balance sheet in millions of USD, fiscal years

Balance sheet, J.B. Hunt Transport Services, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	17.3	47.0	53.3	51.9	356	313
Receivables	1,360	1,482	1,690	1,859	1,723	1,310
Total inventory	42.2	41.7	42.2	40.6	25.0	23.8
Prepaid expenses	185	200	300	260	210	195
Other current assets	0	0	0	0	0	0
Total current assets	1,604	1,771	2,085	2,212	2,313	1,842
Property, plant & equipment	5,787	6,038	6,124	5,290	4,251	3,826
Goodwill	134	134	134	120	101	105
Intangibles	76.3	96.9	134	116	90.6	107
Long-term investments	36.3	33.9	31.6	25.1	26.0	23.1
Note receivable	–	–	–	–	–	–
Other long-term assets	289	238	29.7	23.6	12.6	25.3
Total assets	7,927	8,312	8,538	7,787	6,794	5,928
Liabilities
Accounts payable	656	646	737	799	773	588
Payable/accrued	–	–	–	–	–	–
Accrued expenses	580	532	792	769	601	497
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	700	500	250	0	356	0
Other current liabilities	0	0	0	0	0	0
Total current liabilities	1,935	1,678	1,779	1,568	1,730	1,085
Long-term debt	767	978	1,326	1,262	945	1,305
Minority interest	–	–	–	–	–	–
Other liabilities	1,660	1,642	1,329	1,290	1,002	938
Total liabilities	4,362	4,298	4,435	4,120	3,677	3,328
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	1.7	1.7	1.7	1.7	1.7	1.7
Additional paid-in capital	627	584	549	500	448	408
Retained earnings (accumulated deficit)	7,801	7,373	6,978	6,424	5,621	4,985
Treasury stock	−4,865	−3,945	−3,425	−3,259	−2,953	−2,795
Other equity	0	0	0	0	0	0
Total equity	3,565	4,015	4,104	3,667	3,118	2,600
Total liabilities & shareholders' equity	7,927	8,312	8,538	7,787	6,794	5,928

Cash flow statement in millions of USD, fiscal years

Cash flow statement, J.B. Hunt Transport Services, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	598	571	728	969	761	506
Depreciation, depletion & amortization	715	761	738	645	557	527
Deferred taxes	12.1	−89.8	15.7	175	53.4	−7.1
Non-cash items	181	180	205	136	122	111
Changes in working capital	172	60.6	58.0	−148	−270	−14.6
Cash from operations	1,678	1,483	1,745	1,777	1,224	1,123
Investing activities
Capital expenditures	−731	−865	−1,862	−1,541	−948	−739
Other investing cash flows	156	202	177	−9.3	70.5	126
Cash from investing	−575	−664	−1,685	−1,550	−877	−613
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−171	−176	−174	−167	−124	−114
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−962	−650	116	−364	−180	−117
Cash from financing	−1,133	−826	−58.0	−530	−305	−232
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−29.7	−6.4	1.4	−304	42.2	278
Free cash flow	948	618	−118	236	276	384

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.