J.B. Hunt 2Q earnings to be flat, analysts say

Lowell-based carrier J.B. Hunt Transport Services Inc. is expected to post flat earnings and slightly lower revenue in the second quarter compared to the same period in 2024, according to analysts.

After the markets close Tuesday (July 15), J.B. Hunt is expected to report second-quarter earnings of $1.32 per share, flat from the same period in 2024, based on a consensus of 20 analysts. Revenue is projected to fall by 0.11% to $2.93 billion.

In an earnings preview, analyst Daniel Imbro, senior associates Brady Lierz and Joe Enderlin, and associate Reed Seay, all of Little Rock-based Stephens Inc., said they increased their intermodal volume estimate for the second quarter; however, this was more than offset by the decrease in the dedicated segment estimate. The lower revenue per truck per week reflected a “more modest truckload environment and a higher tax rate (now modeling 27%).”

Still, “investor conversations suggest that a volume beat is expected, but there are mixed (earnings per share) expectations given the margin volatility in recent quarters,” the analysts said. “We anticipate more focus will be on the intermodal margin (we expect modest sequential improvement) and on the other segments beginning to improve (second quarter should be the dedicated trough), as these will drive 2026 estimates more meaningfully.”

Analysts said “intermodal trends have performed better than feared at the start of the second quarter. Demand has proven more resilient despite the Liberation Day tariffs, and pricing has remained flat to slightly better (year-over-year, which is better than the past couple of years). We believe pricing continues to be flat to slightly positive for (J.B. Hunt), with the company able to get more price on headhaul lanes that have stronger demand.”

Bid season for the intermodal segment is expected to end this month, with pricing “locked in at this flat to slightly above 2024 levels,” analysts said. The intermodal segment is the company’s largest, accounting for about half of the carrier’s revenue and operating income.

Following is a second-quarter preview by segment, according to Stephens analysts.

• Intermodal
Volumes are projected to rise by 5.5% from the same period in 2024, as weekly carload data shows stronger demand. The revenue per shipment estimate slightly increased as prices have been better than expected despite mixed headwinds. Operating margin is projected to be 6.5%.

• Dedicated
The market remains competitive, but J.B. Hunt has continued to win business because of its service offering, which has been more than offset by business churn. The churn has moderated, however. The pricing estimate was slightly lowered to reflect both new and existing pricing. Operating margin is expected to be 10.6%.

• Brokerage
Operating loss is expected to be $2.3 million, which is better than previously expected ($4.4 million), reflecting cost-cutting measures taken by the company. Churn continues, and the company looks to replace lost volume with small and medium business customers. Analysts expect this to be “a tedious process” but the “right thing for the business long term.”

• Final Mile Services
Demand remains soft, with revenue expected to fall by 13.5% year-over-year, “as big ticket items continue to be soft after COVID and consumers delaying purchases where possible,” analysts said. “Big ticket (items) like furniture and exercise equipment are particularly weak as most are discretionary purchases, while things like appliances have been relatively more steady.”

Shares of J.B. Hunt (NASDAQ: JBHT) were trading Wednesday at $153.15, up 10 cents or 0.06%. In the past 52 weeks, the stock has ranged between $122.79 and $200.40.