J.B. Hunt sees mixed results in Q4, for 2025

J.B. Hunt Transport Services Inc., a Lowell-based transportation services provider, posted earnings increases in the fourth quarter and for 2025, while revenue declined in the period and for the year.

After the markets closed Thursday (Jan. 15), the company reported earnings rose by 16.5% to $181.07 million, or $1.90 per share, in the fourth quarter from $155.45 million, or $1.53 per share, in the same period in 2024. Revenue fell by 1.6% to $3.09 billion from $3.14 billion.

J.B. Hunt beat the earnings estimate of $1.81 per share, based on a consensus of 22 analysts. The company missed the revenue estimate of $3.12 billion.

For 2025, earnings rose by 4.8% to $598.28 million, or $6.12 per share, from $570.88 million, or $5.56 per share, in 2024. Revenue fell by 0.7% to $11.99 billion from $12.08 billion.

For the year, J.B. Hunt beat the earnings estimate of $6.04 per share, based on a consensus of 24 analysts. It missed the revenue estimate of $12.02 billion.

In an earnings report, analysts Brady Lierz and Reed Seay and senior associate Joe Enderlin, all of Little Rock-based Stephens Inc., attributed the earnings beat to better-than-expected intermodal results, partially offset by weaker dedicated segment results. Intermodal volumes fell 1.6% year over year, compared with analysts’ expectations of a 3% decline. Revenue per load fell 2%, below analysts’ expectations of a 0.5% year-over-year decline. The dedicated segment’s average truck count fell from the third quarter, but margins of 11.7% were 0.2 percentage points higher than analysts’ expectations. The brokerage segment’s loads rose 17% from the third quarter, but gross margin fell 2.6 percentage points because of tighter market conditions.

“Our team finished the year with another quarter of strong execution and financial results,” said Shelley Simpson, president and CEO. “We have momentum with our operational excellence that is setting us apart with customers. We achieved a record year in safety for the third consecutive year and remain focused on improving our financial performance to drive long-term value for our company and our shareholders.”

On the earnings call, Simpson said the “freight market feels fragile” as 2026 begins. “Capacity continues to exit the truckload market, and we are testing the elasticity of supply. Regardless of the market environment, we continue to manage our business to put us in the best position for long-term growth.”

Nick Hobbs, chief operating officer and president of highway and final mile services, said truckload capacity tightened before Thanksgiving and has remained tight. He attributed the tightness to higher levels of regulatory enforcement.

Hobbs added that the loss of some legacy appliance-related business in the final mile segment in 2026 is expected to contribute to a roughly $90 million revenue headwind for the year. The segment is working to add new business to offset this.

Chief Financial Officer Brad Delco said the company invested $923 million toward share repurchasing in 2025, the largest annual amount in the company’s history. He also discussed the company’s $100 million cost-cutting initiative, announced in mid-2025. He said more than $25 million in costs had been cut from the business in the fourth quarter, up from $20 million in the third quarter. This puts the company on track to save $100 million in a year.

Shares of J.B. Hunt (NASDAQ: JBHT) hit a 52-week high Thursday at $208.76 before closing at $206.52, up 71 cents or 0.34%. Over the past 52 weeks, the stock has traded between $122.79 and $208.76.

Following is a segment comparison of the fourth quarter to the same period in 2024.
Intermodal
Operating income increased to $135.45 million from $116.95 million. The segment comprised 55% of J.B. Hunt’s total operating income, down from 56%. Revenue fell to $1.54 billion from $1.59 billion. The segment comprised half of J.B. Hunt’s total revenue, down from 51%.

Dedicated
Operating income rose to $98.36 million from $90.30 million. The segment comprised 40% of the company’s total operating income, down from 44%. Revenue increased to $842.89 million from $838.52 million. The segment accounted for 27% of J.B. Hunt’s total revenue, flat with the same period in 2024.

Brokerage
The segment had an operating loss of $3.34 million, compared to an operating loss of $21.81 million.
Revenue declined to $304.58 million from $307.63 million. The segment accounted for 10% of J.B. Hunt’s total revenue, flat with the same period in 2024.

Final Mile Services
Operating income fell to $7.49 million from $13.17 million. The segment comprised 3% of the company’s total operating income, down from 6%. Revenue decreased to $205.77 million from $227.54 million. The segment accounted for 7% of J.B. Hunt’s total revenue, flat with the same period in 2024.

Truckload
Operating income declined to $8.41 million from $8.55 million. The segment comprised 3% of the company’s total operating income, down from 5%. Revenue rose to $200.30 million from $181.95 million. The segment accounted for 6% of J.B. Hunt’s total revenue, up from 5%.