J.B. Hunt posts mixed 3Q results, beats analyst expectations

J.B. Hunt Transport Services Inc., a Lowell-based transportation services provider, saw net income rise by 12.35% but revenue fall narrowly in the third quarter. The company’s previous net income increase was in the fourth quarter of 2024.

Still, the third-quarter results exceeded analyst expectations, leading to a double-digit increase in the after-hours share price.

After the markets closed Wednesday (Oct. 15), J.B. Hunt reported net income of $170.84 million, or $1.76 per share, in the third quarter from $152.06 million, or $1.49 per share, in the same period last year. Revenue fell by 0.5% to $3.05 billion from $3.06 billion.

J.B. Hunt beat earnings expectations of $1.46 per share, based on a consensus of 22 analysts. It also beat revenue projections of $3.02 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 beat to better-than-expected results in J.B. Hunt’s intermodal and dedicated segments. J.B. Hunt’s brokerage segment continues to improve and was near “break-even in the quarter, though loads remain pressured (down 8% year-over-year).”

“I’m proud of our people for their hard work to deliver this improved financial performance,” said Shelley Simpson, president and CEO of J.B. Hunt. “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.”

During the earnings call, Chief Financial Officer Brad Delco discussed the company’s $100 million cost-cutting initiative, announced in the previous quarter, and noted that more than $20 million in structural costs had been cut from the business in the third quarter. Delco said the company is expected to see the majority of the impact from the initiative next year.

“We’re off to a good start,” Delco said. “Our hope is, while we’ve had tremendous headwinds in this industry, at some point the headwinds will turn to tailwinds. And I think…it’ll make the work we’re doing look even stronger.”

Through the first three quarters of 2025, earnings rose by 0.4% to $417.21 million, or $4.24 per share, from $415.43 million, or $4.03 per share, in the same period last year. Revenue decreased by 0.4% to $8.9 billion from $8.94 billion.

Shares of J.B. Hunt (NASDAQ: JBHT) closed Wednesday at $138.83, down 54 cents or 0.39%. The after-hours price was $156.00, up $17.17 or 12.37%. In the past 52 weeks, the stock has ranged between $122.79 and $200.40.

Following are third-quarter results by segment compared to the same period in 2024.
Intermodal
Operating income rose to $125.00 million from $111.78 million. Revenue fell to $1.52 billion from $1.55 billion. The segment accounts for 52% of the company’s operating income and half of the company’s total revenue.

Dedicated
Operating income increased to $104.28 million from $95.51 million. Revenue increased to $864.11 million from $845.96 million. The segment comprises 43% of the company’s operating income and 28% of the company’s revenue.

Brokerage
The segment posted an operating loss of $752,000 compared with an operating loss of $3.25 million. Revenue fell to $276.34 million from $278.17 million.

Final Mile Services
Operating income declined to $6.91 million from $12.02 million. Revenue fell to $206.48 million from $218.31 million.

Truckload
Operating income declined to $7.43 million from $8.15 million. Revenue increased to $189.74 million from $173.22 million.

BROADER TRENDS
According to the newest Cass Transportation Index Report, the shipments component of the Cass Freight Index fell by 5.4% in September from the same month in 2024. The expenditures component of the index increased by 2.2% in September from the same month last year.

Compared to August 2025, shipments increased by 2.5% and expenditures increased by 5.1%.

For the second consecutive month, truckload volumes rose slightly while less-than-truckload volumes fell, according to the report. The less-than-truckload declines reflect the ongoing availability of truckload capacity, where low rates lead shippers to consolidate less-than-truckload shipments into truckload shipments, as well as private fleet insourcing.

The positive truckload volumes “may be temporary, as pre-tariff shipping may lead to more air pockets in demand,” the report shows. “Just as we correctly expected tariff reprieves to support a recovery in September volumes, we also expect tariffs to result in volume declines and additional softness as price increases reduce affordability and impact spending.”