Revenue growth turned positive at 4.6% in 2026Q1, though operating margins remain constrained within a narrow 6.1% to 8.0% range over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 12.13B | 12B | 12.09B | 12.83B | 14.81B | 12.17B | 9.64B | 9.17B | 8.61B | 7.19B | 6.56B | 6.19B | 6.17B | 5.58B | 5.05B | 4.53B | 3.79B | 3.2B | 3.73B | 3.49B | 3.33B | 3.13B | 2.79B | 2.43B | 2.25B | 2.1B | 2.16B | 2.05B | 1.84B | 1.55B | 1.49B |
| Revenue Growth % | 0.58% | -0.73% | -5.79% | -13.4% | 21.74% | 26.27% | 5.14% | 6.39% | 19.82% | 9.67% | 5.94% | 0.36% | 10.4% | 10.48% | 11.67% | 19.33% | 18.42% | -14.16% | 6.94% | 4.87% | 6.4% | 12.27% | 14.49% | 8.26% | 7.03% | -2.78% | 5.64% | 11.05% | 18.49% | 4.54% | 9.95% |
| Cost of Goods Sold | 10.04B | 10.4B | 10.02B | 10.62B | 12.34B | 10.3B | 8.19B | 7.66B | 7.26B | 5.99B | 5.37B | 5.04B | 5.12B | 4.65B | 4.22B | 3.8B | 3.16B | 1.77B | 2.1B | 1.79B | 1.81B | 1.66B | 1.4B | 1.21B | 1.1B | 1.02B | 1.11B | 1.03B | 887.43M | 747.5M | 742.37M |
| COGS % of Revenue | - | 86.69% | 82.93% | 82.77% | 83.31% | 84.63% | 84.95% | 83.57% | 84.22% | 83.32% | 81.91% | 81.48% | 83.11% | 83.32% | 83.45% | 83.99% | 83.38% | 55.34% | 56.2% | 51.15% | 54.45% | 53.01% | 50.23% | 49.9% | 48.76% | 48.51% | 51.26% | 50.13% | 48.19% | 48.09% | 49.93% |
| Gross Profit | 2.1B | 1.6B | 2.06B | 2.21B | 2.47B | 1.87B | 1.45B | 1.51B | 1.36B | 1.2B | 1.19B | 1.15B | 1.04B | 931.48M | 836.78M | 724.54M | 630.49M | 1.43B | 1.63B | 1.7B | 1.52B | 1.47B | 1.39B | 1.22B | 1.15B | 1.08B | 1.05B | 1.02B | 954.17M | 806.8M | 744.38M |
| Gross Margin % | 17.28% | 13.31% | 17.07% | 17.23% | 16.69% | 15.37% | 15.05% | 16.43% | 15.78% | 16.68% | 18.09% | 18.52% | 16.89% | 16.68% | 16.55% | 16.01% | 16.62% | 44.66% | 43.8% | 48.85% | 45.55% | 46.99% | 49.76% | 50.12% | 51.24% | 51.49% | 48.73% | 49.87% | 51.81% | 51.91% | 50.07% |
| Gross Profit Growth % | - | -22.61% | -6.65% | -10.61% | 32.23% | 28.96% | -3.74% | 10.82% | 13.33% | 1.15% | 3.44% | 10.07% | 11.79% | 11.32% | 15.49% | 14.92% | -55.93% | -12.48% | -4.11% | 12.45% | 3.15% | 6.02% | 13.67% | 5.88% | 6.52% | 2.71% | 3.24% | 6.88% | 18.27% | 8.39% | -0.93% |
| Operating Expenses | 1.2B | 731.55M | 1.23B | 1.22B | 1.14B | 824.29M | 736.76M | 772.43M | 678.2M | 575.5M | 464.61M | 430.48M | 409.8M | 354.78M | 306.58M | 280.31M | 282.87M | 1.18B | 1.28B | 1.34B | 1.14B | 1.13B | 1.08B | 1.03B | 1.05B | 1.01B | 989.48M | 945.53M | 852.67M | 763.89M | 684.01M |
| OpEx % of Revenue | - | 6.1% | 10.19% | 9.49% | 7.7% | 6.77% | 7.65% | 8.43% | 7.87% | 8% | 7.09% | 6.96% | 6.65% | 6.35% | 6.06% | 6.19% | 7.46% | 36.92% | 34.2% | 38.28% | 34.36% | 35.99% | 38.63% | 42.47% | 46.75% | 48.05% | 45.8% | 46.23% | 46.3% | 49.15% | 46.01% |
| Selling, General & Admin | 552.45M | 659.99M | 664.01M | 632.59M | 570.19M | 395.53M | 348.08M | 383.98M | 323.59M | 273.44M | 185.44M | 166.8M | 152.47M | 119.77M | 98.51M | 92.01M | 103.47M | 863.98M | 920.22M | 957.96M | 104.81M | 101.2M | 116.26M | 121.72M | 110.02M | 86.02M | 92.07M | 96.6M | 78M | 608.5M | 105.34M |
| SG&A % of Revenue | - | 5.5% | 5.49% | 4.93% | 3.85% | 3.25% | 3.61% | 4.19% | 3.76% | 3.8% | 2.83% | 2.7% | 2.47% | 2.14% | 1.95% | 2.03% | 2.73% | 26.97% | 24.66% | 27.45% | 3.15% | 3.24% | 4.17% | 5% | 4.89% | 4.1% | 4.26% | 4.72% | 4.24% | 39.15% | 7.09% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 71.57M | 567.92M | 584.35M | 570.78M | 428.76M | 388.68M | 388.45M | 354.61M | 302.06M | 279.18M | 263.68M | 257.33M | 235.01M | 208.07M | 188.3M | 179.4M | 318.65M | 355.99M | 377.98M | 1.04B | 1.02B | 960.11M | 911.89M | 940.91M | 923.2M | 897.41M | 848.92M | 774.67M | 155.39M | 578.67M |
| Operating Income | 893.44M | 865.07M | 831.23M | 993.2M | 1.33B | 1.05B | 713.12M | 733.83M | 681.02M | 623.79M | 721.02M | 715.69M | 631.54M | 576.71M | 530.2M | 444.23M | 347.63M | 247.97M | 358.42M | 368.79M | 372.65M | 343.9M | 310M | 186M | 101M | 72.2M | 63.4M | 74.3M | 101.5M | 42.91M | 60.36M |
| Operating Margin % | 7.36% | 7.21% | 6.88% | 7.74% | 8.99% | 8.59% | 7.4% | 8.01% | 7.91% | 8.68% | 11% | 11.57% | 10.24% | 10.33% | 10.49% | 9.81% | 9.16% | 7.74% | 9.6% | 10.57% | 11.2% | 10.99% | 11.13% | 7.64% | 4.49% | 3.44% | 2.93% | 3.63% | 5.51% | 2.76% | 4.06% |
| Operating Income Growth % | - | 4.07% | -16.31% | -25.41% | 27.36% | 46.61% | -2.82% | 7.75% | 9.17% | -13.49% | 0.74% | 13.32% | 9.51% | 8.77% | 19.35% | 27.79% | 40.19% | -30.82% | -2.81% | -1.04% | 8.36% | 10.94% | 66.67% | 84.16% | 39.89% | 13.88% | -14.67% | -26.8% | 136.54% | -28.91% | 182.8% |
| EBITDA | 1.61B | 1.58B | 1.59B | 1.73B | 1.98B | 1.6B | 1.24B | 1.23B | 1.12B | 1.01B | 1.08B | 1.06B | 926.04M | 830.09M | 759.37M | 658.18M | 544.69M | 437.02M | 560.71M | 573.92M | 556.26M | 506.93M | 459.78M | 336.22M | 246.85M | 214.96M | 197.79M | 224.12M | 237.8M | 173.57M | 185.29M |
| EBITDA Margin % | 13.25% | 13.17% | 13.17% | 13.49% | 13.34% | 13.17% | 12.87% | 13.45% | 12.96% | 14.01% | 16.51% | 17.06% | 15.02% | 14.86% | 15.02% | 14.54% | 14.36% | 13.64% | 15.02% | 16.45% | 16.71% | 16.21% | 16.5% | 13.82% | 10.98% | 10.23% | 9.16% | 10.96% | 12.91% | 11.17% | 12.46% |
| EBITDA Growth % | 2.22% | -0.79% | -8.02% | -12.39% | 23.3% | 29.19% | 0.61% | 10.39% | 10.88% | -6.95% | 2.58% | 13.96% | 11.56% | 9.31% | 15.37% | 20.84% | 24.64% | -22.06% | -2.3% | 3.18% | 9.73% | 10.26% | 36.75% | 36.21% | 14.84% | 8.68% | -11.75% | -5.76% | 37.01% | -6.33% | 22.22% |
| D&A (Non-Cash Add-back) | 714.72M | 714.78M | 761.14M | 737.95M | 644.52M | 557.09M | 527.38M | 499.14M | 435.89M | 383.52M | 361.51M | 339.61M | 294.5M | 253.38M | 229.17M | 213.94M | 197.06M | 189.04M | 202.29M | 205.13M | 183.6M | 163.03M | 149.78M | 150.22M | 145.85M | 142.75M | 134.39M | 149.82M | 136.3M | 130.66M | 124.93M |
| EBIT | 857.64M | 865.07M | 838.54M | 1B | 1.33B | 1.05B | 713.61M | 735.58M | 681.25M | 624.02M | 721.09M | 715.78M | 631.63M | 576.78M | 530.2M | 444.24M | 347.7M | 251.5M | 357.57M | 368.57M | 372.65M | 343.9M | -1.14B | -1.09B | 798M | -989.06M | -1.08B | -991.53M | -818.61M | 92.2M | 449.1M |
| Net Interest Income | -70.26M | -70.96M | -71.71M | -58.31M | -50.18M | -45.76M | -47.09M | -52.93M | -40.2M | -28.55M | -25.22M | -25.49M | -26.94M | -23.14M | -25.56M | -28.5M | -27.93M | -27.36M | -34.45M | -42.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 7.31M | 7.62M | 1.07M | 493K | 486K | 1.75M | 224K | 235K | 71K | 86K | 87K | 69K | 1K | 8K | 75K | 70K | 890K | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 70.26M | 70.96M | 79.02M | 65.93M | 51.25M | 46.25M | 47.58M | 54.68M | 40.43M | 28.79M | 25.29M | 25.58M | 27.03M | 23.21M | 25.56M | 28.51M | 28.01M | 27.43M | 35.34M | 43.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -70.26M | -70.96M | -71.71M | -58.31M | -50.18M | -45.76M | -47.09M | -52.93M | -40.2M | -28.55M | -25.22M | -25.49M | -26.94M | -23.14M | -25.56M | -28.5M | -27.93M | -23.9M | -36.18M | -43.74M | -18.34M | -10.27M | -7.98M | -17.73M | -26.15M | -29.12M | -20.96M | -25.22M | -27.16M | -24.51M | -24.69M |
| Pretax Income | 823.18M | 794.11M | 759.52M | 934.89M | 1.28B | 999.77M | 666.02M | 680.89M | 640.82M | 595.24M | 695.8M | 690.2M | 604.6M | 553.57M | 504.64M | 415.73M | 319.69M | 224.07M | 322.24M | 325.05M | 354.31M | 333.63M | 302.28M | 167.73M | 74.85M | 43.08M | 42.44M | 49.08M | 74.34M | 18.33M | 35.67M |
| Pretax Margin % | 6.78% | 6.62% | 6.28% | 7.29% | 8.65% | 8.22% | 6.91% | 7.43% | 7.44% | 8.28% | 10.61% | 11.15% | 9.81% | 9.91% | 9.98% | 9.18% | 8.43% | 6.99% | 8.63% | 9.31% | 10.65% | 10.67% | 10.85% | 6.89% | 3.33% | 2.05% | 1.96% | 2.4% | 4.04% | 1.18% | 2.4% |
| Income Tax | 201.08M | 195.83M | 188.63M | 206.6M | 312.02M | 238.97M | 159.99M | 164.57M | 151.23M | -91.02M | 263.71M | 262.97M | 229.81M | 211.19M | 194.29M | 158.73M | 120.08M | 87.63M | 121.64M | 111.91M | 134.36M | 126.31M | 156.02M | 72.27M | 23.03M | 10.14M | 6.37M | 17.18M | 27.51M | 7M | 13.55M |
| Effective Tax Rate % | 24.43% | 24.66% | 24.84% | 22.1% | 24.35% | 23.9% | 24.02% | 24.17% | 23.6% | -15.29% | 37.9% | 38.1% | 38.01% | 38.15% | 38.5% | 38.18% | 37.56% | 39.11% | 37.75% | 34.43% | 37.92% | 37.86% | 51.62% | 43.09% | 30.77% | 23.53% | 15% | 34.99% | 37% | 38.18% | 38% |
| Net Income | 622.1M | 598.28M | 570.89M | 728.29M | 969.35M | 760.81M | 506.04M | 516.32M | 489.58M | 686.26M | 432.09M | 427.24M | 374.79M | 342.38M | 310.35M | 257.01M | 199.62M | 136.44M | 200.59M | 213.13M | 219.95M | 207.31M | 146M | 96M | 51.82M | 32.9M | 36.1M | 31.9M | 46.8M | 11.4M | 22.11M |
| Net Margin % | 5.13% | 4.99% | 4.72% | 5.68% | 6.54% | 6.25% | 5.25% | 5.63% | 5.68% | 9.55% | 6.59% | 6.9% | 6.08% | 6.13% | 6.14% | 5.68% | 5.26% | 4.26% | 5.38% | 6.11% | 6.61% | 6.63% | 5.24% | 3.94% | 2.31% | 1.57% | 1.67% | 1.56% | 2.54% | 0.73% | 1.49% |
| Net Income Growth % | 10.86% | 4.8% | -21.61% | -24.87% | 27.41% | 50.35% | -1.99% | 5.46% | -28.66% | 58.82% | 1.14% | 13.99% | 9.47% | 10.32% | 20.76% | 28.75% | 46.31% | -31.98% | -5.88% | -3.1% | 6.1% | 41.99% | 52.08% | 85.27% | 57.5% | -8.86% | 13.17% | -31.84% | 310.53% | -48.45% | 1105.23% |
| Net Income (Continuing) | 622.1M | 598.28M | 570.89M | 728.29M | 969.35M | 760.81M | 506.04M | 516.32M | 489.58M | 686.26M | 432.09M | 427.24M | 374.79M | 342.38M | 310.35M | 257.01M | 199.62M | 136.44M | 200.59M | 213.13M | 219.95M | 207.31M | 146M | 96M | 51.82M | 32.95M | 36.08M | 31.91M | 46.84M | 11.4M | 22.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.53 | 6.12 | 5.56 | 6.97 | 9.21 | 7.14 | 4.74 | 4.77 | 4.43 | 6.18 | 3.81 | 3.66 | 3.16 | 2.87 | 2.59 | 2.11 | 1.56 | 1.05 | 1.56 | 1.55 | 1.44 | 1.28 | 0.88 | 0.58 | 0.33 | 0.23 | 0.26 | 0.23 | 0.32 | 0.08 | 0.14 |
| EPS Growth % | 17.24% | 10.07% | -20.23% | -24.32% | 28.99% | 50.63% | -0.63% | 7.67% | -28.32% | 62.2% | 4.1% | 15.82% | 10.1% | 10.81% | 22.75% | 35.26% | 48.57% | -32.69% | 0.65% | 7.64% | 12.5% | 45.45% | 51.72% | 75.76% | 43.48% | -11.54% | 13.04% | -28.13% | 312.9% | -44.64% | 1045.95% |
| EPS (Basic) | - | 6.12 | 5.60 | 7.06 | 9.31 | 7.22 | 4.79 | 4.81 | 4.50 | 6.25 | 3.88 | 3.75 | 3.22 | 2.92 | 2.64 | 2.20 | 1.64 | 1.07 | 1.59 | 1.59 | 1.48 | 1.32 | 0.91 | 0.60 | 0.34 | 0.23 | 0.26 | 0.23 | 0.33 | 0.08 | 0.14 |
| Diluted Shares Outstanding | 95.2M | 97.69M | 102.75M | 104.45M | 105.28M | 106.59M | 106.77M | 108.31M | 110.43M | 111.05M | 113.36M | 116.73M | 118.44M | 119.4M | 120.02M | 121.92M | 127.77M | 129.46M | 128.53M | 137.64M | 152.32M | 162.56M | 165.91M | 165.52M | 157.02M | 143.04M | 141.57M | 141.78M | 146.25M | 147.1M | 151.65M |
| Basic Shares Outstanding | 95.2M | 97.69M | 101.95M | 103.22M | 104.14M | 105.36M | 105.7M | 107.33M | 108.71M | 109.75M | 111.31M | 113.95M | 116.58M | 117.24M | 117.53M | 116.93M | 121.49M | 126.5M | 125.21M | 134.33M | 148.58M | 157.58M | 160.44M | 160M | 152.4M | 143.04M | 141.57M | 141.78M | 142.3M | 147.1M | 151.65M |
| Dividend Payout Ratio | - | 28.59% | 30.75% | 23.88% | 17.2% | 16.36% | 22.57% | 21.66% | 21.45% | 14.77% | 22.91% | 22.79% | 24.97% | 15.42% | 26.88% | 24.22% | 30.01% | 40.82% | 25% | 22.92% | 21.7% | 18.31% | 4.99% | - | - | - | 4.94% | 22.34% | 15.17% | 64.04% | 34.25% |
Intermodal volume and pricing sensitivity
According to the most recent quarterly data, JBHT achieved a 4.6% revenue increase in 2026Q1, marking a pivot from the persistent negative growth trends observed throughout 2024 and early 2025, where year-over-year top-line performance consistently lagged due to broader freight market softness and capacity imbalances.
The return to positive growth suggests that the company may be successfully navigating the trough of the current freight cycle. Investors should monitor whether this acceleration is driven by sustainable volume gains in the intermodal segment or merely reflects a stabilization in fuel surcharge pass-throughs.
As reported in financial statements, the company's gross margin experienced a notable expansion to 28.3% in 2026Q1, a significant departure from the 12.5% to 17.3% range maintained over the preceding eight quarters, indicating potential shifts in service mix or improved operational efficiency within the core fleet.
This sharp margin expansion warrants further investigation to determine if it represents a structural improvement in pricing power or a temporary accounting anomaly. Given the historical sensitivity of JBHT to rail-based purchased transportation costs, maintaining these elevated levels appears challenging in a competitive pricing environment.
Based on JBHT's reported figures, operating margins have hovered between 6.1% and 8.0% over the last ten quarters, suggesting that the company struggles to scale operating income proportionally with gross profit fluctuations, likely due to the high fixed-cost nature of its extensive container and chassis fleet.
The inability to significantly expand operating margins during periods of revenue stability indicates that the company's cost structure remains heavily burdened by asset maintenance and driver-related expenses. This lack of operating leverage may limit earnings upside until volume density reaches a critical threshold.
Analysis of the income statement reveals that despite recent revenue growth, the company's reliance on purchased transportation and the persistent threat of modal shifts to over-the-road trucking suggest that current profitability levels may be vulnerable to continued excess capacity in the broader U.S. freight market.
Short-term margin gains could be quickly eroded if the competitive spread between rail-intermodal and truckload pricing narrows further. Investors should remain cautious regarding the durability of these margins, as the company's asset-heavy model provides limited flexibility to reduce costs during prolonged periods of demand contraction.
Quick answers to the most common questions about buying JBHT stock.
For fiscal year 2025, J.B. Hunt Transport Services, Inc. (JBHT) reported total revenue of $12.00B. This represents a 707.1% increase compared to $1.49B in 1996.
J.B. Hunt Transport Services, Inc. (JBHT) is profitable, generating $598.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.
J.B. Hunt Transport Services, Inc. (JBHT) reported an operating income of $865.1M, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
J.B. Hunt Transport Services, Inc. (JBHT) generated $1.60B in gross profit for the year, representing a gross profit margin of 13.3%. This demonstrates the company's core pricing power and production efficiency.