Hunt J B Transport Services Inc 10-K for FY2025
Hunt J B Transport Services Inc (JBHT)
About this 10-K
Hunt J B Transport Services Inc filed this 10-K on February 24, 2026, covering the fiscal year ended December 31, 2025 (FY2025).
Headline figures
Fiscal year ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $12B
- down 0.7% from $12.09B a year earlier
- Net income
- $598.28M
- up 4.8% from net income of $570.89M a year earlier
- Diluted EPS
- $6.12
- up 10.1% from $5.56 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
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Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.
Yes ☐
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) . ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
The aggregate market value of 76,137,783 shares of the registrant’s $0.01 par value common stock held by non-affiliates as of June 30, 2025, was $
As of February 17, 2026, the number of outstanding shares of the registrant’s common stock was
DOCUMENTS INCORPORATED BY REFERENCE
Certain portions of the Notice and Proxy Statement for the Annual Meeting of Shareholders, to be held April 23, 2026, are incorporated by reference in Part III of this Form 10-K.
J.B. HUNT TRANSPORT SERVICES, INC.
Form 10-K
For The Fiscal Year Ended December 31, 2025
Table of Contents
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PART I |
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Item 1. |
Business |
2 |
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Item 1A. |
Risk Factors |
8 |
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Item 1B. |
Unresolved Staff Comments |
12 |
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Item 1C. |
Cybersecurity |
12 |
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Item 2. |
Properties |
14 |
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Item 3. |
Legal Proceedings |
15 |
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Item 4. |
Mine Safety Disclosures |
15 |
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PART II |
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Item 5. |
Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities |
15 |
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Item 6. |
[Reserved] |
17 |
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Item 7. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
17 |
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Item 7A. |
Quantitative and Qualitative Disclosures About Market Risk |
25 |
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Item 8. |
Financial Statements and Supplementary Data |
26 |
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Item 9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
26 |
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Item 9A. |
Controls and Procedures |
26 |
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Item 9B. |
Other Information |
27 |
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Item 9C. |
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections |
27 |
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PART III |
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Item 10. |
Directors, Executive Officers and Corporate Governance |
27 |
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Item 11. |
Executive Compensation |
27 |
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Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters |
28 |
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Item 13. |
Certain Relationships and Related Transactions, and Director Independence |
28 |
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Item 14. |
Principal Accounting Fees and Services |
28 |
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PART IV |
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Item 15. |
Exhibits, Financial Statement Schedules |
29 |
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Signatures |
32 |
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FORWARD-LOOKING STATEMENTS
This report, including documents which are incorporated by reference and other documents which we file periodically with the Securities and Exchange Commission (SEC), contains statements that may be considered to be “forward-looking statements.” Such statements relate to our predictions concerning future events or operations and are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When we use words like “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “goals,” “strategy,” “future,” “predict,” “seek,” “estimate,” “likely,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements are inherently uncertain, subject to risks, and should be viewed with caution. These statements are based on our belief or interpretation of information currently available. Shareholders and prospective investors are cautioned that actual results and future events may differ materially from these forward-looking statements as a result of many factors. Some of the factors and events that are not within our control and that could have a material impact on future operating results include the following: general economic and business conditions; competition and competitive rate fluctuations; excess capacity in the intermodal or trucking industries; a loss of one or more major customers; cost and availability of diesel fuel; interference with or termination of our relationships with certain railroads; rail service delays; disruptions to U.S. port-of-call activity; ability to attract and retain qualified drivers, delivery personnel, independent contractors, and third-party carriers; retention of key employees; insurance costs and availability; litigation and claims expense; determination that independent contractors are employees; new or different environmental or other laws and regulations; volatile financial credit markets or interest rates; changes in border or trade policies, including tariffs; terrorist attacks or actions; acts of war; political instability; adverse weather conditions; disruption or failure of information systems due to cybersecurity threats or other incidents; inability to keep pace with technological advances affecting our business and our information technology platforms; potential business or operational disruptions resulting from the effects of a national or international health pandemic; operational disruption or adverse effects of business acquisitions; increased costs for and availability of new revenue equipment; disruptions in the procurement of domestic or imported revenue equipment; decreases in the value of used equipment; and the ability of revenue equipment manufacturers to perform in accordance with agreements for guaranteed equipment trade-in values.
You should understand that many important factors that are not within our control, in addition to those listed above, could impact us operationally and financially. Our future financial and operating results may fluctuate as a result of these and other risk factors or events as described in our filings with the SEC. Some important factors that could cause our future results to differ from estimates or projections contained in the forward-looking statements are described under “Risk Factors” in Item 1A. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason.
PART I
ITEM 1. BUSINESS
OVERVIEW
We are one of the largest surface transportation, delivery, and logistics companies in North America. J.B. Hunt Transport Services, Inc. is a publicly held holding company that, through our wholly owned subsidiaries, provides a wide range of reliable transportation, brokerage, and delivery services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico. Unless otherwise indicated by the context, “we,” “us,” “our,” the “Company”, and “JBHT” refer to J.B. Hunt Transport Services, Inc. and its consolidated subsidiaries. We were incorporated in Arkansas on August 10, 1961, and have been a publicly held company since our initial public offering in 1983. Our service offerings include transportation of full-truckload containerized freight, which we directly transport utilizing our company-controlled revenue equipment and company drivers, independent contractors or third-party carriers. We have arrangements with most of the major North American rail carriers to transport freight in containers or trailers, while we perform the majority of the pickup and delivery services. We also provide customized freight movement, revenue equipment, labor, systems, and delivery services that are tailored to meet individual customers’ requirements and typically involve long-term contracts. These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, freight handling, specialized equipment, and freight network design. In addition, we provide or arrange for local and home delivery services, generally referred to as last-mile delivery services, to customers through a network of cross-dock and other delivery system locations throughout the continental United States. Utilizing thousands of reliable third-party carriers, we also provide comprehensive freight transportation brokerage and logistics services. In addition to dry-van, full-load operations, we also arrange for these unrelated outside carriers to provide flatbed, refrigerated, less-than-truckload (LTL), and other specialized equipment, drivers, and services. Also, we utilize contracted power units to provide traditional over-the-road full truckload delivery services. Our customers, who include many Fortune 500 companies, have extremely diverse businesses. Many of them are served by J.B. Hunt 360°®, an online platform that offers shippers and carriers greater access, visibility and transparency of the supply chain.
We believe our ability to offer multiple services, utilizing our existing lines of business and a full complement of logistics services through third parties, represents a competitive advantage. We report our operating results for these services using five reporting segments: Intermodal (JBI), Dedicated Contract Services® (DCS®), Integrated Capacity Solutions (ICS), Final Mile Services® (FMS) and Truckload (JBT). Our business usually involves slightly higher freight volumes in August through early November. Meanwhile, DCS and FMS are subject to less seasonal variation than our other segments.
Additional general information about us is available at jbhunt.com. We make a number of reports and other information available free of charge on our website, including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. Our website also contains corporate governance guidelines, our code of ethics, our whistleblower policy, Board committee charters, and other corporate policies. The information on our website is not, and shall not be deemed to be, a part of this annual report on Form 10-K or incorporated into any other filings we make with the SEC.
OUR VISION, MISSION AND STRATEGY
Our Vision: To create the most efficient transportation network in North America.
Our Mission: Driving long-term value for our people, customers and shareholders.
We forge long-term relationships with key customers that include supply chain management as an integral part of their strategies. Working in concert, we strive to drive out excess cost, add value and function as an extension of their enterprises. Our strategy is based on utilizing an integrated, multimodal approach to provide capacity-oriented solutions centered on delivering customer value and industry-leading service. We believe our unique operating strategy can add value to customers and increase our profits and returns to shareholders.
We continually analyze opportunities for additional capital investment and where management’s resources should be focused to provide more benefits to our customers. These actions should, in turn, yield increasing returns to our shareholders.
Increasingly, our customers are seeking energy-efficient transportation solutions to reduce both cost and greenhouse-gas emissions. Our Company’s vision, to create the most efficient transportation network in North America, focuses on delivering both for our customers across all of our business segments. We seek to accomplish this by maintaining a modern fleet to maximize fuel efficiency, converting loads from truck to rail with our intermodal service, and introducing technologies to optimize freight flows in the supply chain by eliminating waste. Additionally, we continue to test and explore the usage of alternative fuel vehicles. Efforts to improve fleet fuel efficiency and reduce greenhouse gas emissions are ongoing. We were named to the Dow Jones Best-In-Class North America Index in February 2025, which demonstrates our company’s progress toward reducing our environmental impact and enhancing the value we create for our employees, customers, and communities. This index represents the top 20% of North America’s largest 600 companies in the S&P Global Brand Marketing Index based on long-term economic, environmental and social criteria. We are the only road transportation company to make the Dow Jones Best-in-Class North America Index and are one of just five companies in the overall transportation industry group.
As always, we continue to ingrain safety into our corporate culture and strive to conduct all of our operations as safely as possible.
OPERATING SEGMENTS
Segment information is also included in Note 13 to our Consolidated Financial Statements.
JBI Segment
The transportation service offerings of our JBI segment utilize arrangements with most major North American rail carriers to provide intermodal freight solutions for our customers throughout the continental United States, Canada, and Mexico. Our JBI segment began operations in 1989, forming a unique partnership with what is now the BNSF Railway Company (BNSF); this was a watershed event in the industry and the first agreement that linked major rail and truckload carriers in a joint service environment. Throughout the years that followed, JBI established multiple agreements with other Class I railroads. JBI draws on the intermodal services of these rail carriers for the underlying linehaul movement of its equipment between rail ramps. The origin and destination pickup and delivery services (drayage) are handled by our company-owned tractors for the majority of our intermodal loads, while third-party dray carriers are used where economical. By performing our own drayage services, we are able to provide a cost-competitive, seamless coordination of the combined rail and dray movements for our customers.
At December 31, 2025, JBI operated 124,838 pieces of company-owned trailing equipment systemwide. The fleet primarily consists of 53-foot, high-cube containers and is designed to take advantage of intermodal double-stack economics and superior ride quality. We own and maintain our own chassis fleet, consisting of 104,474 units at December 31, 2025. The containers and chassis are uniquely designed so that they may only be paired together for optimal productivity, which we feel creates an operational competitive advantage. At December 31, 2025, JBI also managed a fleet of 5,880 company-owned tractors and contracted 308 independent contractor trucks and had 8,704 total employees, including 7,606 company drivers and four delivery and material assistants. Revenue for the JBI segment in 2025 was $5.98 billion.
DCS Segment
DCS focuses on private fleet conversion and creation in replenishment and specialized equipment. We specialize in the design, development, and execution of supply chain solutions that support a variety of transportation networks. Contracts with our customers are long-term, ranging from three to 10 years, with the average being approximately five years. Pricing of our contracts typically involves cost-plus arrangements, with our fixed costs being recovered regardless of equipment utilization, but is customized based on the amount of invested capital and the duration of the contract.
At December 31, 2025, this segment operated 11,878 company-owned trucks and 761 customer-owned trucks. DCS also operated 26,767 owned pieces of trailing equipment and 5,218 customer-owned trailers. The DCS segment employed 15,131 people, including 12,835 drivers and 43 delivery and material assistants, at December 31, 2025. DCS revenue for 2025 was $3.38 billion.
ICS Segment
ICS provides traditional freight brokerage and transportation logistics solutions to customers through relationships with thousands of third-party carriers and integration with our owned equipment within other segments. By leveraging the J.B. Hunt brand, systems, and network, we provide a broader service offering to customers by providing flatbed, refrigerated, and expedited, as well as a variety of dry-van and intermodal solutions. Furthermore, we offer an online multimodal marketplace via J.B. Hunt 360 that helps shippers and carriers match the right load with the right carrier. ICS also provides the majority of our single-source logistics management services for customers desiring to outsource their transportation functions and utilize our proven supply chain technology and design expertise to improve efficiency. ICS operates multiple remote sales offices or branches, as well as on-site logistics personnel working in direct contact with customers.
At December 31, 2025, the ICS segment employed 575 people, with approximately 126,000 available third-party carriers. ICS revenue for 2025 was $1.11 billion.
FMS Segment
FMS provides last-mile delivery services to customers through a network of cross-dock and other delivery system locations. FMS provides both asset and non-asset (brokerage) big and bulky delivery and installation services, as well as fulfillment, retail-pooling distributions, and LTL services. FMS contracts with customers range from one to five years, with the average being approximately three years.
At December 31, 2025, this segment operated 1,085 company-owned trucks, 169 customer-owned trucks, and 39 independent contractor trucks. FMS also operated 1,091 owned pieces of trailing equipment and 98 customer-owned trailers. The FMS segment employed 2,271 people, including 1,113 drivers and 294 delivery and material assistants, at December 31, 2025. FMS revenue for 2025 was $824 million.
JBT Segment
The service offering in this segment is full-load, dry-van freight, utilizing tractors and trailers operating over roads and highways. JBT offers these services through our J.B. Hunt 360box® program which utilizes our J.B. Hunt 360 platform to access capacity and offer efficient drop trailer solutions to our customers. We typically pick up freight at the dock or specified location of the shipper and transport the load directly to the location of the consignee. We use independent contractors or third-party carriers who agree to transport freight in our trailers as well as available company-owned tractors and employee drivers.
At December 31, 2025, the JBT segment operated 12,658 company-owned trailers and employed 276 people. At December 31, 2025, we had 2,003 independent contractors operating in the JBT segment. JBT revenue for 2025 was $734 million.
Marketing and Operations
We transport, or arrange for the transportation of, a wide range of freight, including general merchandise, specialty consumer items, appliances, home furnishings, forest and paper products, rubber and plastic products, food and beverages, building materials, apparel and accessories, soaps and cosmetics, automotive parts, agricultural products, electronics, and chemicals. Our customer base includes a large number of Fortune 500 companies. We provide many transportation services that meet the supply chain logistics needs of shippers.
We generally market all of our service offerings through a nationwide sales and marketing network. We use specific sales forces in DCS and FMS due to the length, complexity, and specialization of the sales cycle. In addition to our sales teams, J.B. Hunt 360 offers instant access to a wide array of technology-driven solutions for customers and carriers. Through the platform, businesses of all sizes can quote and book shipments, view analytics, and gain visibility into freight movement. In accordance with our typical arrangements, we bill the customer for all services, and we, in turn, pay all third parties for their portion of transportation services provided.
Human Capital Resources
General
Despite operating over 190,000 pieces of transportation equipment, our single greatest asset and one of the factors differentiating us from our competitors is our service-oriented people. We strive to provide a supportive and safe work environment for our employees, where their innovative ideas can be fostered to solve problems and provide value-added services for our customers. We put forth our best effort to support initiatives that benefit our people and reflect our company values of integrity, respect, innovation, safety, and excellence.
As of December 31, 2025, we had 31,750 employees, which consisted of 21,554 company drivers, 8,481 office personnel, 1,374 maintenance technicians, and 341 delivery and material assistants. We also had arrangements with 2,350 independent contractors to transport freight in our trailing equipment. None of our employees are represented by unions or covered by collective bargaining agreements.
In managing the Company’s business, our executive leadership focuses on investments in our employees across the dimensions of culture, career, and wellness designed to increase talent attraction, development, and retention. These include but are not limited to competitive compensation and benefits, paid time off, employee retirement plans, bonus and other incentive compensation plans, modern equipment and support, employee listening programs connecting feedback with business action, leadership development, recognition, and various other programs to benefit employees and their families.
Culture and Inclusion
We work to foster a culture where all employees feel welcomed, valued, respected, safe, and heard, and where the actions of our people reflect our company values.
We measure ourselves through listening to our employees in surveys, focus groups, and town hall meetings with leadership. We use data and ideas from those activities to drive action in support of our leaders and teams. We also facilitate ideation from all employees through our process improvement platform, ELEVATION, where anyone can submit an idea to make the company better.
In addition, our Employee Resource Groups (ERGs), Inclusion Office, and Inclusion Council work together to further a culture of inclusivity. The Company’s seven ERGs are open to all of our employees and offer opportunities for community and networking.
Career and Opportunity
Providing career opportunities for our people is an ongoing commitment. Thousands of employees have had the chance to move jobs or be promoted into new roles, and thousands more have participated in leadership training over their careers, including training opportunities for field and office positions. In addition to benefits for our employees, family members of employees are also eligible to apply for the J.B. Hunt Scholarship Program for Families, offering the opportunity to receive up to $10,000 over four years.
Wellness and Safety
The health and well-being of our workforce has always been a priority as safety is ingrained into our culture and is a company value. We strive to conduct all of our operations as safely as possible. Many of our employees participate in regular job-specific safety training programs. In addition, for the past 30 years, our Million Mile Safe Driving and Recognition Awards Program has been recognizing and rewarding our drivers who dedicate themselves to accident-free driving. Since its inception in 1996, the program has awarded more than $42 million in safe driving bonuses and surpassed 5,300 drivers who have achieved one million safe miles.
We believe that access to quality healthcare is also an important part of this priority, and we have programs in place that focus on improving the quality of care that our employees and their families receive. From new and expanded benefit programs to case management support and more, we are continually assessing our offerings in a competitive and ever-changing healthcare landscape. Paid leave is another key component of this focus, and we offer benefit plans that comply with all applicable laws. Financial wellness is also included in our focus, and we provide seed funding for healthcare savings accounts, opportunities to participate in 401(k) retirement plans with company matching, and other financial literacy resources.
We are a company that prioritizes a supportive and safe work environment. We believe this is essential for our people to grow and thrive, for innovative ideas to be fostered, and problems to be solved. Throughout this approach, we fulfill our mission to provide long-term value for our people, customers, and shareholders.
Revenue Equipment
Our JBI segment utilizes uniquely designed high-cube containers and chassis, which can only be paired with each other and can be separated to allow the containers to be double-stacked on rail cars. The composition of our DCS trailing fleet varies with specific customer requirements and may include dry-vans, flatbeds, bulk, temperature-controlled, curtain-side vans, and dump trailers. We primarily utilize third-party carriers’ tractor and trailing equipment for our ICS segment. Our FMS segment primarily utilizes straight trucks or similar equipment through third-party carriers, while the JBT segment operates primarily 53-foot dry-van trailers.
As of December 31, 2025, our company-owned tractor and truck fleet consisted of 18,843 units. In addition, we had 2,350 independent contractors who operate their own tractors but transport freight in our trailing equipment. We operate with standardized tractors in as many fleets as possible, particularly in our JBI and JBT fleets. Due to our customers’ preferences and the actual business application, our DCS fleet is extremely diversified. We believe operating with relatively newer revenue equipment provides better customer service, attracts quality drivers, improves fuel efficiency and lowers maintenance expense. At December 31, 2025, the average age of our combined tractor fleet was 2.7 years, while our containers averaged 10.5 years of age and our trailers averaged 7.1 years. We perform routine servicing and preventive maintenance on our equipment at our regional terminal facilities.
Competition and the Industry
The freight transportation markets in which we operate are frequently referred to as highly fragmented and competitive. Our JBI segment competes with other intermodal marketing companies; other full-load carriers that utilize railroads for a portion of the transportation service; and, to a certain extent, some railroads directly. The diversified nature of the services provided by our DCS and FMS segments attracts competition from customers’ private fleets, other private fleet outsourcing companies, equipment leasing companies, local and regional delivery service providers, and some truckload carriers. Our ICS segment utilizes the fragmented nature of the truck industry and competes with other non-asset-based logistics companies and freight brokers, as well as full-load carriers. The full-load freight competition of our JBT segment includes thousands of carriers, many of which are very small. While we compete with a number of smaller carriers on a regional basis, only a limited number of companies represent competition in all markets across the country.
We compete with other transportation service companies primarily in terms of price, on-time pickup and delivery service, availability and type of equipment capacity, and availability of carriers for logistics services.
Regulation
Our operations as a for-hire motor carrier are subject to regulation by the U.S. Department of Transportation (DOT) and the Federal Motor Carrier Safety Administration (FMCSA), and certain business is also subject to state rules and regulations. The DOT periodically conducts reviews and audits to ensure our compliance with federal safety requirements, and we report certain accident and other information to the DOT. Our operations into and out of Canada and Mexico are subject to regulation by those countries as well as U.S. Customs and Border Protection with respect to cross-border trade and security compliance. We are also subject to a variety of requirements of national, state, and local governments, including the U.S. Environmental Protection Agency and the Occupational Safety and Health Administration.
We are subject to various environmental laws and regulations dealing with the handling of hazardous materials, underground fuel storage tanks, and discharge and retention of storm water. These laws and regulations have the effect of increasing the costs, risks and liabilities associated with our applicable operations. We are also subject to existing and potential future laws and regulations with regards to public policy on climate change. If current regulatory requirements become more stringent or new environmental laws and regulations regarding climate change are introduced, we could be required to make significant expenditures or abandon certain activities.
We continue to monitor the actions of the FMCSA and other regulatory agencies and evaluate all proposed rules to determine their impact on our operations.
ITEM 1A. RISK FACTORS
In addition to the factors outlined previously in this Form 10-K regarding forward-looking statements and other comments regarding risks and uncertainties, the following risk factors should be carefully considered when evaluating our business. Our business, financial condition or financial results could be materially and adversely affected by any of these risks.
Risks Related to Our Industry
Our business can be significantly impacted by economic conditions, customer business cycles, government policies, and seasonal factors.
Our business is dependent on the freight shipping needs of our customers, which can be heavily impacted by economic conditions and other factors affecting their businesses. Recessionary economic cycles and downturns in customers’ business cycles, particularly in market segments and industries where we have a significant concentration of customers, may substantially reduce freight volumes for which our customers need transportation services and lead to excess capacity in the industry and resulting pressure on the rates we are able to obtain for our services. Adverse economic conditions may also require us to increase our reserve for bad debt losses. Rapid changes in government or political policies, including border or trade policies and tariffs, can also impact our customers operations and reduce their need for freight shipping, or may have an impact on the cost or availability of our equipment. In addition, our results of operations may be affected by seasonal factors. Customers tend to reduce shipments after the winter holiday season, and our operating expenses tend to be higher in the winter months, primarily due to colder weather, which causes higher fuel consumption from increased idle time and higher maintenance costs. Any of these factors could have a significant adverse effect on our financial condition and results of operations.
Extreme or unusual weather conditions can disrupt our operations, impact freight volumes, and increase our costs, all of which could have a material adverse effect on our business results.
Certain weather conditions such as ice and snow can disrupt our operations. Increases in the cost of our operations, such as towing and other maintenance activities, frequently occur during the winter months. Natural disasters such as hurricanes and flooding can also impact freight volumes and increase our costs.
Our operations are subject to various environmental laws and regulations, including legislative and regulatory responses to climate change. Compliance with environmental requirements could result in significant expenditures and the violation of these regulations could result in substantial fines or penalties.
We are subject to various environmental laws and regulations dealing with the handling of hazardous materials, underground fuel storage tanks, and discharge and retention of storm water. We operate in industrial areas, where truck terminals and other industrial activities are located and where groundwater or other forms of environmental contamination have occurred. Our operations involve the risks of fuel spillage or seepage, environmental damage, and hazardous waste disposal, among others. We also maintain bulk fuel storage and fuel islands at several of our facilities. If a spill or other accident involving hazardous substances occurs, or if we are found to be in violation of applicable laws or regulations, it could have a material adverse effect on our business and operating results. If we should fail to comply with applicable environmental regulations, we could be subject to substantial fines or penalties and to civil and criminal liability.
We are also subject to existing and potential future laws and regulations with regards to public policy on climate change. If current regulatory requirements become more stringent or new environmental laws and regulations regarding climate change are introduced, we could be required to make significant expenditures or abandon certain activities, which could have a material adverse effect on our business and operating results.
We depend on third parties in the operation of our business, particularly rail service providers, transportation equipment manufacturers, third party carriers and independent contractors.
Our JBI business segment utilizes railroads in the performance of its transportation services. The majority of these services are provided pursuant to contractual relationships with the railroads. While we have agreements with a number of Class I railroads, the majority of our business travels on the BNSF and the Norfolk Southern railways. The transportation services provided by these railroads have been in recent years and may from time to time in the future be impacted by contractual disagreements, labor disruptions or shortages, and other rail network inefficiencies. A material change in the relationship with, the ability to utilize or the overall service levels provided by one or more of these railroads could have a material adverse effect on our business and operating results. In addition, a portion of the freight we deliver is imported to the United States through ports of call that are subject to labor union contracts. Work stoppages or other disruptions at any of these ports could have a material adverse effect on our business.
We regularly purchase new revenue equipment, including trucks, chassis and trailing equipment, in each of our operating segments to expand our fleets and replace aging equipment. Any significant delays in the availability of new revenue equipment or increases in the cost of such equipment could have a material adverse affect on our business and profitability by reducing productivity, increasing maintenance expenses and capital expenditures, and limiting our ability to expand our business.
We also utilize independent contractors and third-party carriers to complete our services. These third parties are subject to similar regulation requirements, which may have a more significant impact on their operations, causing them to exit the transportation industry. Aside from when these third parties may use our trailing equipment to fulfill loads, we do not own the revenue equipment or control the drivers delivering these loads. The inability to obtain reliable third-party carriers and independent contractors could have a material adverse effect on our operating results and business growth.
Rapid changes in fuel costs could impact our periodic financial results.
Fuel costs can be very volatile. We have a fuel surcharge revenue program in place with the majority of our customers, which has historically enabled us to recover the majority of higher fuel costs. Most of these programs automatically adjust weekly depending on the cost of fuel. However, there can be timing differences between a change in our fuel cost and the timing of the fuel surcharges billed to our customers. In addition, we incur additional costs when fuel price increases cannot be fully recovered due to our engines being idled during cold or warm weather and empty or out-of-route miles that cannot be billed to customers. Rapid increases in fuel costs or shortages of fuel could have a material adverse effect on our operations or future profitability. As of December 31, 2025, we had no derivative financial instruments to reduce our exposure to fuel-price fluctuations.
Insurance and claims expenses could significantly reduce our earnings.
Our future insurance and claims expenses might exceed historical levels, which could reduce our earnings. We have experienced substantial increases in the cost of auto liability claims and in recent periods these increases have exceeded our insurance coverage layers, which has adversely impacted our operating results. If the number of claims for which we are self-insured increases or the cost of such claims continues to increase, our operating results could be further adversely affected. We have policies in place for 2026 with substantially the same terms as our 2025 policies for personal injury, property damage, workers’ compensation, and cargo loss or damage. We purchase insurance coverage for the amounts above which we are self-insured. As a result of the increased cost of auto liability claims across the transportation industry, insurance premiums for auto liability coverage have increased substantially in recent years. If these expenses increase further and we are unable to offset the increase with higher freight rates, our earnings could be materially and adversely affected.
We operate in a regulated industry, and increased direct and indirect costs of compliance with, or liability for violation of, existing or future regulations could have a material adverse effect on our business.
The DOT, FMCSA, and various state agencies exercise broad powers over our business, generally governing matters including authorization to engage in motor carrier service, equipment operation, safety, and financial reporting. We are audited periodically by the DOT to ensure that we are in compliance with various safety, hours-of-service, and other rules and regulations. If we were found to be out of compliance, the DOT could restrict or otherwise impact our operations. Our failure to comply with any applicable laws, rules or regulations to which we are subject, whether actual or alleged, could expose us to fines, penalties or potential litigation liabilities, including costs, settlements and judgments. Further, these agencies could institute new laws, rules or regulations or issue interpretation changes to existing regulations at any time. Compliance with new laws, rules or regulations could substantially impair labor and equipment productivity, increase our costs or impact our ability to offer certain services.
Difficulty in attracting and retaining drivers and delivery personnel could affect our profitability and ability to grow.
If we are unable to attract and retain the necessary quality and number of employees, we could be required to significantly increase our employee compensation package, let revenue equipment sit idle, dispose of the equipment altogether, or rely more on higher-cost third-party carriers, which could adversely affect our growth and profitability. In addition, our growth could be limited by an inability to attract third-party carriers upon whom we rely to provide transportation services.
We operate in a competitive and highly fragmented industry. Numerous factors could impair our ability to maintain our current profitability and to compete with other carriers and private fleets.
We compete with many other transportation service providers of varying sizes and, to a lesser extent, with LTL carriers and railroads, some of which have more equipment and greater capital resources than we do. Additionally, some of our competitors periodically reduce their freight rates to gain business, especially during times of reduced growth rates in the economy, which may limit our ability to maintain or increase freight rates or to maintain our profit margins.
In an effort to reduce the number of carriers it uses, a customer often selects so-called “core carriers” as approved transportation service providers, and in some instances, we may not be selected. Many customers periodically accept bids from multiple carriers for their shipping needs, and this process may depress freight rates or result in the loss of some business to competitors. Also, certain customers that operate private fleets to transport their own freight could decide to expand their operations, thereby reducing their need for our services.
Our business can be significantly impacted by the effects of national or international health pandemics on general economic conditions and the operations of our customers and third-party suppliers and service providers.
Our operations can be heavily impacted by the effects of a widespread outbreak of contagious disease. The effects of a pandemic may disrupt or restrict the freight shipping activities of some of our customers, on which our business is dependent. In addition, adverse economic conditions caused by a pandemic may also require us to increase our reserve for bad debt losses. Furthermore, pandemic related social and economic disruptions may lead to other events which could negatively impact our operations including service limitations of our third-party purchased transportation providers, reduced availability of drivers and other key employees, disruptions in the procurement of revenue equipment, restrictions at U.S. ports of call, excess capacity or rate reductions within the intermodal or trucking industries, inability of suppliers to continue activities, or volatile financial credit markets. The extent to which a pandemic will impact general economic and business conditions is highly uncertain and unpredictable; however, any of these factors could have a significant adverse effect on our financial condition and results of operations.
Risks Related to Our Business
We derive a significant portion of our revenue from a few major customers, the loss of one or more of which could have a material adverse effect on our business.
For the calendar year ended December 31, 2025, our top 10 customers, based on revenue, accounted for approximately 33% of our revenue. Our JBI, ICS, and JBT segments typically do not have long-term contracts with their customers. While our DCS and FMS segments may involve long-term written contracts, those contracts may contain cancellation clauses, and there is no assurance that our current customers will continue to utilize our services or continue at the same levels. A reduction in or termination of our services by one or more of our major customers could have a material adverse effect on our business and operating results.
A determination that independent contractors are employees could expose us to various liabilities and additional costs.
Federal and state legislation as well as tax and other regulatory authorities have sought to assert that independent contractors in the transportation service industry are employees rather than independent contractors. The laws of several states, including California, apply stricter tests for determining whether an independent contractor should be classified as an employee. We believe we are in compliance with all applicable independent contractor classification requirements. However, it is possible that other federal or state legislation or regulations could be enacted or that various authorities could assert a position that re-classifies independent contractors as employees. If our independent contractors are determined to be properly classified as employees, that determination could materially increase our exposure under a variety of federal and state tax, workers’ compensation, unemployment benefits, labor, employment and tort laws, as well as our potential liability for employee benefits. In addition, such changes may be applied retroactively, and if so, we may be required to pay additional amounts to compensate individuals for prior time periods. Any of the above increased costs would adversely affect our business and operating results.
We may be subject to litigation claims that could result in significant expenditures.
We by the nature of our operations are exposed to the potential for a variety of litigation, including personal injury claims, vehicular collisions and accidents, alleged violations of federal and state labor and employment laws, such as class-action lawsuits alleging wage and hour violations and improper pay, commercial and contract disputes, cargo loss and property damage claims. While we purchase insurance coverage at levels we deem adequate, future litigation may exceed our insurance coverage or may not be covered by insurance. We accrue a provision for a litigation matter according to applicable accounting standards based on the ongoing assessment of the strengths and weaknesses of the litigation, its likelihood of success, and an evaluation of the possible range of loss. Our inability to defend ourselves against one or more significant litigation claims could have a material adverse effect on our financial results.
We rely significantly on our information technology systems, a disruption, failure or security breach of which could have a material adverse effect on our business.
We rely on information technology throughout all areas of our business to initiate, track, and complete customer orders; process financial and nonfinancial data; compile results of operations for internal and external reporting; and achieve operating efficiencies and growth. We have also invested significantly in the development of our Marketplace for J.B. Hunt 360 online freight matching platform. Each of our information technology systems may be susceptible to various interruptions, including equipment or network failures, failed upgrades or replacement of software, user error, power outages, natural disasters, cyber-attacks, theft or misuse of data, terrorist attacks, computer viruses, hackers, or other security breaches. Increasingly sophisticated cyber-attacks such as ransomware and AI-powered phishing scams could compromise the confidentiality, integrity, or availability of these systems, disrupt network and terminal operations, delay freight movements, or result in data loss or exfiltration. We have in the past experienced security breaches and other interruptions of our information technology systems and may in the future experience such breaches or interruptions despite our best efforts to prevent them. We have mitigated our exposure to these risks through the establishment and maintenance of technology security programs and disaster recovery plans, but these mitigating activities may not anticipate or prevent every attack or failure, particularly as threat actors and technologies evolve, nor may they fully prevent or mitigate all adverse impacts. A significant disruption, failure or security breach in our information technology systems could have a material adverse effect on our business, which could include operational disruptions, loss of confidential information, external reporting delays or errors, legal claims, or damage to our business reputation.
An inability to develop, adopt, and integrate new or enhanced technologies, including rapidly evolving artificial intelligence, could have a material adverse effect on our business.
We operate in a rapidly evolving, technology-driven environment, and if we do not timely identify, prioritize, develop, and successfully integrate new or enhanced technologies into our operations, our service quality, efficiency, and competitiveness could suffer. Technology initiatives can be complex and costly, with risks of delays, defects, and training hurdles. Anticipated benefits from these initiatives may not be realized on the expected timeline or at all. In addition, competitors may introduce and scale new technologies more quickly or effectively than we do, which could diminish our competitive position, compress margins, and result in lost business opportunities. The rapid evolution and adoption of artificial intelligence(AI) and any efforts we may make to incorporate it into our business may amplify cyber, legal, and operational risks. AI adoption may introduce or amplify risks, including inaccurate or biased outputs that are difficult to detect, governance and model-risk challenges, privacy and intellectual property concerns, and evolving legal disclosure obligations. AI can also increase cybersecurity exposure as threat actors leverage AI to enhance social-engineering and intrusion techniques. Implementing and maintaining AI capabilities can be complex and costly, anticipated benefits may not be realized and expected timelines or at all, and failures could harm our operations, reputation, results of operations, and financial condition.
Acquisitions or business combinations may disrupt or have a material adverse effect on our operations or earnings.
Future growth strategies for our operating segments may involve the acquisition of one or more businesses. We could have difficulty integrating acquired companies’ assets, personnel and operations with our own. Regardless of whether we are successful in making an acquisition or completing a business combination, the negotiations could disrupt our ongoing business, distract our management and employees, and increase our operating costs. Acquisitions and business combinations are accompanied by a number of inherent risks, including, without limitation, the difficulty of integrating acquired companies and operations; potential disruption of our ongoing businesses and distraction of our management or the management of acquired companies; difficulties in maintaining controls, procedures and policies; potential impairment of relationships with employees and partners as a result of any integration of new management personnel; potential inability to manage an increased number of locations and employees; failure to realize expected efficiencies, synergies and cost savings; or the effect of any government regulations which relate to the businesses acquired.
Our business could be materially impacted if and to the extent that we are unable to succeed in addressing any of these risks or other problems encountered in connection with an acquisition or business combination, many of which cannot be presently identified.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
IT Risk Management
The Company maintains an information technology (IT) risk identification process that encompasses risks associated with . Cybersecurity risks are considered a subcategory of IT risks and are therefore part of this process. The Company maintains a risk register to document and track IT risks, including factors such as:
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Categories (including but not limited to cybersecurity, data privacy, governance, application development, and AI) |
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Likelihood and impact |
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Initial risk score |
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Mitigating controls and/or remediations |
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Residual risk score |
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Plan for remediation |
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Risk stage |
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Reviewers/owners |
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Approvals/exceptions |
Cybersecurity Operations and Incident Response Capabilities
The Company maintains a Cybersecurity Operations Center (CSOC) comprised of in-house employees, contracted personnel, and other
The Company also maintains a Security Incident Response Team (SIRT) that responds to high-risk security incidents on a 24-hour basis. Members of this team include representatives of our CSOC and Networking Operations Center, as well as cloud/server engineering, network engineering, enterprise data, identity and access management, GRC, end-user computing, application development, and IT leadership teams.
Assessments and Audits
The Company uses various methods to assess our cybersecurity maturity and IT risk management program, including periodic self-assessments and engagements of independent third-party assessors and consultants. We engaged third-party experts for the initial development of the IT risk management program, including preparation of the program charter, IT risk register, and responsibility assignment matrix. We use these .
Risks Associated with Third-Party Service Providers
The Company’s GRC oversees assessments of third-party service providers in collaboration with our IT contracts, data privacy, technical architecture, and legal teams. An initial review for any cybersecurity threat is completed when the provider is onboarded, with subsequent periodic reviews conducted thereafter. These subsequent reviews occur at different intervals, based on the nature of the business relationship, the type of data being exchanged (if any), and the overall potential impact to the Company, and include consideration of factors such as the third party’s cybersecurity capabilities, data protections and privacy measures, and AI and technical capabilities as related to required integrations with the Company’s systems.
Material Findings from Cybersecurity Risks
Governance
Management
ITEM 2. PROPERTIES
We own our corporate headquarters in Lowell, Arkansas. In addition, we own or lease buildings in Lowell that we utilize for administrative support and warehousing. We also own or lease 59 other significant facilities across the United States where we perform maintenance on our equipment, provide bulk fuel, and employ personnel to support operations. These facilities vary in size from one to 43 acres. Each of our business segments utilizes these facilities. In addition, we have 106 leased or owned facilities in our FMS cross-dock and other delivery system networks and multiple leased or owned remote sales offices or branches in our ICS segment. We also own or lease multiple small facilities, offices, and parking yards throughout the country that support our customers’ business needs.
A summary of our principal facilities in locations throughout the U.S. follows:
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Type |
Acreage |
Maintenance Shop/ Cross-dock Facility (square feet) |
Office Space (square feet) |
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Maintenance and support facilities |
662 | 1,317,966 | 278,413 | |||||||||
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Cross-dock and delivery system facilities |
94 | 3,437,616 | 126,552 | |||||||||
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Corporate headquarters campus, Lowell, Arkansas |
218 | - | 704,059 | |||||||||
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Branch sales offices |
- | - | 110,312 | |||||||||
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Other facilities, offices, and parking yards |
671 | 541,495 | 234,318 | |||||||||
ITEM 3. LEGAL PROCEEDINGS
We are involved in certain claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is traded on the NASDAQ Global Select Market (NASDAQ) under the symbol “JBHT.” At December 31, 2025, we were authorized to issue up to 1 billion shares of our common stock, and 167.1 million shares were issued. We had 94.6 million and 100.6 million shares outstanding as of December 31, 2025 and 2024, respectively. On February 17, 2026, we had 855 shareholders of record of our common stock.
Dividend Policy
Our dividend policy is subject to review and revision by the Board of Directors, and payments are dependent upon our financial condition, liquidity, earnings, capital requirements, and any other factors the Board of Directors may deem relevant. On January 22, 2026, we announced an increase in our quarterly cash dividend from $0.44 to $0.45 per share, which was paid February 20, 2026, to shareholders of record on February 6, 2026. We currently intend to continue paying cash dividends on a quarterly basis. However, no assurance can be given that future dividends will be paid.
Purchases of Equity Securities
The following table summarizes purchases of our common stock during the three months ended December 31, 2025:
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Period |
Total Number of Common Shares Purchased |
Average Price Paid Per Common Share Purchased |
Total Number of Shares Purchased as Part of a Publicly Announced Plan (1) |
Maximum Dollar Amount of Shares That May Yet Be Purchased Under the Plan (in millions) (1) |
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October 1 through October 31, 2025 |
215,115 | $ | 167.49 | 215,115 | $ | 1,070 | ||||||||||
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November 1 through November 30, 2025 |
627,757 | 165.51 | 627,757 | 968 | ||||||||||||
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December 1 through December 31, 2025 |
- | - | - | 968 | ||||||||||||
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Total |
842,872 | $ | 166.02 | 842,872 | $ | 968 | ||||||||||
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(1) |
On August 16, 2024, our Board of Directors authorized the purchase of up to $1 billion of our common stock. On October 22, 2025, our Board of Directors authorized the purchase of up to an additional $1 billion of our common stock to be effective upon exhausting the 2024 authorization, which occurred in November 2025. This current stock repurchase program has no expiration date. |
Stock Performance Graph
The following graph compares the cumulative 5-year total return of shareholders of our common stock with the cumulative total returns of the S&P 500 index, Nasdaq Transportation index, and two customized peer groups. The peer group labeled “2024 Peer Group” consists of 13 companies: CH Robinson Worldwide, Inc., CSX Corporation, Expeditors International Of Washington, Inc., Hub Group, Inc., Knight-Swift Transportation Holdings, Inc., Norfolk Southern Corporation, Old Dominion Freight Line, Inc., Republic Services, Inc., Ryder System, Inc., Schneider National, Inc., Union Pacific Corporation, Waste Management, Inc. and XPO, Inc. The peer group labeled “2025 Peer Group” consists of 14 companies: CH Robinson Worldwide, Inc., CSX Corporation, Expeditors International Of Washington, Inc., Hub Group, Inc., Knight-Swift Transportation Holdings, Inc., Norfolk Southern Corporation, Old Dominion Freight Line, Inc., Republic Services, Inc., Ryder System, Inc., Schneider National, Inc., Union Pacific Corporation, United Rentals, Inc., Waste Management, Inc. and XPO, Inc. The graph assumes the value of the investment in our common stock, in the two indexes, and in each of the peer groups (including reinvestment of dividends) was $100 on December 31, 2020 and tracks it through December 31, 2025. The stock price performance included in this graph is not necessarily indicative of future stock price performance.
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Years Ended December 31, |
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2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
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J.B. Hunt Transport Services, Inc. |
$ | 100.00 | $ | 150.63 | $ | 129.65 | $ | 149.87 | $ | 129.26 | $ | 148.91 | ||||||||||||
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S&P 500 |
100.00 | 128.71 | 105.40 | 133.10 | 166.40 | 196.16 | ||||||||||||||||||
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Nasdaq Transportation |
100.00 | 113.28 | 91.78 | 123.12 | 125.85 | 138.77 | ||||||||||||||||||
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2024 Peer Group |
100.00 | 132.85 | 114.23 | 136.40 | 140.00 | 154.19 | ||||||||||||||||||
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2025 Peer Group |
100.00 | 133.25 | 115.77 | 140.98 | 146.86 | 162.46 | ||||||||||||||||||
ITEM 6. [Reserved]
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion of our results of operations and financial condition should be read in conjunction with our financial statements and related notes in Item 8. This discussion contains forward-looking statements. Please see “Forward-looking Statements” and “Risk Factors” for a discussion of items, uncertainties, assumptions and risks associated with these statements.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of our financial statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that impact the amounts reported in our Consolidated Financial Statements and accompanying notes. Therefore, the reported amounts of assets, liabilities, revenues, expenses and associated disclosures of contingent liabilities are affected by these estimates. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with third parties and other methods considered reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recognized in the accounting period in which the facts that give rise to the revision become known. We consider our critical accounting policies and estimates to be those that require us to make more significant judgments and estimates when we prepare our financial statements and include the following:
Workers’ Compensation and Accident Costs
We purchase insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents, and cargo damage. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We have umbrella policies to limit our exposure to catastrophic claim costs which may include certain coverage-layer-specific, aggregated reimbursement limits of covered excess claims. We are substantially self-insured for loss of and damage to our owned and leased revenue equipment.
The amounts of self-insurance may change from time to time based on measurement dates, policy expiration dates, and claim type. For 2024 and 2025, we were self-insured for $500,000 per occurrence as well as subject to coverage-layer-specific, aggregated reimbursement limits of covered excess claims for personal injury and property damage. We were fully insured for workers’ compensation claims for nearly all states. We have policies in place for 2026 with substantially the same terms as our 2025 policies for personal injury, property damage, workers’ compensation, and cargo loss or damage.
Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors. Our safety and claims personnel work directly with representatives from the insurance companies to continually update the estimated cost of each claim. The ultimate cost of a claim develops over time as additional information regarding the nature, timing, and extent of damages claimed becomes available. Accordingly, we use an actuarial method to develop current claim information to derive an estimate of our ultimate personal injury and property damage claim liability. This process involves the use of expected loss rates, loss-development factors based on our historical claims experience, claim frequencies and severity, and contractual premium adjustment factors, if applicable. In doing so, the recorded liability considers future claims growth and provides a reserve for incurred-but-not-reported claims. We do not discount our estimated losses. At December 31, 2025, we had current accruals of approximately $283 million and long-term accruals of approximately $444 million for estimated claims. A significant increase in the volume of claims or amount of settlements exceeding our coverage-layer specific, aggregated reimbursement limits could result in a significant increase in our estimated liability for claims in future periods. In addition, we record receivables for amounts expected to be reimbursed for payments made in excess of self-insurance levels on covered claims. At December 31, 2025, we had recorded current assets of $255 million and long-term assets of $235 million of expected reimbursement for covered excess claims, other insurance deposits, and prepaid insurance premiums.
Revenue Equipment
We operate a significant number of tractors, trucks, containers, chassis, and trailers in connection with our business. This equipment may be purchased or acquired under lease agreements. In addition, we may rent revenue equipment from various third parties under short-term rental arrangements. Purchased revenue equipment is depreciated on the straight-line method over the estimated useful life to an estimated salvage or trade-in value. We periodically review the useful lives and salvage values of our revenue equipment and evaluate our long-lived assets for impairment. We have not identified any impairment to these assets at December 31, 2025.
We have agreements with our primary tractor suppliers for residual or trade-in values for certain new equipment. We have utilized these trade-in values, as well as other operational information such as anticipated annual miles, in accounting for depreciation expense.
Revenue Recognition
We record revenues on the gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of promised services. Accordingly, we serve as a principal in the transaction. We invoice our customers, and we maintain discretion over pricing. Additionally, we are responsible for selection of third-party transportation providers to the extent used to satisfy customer freight requirements.
We recognize revenue from customer contracts based on relative transit time in each reporting period and as other performance obligations are provided, with related expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer is recognized in each reporting period based on the percentage of the freight pickup and delivery performance obligation that has been completed at the end of the reporting period.
Our trade accounts receivable includes accounts receivable reduced by an allowance for uncollectible accounts. Receivables are recorded at amounts billed to customers when loads are delivered or services are performed. The allowance for uncollectible accounts is calculated over the life of the underlying receivable and is based on historical experience; any known trends or uncertainties related to customer billing and account collectability; current economic conditions; and reasonable and supportable economic forecasts, each applied to segregated risk pools based on the business segment that generated the receivable. The adequacy of our allowance is reviewed quarterly.
Income Taxes
We account for income taxes under the liability method. Our deferred tax assets and liabilities represent items that will result in a tax deduction or taxable income in future years for which we have already recorded the related tax expense or benefit in our statement of earnings. Deferred tax accounts arise as a result of timing differences between when items are recognized in our Consolidated Financial Statements and when they are recognized in our tax returns. We assess the likelihood that deferred tax assets will be recovered from future taxable income or the reversal of temporary timing differences. To the extent we believe recovery does not meet the more likely than not threshold, a valuation allowance is established. To the extent we establish a valuation allowance, we include an expense as part of our income tax provision.
Significant judgment is required in determining and assessing the impact of complex tax laws and certain tax-related contingencies on our provision for income taxes. As part of our calculation of the provision for income taxes, we assess whether the benefits of our tax positions are at least more likely than not to be sustained upon audit based on the technical merits of the tax position. For tax positions that are not more likely than not to be sustained upon audit, we accrue the largest amount of the benefit that is not more likely than not to be sustained in our Consolidated Financial Statements. Such accruals require us to make estimates and judgments, whereby actual results could vary materially from these estimates. Further, a number of years may elapse before a particular matter for which we have established an accrual is audited and resolved. See Note 6, Income Taxes, in our Consolidated Financial Statements for a discussion of our current tax contingencies.
RESULTS OF OPERATIONS
The following table sets forth items in our Consolidated Statements of Earnings as a percentage of operating revenues and the percentage increase or decrease of those items compared with the prior year.
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Percentage of Operating Revenues |
Percentage Change Between Years |
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2025 |
2024 |
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Operating revenues |
100.0 | % | 100.0 | % | (0.7 | )% | ||||||
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Operating expenses: |
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Rents and purchased transportation |
44.2 | 44.5 | (1.3 | ) | ||||||||
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Salaries, wages and employee benefits |
27.0 | 26.7 | 0.1 | |||||||||
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Depreciation and amortization |
6.0 | 6.3 | (6.1 | ) | ||||||||
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Fuel and fuel taxes |
5.3 | 5.4 | (2.9 | ) | ||||||||
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Operating supplies and expenses |
4.3 | 4.1 | 3.3 | |||||||||
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Insurance and claims |
2.8 | 2.6 | 6.7 | |||||||||
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General and administrative expenses, including asset dispositions |
2.2 | 2.5 | (8.1 | ) | ||||||||
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Operating taxes and licenses |
0.6 | 0.6 | (1.4 | ) | ||||||||
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Communication and utilities |
0.4 | 0.4 | (0.5 | ) | ||||||||
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Total operating expenses |
92.8 | 93.1 | (1.1 | ) | ||||||||
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Operating income |
7.2 | 6.9 | 4.1 | |||||||||
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Net interest expense |
0.6 | 0.6 | (1.1 | ) | ||||||||
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Earnings before income taxes |
6.6 | 6.3 | 4.6 | |||||||||
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Income taxes |
1.6 | 1.6 | 3.8 | |||||||||
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Net earnings |
5.0 | % | 4.7 | % | 4.8 | % | ||||||
2025 Compared With 2024
Consolidated Operating Revenues
Our total consolidated operating revenues decreased 0.7% to $12.00 billion in 2025, compared to $12.09 billion in 2024. This decrease was primarily due to decreased revenue per load within JBI and JBT, lower volume within ICS, reduced truck count in DCS, and decreased revenue and stop counts in FMS, partially offset by higher volume in JBI and JBT, higher revenue per load in ICS, and increased productivity in DCS. Fuel surcharge revenues decreased 3.5% to $1.48 billion in 2025, compared to $1.53 billion in 2024. Revenues, excluding fuel surcharge revenues, decreased 0.3% from 2024.
Consolidated Operating Expenses
Our 2025 consolidated operating expenses decreased 1.1% from 2024, while year-over-year revenue decreased 0.7%, resulting in a 2025 operating ratio of 92.8% compared to 93.1% in 2024.
Rents and purchased transportation costs decreased 1.3% in 2025, primarily due to a decrease in ICS load volumes, which reduced the use of third-party truck carriers, and changes in the mix of third-party rail carriers within JBI, partially offset by increased JBI and JBT load volumes, compared to 2024. Salaries, wages and employee benefit costs increased 0.1% in 2025 from 2024. This increase was primarily related to higher incentive compensation and an increase in group medical benefit expenses, partially offset by lower employee headcounts.
Depreciation and amortization expense decreased 6.1% in 2025, primarily due to an increase in the expected useful lives of our chassis and trailer fleets, the absence in 2025 of depreciation and amortization expense related to the 2023 business acquisition of BNSF Logistics, LLC (BNSFL), and the reduction in DCS truck counts, partially offset by higher intermodal container counts.
Fuel and fuel taxes expense decreased 2.9% in 2025 compared with 2024, due primarily to a decrease in the price of fuel during 2025 and decreased road miles. We have fuel surcharge programs in place with the majority of our customers. These programs typically involve a specified computation based on the change in national, regional, or local fuel prices. While these programs may address fuel cost changes as frequently as weekly, most also reflect a specified miles-per-gallon factor and require a certain minimum change in fuel costs to trigger a change in fuel surcharge revenue. As a result, some of these programs have a time lag between when fuel costs change and when this change is reflected in revenues. Due to these programs, this lag negatively impacts operating income in times of rapidly increasing fuel costs and positively impacts operating income when fuel costs decrease rapidly. It is not meaningful to compare the amount of fuel surcharge revenue or the change in fuel surcharge revenue between reporting periods to fuel and fuel taxes expense, or the change of fuel expense between periods, as a significant portion of fuel cost is included in our payments to railroads, dray carriers and other third parties. These payments are classified as purchased transportation expense.
Operating supplies and expenses increased 3.3% in 2025 compared with 2024, driven primarily by higher equipment maintenance costs, increased tire expense, and higher tolls expense, partially offset by lower travel and entertainment expenses and towing costs, compared to 2024. Insurance and claims expense increased 6.7% in 2025, primarily due to an increase in cost per claim, higher insurance policy premium expense, and the absence of a $4.2 million net benefit from claim settlements recorded in 2024, partially offset by lower cargo claims expense in 2025. General and administrative expenses decreased 8.1% from 2024, primarily due to a decrease in building and yard rental expense, lower professional services expense, decreased technology costs, and lower bad debt expense. Net loss from sale or disposal of assets was $13.7 million in 2025, compared to a net loss from sale or disposal of assets of $14.6 million in 2024.
Net interest expense for 2025 decreased by 1.1% compared with 2024, due primarily to a decrease in effective interest rates on our debt, partially offset by an increase in our average debt balance. Income tax expense increased 3.8% in 2025, due primarily to increased taxable earnings in 2025. Our effective income tax rate was 24.7% in 2025 and 24.8% in 2024.
Segments
We operated five business segments during 2025. The operation of each of these businesses is described in our Notes to Consolidated Financial Statements. The following tables summarize financial and operating data by segment:
|
Operating Revenue by Segment |
||||||||
|
Years Ended December 31, (in millions) |
||||||||
|
2025 |
2024 |
|||||||
|
JBI |
$ | 5,975 | $ | 5,956 | ||||
|
DCS |
3,376 | 3,396 | ||||||
|
ICS |
1,109 | 1,141 | ||||||
|
FMS |
824 | 910 | ||||||
|
JBT |
734 | 702 | ||||||
|
Total segment revenues |
12,018 | 12,105 | ||||||
|
Intersegment eliminations |
(19 | ) | (18 | ) | ||||
|
Total |
$ | 11,999 | $ | 12,087 | ||||
|
Operating Income by Segment |
||||||||
|
Years Ended December 31, (in millions) |
||||||||
|
2025 |
2024 |
|||||||
|
JBI |
$ | 450 | $ | 430 | ||||
|
DCS |
377 | 376 | ||||||
|
ICS |
(10 | ) | (56 | ) | ||||
|
FMS |
27 | 60 | ||||||
|
JBT |
21 | 21 | ||||||
|
Total |
$ | 865 | $ | 831 | ||||
Operating Data by Segment
|
Years Ended December 31, |
||||||||
|
2025 |
2024 |
|||||||
|
JBI |
||||||||
|
Loads |
2,138,191 | 2,090,732 | ||||||
|
Average length of haul (miles) |
1,643 | 1,692 | ||||||
|
Revenue per load |
$ | 2,795 | $ | 2,849 | ||||
|
Average tractors during the period(1) |
6,350 | 6,368 | ||||||
|
Tractors (end of period) |
6,188 | 6,502 | ||||||
|
Trailing equipment (end of period) |
124,838 | 122,272 | ||||||
|
Average effective trailing equipment usage |
105,630 | 104,103 | ||||||
|
DCS |
||||||||
|
Loads |
3,885,463 | 3,985,221 | ||||||
|
Average length of haul (miles) |
177 | 181 | ||||||
|
Revenue per truck per week(2) |
$ | 5,190 | $ | 5,075 | ||||
|
Average trucks during the period(3) |
12,659 | 12,988 | ||||||
|
Trucks (end of period) |
12,639 | 12,647 | ||||||
|
Trailing equipment (end of period) |
32,090 | 32,046 | ||||||
|
Average effective trailing equipment usage |
33,038 | 32,639 | ||||||
|
ICS |
||||||||
|
Loads |
553,126 | 609,854 | ||||||
|
Revenue per load |
$ | 2,005 | $ | 1,872 | ||||
|
Gross profit margin |
14.5 | % | 16.1 | % | ||||
|
Employee count (end of period) |
575 | 590 | ||||||
|
Approximate number of third-party carriers (end of period) |
126,400 | 110,000 | ||||||
|
Marketplace for J.B. Hunt 360 revenue (millions) |
$ | 349.1 | $ | 395.8 | ||||
|
FMS |
||||||||
|
Stops |
3,831,619 | 4,316,578 | ||||||
|
Average trucks during the period(3) |
1,321 | 1,373 | ||||||
|
JBT |
||||||||
|
Loads |
432,794 | 389,832 | ||||||
|
Revenue per load |
$ | 1,695 | $ | 1,800 | ||||
|
Average length of haul |
596 | 629 | ||||||
|
Tractors (end of period) |
||||||||
|
Company-owned |
- | 2 | ||||||
|
Independent contractor |
2,003 | 1,917 | ||||||
|
Total tractors |
2,003 | 1,919 | ||||||
|
Trailers (end of period) |
12,658 | 12,895 | ||||||
|
Average effective trailing equipment usage |
12,152 | 12,552 | ||||||
|
(1) |
Includes company-owned and independent contractor tractors |
|
(2) |
Using weighted workdays |
|
(3) |
Includes company-owned, independent contractor, and customer-owned trucks |
JBI Segment
JBI segment revenue was $5.98 billion in 2025, relatively flat when compared to $5.96 billion in 2024, primarily due to a 2% increase in load volume, partially offset by a 2% decrease in revenue per load, which is the combination of changes in freight mix, customer rate changes, and fuel surcharge revenue. Eastern network load volumes increased 10% and transcontinental loads decreased 2% compared to 2024. Revenue per load excluding fuel surcharges decreased 1% compared to 2024.
Operating income of the JBI segment increased to $450 million in 2025, from $430 million in 2024. The increase is primarily due to improved network balance and increased efficiency throughout our drayage fleet, lower third-party rail purchased transportation expense due to mix, and improvements associated with our overall cost management initiatives. These benefits were partially offset by higher driver and non-driver wages, increased equipment maintenance costs, higher insurance claims and premiums expense, and higher group medical benefit expenses.
DCS Segment
DCS segment revenue decreased 1% to $3.38 billion in 2025, from $3.40 billion in 2024. Productivity, defined as revenue per truck per week, increased 2% compared to 2024. Productivity, excluding fuel surcharge revenue, increased 3%, primarily due to contractual index-based rate increases, increased asset utilization, and reduced idle equipment. However, these productivity improvements in 2025 were more than offset by a 3% decline in average trucks, when compared to 2024. Customer retention rates were approximately 94%.
Operating income of our DCS segment increased to $377 million in 2025, from $376 million in 2024. The increase is primarily due to the maturing of new business onboarded over the past year, lower bad debt expense, and overall cost management initiatives, partially offset by lower revenue, increased equipment maintenance costs and higher group medical benefit expenses.
ICS Segment
ICS segment revenue decreased 3% to $1.11 billion in 2025, from $1.14 billion in 2024. Overall volumes decreased 9%, while revenue per load increased 7%, primarily due to higher contractual and spot rates and changes in customer freight mix when compared to 2024. Contractual business was 64% of both total load volume and total revenue in 2025, compared to 61% for both in 2024.
Our ICS segment had an operating loss of $10 million in 2025 compared to an operating loss of $56 million in 2024. The decrease in operating loss is primarily due to lower personnel salary and wages expense, lower cargo claims expense, reduced technology costs, and overall cost management initiatives. In addition, 2024 included integration and transition costs related to the 2023 purchase of the brokerage assets of BNSFL which included the impairment or accelerated amortization of certain acquired intangible, information system, and lease assets totaling $26 million. Gross profit margin decreased to 14.5% in the current year versus 16.1% in 2024, primarily from lower gross profit margin on contractual business and less project business compared to 2024. ICS’s carrier base increased 15% when compared to 2024, following a decline in 2024 due to changes in carrier qualification requirements.
FMS Segment
FMS segment revenue decreased 10% to $824 million in 2025 from $910 million in 2024, primarily due to general weakness in customer demand, loss of business due to internal efforts to improve revenue quality across certain accounts, and customer mix.
Operating income of our FMS segment decreased to $27 million in 2025, from $60 million in 2024. This decrease was primarily due to lower revenue, higher insurance premium and claims expense, and the absence of a $4.2 million net benefit from claim settlements recorded in 2024. These items were partially offset by lower personnel-related costs and facility rental expenses.
JBT Segment
JBT segment revenue increased 5% to $734 million in 2025, from $702 million in 2024. Revenue, excluding fuel surcharge revenue, for 2025 increased 6% compared to 2024, primarily due to an 11% increase in load volume, partially offset by a 5% decrease in revenue per load, excluding fuel surcharge revenue. Total average effective trailer count in 2025 was 12,152 compared to 12,552 in 2024, while trailer turns in 2025 were up 15% from 2024, primarily due to continued focus on improving trailer utilization and maintaining network balance. At the end of 2025, JBT operated 2,003 tractors compared to 1,919 at the end of 2024.
Operating income of our JBT segment was $21 million for both 2025 and 2024 as higher third-party purchased transportation costs, increased insurance premium and claims expense, and higher maintenance related costs were offset by increased revenue, lower personnel-related expenses and a continued focus on cost management initiatives and productivity. J.B. Hunt’s 360box volume increased 9% in 2025, when compared to 2024, as JBT continues to leverage the J.B. Hunt 360 platform to grow capacity and capabilities for this service offering.
This management's discussion and analysis provides comparisons of material changes in the consolidated financial statements for the years ended December 31, 2025 and 2024. For a comparison of the years ended December 31, 2024 and 2023, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in our annual report on Form 10-K for the year ended December 31, 2024.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities totaled $1.68 billion in 2025, compared to $1.48 billion in 2024. The increase was primarily due to increased earnings and the timing of general working capital activities.
Net cash used in investing activities totaled $575 million in 2025, compared with $664 million in 2024. The decrease resulted primarily from a decrease in equipment purchases, net of proceeds from the sale of equipment.
Net cash used in financing activities was $1.1 billion in 2025, compared with $826 million in 2024. This increase resulted primarily from an increase in current year treasury stock purchases.
Our dividend policy is subject to review and revision by the Board of Directors, and payments are dependent upon our financial condition, liquidity, earnings, capital requirements, and other factors the Board of Directors may deem relevant. We paid a $0.42 per share quarterly dividend in 2023, a $0.43 per share quarterly dividend in 2024, and a $0.44 per share quarterly dividend in 2025. On January 22, 2026, we announced an increase in our quarterly cash dividend from $0.44 to $0.45 per share, which was paid February 20, 2026, to shareholders of record on February 6, 2026. We currently intend to continue paying cash dividends on a quarterly basis. However, no assurance can be given that future dividends will be paid.
Liquidity
Our need for capital has typically resulted from the acquisition of containers and chassis, trucks, tractors, and trailers required to support our growth and the replacement of older equipment as well as periodic business acquisitions and real estate transactions. We are frequently able to accelerate or postpone a portion of equipment replacements or other capital expenditures depending on market and overall economic conditions. In recent years, we have obtained capital through cash generated from operations, revolving lines of credit and long-term debt issuances. We have also periodically utilized operating leases to acquire revenue equipment. For our senior notes maturing in 2026, it is our intent to pay the entire outstanding balances in full, on or before the maturity dates, using our existing cash balance, revolving line of credit or other sources of long-term financing.
We believe our liquid assets, cash generated from operations, and revolving line of credit will provide sufficient funds for our operating and capital requirements for the foreseeable future. At December 31, 2025, we were authorized to borrow up to $1.7 billion through a revolving line of credit and committed term loans, pursuant to a credit agreement with a group of banks. The revolving line of credit authorizes us to borrow up to $1.0 billion under a five-year term expiring November 2030, and allows us to request an increase in the revolving line of credit total commitment by up to $400 million and to request two one-year extensions of the maturity date. The committed term loans authorize us to borrow up to an additional $700 million during the six-month period beginning November 25, 2025, and if funded, will mature in November 2028. The applicable interest rates under this agreement are based on either the Secured Overnight Financing Rate (SOFR), or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees. At December 31, 2025, we had a cash balance of $17 million. Under our senior credit facility, we had a $26.8 million outstanding balance on the revolving line of credit, at an average interest rate of 4.62%.
We continue to evaluate the possible effects of current economic conditions and reasonable and supportable economic forecasts on operational cash flows, including the risks of declines in the overall freight market and our customers' liquidity and ability to pay. We regularly monitor working capital and maintain frequent communication with our customers, suppliers and service providers. A large portion of our cost structure is variable. Purchased transportation expense represents more than half of our total costs and is heavily tied to load volumes. Our second largest cost item is salaries and wages, the largest portion of which is driver pay, which includes a large variable component.
Our senior notes consist of two separate issuances. The first is $700 million of 3.875% senior notes due March 2026, issued in March 2019. Interest payments under these notes are due semiannually in March and September of each year, beginning September 2019. The second is $750 million of 4.90% senior notes due March 2030, issued in March 2025. Interest payments under these notes are due semiannually in March and September of each year beginning September 2025. Both senior notes were issued by J.B. Hunt Transport Services, Inc., a parent-level holding company with no significant tangible assets or operations. The notes are guaranteed on a full and unconditional basis by our wholly-owned operating subsidiary. All other subsidiaries of the parent are minor. We registered these offerings and the sale of the notes under the Securities Act of 1933, pursuant to shelf registration statements filed in January 2019 and February 2023, respectively. Both notes are unsecured obligations and rank equally with our existing and future senior unsecured debt. We may redeem for cash some or all of the notes based on a redemption price set forth in the note indenture.
Our financing arrangements require us to maintain certain covenants and financial ratios. At December 31, 2025, we were in compliance with all covenants and financial ratios.
We are currently committed to spend approximately $107.3 million, net of proceeds from sales or trade-ins, during the year 2026. These expenditures will relate primarily to the acquisition of tractors, containers, chassis, and other trailing equipment. We had no other off-balance sheet arrangements as of December 31, 2025.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest rate risk can be quantified by measuring the financial impact of a near-term adverse increase in short-term interest rates on variable-rate debt outstanding. Our total long-term debt consists of both fixed and variable interest rate facilities. Our senior notes have fixed interest rates ranging from 3.875% to 4.90%. These fixed-rate facilities reduce the impact of changes to market interest rates on future interest expense. Our senior credit facility has variable interest rates, which are based on either SOFR or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees. At December 31, 2025, the average interest rate under our senior credit facility and term loan was 4.62%. Our earnings would be affected by changes in these short-term variable interest rates. At our current level of borrowing, a one-percentage-point increase in our applicable rate would reduce annual pretax earnings by $0.3 million.
Although we conduct business in foreign countries, international operations are not material to our consolidated financial position, results of operations, or cash flows. Additionally, foreign currency transaction gains and losses were not material to our results of operations for the year ended December 31, 2025. Accordingly, we are not currently subject to material foreign currency exchange rate risks from the effects that exchange rate movements of foreign currencies would have on our future costs or on future cash flows we would receive from our foreign investment. To date, we have not entered into any foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.
The price and availability of diesel fuel are subject to fluctuations due to changes in the level of global oil production, seasonality, weather, and other market factors. Historically, we have been able to recover a majority of fuel-price increases from our customers in the form of fuel surcharges. We cannot predict the extent to which volatile fluctuations in fuel prices will continue in the future or the extent to which fuel surcharges could be collected to offset fuel-price increases. As of December 31, 2025, we had no derivative financial instruments to reduce our exposure to fuel-price fluctuations.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our Consolidated Financial Statements, Notes to Consolidated Financial Statements, and reports thereon of our independent registered public accounting firm as specified by this Item are presented following Item 15 of this report and include:
Management’s Report on Internal Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2025 and 2024
Consolidated Statements of Earnings for years ended December 31, 2025, 2024, and 2023
Consolidated Statements of Shareholders’ Equity for years ended December 31, 2025, 2024, and 2023
Consolidated Statements of Cash Flows for years ended December 31, 2025, 2024, and 2023
Notes to Consolidated Financial Statements
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain controls and procedures designed to ensure that the information we are required to disclose in the reports we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2025.
The certifications of our Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act have been filed as Exhibits 31.1 and 31.2 to this report.
Management’s Report on Internal Control Over Financial Reporting
Management’s Report on Internal Control Over Financial Reporting is included herein (following Item 15) and is incorporated by reference herein.
The effectiveness of internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm that also audited our Consolidated Financial Statements. PricewaterhouseCoopers LLP’s report on internal control over financial reporting is included herein (following Item 15).
Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting during the fourth quarter ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
During the three months ended December 31, 2025, of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The information required for Item 10 is hereby
ITEM 11. EXECUTIVE COMPENSATION
The information required for Item 11 is hereby
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS
Except as set forth below, the information required for Item 12 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April 23, 2026.
Securities Authorized For Issuance Under Equity Compensation Plans
The following table summarizes, as of December 31, 2025, information about compensation plans under which equity securities of the Company are authorized for issuance.
|
Plan Category(1) |
Number of Securities To Be Issued Upon Exercise of Outstanding Options, Warrants, and Rights |
Weighted- average Exercise Price of Outstanding Options, Warrants, and Rights |
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (A)) |
||||||
|
(A) |
(B) |
(C) |
|||||||
|
Equity compensation plans approved by security holders |
1,022,533 | $- (2) | 3,142,353 |
|
(1) |
We have no equity compensation plans that are not approved by security holders. |
|
(2) |
Currently, only restricted share units remain outstanding under our equity compensation plan. Upon vesting, restricted share units are settled with shares of our common stock on a one-for-one basis and, accordingly, do not include an exercise price. |
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required for Item 13 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April 23, 2026.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
The information required for Item 14 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April 23, 2026.
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
(A) |
Financial Statements, Financial Statement Schedules and Exhibits: |
|
(1) |
Financial Statements The financial statements included in Item 8 above are filed as part of this annual report. |
|
(2) |
Financial Statement Schedules Schedule II – Valuation and Qualifying Accounts (in millions) |
|
Allowance for Doubtful Accounts and Other Receivables for the Years Ended: |
Balance at Beginning of Year |
Charged to Expense |
Write-Offs, Net of Recoveries |
Balance at End of Year |
||||||||||||
|
December 31, 2023 |
( |
) | ||||||||||||||
|
December 31, 2024 |
( |
) | ||||||||||||||
|
December 31, 2025 |
( |
) | ||||||||||||||
|
The above schedule reports allowances related to trade accounts receivable and other receivables. |
|
All other schedules have been omitted either because they are not applicable or because the required information is included in our Consolidated Financial Statements or the notes thereto. |
|
(3) |
Exhibits |
|
Exhibit Number |
Description | |
|
3.1 |
||
|
3.2 |
||
|
3.3 |
||
|
3.4 |
||
|
3.5 |
||
|
4.1 |
Description of Capital Stock of J.B. Hunt Transport Services, Inc. |
|
|
4.2 |
||
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4.3 |
||
|
4.4 |
||
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4.5 |
||
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4.6 |
||
|
10.1 |
||
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10.2 |
||
|
10.3 |
||
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10.4 |
||
|
19.1 |
Insider Trading Policy of J.B. Hunt Transport Services, Inc. |
|
|
21.1 |
||
|
22.1 |
List of Guarantor Subsidiaries of J.B. Hunt Transport Services, Inc. |
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Lowell, Arkansas, on the 24th day of February 2026.
|
|
J.B. HUNT TRANSPORT SERVICES, INC. |
|
|
|
|
(Registrant) |
|
|
|
|
|
|
|
|
|
By: |
/s/ Shelley Simpson |
|
|
|
|
Shelley Simpson |
|
|
|
|
President and Chief Executive Officer |
|
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on the 24th day of February 2026, on behalf of the registrant and in the capacities indicated.
| /s/ Shelley Simpson | President and Chief Executive Officer, Member | ||
| Shelley Simpson | of the Board of Directors | ||
| (Principal Executive Officer) | |||
| /s/ A. Brad Delco | Chief Financial Officer, | ||
| A. Brad Delco | Executive Vice President | ||
| (Principal Financial Officer) | |||
| /s/ John Kuhlow | Chief Accounting Officer, | ||
| John Kuhlow | Senior Vice President | ||
| (Principal Accounting Officer) | |||
| * | Executive Chairman of the Board of Directors | ||
| John N. Roberts, III | |||
| * | Member of the Board of Directors | ||
| James L. Robo | (Independent Lead Director) | ||
| * | Member of the Board of Directors | ||
| Brett Biggs | |||
| * | Member of the Board of Directors | ||
| Francesca M. Edwardson | |||
| * | Member of the Board of Directors | ||
| Sharilyn S. Gasaway | |||
| * | Member of the Board of Directors | ||
| John B. Hill, III | |||
| * | Member of the Board of Directors | ||
| J. Bryan Hunt, Jr. | |||
| * | Member of the Board of Directors | ||
| Persio Lisboa |
|
* |
By /s/ Shelley Simpson |
|
|
Shelley Simpson |
||
|
As Attorney-in-Fact Pursuant to Powers of Attorney filed herewith |
INDEX TO CONSOLIDATED FINANCIAL INFORMATION
| PAGE | ||
|
Management’s Report on Internal Control Over Financial Reporting |
34 |
|
|
Report of Independent Registered Public Accounting Firm (PCAOB ID Number |
35 |
|
|
Consolidated Balance Sheets as of December 31, 2025 and 2024 |
37 |
|
|
Consolidated Statements of Earnings for years ended December 31, 2025, 2024, and 2023 |
38 |
|
|
Consolidated Statements of Shareholders’ Equity for years ended December 31, 2025, 2024, and 2023 |
39 |
|
|
Consolidated Statements of Cash Flows for years ended December 31, 2025, 2024, and 2023 |
40 |
|
|
Notes to Consolidated Financial Statements |
41 |
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
We are responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, and effected by the Company’s Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitation, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (2013 Framework). Based on our assessment, our management has concluded that as of December 31, 2025, our internal control over financial reporting is effective based on those criteria.
The effectiveness of our internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm that also audited our Consolidated Financial Statements. PricewaterhouseCoopers LLP’s report on internal control over financial reporting is included herein.
| /s/ Shelley Simpson | /s/ A. Brad Delco | ||
| Shelley Simpson | A. Brad Delco | ||
| President and Chief Executive Officer | Chief Financial Officer, | ||
| (Principal Executive Officer) | Executive Vice President | ||
| (Principal Financial Officer) |
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of J.B. Hunt Transport Services, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of J.B. Hunt Transport Services, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of earnings, of shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended December 31, 2025 appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Personal injury and property damage claims accruals
As described in Note 2 to the consolidated financial statements, the Company purchases insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents and cargo damage which include a level of self-insurance coverage applicable to each claim. As of December 31, 2025, the Company’s current claims accrual balance was $283 million and long-term claims accrual balance was $444 million, of which a significant portion of current and long-term claims accruals related to personal injury and property damage. The Company recognizes a liability at the time of the incident based on an analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors. Management uses an actuarial method to develop current claim information to derive an estimate of the ultimate personal injury and property damage claim liability, which involves the use of expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity.
The principal considerations for our determination that performing procedures relating to the personal injury and property damage claims accruals is a critical audit matter are (i) the significant judgment by management when developing the claims accrual estimate; (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to the actuarial method and management's significant assumptions related to the expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s valuation of personal injury and property damage claims accruals, including controls over the actuarial method and significant assumptions related to expected loss rates, loss-development factors based on historical claims experience, and claim frequencies and severity. These procedures also included, among others, (i) testing the completeness and accuracy of underlying data used in the actuarial method and (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the actuarial method and the reasonableness of management’s estimate by (a) developing an independent estimate of expected losses and (b) comparing the independent estimate of expected losses to management’s estimate. Developing the independent estimate of expected losses involved independently developing assumptions related to the expected loss rate, loss-development factors, and claim frequencies and severity.
/s/
February 24, 2026
We have served as the Company’s auditor since 2021.
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Consolidated Balance Sheets |
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December 31, 2025 and 2024 |
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Assets |
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2024 |
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Current assets: |
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Inventories |
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Land |
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Other assets |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Current portion of long-term debt |
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Commitments and contingencies (Note 9) |
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Shareholders’ equity: |
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Preferred stock, $ |
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Common stock, $. par value. |
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See Notes to Consolidated Financial Statements.
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J.B. HUNT TRANSPORT SERVICES, INC. |
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Consolidated Statements of Earnings |
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Years Ended December 31, 2025, 2024 and 2023 |
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2025 |
2024 |
2023 |
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Operating revenues, excluding fuel surcharge revenues |
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Operating expenses: |
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Depreciation and amortization |
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Fuel and fuel taxes |
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Operating supplies and expenses |
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Insurance and claims |
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General and administrative expenses, including asset dispositions |
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Income taxes |
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Net earnings |
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Weighted average basic shares outstanding |
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Basic earnings per share |
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Weighted average diluted shares outstanding |
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| Diluted earnings per share | $ | $ | $ | ||||||||||
See Notes to Consolidated Financial Statements.
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J.B. HUNT TRANSPORT SERVICES, INC. |
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Consolidated Statements of Shareholders' Equity |
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Years Ended December 31, 2025, 2024 and 2023 |
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Earnings |
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Equity |
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Balances at December 31, 2022 |
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Comprehensive income: |
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Restricted share issuances, net of stock repurchased for payroll taxes and other |
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Balances at December 31, 2023 |
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Comprehensive income: |
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Share-based compensation |
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Restricted share issuances, net of stock repurchased for payroll taxes and other |
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Balances at December 31, 2024 |
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Comprehensive income: |
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Net earnings |
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Restricted share issuances, net of stock repurchased for payroll taxes and other |
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Balances at December 31, 2025 |
$ | $ | $ | $ | ( |
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See Notes to Consolidated Financial Statements.
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J.B. HUNT TRANSPORT SERVICES, INC. |
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Consolidated Statements of Cash Flows |
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Years Ended December 31, 2025, 2024 and 2023 |
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2025 |
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2023 |
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Cash flows from operating activities: |
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Net earnings |
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Adjustments to reconcile net earnings to net cash provided by operating activities: |
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Depreciation and amortization |
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Loss on sale of revenue equipment and other |
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Changes in operating assets and liabilities: |
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Cash flows from investing activities: |
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Stock repurchased for payroll taxes and other |
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Cash and cash equivalents at beginning of year |
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Cash and cash equivalents at end of year |
$ | $ | $ | |||||||||
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Supplemental disclosure of cash flow information: |
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Cash paid during the year for: |
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| Interest | $ | $ | $ | |||||||||
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Income taxes |
$ | $ | $ | |||||||||
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Noncash investing activities |
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Accruals for equipment received |
$ | $ | $ | |||||||||
See Notes to Consolidated Financial Statements.
Notes to Consolidated Financial Statements
| 1. |
Business |
J.B. Hunt Transport Services, Inc. is one of the largest surface transportation and delivery service companies in North America. We operate distinct, but complementary, business segments and provide a wide range of general and specifically tailored freight and logistics services to our customers. We generate revenues from the actual movement of freight from shippers to consignees, customized labor and delivery services, and serving as a logistics provider by offering or arranging for others to provide the transportation service. Unless otherwise indicated by the context, “we,” “us,” “our” and “JBHT” refer to J.B. Hunt Transport Services, Inc. and its consolidated subsidiaries.
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2. |
Summary of Significant Accounting Policies |
Basis of Consolidation
Our Consolidated Financial Statements include all of our wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. J.B. Hunt Transport Services, Inc. is a parent-level holding company with no significant assets or operations. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of J.B. Hunt Transport Services, Inc. and is the primary operating subsidiary. All other subsidiaries of J.B. Hunt Transport Services, Inc. are insignificant.
Use of Estimates
The Consolidated Financial Statements contained in this report have been prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of these statements requires us to make estimates and assumptions that directly affect the amounts reported in such statements and accompanying notes. We evaluate these estimates on an ongoing basis utilizing historical experience, consulting with experts and using other methods we consider reasonable in the particular circumstances. Nevertheless, our actual results may differ significantly from our estimates.
We believe certain accounting policies and estimates are of more significance in our financial statement preparation process than others. We believe the most critical accounting policies and estimates include the economic useful lives and salvage values of our assets, provisions for uncollectible accounts receivable, estimates of exposures under our insurance and claims policies, and estimates for taxes. To the extent that actual, final outcomes are different from our estimates, or that additional facts and circumstances cause us to revise our estimates, our earnings during that accounting period will be affected.
Cash and Cash Equivalents
Cash in excess of current operating requirements is invested in short-term, highly liquid investments. We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
Accounts Receivable and Allowance
Our trade accounts receivable includes accounts receivable reduced by an allowance for uncollectible accounts. Receivables are recorded at amounts billed to customers when loads are delivered or services are performed. The allowance for uncollectible accounts is calculated over the life of the underlying receivable and is based on historical experience; any known trends or uncertainties related to customer billing and account collectability; current economic conditions; and reasonable and supportable economic forecasts, each applied to segregated risk pools based on the business segment that generated the receivable. The adequacy of our allowance is reviewed quarterly. Balances are charged against the allowance when it is determined the receivable will not be recovered. The allowance for uncollectible accounts for our trade accounts receivable was $
Inventory
Our inventories consist primarily of revenue equipment parts, tires, supplies, and fuel and are valued using the lower of average cost or net realizable value.
Investments in Marketable Equity Securities
Our investments consist of marketable equity securities stated at fair value and are designated as either trading securities or available-for-sale securities at the time of purchase based upon the intended holding period. Changes in the fair value of our trading securities are recognized currently in general and administrative expenses, including asset dispositions in our Consolidated Statements of Earnings. Changes in the fair value of our available-for-sale securities are recognized in accumulated other comprehensive income on our Consolidated Balance Sheets, unless we determine that an unrealized loss is other-than-temporary. If we determine that an unrealized loss is other-than-temporary, we recognize the loss in earnings. Cost basis is determined using average cost.
At December 31, 2025 and 2024, we had available-for-sale securities. See Note 7, Employee Benefit Plans, for a discussion of our trading securities.
Property and Equipment
Depreciation of property and equipment is calculated on the straight-line method over the estimated useful lives of
We continually evaluate the carrying value of our assets for events or changes in circumstances that indicate the carrying value may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.
Leases
We recognize a right-of-use asset and a lease liability on the effective date of a lease agreement. Right-of-use assets represent our right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments resulting from the lease agreement. We initially record these assets and liabilities based on the present value of lease payments over the lease term calculated using our incremental borrowing rate applicable to the leased asset or the implicit rate within the agreement if it is readily determinable. Lease agreements with lease and non-lease components are combined as a single lease component. Right-of-use assets additionally include net prepaid lease expenses. Options to extend or terminate an agreement are included in the lease term when it becomes reasonably certain the option will be exercised. Leases with an initial term of 12 months or less, short-term leases, are not recorded on the balance sheet. Lease expense for short-term and long-term operating leases is recognized on a straight-line basis over the lease term, while variable lease payments are expensed as incurred.
Revenue Recognition
We record revenues on the gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of promised services. Accordingly, we serve as a principal in the transaction. We invoice our customers, and we maintain discretion over pricing. Additionally, we are responsible for selection of third-party transportation providers to the extent used to satisfy customer freight requirements.
Our revenue is earned through the service offerings of our reportable business segments. See Note 13, Segment Information, for revenue reported by segment. All revenue transactions between reporting segments are eliminated in consolidation.
Intermodal (JBI) - 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, when such highway movement is intended to direct JBI equipment back toward intermodal operations. JBI performs these services primarily through contractual rate quotes with customers that are held static for a period of time, usually one year.
Dedicated Contract Services® (DCS®) - DCS segment business includes company-owned and customer-owned, DCS-operated revenue equipment and employee drivers assigned to a specific customer, traffic lane, or service. DCS operations usually include formal, written longer-term agreements or contracts that govern services performed and applicable rates.
Integrated Capacity Solutions (ICS) - ICS provides non-asset and asset-light transportation solutions to customers through relationships with third-party carriers and integration with company-owned equipment. ICS services include flatbed, refrigerated, and expedited, as well as a variety of dry-van and intermodal solutions. ICS performs these services through customer contractual rate quotes as well as spot quotes that are one-time rate quotes issued for a single transaction or group of transactions. ICS further offers these services through an online multimodal marketplace via J.B. Hunt 360 that matches the right load with the right carrier and the best mode.
Final Mile Services® (FMS) - FMS provides last-mile delivery services to customers through a nationwide network of cross-dock and other delivery system network locations. FMS provides both asset and non-asset big and bulky delivery and installation services, as well as fulfillment, retail-pooling distributions, and less-than-truckload (LTL) services. FMS operations usually include formal, written long-term agreements or contracts that govern services performed and applicable rates.
Truckload (JBT) - JBT business includes full-load, dry-van freight that is typically transported utilizing company-owned or company-controlled revenue equipment as well as services through our J.B. Hunt 360box program which utilizes our J.B. Hunt 360 platform to access capacity and offer efficient drop trailer solutions to our customers. This freight is typically transported over roads and highways and does not move by rail. JBT utilizes both contractual rate quotes and spot rate quotes with customers.
We recognize revenue from customer contracts based on relative transit time in each reporting period and as other performance obligations are provided, with related expenses recognized as incurred. Accordingly, a portion of the total revenue that will be billed to the customer is recognized in each reporting period based on the percentage of the freight pickup and delivery performance obligation that has been completed at the end of the reporting period.
Derivative Instruments
We periodically utilize derivative instruments to manage exposure to changes in interest rates. At inception of a derivative contract, we document relationships between derivative instruments and hedged items, as well as our risk-management objective and strategy for undertaking various derivative transactions, and assess hedge effectiveness. If it is determined that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting prospectively. At December 31, 2025 and 2024, we had derivative instruments.
Income Taxes
Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. We record valuation allowances for deferred tax assets to the extent we believe these assets are not more likely than not to be realized through the reversal of existing taxable temporary differences, projected future taxable income, or tax-planning strategies. We record a liability for unrecognized tax benefits when the benefits of tax positions taken on a tax return are not more likely than not to be sustained upon audit. Interest and penalties related to uncertain tax positions are classified as interest expense in the Consolidated Statements of Earnings.
Earnings Per Share
We compute basic earnings per share by dividing net earnings available to common shareholders by the actual weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if holders of unvested restricted and performance share units converted their holdings into common stock. Outstanding unvested restricted share units represent the dilutive effects on weighted average shares. A reconciliation of the number of shares used in computing basic and diluted earnings per share is shown below (in thousands):
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Years ended December 31, |
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2025 |
2024 |
2023 |
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Weighted average shares outstanding – basic |
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Effect of common stock equivalents |
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Weighted average shares outstanding – diluted |
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Concentrations of Credit Risk
Financial instruments, which potentially subject us to concentrations of credit risk, include trade receivables. For each of the years ended December 31, 2025, 2024, and 2023, our top 10 customers, based on revenue, accounted for approximately
Share-based Compensation
We have a share-based compensation plan covering certain employees, including officers and directors. We account for share-based compensation utilizing the fair value recognition provisions of current accounting standards for share-based payments. We currently utilize restricted share units and performance share units. Issuances of our stock upon restricted share unit and performance share unit vesting are made from treasury stock. Our restricted share unit and performance share unit awards may include both graded-vesting and cliff-vesting awards and therefore vest in increments during the requisite service period or at the end of the requisite service period, as appropriate for each type of vesting. We recognize compensation expense on a straight-line basis over the requisite service periods within each award. The benefit for the forfeiture of an award is recorded in the period in which it occurs.
Claims Accruals
We purchase insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents, and cargo damage. We are substantially self-insured for loss of and damage to our owned and leased revenue equipment. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We have umbrella policies to limit our exposure to catastrophic claim costs which may include certain coverage-layer-specific, aggregated reimbursement limits of covered excess claims.
The amounts of self-insurance may change from time to time based on measurement dates, policy expiration dates, and claim type. For 2023 through 2025, we were self-insured for $
Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors. Our safety and claims personnel work directly with representatives from the insurance companies to continually update the estimated cost of each claim. The ultimate cost of a claim develops over time as additional information regarding the nature, timing, and extent of damages claimed becomes available. Accordingly, we use an actuarial method to develop current claim information to derive an estimate of our ultimate personal injury and property damage claim liability. This process involves the use of expected loss rates, loss-development factors based on our historical claims experience, claim frequencies and severity, and contractual premium adjustment factors, if applicable. In doing so, the recorded liability considers future claims growth and provides a reserve for incurred-but-not-reported claims. We do not discount our estimated losses. At December 31, 2025 and 2024, we had current accruals of approximately $
Business Combinations
The purchase price of our acquisitions is the aggregate of the consideration transferred, including liabilities incurred, measured at the acquisition date. We allocate the purchase price of acquisitions to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. This assignment of fair values to the assets acquired and liabilities assumed requires the use of estimates, judgments, inputs, and assumptions. The excess of the purchase price over those estimated fair values is recorded as goodwill. Changes to the acquisition date provisional fair values prior to the end of the measurement period are recorded as adjustments to the associated goodwill. Acquisition-related expenses and restructuring costs, if any, are expensed as incurred.
Goodwill and Other Intangible Assets
Goodwill represents the excess of cost over the fair value of net identifiable tangible and intangible assets acquired in a business combination. Goodwill and intangible assets with indefinite lives are not amortized. Goodwill is reviewed, using a weighted market and income based approach, for potential impairment as of October 1st on an annual basis or, more frequently, if circumstances indicate a potential impairment is present. Intangible assets with finite lives are amortized on the straight-line method over the estimated useful lives of
Accounting Pronouncements Adopted in 2025
In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which enhances income tax disclosures to provide more transparency about income tax information, primarily related to the rate reconciliation and income taxes paid by jurisdiction information. These disclosures include consistent categories and greater disaggregation of information in the rate reconciliation and require income taxes paid to be disaggregated by jurisdiction as well as additional amendments to improve the effectiveness of income tax disclosures. The new standard was effective prospectively for us on January 1, 2025, with retrospective adoption permitted. We adopted ASU 2023-09 retrospectively in the fourth quarter 2025. See Note 6, Income Taxes in our Consolidated Financial Statements.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. The new standard is effective prospectively for us on January 1, 2027, for annual periods, and January 1, 2028, for interim periods, with retrospective adoption permitted. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which clarified and modernizes the accounting for costs related to internal-use software. The amendments in the standard remove all previous references to project stages and clarify the threshold entities apply to begin capitalizing costs. The standard becomes effective for us on January 1, 2028, for annual and interim periods and may be adopted on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are currently evaluating the impact of the adoption of this accounting pronouncement on our financial statements.
|
3. |
Financing Arrangements |
Outstanding borrowings, net of unamortized discount and unamortized debt issuance cost under our current financing arrangements consist of the following (in millions):
|
December 31, |
||||||||
|
2025 |
2024 |
|||||||
|
Senior credit facility |
$ | $ | ||||||
|
Senior notes |
||||||||
|
Less current portion of long-term debt |
( |
) | ( |
) | ||||
|
Total long-term debt |
$ | $ | ||||||
Aggregate maturities of long-term debt subsequent to December 31, 2025, are as follows: $
Senior Credit Facility
At December 31, 2025, we were authorized to borrow up to $
Senior Notes
Our senior notes consist of two separate issuances. The first is $
Our financing arrangements require us to maintain certain financial covenants and ratios. We were in compliance with all financial covenants and ratios at December 31, 2025.
|
4. |
Capital Stock |
We have one class of preferred stock and one class of common stock. We had no outstanding shares of preferred stock at December 31, 2025 or 2024. Holders of shares of common stock are entitled to receive dividends when and if declared by the Board of Directors and are entitled to one vote per share on all matters submitted to a vote of the shareholders. On January 22, 2026, we announced an increase in our quarterly cash dividend from $
|
5. |
Share-based Compensation |
We maintain a Management Incentive Plan (the “Plan”) that provides various share-based financial methods to compensate our key employees with shares of our common stock or common stock equivalents. Under the Plan, as amended, we have, from time to time, utilized restricted share units, performance share units, restricted shares, and non-statutory stock options to compensate our employees and directors. We currently are utilizing restricted and performance share units.
Our restricted share units have various vesting schedules generally ranging from
Our performance share units vest based on the passage of time (generally
An employee is allowed to surrender shares of common stock received upon vesting to satisfy tax withholding obligations incident to the vesting of restricted share units and performance share units.
We account for our restricted share units and performance share units in accordance with current accounting standards for share-based payments. These standards require that the cost of all share-based payments to employees be recognized in our Consolidated Financial Statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award, subject to the attainment of performance metrics established for performance share units. The quantity of performance share units for which it is probable that the performance conditions will be achieved is estimated each reporting period, with any necessary adjustments recorded as a cumulative cost adjustment in the current period. Share-based compensation expense is recorded in salaries, wages, and employee benefits in our Consolidated Statements of Earnings, along with other compensation expenses to employees. The following table summarizes the components of our share-based compensation program expense (in thousands):
|
Years ended December 31, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Restricted share units |
||||||||||||
|
Pretax compensation expense |
$ | $ | $ | |||||||||
|
Tax benefit |
||||||||||||
|
Restricted share units, net of tax |
$ | $ | $ | |||||||||
|
Performance share units |
||||||||||||
|
Pretax compensation expense |
$ | $ | $ | |||||||||
|
Tax benefit |
||||||||||||
|
Performance share awards, net of tax |
$ | $ | $ | |||||||||
A summary of our restricted share units and performance share units is as follows:
|
Restricted Share Units |
Number of Shares |
Weighted Average Grant Date Fair Value |
||||||
|
Unvested at December 31, 2024 |
$ | |||||||
|
Granted |
||||||||
|
Vested |
( |
) | ||||||
|
Forfeited |
( |
) | ||||||
|
Unvested at December 31, 2025 |
$ | |||||||
|
Performance Share Units |
Number of Shares |
Weighted Average Grant Date Fair Value |
||||||
|
Unvested at December 31, 2024 |
$ | |||||||
|
Granted |
||||||||
|
Vested |
( |
) | ||||||
|
Forfeited |
( |
) | ||||||
|
Unvested at December 31, 2025 |
$ | |||||||
At December 31, 2025, we had $
The aggregate intrinsic value of restricted and performance share units vested during the years ended December 31, 2025, 2024, and 2023, was $
|
6. |
Income Taxes |
Income before provision for income taxes was as follows:
|
Years ended December 31, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
United States |
$ | $ | $ | |||||||||
|
Foreign |
||||||||||||
|
Income before income taxes |
$ | $ | $ | |||||||||
Income tax expense attributable to earnings before income taxes consists of (in thousands):
|
Years ended December 31, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Current: |
||||||||||||
|
Federal |
$ | $ | $ | |||||||||
|
State and local |
||||||||||||
|
Foreign |
||||||||||||
|
Deferred: |
||||||||||||
|
Federal |
( |
) | ( |
) | ||||||||
|
State and local |
( |
) | ( |
) | ||||||||
| ( |
) | |||||||||||
|
Total tax expense/(benefit) |
$ | $ | $ | |||||||||
Income tax expense attributable to earnings before income taxes differed from the amounts computed using the statutory federal income tax rate of
|
Years ended December 31, |
||||||||||||||||||||||||
|
2025 |
2024 |
2023 |
||||||||||||||||||||||
|
Amount |
% |
Amount |
% |
Amount |
% | |||||||||||||||||||
|
U.S. federal statutory rate |
$ | % | $ | % | $ | % | ||||||||||||||||||
|
State tax, net of federal effect* |
||||||||||||||||||||||||
|
Foreign tax Effects |
( |
) | ( |
) | ||||||||||||||||||||
|
Tax credits |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
Nontaxable or nondeductible items: |
||||||||||||||||||||||||
|
Federal 1341 claim |
||||||||||||||||||||||||
|
Other |
||||||||||||||||||||||||
|
Changes in unrecognized tax benefits: |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
Other, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
Effective Tax Rate |
$ | % | $ | % | $ | % | ||||||||||||||||||
*
Income taxes receivable was $
|
December 31, |
||||||||
|
2025 |
2024 |
|||||||
|
Deferred tax assets: |
||||||||
|
Insurance accruals |
$ | $ | ||||||
|
Allowance for doubtful accounts |
||||||||
|
Compensation accrual |
||||||||
|
Deferred compensation accrual |
||||||||
|
Federal benefit of state uncertain tax positions |
||||||||
|
Lease liabilities |
||||||||
|
State NOL carry-forward |
||||||||
|
Other |
||||||||
|
Total gross deferred tax assets |
||||||||
|
Valuation allowance |
( |
) | ( |
) | ||||
|
Total deferred tax assets, net of valuation allowance |
||||||||
|
Deferred tax liabilities: |
||||||||
|
Plant and equipment, principally due to differences in depreciation |
||||||||
|
Prepaid permits and insurance, principally due to expensing for income tax purposes |
||||||||
|
Lease right-of-use assets |
||||||||
|
Total gross deferred tax liabilities |
||||||||
|
Net deferred tax liability |
$ | $ | ||||||
The amounts of cash income taxes paid by the Company were as follows:
| Years Ended December 31, | ||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Federal |
$ | $ | $ | |||||||||
|
State and local: |
||||||||||||
|
California |
||||||||||||
|
Illinois |
||||||||||||
|
Other |
||||||||||||
|
Total State and local |
||||||||||||
|
Foreign |
||||||||||||
|
Income taxes, net of amounts refunded |
$ | $ | $ | |||||||||
On July 4, 2025, new U.S. tax legislation was signed into law which made permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the legislation made changes to certain U.S. Corporate tax provisions. This new legislation did not have a material impact on our Consolidated Financial Statements.
Guidance on accounting for uncertainty in income taxes prescribes recognition and measurement criteria and requires that we assess whether the benefits of our tax positions taken are more likely than not of being sustained under tax audits. We have made adjustments to the balance of unrecognized tax benefits, a component of other long-term liabilities on our Consolidated Balance Sheets, as follows (in millions):
|
December 31, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Beginning balance |
$ | $ | $ | |||||||||
|
Additions based on tax positions related to the current year |
||||||||||||
|
Additions/(reductions) based on tax positions taken in prior years |
( |
) | ( |
) | ||||||||
|
Reductions due to settlements |
( |
) |
( |
) |
( |
) |
||||||
|
Reductions due to lapse of applicable statute of limitations |
( |
) |
( |
) |
( |
) |
||||||
|
Ending balance |
$ | $ | $ | |||||||||
At December 31, 2025 and 2024, we had a total of $
Tax years and forward remain subject to examination by federal tax jurisdictions, while tax years and forward remain open for state jurisdictions.
|
7. |
Employee Benefit Plans |
We maintain a defined contribution employee retirement plan, which includes a 401(k) option, under which all employees are eligible to participate. We match a specified percentage of employee contributions, subject to certain limitations. For the years ended December 31, 2025, 2024, and 2023, our matching contributions to the plan were $
We have a nonqualified deferred compensation plan that allows eligible employees to defer a portion of their compensation. The compensation deferred under this plan is credited with earnings or losses on investments elected by plan participants. Each participant is fully vested in all deferred compensation and earnings; however, these amounts are subject to general creditor claims until actually distributed to the employee. A participant may elect to receive deferred amounts in one payment or in quarterly installments payable over a period of
|
8. |
Fair Value Measurements |
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2). The following are assets and liabilities measured at fair value on a recurring basis (in millions):
|
Asset/(Liability) Balance |
||||||||||||
|
December 31, |
||||||||||||
|
2025 |
2024 |
Input Level |
||||||||||
|
Trading investments |
$ | $ | 1 | |||||||||
The fair value of trading investments has been measured using the market approach (Level 1) and reflect quoted market prices. Trading investments are classified in other assets in our Consolidated Balance Sheets.
Financial Instruments
The carrying amount of our senior credit facility and senior notes not measured at fair value on a recurring basis was $
The carrying amounts of all other instruments at December 31, 2025 and 2024, approximate their fair value due to the short maturity of these instruments.
|
9. |
Commitments and Contingencies |
At December 31, 2025, we had outstanding commitments of approximately $
During 2025, we issued financial standby letters of credit as a guaranty of our performance under certain operating agreements and self-insurance arrangements. If we default on our commitments under the agreements or other arrangements, we are required to perform under these guaranties. The undiscounted maximum amount of our obligation to make future payments in the event of defaults is approximately $
As the result of state use tax audits, we have been assessed amounts owed from which we are vigorously appealing. We have recorded a liability for the estimated probable exposure under these audits and await resolution of the matter.
We purchase insurance coverage for a portion of expenses related to vehicular collisions and accidents. These policies include a level of self-insurance (deductible) coverage applicable to each claim as well as certain coverage-layer-specific, aggregated reimbursement limits of covered excess claims. Our claims from time to time exceed some of these existing coverage layer aggregate reimbursement limits. We have recorded liabilities to reflect our estimate of exposure for excess claims which have developed in maturity and severity, which are included in our total claims accrual, discussed further in Note 2, Summary of Significant Accounting Policies.
We are involved in certain other claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.
|
10. |
Leases |
As of December 31, 2025, we had various obligations remaining under operating lease arrangements related primarily to the rental of maintenance and support facilities, cross-dock and delivery system facilities, office space, parking yards and equipment. Many of these leases include one or more options, at our discretion, to renew and extend the agreement beyond the current lease expiration date or to terminate the agreement prior to the lease expiration date. These options are included in the calculation of our operating lease right-of-use asset and liability when it becomes reasonably certain the option will be exercised. Our lease obligations typically do not include options to purchase the leased property, nor do they contain residual value guarantees or material restrictive covenants. Operating leases with an initial term of more than 12 months are included in our Consolidated Balance Sheets as discounted liabilities and corresponding right-of-use assets consisting of the following (in millions):
|
Asset/(Liability) Balance |
||||||||
|
December 31, |
||||||||
|
2025 |
2024 |
|||||||
|
|
$ | $ | ||||||
|
|
( |
) | ( |
) | ||||
|
|
( |
) | ( |
) | ||||
Right-of-use assets are classified in other assets in our Consolidated Balance Sheets. Operating lease liability, current is classified in other accrued expenses, while operating lease liability, long-term is classified in other long-term liabilities in our Consolidated Balance Sheets.
As of December 31, 2025 and 2024, the weighted-average remaining lease term for our outstanding operating lease obligations was
|
2026 |
$ | |||
|
2027 |
||||
|
2028 |
||||
|
2029 |
||||
|
2030 |
||||
|
Thereafter |
||||
|
Total lease payments |
||||
|
Less interest |
( |
) | ||
|
|
$ |
During the years ended December 31, 2025, 2024, and 2023, cash paid for amounts included in the measurement of operating lease liabilities was $
|
11. |
Acquisitions |
On September 14, 2023, we entered into an asset purchase agreement to acquire substantially all of the brokerage assets and assume certain specified liabilities of BNSF Logistics, LLC (BNSFL), an affiliate of Burlington Northern Santa Fe, LLC, subject to customary closing conditions. The closing of the transaction was effective on September 30, 2023, with a purchase price of $
|
12. |
Goodwill and Other Intangible Assets |
Total goodwill was $
|
Weighted Average |
||||||||||||
|
December 31, |
Amortization |
|||||||||||
|
2025 |
2024 |
Period |
||||||||||
|
Finite-lived intangibles: |
||||||||||||
|
Customer relationships |
$ | $ | ||||||||||
|
Non-competition agreements |
||||||||||||
|
Trade names |
||||||||||||
|
Total finite-lived intangibles |
||||||||||||
|
Less accumulated amortization |
( |
) | ( |
) | ||||||||
|
Total identifiable intangible assets, net |
$ | $ | ||||||||||
Our finite-lived intangible assets have assigned residual values.
During the years ending December 31, 2025, 2024, and 2023, intangible asset amortization expense was $
|
13. |
Segment Information |
We have reportable business segments which are based primarily on the services each segment provides. The 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, when such highway movement is intended to direct JBI equipment back toward intermodal operations. DCS segment business includes company-owned and customer-owned, DCS-operated revenue equipment and employee drivers assigned to a specific customer, traffic lane, or service. DCS operations usually include formal, written longer-term agreements or contracts that govern services performed and applicable rates. ICS provides non-asset and asset-light transportation solutions to customers through relationships with third-party carriers and integration with company-owned equipment. ICS services include flatbed, refrigerated, and expedited, as well as a variety of dry-van and intermodal solutions. ICS further offers these services through an online multimodal marketplace via J.B. Hunt 360 that matches the right load with the right carrier and the best mode. FMS provides last-mile delivery services to customers through a nationwide network of cross-dock and other delivery system network locations. FMS provides both asset and non-asset big and bulky delivery and installation services, as well as fulfillment, retail-pooling distributions, and LTL services. JBT business includes full-load, dry-van freight that is transported using independent contractors or third-party carriers utilizing company-owned trailing equipment as well as services through our J.B. Hunt 360box program which utilizes the J.B. Hunt 360 platform to access capacity and offer efficient drop trailer solutions to customers. This freight is typically transported over roads and highways and does not move by rail. All transactions between reporting segments are eliminated in consolidation.
Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (CODM) and is responsible for reviewing segment performance and making decisions regarding capital and personnel allocations. Our measure of profit or loss for segment reporting purposes provided to the CODM is operating income. The CODM considers operating income budget-to-actual variances on a monthly basis to assess the performance for each of our segments. Effectively all corporate support expenses are allocated to our operating segments within various expense line items presented. Assets reported by our corporate support group are not allocated. Intersegment revenues and corresponding expenses included in our segment reporting are eliminated upon consolidation.
Our customers are geographically dispersed across the United States. A summary of certain segment information is presented below (in millions):
|
Assets (Excludes intercompany accounts) December 31, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
JBI |
$ | $ | $ | |||||||||
|
DCS |
||||||||||||
|
ICS |
||||||||||||
|
FMS |
||||||||||||
|
JBT |
||||||||||||
|
Total segment assets |
||||||||||||
|
Other (includes corporate) |
||||||||||||
|
Total |
$ | $ | $ | |||||||||
|
Net Capital Expenditures (1) For The Twelve Months Ended December 31, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
JBI |
$ | $ | $ | |||||||||
|
DCS |
||||||||||||
|
ICS |
||||||||||||
|
FMS |
||||||||||||
|
JBT |
||||||||||||
|
Total segment net capital expenditures |
||||||||||||
|
Other (includes corporate) |
||||||||||||
|
Total |
$ | $ | $ | |||||||||
|
Revenues and Operating Income/(Loss) |
||||||||||||||||||||||||||||
|
For The Year ended December 31, 2025 |
||||||||||||||||||||||||||||
|
JBI |
DCS |
ICS |
FMS |
JBT |
Intersegment Eliminations |
Consolidated |
||||||||||||||||||||||
|
Total operating revenues |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||
|
Operating expenses: |
||||||||||||||||||||||||||||
|
Rents, purchased transportation, and fuel |
||||||||||||||||||||||||||||
|
Salaries, wages and employee benefits |
||||||||||||||||||||||||||||
|
Depreciation and amortization |
||||||||||||||||||||||||||||
|
Operating supplies and expenses |
||||||||||||||||||||||||||||
|
Insurance and claims |
||||||||||||||||||||||||||||
|
General and administrative expenses, including asset dispositions |
||||||||||||||||||||||||||||
|
Other segment items (2) |
||||||||||||||||||||||||||||
|
Total operating expenses |
( |
) | ||||||||||||||||||||||||||
|
Operating Income (3) |
$ | $ | $ | ( |
) | $ | $ | $ | $ | |||||||||||||||||||
|
Revenues and Operating Income/(Loss) |
||||||||||||||||||||||||||||
|
For The Year ended December 31, 2024 |
||||||||||||||||||||||||||||
|
JBI |
DCS |
ICS |
FMS |
JBT |
Intersegment Eliminations |
Consolidated |
||||||||||||||||||||||
|
Total operating revenues |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||
|
Operating expenses: |
||||||||||||||||||||||||||||
|
Rents, purchased transportation, and fuel |
||||||||||||||||||||||||||||
|
Salaries, wages and employee benefits |
||||||||||||||||||||||||||||
|
Depreciation and amortization |
||||||||||||||||||||||||||||
|
Operating supplies and expenses |
||||||||||||||||||||||||||||
|
Insurance and claims |
||||||||||||||||||||||||||||
|
General and administrative expenses, including asset dispositions |
||||||||||||||||||||||||||||
|
Other segment items (2) |
||||||||||||||||||||||||||||
|
Total operating expenses |
( |
) | ||||||||||||||||||||||||||
|
Operating Income (3) |
$ | $ | $ | ( |
) | $ | $ | $ | $ | |||||||||||||||||||
|
Revenues and Operating Income/(Loss) |
||||||||||||||||||||||||||||
|
For The Year ended December 31, 2023 |
||||||||||||||||||||||||||||
|
JBI |
DCS |
ICS |
FMS |
JBT |
Intersegment Eliminations |
Consolidated |
||||||||||||||||||||||
|
Total operating revenues |
$ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||
|
Operating expenses: |
||||||||||||||||||||||||||||
|
Rents, purchased transportation, and fuel |
||||||||||||||||||||||||||||
|
Salaries, wages and employee benefits |
||||||||||||||||||||||||||||
|
Depreciation and amortization |
||||||||||||||||||||||||||||
|
Operating supplies and expenses |
||||||||||||||||||||||||||||
|
Insurance and claims |
||||||||||||||||||||||||||||
|
General and administrative expenses, including asset dispositions |
||||||||||||||||||||||||||||
|
Other segment items (2) |
||||||||||||||||||||||||||||
|
Total operating expenses |
( |
) | ||||||||||||||||||||||||||
|
Operating Income (3) |
$ | $ | $ | ( |
) | $ | $ | $ | $ | |||||||||||||||||||
|
(1) |
|
|
(2) |
|
|
(3) |
Exhibit 4.1
DESCRIPTION OF CAPITAL STOCK
The following is a description of the capital stock of J.B. Hunt Transport Services, Inc. (the “Company”) and certain provisions of the Company’s Amended and Restated Articles of Incorporation (“Articles of Incorporation”), Second Amended and Restated Bylaws, as amended (“Bylaws”), and certain provisions of applicable law. The following is only a summary and is qualified by applicable law and by the provisions of the Company’s Articles of Incorporation and Bylaws, copies of which have been filed with the Securities and Exchange Commission.
General
Under our Articles of Incorporation, we have authority to issue up to 1,000,000,000 shares of common stock, par value $0.01 per share, and up to 10,000,000 shares of preferred stock, par value $100.00 per share. Each share of our common stock has the same relative rights as, and is identical in all respects to, each other share of our common stock.
As of December 31, 2025, 94,594,725 shares of our common stock were issued and outstanding, and 3,142,353 shares of common stock were reserved for issuance pursuant to our Management Incentive Plan. Our common stock is listed on the NASDAQ Global Select Market. The outstanding shares of our common stock are validly issued, fully paid and non-assessable.
As of December 31, 2025, no shares of our preferred stock were issued and outstanding.
Common Stock
Voting Rights. Holders of our common stock are entitled to one vote per share on all matters submitted to a vote of shareholders. Holders of our common stock do not have cumulative voting rights.
Dividend Rights. Holders of our common stock are entitled to dividends when, as, and if declared by our board of directors out of funds legally available for the payment of dividends. Holders of any series of preferred stock we may issue in the future may have a priority over holders of common stock with respect to dividends.
Liquidation and Dissolution. In the event of the liquidation, dissolution or winding up of the Company, the holders of our common stock are entitled to receive ratably all of the assets of the Company available for distribution after satisfaction of all liabilities of the Company, subject to the rights of the holders of any of the Company’s preferred stock that may be issued from time to time.
Other Rights. Holders of our common stock have no preferential or preemptive rights with respect to any securities of the Company, and there are no conversion rights or redemption or sinking fund provisions applicable to our common stock.
Modification of Rights. Our board of directors acting by a majority vote of the members present, without shareholder approval, may amend our Bylaws and may issue shares of our preferred stock under terms as described below under “Preferred Stock.” Rights of the holders of our common stock may not otherwise be modified by less than a majority vote of the common stock outstanding. Additionally, under the Arkansas Business Corporation Act of 1987, a majority vote is required for the approval of a merger or consolidation with another corporation, and for the sale of all or substantially all of our assets and liquidation or dissolution of the Company.
Transfer Agent. The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.
Preferred Stock
Voting Rights. Holders of our preferred stock are not entitled to vote, except as required by statute.
Dividend Rights. Holders of our preferred stock are entitled to dividends when and as declared by our board of directors out of the surplus or net profits of the Company at the rate of 10% annually, before any dividends on our common stock may be paid or declared and set apart for payment.
Redemption. The board of directors of the Company may redeem our preferred stock at any time, upon at least 30 days notice by mail to the holders of such preferred stock, by paying $100.00 in cash for each share of preferred stock to be redeemed. In the event of a partial redemption, the board of directors may determine the terms and conditions of any redemption and the shares to be redeemed.
Liquidation and Dissolution. In the event of the liquidation, dissolution or winding up of the Company, the holders of our preferred stock are entitled to receive the sum of $100.00 per share.
Other Rights. Holders of our preferred stock have no preemptive rights with respect to any securities of the Company, and there are no conversion rights or sinking fund provisions applicable to our preferred stock.
Provisions That May Discourage Takeovers
Arkansas law and our Articles of Incorporation, Bylaws and corporate governance policies contain provisions that may have the effect of discouraging transactions involving an actual or threatened change of control. These provisions could protect the continuity of our directors and management and possibly deprive shareholders of an opportunity to sell their shares of common stock at prices higher than the prevailing market prices. The following description is subject in its entirety to applicable Arkansas law and our Articles of Incorporation and Bylaws.
Availability of Authorized but Unissued Shares. All of our preferred stock and a substantial amount of our common stock are authorized but unissued and not reserved for any particular purpose. Our board of directors may issue shares of authorized common or preferred stock without shareholder approval. If our board of directors decides to issue shares to persons friendly to current management, this could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise. Authorized but unissued shares also could be used to dilute the stock ownership of persons seeking to obtain control of the Company, including dilution through a shareholder rights plan of the type commonly known as a “poison pill,” which the board of directors could adopt without a shareholder vote.
Issuance of Preferred Stock. In addition, our common shareholders could amend our Articles of Incorporation to allow our board of directors to issue preferred shares having voting rights that could have the effect of delaying, deferring or impeding a change in control of the Company.
Classification of the Board of Directors. As permitted by Arkansas law, our Articles of Incorporation provide that, if we have nine or more directors, our board of directors may at any time elect to classify our board of directors into two or three classes, with each class serving a staggered two-year or three-year term, as the case may be. Our board of directors currently consists of nine directors. Our Bylaws provide that all directors shall be elected to one-year terms, expiring at the next annual meeting of our shareholders. However, as long as we have nine or more directors, our board of directors could at any time amend our Bylaws to classify our board of directors with staggered terms without any action on the part of our shareholders. A classified board with staggered terms could make it more difficult for a shareholder or group of shareholders to assume control of the board of directors by replacing a majority of the board of directors with their own candidates.
No Cumulative Voting. Under Arkansas law, shareholders do not have cumulative voting rights for the election of directors unless the Articles of Incorporation so provide. Our Articles of Incorporation do not provide for cumulative voting.
Limitations on Nomination of Directors. Under our corporate governance policy regarding director recommendations by shareholders, in order for a shareholder or group of shareholders to recommend a candidate for director to be nominated by our board of directors, such recommendation must be submitted to us not less than 120 days before the first anniversary of the date of the proxy statement for the preceding year’s annual meeting. The shareholder or group of shareholders submitting the recommendation must have beneficially owned at least two percent of our outstanding common stock for at least one year and must provide certain information as specified in the policy, including the name and address of the shareholder or group of shareholders making the recommendation (collectively, the “Recommending Shareholder”); if the Recommending Shareholder is not the registered holder of such shares, proof of beneficial ownership of such shares in the manner provided in Rule 14a-8(b)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); the number of shares of the Company’s common stock beneficially owned by the Recommending Shareholder and the dates such shares were purchased; proof of beneficial ownership of such shares if the Recommending Shareholder is not the registered holder of such shares; the name, age and address of the candidate; his or her occupation for the past five years; a description of the candidate’s qualifications to serve as a director and why the candidate does or does not qualify as “independent” under the NASDAQ corporate governance listing standards; the number of shares held by the candidate, if any; and a description of the arrangements or understandings between the Recommending Shareholder and the candidate, if any, or any other person pursuant to which the Recommending Shareholder is making the recommendation.
In order for a shareholder to nominate a director candidate for election at our annual meeting, our Bylaws provide that the shareholder must give written notice to our Secretary at the Company’s principal executive offices, and such notice must be received by the Secretary not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, in advance of the anniversary of the previous year’s annual meeting if such meeting is held on a day not more than 30 days before and not later than 60 days after the anniversary of the previous year’s annual meeting. With respect to any other annual meeting of shareholders, including in the event that we did not hold an annual meeting the previous year, the shareholder’s notice is timely only if it is delivered to the Secretary at the Company’s principal executive offices no earlier than the close of business on the 120th day prior to the annual meeting and no later than the close of business on the later of the 90th day prior to the annual meeting and the 10th day after the Company publicly announces the date of the current year’s annual meeting. To be in proper written form, a shareholder’s notice to the Secretary, including a notice pursuant to Rule 14a-19 under the Securities Exchange Act of 1934, must comply with all requirements contained in our Bylaws, a copy of which may be obtained upon written request to the Secretary.
Limitation on Calling Special Meetings of Shareholders. Arkansas law allows the board of directors or persons authorized in our Articles of Incorporation or Bylaws to call special meetings of shareholders. Our Bylaws provide that a special meeting may be called by our board of directors, the Chairman of the Board, the Chief Executive Officer, the President, the Secretary or by the holders of not less than one-third of all the shares of stock entitled to vote at the proposed special meeting. Under Arkansas law, business to be transacted at a special meeting is limited to the purpose or purposes described in the notice of the meeting.
Exhibit 19.1
J.B. HUNT TRANSPORT SERVICES, INC. INSIDER TRADING POLICY
Amended July 23, 2025
It is the policy of J.B. Hunt Transport Services, Inc. and its subsidiaries (the “Company”) that the Company’s directors, executive officers and employees possessing material non-public information regarding the Company shall abide by certain restrictions in trading the Company’s securities and with certain procedures in complying with such restrictions, as set forth below.
Sections I and VI of this policy apply only to members of the Company’s Board of Directors (“Directors”) and those officers of the Company that are subject to reporting requirements under Section 16 of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (“Officers”). The remaining sections of this policy apply to all Directors, Officers and other Company employees who, in the course of their work for the Company, have access to confidential, material non-public information regarding the Company (“Covered Employees”).
|
I. |
SECTION 16(a) FILINGS |
All Forms 3, 4 and 5 for the Company’s Directors and Officers will be prepared and filed by the office of the Chief Financial Officer. Information regarding changes in beneficial ownership should be forwarded to the Company immediately for timely filing of the Form 4, or to make a determination that reporting may be deferred to Form 5 or that no reporting is required. The office of the Chief Financial Officer will retain a copy of each Form 3, 4 and 5 in its files. Directors and Officers may want to exercise a Power of Attorney enabling certain members of the Office of the Chief Financial Officer to sign Forms 3, 4 and 5 and to obtain and maintain filing codes and credentials on their behalf. If so, please contact the Office of the Chief Financial Officer.
|
II. |
CONSULTATION WITH THE OFFICE OF THE CHIEF FINANCIAL OFFICER |
Directors, Officers and Covered Employees should contact the Office of the Chief Financial Officer before they, or any family member living in their household or any trust or entity over which they have or share control, buy or sell any shares of the Company’s stock or enter into, modify or terminate any trading plan under Rule 10b5-1 of the 1934 Act or any similar written trading arrangement. Directors and Officers must provide a copy or a description of the material terms of any such trading plan or arrangement to the office of the Chief Financial Officer. This will enable the Company to determine that no circumstances exist which might subject such person(s) to a charge of trading on the basis of material non-public information. It will also enable the Company to assist any Director or Officer to be in compliance with the applicable requirements of Section 16 of the 1934 Act and Rule 144 under the Securities Act of 1933, as amended (the “1933 Act”), and will ensure that the Company’s records with respect to the Director’s, Officer’s or Covered Employee’s ownership of the Company stock are up to date and that the Company is able to comply with certain related disclosure requirements under the 1934 Act.
|
III. |
TRADING WINDOWS |
As a matter of general practice, Directors, Officers and Covered Employees should transact purchases or sales of Company stock only during open trading windows. The trading window will be open beginning on the second trading day after the date of the public release of quarterly results for the most recent quarter and will be closed beginning on the day that is twenty-one (21) calendar days before the last day of the current quarter. This “open-window” trading practice has been instituted in order to help avoid exposure to liability due to Rule 10b-5 of the 1934 Act and other securities laws and to prevent public embarrassment to the Company and the insider involved which invariably attaches whenever insider trading is alleged to have occurred. However, even when the Director, Officer or Covered Employee is inside the “open-window,” no transaction or trading plan or arrangement should be entered into in violation of Rule 10b-5 prohibiting the use of inside information, and all transactions should be carried out in compliance with Section 16 of the 1934 Act and Rule 144 of the 1933 Act.
|
IV. |
INSIDER TRADING |
Directors, Officers and Covered Employees should not buy or sell any Company securities on the basis of material non-public information regarding the Company or during any period for which the Company has recommended the suspension of trading. Such suspension periods usually relate to the time between the internal identification of material information and the public disclosure of that information. In addition, Directors, Officers and Covered Employees should not buy or sell any securities of any other publicly traded company on the basis of material non-public information regarding the Company or material non-public information obtained through their relationship with the Company that relates to or may impact such other company. In addition, please be reminded that Directors, Officers and Covered Employees are prohibited from discussing, disclosing, sharing, providing or otherwise disseminating to any person outside the Company any material non-public information or non-public financial information about the Company or any other publicly traded company, particularly to the extent that it relates to or affects the quarter to be reported on by the Company.
Information is considered “material” if it has market significance because a reasonable investor would want to know it before making an investment decision – in other words, “material” information is information which could reasonably affect the price of a company’s stock. For information to be considered “public,” it must have been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information – usually two days. Information that has been disclosed only to a few members of the public is not considered “public” for insider trading purposes. Examples of material information may include, without limitation, information on revenues, expenses, earnings, or other profit or loss amounts or ratios, material news regarding customers, acquisitions, capital markets transactions, changes in capital structure or corporate structure, management changes, business or operational developments, etc. The unauthorized disclosure of such information could result in serious consequences to the Company, whether or not such disclosure is made for the purpose of facilitating improper trading in securities.
These trading restrictions shall continue to apply to securities transactions even after separation from service with the Company. If an individual is in possession of material non-public information when he or she separates from service with the Company, whether voluntarily or involuntarily, that individual may not trade in securities of the Company or of any other impacted company or disclose such information to other persons until that information has become public or is no longer material.
|
V. |
HEDGING |
Directors, Officers and Covered Employees are prohibited from engaging in short sales or in transactions involving derivatives based on the Company’s common stock, such as option contracts, straddles, collars, hedges and writing puts or calls. Such transactions create a significant enticement for abusive trading and in many instances give the unwelcome appearance of the Director, Officer or Covered Employee betting against the Company.
|
VI. |
PLEDGING |
Directors and Officers are prohibited from holding shares of Company stock in a margin account. A Director or Officer may pledge Company stock as collateral for a loan (but not margin debt), provided that:
|
(1) |
His or her ownership of Company stock, excluding any shares pledged or proposed to be pledged, meets and continues to meet the Company’s Stock Ownership Guidelines applicable to the pledging Director or Officer during the period in which such shares are pledged as security; and |
|
(2) |
The amount of the financial obligation secured by the pledged shares is disclosed in the Company’s proxy statement for its next annual meeting of stockholders and in each succeeding annual proxy statement while the shares are pledged. |
If a Director or Officer wishes to execute any new pledge of shares, or pledge of additional shares, of Company stock as collateral for a loan after January 20, 2022, he or she must submit a request for approval to the Corporate Secretary for presentation to the Nominating and Corporate Governance Committee (the “Committee”) of the Company’s Board of Directors (in the form and with such supporting information as may be requested by the Committee) at least two weeks prior to the proposed execution of documents evidencing the proposed pledge. No Officer or Director shall execute any such future pledge of Company shares unless and until he or she has received approval from the Committee. However, no Committee approval is required for any future pledges made upon a renewal of a financial obligation secured by shares that were pledged prior to January 20, 2022 or previously approved by the Committee, unless additional shares are proposed to be pledged in connection with such renewal.
The Committee will annually review any pledges of the Company’s common stock by Directors and Officers to assess whether the conditions described above continue to be met and whether such pledges pose any unnecessary risks to the Company.
Exhibit 21.1
SUBSIDIARIES OF J.B. HUNT TRANSPORT SERVICES, INC.
|
(A) |
J.B. Hunt Transport, Inc., a Georgia corporation |
|
(B) |
L.A., Inc., an Arkansas corporation |
|
(C) |
J.B. Hunt Corp., a Delaware corporation |
|
(D) |
J.B. Hunt Logistics, Inc., an Arkansas corporation |
|
(E) |
Hunt Mexicana, S.A. de C.V., a Mexican corporation |
|
(F) |
FIS, Inc., a Nevada corporation |
|
(G) |
J.B. Hunt Mexico, S.C., a Mexican partnership |
|
(H) |
Gentry Solar, LLC, a Delaware limited liability company |
Exhibit 22.1
GUARANTOR SUBSIDIARIES OF J.B. HUNT TRANSPORT SERVICES, INC.
The following subsidiary of J.B. Hunt Transport Services, Inc. is guarantor with respect to our senior notes:
J.B. Hunt Transport, Inc., a Georgia corporation
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-126325 and 333-103748) and Form S-3 (No. 333- 270011) of J.B. Hunt Transport Services, Inc. of our report dated February 24, 2026 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.
/s/ PricewaterhouseCoopers LLP
Springdale, Arkansas
February 24, 2026
Exhibit 24.1
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ John N. Roberts, III | |
| John N. Roberts, III | |
| Date: January 8, 2026 |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ James L. Robo | |
| James L. Robo | |
| Date: January 7, 2026 |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ Brett Biggs | |
| Brett Biggs | |
| Date: January 19, 2026 |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ Francesca M. Edwardson |
| Francesca M. Edwardson |
| Date: January 10, 2026 |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ Sharilyn S. Gasaway | |
| Sharilyn S. Gasaway | |
| Date: January 13, 2026 |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ John B. Hill, III | |
| John B. Hill, III | |
| Date: January 22, 2026 |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ J. Bryan Hunt, Jr | |
| J. Bryan Hunt, Jr | |
| Date: January 22, 2026 |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned Director of J.B. Hunt Transport Services, Inc. does hereby constitute and appoint John Roberts and Shelley Simpson, and each of them severally, his or her lawful attorneys and agents, for him or her and in his or her name and in the capacity indicated below, with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents determine may be necessary, advisable, or required to enable said Corporation to comply with the Securities and Exchange Act of 1934, as amended, and any rules, regulations, or requirements of the Securities and Exchange Commission in connection with the Form 10-K for the calendar year foregoing, the powers granted include the power and authority to execute and file the Form 10-K, any and all exhibits and amendments thereto and any and all documents in conjunction with the Form 10-K. The undersigned hereby ratifies and confirms his or her signature as it may be signed by said attorneys and all that said attorneys and agents shall do or cause to be done by virtue hereof.
| /s/ Persio V. Lisboa | |
| Persio V. Lisboa | |
| Date: January 7, 2026 |
Exhibit 31.1
CERTIFICATIONS
I, Shelley Simpson, certify that:
|
1. |
I have reviewed this report on Form 10-K of J.B. Hunt Transport Services, Inc.; |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: February 24, 2026 | /s/ Shelley Simpson | |
| Shelley Simpson | ||
| President and Chief Executive Officer | ||
| (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATIONS
I, A. Brad Delco, certify that:
|
1. |
I have reviewed this report on Form 10-K of J.B. Hunt Transport Services, Inc.; |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
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5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
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a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
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Date: February 24, 2026 |
/s/ A. Brad Delco |
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A. Brad Delco |
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Chief Financial Officer, |
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| Executive Vice President | ||
| (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of J.B. Hunt Transport Services, Inc. (the “Company”) for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the dates indicated below, each hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:
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(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
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Date: February 24, 2026 |
/s/ Shelley Simpson |
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Shelley Simpson |
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President and Chief Executive Officer |
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| (Principal Executive Officer) |
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Date: February 24, 2026 |
/s/ A. Brad Delco |
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A. Brad Delco |
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|
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Chief Financial Officer, |
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| Executive Vice President | ||
| (Principal Financial Officer) |