First look: J.B. Hunt’s Q4 beats consensus

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J.B. Hunt Transport Services beat fourth-quarter earnings expectations Thursday after the market closed. Consolidated revenue fell 2% year over year but operating income was up 11% (19% higher including one-time prior-year charges). Better productivity and cost takeouts drove the improvement.

The company previously implemented a $100-million cost reduction program, which management expects to add to over time. It has said the cost elimination is structural and that these expenses won’t come back as volumes improve.

“Our team finished the year with another quarter of strong execution and financial results,” said President and CEO Shelley Simpson in a news release. “We have momentum with our operational excellence that is setting us apart with customers.”

Table: J.B. Hunt’s key performance indicators – Consolidated

J.B. Hunt (NASDAQ: JBHT) reported revenue of $3.1 billion, which was just shy of the consensus estimate of $3.12 billion. Earnings per share of $1.90 were 24 cents better y/y and 9 cents ahead of consensus. (The 2024 fourth-quarter EPS result was adjusted to exclude $16 million, or 13 cents per share, in nonrecurring intangible asset impairments in its brokerage unit.)

Intermodal revenue slid 3% y/y to $1.55 billion. Modest declines in load counts and revenue per load were the detractors. The unit reported a 91.2% operating ratio (inverse of operating margin), which was 140 basis points better y/y and 60 bps better than the third quarter.

Table: J.B. Hunt’s key performance indicators – Intermodal

<em>SONAR: Outbound Domestic Rail Container Volume Index for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line). It shows the daily volume of intermodal containers moving in the United States, Canada and Mexico. The index is a 7-day moving average using the date that containers were in-gated at a point of origin. Intermodal trailers (trailer-on-flatcar, or TOFC) are excluded.</em> — SONAR: Outbound Domestic Rail Container Volume Index for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line). It shows the daily volume of intermodal containers moving in the United States, Canada and Mexico. The index is a 7-day moving average using the date that containers were in-gated at a point of origin. Intermodal trailers (trailer-on-flatcar, or TOFC) are excluded.

Dedicated revenue was up just slightly y/y to $843 million. A small decline in the average truck count was offset by a slight increase in revenue per truck per week. An 88.3% OR was 90 bps better y/y.

The company’s brokerage unit booked a 12th-straight quarterly loss (a $3.3 million operating loss). A 7% y/y decline in loads was partially by a 6% increase in revenue per load.

J.B. Hunt will host a call at 5 p.m. EST on Thursday to discuss fourth-quarter results.

Table: J.B. Hunt’s key performance indicators – Dedicated & ICS

Table: J.B. Hunt’s key performance indicators – Final-mile & Truckload

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