# J.B. Hunt Transport Services, Inc. (JBHT)

> Source: Nexqual · https://nexqual.com/JBHT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, J.B. Hunt Transport Services, Inc. (JBHT), nexqual.com/JBHT" · informational, not investment advice.

**Price:** USD 230.59 (+0.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 228.59 · day 226.43–233.68 · 52w 157.82–299.76 · market cap $21.7B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.7B, net income $675M (5.3% margin), free cash flow $1.10B (SEC filings).
- Valuation: P/E 32.1x (avg 30.3x at the last 3 fiscal year-ends), EV/EBITDA 13.6x, net debt $1.14B.
- 1 of 80 tracked superinvestors hold JBHT (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $4.7M; 7 not under a Rule 10b5-1 plan ($4.7M); 4 by opportunistic insiders (4 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.38 on a 1–5 scale) (24 analysts), mean target USD 279.52 (range 187–330).
- Total return with dividends: 1Y +39.4% vs S&P 500 +14.9%; 5Y +23.4% vs S&P 500 +80.3%.
- Next earnings: 2027-01-15, EPS estimate USD 2.03, revenue estimate $3.74B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.2B | $14.8B | $12.8B | $12.1B | $12.0B | $12.7B |
| Operating income | $1.05B | $1.33B | $993M | $831M | $865M | $956M |
| Net income | $761M | $969M | $728M | $571M | $598M | $675M |
| EPS (diluted) | $7.14 | $9.21 | $6.97 | $5.56 | $6.12 | — |
| Free cash flow | $276M | $236M | -$118M | $618M | $948M | $1.10B |
| Operating margin | 8.6% | 9.0% | 7.7% | 6.9% | 7.2% | 7.5% |
| Net margin | 6.3% | 6.5% | 5.7% | 4.7% | 5.0% | 5.3% |
| Revenue growth | +26.3% | +21.7% | -13.4% | -5.8% | -0.7% | — |
| Cash + short-term investments | $356M | $51.9M | $53.3M | $47.0M | $17.3M | — |
| Total debt | $1.30B | $1.26B | $1.58B | $1.48B | $1.47B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 32.1x · P/S 1.7x · EV/EBITDA 13.6x · EV/Sales 1.8x · P/FCF 19.7x · P/B 5.9x · FCF yield 5.08% · Earnings yield 3.11% · Dividend yield (paid, TTM) 0.78% · Buyback yield (TTM) 2.53% · Net debt $1.14B · EV $22.8B
P/E at fiscal year-ends: Dec 2025 31.7x, Dec 2024 30.7x, Dec 2023 28.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold JBHT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.2M | Reduced -11.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-05 | Keefauver David | EVP of People | 703 | $200K | 47.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-05 | Webb Brian | EVP- Final Mile Services | 1,500 | $426K | 8.6% | No | Too little history (no open-market trades in 2023) |
| 2026-05-19 | Frazier Spencer | EVP of Sales and Marketing | 2,000 | $516K | 24% | No | Routine (bought in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-15 | Hicks Bradley W. | President of DCS | 7,644 | $2.0M | 24.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Field Darren P. | EVP and President Intermodal | 4,000 | $1.0M | 31.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-22 | Hobbs Nicholas | EVP and COO | 1,272 | $319K | 1.4% | No | Too little history (no open-market trades in 2024) |
| 2026-04-21 | Thompson James K | Director | 1,000 | $254K | 4.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.38 on a 1–5 scale), 24 analysts; mean target USD 279.52 (low 187, high 330).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Citigroup | Target raised | Neutral | $254 → $263 |
| 2026-10-16 | UBS | Target raised | Neutral | $264 → $273 |
| 2026-10-16 | Stephens & Co. | Target lowered | Overweight | $330 → $325 |
| 2026-10-16 | Wells Fargo | Target lowered | Overweight | $305 → $285 |
| 2026-10-16 | JP Morgan | Target lowered | Overweight | $287 → $283 |
| 2026-10-16 | Evercore ISI Group | Target lowered | Outperform | $277 → $275 |
| 2026-10-16 | Citizens | Reiterated | Market Outperform | $300 |
| 2026-10-14 | Bernstein | Target lowered | Outperform | $329 → $307 |
| 2026-10-08 | Stifel | Target lowered | Hold | $292 → $289 |
| 2026-10-07 | Citigroup | Target lowered | Neutral | $309 → $254 |
| 2026-10-07 | Truist Securities | Target lowered | Hold | $295 → $235 |
| 2026-10-05 | JP Morgan | Target lowered | Overweight | $313 → $287 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +39.4% | +23.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +39.6% | +4.3% |
| Volatility (annualized) | 34.4% | 29.1% |
| Max drawdown | -25.3% (Jul 2026→Oct 2026) | -39.5% (Feb 2024→Apr 2025) |

## Peers (Integrated Freight & Logistics)
EXPD (Expeditors International of Was) USD 196.19 -0.42% · CHRW (C.H. Robinson Worldwide, Inc.) USD 142.31 +0.96% · FDXF (FedEx Freight Holding Company, ) USD 111.02 +2.84% · ZTO (ZTO Express (Cayman) Inc.) USD 20.06 +0.96% · FDX (FedEx Corporation) USD 303.92 +1.91% · LSTR (Landstar System, Inc.) USD 169.39 -1.10%

## More
Full page: https://nexqual.com/JBHT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in JBHT's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | BNSF Logistics | "During the year ending December 31, 2024, we recorded expense of $14.4 million for the impairment of certain customer relationships intangible assets related to the BNSFL acquisition." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| JBI | $1.75B | 50.2% | +22.0% | $150.9M | 8.6% |
| DCS | $920.7M | 26.3% | +8.7% | $102.5M | 11.1% |
| ICS | $388.5M | 11.1% | +49.3% | $1.7M | 0.4% |
| JBT | $239.7M | 6.9% | +35.4% | -$1.3M | -0.5% |
| FMS | $198.0M | 5.7% | -6.0% | $5.6M | 2.8% |
| Total revenue | $3.50B | 100% | — | $259.5M | 7.4% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service Excluding Fuel Surcharge | $2.85B | 81.6% | +10.8% |
| Fuel Surcharge | $641.5M | 18.4% | +82.3% |
| Total revenue | $3.50B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 8% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Company outlook (8-K filed 2026-10-15)

- "We expect our 2026 full year annual tax rate to be approximately 24.0%."
- "Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.03 | $2.30 | -11.6% | $3.74B | 21 |
| Next quarter (ends 2027-03-31) | $1.80 | $1.98 | -8.9% | $3.47B | 13 |
| Current fiscal year (ends 2026-12-31) | $7.24 | $7.82 | -7.4% | $13.96B | 22 |
| Next fiscal year (ends 2027-12-31) | $9.83 | $10.12 | -2.8% | $15.47B | 23 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2027-01-15): ±12.9%; earnings reaction alone ±4.3%; last 8 reports averaged ±6.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.9% | ±7.2% |
| 2026-12-18 | 56 | 31.9% | ±10.1% |
| 2027-01-15 | 84 | 33.6% | ±12.9% |
| 2027-02-19 | 119 | 34.6% | ±15.8% |
| 2027-05-21 | 210 | 34.5% | ±20.8% |