J.B. Hunt reports third-quarter EPS of $1.82 as revenue rises to $3.68 billion

Analysts disagree on whether the result beat or missed estimates, even as margins narrowed and buybacks continued.

J.B. Hunt Transport Services reported third-quarter earnings per share of $1.82 on a GAAP basis, up 3% from $1.76 a year earlier. Revenue rose 20% to $3.68 billion from $3.05 billion in the same quarter last year.

Accounts of how the result measured against expectations differ. The company's own figures point to a miss of $0.10 a share. The Associated Press, citing seven analysts surveyed by Zacks, reported an average estimate of $1.81 a share and said J.B. Hunt beat it, with revenue also ahead of a $3.56 billion Zacks estimate.

Operating income rose just 2%, to $247.1 million from $242.7 million, trailing the pace of revenue growth. J.B. Hunt said higher professional driver personnel expense, higher equipment-related costs and increased insurance and group medical claims expense ate into gains from efficiency improvements. Segment gross revenue climbed 20% on an 8% rise in volume and an 11% rise in revenue per load, but revenue per load excluding fuel surcharges rose just 2%. Contractual freight, once a steadier source of revenue, made up 58% of total revenue this quarter against 64% a year ago, even though contractual volume held closer to flat at 63% of loads.

J.B. Hunt bought back about 704,000 shares for roughly $174 million during the quarter, leaving about $619 million left under its repurchase authorization. The company also said it expects its full-year 2026 effective tax rate to run near 24.0%, one of the only forward figures in the release. The earnings miss on the bottom line, even with revenue ahead of expectations, points to continued margin pressure across trucking and intermodal freight, a sector that has struggled with soft volumes and rate pressure for several quarters. Keeping buybacks at this pace while per-share profit fell short suggests management sees the current freight downturn closer to its end than its middle, and the pace of repurchases in coming quarters, against the remaining $619 million authorized, will be one signal of how much confidence it has in a rebound.