J.B. Hunt (JBHT) Q3 2026 Earnings: Revenue Up 20%, Operating Income Up 2%

J.B. Hunt Transport Services reported third-quarter 2026 results on October 15. The release shows revenue of $3.68 billion, up 20% from $3.05 billion, and net earnings of $172.4 million, or $1.82 per diluted share, versus $1.76.

Revenue versus margin#

Excluding fuel surcharges, revenue grew 13%, driven by an 8% increase in intermodal loads, a 27% rise in brokerage revenue per load, and a 29% rise in truckload revenue per load, offset by a 10% decline in final-mile stops. Operating income rose just 2% to $247.1 million, because purchased transportation, driver personnel costs, equipment costs, and insurance and medical claims all increased. Operating income as a share of gross revenue fell year over year.

Intermodal#

The largest segment grew revenue 20% to $1.83 billion and operating income 18% to $147.5 million. Eastern network loads rose 18% on road-to-rail conversion while transcontinental loads grew 1%. Revenue per load rose 11% on fuel surcharges, rates and mix.

What to compare next#

For readers following JBHT, the gap between 20% revenue growth and 2% profit growth is the whole story: pricing is recovering but costs are recovering faster. Margin, not volume, is the figure to watch in the fourth quarter, and the company expects a full-year tax rate near 24%.

Published October 21, 2026. Informational reporting, not investment advice. Figures come from the company's own release unless stated; forward-looking guidance is management's current forecast and can change.