Latest quarter
J.B. Hunt reported Q2 FY2026 revenue of $3.5 billion, up 19.4% from Q2 FY2025, while diluted EPS was $1.91, up 45.8% from a year earlier. The company reported gross margin of 41.3%, compared with 47.1% in Q2 FY2025, and operating margin of 7.42%, compared with 6.74% a year earlier.
Management said Intermodal volumes increased 10.0% year over year, including 16.0% growth in Eastern intermodal units, and the business handled 578,000 intermodal units during Q2 2026. J.B. Hunt said JBT revenue increased 35.0% during Q2 2026, while the segment’s gross-profit dollars declined because of higher purchased-transportation rates. The company reported free cash flow of $296.0 million for Q2 FY2026, up 29.8% from Q2 FY2025.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $3.5 billion | $2.9 billion | 19.4% |
| Diluted EPS | $1.91 | $1.31 | 45.8% |
| Gross margin | 41.3% | 47.1% | −5.8 percentage points |
| Operating margin | 7.42% | 6.74% | 0.7 percentage points |
| Free cash flow | $296.0 million | $228.0 million | 29.8% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $1.82 | $1.81 | Beat by 0.55% |
| Revenue | $3.7 billion | $3.6 billion | Beat by 3.15% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
On the Q2 2026 call, President and Chief Executive Officer Shelley Simpson said freight-market capacity had tightened as safety-focused enforcement and broader supply pressures affected available truckload capacity. Simpson said demand was improving gradually, while current market tightness was being driven primarily by supply conditions. She said J.B. Hunt expected demand for its services to remain strong in the second half and was focused on disciplined growth, customer capacity needs and returns for the services it provides.
Simpson said the company was continuing to pursue cost control while investing in people, technology and capacity. Chief Financial Officer Brad Delco said J.B. Hunt had removed over $135 million of structural costs over the past year through efforts to simplify processes, improve productivity, increase asset utilization and automate work with technology. Delco said the company’s capital-allocation priorities remained investment in the business, an investment-grade balance sheet, dividend growth and opportunistic share repurchases.
Analysts asked Intermodal President Darren Field about pricing, volumes and capacity. Field said customers were issuing a record number of bids, proposals and reviews as they competed for capacity and reset their networks. He said J.B. Hunt expected opportunities to improve Intermodal pricing through the remainder of 2026 and into the next bid cycle, but did not provide a pricing forecast or guidance on the magnitude of price changes.
Field said Intermodal demand was strong, although the business needed to hire more drivers and add drayage capacity to support growth. He said the company was selectively onboarding volume based on whether it represented a long-term Intermodal opportunity and fit its capacity plans. Field also said J.B. Hunt had unused container capacity available for growth.
Dedicated Contract Services President Brad Hicks said the Dedicated business had a record pipeline and expected to return to fleet growth during 2026 while producing only modest operating-income growth. Hicks said fuel created an estimated 100-basis-point headwind to Dedicated operating margin in Q2 compared with the prior-year quarter.
Guidance
J.B. Hunt increased its FY2026 Dedicated new-truck sales outlook to 1,000–1,200 units from its previous outlook of 800–1,000 units. The company continued to state that it expects its FY2026 annual tax rate to be approximately 24.0%.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Tax rate | FY2026 | 24.0% | — | New |
| Units, Dedicated | FY2026 | 1,000–1,200 | 800–1,000 | — |
| Capex | FY2026 | $600.0 million–$800.0 million | — | New |