# J.B. Hunt Transport Services (NASDAQ: JBHT) Q2 2025 Earnings Report
**Release Date: July 15, 2025**
J.B. Hunt Transport Services, Inc. reported its financial results for the second quarter of 2025, providing insights into various metrics compared to the same quarter in the previous year. Below is a summary of the key information released.
### Key Financial Metrics for Q2 2025
– **Revenue**:
– Second Quarter Revenue: **$2.93 billion**; flat compared to Q2 2024
– **Operating Income**:
– Second Quarter Operating Income: **$197.3 million**; down **4%** from **$205.7 million** in Q2 2024
– **Earnings Per Share (EPS)**:
– Q2 EPS: **$1.31** vs. **$1.32** in Q2 2024; flat
### Performance Overview
– **Net Earnings**:
– Net earnings of **$128.6 million**, down from **$135.9 million** in Q2 2024.
– **Operating Revenue Composition**:
– Driven by:
– **6% increase** in Intermodal (JBI) loads
– **13% increase** in Truckload (JBT) loads
– **3% increase** in Dedicated Contract Services® (DCS®) productivity
– **6% increase** in Integrated Capacity Solutions (ICS) revenue per load.
– Offsets:
– **10% decline** in Final Mile Services® (FMS) revenue
– **9% decrease** in ICS load volume
– **3% decline** in average trucks in DCS.
– **Operating Expenses**:
– Overall operating expenses increased by **30 basis points** (bps) year-over-year but decreased by **40 bps** compared to Q1 2025.
– **Net Interest Expense**:
– Increased by **5%** due to a higher consolidated debt balance.
– **Effective Income Tax Rate**:
– Rose to **26.9%** from **26.8%** in Q2 2024.
### Segment Performance Overview
#### Intermodal (JBI)
– **Revenue**: **$1.44 billion**, up **2%**.
– **Operating Income**: **$95.7 million**, down **4%**.
– Volume growth of **6%**, with transcontinental network loads decreasing by **1%** and eastern network loads increasing by **15%**.
#### Dedicated Contract Services (DCS)
– **Revenue**: **$847 million**, flat.
– **Operating Income**: **$93.7 million**, down **3%**.
– Revenue productivity per truck increased by **5%** year-over-year.
#### Integrated Capacity Solutions (ICS)
– **Revenue**: **$260 million**, down **4%**.
– **Operating Loss**: **$(3.6 million)**, an improvement from a loss of **$(13.3 million)** in Q2 2024.
– Contractual volume constituted approximately **62%** of total load volume.
#### Final Mile Services (FMS)
– **Revenue**: **$211 million**, down **10%**.
– **Operating Income**: **$8.0 million**, a significant decrease of **60%**.
#### Truckload (JBT)
– **Revenue**: **$177 million**, up **5%**.
– **Operating Income**: **$3.4 million**, down **5%**.
### Cash Flow and Capitalization
– As of June 30, 2025:
– Outstanding debt: **$1.72 billion**, an increase from **$1.48 billion** a year prior.
– Net capital expenditures: Approximately **$399 million**, slightly down from **$409 million** in the same period last year.
– Cash and cash equivalents: **$51 million**.
### Share Repurchase Activity
– J.B. Hunt repurchased approximately **2.4 million shares** of common stock for about **$319 million** during Q2 2025.
– The company has approximately **$335 million** remaining under its share repurchase authorization.
### Conclusion
Overall, J.B. Hunt’s second quarter of 2025 reflects stabilization in revenue, highlights in certain segments, as well as challenges in operating income and some areas of revenue decline. The company appears to be taking proactive measures to manage costs and execute share repurchase programs amidst a volatile economic landscape.
Here are the extracted tables from the press release:
### J.B. HUNT TRANSPORT SERVICES, INC. Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
| 2025 | % Of Revenue | 2024 | % Of Revenue | |
|---|---|---|---|---|
| Operating revenues, excluding fuel | 2,576,319 | 2,545,023 | ||
| surcharge revenues | 351,862 | 383,662 | ||
| Total operating revenues | 2,928,181 | 100.0% | 2,928,685 | 100.0% |
| Operating expenses | ||||
| Rents and purchased transportation | 1,266,908 | 43.3% | 1,274,011 | 43.5% |
| Salaries, wages and employee benefits | 816,941 | 27.9% | 803,047 | 27.4% |
| Depreciation and amortization | 176,980 | 6.0% | 184,658 | 6.3% |
| Fuel and fuel taxes | 153,710 | 5.2% | 164,291 | 5.6% |
| Operating supplies and expenses | 128,245 | 4.4% | 120,425 | 4.1% |
| Insurance and claims | 84,838 | 2.9% | 73,222 | 2.5% |
| General and administrative expenses, net | 74,876 | 2.6% | 74,707 | 2.6% |
| Operating taxes and licenses | 17,770 | 0.6% | 17,575 | 0.6% |
| Communication and utilities | 10,639 | 0.4% | 11,040 | 0.4% |
| Total operating expenses | 2,730,907 | 93.3% | 2,722,976 | 93.0% |
| Operating income | 197,274 | 6.7% | 205,709 | 7.0% |
| Net interest expense | 21,285 | 0.7% | 20,198 | 0.7% |
| Earnings before income taxes | 175,989 | 6.0% | 185,511 | 6.3% |
| Income taxes | 47,365 | 1.6% | 49,638 | 1.7% |
| Net earnings | 128,624 | 4.4% | 135,873 | 4.6% |
| Average diluted shares outstanding | 97,976 | 103,146 | ||
| Diluted earnings per share | 1.31 | 1.32 |
### J.B. HUNT TRANSPORT SERVICES, INC. Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 50,901 | 46,983 |
| Accounts Receivable, net | 1,182,175 | 1,224,166 |
| Prepaid expenses and other | 453,746 | 499,834 |
| Total current assets | 1,686,822 | 1,770,983 |
| Property and equipment | 9,373,354 | 9,148,928 |
| Less accumulated depreciation | 3,622,823 | 3,419,129 |
| Net property and equipment | 5,750,531 | 5,729,799 |
| Other assets, net | 803,781 | 811,488 |
