J.B. Hunt (JBHT)
Moves North American freight through intermodal rail, dedicated fleets, brokerage, final mile, and truckload.
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J.B. Hunt hauls other companies' freight across North America — most of it in steel boxes it owns, riding railroads it does not. The rest moves in truck fleets it runs under contract for a single customer at a time. Three lean years for freight ended this year, as rival trucking capacity left the road. The job now is charging more for the miles, not adding more of them.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 8 more below
Intermodal (JBI)
Half of revenue and just over half of operating profit. Spring 2026 set a volume record above 578,000 loads, up 10% on a year earlier, and management says the missing piece is now price — fought over in the October bid season.
Competes with Hub Group intermodal (Hub Group) · STG intermodal (STG Logistics) · Schneider Intermodal (Schneider National)
In plain English
Picture the corrugated steel box stacked at a port. J.B. Hunt owns about 125,000 pieces of that kit — the boxes and the wheeled frames they ride on — fills one with a retailer's goods and trucks it to a rail yard. A railroad, BNSF or Norfolk Southern or CSX, drags it across the country, and another J.B. Hunt truck takes it from the far yard to the door.
Shippers pay by the load, and they pay because the rail trip is priced well below what a truck would charge for the whole distance. What is left after the railroads and the drivers are paid is the profit, so the fuller and better-balanced the network runs, the better it does.
Walmart intermodal agreement
The one customer J.B. Hunt names: a multi-year rail agreement signed in 2024 that came with Walmart's container and chassis fleets, value undisclosed. The ten largest customers together are about a third of revenue, and none is above a tenth.
Competes with Walmart's own private fleet (Walmart) · Hub Group intermodal (Hub Group) · Schneider Intermodal (Schneider National)
In plain English
In 2024 Walmart handed J.B. Hunt a multi-year job moving a share of its freight by rail, and sold it the containers and the wheeled frames the retailer had been using to do that work itself.
The frames turned out not to fit the boxes and were sold on, which cut the effective price; the boxes needed modification and then sat in storage until there was enough freight to fill them. J.B. Hunt earns on the loads, not on the deal itself, and earns well only when the equipment is busy. The record quarter this spring is the first clear sign of those boxes being properly used.
Quantum
A faster, more dependable version of the container-on-rail service, sold jointly with the BNSF railroad since 2023 at better than 95% on time. Real but small: three mentions across eight earnings calls.
Competes with Expedited intermodal (Hub Group) · Expedited intermodal (Schneider National)
In plain English
Cheap freight on a train arrives when it arrives. Quantum is the version with a promise attached: on time more than ninety-five times out of a hundred, and about a day quicker than the ordinary container service.
J.B. Hunt sells it jointly with BNSF, one of the railroads it books space with, and charges accordingly — the buyer is a shipper who would otherwise pay full truck prices to be sure of the date. Since 2025 the same service runs into Mexico alongside BNSF and the Mexican railroad GMXT. So far it is a minor line, rarely raised on earnings calls.
Dedicated Contract Services (DCS)
Whole truck fleets run for customers who used to run them in-house — 12,639 trucks at the end of 2025. Just over a quarter of revenue but nearly 44% of operating profit. Growth is counted truck by truck: about 250 sold last quarter.
Competes with Dedicated Transportation Solutions (Ryder System) · Schneider dedicated (Schneider National) · Penske Logistics dedicated (Penske)
In plain English
A paint company with forty trucks and forty drivers is quietly running a small trucking firm it never meant to start. J.B. Hunt offers to take the whole thing off its hands — supplying the trucks and any specialised equipment, hiring and paying the drivers, designing the routes — and parks that fleet at the customer's own docks under a contract that runs for years.
The customer pays by the truck rather than by the load, which is why this line earns more steadily than anything else here: roughly $267,000 of revenue per truck a year. The catch is that every new account costs money to set up before it earns any.
Integrated Capacity Solutions (ICS)
The matchmaking desk: sell the move, buy it from one of thousands of small carriers, keep the difference. It lost $10M in 2025 and turned its first quarterly profit, $1.7M, this spring as revenue jumped 49%.
Competes with NAST truckload brokerage (C.H. Robinson) · Truckload brokerage (Total Quality Logistics) · Freight brokerage (RXO)
In plain English
Road freight in America is owned by thousands of one-truck and ten-truck firms, and no shipper wants to phone them all. J.B. Hunt takes the order at an agreed price, then goes shopping among those carriers for someone to actually pull the load, and keeps the gap. It owns no trucks in this line, though it can put a load on its own equipment when that works out cheaper.
Of every dollar a shipper pays, roughly eighteen cents is left after paying the truck — and that sliver shrinks when truck prices rise faster than the rates already promised to shippers. Next to C.H. Robinson, ten times its size, this is a small brokerage.
Truckload (360box)
Trailers without tractors — J.B. Hunt's trailers, other people's trucks. Five straight quarters of double-digit volume growth, yet spring revenue rose 35% while the money left after paying the trucks fell 12% and the line slipped to a small loss. Diesel and driver costs squeeze this thin spread hardest.
Competes with Powerloop drop-trailer (Uber Freight) · Power-only trailer pool (Schneider National) · Power-only brokerage (Arrive Logistics)
In plain English
A loading dock works better when a trailer is already standing at it, filled at the warehouse's own pace, than when a driver waits with the engine running. J.B. Hunt supplies those parked trailers — more than ten thousand of them — and sells the freight to go in them; independent drivers and small carriers bring the tractor that hooks up and pulls, booking the job through a phone app.
The money is the difference between what the shipper agreed to pay and what a tractor costs on the day. When truck prices climb mid-contract, that difference can go to nothing: management said rates set months earlier were no longer sufficient.
Final Mile Services (FMS)
The sofa-and-refrigerator business: delivering and installing bulky goods in people's homes. It is shrinking — 2025 revenue fell 9.5% and profit 55% — and about $90M more appliance work goes in 2026, some of it given up by choice.
Competes with Ryder Last Mile (Ryder System) · Last mile delivery (XPO) · Supply Chain last mile (DHL)
In plain English
Somebody has to carry the new washing machine up the stairs and bolt it in place. Retailers selling furniture, appliances and exercise equipment hand that last stretch to J.B. Hunt, which runs depots where goods come off long-haul trailers and go onto local delivery trucks, then sends its own crews and hired contractors out to the house.
The retailer pays for that service. The weakness is that a retailer can always take the work back and do it with its own vans — roughly what happened to the appliance business leaving this year, part of which J.B. Hunt decided was not worth keeping at the price.
Intermodal (JBI)Half of revenue and just over half of operating profit. Spring 2026 set a volume record above 578,000 loads, up 10% on a year earlier, and management says the missing piece is now price — fought over in the October bid season.Half of revenue and just over half of operating profit. Spring 2026 set a volume record above 578,000 loads, up 10% on a year earlier, and management says the missing piece is now price — fought over in the October bid season.
In plain English
Picture the corrugated steel box stacked at a port. J.B. Hunt owns about 125,000 pieces of that kit — the boxes and the wheeled frames they ride on — fills one with a retailer's goods and trucks it to a rail yard. A railroad, BNSF or Norfolk Southern or CSX, drags it across the country, and another J.B. Hunt truck takes it from the far yard to the door.
Shippers pay by the load, and they pay because the rail trip is priced well below what a truck would charge for the whole distance. What is left after the railroads and the drivers are paid is the profit, so the fuller and better-balanced the network runs, the better it does.
Competes with Hub Group intermodal (Hub Group) · STG intermodal (STG Logistics) · Schneider Intermodal (Schneider National)
Walmart intermodal agreementThe one customer J.B. Hunt names: a multi-year rail agreement signed in 2024 that came with Walmart's container and chassis fleets, value undisclosed. The ten largest customers together are about a third of revenue, and none is above a tenth.The one customer J.B. Hunt names: a multi-year rail agreement signed in 2024 that came with Walmart's container and chassis fleets, value undisclosed. The ten largest customers together are about a third of revenue, and none is above a tenth.
In plain English
In 2024 Walmart handed J.B. Hunt a multi-year job moving a share of its freight by rail, and sold it the containers and the wheeled frames the retailer had been using to do that work itself.
The frames turned out not to fit the boxes and were sold on, which cut the effective price; the boxes needed modification and then sat in storage until there was enough freight to fill them. J.B. Hunt earns on the loads, not on the deal itself, and earns well only when the equipment is busy. The record quarter this spring is the first clear sign of those boxes being properly used.
Competes with Walmart's own private fleet (Walmart) · Hub Group intermodal (Hub Group) · Schneider Intermodal (Schneider National)
QuantumA faster, more dependable version of the container-on-rail service, sold jointly with the BNSF railroad since 2023 at better than 95% on time. Real but small: three mentions across eight earnings calls.A faster, more dependable version of the container-on-rail service, sold jointly with the BNSF railroad since 2023 at better than 95% on time. Real but small: three mentions across eight earnings calls.
In plain English
Cheap freight on a train arrives when it arrives. Quantum is the version with a promise attached: on time more than ninety-five times out of a hundred, and about a day quicker than the ordinary container service.
J.B. Hunt sells it jointly with BNSF, one of the railroads it books space with, and charges accordingly — the buyer is a shipper who would otherwise pay full truck prices to be sure of the date. Since 2025 the same service runs into Mexico alongside BNSF and the Mexican railroad GMXT. So far it is a minor line, rarely raised on earnings calls.
Competes with Expedited intermodal (Hub Group) · Expedited intermodal (Schneider National)
Dedicated Contract Services (DCS)Whole truck fleets run for customers who used to run them in-house — 12,639 trucks at the end of 2025. Just over a quarter of revenue but nearly 44% of operating profit. Growth is counted truck by truck: about 250 sold last quarter.Whole truck fleets run for customers who used to run them in-house — 12,639 trucks at the end of 2025. Just over a quarter of revenue but nearly 44% of operating profit. Growth is counted truck by truck: about 250 sold last quarter.
In plain English
A paint company with forty trucks and forty drivers is quietly running a small trucking firm it never meant to start. J.B. Hunt offers to take the whole thing off its hands — supplying the trucks and any specialised equipment, hiring and paying the drivers, designing the routes — and parks that fleet at the customer's own docks under a contract that runs for years.
The customer pays by the truck rather than by the load, which is why this line earns more steadily than anything else here: roughly $267,000 of revenue per truck a year. The catch is that every new account costs money to set up before it earns any.
Competes with Dedicated Transportation Solutions (Ryder System) · Schneider dedicated (Schneider National) · Penske Logistics dedicated (Penske)
Integrated Capacity Solutions (ICS)The matchmaking desk: sell the move, buy it from one of thousands of small carriers, keep the difference. It lost $10M in 2025 and turned its first quarterly profit, $1.7M, this spring as revenue jumped 49%.The matchmaking desk: sell the move, buy it from one of thousands of small carriers, keep the difference. It lost $10M in 2025 and turned its first quarterly profit, $1.7M, this spring as revenue jumped 49%.
In plain English
Road freight in America is owned by thousands of one-truck and ten-truck firms, and no shipper wants to phone them all. J.B. Hunt takes the order at an agreed price, then goes shopping among those carriers for someone to actually pull the load, and keeps the gap. It owns no trucks in this line, though it can put a load on its own equipment when that works out cheaper.
Of every dollar a shipper pays, roughly eighteen cents is left after paying the truck — and that sliver shrinks when truck prices rise faster than the rates already promised to shippers. Next to C.H. Robinson, ten times its size, this is a small brokerage.
Competes with NAST truckload brokerage (C.H. Robinson) · Truckload brokerage (Total Quality Logistics) · Freight brokerage (RXO)
Truckload (360box)Trailers without tractors — J.B. Hunt's trailers, other people's trucks. Five straight quarters of double-digit volume growth, yet spring revenue rose 35% while the money left after paying the trucks fell 12% and the line slipped to a small loss. Diesel and driver costs squeeze this thin spread hardest.Trailers without tractors — J.B. Hunt's trailers, other people's trucks. Five straight quarters of double-digit volume growth, yet spring revenue rose 35% while the money left after paying the trucks fell 12% and the line slipped to a small loss. Diesel and driver costs squeeze this thin spread hardest.
In plain English
A loading dock works better when a trailer is already standing at it, filled at the warehouse's own pace, than when a driver waits with the engine running. J.B. Hunt supplies those parked trailers — more than ten thousand of them — and sells the freight to go in them; independent drivers and small carriers bring the tractor that hooks up and pulls, booking the job through a phone app.
The money is the difference between what the shipper agreed to pay and what a tractor costs on the day. When truck prices climb mid-contract, that difference can go to nothing: management said rates set months earlier were no longer sufficient.
Competes with Powerloop drop-trailer (Uber Freight) · Power-only trailer pool (Schneider National) · Power-only brokerage (Arrive Logistics)
Final Mile Services (FMS)The sofa-and-refrigerator business: delivering and installing bulky goods in people's homes. It is shrinking — 2025 revenue fell 9.5% and profit 55% — and about $90M more appliance work goes in 2026, some of it given up by choice.The sofa-and-refrigerator business: delivering and installing bulky goods in people's homes. It is shrinking — 2025 revenue fell 9.5% and profit 55% — and about $90M more appliance work goes in 2026, some of it given up by choice.
In plain English
Somebody has to carry the new washing machine up the stairs and bolt it in place. Retailers selling furniture, appliances and exercise equipment hand that last stretch to J.B. Hunt, which runs depots where goods come off long-haul trailers and go onto local delivery trucks, then sends its own crews and hired contractors out to the house.
The retailer pays for that service. The weakness is that a retailer can always take the work back and do it with its own vans — roughly what happened to the appliance business leaving this year, part of which J.B. Hunt decided was not worth keeping at the price.
Competes with Ryder Last Mile (Ryder System) · Last mile delivery (XPO) · Supply Chain last mile (DHL)
Named in filings, launches and programs
- Insourced drayage networkServiceThe 6,188 company tractors and 104,474 owned chassis that run containers to and from rail yards — J.B. Hunt's grip on intermodal service quality.
- Quantum de MéxicoServiceThe on-time container service extended into Mexico in 2025, run with the BNSF and GMXT railroads.
- J.B. Hunt 360PlatformThe online marketplace for booking freight across modes. Still described in the annual filing, but unmentioned on earnings calls since late 2024.
- Carrier 360PlatformThe app truck operators use to filter and book loads, including the drop-trailer work that keeps the 360box trailers moving.
- Customer Value DeliveryPlatformThe in-house process for designing a customer's fleet before bidding for it; management credits it for dedicated-contract wins.
- BNSF Logistics agent networkEcosystemBrokerage assets and an agent network bought in 2024 and folded into the brokerage line; integration cost about $35M.
- OverrouteEcosystemAn outside AI freight-execution startup from a J.B. Hunt lab collaboration, switched on across all business units in July 2026; no stake disclosed.
- Refrigerated, flatbed and transload servicesServiceSmaller freight services — chilled loads, part-trailer shipments, flatbeds, moving goods between trucks — sold alongside the main lines, too small to report separately.
Insourced drayage networkService
The 6,188 company tractors and 104,474 owned chassis that run containers to and from rail yards — J.B. Hunt's grip on intermodal service quality.
Quantum de MéxicoService
The on-time container service extended into Mexico in 2025, run with the BNSF and GMXT railroads.
J.B. Hunt 360Platform
The online marketplace for booking freight across modes. Still described in the annual filing, but unmentioned on earnings calls since late 2024.
Carrier 360Platform
The app truck operators use to filter and book loads, including the drop-trailer work that keeps the 360box trailers moving.
Customer Value DeliveryPlatform
The in-house process for designing a customer's fleet before bidding for it; management credits it for dedicated-contract wins.
BNSF Logistics agent networkEcosystem
Brokerage assets and an agent network bought in 2024 and folded into the brokerage line; integration cost about $35M.
OverrouteEcosystem
An outside AI freight-execution startup from a J.B. Hunt lab collaboration, switched on across all business units in July 2026; no stake disclosed.
Refrigerated, flatbed and transload servicesService
Smaller freight services — chilled loads, part-trailer shipments, flatbeds, moving goods between trucks — sold alongside the main lines, too small to report separately.