J.B. Hunt Posts Mixed Q2 2025

J.B. Hunt Transport Services reported second-quarter results that aligned closely with Wall Street expectations, as revenue held steady but profits came under pressure due to rising costs and continued softness in its brokerage segment.

The Lowell, Arkansas-based logistics provider posted earnings per share of $1.31, down one cent from Q2 2024. Total revenue came in at $2.93 billion, flat year over year and in line with analyst estimates. Operating income fell 4% year over year to $197 million, reflecting margin pressure across key business segments.

“The results reflect an environment where cost discipline remains critical even as demand slowly improves,” said CFO John Kuhlow during Tuesday’s earnings call.

Intermodal: Strong Volumes, Weaker Yields

J.B. Hunt’s intermodal segment saw revenues rise 2% to $1.44 billion on a 6% increase in load volumes. However, revenue per load declined 3%, driven by a shift toward shorter, lower-yield routes in the Eastern U.S.

• Operating ratio: 93.3% (40 bps worse YoY)
• Key Headwind: Shorter average haul lengths

“Volume growth is encouraging, but margin recovery will depend on more balanced freight flows and improved pricing,” Kuhlow said.

Dedicated: Stable Revenue, Fewer Trucks

The dedicated division reported $847 million in revenue, down less than 1% year over year. A 3% decline in average trucks in service was mostly offset by higher revenue per truck per week, up 5% excluding fuel surcharges.

• OR: 88.9% (30 bps deterioration YoY)

Brokerage Loss Narrows Year-Over-Year

J.B. Hunt’s brokerage segment posted a $3.6 million operating loss, slightly wider than Q1 but an improvement from a nearly $13 million loss in Q2 2024.

• Brokered loads: Down 9% YoY
• Revenue per load: Up 6% YoY

The company attributed the ongoing challenges to a competitive spot market and margin compression, even as average load value improved.

Outlook

While J.B. Hunt navigated the quarter with stable topline results, executives signaled that the operating environment remains challenging.

“We remain focused on cost control and efficiency as we position for long-term growth,” CEO John Roberts said.

With a gradual rebound in freight volumes and continued investment in intermodal infrastructure, the company aims to leverage its scale as conditions stabilize in the back half of the year.

Source: FreightWaves | WSJ