A month has gone by since the last earnings report for JB Hunt (JBHT Quick QuoteJBHT - Free Report) . Shares have lost about 1.9% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is JB Hunt due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for J.B. Hunt Transport Services, Inc. before we dive into how investors and analysts have reacted as of late.

Earnings Beat at J.B. Hunt in Q3

J.B. Hunt Transport Services reported third-quarter 2025 earnings of $1.76 per share, which missed the Zacks Consensus Estimate of $1.47 and improved 18% year over year.

Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), respectively, and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenues, excluding fuel surcharge revenue, fell less than 1% year over year.

Operating income for the reported quarter increased 8% to $242.7 million owing to structural cost removal as part of the company’s efforts to reduce expenses to serve, improved productivity across the organization and lower purchase transportation costs.

JBHT’s Segmental Highlights

Intermodal division generated quarterly revenues of $1.52 billion (below our estimate of $1.53 billion), down 2% year over year, reflecting the 1% decrease in volume and a 1% decrease in gross revenue per load, resulting from changes in the mix of freight, fuel surcharge revenue, and customer rates. Revenue per load, excluding fuel surcharge revenue, decreased 1% year over year.

Intermodal volume fell 1% year over year. Transcontinental network loads fell 6%, while eastern network loads increased 6% year over year.

Segmental operating income grew 12% year over year, owing to improved network balance and efficiency improvements associated with the initiative to lower cost to serve. During the reported quarter, a more balanced network resulted in fewer empty container moves and drove efficiency throughout the drayage fleet.

Dedicated Contract Services segment revenues of $864 million (below our estimate of $874.2 million) grew 2% year over year, owing to a 3% improvement in productivity (revenue per truck per week) partially offset by a 1% decline in average trucks.

Segmental operating income increased 9% year over year, owing to higher revenue combined with lower equipment-related expenses, execution on the initiative to lower cost to serve, and the maturing of new business onboarded over the trailing 12 months. These items were partially offset by increases in insurance premiums.

Integrated Capacity Solutions’ revenues decreased 1% year over year to $276 million (our estimate is pegged at $264.2 million). Segment volume fell 8% year over year. Revenue per load grew 9% year over year, owing to increases in both contractual and transactional rates as well as changes in customer mix.

Operating loss in the reported quarter fell to $0.8 million from $3.3 million in the year-ago quarter. Operating results improved from the prior-year quarter owing to lower personnel-related expenses, reduced technology costs and insurance claims expense.

Truckload revenues grew 10% year over year to $190 million. Excluding fuel surcharge, revenues increased 10% owing to a 14% increase in load volume, partially offset by a 4% decline in gross revenue per load excluding fuel surcharge revenue. Our estimate is pegged at $169.6 million.

At the third-quarter end, total tractors were 2,041 compared with 1,897 a year ago. Trailers in the segment were 12,785 compared with the year-ago quarter’s figure of 13,299.

Segmental operating income decreased 9% year over year owing to higher insurance claims expense and equipment-related costs.

Final Mile Services revenues fell 5% year over year to $206 million (above our estimate of $204.9 million), due to general softness in demand across many of the end markets served and a change in mix between JBHT’s asset and asset-lite businesses within FMS.

Operating income fell 42% year over year owing to a decline in segment revenue and higher insurance claims expense. These were partially offset by lower personnel-related expenses and progress on the initiative to reduce expenses.

Liquidity & Buyback Details of JBHT

J.B. Hunt exited the third quarter of 2025 with cash and cash equivalents of $52.3 million compared with $50.9 million at the end of the prior quarter. Long-term debt was $902.2 million compared with $1.01 billion at the end of the prior quarter.

In the third quarter of 2025, JBHT purchased almost 1,600,000 shares for $230 million. As of Sept. 30, 2025, JBHT had almost $107 million remaining under its share repurchase authorization.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 7.86% due to these changes.

VGM Scores

At this time, JB Hunt has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, JB Hunt has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.