# EDGAR Filing Document

**Accession Number:** 0000728535
**File Stem:** 0001437749-25-022724
**Filing Date:** 2025-7
**Character Count:** 28595
**Document Hash:** 657b0ea45ab345677d453e516a1b3b66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-022724.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001437749-25-022724

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUNT J B TRANSPORT SERVICES INC
- **CENTRAL INDEX KEY:** 0000728535
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING (NO LOCAL) [4213]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 710335111
- **STATE OF INCORPORATION:** AR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-11757
- **FILM NUMBER:** 251124970

**BUSINESS ADDRESS:**
- **STREET 1:** 615 JB HUNT CORPORATE DR
- **STREET 2:** PO BOX 130
- **CITY:** LOWELL
- **STATE:** AR
- **ZIP:** 72745
- **BUSINESS PHONE:** 479-820-0000

**MAIL ADDRESS:**
- **STREET 1:** 615 JB HUNT CORPORATE DRIVE
- **STREET 2:** PO BOX 130
- **CITY:** LOWELL
- **STATE:** AR
- **ZIP:** 72745

?xml version='1.0' encoding='ASCII'? jbht20250714_8k.htm

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 15, 2025**

**J.B. HUNT TRANSPORT SERVICES, INC.**

**(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)**

---

| | | |
|:---|:---|:---|
| **Arkansas** | **0-11757** | **71-0335111** |
| (State or other Jurisdiction of Incorporation or Organization | Commission File Number | (IRS Employer Identification No.) |
| **615 J.B. Hunt Corporate Drive Lowell, Arkansas** | **72745** | **(479) 820-0000** |
| (Address of Principal Executive Offices) | (Zip Code) | (Registrant's telephone number) |

---

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**☐** **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)** 

**☐** **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**☐** **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))**

**☐** **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))**

Securities registered pursuant to Section 12(b) of the Exchange Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Title of each class | &nbsp;&nbsp;&nbsp;&nbsp; Trading Symbol(s) | &nbsp;&nbsp;&nbsp;&nbsp; Name of each exchange on which registered |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock, $0.01 par value | &nbsp;&nbsp;&nbsp;&nbsp; JBHT | &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

**ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On July 15, 2025, we issued a news release announcing our revenues and earnings for the second quarter ended June 30, 2025. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference.

**ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS**

(d) *Exhibits*.

---

| | |
|:---|:---|
| 99.1 | [News release dated July 15, 2025, issued by J.B. Hunt Transport Services, Inc.](ex_838700.htm) |

---

---

| | |
|:---|:---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 15<sup>th</sup> day of July 2025.

---

| | |
|:---|:---|
| **J.B. HUNT TRANSPORT SERVICES, INC.** | **J.B. HUNT TRANSPORT SERVICES, INC.** |
| BY:  | /s/ Shelley Simpson |
|  | Shelley Simpson |
|  | President and Chief Executive Officer<br> (Principal Executive Officer) |
| BY: | /s/ John Kuhlow |
|  | John Kuhlow<br> Chief Financial Officer,<br> Executive Vice President<br> (Principal Financial Officer) |

---

## Exhibit 99.1

Exhibit 99.1

![logo.jpg](logo.jpg)

---

| | |
|:---|:---|
| J.B. Hunt Transport Services, Inc. | Contact: Brad Delco |
| 615 J.B. Hunt Corporate Drive | Senior Vice President – Finance |
| Lowell, Arkansas 72745 | (479) 820-0000 |
| (NASDAQ: JBHT) |  |

---

<u>**FOR IMMEDIATE RELEASE**</u>

**J.B. HUNT TRANSPORT SERVICES, INC. REPORTS U.S. GAAP REVENUES, NET EARNINGS AND EARNINGS PER SHARE FOR THE SECOND QUARTER 2025**

---

| | |
|:---|:---|
| ■ **Second Quarter 2025 Revenue:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2.93 billion; flat** |
| ■ **Second Quarter 2025 Operating Income:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$197.3 million; down 4%** |
| ■ **Second Quarter 2025 EPS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$1.31 vs. $1.32; flat**  |

---

LOWELL, Ark., July 15, 2025 - J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced second quarter 2025 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $128.6 million, or diluted earnings per share of $1.31 versus second quarter 2024 net earnings of $135.9 million, or $1.32 per diluted share.

Total operating revenue for the current quarter was $2.93 billion and flat with the second quarter 2024. Revenue performance was driven by a 6% increase in Intermodal (JBI) loads and a 13% increase in Truckload (JBT) loads, a 3% increase in Dedicated Contract Services® (DCS®) productivity and a 6% increase in Integrated Capacity Solutions (ICS) revenue per load. These items were offset by Final Mile Services® (FMS) revenue declining 10%, lower revenue per load in both JBI and JBT, a 9% decrease in ICS load volume and a 3% decline in average trucks in DCS. Current quarter total operating revenue, excluding fuel surcharge revenue, increased 1% versus the comparable quarter 2024.

Operating income for the current quarter decreased 4% to $197.3 million versus $205.7 million for the second quarter 2024. The decrease in operating income was primarily due to increases in casualty and group medical claims expenses, and higher professional driver wages and equipment-related costs. Overall operating expenses increased 30bps versus the prior year period but decreased 40bps compared to the first quarter 2025, as productivity and cost-initiatives only partially offset the previously mentioned inflationary cost pressures. Operating income as a percentage of gross revenue decreased year-over-year as a result of the previously disclosed expense items, partially offset by lower rail and truck purchased transportation and fuel costs as a percentage of gross revenue.

Net interest expense for the current quarter increased approximately 5% from the second quarter 2024 due to a higher consolidated debt balance, partially offset by lower effective interest rates.

The effective income tax rate was 26.9% in the current quarter compared to 26.8% in the second quarter 2024. We continue to expect our 2025 annual tax rate to be between 24.0% and 25.0%.

------

**Segment Information:**

**Intermodal (JBI)**

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Segment Revenue: $1.44 billion; up 2%** 

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Operating Income: $95.7 million; down 4%** 

Intermodal volume increased 6% over the same period in 2024. Transcontinental network loads decreased 1%, while eastern network loads increased 15% compared to the second quarter 2024. Overall demand for our intermodal service remained steady, despite market volatility surrounding global supply-chains and trade patterns. Volume growth in our Eastern network continues to be strong, driven by overall service execution and the value proposition it presents to customers. Segment gross revenue increased 2% from the prior-year period, reflecting the 6% increase in volume and a 3% decrease in gross revenue per load, resulting from changes in mix of freight, fuel surcharge revenue, and customer rates. Revenue per load excluding fuel surcharge revenue decreased 2% year-over-year.

Operating income decreased 4% compared to the second quarter 2024 primarily from a combination of lower yields combined with an increase in professional driver wages, casualty and group medical claims expenses and higher maintenance costs. These items were partially offset by improvements in both tractor and trailing asset utilization and overall cost management initiatives.

**Dedicated Contract Services (DCS)**

&nbsp;&nbsp;&nbsp;&nbsp;**■** **Second Quarter 2025 Segment Revenue: $847 million; flat** 

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Operating Income: $93.7 million; down 3%** 

DCS revenue was flat compared to the same period 2024 driven by a 3% decline in average trucks offset by a 3% increase in productivity (revenue per truck per week). Productivity excluding fuel surcharge revenue increased 5% from the prior-year period due to contracted indexed-based price escalators and a decline in idled equipment. On a net basis, there were 150 fewer revenue-producing trucks in the fleet by the end of the quarter compared to the prior-year period but 115 more versus the end of the first quarter 2025. Customer retention rates are approximately 92%.

Operating income decreased 3% from the prior-year period primarily from higher group medical and casualty claims expenses, increased professional driver wages and equipment-related expenses. These items were partially offset by the maturing of new business onboarded over the past trailing twelve months and overall cost management initiatives.

**Integrated Capacity Solutions (ICS)**

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Segment Revenue: $260 million; down 4%** 

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Operating Loss: $(3.6) million; vs. $(13.3) million in Q2** ' **24** 

ICS revenue declined 4% during the current quarter compared to the second quarter of 2024. Overall segment volume decreased 9% versus the prior-year period. Revenue per load increased 6% due to increases on contractual rates and changes in customer freight mix, partially offset by lower transactional rates compared to the second quarter of 2024. Contractual volume represented approximately 62% of the total load volume and 63% of the total revenue in the current quarter compared to 61% and 59%, respectively, in the second quarter 2024.

Operating loss was $3.6 million compared to an operating loss of $13.3 million for the second quarter of 2024. Operating results improved from the prior-year quarter primarily due to a modest increase in gross profit, lower personnel-related expenses and lower cargo insurance and technology costs. Gross profit increased 1% versus the prior year period as a result of higher revenue per load and gross profit margins improving to 15.5% compared to 14.8% in the prior-year period. ICS carrier base increased 8% from the prior year period following recent declines resulting from changes made to carrier qualification requirements to mitigate cargo theft in prior periods.

------

**Final Mile Services (FMS)**

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Segment Revenue: $211 million; down 10%** 

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Operating Income: $8.0 million; down 60%** 

FMS revenue decreased 10% compared to the same period 2024. The decrease was primarily driven by general softness in demand across a majority of the end markets served and ongoing efforts to improve revenue quality and profitability across various accounts which resulted in some loss of business.

Operating income decreased 60% compared to the prior-year period. Second quarter 2024 included a $1.1 million net benefit from two offsetting claim settlements. After consideration of this impact, operating income decreased primarily from lower revenue, higher casualty and group medical claims expenses and an increase in bad debt expense compared to the prior-year period.

**Truckload (JBT)**

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Segment Revenue: $177 million; up 5%** 

&nbsp;&nbsp;&nbsp;&nbsp;■ **Second Quarter 2025 Operating Income: $3.4 million; down 5%** 

JBT revenue increased 5% compared to the same period in the previous year. Revenue excluding fuel surcharge revenue increased 8% driven by a 13% increase in load volume partially offset by a 4% decline in revenue per load excluding fuel surcharge revenue. Total average effective trailer count decreased by approximately 450 units, or 4% versus the prior-year period. Trailer turns in the quarter were up 17% from the prior period primarily due to improved network balance and overall initiatives to improve equipment utilization.

JBT operating income decreased 5% to $3.4 million compared to the second quarter 2024. The decrease in operating income was primarily driven by higher casualty and group medical claims expenses and increased maintenance-related costs. JBT segment operating income as a percentage of segment gross revenue decreased slightly year-over-year as a result of higher third-party capacity costs and insurance and claims expense as a percentage of gross revenue.

**Cash Flow and Capitalization:**

At June 30, 2025, we had approximately $1.72 billion outstanding on various debt instruments compared to $1.48 billion at June 30, 2024 and December 31, 2024.

Our net capital expenditures for the six months ended June 30, 2025 approximated $399 million compared to $409 million for the same period 2024. At June 30, 2025, we had cash and cash equivalents of approximately $51 million.

In the second quarter 2025, we purchased approximately 2,400,000 shares of common stock for approximately $319 million. At June 30, 2025, we had approximately $335 million remaining under our share repurchase authorization. Actual shares outstanding at June 30, 2025 approximated 96.8 million.

------

**Conference Call Information:** 

The company will hold a conference call today from 4:00–5:00 p.m. CDT to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investor.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.

**Forward-Looking Statements:** 

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2024. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available to interested parties on our website, www.jbhunt.com.

**About J.B. Hunt** 

J.B. Hunt Transport Services Inc. is an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company's services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.

------

---

| | |
|:---|:---|
| ![logo.jpg](logo.jpg)<br>| **J.B. HUNT TRANSPORT SERVICES, INC.**<br> **Condensed Consolidated Statements of Earnings**<br> (in thousands, except per share data)<br> (unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Three Months Ended June 30** |
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | **% Of** |  | **% Of** |
|  | **Amount** | **Revenue** | **Amount** | **Revenue** |
| Operating revenues, excluding fuel surcharge revenues | $2576319 |  | $2545023 |  |
| Fuel surcharge revenues | 351862 |  | 383662 |  |
| Total operating revenues | 2928181 | 100.0% | 2928685 | 100.0% |
| Operating expenses |  |  |  |  |
| Rents and purchased transportation | 1266908 | 43.3% | 1274011 | 43.5% |
| Salaries, wages and employee benefits | 816941 | 27.9% | 803047 | 27.4% |
| Depreciation and amortization | 176980 | 6.0% | 184658 | 6.3% |
| Fuel and fuel taxes | 153710 | 5.2% | 164291 | 5.6% |
| Operating supplies and expenses | 128245 | 4.4% | 120425 | 4.1% |
| Insurance and claims | 84838 | 2.9% | 73222 | 2.5% |
| General and administrative expenses, net of asset dispositions | 74876 | 2.6% | 74707 | 2.6% |
| Operating taxes and licenses | 17770 | 0.6% | 17575 | 0.6% |
| Communication and utilities | 10639 | 0.4% | 11040 | 0.4% |
| Total operating expenses | 2730907 | 93.3% | 2722976 | 93.0% |
| Operating income | 197274 | 6.7% | 205709 | 7.0% |
| Net interest expense | 21285 | 0.7% | 20198 | 0.7% |
| Earnings before income taxes | 175989 | 6.0% | 185511 | 6.3% |
| Income taxes | 47365 | 1.6% | 49638 | 1.7% |
| Net earnings | $128624 | 4.4% | $135873 | 4.6% |
| Average diluted shares outstanding | 97976 |  | 103146 |  |
| Diluted earnings per share | $1.31 |  | $1.32 |  |

---

---

| |
|:---|
| **J.B. HUNT TRANSPORT SERVICES, INC.** |
| **Condensed Consolidated Statements of Earnings** |
| (in thousands, except per share data) |
| (unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | **% Of** |  | **% Of** |
|  | **Amount** | **Revenue** | **Amount** | **Revenue** |
| Operating revenues, excluding fuel surcharge revenues | $5136048 |  | $5097508 |  |
| Fuel surcharge revenues | 713525 |  | 775177 |  |
| Total operating revenues | 5849573 | 100.0% | 5872685 | 100.0% |
| Operating expenses |  |  |  |  |
| Rents and purchased transportation | 2560236 | 43.8% | 2554998 | 43.5% |
| Salaries, wages and employee benefits | 1616588 | 27.6% | 1610931 | 27.4% |
| Depreciation and amortization | 356456 | 6.1% | 367655 | 6.3% |
| Fuel and fuel taxes | 313643 | 5.4% | 337817 | 5.8% |
| Operating supplies and expenses | 251698 | 4.3% | 243416 | 4.1% |
| Insurance and claims | 169856 | 2.9% | 148908 | 2.5% |
| General and administrative expenses, net of asset dispositions | 147847 | 2.5% | 151490 | 2.6% |
| Operating taxes and licenses | 35250 | 0.6% | 35110 | 0.6% |
| Communication and utilities | 22045 | 0.4% | 22282 | 0.4% |
| Total operating expenses | 5473619 | 93.6% | 5472607 | 93.2% |
| Operating income | 375954 | 6.4% | 400078 | 6.8% |
| Net interest expense | 39882 | 0.7% | 35847 | 0.6% |
| Earnings before income taxes | 336072 | 5.7% | 364231 | 6.2% |
| Income taxes | 89708 | 1.5% | 100865 | 1.7% |
| Net earnings | $246364 | 4.2% | $263366 | 4.5% |
| Average diluted shares outstanding | 99226 |  | 103626 |  |
| Diluted earnings per share | $2.48 |  | $2.54 |  |

---

------

---

| |
|:---|
| **Financial Information By Segment**  |
| (in thousands) |
| (unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30** | **Three Months Ended June 30** | **Three Months Ended June 30** | **Three Months Ended June 30** |
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | **% Of** |  | **% Of** |
|  | **Amount** | **Total** | **Amount** | **Total** |
| <u>Revenue</u> |  |  |  |  |
| Intermodal | $1437885 | 49% | $1407496 | 48% |
| Dedicated | 846755 | 29% | 851010 | 29% |
| Integrated Capacity Solutions | 260243 | 9% | 270378 | 9% |
| Final Mile Services | 210627 | 7% | 235290 | 8% |
| Truckload | 176968 | 6% | 168095 | 6% |
| Subtotal | 2932478 | 100% | 2932269 | 100% |
| Intersegment eliminations | (4297) | (0%) | (3584) | (0%) |
| Consolidated revenue | $2928181 | 100% | $2928685 | 100% |
| <u>Operating income</u> |  |  |  |  |
| Intermodal | $95747 | 49% | $99244 | 48% |
| Dedicated | 93687 | 47% | 96410 | 47% |
| Integrated Capacity Solutions | (3554) | (2%) | (13287) | (7%) |
| Final Mile Services | 7993 | 4% | 19778 | 10% |
| Truckload | 3369 | 2% | 3549 | 2% |
| Other (1) | 32 | 0% | 15 | 0% |
| Operating income | $197274 | 100% | $205709 | 100% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** | **Six Months Ended June 30** |
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | **% Of** |  | **% Of** |
|  | **Amount** | **Total** | **Amount** | **Total** |
| <u>Revenue</u> |  |  |  |  |
| Intermodal | $2907138 | 50% | $2802846 | 48% |
| Dedicated | 1669047 | 28% | 1711026 | 29% |
| Integrated Capacity Solutions | 528285 | 9% | 555665 | 9% |
| Final Mile Services | 411331 | 7% | 464570 | 8% |
| Truckload | 343596 | 6% | 346407 | 6% |
| Subtotal | 5859397 | 100% | 5880514 | 100% |
| Intersegment eliminations | (9824) | (0%) | (7829) | (0%) |
| Consolidated revenue | $5849573 | 100% | $5872685 | 100% |
| <u>Operating income</u> |  |  |  |  |
| Intermodal | $190134 | 51% | $201133 | 50% |
| Dedicated | 173961 | 46% | 190060 | 48% |
| Integrated Capacity Solutions | (6220) | (1%) | (30828) | (8%) |
| Final Mile Services | 12669 | 3% | 34864 | 9% |
| Truckload | 5408 | 1% | 4778 | 1% |
| Other (1) | 2 | 0% | 71 | 0% |
| Operating income | $375954 | 100% | $400078 | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Includes corporate support activity* 

------

---

| |
|:---|
| **Operating Statistics by Segment** |
| (unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended June 30** | **Three Months Ended June 30** |
|  | **2025** | **2024** |
| <u>**Intermodal**</u> |  |  |
| Loads | 525161 | 497446 |
| Average length of haul | 1631 | 1689 |
| Revenue per load | $2738 | $2829 |
| Average tractors during the period \* | 6376 | 6209 |
| Tractors (end of period) \* | 6363 | 6162 |
| Trailing equipment (end of period) | 125265 | 121169 |
| Average effective trailing equipment usage | 102603 | 98350 |
| **<u>Dedicated</u>** |  |  |
| Loads | 992772 | 1007798 |
| Average length of haul | 177 | 182 |
| Revenue per truck per week\*\* | $5163 | $5004 |
| Average trucks during the period\*\*\* | 12689 | 13142 |
| Trucks (end of period) \*\*\* | 12739 | 12889 |
| Trailing equipment (end of period) | 32345 | 31802 |
| Average effective trailing equipment usage | 33027 | 32461 |
| **<u>Integrated Capacity Solutions</u>** |  |  |
| Loads | 132315 | 145362 |
| Revenue per load | $1967 | $1860 |
| Gross profit margin | 15.5% | 14.8% |
| Employee count (end of period) | 560 | 708 |
| Approximate number of third-party carriers (end of period) | 117700 | 109200 |
| Marketplace for J.B. Hunt 360 revenue (millions) | $88.6 | $104.1 |
| **<u>Final Mile Services</u>** |  |  |
| Stops | 998916 | 1098521 |
| Average trucks during the period\*\*\* | 1317 | 1374 |
| **<u>Truckload</u>** |  |  |
| Loads | 104357 | 92628 |
| Revenue per load | $1696 | $1815 |
| Average length of haul | 611 | 646 |
| Tractors (end of period) |  |  |
| Company-owned |  | 23 |
| Independent contractor | 2041 | 1874 |
| Total tractors | 2041 | 1897 |
| Trailers (end of period) | 12785 | 13299 |
| Average effective trailing equipment usage | 12144 | 12600 |

---

\* Includes company-owned and independent contractor tractors

\*\* Using weighted workdays

\*\*\* Includes company-owned, independent contractor, and customer-owned trucks

------

---

| |
|:---|
| **Operating Statistics by Segment** |
| (unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30** | **Six Months Ended June 30** |
|  | **2025** | **2024** |
| <u>**Intermodal**</u> |  |  |
| Loads | 1046982 | 982612 |
| Average length of haul | 1645 | 1689 |
| Revenue per load | $2777 | $2852 |
| Average tractors during the period \* | 6403 | 6277 |
| Tractors (end of period) \* | 6363 | 6162 |
| Trailing equipment (end of period) | 125265 | 121169 |
| Average effective trailing equipment usage | 105164 | 97231 |
| **<u>Dedicated</u>** |  |  |
| Loads | 1935666 | 2012135 |
| Average length of haul | 179 | 181 |
| Revenue per truck per week\*\* | $5146 | $5012 |
| Average trucks during the period\*\*\* | 12656 | 13220 |
| Trucks (end of period) \*\*\* | 12739 | 12889 |
| Trailing equipment (end of period) | 32345 | 31802 |
| Average effective trailing equipment usage | 32972 | 32728 |
| **<u>Integrated Capacity Solutions</u>** |  |  |
| Loads | 270058 | 303609 |
| Revenue per load | $1956 | $1830 |
| Gross profit margin | 15.4% | 14.5% |
| Employee count (end of period) | 560 | 708 |
| Approximate number of third-party carriers (end of period) | 117700 | 109200 |
| Marketplace for J.B. Hunt 360 revenue (millions) | $180.5 | $209.6 |
| **<u>Final Mile Services</u>** |  |  |
| Stops | 1919260 | 2175210 |
| Average trucks during the period\*\*\* | 1335 | 1391 |
| **<u>Truckload</u>** |  |  |
| Loads | 199500 | 186313 |
| Revenue per load | $1722 | $1859 |
| Average length of haul | 616 | 662 |
| Tractors (end of period) |  |  |
| Company-owned |  | 23 |
| Independent contractor | 2041 | 1874 |
| Total tractors | 2041 | 1897 |
| Trailers (end of period) | 12785 | 13299 |
| Average effective trailing equipment usage | 12120 | 12746 |

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\* Includes company-owned and independent contractor tractors

\*\* Using weighted workdays

\*\*\* Includes company-owned, independent contractor, and customer-owned trucks

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| |
|:---|
| **J.B. HUNT TRANSPORT SERVICES, INC.** |
| **Condensed Consolidated Balance Sheets** |
| (in thousands) |
| (unaudited) |

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $50901 | $46983 |
| Accounts Receivable, net | 1182175 | 1224166 |
| Prepaid expenses and other | 453746 | 499834 |
| Total current assets | 1686822 | 1770983 |
| Property and equipment | 9373354 | 9148928 |
| Less accumulated depreciation | 3622823 | 3419129 |
| Net property and equipment | 5750531 | 5729799 |
| Other assets, net | 803781 | 811488 |
|  | $8241134 | $8312270 |
| **LIABILITIES & STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Current debt | $699435 | $500000 |
| Trade accounts payable | 655226 | 645925 |
| Claims accruals | 279221 | 257121 |
| Accrued payroll | 136431 | 122477 |
| Other accrued expenses | 162881 | 152517 |
| Total current liabilities | 1933194 | 1678040 |
| Long-term debt | 1019925 | 977702 |
| Long-term claims accruals | 416083 | 368704 |
| Other long-term liabilities | 351232 | 377070 |
| Deferred income taxes | 865370 | 896249 |
| Stockholders' equity | 3655330 | 4014505 |
|  | $8241134 | $8312270 |

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| |
|:---|
| **Supplemental Data** |
| (unaudited) |

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | <br> **December 31, 2024** |
| Actual shares outstanding at end of period (000) | 96799 | 100555 |
| Book value per actual share outstanding at end of period | $37.76 | $39.92 |

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30** | **Six Months Ended June 30** |
|  | **2025** | **2024** |
| Net cash provided by operating activities (000) | $806245 | $827021 |
| Net capital expenditures (000) | $399079 | $408853 |

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