# EDGAR Filing Document

**Accession Number:** 0000728535
**File Stem:** 0001437749-25-021349
**Filing Date:** 2025-6
**Character Count:** 30750
**Document Hash:** b9d0af5da70500ae2e5957835e4e4edb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-021349.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001437749-25-021349

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**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:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-11757
- **FILM NUMBER:** 251080610

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☒** **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the fiscal year ended December 31, 2024

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from ___________ to ____________

Commission file number 0-11757

J.B. HUNT TRANSPORT SERVICES, INC. EMPLOYEE RETIREMENT PLAN

J.B. HUNT TRANSPORT SERVICES, INC.

615 J.B. Hunt Corporate Drive

Lowell, Arkansas 72745

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479) 820-0000

------

**REQUIRED INFORMATION**

The following financial statements prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act (ERISA) and exhibits are filed for the J.B. Hunt Transport Services, Inc. Employee Retirement Plan:

---

| | |
|:---|:---|
|  | **Page No.** |
| **Financial Statements and Schedules** |  |
| Report of Independent Registered Public Accounting Firm | 2 |
| Report of Prior Independent Registered Public Accounting Firm | 3 |
| Statements of Net Assets Available for Benefits - December 31, 2024 and 2023 | 4 |
| Statement of Changes in Net Assets Available for Benefits - Year Ended December 31, 2024 | 5 |
| Notes to Financial Statements | 6 |
| Schedule 1: Form 5500, Schedule H, Line 4i - Schedule of Assets (Held at End of Year) - December 31, 2024 | 11 |
| Exhibit Index | 12 |
| Signature | 13 |

---

**Exhibits**

23.1 Consent of Forvis Mazars, LLP <br>23.2 Consent of PricewaterhouseCoopers LLP

------

**Report of Independent Registered Public Accounting Firm**

Plan Administrator and Plan Participants

J.B. Hunt Transport Services, Inc. Employee Retirement Plan

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of J.B. Hunt Transport Services, Inc. Employee Retirement Plan (Plan) as of December 31, 2024, the related statement of changes in net assets available for benefits for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis of Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

***Report on Supplemental Information***

The supplemental information in the accompanying Schedule H, Line 4i – Schedule of Assets (Held at End of Year) has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ Forvis Mazars LLP

We have served as the Plan's auditor since 2025.

Rogers, Arkansas

June 26, 2025

------

**Report of Independent Registered Public Accounting Firm**

To the Administrator and Plan Participants of J.B. Hunt Transport Services, Inc. Employee Retirement Plan

***Opinion on the Financial Statements***

We have audited the accompanying statement of net assets available for benefits of J.B. Hunt Transport Services, Inc. Employee Retirement Plan (the "Plan") as of December 31, 2023, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Springdale, Arkansas

June 26, 2024

We served as the Plan's auditor from 2021 to 2024.

------

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

**EMPLOYEE RETIREMENT PLAN**

**Statements of Net Assets Available for Benefits**

**December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Cash | $685804 | $948508 |
| Investments, at fair value: |  |  |
| Mutual funds | 1011087289 | 862686534 |
| Common stock – J.B. Hunt Transport Services, Inc. | 248051604 | 305702694 |
| Common/collective trust | 83375849 | 93968308 |
| Total investments | 1342514742 | 1262357536 |
| Receivables: |  |  |
| Notes receivable from participants | 61047045 | 53054635 |
| Contributions: |  |  |
| Participants | 2714766 | 1276236 |
| Employer | 938865 | 460592 |
| Accrued investment income | 74937 | 40609 |
| Total receivables | 64775613 | 54832072 |
| Total assets | 1407976159 | 1318138116 |
| Liabilities |  |  |
| Investment transactions pending receivables |  | 2114487 |
| Total Liabilities |  | 2114487 |
| Net assets available for benefits | $1407976159 | $1316023629 |

---

See accompanying notes to financial statements.

------

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

**EMPLOYEE RETIREMENT PLAN**

**Statement of Changes in Net Assets Available for Benefits**

**Year ended December 31, 2024**

---

| | |
|:---|:---|
|  | **2024** |
| Additions to net assets attributed to: |  |
| Investment income: |  |
| Net appreciation in fair value of investments | $44259580 |
| Interest and dividends | 46407845 |
|  | 90667425 |
| Interest income on notes receivable from participants | 4460918 |
| Contributions: |  |
| Employer, net of forfeitures | 37391401 |
| Participants | 120282837 |
|  | 157674238 |
| Total additions | 252802581 |
| Deductions from net assets attributed to: |  |
| Withdrawals and distributions | 158894187 |
| Administrative expenses | 1955864 |
| Total deductions | 160850051 |
| Increase in net assets available for benefits | 91952530 |
| Net assets available for benefits: |  |
| Beginning of year | 1316023629 |
| End of year | $1407976159 |

---

See accompanying notes to financial statements.

------

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

**EMPLOYEE RETIREMENT PLAN**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Description of Plan** 

The following description of the J.B. Hunt Transport Services, Inc. (the "Company" or "Employer") Employee Retirement Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

**General**

The purpose of the Plan is to provide additional incentive and retirement security for eligible employees of the Company by permitting contributions to the Plan that are tax deferred under Section 401(k) of the Internal Revenue Code (IRC). All employees, other than employees covered by a collective bargaining agreement, non-resident aliens, leased employees, and independent contractors, are eligible to make salary reduction contributions immediately following their employment commencement date. Each employee that has completed one year of qualifying service is eligible to receive matching contributions. The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

**Contributions**

Each year, participants may defer from 1% up to 50% of pretax annual compensation, as defined in the Plan document (not to exceed limits determined under Sections 402(g) and 415(c) of the IRC). Participants who have attained age 50 before the end of the Plan year are eligible to make catch up contributions. The Company matches 50% of the first 6% of compensation that a participant contributes to the Plan once meeting match eligibility requirements as defined in the plan document. Additional amounts may be contributed at the discretion of the Company's Board of Directors. No such additional amounts were contributed in 2024. The Plan additionally provides for Roth Elective Deferrals, After-Tax Deferrals, and In-Plan Roth Rollovers.

**Participant Accounts**

Each participant's account is credited with the participant's contribution and allocations of (a) the Company's matching contributions and any discretionary contributions and (b) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

**Vesting**

Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's matching and discretionary contribution portion of their accounts, plus actual earnings thereon, is based on years of service. Upon a participant's retirement, permanent disability or death, he or she becomes fully vested in the Plan. If a participant terminates employment for any other reason on or after being credited with at least six years of vesting service, he or she becomes fully vested in the Plan. Prior to the completion of six years of vesting service, the vesting percentages are as follows: 0 - 1 year – 0%; 2 years – 20%; 3 years – 40%; 4 years – 60%; 5 years – 80%; 6 years – 100%. A year of vesting service is credited to participants that complete 1,000 hours of service within a plan year. Hours of service are defined in the plan document and accumulated for employees irrespective of participation in the Plan. Forfeited balances of terminated participants' nonvested accounts are used to reduce future Company contributions, restore a participant's account for claims of benefits, or pay Plan expenses. Forfeitures for the year ended December 31, 2024 amounted to approximately $2,236,000. The Company used approximately $2,308,000 to reduce Company contributions to the Plan in 2024. Forfeitures remaining in the Plan at December 31, 2024 and 2023 were approximately $93,000 and $165,000, respectively.

------

**Participant Loans**

Notes receivable from participants represent participant loans. Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from 1 - 5 years for general purpose loans, or up to 20 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the first day of the calendar month in which the loan is made, plus one percent (ranging from 4.25% to 9.50% for loans outstanding at December 31, 2024). Principal and interest are paid ratably through payroll deductions. A participant may only have two loans outstanding at any time.

**Payment of Benefits**

On termination of service due to retirement, disability or death, a participant or his/her beneficiary may receive either a lump-sum amount or approximately equal monthly, quarterly or semi-monthly installments in cash equal to the value of the participant's vested interest in his or her account. For termination of service, other than retirement, disability or death, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution.

The Plan allows for general hardship distributions if a participant meets the Plan's requirements for such distributions.

The Plan will distribute and rollover certain net assets to other plans in connection with participants who have terminated employment and begun participating in other employer plans. Such transactions are recorded in withdrawals and distributions at the fair value of the assets on the date of rollover. Similarly, the Plan allows new participants to rollover or transfer-in assets held in other qualified plans. Such transactions are recorded in participant contributions at fair value.

**Administrative Expenses**

The Company may elect to pay all administrative expenses of the Plan. Administrative expenses not paid by the Company are paid from Plan assets. All administrative expenses were paid within the Plan in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies** 

**Basis of Accounting**

The accompanying financial statements of the Plan are prepared utilizing the accrual method of accounting.

------

**Notes Receivable from Participants**

Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2024 or 2023. If a participant ceases to make loan repayments and the Plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

**Investment Valuation and Income Recognition**

The Plan's investments are stated at fair value on December 31, 2024 and 2023. See Note 3, Fair Value Measurements, for additional information on investment valuation. Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Net appreciation or depreciation in fair value of investments represents increases or decreases in value resulting from realized and unrealized gains and losses. The cost of securities sold is determined by the weighted average cost method. Shares of mutual funds are valued at published market prices. Shares of common stock are valued at quoted market prices. As a practical expedient, investments in the common/collective trust are valued at the net asset value per unit, as determined by the issuer of the respective trust.

The MissionSquare Funds of VantageTrust Stable Value Fund (Stable Value Fund), a common/collective trust, is designed to deliver safety and stability by preserving principal and accumulating earnings. This Stable Value Fund is primarily invested in guaranteed investment contracts, bank investment contracts, and synthetic investment contracts. The Plan may withdraw from the Stable Value Fund with 12 month written advance notice to the trustee. The notice period may be shortened or waived by the trustee in its sole discretion. There are no restrictions on participant-directed redemptions.

**Payment of Benefits**

Benefits are recorded when paid. Defaults on participant notes receivable are recorded as withdrawals and distributions.

**Use of Estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

**Risk and Uncertainties**

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market volatility and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Value Measurements** 

The FASB's guidance on fair value measurements establishes a three-level valuation hierarchy for disclosure based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). An asset's fair value measurement level within the hierarchy is based on the lowest level of input that is significant to the valuation.

------

The three levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The following are assets measured at fair value on a recurring basis at December 31, 2024 and 2023:

**December 31, 2024**

---

| | | |
|:---|:---|:---|
| **Description** | **Level 1** | **Total** |
| Mutual Funds | $1011087289 | $1011087289 |
| Common Stock | 248051604 | 248051604 |
|  |  | 1259138893 |
| Common/collective trust measured at net asset value as a practical expedient |  | 83375849 |
| Total investments |  | $1342514742 |

---

**December 31, 2023**

---

| | | |
|:---|:---|:---|
| **Description** | **Level 1** | **Total** |
| Mutual Funds | $862686534 | $862686534 |
| Common Stock | 305702694 | 305702694 |
|  |  | 1168389228 |
| Common/collective trust measured at net asset value as a practical expedient |  | 93968308 |
| Total investments |  | $1262357536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Plan Termination** 

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their employer contributions.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Related Party and Parties-in-Interest Transactions** 

At December 31, 2024 and 2023, the Plan held 1.5 million shares of common stock of the Company, with a fair value of approximately $248.1 million and $305.7 million, respectively. Effective January 1, 2023, investments in common stock of the Company were limited to no more than 20% of a participant's contribution. In addition, transfers of existing investments within a participant's Plan account to common stock of the Company were not allowed if the then-current market value of common stock of the Company within their account was greater than 40%. The Plan recorded dividend income on the common stock of the Company of approximately $2.6 million during the year ended December 31, 2024. Net activity from the investment in common stock of the Company resulted in a decrease of approximately $42.2 million within the investment balance for the year ended December 31, 2024. The Plan transactions involving this investment security qualify as related party and party-in-interest transactions. Notes receivable from participants also qualify as party-in-interest transactions. All of these transactions are exempt from the prohibited transaction rules of ERISA.

------

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Tax Status** 

The Plan has received a determination letter from the Internal Revenue Service (IRS) dated November 17, 2017, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code), and therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan has been amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Company believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes the Plan, as amended, is qualified and the related trust is tax-exempt*.*

Accounting principles generally accepted in the United States require Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes the Plan is no longer subject to income tax examinations for years prior to 2021.

------

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

**EMPLOYEE RETIREMENT PLAN**

**EIN: 71-0335111, Plan: 001**

**Schedule H, Line 4i - Schedule of Assets (Held at End of Year)**

**December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
| **Column (a)** | **Column (b)** | **Column (c)** | **Column (e)** |
|  |  | **Description of Investment** |  |
| **Party-in-** |  | **Including Maturity Date,** |  |
| **Interest** | **Identity of Issue, Borrower,** | **Rate of Interest, Collateral,** | **Current** |
| **Identification** | **Lessor, or Similar Party** | **Par, or Maturity Value** | **Value** |
|  | American Beacon Small Cap Value Fund (Class R5) | Mutual Fund | $22213688 |
|  | American Funds EuroPacific Growth Fund (Class R6) | Mutual Fund | 34620836 |
|  | Goldman Sachs International Small Cap Insight Fund (Instl Class) | Mutual Fund | 8750768 |
|  | American Funds New World Fund (Class R6) | Mutual Fund | 5058873 |
|  | MFS Growth Fund (Class R6) | Mutual Fund | 103474487 |
|  | MFS Global Real Estate Fund (Class R6) | Mutual Fund | 13226967 |
|  | PGIM Total Return Bond Fund | Mutual Fund | 16070676 |
|  | PIMCO Income Fund Institutional Class | Mutual Fund | 3425210 |
|  | PIMCO Real Return Fund Institutional Class | Mutual Fund | 17408180 |
|  | Principal Funds Inc. Small Cap Growth Fund I (Instl Class) | Mutual Fund | 21374650 |
|  | Vanguard Equity Income Fund Admiral | Mutual Fund | 46363191 |
|  | Vanguard Target Retirement Income Fund | Mutual Fund | 2991780 |
|  | Vanguard Institutional Index Fund Plus | Mutual Fund | 153459325 |
|  | Vanguard Target Retirement 2020 | Mutual Fund | 5619956 |
|  | Vanguard Target Retirement 2025 | Mutual Fund | 23515603 |
|  | Vanguard Target Retirement 2030 | Mutual Fund | 49632188 |
|  | Vanguard Target Retirement 2035 | Mutual Fund | 59873845 |
|  | Vanguard Target Retirement 2040 | Mutual Fund | 53809911 |
|  | Vanguard Target Retirement 2045 | Mutual Fund | 48377051 |
|  | Vanguard Target Retirement 2050 | Mutual Fund | 53583882 |
|  | Vanguard Target Retirement 2055 | Mutual Fund | 57658727 |
|  | Vanguard Target Retirement 2060 | Mutual Fund | 49676194 |
|  | Vanguard Target Retirement 2065 | Mutual Fund | 24915354 |
|  | Vanguard Target Retirement 2070 | Mutual Fund | 1594612 |
|  | Vanguard Mid Cap Index (Class I) Fund | Mutual Fund | 35468334 |
|  | Vanguard Small Cap Index Fund | Mutual Fund | 30782534 |
|  | Vanguard Total Bond Market Index Fund | Mutual Fund | 32631441 |
|  | Vanguard Total International Stock Index Fund | Mutual Fund | 35509026 |
| \* | J.B. Hunt Transport Services, Inc. Common Stock | Common Stock | 248051604 |
|  | MissionSquare Funds of VantageTrust Stable Value Fund | Common/Collective Trust | 83375849 |
| \* | Participant Loans | Interest rates ranging from 4.25% to 9.50% and various maturities | 61047045 |
|  |  |  | $1403561787 |
| \* | Party-in-interest |  |  |

---

See accompanying report of independent registered public accounting firm and notes to financial statements.

Note: Column (d) has been omitted as all investments are participant directed.

------

**Exhibit Index**

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 23.1 | [Consent of Forvis Mazars, LLP](ex_833506.htm) |
| 23.2 | [Consent of PricewaterhouseCoopers LLP](ex_833505.htm) |

---

------

**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **J.B. HUNT TRANSPORT SERVICES, INC.** <br> **EMPLOYEE RETIREMENT PLAN** | **J.B. HUNT TRANSPORT SERVICES, INC.** <br> **EMPLOYEE RETIREMENT PLAN** |
| DATE: June 26, 2025 |  |  |
|  | BY:  | /s/ John K. Kuhlow |
|  |  | John K. Kuhlow |
|  |  | Chief Financial Officer, |
|  |  | Executive Vice President |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 23.1

**EXHIBIT 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-103748) of our report dated June 26, 2025, with respect to the financial statements and supplemental schedule of J.B. Hunt Transport Services, Inc. Employee Retirement Plan included in this Annual Report on Form 11-K for the year ended December 31, 2024.

/s/ Forvis Mazars, LLP

Rogers, AR

June 26, 2025

## Exhibit 23.2

**EXHIBIT 23.2**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-103748) of J.B. Hunt Transport Services, Inc. of our report dated June 26, 2024 relating to the financial statements of J.B. Hunt Transport Services, Inc. Employee Retirement Plan, which appears in this Form 11-K.

/s/ PricewaterhouseCoopers LLP

Springdale, Arkansas

June 26, 2025