Research · Sep 3, 2026
[JBHT] J.B. Hunt Thesis 2026: Intermodal Recovery and JBHT 360 Await Freight Cycle Turn
J.B. Hunt delivered a modest freight cycle recovery in FY2025 with revenue of ~$12.2B and EPS of ~$6.25, as intermodal volumes recovered from the FY2024 trough and cost discipline improved operating margins. ICS (digital brokerage) remained compressed at ~$1.28B as spot rates stayed weak. JBHT 360 platform investment continues to differentiate the company for the eventual freight recovery, when tighter truckload capacity would widen the intermodal cost advantage and improve brokerage volumes simultaneously. Normalized cycle EPS is ~$9-10.