Short answer
J.B. Hunt (JBHT) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $12.0B (−0.7% year over year) and net income of $598M.
- Top risk flagged: Top 10 customers ~33% of revenue with no long-term contracts in JBI, ICS, and JBT segments: high concentration risk
FY2025 key financial metrics · XBRL
- Revenue
- $12.0B
- −0.7% YoY
- Net income
- $598M
- +4.8% YoY
- Operating margin
- 7.2%
- +0.3 pp YoY
- EPS (diluted)
- $6.12
- +10.1% YoY
- ROE
- 16.8%
- +2.6 pp YoY
- Operating cash flow
- $1.7B
- +13.2% YoY
Source: XBRL data from the J.B. Hunt (JBHT) FY2025 10-K on SEC EDGAR. USD.
J.B. Hunt FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Largest surface transportation/logistics provider in North America; five segments (JBI, DCS, ICS, FMS, JBT) with total 2025 revenue led by JBI at $5.98B
- Named sole road transportation company on Dow Jones Best-in-Class North America Index (Feb 2025), representing top 20% of 600 largest North American companies by ESG criteria
- 31,750 total employees at Dec 31, 2025; tractor fleet average age 2.7 years across 18,843 company-owned units
- JBI operated 124,838 trailing containers and 104,474 chassis; proprietary paired design cited as operational competitive advantage
- Safe driving bonus program surpassed $42M awarded and 5,300 drivers achieving 1M safe miles since 1996 inception
Management Discussion & Analysis
- Revenue $12.00B in 2025, down 0.7% from $12.09B; fuel surcharge revenue fell 3.5% to $1.48B
- Operating margin 7.2% vs 6.9% in 2024; operating ratio improved to 92.8% from 93.1%; net margin 5.0% vs 4.7%
- Best segment: JBI operating income $450M (up from $430M); worst: FMS operating income $27M, down sharply from $60M on revenue decline to $824M from $910M
- Operating cash flow $1.68B (vs $1.48B); capex $575M net investing outflows; financing outflows $1.1B driven by higher treasury stock purchases; quarterly dividend raised to $0.45/share
- 2026 capex committed ~$107.3M net; $700M senior notes mature March 2026, management intends full repayment via cash, revolver, or refinancing
Risk Factors
- Top 10 customers ~33% of revenue with no long-term contracts in JBI, ICS, and JBT segments: high concentration risk
- DOT/FMCSA audit exposure; non-compliance could restrict operations, trigger fines, or require costly regulatory overhauls
- JBI segment majority-dependent on BNSF and Norfolk Southern; labor disruptions or service failures directly threaten intermodal operations
- California and other states applying stricter employee-classification tests to independent contractors: retroactive reclassification risk
- AI-powered cyberattacks (ransomware, phishing) flagged as escalating threat to J.B. Hunt 360 platform and freight-matching operations
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