The UPS or FedEx for large-scale business freight.

An Amazon-level logistics partner for businesses, specializing in efficient, large-volume freight movement across North America.

• Intermodal Transportation: Combines long-haul rail transport with local truck delivery, offering an efficient and often more sustainable freight solution.
• Dedicated Contract Services: Provides customized transportation solutions where JB Hunt manages dedicated fleets, drivers, and equipment exclusively for specific customers.
• Integrated Capacity Solutions (Brokerage): Offers freight brokerage and logistics management services, connecting shippers with a broad network of third-party carriers across various modes.
• Truckload Shipping: Delivers traditional full-load dry van freight transportation services, primarily using JB Hunt's own fleet.
• Final Mile Services: Specializes in the delivery and installation of large and bulky products directly to consumers' homes or businesses.

JB Hunt Transport Services (symbol: JBHT) primarily sells its services to other companies, rather than to individuals.

The company does not publicly disclose the names of its specific major customers, as no single customer accounted for more than 10% of its total operating revenues in its most recent annual filings. This indicates a highly diversified customer base across various industries.

While specific major customers are not confirmed by JBHT, based on the industries the company serves and the nature of its logistics and transportation solutions, its customer base largely consists of large enterprises within the following categories. Below are illustrative examples of prominent public companies that operate in these sectors and are likely to utilize extensive third-party logistics services:

• Retailers and E-commerce Companies: These companies require extensive transportation services for moving goods from manufacturers to distribution centers, stores, and increasingly, directly to consumers (Final Mile Services). They utilize JB Hunt's intermodal, dedicated, and brokerage services for inventory replenishment and delivery networks.
  • Walmart (WMT)
  • Target (TGT)
  • The Home Depot (HD)
  • Lowe's Companies (LOW)
  • Amazon.com (AMZN)
• Consumer Packaged Goods (CPG) Companies: Manufacturers of food, beverages, household products, and personal care items rely on JB Hunt to transport finished goods to retailers and distributors across vast supply chains.
  • Procter & Gamble (PG)
  • PepsiCo (PEP)
  • The Coca-Cola Company (KO)
• Manufacturing Companies: This category includes various sectors such as automotive, chemical, and paper products. These companies need reliable transportation for raw materials, components, and finished products, often requiring dedicated fleet solutions or specialized handling.
  • General Motors (GM)
  • Ford Motor Company (F)
  • International Paper (IP)

• PACCAR Inc (PCAR)
• Daimler Truck AG (DTGFF)
• Wabash National Corporation (WNC)

Shelley Simpson, President and Chief Executive Officer

Shelley Simpson's career at J.B. Hunt Transport Services Inc. spans nearly 30 years, beginning as an hourly customer service representative. She has held numerous senior-level positions across various business segments. In 2007, Simpson helped establish Integrated Capacity Solutions (ICS) and became its president. She took on sales and marketing executive responsibilities in 2011, being appointed Chief Marketing Officer. In 2014, she was named President of J.B. Hunt's Truckload business segment, and in 2017, she became Chief Commercial Officer and President of Highway Services, where she led the strategic direction and launch of the J.B. Hunt 360® platform. Her responsibilities expanded in 2020 to include people and human resources, and she was appointed President in 2022. Simpson was named Chief Executive Officer and President, effective July 1, 2024.

Brad Delco, Chief Financial Officer - Executive Vice President

Brad Delco was appointed Chief Financial Officer and Executive Vice President of Finance for J.B. Hunt Transport Services Inc., effective September 1, 2025. He joined the company in 2019, initially serving as Vice President of Investor Relations and later as Senior Vice President of Finance. In these roles, Delco has been responsible for investor relations, corporate development, financial planning and analysis efforts, and active involvement in environmental, social, and governance (ESG) strategies. He also oversaw ELEVATION, J.B. Hunt's employee ideation program. Before joining J.B. Hunt, Delco spent 14 years at Stephens Inc., a privately held investment bank, where he worked in corporate finance and equity research, primarily focusing on the transportation industry.

John N. Roberts, III, Executive Chairman of the Board

John N. Roberts, III began his career with J.B. Hunt in 1989 as a Manager Trainee after graduating from the University of Arkansas with a bachelor's degree in marketing. Over the years, he held various positions, including Vice President of Marketing Strategy. From 1997 to 2010, he served as Executive Vice President and President of the Dedicated Contract Services (DCS) division. Roberts was named President and Chief Executive Officer of J.B. Hunt in 2011, a role he held until 2022. He transitioned to Executive Chairman of the Board in 2024. Roberts also serves on the boards of the Federal Reserve Bank of St. Louis, Arkansas Children's Northwest, and the Dean's Executive Advisory Board for the Sam M. Walton College of Business at the University of Arkansas.

Nick Hobbs, Chief Operating Officer – President, Highway and Final Mile Services - Executive Vice President

Nick Hobbs has more than 30 years of experience with J.B. Hunt Transport Services Inc., starting as a Manager Trainee in 1984. He has held several key management positions throughout his tenure, including Director of Auto Operations and Senior Vice President of Intermodal. He also served as President of Dedicated Contract Services (DCS) for many years, significantly contributing to its growth. Currently, he serves as Chief Operating Officer and President of Highway and Final Mile Services. Hobbs holds a Bachelor of Science in Finance and Banking from the University of Arkansas.

Stuart Scott, Chief Information Officer - Executive Vice President

Stuart Scott serves as the Chief Information Officer and Executive Vice President at J.B. Hunt Transport Services Inc. He is responsible for the company's information technology strategy and initiatives.

The emergence of large shippers, such as Amazon and Walmart, building out vast, proprietary logistics networks represents a clear emerging threat. These companies, traditionally major customers of transportation providers, are increasingly becoming direct competitors by investing heavily in their own fleets, warehouses, and advanced supply chain technologies. This reduces the addressable market for JB Hunt's core services, particularly in Dedicated Contract Services, Intermodal, and Truckload, and introduces powerful, vertically integrated rivals with significant scale and technological capabilities.

Another clear emerging threat is the rapid advancement and potential widespread adoption of autonomous trucking technology. While JB Hunt is exploring and investing in autonomous solutions, the successful deployment of highly autonomous (Level 4/5) trucks by competitors or new entrants could fundamentally disrupt the cost structure of the trucking industry. This could lead to significant reductions in labor costs and increased asset utilization for early and efficient adopters, creating immense competitive pressure on traditional asset-based carriers like JB Hunt by altering industry economics and potentially rendering current business models less competitive.

The addressable markets for JB Hunt Transport Services' main products and services in the U.S. (unless otherwise specified) are as follows:

• Intermodal: The North American intermodal freight market has an estimated value of $51 billion.
• Dedicated Contract Services: The U.S. Dedicated Contract Carriage market was approximately $29.7 billion in 2023.
• Integrated Capacity Solutions (Freight Brokerage): The United States freight brokerage market size is estimated at $19.68 billion in 2025.
• Truckload: The United States full-truck-load market size stands at $448.65 billion in 2025.
• Final Mile Services: The U.S. last-mile delivery market generated revenue of $37,743.3 million in 2023.

Here are key expected drivers of future revenue growth for JB Hunt Transport Services (JBHT) over the next 2-3 years:

1. Intermodal Volume Growth and Network Expansion

   J.B. Hunt anticipates continued growth in its Intermodal (JBI) segment, driven by strong customer demand and strategic initiatives. The company reported record Intermodal volumes in the second half of 2024 and Q1 2025, with an 8% year-over-year increase in Q1 2025 volumes. Analysts project a robust intermodal volume growth Compound Annual Growth Rate (CAGR) of 6.6% for J.B. Hunt over the next five years. Strategic partnerships, such as the Quantum initiative with BNSF Railway launched in November 2023, are expected to revolutionize intermodal transportation efficiency and capacity, further driving growth. The company also sees significant opportunities in its Mexico business within the Intermodal segment.

2. Expansion of Dedicated Contract Services (DCS)

   The Dedicated Contract Services (DCS) segment is expected to contribute to future revenue growth through new contract sales and improved productivity. J.B. Hunt consistently reports a strong sales pipeline for its outsourced private fleet solutions, with an annual net sales target of 800 to 1,000 new trucks. In Q1 2025, the company sold approximately 260 trucks in new deals. Productivity improvements, measured as revenue per truck per week, are also driving revenue growth in this segment, increasing by 3% in Q3 2025 compared to the prior year. Management has noted a strong sales pipeline and expects to return to net fleet growth in 2025, with prior fleet losses now behind them.

3. Leveraging Technology and Operational Efficiency for Market Share Gains

   J.B. Hunt is focused on scaling its long-term investments in technology, including the J.B. Hunt 360 platform, and enhancing operational efficiency to capture additional market share and improve returns. The company has completed significant foundational investments in its technology platform. Furthermore, J.B. Hunt has launched an initiative aimed at reducing service costs, improving profit margins, and has identified $100 million in annual cost reductions across efficiency, asset utilization, and engineered process improvements, with most benefits expected to materialize in 2026 and beyond. These efficiency gains and cost controls are intended to indirectly fuel revenue growth by enabling more competitive pricing and freeing up capital for further growth investments.

4. Strategic Customer Acquisition and Retention

   A continued focus on delivering exceptional value to customers, acquiring new clients, and maintaining high retention rates is a crucial driver for J.B. Hunt. The company has seen its small to mid-sized customer base grow by 25% in the year leading up to Q2 2025, and customer retention rates are near record levels across its segments. This strong service performance and brand reputation are supporting growth with both new and existing customers, which will help the company scale into its investments. The goal is to capture additional market share through operational excellence and unmatched value for customers.

Capital Allocation Decisions (2020-2025)

Share Repurchases

• J.B. Hunt's Board of Directors authorized a new $1 billion share repurchase program on October 22, 2025, which will commence upon the completion of the existing $1 billion program. The existing program had approximately $107 million remaining as of September 30, 2025.
• The company repurchased over 5.4 million common shares for $782 million since January 1, 2025. During Q1 2025, approximately 1.4 million shares were repurchased for $234 million.
• In 2024, J.B. Hunt purchased approximately 3.04 million shares for $513.9 million. The company also repurchased approximately 3.6 million shares for $512 million in 2024 under a prior $500 million authorization from July 2022.

Outbound Investments

• J.B. Hunt acquired the assets of Mass Movement, Inc. on November 30, 2020, to expand its expertise in final mile delivery for big and bulky products, particularly in the commercial health and fitness industry.
• In February 2024, J.B. Hunt announced a multi-year service agreement with Walmart that included the purchase of Walmart's intermodal assets.

Capital Expenditures

• For 2025, net capital expenditures are projected to be between $550 million and $650 million, a tightened range from earlier estimates. These expenditures are primarily allocated for replacement needs and success-based requirements within the Dedicated segment, as significant future growth and capacity needs have been pre-funded.
• In Q1 2025, net capital expenditures approximated $225 million. Year-to-date through Q2 2025, net capital expenditures totaled $399 million.
• Historical capital expenditures were $1,862 million in 2023 and $1,541 million in 2022. The company lowered its expected capital investment guidance for full-year 2024 from $800 million-$1 billion to $650-$700 million.