The 10% EPS miss is the headline miss, but the more concerning signal is the structural compression in operating margins as purchased transportation costs consumed 47.8% of revenue vs 43.6% a year ago. The intermodal and ICS segments showed strong volume growth, but this was more than offset by cost headwinds in dedicated, final mile, and truckload. With no formal guidance update, the market will focus on whether the Q4 2026 earnings call commentary about cost containment and whether the 2% operating income growth trajectory can reverse the margin trend.
Price Chart
Executive Summary
JBHT reported Q3 2026 GAAP diluted EPS of $1.82, a 10.4% miss vs consensus of $2.03, despite total revenue rising 20% YoY to $3.68B. Operating income grew only 2% as purchased transportation costs surged, compressing operating margins from 7.9% to 6.7%. The miss was driven by cost inflation in purchased transport and insurance, partially offset by strong intermodal and ICS volume growth.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP diluted EPS $1.82 vs consensus $2.03 (-10.4% miss)
- Total operating revenue $3.68B, up 20% YoY (ex-fuel surcharge +13%)
- Operating income $247.1M, up only 2% YoY; operating margin fell to 6.7% from 7.9%
- Rents and purchased transportation expense rose to 47.8% of revenue from 43.6%
- Intermodal segment operating income +18% to $147.5M on 8% volume growth
- Dedicated segment operating income -22% to $81.7M on higher driver and insurance costs
- ICS segment swung to $9.6M operating profit from -$0.8M loss, revenue +57%
- FMS operating income -76% to $1.6M; JBT operating income -6% to $7.0M
- Net debt reduced to $1.12B from $1.47B at Dec 2025; bought back 704K shares for ~$174M in Q3
- No formal guidance provided; full-year tax rate expected ~24.0%
Financial Impact
EPS miss of $0.21 vs consensus (-10.4%) on cost inflation that compressed operating margins by 120bps
Risk Factors
- Purchased transportation cost ratio continues to expand, pressuring margins
- Dedicated segment operating income fell 22% despite 11% revenue growth — cost structure deteriorating
- No formal guidance provided; uncertainty on Q4 trajectory
- Insurance and claims expenses rising faster than revenue growth
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-032715 |
| Document: jbht20261014_8k.htm | 0001437749-26-032715 |
| Document: 0001437749-26-032715-index-headers.html | 0001437749-26-032715 |
| Document: 0001437749-26-032715-index.html | 0001437749-26-032715 |
| Document: 0001437749-26-032715.txt | 0001437749-26-032715 |
| 8-K Data (Synthetic) | 0001437749-26-032715 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 8-K | $228.78 $226.03 | ▲ +1.20% | ▲ +0.77% | $231.95 (−1.39%) |
Jun 8, 2026 20w ago | Insider Cluster | $288.17 $283.16 | ▼ −1.74% | ▼ −3.85% | $231.95 (−19.51%) |
May 26, 2026 22w ago | Insider Cluster | $267.63 $279.46 | ▲ +4.42% | ▲ +3.34% | $231.95 (−13.33%) |
May 18, 2026 23w ago | Insider Cluster | $256.53 $270.87 | ▲ +5.59% | ▲ +3.29% | $231.95 (−9.58%) |
Apr 21, 2026 27w ago | Insider Cluster | $250.62 $251.29 | ▲ +0.27% | ▼ −0.82% | $231.95 (−7.45%) |
Apr 21, 2026 27w ago | Insider Cluster | $250.62 $251.29 | ▲ +0.27% | ▼ −0.82% | $231.95 (−7.45%) |
Apr 21, 2026 27w ago | Insider Cluster | $250.62 $251.29 | ▲ +0.27% | ▼ −0.82% | $231.95 (−7.45%) |
Apr 15, 2026 27w ago | 8-K | $237.88 $253.71 | ▲ +6.66% | ▲ +5.67% | $231.95 (−2.49%) |
Mar 11, 2026 32w ago | DEFA14A | $209.97 $197.64 | ▼ −5.87% | ▼ −3.68% | $231.95 (+10.47%) |
Mar 5, 2026 33w ago | 8-K | $212.99 $200.25 | ▼ −5.98% | ▼ −4.45% | $231.95 (+8.90%) |
US Market Status
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