JB Hunt Transport Services : Presentation (jbht q1 2025 earnings presentation)
JBHT
J.B. Hunt Transport Services, Inc.
Q1 2025 Results
Distinct & Complementary Businesses
1Q 2025 Revenue Mix
6%
Intermodal (JBI)
7%
• Largest, 100% 53' high-cube container fleet
•
Largest drayage fleet in North America
9%
•
Priority loading and unloading at major rail terminals
Dedicated Contract Services® (DCS®)
Integrated Capacity Solutions (ICS)
Final Mile Services® (FMS)
Truckload (JBT)
50%
JBI DCS ICS
FMS JBT
28%
Percentage of 1Q 2025 Operating Income by Business Segment
80%
70%
60%
53%
50%
45%
40%
30%
20%
10%
3%
1%
0%
-10%
-2%
JBI
DCS
ICS
FMS
JBT
1Q 2025 Results vs. 1Q 2024
Overview
1Q 2025 Revenue:
$2.92 billion; down 1%
1Q 2025 Revenue, excl FSC:
$2.56 billion; up 0.3%
1Q 2025 Operating Income:
$178.7 million; down 8%
1Q 2025 Diluted EPS:
$1.17 vs. $1.22; down 4%
Segment Performance
Intermodal (JBI)
Revenue: $1.47 billion; up 5%
Operating Income: $94.4 million; down 7%
Dedicated Contract Services (DCS)
Revenue: $822 million; down 4%
Operating Income: $80.3 million; down 14%
Integrated Capacity Solutions (ICS)
Revenue: $268 million; down 6%
Operating Loss: $(2.7) million; vs. $(17.5) million in Q1'24
Final Mile Services (FMS)
Revenue: $201 million; down 12%
Operating Income: $4.7 million; down 69%
Truckload (JBT)
Revenue: $167 million; down 7%
Operating Income: $2.0 million; up 66%
1Q Results Consolidated
Revenue (in millions)
$14,814
$14,000
$12,830
$12,168$12,087
$12,000
$10,000
$9,165
$9,637
$8,615
$8,000
$7,190
$6,188
$6,555
$6,000
$4,000
$2,944 $2,921
$2,000
$-
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1Q 24 1Q 25
Operating Income (in millions)
$1,400
$1,332
$1,200
$1,046
$993
$1,000
$831
$800
$716
$721
$624
$681
$734
$713
$600
$400
$194 $179
$200
$-
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1Q 24 1Q 25
Diluted EPS
$9.21
$9.00
$8.00
$7.14
$6.97
$7.00
$6.18
$5.56
$6.00
$4.77
$4.74
$5.00
$4.43
$4.00
$3.66
$3.81
$3.00
$2.00
$1.22
$1.17
$1.00
$-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q 24 1Q 25
Segment Discussion
Intermodal (JBI)
JBI Revenue (in millions)
$7,000
$7,022
$6,207
$6,000
$5,956
$5,454
$5,000
$4,717
$4,745
$4,675
$4,000
$4,084
$3,796
$3,665
$3,000
$2,000
$1,395 $1,469
$1,000
$-
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1Q 24 1Q 25
Intermodal volume increased 8% over the same period in 2024. Transcontinental network loads increased 4%, while eastern network loads increased 13% compared to the first quarter 2024. Overall demand for our domestic intermodal service offering in the quarter remained strong, delivering the highest first quarter volume in our company's history. We saw notable strength in our eastern network as service execution and our value proposition continues to drive growth. Segment gross revenue increased 5% for the quarter versus the prior-year period primarily driven by the 8% increase in loads, offset by a 2% decrease in segment gross revenue per load, resulting from changes in the mix of freight, customer rates, and fuel surcharge revenue. Revenue per load excluding fuel surcharge revenue was down 1% year-over-year.
Operating income decreased 7% from the prior-year period primarily from lower yields combined with increases in professional driver and non-driver wages, higher insurance claim and premium expense, increased group medical costs, and higher equipment storage costs as compared to the prior-year period. These items were partially offset by higher volumes equating to improved utilization of our assets.
Intermodal (JBI) Performance
JBI Revenue Change
40%
29%
30%
17%
20%
10%
5%
0%
-10%
-1%
-4%
-12%
-20%
FY20/FY19 FY21/FY20 FY22/FY21 FY23/FY22 FY24/FY23 1Q Y/Y
JBI Average Length of Haul
1,700
1,690
1,684
1,692
1,689
1,675
1,665
1,673
1,658
1,650
1,625
1,600
2020
2021
2022
2023
2024
1Q 24
1Q 25
JBI Operating Income Change
40%
41%
33%
20%
0%
-4%
-7%
-20%
-29%
-25%
-40%
FY20/FY19 FY21/FY20 FY22/FY21 FY23/FY22 FY24/FY23 1Q Y/Y
JBI Revenue per Load
$3,500
$3,395
$3,035
$3,000
$2,748
$2,849
$2,876
$2,816
$2,500
$2,315
$2,000
2020
2021
2022
2023
2024
1Q 24
1Q 25
Dedicated Contract Services (DCS)
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$-
DCS Revenue (in millions)
$3,524 $3,543
$3,396
$2,706
$2,128 $2,196
$1,788
$860 $822
2018
2019
2020
2021
2022
2023
2024
1Q 24
1Q 25
DCS revenue decreased 4% during the current quarter over the same period 2024, driven by a 5% decline in average trucks partially offset by a 2% increase in productivity (gross revenue per truck per week). Productivity excluding fuel surcharge revenue increased 4% driven by contracted indexed-based price escalators and less idled equipment compared to the prior-year period. On a net basis, there were 630 fewer revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period, and 23 fewer versus the end of the fourth quarter 2024. Customer retention rates are approximately 91%.
Operating income decreased 14% from the prior-year period. The decrease was primarily driven by the lower revenue and higher insurance claim and premium expense, increased group medical costs, and higher equipment and maintenance costs. These items were partially offset by lower bad debt expense, the maturing of new business onboarded over the trailing twelve months, and greater productivity and utilization of equipment.
Dedicated Contract Services (DCS)
DCS Revenue Change
40%
30%
30%
23%
20%
10%
3%
1%
0%
-10%
-4%
-4%
FY20/FY19 FY21/FY20
FY22/FY21
FY23/FY22 FY24/FY23
1Q Y/Y
DCS Revenue Per Truck Per Week
$5,500
$5,214
$5,184
$5,250
$5,075
$5,021
$5,127
$5,000
$4,687
$4,750
$4,500
$4,378
$4,373
$4,250
$4,000
2019
2020
2021
2022
2023
2024
1Q 24
1Q 25
DCS Operating Income Change
20%
15%
13%
12%
10%
0%
0%
-10%
-7%
-14%
-20%
FY20/FY19 FY21/FY20 FY22/FY21 FY23/FY22 FY24/FY23
1Q Y/Y
DCS Loads
4,508,8644,274,677
4,138,889
3,985,221
4,000,000
3,676,212
3,353,553
3,000,000
2,000,000
1,004,337 942,894
1,000,000
-
2019
2020
2021
2022
2023
2024
1Q 24
1Q 25
Disclaimer
J.B. Hunt Transport Services Inc. published this content on April 15, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 15, 2025 at 20:22 UTC.