J.B. Hunt Targets $700 Million in 2026 CapEx as Operating Margin Falls

J.B. Hunt plans roughly $700 million in net capital spending for 2026 and expects the pace to pick up in the final quarter, as its Intermodal business pursues margin improvement during the 2027 bid season.

For the quarter ended Sept. 30, revenue rose 20% year over year to $3.677 billion. Operating income increased 2% to $247.093 million, and the operating margin fell to 6.7% from 7.9%. Revenue excluding fuel surcharges grew 13%. Net earnings were $172.418 million, and diluted earnings per share were $1.82, up from $1.76 in the quarter’s results.

The roughly $700 million target falls within a previously stated 2026 net CapEx range of $600 million to $800 million. Net CapEx was about $146 million in the third quarter and totaled $291.1 million for the first nine months, compared with $490.9 million in the same period of 2025.

Net CapEx covers additions to revenue equipment and other assets that support segment growth. First-half spending went mainly to tractors, trailing equipment, related enhancements and real estate.

Driver-related costs, claims and fuel reduced operating income by more than $50 million from the second quarter. Higher group medical costs accounted for more than $16 million of that increase.

Intermodal volume grew 8% year over year in the third quarter. Transcontinental loads rose 1%, while Eastern network loads increased 18%. About 10% of Intermodal volume is scheduled for repricing in the fourth quarter, followed by 30% in each of the first three quarters of 2027.

Darren Field, executive vice president and president of Intermodal, said, “Our focus during the 2027 bid season is on repairing our margins.”