J.B. Hunt filed its 10-Q with the SEC, and its figures are now in our data. Sales are growing, and faster than a quarter ago. Revenue over the twelve months to Q3 2026 was $13.33 billion, which rose 10.6% on the year before. That growth rate was up 5.3 percentage points on the rate a quarter earlier.
Profitability
The business is profitable. The trailing operating margin was 7.2%, up 0.4 percentage points from a year earlier. The trailing net margin was 5.1%. Net income over the twelve months was $676.1 million, which rose 18.1% on the year before.
Cash flow
Cash generation improved. Operating cash flow over the twelve months was $1.49 billion, down 7.2% on the year before. Capital spending was $527.5 million, or 4.0% of revenue. Free cash flow, operating cash flow less capital spending, was $966.5 million, up 22.4% on the year before. At the same time, free cash flow was 7.3% of revenue (the free-cash-flow margin), up 0.7 percentage points from a year earlier.
Share count
The average diluted share count fell 4.2% over the year.
Against its own history
Set against the company’s own record: today’s free-cash-flow margin of 7.3% is higher than 95% of the company’s own past quarterly readings, which have ranged from −2.6% to 8.7%. Over the same period, today’s operating margin of 7.2% is higher than 9% of the company’s own past quarterly readings, which have ranged from 6.7% to 11.6%. Today’s twelve-month revenue growth rate of 10.6% is higher than 60% of the company’s own past quarterly readings, which have ranged from −13.8% to 30.7%.
Guidance
Management has also set expectations. The company gave its 2026 full year guidance for full year annual tax rate: 24%.
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 25.6%, and 5 percentage points higher would raise it by 33.3%. A free-cash-flow margin 1 percentage point lower would lower it by 13.6%.
