J.B. Hunt Transport Services (JBHT) 10-K risk factor changes: FY2024 vs FY2023

Our business can be significantly impacted by economic conditions, customer business [removed: cycles] [added: cycles, government policies,] and seasonal factors.

Our [removed: business can be significantly] [added: business can be significantly] impacted by the effects of national or international health pandemics on general economic conditions and the operations of our customers and third-party suppliers and service providers.

As of December 31, [removed: 2023,] [added: 2024,] we had no derivative financial instruments to reduce our exposure to fuel-price fluctuations.

If the number [removed: or severity] of claims for which we are self-insured [added: increases or the severity of such claims] continues to increase, our operating results could be further adversely affected.

We have policies in place for [removed: 2024] [added: 2025] with substantially the same terms as our [removed: 2023] [added: 2024] policies for personal injury, property damage, workers’ compensation, and cargo loss or damage.

For the calendar year ended December 31, [removed: 2023,] [added: 2024,] our top 10 customers, based on revenue, accounted for approximately [removed: 36%] [added: 35%] of our revenue.

One customer accounted for approximately [removed: 13%] [added: 11%] of our total revenue for the year ended December 31, [removed: 2023.][added: 2024.]

Recently issued rulemaking by the U.S. Department of Labor, which [removed: takes] [added: took] effect on March 11, 2024, and the laws of several states, including California, apply stricter tests for determining whether an independent contractor should be classified as an employee.

Our inability to defend ourselves against [removed: a] [added: one or more] significant litigation [removed: claim] [added: claims] could have a material adverse effect on our financial results.

Rapid changes in government or political policies, including border or trade policies and tariffs, can also impact our customers operations and reduce their need for freight shipping, or may have an impact on the cost or availability of our equipment.

We depend on third parties in the operation of our business, particularly rail service providers, transportation equipment manufacturers, third party carriers and independent contractors.

ITEM 1B.

UNRESOLVED STAFF COMMENTS

None.

We depend on third parties in the operation of our business.

For [removed: 2021 through 2023,] [added: 2023 and 2024,] we were self-insured for $500,000 per occurrence as well as subject to coverage-layer-specific, aggregated reimbursement limits of covered excess claims for personal injury and property damage.

We have policies in place for [removed: 2024] [added: 2025] with substantially the same terms as our [removed: 2023] [added: 2024] policies for personal injury, property damage, workers’ compensation, and cargo loss or damage.

At December 31, [removed: 2023,] [added: 2024,] we have recorded [removed: $493] [added: current assets of $237] million [added: and long-term assets] of [added: $192 million of] expected reimbursement for covered excess claims, other insurance deposits, and prepaid insurance premiums.

We have not identified any impairment to [removed: our] [added: these] assets at December 31, [removed: 2023.][added: 2024.]

| | | Percentage of Operating Revenues | | | | | | | | [removed: | | | |] Percentage Change Between Years | | | [removed: | | | |]

| Operating revenues | | | 100.0 | % | | | 100.0 | % | | | [removed: 100.0 | % | | | (13.4] [added: (5.8] | )% | [removed: | | 21.7 | % |]

| Operating expenses: | | | | | | | | | | | | | [removed: | | | | | | | |]

| Rents and purchased transportation | | | [removed: 45.8 | | | | 49.9] [added: 44.5] | | | | [removed: 53.0] [added: 45.8] | | | | [removed: (20.6] [added: (8.4] | ) | [removed: | | 14.6 | |]

| Salaries, wages and employee benefits | | | [removed: 25.4 | | | | 22.8] [added: 26.7] | | | | [removed: 22.7] [added: 25.4] | | | | [removed: (3.4] [added: (0.8] | ) | [removed: | | 22.1 | |]

| Fuel and fuel taxes | | | [removed: 5.9 | | | | 6.3] [added: 5.4] | | | | [removed: 4.4] [added: 5.9] | | | | [removed: (19.3] [added: (13.2] | ) | [removed: | | 75.6 | |]

| Depreciation and amortization | | | [removed: 5.8 | | | | 4.4 | | | | 4.6] [added: 6.3] | | | | [removed: 14.5] [added: 5.8] | | | | [removed: 15.7] [added: 3.1] | |

| Operating supplies and expenses | | | [removed: 4.0 | | | | 3.4 | | | | 3.0] [added: 4.1] | | | | [removed: 1.4] [added: 4.0] | | | | [removed: 36.1] [added: (2.7] | [added: )] |

| Insurance and claims | | | [removed: 2.5 | | | | 2.1] [added: 2.6] | | | | [removed: 1.4] [added: 2.5] | | | | [removed: (0.8] [added: (0.6] | ) | [removed: | | 92.7 | |]

| General and administrative expenses, net of asset dispositions | | | [removed: 2.0 | | | | 1.4 | | | | 1.5] [added: 2.5] | | | | [removed: 27.5] [added: 2.0] | | | | [removed: 10.1] [added: 11.6] | |

| Operating taxes and licenses | | | 0.6 | | | | [removed: 0.5 | | | | 0.5 | | | | 9.9] [added: 0.6] | | | | [removed: 14.8] [added: (3.3] | [added: )] |

| Communication and utilities | | | [removed: 0.3 | | | | 0.2] [added: 0.4] | | | | 0.3 | | | | [removed: 15.4 | | | | 5.3] [added: 3.9] | |

| Total operating expenses | | | [removed: 92.3 | | | | 91.0] [added: 93.1] | | | | [removed: 91.4] [added: 92.3] | | | | [removed: (12.2] [added: (4.9] | ) | [removed: | | 21.2 | |]

| Net interest expense | | | [removed: 0.4 | | | | 0.4] [added: 0.6] | | | | 0.4 | | | | [removed: 16.2 | | | | 9.7] [added: 23.0] | |

| Earnings before income taxes | | | [removed: 7.3 | | | | 8.6] [added: 6.3] | | | | [removed: 8.2] [added: 7.3] | | | | [removed: (27.0] [added: (18.8] | ) | [removed: | | 28.2 | |]

[removed: 2023] [added: 2024] Compared With [removed: 2022][added: 2023]

Our total consolidated operating revenues decreased [removed: 13.4%] [added: 5.8%] to [removed: $12.83] [added: $12.09] billion in [removed: 2023,] [added: 2024,] compared to [removed: $14.81] [added: $12.83] billion in [removed: 2022.][added: 2023.]

This decrease was primarily due to lower volume [removed: and revenue per load] within [added: DCS,] ICS and [removed: JBI,] [added: JBT,] decreased revenue per load within [added: JBI and] JBT, and decreased revenue and stop counts in FMS.

Fuel surcharge revenues decreased [removed: 23.9%] [added: 17.4%] to [removed: $1.85] [added: $1.53] billion in [removed: 2023,] [added: 2024,] compared to [removed: $2.43] [added: $1.85] billion in [removed: 2022.][added: 2023.]

Revenues, excluding fuel surcharge revenues, decreased [removed: 11.3%] [added: 3.8%] from [removed: 2022.][added: 2023.]

Our [removed: 2023] [added: 2024] consolidated operating expenses decreased [removed: 12.2%] [added: 4.9%] from [removed: 2022,] [added: 2023,] while year-over-year revenue decreased [removed: 13.4%,] [added: 5.8%,] resulting in a [removed: 2023] [added: 2024] operating ratio of [removed: 92.3%] [added: 93.1%] compared to [removed: 91.0%] [added: 92.3%] in [removed: 2022.][added: 2023.]

Rents and purchased transportation costs decreased [removed: 20.6%] [added: 8.4%] in [removed: 2023,] [added: 2024,] primarily due to a decrease in rail and truck carrier purchased transportation rates within JBI, ICS and JBT segments and decreased [removed: JBI and] ICS [added: and JBT] load volume, which decreased services provided by third-party rail and truck carriers during the current year.

Salaries, wages and employee benefit costs decreased [removed: 3.4%] [added: 0.8%] in [removed: 2023] [added: 2024] from [removed: 2022.][added: 2023.]

Fuel and fuel taxes expense decreased [removed: 19.3%] [added: 13.2%] in [removed: 2023] [added: 2024] compared with [removed: 2022,] [added: 2023,] due primarily to a decrease in the price of fuel during [removed: 2023] [added: 2024] and decreased road miles.

Operating supplies and expenses [removed: increased 1.4%] [added: decreased 2.7%] in [removed: 2023] [added: 2024] compared with [removed: 2022,] [added: 2023,] driven primarily by [removed: higher building and facilities] [added: lower equipment] maintenance costs, [removed: increased] [added: decreased towing expenses, lower] tolls expense, [removed: increased towing costs,] and [removed: higher equipment maintenance] [added: decreased other operating supply] costs compared to [removed: 2022.][added: 2023.]

Insurance and claims expense decreased [removed: 0.8%] [added: 0.6%] in [removed: 2023,] [added: 2024,] primarily due to lower reserve expense for claims subject to insurance coverage-layer-specific aggregated limits and lower claim volume, partially offset by increased cost per claim and higher insurance policy premium expense.

General and administrative expenses increased [removed: 27.5%] [added: 11.6%] from [removed: 2022,] [added: 2023,] primarily due to [removed: a decrease] [added: an increase] in [removed: net gains from sale or disposal of assets, higher] building and yard rental expense, [added: higher agent services expense, increased technology costs,] and higher [removed: software subscription] [added: bad debt] expense, partially offset by lower advertising costs and [removed: decreased professional service expense.][added: lower net losses from sale or disposal of assets.]

Net loss from sale or disposal of assets was [removed: $27.8] [added: $14.6] million in [removed: 2023,] [added: 2024,] compared to a net [removed: gain] [added: loss] from sale or disposal of assets of [removed: $25.4] [added: $27.8] million in [removed: 2022.][added: 2023.]

Net interest expense for [removed: 2023] [added: 2024] increased by [removed: 16.2%] [added: 23.0%] compared with 2023, due [added: primarily] to [removed: higher] [added: an increase in] effective interest rates on our debt and an increase in our average debt balance.

Our effective income tax rate was [removed: 22.1%] [added: 24.8%] in [removed: 2023] [added: 2024] and [removed: 24.4%] [added: 22.1%] in [removed: 2022.][added: 2023.]

We operated five business segments during [removed: 2023.][added: 2024.]

| | | Operating Revenue by Segment | | | | | | | [removed: | | | |]

| | | Years Ended December 31, (in millions) | | | | | | | [removed: | | | |]

| JBI | | $ | [removed: 6,208 | | | $ | 7,022] [added: 5,956] | | | $ | [removed: 5,454] [added: 6,208] | |

| DCS | | | [removed: 3,543 | | | | 3,524] [added: 3,396] | | | | [removed: 2,706] [added: 3,543] | |

| ICS | | | [removed: 1,390 | | | | 2,323] [added: 1,141] | | | | [removed: 2,471] [added: 1,390] | |

At December 31, 2024, we had current accruals of approximately $232 million and long-term accruals of approximately $369 million for estimated claims.

| | | 2024 | | | | 2023 | | | | | | |

| Operating income | | | 6.9 | | | | 7.7 | | | | (16.3 | ) |

| Income taxes | | | 1.6 | | | | 1.6 | | | | (8.7 | ) |

| Net earnings | | | 4.7 | % | | | 5.7 | % | | | (21.6 | )% |

This decrease was primarily related to a decrease in employee headcounts, partially offset by an increase in group medical benefit expenses and wage increases.

Depreciation and amortization expense increased 3.1% in 2024, primarily due to the addition of tractors and trailing equipment within JBI and additional depreciation and amortization expense resulting from the recent business acquisition of BNSF Logistics, LLC (BNSFL), partially offset by the impact of the change in expected useful lives of our container fleet and equipment reductions within DCS.

Income tax expense decreased 8.7% in 2024, due primarily to decreased taxable earnings in 2024, partially offset by a higher effective income tax rate.

The increase in rate was primarily due to discrete tax items recorded in 2023 that were not incurred in 2024.

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | 2024 | | | | 2023 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | 2024 | | | | 2023 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | 2024 | | | | 2023 | | |

| Loads | | | 2,090,732 | | | | 2,044,980 | |

| | | | | | | | | |

| Loads | | | 3,985,221 | | | | 4,274,677 | |

| | | | | | | | | |

| Loads | | | 609,854 | | | | 764,839 | |

| | | | | | | | | |

| Stops | | | 4,316,578 | | | | 4,596,715 | |

| | | | | | | | | |

| Loads | | | 389,832 | | | | 410,091 | |

The decrease is primarily due to decreased revenue, higher insurance premiums expense, and higher new account start-up costs, partially offset by decreased equipment-related costs, lower personnel costs, decreased loss on equipment sales, and the maturing of new business onboarded over the past year.

Our ICS segment had an operating loss of $56 million in 2024 compared to an operating loss of $44 million in 2023, primarily due to decreased revenue and integration costs related to the BNSFL acquisition, which included the impairment or accelerated amortization of certain acquired intangible, information system, and lease assets totaling $26 million.

These items were partially offset by lower personnel expenses and reduced equipment rental expense during 2024.

The increase in operating income was driven primarily by lower personnel expenses, lower equipment-related costs and overall cost management initiatives, partially offset by higher insurance premiums expense.

This management's discussion and analysis provides comparisons of material changes in the consolidated financial statements for the years ended December 31, 2024 and 2023.

For a comparison of the years ended December 31, 2023 and 2022, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in our annual report on Form 10-K for the year ended December 31, 2023.

This increase resulted primarily from an increase in current year treasury stock purchases, retirement of long-term debt, and lower net borrowings from revolving lines of credit in 2024.

We paid a $0.42 per share quarterly dividend in 2023 and a $0.43 per share quarterly dividend in 2024.

These senior notes were issued by J.B. Hunt Transport Services, Inc., a parent-level holding company with no significant tangible assets or operations.

The notes are guaranteed on a full and unconditional basis by our wholly-owned operating subsidiary.

All other subsidiaries of the parent are minor.

We registered these offerings and the sale of the notes under the Securities Act of 1933, pursuant to a shelf registration statement filed in January 2019.

These notes are unsecured obligations and rank equally with our existing and future senior unsecured debt.

Our $250 million of 3.85% senior notes matured in March 2024.

The entire outstanding balance was paid in full at maturity.

At December 31, 2023, we had an accrual of approximately $523 million for estimated claims.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | 2023 | | | | 2022 | | | | 2021 | | | | 2023 vs. 2022 | | | | 2022 vs. 2021 | | |

| | | | | | | | | | | | | | | | | | | | | |

| Operating income | | | 7.7 | | | | 9.0 | | | | 8.6 | | | | (25.4 | ) | | | 27.4 | |

| Income taxes | | | 1.6 | | | | 2.1 | | | | 1.9 | | | | (33.8 | ) | | | 30.6 | |

| Net earnings | | | 5.7 | % | | | 6.5 | % | | | 6.3 | % | | | (24.9 | )% | | | 27.4 | % |

Consolidated Operating Revenues

Consolidated Operating Expenses

This decrease was primarily related to a decrease in employee headcounts and lower incentive compensation, partially offset by increased base driver pay and office personnel compensation in 2023.

Depreciation and amortization expense increased 14.5% in 2023, primarily due to equipment purchases related to new DCS long-term customer contracts, the addition of trailing equipment within our JBI and JBT segments and increased truck and tractor trades.

Income tax expense decreased 33.8% in 2023, due primarily to decreased taxable earnings in 2023 and the recording of a discrete benefit associated with the favorable settlement of an uncertain tax position which had been reserved in a prior period during the current year.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | 2023 | | | | 2022 | | | | 2021 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | 2023 | | | | 2022 | | | | 2021 | | |

| | | 2023 | | | | 2022 | | | | 2021 | | |

| Loads | | | 2,044,980 | | | | 2,068,278 | | | | 1,984,834 | |

| | | | | | | | | | | | | |

| Loads | | | 4,274,677 | | | | 4,508,864 | | | | 4,138,889 | |

| | | | | | | | | | | | | |

| Loads | | | 764,839 | | | | 1,027,529 | | | | 1,063,473 | |

| | | | | | | | | | | | | |

| Stops | | | 4,596,715 | | | | 5,636,432 | | | | 6,677,186 | |

| Loads | | | 410,091 | | | | 398,070 | | | | 327,231 | |

JBI Segment

DCS Segment

Productivity excluding fuel surcharge revenue increased 3% from 2022.

The increase is primarily due to the maturing of new long-term customer contracts, partially offset by higher driver and non-driver wages and benefits, an increase in loss on sale of equipment, higher insurance and claims expense, increased equipment-related costs, and increased bad debt expense when compared to 2022.

ICS Segment

Our ICS segment had an operating loss of $44 million in 2023 compared to operating income of $57 million in 2022.

The decrease in operating income was primarily due to decreased revenue, lower gross profit margins, and integration costs related to the BNSFL acquisition, partially offset by lower personnel expenses and decreased technology cost during 2023.

FMS Segment

JBT Segment

Load volume growth was primarily related to the continued expansion of J.B. Hunt 360box which leverages the J.B. Hunt 360 platform to access drop trailer capacity for customers across our transportation network.

The decrease in operating income was driven primarily by the decrease in revenue and an increase in loss on sale of equipment, together with higher purchased transportation expense and equipment-related costs as a percentage of gross revenue.

2022 Compared With 2021

Our total consolidated operating revenues increased 21.7% to $14.81 billion in 2022, compared to $12.17 billion in 2021.

This increase was primarily due to higher revenue per load and increased load volumes within JBI and JBT, increased average revenue producing trucks and fleet productivity within DCS, and increased revenue in FMS primarily driven by a business acquisition, partially offset by decreased ICS load volume.

Fuel surcharge revenues increased 94.2% to $2.43 billion in 2022, compared to $1.25 billion in 2021.

Our senior notes have [added: a] fixed interest [removed: rates ranging from 3.85% to] [added: rate of] 3.875%.

Our senior credit facility [removed: has] [added: and term loan have] variable interest rates, which are based on either SOFR or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees.

At December 31, [removed: 2023,] [added: 2024,] the average interest rate under our senior credit facility [added: and term loan] was [removed: 6.44%.][added: 5.48%.]

At our current level of borrowing, a one-percentage-point increase in our applicable rate would reduce annual pretax earnings by [removed: $6.3] [added: $7.8] million.

Additionally, foreign currency transaction gains and losses were not material to our results of operations for the year ended December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2023,] [added: 2024,] we had no derivative financial instruments to reduce our exposure to fuel-price fluctuations.

Also, we utilize [removed: a combination of company-owned and] contracted power units to provide traditional over-the-road full truckload delivery services.

We are an Environmental Protection Agency (EPA) SmartWay® Transport Partner, and [added: a] proud [removed: to have been awarded] [added: thirteen-time recipient of] the EPA’s SmartWay® Excellence Award [removed: each of] [added: (awarded consecutively through 2021 before] the [removed: past twelve years it] [added: award program] was [removed: awarded.][added: paused in 2022 and 2023.]

JBI operates [removed: 118,171] [added: 122,272] pieces of company-owned trailing equipment systemwide.

We own and maintain our own chassis fleet, consisting of [removed: 100,825] [added: 103,850] units.

JBI also manages a fleet of [removed: 5,944] [added: 6,153] company-owned tractors and [removed: 7,567 company drivers and] contracts [removed: 436] [added: 349] independent contractor trucks.

Revenue for the JBI segment in [removed: 2023] [added: 2024] was [removed: $6.21] [added: $5.96] billion.

Pricing of our contracts typically involves cost-plus arrangements, with our fixed costs being recovered regardless of equipment utilization, but is customized based on [added: the amount of] invested capital and [removed: duration.][added: the duration of the contract.]

At December 31, [removed: 2023,] [added: 2024,] this segment operated [removed: 12,574] [added: 1,123] company-owned trucks, [removed: 674] [added: 206] customer-owned trucks, and [removed: 4] [added: 36] independent contractor trucks.

DCS also operates [removed: 27,194] [added: 27,149] owned pieces of trailing equipment and [removed: 5,406] [added: 4,897] customer-owned trailers.

The DCS segment employed [removed: 16,196] [added: 15,521] people, including [removed: 13,752 drivers,] [added: 13,173 drivers and 39 delivery and material assistants,] at December 31, [removed: 2023.][added: 2024.]

DCS revenue for [removed: 2023] [added: 2024] was [removed: $3.54] [added: $3.40] billion.

At December 31, [removed: 2023,] [added: 2024,] the ICS segment employed [removed: 861] [added: 590] people, with approximately [removed: 122,100] [added: 110,000] available third-party carriers.

ICS revenue for [removed: 2023] [added: 2024] was [removed: $1.39] [added: $1.14] billion.

At December 31, [removed: 2023,] [added: 2024,] this segment operated [removed: 1,166] [added: 12,048] company-owned trucks, [removed: 225] [added: 598] customer-owned trucks, and [removed: 20] [added: one] independent contractor [removed: trucks.][added: truck.]

FMS also operates [removed: 1,212] [added: 1,137] owned pieces of trailing equipment and [removed: 102] [added: 104] customer-owned trailers.

The FMS segment employed [removed: 2,972] [added: 2,587] people, including [removed: 1,418] [added: 1,280] drivers and [removed: 416] [added: 338] delivery and material assistants, at December 31, [removed: 2023.][added: 2024.]

FMS revenue for [removed: 2023] [added: 2024] was [removed: $918] [added: $910] million.

JBT [removed: also] offers [added: these] services through our J.B. Hunt 360box® program which utilizes our J.B. Hunt 360 platform to access capacity and offer efficient drop trailer solutions to our customers.

We use independent contractors or third-party carriers who agree to transport freight in our trailers as well as [removed: our] [added: available] company-owned tractors and employee drivers.

At December 31, [removed: 2023,] [added: 2024,] the JBT segment operated [removed: 13,561] [added: 12,895] company-owned trailers, [removed: 27] [added: two] company-owned tractors, and employed [removed: 329] [added: 266] people, [removed: 28] [added: three] of whom were drivers.

At December 31, [removed: 2023,] [added: 2024,] we had [removed: 1,931] [added: 1,917] independent contractors operating in the JBT segment.

JBT revenue for [removed: 2023] [added: 2024] was [removed: $789] [added: $702] million.

Despite operating over [removed: 187,000] [added: 189,000] pieces of transportation equipment, our single greatest asset and one of the factors differentiating us from our competitors is our service-oriented people.

[removed: J.B. Hunt strives] [added: We strive] to provide a supportive and safe work environment for its employees, where diverse and innovative ideas can be fostered to solve problems and provide value-added services for our customers.

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: 34,718] [added: 33,646] employees, which consisted of [removed: 22,765] [added: 22,573] company drivers, [removed: 9,976] [added: 9,266] office personnel, [removed: 1,510] [added: 1,426] maintenance technicians, and [removed: 467] [added: 381] delivery and material assistants.

We also had arrangements with [removed: 2,391] [added: 2,303] independent contractors to transport freight in our trailing equipment.

In managing the Company’s business, [removed: management] [added: our executive leadership] focuses on various human capital measures and objectives designed to address the [removed: development,] attraction, [added: development,] and retention of [removed: personnel.][added: personnel across the dimensions of culture, career, and wellness.]

These include [added: but are not limited to] competitive compensation and benefits, paid time off, employee retirement [removed: plan,] [added: plans,] bonus and other incentive compensation plans, modern equipment and support, [added: employee listening programs connecting feedback with business action,] leadership development, [added: recognition,] and tuition [removed: assistance as well as those described below.][added: assistance.]

In addition, our Employee Resource Groups (ERGs), Inclusion Office, and Inclusion Council work together to further [removed: our] [added: a] culture of inclusivity.

The Company’s [removed: six] [added: seven] ERGs [added: are open to all of our employees and] offer opportunities for [removed: employee] professional [removed: development, business improvement, community engagement,] [added: development] and networking.

[removed: Our Inclusion Office is a division of our People Team where our inclusion strategy and] [added: We] work [removed: are centralized] to [removed: enable our goal of creating an inclusive] [added: foster a] culture where all employees feel welcomed, valued, respected, safe, and [removed: heard.][added: heard, and where the actions of our people reflect our company values.]

[removed: _Employee Safety] [added: _Wellness] and [removed: Health_][added: Safety_]

The health and well-being of our workforce [removed: is] [added: has always been] a priority as [removed: we continue to ingrain] safety [added: is ingrained] into our corporate culture and [removed: strive to conduct all our operations as safely as possible.][added: is a company value.]

[removed: J.B. Hunt] [added: Many of our] employees participate in regular job-specific safety training programs.

In addition, [removed: J.B. Hunt’s] [added: our] Million Mile Safe Driving and Recognition Awards Program has [added: for more than 25 years] recognized and rewarded our drivers who dedicate themselves to accident-free driving.

Paid leave is another key component of this [removed: focus] [added: focus,] and [removed: the Company offers] [added: we offer] benefit plans that comply with all applicable laws.

As of December 31, [removed: 2023,] [added: 2024,] our company-owned tractor and truck fleet consisted of [removed: 19,711] [added: 19,326] units.

In addition, we had [removed: 2,391] [added: 2,303] independent contractors who operate their own tractors but transport freight in our trailing equipment.

At December 31, [removed: 2023,] [added: 2024,] the average age of our combined tractor fleet was [removed: 1.9] [added: 2.4] years, while our containers averaged [removed: 9.0] [added: 9.6] years of age and our trailers averaged [removed: 6.3] [added: 6.5] years.

Our operations into and out of Canada and Mexico are subject to regulation by those [removed: countries.][added: countries as well as U.S. Customs and Boarder Protection with respect to cross-border trade and security compliance.]

In 2024 we were listed in Smartway's High Performer List which highlights companies who have achieved significant shipping and freight efficiencies that merit special attention.

At December 31, 2024, the total JBI employee count was 9,253, including 8,117 company drivers and 4 delivery and material assistants.

We put forth our best effort to support initiatives that benefit our people and reflect our company values of integrity, respect, innovation, safety, and excellence.

_Culture and Belonging_

We measure ourselves through listening to our employees in surveys, focus groups, and town hall meetings with leadership.

We use data and ideas from those activities to drive action in support of our leaders and teams.

We also facilitate ideation from all employees through our process improvement platform, ELEVATION, where anyone can submit an idea to make the company better.

_Career and Opportunity_

Providing career opportunities for our people is an ongoing commitment.

Thousands of employees have had the chance to move jobs or be promoted into new roles, and thousands more have participated in leadership training over their careers, including training opportunities for field and office positions.

In addition to offering tuition assistance for degree programs or certifications to our employees, family members of employees are also eligible to apply for the J.B. Hunt Scholarship Program for Families, offering the opportunity to receive $2,500 each school year, and up to $10,000 over four years.

We strive to conduct all of our operations as safely as possible.

Since its inception in 1996, the program has awarded more than $40 million in safe driving bonuses, and in 2024, surpassed 5,000 drivers who have achieved one million safe miles.

From new and expanded benefit programs to case management support to shortened eligibility waiting periods and more, we are continually assessing our offerings in a competitive and ever-changing healthcare landscape.

Financial wellness is also included in our focus, and we provide seed funding for healthcare savings accounts and opportunities to participate in 401(k) retirement plans.

We are a company that prioritizes a supportive and safe work environment.

We believe this is essential for our people to grow and thrive, and for innovative ideas to be fostered and problems to be solved.

Throughout this approach, we fulfill our mission to provide long-term value for our people, customers, and shareholders.

At December 31, 2023, the total JBI employee count was 8,756.

In addition to our employees, our customers, vendors, and communities in which we operate also share diverse backgrounds and an equally diverse range of interests and passions.

J.B. Hunt puts forth its best effort to support initiatives reflecting the company values which are shared by its stakeholders.

_Diversity and Inclusion_

We hold strongly to the principle that a qualified, diverse workforce, and inclusive workplace helps us represent the broad cross-section of ideas, values, and beliefs of our employees, customers, suppliers, and communities.

In 2017, we established our Diversity and Inclusion initiative which reaches enterprise-wide and aims to create an inclusive culture and environment where employees from all backgrounds can succeed and be heard.

Employees are evaluated and hired nationally in accordance with established criteria and regulatory requirements specific to their anticipated role within the Company.

Comprised of groups representing women, Latinos, veterans, LGBTQIA+, African Americans, and Asian Americans and Pacific Islanders, our ERGs promote camaraderie within the workforce and allow employees with similar interests to build meaningful work relationships that enable career mobility.

Our Inclusion Council was established in 2022 and is comprised of senior leaders with diverse identities from across our organization.

They are a voice for our people who share a passion for ensuring that inclusion remains a key component of creating an exceptional employee experience and drives how we do business.

Since its inception in 1996, the program has awarded more than $38 million to over 4,700 drivers.

[removed: | | ☒ |] [added: ☒] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [removed: |]

[removed: | |] ☐ [removed: | TRANSITION] [added: TRANSITION] REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM [added: _______] TO [removed: |][added: _______]

| [removed: Common] [added: Common] Stock, $0.01 par [removed: value] [added: value] | JBHT | NASDAQ |

[removed: |] Large accelerated filer ☒ [removed: |] Accelerated filer ☐ [removed: |] Non-accelerated filer ☐ [removed: |] Smaller reporting company ☐ [removed: |] Emerging growth company ☐ [removed: |]

The aggregate market value of [removed: 82,833,644] [added: 81,444,471] shares of the registrant’s $0.01 par value common stock held by non-affiliates as of June 30, [removed: 2023,] [added: 2024,] was [removed: $15.0] [added: $13.0] billion (based upon [removed: $181.03] [added: $160.00] per share).

As of February [removed: 20, 2024,] [added: 18, 2025,] the number of outstanding shares of the registrant’s common stock was [removed: 103,298,462.][added: 100,008,209.]

Certain portions of the Notice and Proxy Statement for the Annual Meeting of Shareholders, to be held April [removed: 25, 2024,] [added: 24, 2025,] are incorporated by reference in Part III of this Form 10-K.

For The Fiscal Year Ended December 31, [removed: 2023][added: 2024]

Risk Factors [removed: 7][added: 8]

December 31, 2024

| | Arkansas (State or other jurisdiction of incorporation or organization) 615 J.B. Hunt Corporate Drive Lowell, Arkansas (Address of principal executive offices) | 71-0335111 (I.R.S. Employer Identification No.) 72745-0130 (ZIP Code) | |

| | | |

| | | |

| | | |

| --- | --- | --- |

December 31, 2023

| --- | --- | --- |

| | Arkansas | 71-0335111 | |

| | (State or other jurisdiction of | (I.R.S. Employer | |

| | incorporation or organization) | Identification No.) | |

| | 615 J.B. Hunt Corporate Drive | 72745-0130 | |

| | Lowell, Arkansas | (ZIP Code) | |

| | (Address of principal executive offices) | | |

| --- | --- | --- | --- | --- |

Item 1B.

Unresolved Staff Comments 11

Item 1C.

Cybersecurity 12

Item 2.

Properties 13

Item 3.

Legal Proceedings 13

| | | |

Item 1C.

Cybersecurity 12

| | | |

Item 2.

Properties 14

| | | |

Item 3.

Legal Proceedings 14

| | | |

None.

| | | |

| | | |

Quantitative and Qualitative Disclosures About Market Risk [removed: 26][added: 24]

Financial Statements and Supplementary Data [removed: 26][added: 25]

| | | |

| | | |

| | | |

| | | |

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27

Item 9A.

Controls and Procedures 27

Item 9B.

Other Information 27

| | | |

Item 9A.

Controls and Procedures 25

| | | |

Item 9B.

Other Information 26

| | | |

None.

Directors, Executive Officers and Corporate Governance [removed: 28][added: 27]

Executive Compensation [removed: 28][added: 27]

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters [removed: 28][added: 27]

Certain Relationships and Related Transactions, and Director Independence [removed: 28][added: 27]

Principal Accounting Fees and Services [removed: 28][added: 27]

Exhibits, Financial Statement Schedules [removed: 29][added: 28]

| Signatures | | [removed: 32] [added: 31] |

Forward-looking statements are inherently uncertain, subject to risks, and should be viewed with [removed: caution.][added: caution._ _These statements are based on our belief or interpretation of information currently available.]

Some of the factors and events that are not within our control and that could have a material impact on future operating results include the following: general economic and business conditions; [removed: potential business or operational disruptions resulting from the effects of a national or international health pandemic;] competition and competitive rate fluctuations; excess capacity in the intermodal or trucking industries; a loss of one or more major customers; cost and availability of diesel fuel; interference with or termination of our relationships with certain railroads; rail service delays; disruptions to U.S. port-of-call activity; ability to attract and retain qualified drivers, delivery personnel, independent contractors, and third-party carriers; retention of key employees; insurance costs and availability; litigation and claims expense; determination that independent contractors are employees; new or different environmental or other laws and regulations; volatile financial credit markets or interest rates; [added: changes in border or trade policies, including tariffs;] terrorist attacks or actions; acts of war; adverse weather conditions; disruption or failure of information systems; inability to keep pace with_ _technological advances affecting our information technology platforms;_ [removed: _operational] [added: _potential business or operational disruptions resulting from the effects of a national or international health pandemic; operational] disruption or adverse effects of business acquisitions; increased costs for and availability of new revenue equipment; [removed: increased tariffs assessed on or] disruptions in the procurement of [added: domestic or] imported revenue equipment; decreases in the value of used equipment; and the ability of revenue equipment manufacturers to perform in accordance with agreements for guaranteed equipment trade-in values._

| | | |

| | | |

| | | |

| | | |

| | | |

| | | |

| | | |

| | | |

These statements are based on our belief or interpretation of information currently available.

The Audit Committee holds a [removed: special] [added: separate annual] in-person [removed: meeting, typically in the fourth quarter, to review the Company’s cybersecurity as well as the overall IT structure and planned changes] [added: meeting] with the Company’s Chief Information Officer (CIO) and [added: subsequently] provides an update to the [removed: Board from that meeting.][added: Board.]

The Company’s CIO also [removed: meets] [added: attends a second annual meeting] directly with the full Board of [removed: Directors, typically in the second quarter.][added: Directors.]

In the event a cybersecurity incident is determined to be significant, a formal meeting of the full Board of Directors [removed: is] [added: may be] convened.

The Company’s CIO, [removed: senior vice president] [added: Senior Vice President of Engineering and Technology] responsible for technical services, and [removed: vice president] [added: Vice President of Engineering and Technology] responsible for IT risk management [removed: manage] [added: oversee] all material risks associated with cybersecurity threats.

Beginning in 2025, in addition to these annual meetings, the CIO or the Sr. Vice President of Engineering & Technology is scheduled to meet with the Audit Committee such that the Board and the Committee receive updates on at least a quarterly basis.

Our CIO has over 30 years of experience leading data and technology initiatives and has held executive and senior leadership roles across Fortune 500 companies.

Our Senior Vice President of Engineering and Technology has more than 34 years of IT experience and has led initiatives in IT application development, IT operations, cloud computing, cybersecurity, business continuity, governance, compliance, and enterprise risk management across various industries.

Our Vice President of Engineering and Technology, has more than 30 years of expertise with the Company in cybersecurity, engineering, governance, risk, and compliance, having successfully led numerous projects for the Company.

Their backgrounds provide them with a comprehensive understanding of cybersecurity challenges and solutions.

At this meeting, the CIO reports and discusses relevant current and new IT risks and the general health and maturity of our overall IT risk management program.

Combined, these identified leaders have more than 50 years of IT and cybersecurity related experience across multiple industries.

We also own or lease [removed: 55] [added: 54] other significant facilities across the United States where we perform maintenance on our equipment, provide bulk fuel, and employ personnel to support operations.

In addition, we have [removed: 123] [added: 111] leased or owned facilities in our FMS cross-dock and other delivery system networks and multiple leased or owned remote sales offices or branches in our ICS segment.

| Maintenance and support facilities | | | [removed: 567] [added: 577] | | | | [removed: 940,000] [added: 949,000] | | | | [removed: 196,000] [added: 205,000] | |

| Cross-dock and delivery system facilities | | | [removed: 80] [added: 98] | | | | [removed: 4,475,000] [added: 3,810,000] | | | | [removed: 136,000] [added: 138,000] | |

| Branch sales offices | | | \- | | | | \- | | | | [removed: 178,000] [added: 164,000] | |

| Other facilities, offices, and parking yards | | | [removed: 751] [added: 825] | | | | [removed: 835,000] [added: 864,000] | | | | [removed: 285,000] [added: 298,000] | |

Our common stock is traded on the NASDAQ Global Select Market (NASDAQ) under the symbol “JBHT.” At December 31, [removed: 2023,] [added: 2024,] we were authorized to issue up to 1 billion shares of our common stock, and 167.1 million shares were issued.

We had [removed: 103.2] [added: 100.6] million and [removed: 103.7] [added: 103.2] million shares outstanding as of December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] respectively.

On February [removed: 20, 2024,] [added: 18, 2025,] we had [removed: 915] [added: 893] shareholders of record of our common stock.

On January [removed: 18, 2024,] [added: 23, 2025,] we announced an increase in our quarterly cash dividend from [removed: $0.42 to] $0.43 [added: to $0.44] per share, which was paid February [removed: 23, 2024,] [added: 21, 2025,] to shareholders of record on February [removed: 9, 2024.][added: 7, 2025.]

The following table summarizes purchases of our common stock during the three months ended December 31, [removed: 2023:][added: 2024:]

| Period | | [added: Total] Number of Common Shares Purchased | | | | Average Price Paid Per Common Share Purchased | | | | Total Number of Shares Purchased as Part of a Publicly Announced Plan (1) | | | | Maximum Dollar Amount of Shares That May Yet Be Purchased Under the Plan (in millions) (1) | | |

| | (1) | On [removed: July 20, 2022,] [added: August 16, 2024,] our Board of Directors authorized the purchase of up to [removed: $500 million] [added: $1 billion] of our common stock. This stock repurchase program has no expiration date. |

The peer group consists of [removed: 14] [added: 13] companies: [removed: C.H.] [added: CH] Robinson Worldwide [removed: Inc.,] [added: Inc,] CSX [removed: Corporation,] [added: Corp,] Expeditors International [removed: of] [added: Of] Washington [removed: Inc.,] [added: Inc,] Hub Group [removed: Inc.,] [added: Inc,] Knight-Swift Transportation Holdings [removed: Inc.,] [added: Inc,] Norfolk Southern [removed: Corporation,] [added: Corp,] Old Dominion Freight Line [removed: Inc.,] [added: Inc,] Republic Services [removed: Inc.,] [added: Inc,] Ryder System [removed: Inc.,] [added: Inc,] Schneider National [removed: Inc., Stericycle Inc.,] [added: Inc,] Union Pacific [removed: Corporation,] [added: Corp,] Waste Management [removed: Inc.,] [added: Inc] and [removed: XPO,] [added: XPO] Inc. [removed: The graph assumes the value of the investment in] [added: We have removed Stericycle, Inc. from] our [removed: common stock, in the two indexes, and in the] peer group [removed: (including reinvestment of dividends) was $100 on December 31, 2018 and tracks] [added: as] it [removed: through December 31, 2023.][added: was acquired by Waste Management, Inc. in November 2024.]

[removed: ][added: ]

| | | [removed: 2018 | | | |] 2019 | | | | 2020 | | | | 2021 | | | | 2022 | | | | 2023 | | | [added: | 2024 | | |]

| October 1 through October 31, 2024 | | | 37,247 | | | $ | 166.21 | | | | 37,247 | | | $ | 961 | |

| November 1 through November 30, 2024 | | | 52,815 | | | | 181.11 | | | | 52,815 | | | | 951 | |

| December 1 through December 31, 2024 | | | 398,656 | | | | 175.30 | | | | 398,656 | | | | 882 | |

| Total | | | 488,718 | | | $ | 175.24 | | | | 488,718 | | | $ | 882 | |

The graph assumes the value of the investment in our common stock, in the two indexes, and in the peer group (including reinvestment of dividends) was $100 on December 31, 2019 and tracks it through December 31, 2024.

| J.B. Hunt Transport Services, Inc. | | $ | 100.00 | | | $ | 118.10 | | | $ | 177.90 | | | $ | 153.12 | | | $ | 177.00 | | | $ | 152.66 | |

| S&P 500 | | | 100.00 | | | | 118.40 | | | | 152.39 | | | | 124.79 | | | | 157.59 | | | | 197.02 | |

| Nasdaq Transportation | | | 100.00 | | | | 106.29 | | | | 120.41 | | | | 97.55 | | | | 130.87 | | | | 133.76 | |

| Peer Group | | | 100.00 | | | | 119.84 | | | | 159.21 | | | | 136.89 | | | | 163.47 | | | | 167.78 | |

| October 1 through October 31, 2023 | | | 137,308 | | | $ | 178.72 | | | | 137,308 | | | $ | 392 | |

| November 1 through November 30, 2023 | | | \- | | | | \- | | | | \- | | | | 392 | |

| December 1 through December 31, 2023 | | | \- | | | | \- | | | | \- | | | | 392 | |

| Total | | | 137,308 | | | $ | 178.72 | | | | 137,308 | | | $ | 392 | |

| J.B. Hunt Transport Services, Inc. | | $ | 100.00 | | | $ | 126.76 | | | $ | 149.71 | | | $ | 225.50 | | | $ | 194.09 | | | $ | 224.36 | |

| S&P 500 | | | 100.00 | | | | 131.49 | | | | 155.68 | | | | 200.37 | | | | 164.08 | | | | 207.21 | |

| Nasdaq Transportation | | | 100.00 | | | | 123.21 | | | | 130.96 | | | | 148.36 | | | | 120.19 | | | | 161.24 | |

| Peer Group | | | 100.00 | | | | 128.80 | | | | 154.13 | | | | 203.71 | | | | 175.10 | | | | 208.73 | |

Consolidated Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022][added: 2023]

Consolidated Statements of Earnings for years ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021][added: 2022]

Consolidated Statements of Shareholders’ Equity for years ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021][added: 2022]

Consolidated Statements of Cash Flows for years ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021][added: 2022]

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2023.][added: 2024.]

The effectiveness of internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm that also audited our Consolidated Financial Statements.

There has been no change in our internal control over financial reporting during the fourth quarter ended December 31, [removed: 2023,] [added: 2024,] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

During the three months ended December 31, [removed: 2023,] [added: 2024,] none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

The information required for Item 10 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April [removed: 25, 2024.][added: 24, 2025.]

The information required for Item 11 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April [removed: 25, 2024.][added: 24, 2025.]

Except as set forth below, the information required for Item 12 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April [removed: 25, 2024.][added: 24, 2025.]

The following table summarizes, as of December 31, [removed: 2023,] [added: 2024,] information about compensation plans under which equity securities of the Company are authorized for issuance.

| Equity compensation plans approved by security holders | | | [removed: 1,323,215] [added: 1,089,528] | | | $ | \- [removed: (2)] | [added: (2)] | | | [removed: 3,866,900] [added: 3,531,582] | |

The information required for Item 13 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April [removed: 25, 2024.][added: 24, 2025.]

The information required for Item 14 is hereby incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Shareholders to be held April [removed: 25, 2024.][added: 24, 2025.]

| [removed: | (1) |] [added: Notes to Consolidated] Financial Statements | [added: 40 |]

[added: | | (1) | Financial Statements] The financial statements included in Item 8 above are filed as part of this annual report. [added: |]

[added: | | (2) | Financial Statement Schedules] Schedule II – Valuation and Qualifying Accounts (in millions) [added: |]

| December 31, 2022 | | [added: $] | 16.8 | | | [added: $] | 9.0 | | | [added: $] | (3.5 | ) | | [added: $] | 22.3 | |

[added: | | | The above schedule reports allowances related to trade accounts receivable and other receivables.] All other schedules have been omitted either because they are not applicable or because the required information is included in our Consolidated Financial Statements or the notes thereto. [added: |]

| [removed: Exhibit] Number | | [removed: |] Description |

| 3.1 | | [removed: |] [Amended and Restated Articles of Incorporation of J.B. Hunt Transport Services, Inc. dated May 19, 1988 (incorporated by reference from Exhibit 3.1 of the Company’s quarterly report on Form 10-Q for the period ended March 31, 2005, filed April 29, 2005)](http://www.sec.gov/Archives/edgar/data/728535/000110465905019297/a05-7638_1ex3d1.htm) |

| 3.2 | | [removed: |] [Second Amended and Restated Bylaws of J.B. Hunt Transport Services, Inc. dated October 21, 2021 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K, filed October 27, 2021)](http://www.sec.gov/Archives/edgar/data/728535/000143774921024359/ex_296473.htm) |

| 3.3 | | [removed: |] [Amendment No. 1 to the Second Amended and Restated Bylaws J.B. Hunt Transport Services, Inc., dated July 20, 2022 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K filed July 26, 2022)](http://www.sec.gov/Archives/edgar/data/728535/000143774922017755/ex_399784.htm) |

| 3.4 | | [removed: |] [Amendment No. 2 to the Second Amended and Restated Bylaws of J.B. Hunt Transport Services, Inc. dated January 19, 2023 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K, filed January 24, 2023)](http://www.sec.gov/Archives/edgar/data/728535/000143774923001645/ex_466500.htm) |

| 3.5 | | [removed: |] [Amendment No. 3 to the Second Amended and Restated Bylaws of J.B. Hunt Transport Services, Inc., dated October 19, 2023 (incorporated by reference from Exhibit 3.1 of the Company’s current report on Form 8-K, filed October 24, 2023)](http://www.sec.gov/Archives/edgar/data/728535/000143774923028815/ex_583766.htm) |

| 4.1 | | [removed: |] [Description of Capital Stock of J.B. Hunt Transport Services, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628107.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779482.htm)] |

| 4.2 | | [removed: |] [Indenture (incorporated by reference from Exhibit 4.1 of the Company’s registration statement on Form S-3ASR (File No. 333-169365), filed September 14, 2010)](http://www.sec.gov/Archives/edgar/data/728535/000143774910002996/ex4-1.htm) |

| 4.3 | | [removed: |] [Third Supplemental Indenture (incorporated by reference from Exhibit 4.4 of the Company’s current report on Form 8-K, filed March 6, 2014)](http://www.sec.gov/Archives/edgar/data/728535/000143774914003579/ex4-4.htm) |

| 4.4 | | [removed: |] [Base Indenture, dated as of March 1, 2019 (incorporated by reference from Exhibit 4.1 of the Company’s current report on Form 8-K, filed March 1, 2019)](http://www.sec.gov/Archives/edgar/data/728535/000143774919003755/ex_136073.htm) |

| 4.5 | | [removed: |] [First Supplemental Indenture, dated as of March 1, 2019 (incorporated by reference from Exhibit 4.2 of the Company’s current report on Form 8-K, filed March 1, 2019)](http://www.sec.gov/Archives/edgar/data/728535/000143774919003755/ex_136213.htm) |

| 10.1 | | [removed: |] [Third Amended and Restated Management Incentive Plan (incorporated by reference from Appendix A of the Company’s definitive proxy statement on Schedule 14A, filed March 9, 2017)](http://www.sec.gov/Archives/edgar/data/728535/000119312517075917/d324322ddef14a.htm) |

| 10.2 | | [removed: |] [Amendment to J.B. Hunt Transport Services, Inc. Third Amended and Restated Management Incentive Plan (incorporated by reference from Exhibit 10.2 of the Company’s current report on Form 8-K, filed April 22, 2019)](http://www.sec.gov/Archives/edgar/data/728535/000143774919007691/ex_141397.htm) |

| 10.3 | | [removed: | [Summary of Compensation Arrangements with Named Executive Officers for 2022] [added: [Amended and Restated Credit Agreement and related documents] (incorporated by reference from Exhibit [removed: 99.1] [added: 10.1] of the Company’s current report on Form 8-K, filed [removed: January 24, 2022)](http://www.sec.gov/Archives/edgar/data/728535/000143774922001506/ex_327282.htm)] [added: October 3, 2022)](http://www.sec.gov/Archives/edgar/data/728535/000143774922023462/ex_427496.htm)] |

| 21.1 | | [removed: |] [Subsidiaries of J.B. Hunt Transport Services, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628108.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779490.htm)] |

| 22.1 | | [removed: |] [List of Guarantor Subsidiaries of J.B. Hunt Transport Services, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628109.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779483.htm)] |

| 23.1 | | [removed: |] [Consent of PricewaterhouseCoopers [removed: LLP](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628110.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779484.htm)] |

| 24.1 | | [removed: |] [Powers of Attorney of Members of J.B. Hunt Transport Services, Inc. Board of [removed: Directors](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628111.htm)] [added: Directors](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779485.htm)] |

| 31.1 | | [removed: |] [Rule 13a-14(a)/15d-14(a) [removed: Certification](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628112.htm)] [added: Certification](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779486.htm)] |

| 31.2 | | [removed: |] [Rule 13a-14(a)/15d-14(a) [removed: Certification](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628113.htm)] [added: Certification](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779487.htm)] |

| 32.1 | | [removed: |] [Section 1350 [removed: Certification](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628114.htm)] [added: Certification](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779488.htm)] |

| 97.1 | | [removed: |] [Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant to 17 C.F.R. [removed: 240.10D-1.](https://www.sec.gov/Archives/edgar/data/728535/000143774924005368/ex_628115.htm)] [added: 240.10D-1.](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779489.htm)] |

| 101.INS | | [removed: |] Inline XBRL Instance Document |

| 101.SCH | | [removed: |] Inline XBRL Taxonomy Extension Schema Document |

| 101.CAL | | [removed: |] Inline XBRL Taxonomy Extension Calculation Linkbase Document |

| 101.DEF | | [removed: |] Inline XBRL Taxonomy Extension Definition Linkbase Document |

| 101.LAB | | [removed: |] Inline XBRL Taxonomy Extension Label Linkbase Document |

| 101.PRE | | [removed: |] Inline XBRL Taxonomy Extension Presentation Linkbase Document |

| 104 | | [removed: |] Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

Pursuant to the requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Lowell, Arkansas, on the [removed: 23rd] [added: 21st] day of February [removed: 2024.][added: 2025.]

| | [removed: |] (Registrant) | | [added: |]

| | [removed: By: | /s/] John N. Roberts, III | | [added: | |]

| | [removed: |] John [removed: N. Roberts,] [added: B. Hill,] III | | [added: | |]

| | | [added: President and] Chief Executive Officer | |

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on the [removed: 23rd] [added: 21st] day of February [removed: 2024,] [added: 2025,] on behalf of the registrant and in the capacities indicated.

| December 31, 2024 | | | 24.6 | | | | 11.8 | | | | (4.0 | ) | | | 32.4 | |

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| 19.1 | | [Insider Trading Policy of J.B. Hunt Transport Services, Inc.](https://www.sec.gov/Archives/edgar/data/728535/000143774925004736/ex_779481.htm) |

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| | By: | /s/ Shelley Simpson | |

| | | Shelley Simpson | |

| | /s/ Shelley Simpson | | President and Chief Executive Officer | |

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| | (2) | Financial Statement Schedules |

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| December 31, 2021 | | $ | 18.4 | | | $ | 2.6 | | | $ | (4.2 | ) | | $ | 16.8 | |

The above schedule reports allowances related to trade accounts receivable and other receivables.

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| 10.4 | | | [Summary of Compensation Arrangements with Named Executive Officers for 2023 (incorporated by reference from Exhibit 99.1 of the Company’s current report on Form 8-K, filed January 24, 2023)](http://www.sec.gov/Archives/edgar/data/728535/000143774923001645/ex_466501.htm) |

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| 10.5 | | | [Amended and Restated Credit Agreement and related documents (incorporated by reference from Exhibit 10.1 of the Company’s current report on Form 8-K, filed October 3, 2022)](http://www.sec.gov/Archives/edgar/data/728535/000143774922023462/ex_427496.htm) |

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| | /s/ John N. Roberts, III | | Chief Executive Officer, |

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| | Kirk Thompson | | |

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