Report published September 24, 2026
3Q26 Preview: Cost Headwind Causes Estimate Reductions – J.B. Hunt (JBHT) Equity Research
Goldman Sachs · September 24, 2026
Goldman Sachs lowered its 12-month price target on J.B. Hunt to $250 from $261 while maintaining a Neutral rating after the company outlined $45m in 3Q cost headwinds. These pressures will cause 3Q EBIT to drop 5%-10% sequentially, prompting multi-year EPS and margin estimate cuts.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.JBHT announced $45m of cumulative 3Q cost headwinds ($10m fuel, $10m claims, and $25m driver pay), leading to an expected 3Q EBIT decline of 5%-10% QOQ vs previous expectations of an ~11% increase.
- 2.Goldman Sachs lowered its 3Q26 EPS estimate from $2.15 to $1.80 and full-year 2026 EPS from $7.75 to $7.15, alongside modest reductions to 2027 and 2028 estimates.
- 3.The 12-month price target is lowered to $250 (from $261) based on an unchanged ~26.0x P/E multiple applied to updated Q5-Q8 EPS ($9.60), maintaining a Neutral rating.
Table of Contents
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement ($ mn)
- Balance Sheet ($ mn)
- Cash Flow ($ mn)
Report data
Exhibit 1: We provide greater detail on revenue per load including and excluding fuel — as of September 23, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 250.00 USD | Reduced from $261.00 prior based on ~26.0x P/E applied to Q5-Q8 EPS of $9.60. |
| Current Share Price | 234.63 USD | Price as of close on September 23, 2026. |
| 3Q Cost Headwinds | 45 USD million | Includes $10m fuel, $10m cargo claims, and $25m driver pay/bonuses. |
| 3Q Sequential EBIT Growth Guidance | -5% to -10%% | Adversely impacted by cost pressures; compares to prior forecast of ~11% sequential increase. |
| 3Q26 EPS Estimate | 1.80 USD | Lowered from $2.15 previously. |
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