J.B. Hunt Transport Services Inc. reported first-quarter 2025 earnings with revenue of $2.92 billion, slightly above the $2.91 billion estimate but down 1% year-over-year. GAAP earnings per share (EPS) came in at $1.17, beating the consensus estimate of $1.15 but down 4% from the prior year. Operating income declined 8% to $178.7 million. The intermodal segment showed strength with revenue of $1.47 billion, surpassing estimates and delivering an 8% increase in load volume year-over-year, marking the highest Q1 volume in the company's history. However, dedicated contract services revenue fell short at $822 million versus the estimated $835.9 million. The effective tax rate rose to 26.5% compared to an estimate of 25.7%. Despite the earnings beat, J.B. Hunt's stock fell over 6% in after-hours trading and reached a 52-week low amid concerns over tariff impacts on demand and ongoing market pressures. The company also announced a reduction in its full-year 2025 capital expenditure guidance to $500 million to $700 million from the prior $700 million to $900 million range, citing uncertainties in tariff and trade policies affecting customer planning and supply chain adjustments. Bernstein analyst David Vernon lowered the price target to $148 from $180, maintaining a Market Perform rating due to challenges in margin recovery within the intermodal segment. Other segments including brokerage, truckload, and last mile showed declines year-over-year.