DEF 14A of Hunt J B Transport Services Inc
Filed Mar 11, 2026 · FY20250001437749-26-007732
DIRECTOR NOMINEES
DIRECTOR NOMINEES
DIRECTOR NOMINEES
| Name | Occupation | Age | Director Since | Independent | Other Current Directorships with Publicly Held Companies | Committees Upon Election | | Brett Biggs | Walmart, Inc. (retired) | 57 | 2025 | Yes | The Procter & Gamble Company YUM! Brands, Inc. | Compensation Corporate Governance | | Francesca M. Edwardson | American Red Cross of Chicago & Northern Illinois (retired) | 68 | 2011 | Yes | | Audit Corporate Governance | | Sharilyn S. Gasaway | Alltel Corp. (retired) | 57 | 2009 | Yes | Genesis Energy, LP | Audit (Chair) Compensation Corporate Governance | | Thad (John B., III) Hill | Calpine Corporation (retired) | 58 | 2021 | Yes | Service Corporation International | Compensation (Chair) Corporate Governance | | Bryan Hunt | Hunt Automotive Group | 67 | 1991 | No | AmeriTrust Financial Technologies, Inc. | | | Persio Lisboa | Navistar, Inc. (retired) | 60 | 2023 | Yes | James Hardie Industries plc | Audit Corporate Governance | | John N. Roberts, III | Executive Chairman of the Board | 61 | 2010 | No | | | | James L. Robo | Private Investor | 63 | 2002 | Yes | Kayne Anderson BDC, Inc. | Compensation Corporate Governance (Chair) | | Shelley Simpson | President and Chief Executive Officer | 54 | 2024 | No | | |
DIRECTOR NOMINEES
| J.B. Hunt Transport Services, Inc. Proxy Statement | 3 |
Election of Directors
Election of Directors Our Board nominates Brett Biggs, Francesca M. Edwardson, Sharilyn S. Gasaway, Thad Hill, Bryan Hunt, Persio Lisboa, John N. Roberts, III, James L. Robo, and Shelley Simpson as directors to hold office for a term of one year, expiring at the close of the 2027 Annual Meeting of Shareholders or until their successors are elected and qualified or until their earlier resignation or removal. The Board believes that these director nominees are well-qualified and experienced to direct and manage the Company’s operations and business affairs and will represent the interests of the shareholders as a whole. Biographical information on each of these nominees is set forth below in “Nominees for Director.” If any director nominee becomes unavailable for election, which is not anticipated, the named proxies will vote for the election of such other person as the Board may nominate, unless the Board resolves to reduce the number of directors to serve on the Board and thereby reduce the number of directors to be elected at the Annual Meeting.
Election of Directors
| The Board of Directors unanimously recommends a vote FOR each of the director nominees listed herein |
INFORMATION YOU NEED TO MAKE AN INFORMED DECISION
INFORMATION YOU NEED TO MAKE AN INFORMED DECISION
Directors and Executive Officers of the Company
Directors and Executive Officers of the Company
Number of Directors and Term of Directors and Executive Officers
Number of Directors and Term of Directors and Executive Officers The Second Amended and Restated Bylaws of J.B. Hunt Transport Services, Inc., as amended (the “Bylaws”), provide that the number of directors shall not be less than three or more than 12, with the exact number to be fixed by the Board. The Board currently consists of nine directors. Directors serve a term of one year from their election date to the Annual Meeting. Directors are elected by a majority of votes cast with respect to each director, provided that the number of nominees does not exceed the number of directors to be elected. At the Company’s Annual Meeting, the shareholders of the Company elect successors for directors whose terms have expired. The Board elects members to fill new membership positions and vacancies in unexpired terms on the Board. No director will be eligible to stand for re-election or be elected to a vacancy once he or she has reached 72 years of age. Executive officers are elected by the Board and hold office until their successors are elected and qualified or until their earlier death, retirement, resignation, or removal.
Number of Directors and Term of Directors and Executive Officers
| J.B. Hunt Transport Services, Inc. Proxy Statement | 19 |
Nominees For Director
Nominees For Director Terms expire 2027
Brett Biggs
Brett Biggs Age: 57 Director Since: 2025 Committees Upon Election: Executive Compensation Committee, Nominating and Corporate Governance Committee Principal Occupation: Walmart, Inc. (retired) Recommendation: The Board has determined that Mr. Biggs’ business and financial expertise and experience in leadership roles with multinational public companies qualify him to serve as a Director of the Company. Experience: Mr. Biggs is the former Executive Vice President and Chief Financial Officer of Walmart, Inc., a global retailer. He held the Chief Financial Officer role from 2016 until June 2022, when he transitioned to the position of Executive Advisor until his retirement in January 2023. Prior to his tenure as Chief Financial Officer of Walmart, Inc., Mr. Biggs served as Chief Financial Officer of Walmart International from 2014 to 2016 and of Walmart U.S. from 2012 to 2014. He also served as Senior Vice President of Operations for Sam’s Club from 2010 to 2012. During his more than 20-year career with Walmart and its affiliates, Mr. Biggs held several other leadership roles, including Chief Financial Officer of Sam’s Club, Senior Vice President of Corporate Finance and Assistant Treasurer, and Senior Vice President of International Strategy and Mergers and Acquisitions. Before joining Walmart in 2000, Mr. Biggs worked in corporate finance and mergers and acquisitions roles with Leggett & Platt, Phillips Petroleum Co., and Price Waterhouse. Additionally, he served as Senior Advisor at Blackstone, an asset management firm, between the years 2023 and 2025. Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): (Current) The Procter & Gamble Company, YUM! Brands, Inc., (Noncurrent) Adobe, Inc. Other Directorships – Private Organizations (Prev. 5 Yrs.): (Current) Walton Arts Center Family Relationships: None
Francesca M. Edwardson
Francesca M. Edwardson Age: 68 Director Since: 2011 Committees Upon Election: Audit Committee, Nominating and Corporate Governance Committee Principal Occupation: American Red Cross of Chicago and Northern Illinois (retired) Recommendation: The Board has determined that Ms. Edwardson continues to qualify to serve as a Director of the Company based on her lengthy and successful experience in both the transportation industry and legal environment, which provides respected insight and guidance to both the Board and management. Experience: Ms. Edwardson retired as the Chief Executive Officer of the American Red Cross of Chicago and Northern Illinois, a business unit of the American Red Cross, in 2016, a position she held since 2005. She previously served as Senior Vice President and General Counsel for UAL Corporation, a predecessor company to United Airlines Holdings, Inc. She has also been a partner in the law firm of Mayer Brown and the Executive Director of the Illinois Securities Department. Ms. Edwardson is a graduate of Loyola University in Chicago, Illinois, holding degrees in economics and law. Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): (Noncurrent) Duluth Holdings, Inc./Chair of Compensation Committee Other Directorships – Private Organizations (Prev. 5 Yrs.): (Current) Lincoln Park Zoo/Board Chair, Rush University Medical Center
Francesca M. Edwardson
| 20 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Sharilyn S. Gasaway
Sharilyn S. Gasaway Age: 57 Director Since: 2009 Committees Upon Election: Audit Committee (Chair), Executive Compensation Committee, Nominating and Corporate Governance Committee Principal Occupation: Alltel Corp. (retired) Recommendation: The Board has determined that Ms. Gasaway’s experience in accounting, finance, mergers and acquisitions, and regulatory matters, all gained through her extended tenures within the financial environment, which provide unquestionable value to the Company, qualify her to continue to serve as a Director of the Company. Experience: Ms. Gasaway served as Executive Vice President and Chief Financial Officer of Alltel Corp., the Little Rock, Arkansas-based Fortune 500 wireless carrier, from 2006 to 2009. She was part of the executive team that spearheaded publicly traded Alltel’s transition through the largest private equity buyout in the telecom sector and was an integral part of the successful combination of Alltel and Verizon. She also served as Alltel’s Corporate Controller and Principal Accounting Officer from 2002 to 2006. Joining Alltel in 1999, she served as Director of General Accounting, Controller, and Vice President of Accounting and Finance. Prior to joining Alltel, she worked for eight years at Arthur Andersen LLP. Ms. Gasaway has a degree in accounting from Louisiana Tech University and is a Certified Public Accountant. Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): (Current) Genesis Energy, LP/Chair of Audit Committee, (Noncurrent) HanesBrands Inc. Other Directorships – Private Organizations (Prev. 5 Yrs.): (Current) Louisiana Tech University Foundation, Louisiana Tech University College of Business Advisory Board, Arkansas Children’s, Inc., Arkansas Children’s Foundation Family Relationships: None
Thad (John B., III) Hill
Thad (John B., III) Hill Age: 58 Director Since: 2021 Committees Upon Election: Executive Compensation Committee (Chair), Nominating and Corporate Governance Committee Principal Occupation: Calpine Corporation (retired) Recommendation: The Board has determined that Mr. Hill’s expertise in financial and capital markets and experience leading a diverse and geographically dispersed workforce qualify him to continue to serve as a Director of the Company. Experience: Mr. Hill served as Executive Chairman of the Board for Calpine Corporation (Calpine), one of the nation’s largest independent competitive power companies, operating power plants and retail businesses in 22 states and Ontario, Canada until January 2026. Mr. Hill previously led Calpine as its President and Chief Executive Officer from 2014 to 2024, before which he served as Calpine’s President and Chief Operating Officer. Prior to joining Calpine, he was Executive Vice President of NRG Energy and President of NRG Texas, where he was responsible for NRG’s largest regional business. Mr. Hill received his Bachelor of Arts degree from Vanderbilt University magna cum laude and his Master of Business Administration degree from the Amos Tuck School of Dartmouth College, where he was elected an Edward Tuck Scholar. Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): (Current) Service Corporation International Other Directorships – Private Organizations (Prev. 5 Yrs.): (Current) The Alfred P. Sloan Foundation, Amos Tuck School of Dartmouth College, Greater Houston Partnership, (Noncurrent) Calpine Corporation, Episcopal High School
Thad (John B., III) Hill
| J.B. Hunt Transport Services, Inc. Proxy Statement | 21 |
Bryan Hunt
Bryan Hunt Age: 67 Director Since: 1991 Committees Upon Election: None Principal Occupation: Hunt Automotive Group Recommendation: The Board has determined that Mr. Hunt’s historical and current knowledge of the Company and valuable contributions to the Board of J.B. Hunt since 1991 continue to qualify him to serve as a Director of the Company. Experience: Mr. Hunt served as an employee of the Company from 1983 through 1997. He is the Managing Member of Progressive Car Finance, a private company that provides financing for automobile dealers, and 71B Auto Auction and 71B Mobile Auto Auction, both private companies engaged in the auction of automobiles, trucks, boats, and other motor vehicles to dealers and the general public in Arkansas and Kansas. A graduate of the University of Arkansas, he has degrees in marketing and transportation. Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): (Current) AmeriTrust Financial Technologies, Inc. Other Directorships – Private Organizations (Prev. 5 Yrs.): (Current) The New School, Razorback Foundation Family Relationships: Son of co-founders J.B. and Johnelle Hunt
Persio Lisboa
Persio Lisboa Age: 60 Director Since: 2023 Committees Upon Election: Audit Committee, Nominating and Corporate Governance Committee Principal Occupation: Navistar, Inc. (retired) Recommendation: The Board has determined that Mr. Lisboa’s business and financial expertise and experience leading a large global company qualify him to continue to serve as a Director of the Company. Experience: Mr. Lisboa retired as President and Chief Executive Officer of Navistar, Inc., a global original equipment manufacturer in the transportation industry, in October 2021. Prior to his ultimate leadership role of the company, Mr. Lisboa’s 35-year career with Navistar included management positions in sales and marketing, manufacturing, supply chain, and procurement within both domestic and international operations. Mr. Lisboa is a graduate of Pontifícia Universidade Católica de São Paulo where he received a Bachelor of Science degree in business administration with a marketing specialization. Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): (Current) James Hardie Industries plc/Chairman of People and Remuneration Committee Other Directorships – Private Organizations (Prev. 5 Yrs.): (Current) Ascendance Trucks, LLC, Allegiance Trucks, LLC
Persio Lisboa
| 22 | Proxy Statement J.B. Hunt Transport Services, Inc. |
John N. Roberts, III
John N. Roberts, III Age: 61 Director Since: 2010 Committees Upon Election: None Principal Occupation: J.B. Hunt Transport Services, Inc. Recommendation: The Board has determined that Mr. Roberts continues to qualify to serve as a Director of the Company based on his past success while serving as the Company’s Executive Chairman of the Board. Experience: Mr. Roberts currently serves as the Company’s Executive Chairman of the Board. He served as President and Chief Executive Officer from 2010 to 2022. In 2022, the roles of President and Chief Executive Officer were separated, at which time Mr. Roberts continued to serve as Chief Executive Officer through 2024. He retired from the role of Chief Executive Officer in 2024. A graduate of the University of Arkansas, Mr. Roberts previously served as Executive Vice President and President of Dedicated Contract Services from 1997 to 2010. Joining the Company in 1989, he began his career as a Management Trainee and subsequently served as an EDI Services Coordinator, Regional Marketing Manager for the Intermodal and Truckload business units, Business Development Executive for DCS, and Vice President of Marketing Strategy.
Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): None
Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): None Other Directorships – Private Organizations (Prev. 5 Yrs.): (Noncurrent) Arkansas Children’s Northwest Family Relationships: None
James L. Robo
James L. Robo Age: 63 Director Since: 2002 Committees Upon Election: Nominating and Corporate Governance Committee (Chair), Executive Compensation Committee, Independent Lead Director Principal Occupation: Private Investor Recommendation: The Board has determined that Mr. Robo’s financial expertise, leadership experience, and business experience gained through his leadership of a large complex corporation, qualify him to continue to serve as a Director of the Company. Experience: Mr. Robo is a private investor and former Chairman and Chief Executive Officer of NextEra Energy, Inc., a leading clean energy company, and NextEra Energy Partners, LP, a growth-oriented limited partnership formed by NextEra Energy, Inc. to acquire, manage, and own contracted clean energy projects. Mr. Robo served as Chief Executive Officer of NextEra Energy from 2012 until his retirement in 2022 and as Chairman from 2013 to 2022. Prior to joining NextEra Energy in 2002, Mr. Robo spent ten years at General Electric Company, serving as President and Chief Executive Officer of GE Mexico from 1997 until 1999 and as President and Chief Executive Officer of the GE Capital TIP/ Modular Space division from 1999 until February 2002. From 1984 through 1992, Mr. Robo worked for Mercer Management Consulting. He received a BA summa cum laude from Harvard College and an MBA from Harvard Business School, where he was a Baker Scholar. Other Directorships – Publicly Held Companies (Prev. 5 Yrs.): (Current) Kayne Anderson BDC, Inc./Chairman, (Noncurrent) NextEra Energy, Inc., NextEra Energy Partners, LP Other Directorships – Private Organizations (Prev. 5 Yrs.): (Current) Mayo Clinic
James L. Robo
| J.B. Hunt Transport Services, Inc. Proxy Statement | 23 |
Shelley Simpson
Shelley Simpson Age: 54 Director Since: 2024 Committees Upon Election: None Principal Occupation: J.B. Hunt Transport Services, Inc. Recommendation: The Board has determined that Ms. Simpson’s wide-ranging experience in the industry and more than 30 years with J.B. Hunt in multiple roles provides significant experience to the Company and qualify her to continue to serve as a Director of the Company. Experience: Ms. Simpson has served as the Company’s President since August 2022 and assumed the additional role of Chief Executive Officer upon Mr. Roberts’s retirement from the position on July 1, 2024. A graduate of the University of Arkansas, Ms. Simpson joined the Company in 1994 as an hourly Customer Service Representative. Prior to being named President, she served as Executive Vice President of People and Human Resources from 2020 to 2022, Chief Commercial Officer from 2017 to 2022, and President of Highway Services from 2017 until 2020. She previously served separately as President of the Company’s Truckload and Integrated Capacity Solutions business segments as well as the Company’s Chief Marketing Officer.
Director Compensation
Director Compensation
Nonemployee Director Compensation Program
Nonemployee Director Compensation Program The Company pays only nonemployee directors for their services as directors. Directors who are also officers or employees of the Company are not eligible to receive any of the compensation described below. For the annual period between the Company’s 2025 and 2026 Annual Meetings, nonemployee directors serving on the Board were paid the following compensation. All of the following amounts were payable in Company stock, cash, or any combination thereof at the election of each director:
Nonemployee Director Compensation Program
| • | an annual retainer of $285,000 | | • | an annual retainer of $20,000, to each member of the Audit Committee | | • | an annual retainer of $15,000, to each member of the Executive Compensation Committee | | • | an annual retainer of $10,000, to each member of the Nominating and Corporate Governance Committee | | • | an additional annual retainer of $25,000, to the Audit Committee Chairperson | | • | an additional annual retainer of $25,000, to the Executive Compensation Committee Chairperson | | • | an additional annual retainer of $10,000, to the Nominating and Corporate Governance Committee Chairperson | | • | an annual retainer of $25,000, to the Independent Lead Director |
Nonemployee Director Compensation Program
In January 2026, the Executive Compensation Committee reviewed a summary of various compensation packages awarded to directors of the Company’s peer group compiled by Meridian Compensation Partners, LLC (Meridian). Based on this review, the Executive Compensation Committee recommended, and the Board of Directors approved, the same compensation as set forth above for the annual period beginning after our 2026 Annual Meeting. All such amounts may be paid in Company stock, cash, or any combination thereof at the election of each director.
Process for Reviewing and Setting Nonemployee Director Compensation
Process for Reviewing and Setting Nonemployee Director Compensation The Executive Compensation Committee reviews the adequacy and competitiveness of the nonemployee director compensation program annually and makes recommendations to the full Board for approval. Each year, the Committee directs its compensation consultant to provide an independent assessment of the Company’s nonemployee director compensation program. The consultant analyzes and compares the Company’s program against the same peer group used to benchmark executive officer compensation (see page 46 or further details about the peer group). The Committee targets total nonemployee director compensation levels to be competitive with the peer group. The Committee also considers total aggregate Board compensation and other factors when making recommendations to the Board for approval.
Board of Director Compensation Paid in Calendar Year 2025
Board of Director Compensation Paid in Calendar Year 2025
Board of Director Compensation Paid in Calendar Year 2025
| Board Member | Fees Paid in Cash ($) | Fees Paid in Stock ($) | Restricted Share or Stock Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | | Brett Biggs | 108,500 | 201,465 | — | — | — | — | 309,965 | | Francesca M. Edwardson | — | 314,897 | — | — | — | — | 314,897 | | Sharilyn S. Gasaway | — | 354,924 | — | — | — | — | 354,924 | | Persio Lisboa | — | 314,897 | — | — | — | — | 314,897 | | Thad Hill | — | 334,977 | — | — | — | 657(1) | 335,634 | | Bryan Hunt | 285,000 | — | — | — | — | — | 285,000 | | Jim L. Robo | — | 344,950 | — | — | — | — | 344,950 |
Board of Director Compensation Paid in Calendar Year 2025
| (1) Includes $657 for personal use of the Company plane. On certain occasions, a Board member’s spouse, family member, or other guest may accompany the Board member on a flight. No additional direct operating cost is incurred in such situations under the foregoing methodology; however, the value of personal use of Company aircraft is imputed for federal income tax purposes as income to the Board member. |
Board of Director Compensation Paid in Calendar Year 2025
In 2025, each nonemployee member of the Board had the choice of receiving his or her annual base and any com-mittee-participation retainer fees in Company stock, cash, or any combination thereof. Company stock was paid based on the $132.98 closing market price on April 24, 2025. All directors except Mr. Biggs and Mr. Hunt elected to receive their full retainers in Company stock. Mr. Biggs elected to receive 65% of his retainer fees in stock, totaling 1,515 shares based on the aforementioned closing market price, while Mr. Hunt elected to receive his full annual re-tainer in cash. Ms. Edwardson, Ms. Gasaway, Mr. Hill, Mr. Lisboa, and Mr. Robo received 2,368 shares, 2,669 shares, 2,519 shares, 2,368 shares, and 2,594 shares, respectively, based on the aforementioned closing market price. To more closely align his or her interests with those of the shareholders, each Board member is required to own three times his or her estimated annual compensation for service on the Board in Company stock within five years of his or her initial shareholder election to the Board. All Board members comply with this requirement or are within the applicable five-year accumulation period. Nonemployee members of the Board did not participate in either a company-sponsored pension or deferred com-pensation plan in calendar year 2025.
Board of Director Compensation Paid in Calendar Year 2025
| 26 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Introduction
| • | evaluates and recommends to the independent Board members, for their approval, the annual salaries and bonuses of the Executive Chairman of the Board and the Chief Executive Officer, | | • | reviews and approves annual corporate goals and objectives of the Executive Chairman of the Board and the Chief Executive Officer and other Section 16 reporting officers, | | • | recommends to the independent Board members, for their approval, equity-based compensation awards under the Company’s Management Incentive Plan (the MIP), as amended and restated, for the Executive Chairman of the Board and the Chief Executive Officer, | | • | reviews and approves equity-based compensation awards under the Company’s MIP, as amended and restated, for the other Section 16 reporting officers, | | • | establishes and certifies the achievement of performance goals under the Company’s incentive and performance-based compensation plans, | | • | evaluates and recommends to the full Board, for their approval, annual compensation for the Company’s nonemployee directors, | | • | reviews other Company executive compensation programs, | | • | reviews and discusses the CD&A with management, and based on such review and discussion, recommends to the Board whether the CD&A should be included in the Proxy Statement, | | • | reviews and approves the Compensation Committee report to the shareholders and the “say on pay” and “say on pay frequency” proposals to be included in the Proxy Statement, and | | • | reviews and discusses whether the Company’s executive compensation arrangements could create any material risks to the Company. |
Introduction
The Executive Chairman of the Board recommends to the Compensation Committee the form and amount of compensation to be paid to the Chief Executive Officer. The Chief Executive Officer provides recommendations to the Compensation Committee regarding the form and amount of compensation to be paid to the other executive officers. Additionally, the Executive Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer regularly attend Compensation Committee meetings, except for executive sessions. Upon request, management has provided to the Compensation Committee historical and prospective breakdowns of primary compensation components for each executive officer, wealth accumulation analyses, and internal pay equity analyses, as described in more detail below. At our 2025 Annual Meeting, the shareholders approved, on an advisory basis, the compensation of the named executive officers (94.6% of votes cast). The Compensation Committee believes this level of shareholder support reflects a strong endorsement of the Company’s compensation policies and decisions. The Compensation Committee has considered the results of the last advisory vote on executive compensation in determining the Company’s compensation policies and decisions for 2026 and has determined that these policies and decisions are appropriate and in the best interests of the Company and its shareholders at this time. Previously, at our 2023 Annual Meeting, the shareholders voted for approval of a frequency of holding advisory votes every year with respect to named executive officer compensation (98.2% of votes cast). Accordingly, an advisory vote on executive compensation has been included as Proposal Number Two within this Proxy Statement. In 2025, the Compensation Committee engaged Meridian Compensation Partners, LLC (Meridian) to review the Company’s executive compensation policies and practices. Meridian was also directed to assist with the development of a comparable peer group for executive compensation purposes and to benchmark compensation levels for the NEOs. Meridian is retained by, and reports to, the Compensation Committee to provide compensation analyses and consultation at the Committee’s request, and Meridian participated in all of the regularly scheduled Compensation Committee meetings in 2025. The Committee has assessed the independence of Meridian pursuant to applicable SEC and NASDAQ rules and concluded that Meridian’s work for the Committee does not raise any conflict of interest. Historically, the Compensation Committee meets during the first quarter to finalize discussion regarding the Company’s performance goals for the previous and current year with respect to performance-based compensation to be paid to executive officers, to review and discuss the CD&A with management, and to approve its report for the Proxy Statement. These goals are approved within 90 days of the beginning of the year. In addition, during this and other regularly scheduled meetings throughout the year, the Compensation Committee meets to:
Introduction
| • | discuss any new compensation issues, | | • | review base compensation, bonus, and MIP award analyses, | | • | approve the engagement of the compensation consultant for annual executive and director compensation surveys, | | • | review and discuss information provided by the compensation consultant and the recommendations made by the Executive Chairman of the Board and the Chief Executive Officer, | | • | review the performance of the Company and the individual officers, | | • | approve short-term cash bonus and long-term incentive awards, and | | • | determine executive officers’ base salaries. |
Benchmarking Against a Peer Group
Benchmarking Against a Peer Group The Compensation Committee engaged Meridian to perform a competitive market assessment for the NEOs to evaluate base salary, target annual incentives, target total cash compensation, long-term incentives, and total direct compensation prior to approving the NEO compensation levels and structure for 2025. This assessment involved the use of a peer group, as noted below, consisting of 14 transportation and logistics companies in the national marketplace as well as companies of comparable size, complexity of operations, or similar customer base. These companies represent both business competition and the most relevant labor market for our executives.
Benchmarking Against a Peer Group
| C.H. Robinson Worldwide, Inc. | CSX Corporation | Expeditors Int’l of Washington, Inc. | | Hub Group, Inc. | Knight-Swift Transportation Holdings, Inc. | Norfolk Southern Corporation | | Old Dominion Freight Line, Inc. | Republic Services Inc. | Ryder System, Inc. | | Schneider National, Inc. | Union Pacific Corporation | United Rentals, Inc. | | Waste Management, Inc. | XPO, Inc. | |
Benchmarking Against a Peer Group
For 2025, United Rentals, Inc. was added to the group because it was identified as being consistent with our peer group criteria. Stericycle, Inc. was removed from the group due to its acquisition by Waste Management, Inc. in November 2024.
Compensation Analysis Tools
Compensation Analysis Tools In addition to the competitive compensation survey information for each officer that was compiled, the Compensation Committee also reviewed historical executive compensation. The Compensation Committee anticipates that pertinent compensation information will continue to be developed and enhanced to allow the Committee to perform the most relevant analyses practicable. Our objective for total executive compensation is to target a competitive range around the 50th percentile of the peer group. We believe that a sizeable portion of overall compensation should be at risk and tied to shareholder value. Historically, our bonuses have been tied to operating income, earnings before taxes (EBT), revenue, earnings per share (EPS), or other identified performance metrics. As performance against these metrics increases, so do executive bonuses. Long-term incentives are used as tools to reward executives for current and future performance, to encourage an executive to remain with the Company, and to align the executive’s interests with those of our shareholders. As part of our long-term incentive strategy, executives are expected to maintain stock ownership values as a multiple of their base salaries. The majority of long-term incentives for NEOs are performance-based. While certain components of compensation are directly tied to the Company’s reported financial performance, sufficient accounting and operational controls are in place and tested effectively to ensure that the Company’s compensation practices and policies, including those for nonexecutives, are not reasonably likely to have a material adverse effect on the Company. Our Company has a 401(k) plan that assists participants in providing for retirement. The Company contributes to each NEO’s account per year based on the NEO’s voluntary contribution amount. The accumulated value in unvested equity-based awards and stock owned currently is critical to each executive’s ability to adequately provide for his or her retirement.
Long-Term Compensation Analyses and Policies
Long-Term Compensation Analyses and Policies With respect to long-term, equity-based awards, the Company maintains the MIP. The MIP was originally adopted and approved by the Board on March 17, 1989, and an amended and restated MIP was subsequently approved by the shareholders on May 11, 1995. The MIP has been amended and restated a number of times since its adoption, and all amendments requiring approval of the shareholders have been approved, with the last approval occurring at our Annual Meeting of Shareholders held in 2017. As of December 31, 2025, there were 44 million shares of common stock authorized for issuance under the MIP, of which approximately 3.1 million shares are available for future equity-based awards. Performance-based restricted share units, time-vested restricted share units, and stock options of the Company may be granted under the MIP in an effort to link future compensation to the long-term financial success of the Company. These equity-based awards are granted to executive officers, including the NEOs, and other key employees and are intended to attract and retain employees, to provide incentives to enhance job performance, and to enable those persons to participate in the long-term success and growth of the Company through an equity interest in the Company. The Company has adopted an equity grants policy regarding the process and procedures for granting equity-based awards, including determination of the grant date and exercise price and the timing of equity-based awards in relation to trading window restrictions and the disclosure of material nonpublic information. Consistent with this policy, recommendations of equity-based annual awards for our executive officers are presented to the Compensation Committee during its first-quarter meeting usually held in late January of each year following the announcement of the Company’s fourth quarter and annual financial and operating results. The Compensation Committee then approves the equity-based awards to the executive officers, other than the Executive Chairman of the Board and the Chief Executive Officer, and recommends the awards for the Executive Chairman of the Board and the Chief Executive Officer to the Company’s independent directors for their approval at the Board’s regular meeting usually held the following day, with all annual equity-based awards to the executive officers being effective upon the independent directors’ approval of the awards to the Executive Chairman and the Chief Executive Officer. Grants other than the annual awards are made on a limited basis such as in connection with the hiring or the promotion of an employee into a stock-eligible position. The Compensation Committee has in recent years utilized time-based and performance-based restricted share units for all grants of equity-based awards to our executive officers and employees. The Company does not currently have any outstanding stock option or similar awards. The equity grants policy prohibits the disclosure of material non-public information for the purpose of affecting the value of executive compensation. In the event that material, nonpublic information becomes known to the Compensation Committee, the Company, or its employees at a time when such information could affect or otherwise impact the imminent grant of equity-based compensation, management and the Compensation Committee will take the existence of such information under advisement and determine, after considering relevant factors, whether to delay the grant of such equity-based compensation to a later date to avoid the appearance of any impropriety.
Stock Retention Policy
Stock Retention Policy In addition to the stock ownership guidelines indicated above, the Company expects all shares obtained by an NEO from the vesting or exercise of restricted share units and stock options to be retained until the established ownership levels have been achieved. The Company does not have any other stock retention policy.
Summary
| • | base salary and incentive compensation, | | • | short-term and long-term compensation, and | | • | cash and noncash compensation. |
Summary
| • | competitive compensation data, | | • | financial, operational, and strategic goals, | | • | long-term and short-term performance of the Company compared with its peer group, and | | • | individual contribution to the success of the Company. |
Elements of Compensation
| • | base salary, | | • | annual performance-based incentive cash bonus awards, | | • | long-term incentive/equity-based compensation, | | • | health and welfare benefits, and | | • | other benefits. |
Elements of Compensation
| Incentive Compensation Component | Description | Purpose | | Company Bonus Plan (Cash) | Annual bonus plan based on operating income, revenue, and safety with bonus payouts calculated as a percentage of base salary | To encourage individuals with greater roles and the abilities to directly impact strategic direction and long-term results | | Performance-Based Units – Relative ROIC (Equity) | Awards of restricted share units that are contingent on the Company’s attainment of a targeted three-year return on invested capital (ROIC) relative to the ROIC consistently calculated for the same reporting periods for companies included in an independent peer group and subsequently decreased or increased based on targeted Company operating income compound annual growth rates | To encourage executive officers to focus on the Company’s long-range growth and development and incent them to manage from the perspective of shareholders with a meaningful stake in the Company, as well as to focus on long-term career orientation | | Time-Based Units (Equity) | Awards of restricted share units that vest in annual installments over a three-year period | |
Elements of Compensation
| • | market information with respect to cash and long-term compensation for its peer group, | | • | amounts paid to the executive officer in prior years as salary, |
Elements of Compensation
| • | annual bonus and other compensation, | | • | the officer’s responsibilities and performance during the calendar year, and | | • | the Company’s overall performance during prior calendar years and its future objectives and challenges. |
Elements of Compensation
Cash compensation for our NEOs varies as the operating income, revenue, and safety performance of the Company changes, due to the nature of our bonus plan described below. Grants of performance-based restricted share units are typically made annually. It has been the policy of the Company to put a significant portion of the executive’s compensation at risk. This is accomplished by our cash bonus plan, which is directly tied to operating income growth, revenue growth, and safety performance, and the issuance of performance-based restricted share units. Equity-based awards from the MIP vest over a time period usually from three to ten years. These awards are subject to forfeiture if the employee leaves the Company. Furthermore, the future vesting of performance-based equity awards is contingent on the Company’s attainment of predetermined performance metrics established by the Committee. The Committee and management believe that the proportion of compensation at risk should rise as the employee’s level of responsibility increases. The Compensation Committee does not rely solely on predetermined formulas or a limited set of criteria when it evaluates the individual performances of the NEOs. The Compensation Committee considers actual results against pre-established goals and also bases its compensation decisions for the NEOs on:
Annual Bonus Award
Annual Bonus Award Historically, the Company maintained a bonus plan fully tied to operating income. On January 23, 2025, the Compensation Committee approved and adopted a modified performance-based annual cash incentive program for our NEOs related to the Company’s operating income, revenue, excluding fuel surcharge revenue, and safety performance (company bonus plan). Under the company bonus plan, each of our NEOs was eligible to receive a single cash bonus payout following the completion of calendar year 2025 based 70% on the Company’s reported operating income for 2025 and 15% each on the Company’s reported revenue, excluding fuel surcharge revenue, for 2025 and preventable collisions, which we determine are reportable to the U.S. Department of Transportation, per million miles driven for 2025, with actual performance being measured relative to the Company’s respective targeted or projected amounts for each metric. When management presents its budget for the year, the Compensation Committee establishes a matrix of reported results for each metric with corresponding bonus payout levels. The forecasted revenue and earnings results are based on customer freight trends, strategies for growth and controlling costs, and corporate strategies to maximize shareholder return. The forecasted safety performance metrics are based on past performance and implementation and continuation of various safety measures. Once presented to the Board, the financial budget and bonus plan matrices remain fixed, though management continually reforecasts expectations based on actual results and on changing facts and assumptions. Changes in uncontrollable factors such as general economic conditions, railroad or port authority service issues, or rapidly fluctuating fuel costs can have a significant impact on the Company’s actual financial results. Therefore, as the Company performs against the original budget, the executives’ bonus performs against the pre-established matrices.
Annual Bonus Payout
Annual Bonus Payout The Compensation Committee approves target bonus opportunities for each NEO, with specific amounts set for achievement of threshold, target, and maximum performance levels. For 2025, the Executive Chairman of the Board and the Chief Executive Officer were each eligible to earn a bonus payout ranging from 37.5% to 300% of his or her annual base salary as of December 31, 2025, if a threshold performance level was achieved with respect to each metric, with a targeted bonus amount of 150% of annual base salary. Each other NEO was eligible to earn a bonus payout ranging from 25.1% to 200% of his annual base salary as of December 31, 2025, if a threshold performance
Annual Bonus Payout
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Annual Bonus Payout
level was achieved with respect to each metric, with a targeted bonus amount of 100% of annual base salary. The actual bonus payouts were based on the Company’s achievement of a range of operating income, revenue, excluding fuel surcharge revenue, and preventable collisions rate results for calendar year 2025 of 85% to 115% of the targeted or projected amounts for each metric. No bonus was paid unless the Company achieved actual results of at least the threshold performance level for at least one metric, with each metric being weighted in determining the payment calculation as described above and the preventable collisions rate being measured inversely to reflect safety performance. The actual bonus payouts were determined using straight-line interpolation of the actual results achieved between the threshold and maximum performance targets relative to the corresponding range of payout percentages for each metric. For purposes of the plan, operating income, revenue and preventable collision rate results could be adjusted to disregard or exclude the impact of any cash bonus or stock compensation expense, any unusual or infrequently occurring items or events, and the effects of changes in applicable laws or accounting principles, as the Committee deemed appropriate. The 2025 annual bonus payout targets compared with actual reported operating income, revenue (excluding fuel surcharge revenue), and safety performance and actual payout percentages were as follows:
Annual Bonus Payout
| | Performance Level | | | | Bonus Payout % of Salary | | | | | Period | Min. | Target | Max. | Reported | Min. | Target | Max. | Actual | | Annual (Chairman & CEO) | | | | | | | | | | Operating Income ($)(1) | 811 | 954 | 1,097 | 865 | 26.3 | 105.0 | 210.0 | 55.8 | | Revenue Excluding Fuel Surcharges ($)(1) | 9,656 | 11,360 | 13,064 | 10,523 | 5.6 | 22.5 | 45.0 | 14.1 | | Safety (2) | 0.30 | 0.260 | 0.220 | 0.191 | 5.6 | 22.5 | 45.0 | 45.0 | | Total | | | | | 37.5 | 150.0 | 300.0 | 114.9 | | Annual (All Other NEOs) | | | | | | | | | | Operating Income ($)(1) | 811 | 954 | 1,097 | 865 | 17.5 | 70.0 | 140.0 | 37.2 | | Revenue Excluding Fuel Surcharges ($)(1) | 9,656 | 11,360 | 13,064 | 10,523 | 3.8 | 15.0 | 30.0 | 9.4 | | Safety (2) | 0.300 | 0.260 | 0.220 | 0.191 | 3.8 | 15.0 | 30.0 | 30.0 | | Total (3) | | | | | 25.1 | 100.0 | 200.0 | 76.6 |
Annual Bonus Payout
| (1) In millions | | (2) Preventable DOT-reportable collisions per million miles driven for calendar year 2025 | | (3) Mr. Delco’s 2025 bonus payout was prorated for the portion of the year in which he served as Chief Financial Officer. His bonus amount attributable to the first eight months of 2025 was earned under the 2025 company bonus plan for senior vice presidents and based on his salary in effect immediately prior to his promotion. |
Annual Bonus Payout
Actual earned bonus amounts for each NEO under the company bonus plan were as follows:
Annual Bonus Payout
| | Total Annual ($) | | Shelley Simpson | 1,067,421 | | Brad Delco | 204,308 | | John Kuhlow | 428,194 | | John N. Roberts, III | 759,627 | | Nicholas Hobbs | 553,358 | | Darren Field | 470,324 |
Annual Bonus Payout
| 54 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Long-Term, Equity-Based Award
Long-Term, Equity-Based Award Each executive is eligible to receive a long-term incentive award of a combination of performance-based and time-based restricted share units. Restricted share units are intended to help achieve the objectives of the compensation program, including the retention of high-performing and experienced talent, a career orientation, and strong alignment with shareholders’ interests. The restricted share units are awarded and settled from shares reserved for issuance under the MIP. The Compensation Committee approves or adjusts the award based on the above criteria for all NEOs. The awards for the Company’s Executive Chairman of the Board and Chief Executive Officer are presented for final approval to the Company’s independent Board members. The Compensation Committee believes that restricted share units must be sufficient in size to provide a strong, long-term performance and retention incentive for executives and to increase their vested interest in the Company. Restricted share units are used as long-term incentives because they are less dilutive to shares outstanding and to profits. Restricted share units generally vest over a time period ranging from three to ten years. For 2025, the Compensation Committee modified the percentage distribution of the restricted share unit awards granted to the NEOs. Sixty percent of the restricted share units within annual awards granted to NEOs are performance-based restricted share units based on return on invested capital (ROIC). For these grants, the total performance-based portion of the annual award is contingent on the Company’s attainment of a targeted three-year ROIC relative to the ROIC consistently calculated for the same reporting periods for each company included in an additional independent peer group of 13 transportation and logistics companies in the national marketplace. In January 2026, the Compensation Committee reduced the existing peer group applicable to these awards by removing Old Dominion Freight Line, Inc. due to differences in its business model, so the peer group is better aligned with the Company’s operations. Additionally, the Compensation Committee determined this change to the ROIC peer group will apply to all unvested restricted share units subject to the ROIC peer group performance criteria. The updated independent peer group of 12 transportation and logistics companies is as follows:
Long-Term, Equity-Based Award
| C.H. Robinson Worldwide, Inc. | CSX Corporation | Forward Air Corporation | | Hub Group, Inc. | Knight-Swift Transportation Holdings, Inc. | Landstar System, Inc. | | Norfolk Southern Corporation | Ryder System, Inc. | RXO, Inc. | | Schneider National, Inc. | Union Pacific Corporation | Werner Enterprises, Inc. |
Long-Term, Equity-Based Award
Depending on which level of ROIC is obtained, the initial award vesting amount can range from 0% to 200% of the original units granted. This amount is then decreased or increased by up to 20% based on the Company’s attainment of a predetermined matrix of future operating income compound annual growth rates, resulting in the ultimate award vesting amount ranging from 0% to 240% of the original units granted. These ROIC-based awards contain single cliff vesting at the end of their three-year vesting terms, and consistent with prior grants, all performance criteria used within the awards were established by the Compensation Committee. The remaining 40% of the restricted share units awarded are time-based and vest in annual installments over their three-year vesting terms, with 40% of the time-based units vesting after the end of each of the first two years and 20% after the end of the third year. The Committee also began a transition of the vesting of subsequent time-based restricted share units granted to the NEOs over the next two grant cycles such that the time-based awards granted in 2026 will vest over the three-year vesting period in annual installments of 40%, 30%, and 30%, respectively, and the time-based awards granted in 2027 and beyond will vest in three equal annual installments of one-third each. This structure for the Company’s long-term incentive compensation was adopted by the Compensation Committee based on discussion and analysis of the Company’s business strategy and operating performance objectives, the effectiveness of the current long-term incentive compensation structure since its implementation in 2020, and the compensation practices of peer companies, including the consideration of information and input provided by management and Meridian. The Committee views these revisions to the equity award structure as a furtherance of the long-term incentive compensation strategy the Committee initiated in 2020 when the awards based on
Long-Term, Equity-Based Award
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Long-Term, Equity-Based Award
the Company’s relative ROIC performance over a three-year period were first introduced as a component of the Company’s performance-based equity program. The Committee believes that the expansion of the ROIC-based portion of the program, with a modifier tied to operating income growth, along with the elimination of operating income and EBITDA as singular performance measures, better aligns with the Company’s strategic emphasis on long-term growth and returns while continuing to effectively promote strong annual operating performance. The percentage of restricted share units subject to three-year cliff vesting at 60% of the total annual equity-based award further enhances the awards’ long-term performance incentive nature, with an appropriate balance of retention incentive through the 40% time-based portion that vests in annual installments over a similar three-year period. Finally, the Committee adopted the schedule of unequal annual vesting installments for the time-based awards for 2025 and 2026 to facilitate management’s transition to the increased cliff-based vesting structure culminating in an equal annual installment vesting schedule for the time-based awards beginning in 2027. The Compensation Committee believes that restricted share units are currently more effective than stock options in achieving the Company’s compensation objectives, as these grants are subject to less market volatility and are less dilutive to shareholders. NEOs realize immediate value as restricted share units vest, with such value increasing as the Company’s stock performance increases. Cash dividends are not paid and there are no voting rights on unvested restricted share units. In determining the number of restricted share units granted to each NEO, the Compensation Committee reviewed peer market data provided by Meridian and a detailed analysis of each NEO’s vested and unvested stock holdings. In considering unvested stock holdings, the Committee reviewed a forecast of the timing of potential future restricted stock unit vesting for each NEO over the next ten years. The Compensation Committee subjectively considered the following objectives (without any particular weighting) when determining the form and amount of restricted share units granted to NEOs in 2025:
Long-Term, Equity-Based Award
| • | align NEOs’ long-term interests with those of the Company’s shareholders, | | • | strengthen retention hooks for NEOs over the long term, | | • | ensure competitiveness of NEOs’ total compensation opportunity through an emphasis on performance-based long-term stock compensation, | | • | reinforce share holdings of NEOs, | | • | align NEOs’ compensation with the Company’s long-term leadership succession planning initiatives, and | | • | bolster the continuity of the entire management team through an upcoming period of critical strategic goals and milestones for the Company. |
Long-Term, Equity-Based Award
The Compensation Committee and/or independent directors approved the following restricted share unit grants, (performance-based restricted stock units are presented at target performance levels):
Long-Term, Equity-Based Award
| Annual ROIC Performance-Based Units (#) | | Annual Time-Based Units (#) | Promotional ROIC Performance-Based Units (#) | Promotional Time- Based Units (#) | Total Fair Value ($) | | Shelley Simpson | 25,074 | 16,716 | | | 6,927,529 | | Brad Delco | | 1,145 | 6,000 | 10,897 | 2,574,818 | | John Kuhlow | 8,239 | 5,493 | | | 2,276,354 | | John N. Roberts, III | 18,925 | 12,616 | | | 5,228,552 | | Nicholas Hobbs | 10,774 | 7,182 | | | 2,976,566 | | Darren Field | 9,893 | 6,595 | | | 2,733,216 |
Long-Term, Equity-Based Award
| 56 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Long-Term, Equity-Based Award
The fair value of all annual awards was based on a 2.65% discount from the Company’s closing stock price of $170.28 on January 23, 2025. Mr. Delco’s promotional awards were based on a 2.65% discount from the Company’s closing stock price of $144.99 on September 1, 2025. The discount represents the present values of expected dividends to be paid on the Company’s common stock, using the current dividend rate and the risk-free interest rate, over the vesting period. The Company believes that these discounts are appropriate to value the restricted share units, as the units do not collect or accrue dividends until the awards vest and are settled with Company stock. The 2025 NEO time-based awards shown on the previous page vest in annual increments over time periods ranging from three to eight years, beginning January 31, 2026 and September 1, 2031, with the exception of the 1,145 unit time-based award received by Mr. Delco prior to his promotion to Chief Financial Officer and Executive Vice President. Performance-based units shown on the previous page cliff vest on March 31, 2028, subject to the Company’s attainment of predetermined operating metrics established and approved by the Compensation Committee. In 2022, the Compensation Committee granted to the named executive officers three-year cliff vesting awards based on both ROIC and earnings before interest, taxes, depreciation, and amortization (EBITDA). The Compensation Committee certified in March 2025 that the Company achieved an EBITDA compound annual growth rate of -0.2% and ROIC relative to the peer group at the 75th percentile for the three-year performance period ended December 31, 2024. These compared to a targeted EBITDA compound annual growth rate range of 9.1-14.1% and a targeted ROIC range relative to the peer group at the 50th-100th percentile. As a result, the EBITDA portion of the 2022 awards were forfeited due to nonachievement of the required minimum performance goal and the ROIC portion of the awards vested at the 150% level on March 31, 2025. The annual installment of the previously granted operating income-based awards either vested on January 31, 2025, or were forfeited due to nonachievement of the required minimum performance goal based on the Company’s 2024 operating income of $831 million.
Severance Agreements
Severance Agreements The Company does not have employment contracts or predetermined personal severance agreements with any of its executives. However, according to the terms of the awards granted under the previously mentioned MIP, all outstanding restricted share units are subject to accelerated or immediate vesting upon the occurrence of a double triggering event, which requires both a “change in control” and the NEO’s retirement, termination by the Company without cause, or resignation for good reason. Generally, a “change in control” is deemed to occur when more than 30% of the outstanding shares of common stock of the Company change ownership in a transaction that is not a merger, reorganization, or consolidation, when the persons who constitute the Company’s incumbent Board of Directors cease to constitute a majority of the Board, or upon the consummation of a merger, reorganization, consolidation, or similar form of corporate transaction involving the Company that requires the approval of the Company’s shareholders where more than 50% of the outstanding shares change ownership or a complete liquidation or dissolution of the Company or the sale or disposition of all or substantially all of the assets of the Company.
Severance Agreements
| 58 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Summary Compensation
| Name and Principal Position | Year | Salary ($)(1) | Stock Awards ($)(2) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(1) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | | Shelley Simpson President and CEO | 2025 | 961,385 | 6,927,529 | — | 1,067,421 | — | 48,036 | 9,004,371 | | | 2024 | 857,323 | 10,406,600 | — | — | — | 52,804 | 11,316,727 | | | 2023 | 791,346 | 3,894,298 | — | — | — | 27,868 | 4,713,512 | | Brad Delco (3) CFO and EVP | 2025 | 347,539 | 2,574,818 | — | 204,308 | — | 8,420 | 3,135,085 | | | 2024 | — | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — | — | | John Kuhlow (3) CFO, CAO, and EVP (partial year); CAO | 2025 | 578,515 | 2,276,354 | — | 428,194 | — | 21,924 | 3,304,987 | | | 2024 | 539,862 | 2,010,797 | — | — | — | 23,872 | 2,574,531 | | | 2023 | 519,231 | 1,947,059 | — | — | — | 30,352 | 2,496,642 | | John N. Roberts, III Executive Chairman | 2025 | 705,619 | 5,228,552 | — | 759,627 | — | 49,937 | 6,743,735 | | | 2024 | 933,839 | 7,462,218 | — | — | — | 57,552 | 8,453,609 | | | 2023 | 997,692 | 7,204,478 | — | — | — | 54,163 | 8,256,333 | | Nicholas Hobb COO, President of Highway and Final Mile Services and EVP | 2025 | 747,600 | 2,976,566 | — | 553,358 | — | 27,184 | 4,304,708 | | | 2024 | 697,115 | 2,440,394 | — | — | — | 26,843 | 3,164,352 | | | 2023 | 669,231 | 2,336,471 | — | — | — | 31,447 | 3,037,149 | | Darren Field President of Intermodal, and EVP Intermodal, and EVP | 2025 | 635,423 | 2,733,216 | — | 470,324 | — | 32,394 | 3,871,357 | | | 2024 | 592,692 | 2,416,077 | — | — | — | 31,335 | 3,040,104 | | | 2023 | 569,231 | 2,336,471 | — | — | — | 19,221 | 2,924,923 |
Grants of Plan-Based Awards for 2025
Grants of Plan-Based Awards for 2025 The following table reflects estimated possible payouts under equity and non-equity incentive plans to the NEOs during 2025. The Company’s non-equity incentive-based awards are granted to the NEOs based upon pre-established performance goals set annually by the Compensation Committee with a performance period equal to the calendar year for which the performance goals are set. Equity-based awards are subject to vesting periods ranging from three to eight years, as further described on page 55 under “Long-Term, Equity-Based Award.” The MIP is a plan consisting of equity-based awards only. The number of performance-based or time-based restricted share units awarded is measured based on the executive’s level of responsibility and other matters described on page 55 under “Long-Term, Equity-Based Award.” Dividends are not paid on unvested awards of performance-based or time-vested restricted share units. In 2025, NEOs were eligible to earn a cash bonus under the non-equity incentive award plan based on the Company’s operating income, revenue (excluding fuel surcharge revenue), and safety performance for the calendar year. Please refer to page 53 under “Annual Bonus Award” for further detail.
Grants of Plan-Based Awards for 2025
| | | Estimated Possible Payouts Under Non-Equity Incentive Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards | All Other Option Awards | | | | Name/ Award | Grant Date | Threshold ($) | Target ($) | Maximum ($)(1) | Threshold (#) | Target (#)(2) | Maximum (#) | Number of Shares of Stock or Units (#) | Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($)(3) | | Shelley Simpson | | | | | | | | | | | | | CBP | | 348,375 | 1,393,500 | 2,787,000 | — | — | — | — | — | — | — | | ROIC | 1/23/25 | — | — | — | 10,030 | 25,074 | 60,178 | — | — | — | 4,156,517 | | TIME | 1/23/25 | — | — | — | — | — | — | 16,716 | — | — | 2,771,012 | | Brad Delco | | | | | | | | | | | | | CBP | | 77,094 | 257,923 | 515,845 | — | — | — | — | — | — | — | | PRE NEO | 1/23/25 | — | — | — | — | — | — | 1,145 | — | — | 189,807 | | PROMO/R | 9/1/25 | — | — | — | 2,400 | 6,000 | 14,400 | — | — | — | 846,900 | | PROMO/T | 9/1/25 | — | — | — | — | — | — | 10,897 | — | — | 1,538,111 | | John Kuhlow | | | | | | | | | | | | | CBP | | 140,309 | 559,000 | 1,118,000 | — | — | — | — | — | — | — | | ROIC | 1/23/25 | — | — | — | 3,296 | 8,239 | 19,774 | — | — | — | 1,365,779 | | TIME | 1/23/25 | — | — | — | — | — | — | 5,493 | — | — | 910,575 | | John N. Roberts, III | | | | | | | | | | | | | CBP | | 247,920 | 991,680 | 1,983,360 | — | — | — | — | — | — | — | | ROIC | 1/23/25 | — | — | — | 7,570 | 18,925 | 45,420 | — | — | — | 3,137,197 | | TIME | 1/23/25 | — | — | — | — | — | — | 12,616 | — | — | 2,091,355 |
Grants of Plan-Based Awards for 2025
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Grants of Plan-Based Awards for 2025
| | | Estimated Possible Payouts Under Non-Equity Incentive Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards | All Other Option Awards | | | | Name/ Award | Grant Date | Threshold ($) | Target ($) | Maximum ($)(1) | Threshold (#) | Target (#)(2) | Maximum (#) | Number of Shares of Stock or Units (#) | Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($)(3) | | Nicholas Hobbs | | | | | | | | | | | | | CBP | | 181,322 | 722,400 | 1,444,800 | — | — | — | — | — | — | — | | ROIC | 1/23/25 | — | — | — | 4,310 | 10,774 | 25,858 | — | — | — | 1,786,006 | | TIME | 1/23/25 | — | — | — | — | — | — | 7,182 | — | — | 1,190,560 | | Darren Field | | | | | | | | | | | | | CBP | | 154,114 | 614,000 | 1,228,000 | — | — | — | — | — | — | — | | ROIC | 1/23/25 | — | — | — | 3,957 | 9,893 | 23,743 | — | — | — | 1,639,963 | | TIME | 1/23/25 | — | — | — | — | — | — | 6,595 | — | — | 1,093,253 |
Grants of Plan-Based Awards for 2025
| (1) This column reflects the maximum non-equity incentive award each NEO was eligible to receive for 2025 under the percentage assigned to each NEO for the cash bonus pools. The actual amounts earned and paid are reported in the Summary Compensation Table shown on page 59 for the Proxy. | | (2) This column reflects the number of performance-based restricted share units that were granted to the NEOs in 2025. | | (3) The fair value of the awards was based on a 2.65% discount from the Company’s closing stock price of $170.28 on January 23, 2025, except for awards granted to Mr. Delco upon his promotion, which were based on a 2.65% discount from the Company’s closing stock price of $144.99 on September 1, 2025. The discount represents the present value of expected dividends to be paid on the Company’s common stock, using the current dividend rate and the risk-free interest rate, over the vesting period. The Company believes that this discount is appropriate to value the restricted share units, as the units do not collect or accrue dividends until the awards vest and are settled with Company stock. Fair value of performance-based restricted share units subject to ROIC are reflected at their target of 100% of the units granted. |
Grants of Plan-Based Awards for 2025
Key to Plan-Based Awards Table: CBP – Company Bonus Plan PRE NEO – Annual Time-Based Restricted Share Units Before Promotion to NEO PROMO/R - Promotional ROIC Performance-Based Restricted Share Units PROMO/T – Promotional Time-Based Restricted Share Units ROIC – Annual ROIC Performance-Based Restricted Share Units TIME – Annual Time-Based Restricted Share Units
Grants of Plan-Based Awards for 2025
| 62 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Outstanding Equity Awards at Calendar Year-End 2025
Outstanding Equity Awards at Calendar Year-End 2025 As of December 31, 2025, there were no outstanding stock options held by the NEOs. The following table sets forth information concerning restricted share units held by the NEOs as of December 31, 2025.
Outstanding Equity Awards at Calendar Year-End 2025
| Name | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Shelley Simpson | 31,509 | 6,123,459 | 3,735 | 725,860 | | | 16,716 | 3,248,588 | 2,105 | 409,086 | | | | | 20,216 | 3,928,777 | | | | | 8,116 | 1,577,263 | | | | | 5,410 | 1,051,379 | | | | | 11,197 | 2,176,025 | | | | | 4,976 | 967,036 | | | | | 5,420 | 1,053,323 | | | | | 2,408 | 467,971 | | | | | 25,074 | 4,872,881 | | Brad Delco | 2,096 | 407,337 | 6,000 | 1,166,040 | | | 237 | 46,058 | | | | | 470 | 91,340 | | | | | 859 | 166,938 | | | | | 4,000 | 777,360 | | | | | 6,897 | 1,340,363 | | | | John Kuhlow | 5,493 | 1,067,510 | 7,471 | 1,451,914 | | | | | 1,731 | 336,402 | | | | | 4,058 | 788,632 | | | | | 2,705 | 525,690 | | | | | 5,582 | 1,084,806 | | | | | 2,481 | 482,158 | | | | | 8,239 | 1,601,167 | | John N. Roberts, III | 12,616 | 2,451,793 | 6,315 | 1,227,257 | | | | | 15,014 | 2,917,821 | | | | | 10,009 | 1,945,149 | | | | | 20,715 | 4,025,753 | | | | | 9,206 | 1,789,094 | | | | | 18,925 | 3,677,885 | | Nicholas Hobbs | 7,182 | 1,395,750 | 3,735 | 725,860 | | | | | 2,105 | 409,086 | | | | | 4,870 | 946,436 | | | | | 3,246 | 630,828 | | | | | 6,774 | 1,316,459 | | | | | 3,011 | 585,158 | | | | | 10,774 | 2,093,819 |
Outstanding Equity Awards at Calendar Year-End 2025
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Outstanding Equity Awards at Calendar Year-End 2025
| Name | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Daren Field | 6,595 | 1,281,672 | 2,434 | 473,024 | | | | | 4,372 | 849,654 | | | | | 2,105 | 409,086 | | | | | 4,870 | 946,436 | | | | | 3,246 | 630,828 | | | | | 6,707 | 1,303,438 | | | | | 2,981 | 579,327 | | | | | 9,893 | 1,922,606 |
Outstanding Equity Awards at Calendar Year-End 2025
| (1) Restricted share units are time-vested or performance-based awards. Effective vesting dates, pending achievement of required performance goals set for performance-based awards, are noted below. Performance-based restricted share units subject to operating income, EBITDA, and ROIC metrics are recorded at their target of 100% of the units granted. |
Outstanding Equity Awards at Calendar Year-End 2025
| (2) Values are based on the last closing market price of the Company’s common stock of $194.34 on December 31, 2025. |
Components of Nonqualified Deferred Compensation for Calendar Year 2025
Components of Nonqualified Deferred Compensation for Calendar Year 2025 We have a nonqualified deferred compensation plan that allows eligible employees to defer a portion of their compensation. Participants can elect to defer up to a maximum of 50% of their base salary as well as up to 85% of their bonus for the year. The compensation deferred under this plan is credited with earnings or losses of investments elected by plan participants. Each participant is fully vested in all deferred compensation and earnings; however, these amounts are subject to general creditor claims until actually distributed to the employee. A participant may elect to receive deferred amounts in one payment or in quarterly installments payable over a period of two to 25 years upon reaching the age of 55, having 15 years of service, or becoming disabled. Our total liability under this plan was $36,289,697 as of December 31, 2025, and $33,900,125 as of December 31, 2024. These amounts are included in other long-term liabilities in our Consolidated Balance Sheets. Participant withholdings are held by a trustee and invested as directed by participants. These investments are included in “other assets” in our Consolidated Balance Sheets and totaled $36,289,687 as of December 31, 2025, and $33,900,125 as of December 31, 2024. No NEO participated in our nonqualified deferred compensation plan in 2025.
CEO Pay Ratio
CEO Pay Ratio As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act), we are providing the following information about the relationship of the annual total compensation of our “median employee” and the annual total compensation of our CEO. For 2025, our last completed fiscal year:
CEO Pay Ratio
| • | The median of the annual total compensation of all of the Company’s employees, other than our CEO, was $76,432. |
CEO Pay Ratio
| • | The annualized total compensation of our CEO was $9,004,371. |
CEO Pay Ratio
| • | Based on this information, the ratio for 2025 of the annualized total compensation of our CEO to the median of the annual total compensation of all other employees was 118 to 1. |
CEO Pay Ratio
In determining the median of the annual total compensation of all of the Company’s employees, other than our CEO, we are required to identify the Company’s “median employee.” Item 402(u) of Regulation S-K requires us to identify the Company’s median employee once every three years, unless a change in employee population or compensation arrangements is likely to result in a significant change in our CEO pay ratio disclosures. The Company last identified its median employee in 2022. Accordingly, for the 2025 pay ratio calculation, we performed the following to identify the median employee in 2025:
CEO Pay Ratio
| • | We conducted a full analysis of our employee population as of our determination date of December 31, 2025. |
CEO Pay Ratio
| • | We excluded employees residing in Mexico and Canada from our calculation under the De Minimis Exemption. Employees located in Mexico and Canada constituted 0.42% and 0.03% of our total employee population, respectively, which consisted of 133 individuals in Mexico and 8 individuals in Canada as of our determination date. |
CEO Pay Ratio
| • | Our employee population, after taking into consideration the aforementioned adjustments, consisted of 31,430 individuals. Of these employees, 31,218 individuals were full-time (or full-time equivalent) employees, with the remainder employed on a part-time (less than 30 hours per week) basis. 99.55% of our employees (31,340 individuals) were located in the United States. |
CEO Pay Ratio
| • | We used a definition that was not total compensation and instead chose the aggregate of the employee’s base pay and cash incentive bonuses paid during the period of January 1, 2025, through December 31, 2025. These balances were then annualized, with any anomalous reported earnings being replaced with a substantially similar employee balance. Reasons for the replacement of anomalous earnings were primarily due to a lack of adequate length of employment history with the company or the employee incurring a leave of absence during the analysis period. |
CEO Pay Ratio
| • | Using this methodology, we determined that the “median employee” was the average of two single employees—a local driver and a regional driver. |
CEO Pay Ratio
To determine the annual total compensation of the “median employee” for 2025, we identified and calculated the elements of compensation for this identified employee in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K.
CEO Pay Ratio
| 68 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Pay Versus Performance
Pay Versus Performance The table below reports calculated compensation actually paid for our CEO, considered our principal executive officer (PEO), and averages of calculated compensation actually paid for our remaining reported NEOs, together with shareholder returns, net income, and operating income for the past four years. The Compensation Committee considers operating income to be the most important financial performance measure used to link compensation actually paid to our NEOs, for the most recently completed fiscal year, to the Company’s performance.
Pay Versus Performance
| Pay versus Performance Table | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | Year | Summary Compensation Table Total For PEO ($)(1) | Compensation Actually Paid to PEO ($)(2) | Average Summary Compensation Table Total Non- PEO NEOs ($)(3) | Average Compensation Actually Paid to Non- PEO NEOs ($)(4) | Total Shareholder Return ($)(5) | Peer Group Total Shareholder Return ($)(6) | Net Income ($) (thousands)(7) | Operating Income ($) (thousands)(8) | | (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | | 2021 | 8,801,881 | 16,995,242 | 3,337,948 | 6,489,537 | 150.63 | 133.25 | 760,806 | 1,045,530 | | 2022 | 9,240,455 | 5,614,863 | 4,745,765 | 3,310,170 | 129.65 | 115.77 | 969,351 | 1,331,553 | | 2023 | 8,256,333 | 12,654,140 | 3,293,057 | 4,956,985 | 149.87 | 140.98 | 728,287 | 993,196 | | 2024 | 11,316,727 | 9,039,000 | 4,006,858 | 1,676,972 | 129.26 | 146.86 | 570,886 | 831,225 | | 2025 | 9,004,371 | 13,097,307 | 4,271,974 | 5,399,109 | 148.91 | 162.46 | 598,282 | 865,069 |
Pay Versus Performance
| (1) This column lists the total compensation amounts for our PEO, Shelley Simpson, for 2025 and 2024 and for our former PEO, John N. Roberts, III, for 2023, 2022, and 2021 reported in the Summary Compensation Table shown on page 59 of this Proxy Statement or reported in the Summary Compensation Table included in our 2022 Proxy Statement filed on March 24, 2023. |
Pay Versus Performance
| (2) For each year listed, this column is calculated as follows: |
Pay Versus Performance
| | | 2021 | 2022 | 2023 | 2024 | 2025 | | | Total Compensation as reported SCT | $8,801,881 | $9,240,455 | $8,256,333 | $11,316,727 | $9,004,371 | | (Subtract) | Pension values reported in SCT for covered fiscal year | — | — | — | — | — | | (Subtract) | Fair value of stock awards granted during covered fiscal year | (6,042,085) | (6,592,523) | (7,204,478) | (10,406,600) | (6,927,529) | | Add | Pension value attributable to covered fiscal year’s service and any change in pension value attributable to plan amendments made in the covered year | — | — | — | — | — | | Add | Fair value of stock awards granted in covered fiscal year and that are unvested at end of such covered fiscal year— valued at year-end | 8,384,434 | 5,735,617 | 7,785,675 | 10,610,890 | 10,074,143 | | Add | Fair value of stock awards granted in covered fiscal year that vested during such covered fiscal year—valued on date of vesting | — | — | — | — | — | | Add | Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | — | — | — | — | — |
Pay Versus Performance
| J.B. Hunt Transport Services, Inc. Proxy Statement | 69 |
Pay Versus Performance
| | | 2021 | 2022 | 2023 | 2024 | 2025 | | Add/ (Subtract) | Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | 5,510,480 | (2,280,415) | 2,097,842 | (2,601,459) | 901,154 | | Add/ (Subtract) | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | 340,533 | (488,272) | 1,718,768 | 119,442 | 45,168 | | (Subtract) | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | — | — | — | — | — | | Equals | Compensation Actually Paid to PEO | $16,995,242 | $5,614,863 | $12,654,140 | $9,039,000 | $13,097,307 |
Pay Versus Performance
The fair value of performance-based restricted share units used for reporting compensation actually paid assumes estimated results as of December 31 of the applicable year for each pre-established performance goal (i.e., operating income, ROIC, and EBITDA) in accordance with FASB ASC 718. Performance-based restricted share units will ultimately vest based on actual measured performance through the applicable vesting periods. The fair value of performance-based restricted share units forfeited in 2025 due to nonachievement of required operating income or EBITDA performance goals was zero at December 31, 2024.
Pay Versus Performance
| (3) This column lists the average total compensation amount for our other non-PEO NEOs reported in the Summary Compensation Table shown on page 59 of this Proxy Statement or reported in the Summary Compensation Table included in our 2022 Proxy Statement filed on March 24, 2023. The non-PEO NEOs included are as follows: |
Pay Versus Performance
2021 John Kuhlow—Chief Financial Officer, Chief Accounting Officer, and Executive Vice President Shelley Simpson—Chief Commercial Officer and Executive Vice President of People and Human Resources Nicholas Hobbs—Chief Operating Officer, President of Contract Services, and Executive Vice President Darren Field—President of Intermodal and Executive Vice President 2022 and 2023 John Kuhlow—Chief Financial Officer, Chief Accounting Officer, and Executive Vice President Shelley Simpson—President Nicholas Hobbs—Chief Operating Officer, President of Contract Services, and Executive Vice President Darren Field—President of Intermodal and Executive Vice President 2024 John Kuhlow— Chief Financial Officer, Chief Accounting Officer, and Executive Vice President John N. Roberts, III— Executive Chairman of the Board Nicholas Hobbs— Chief Operating Officer, President of Highway and Final Mile Services, and Executive Vice President Darren Field— President of Intermodal and Executive Vice President Bradley Hicks— President of Dedicated Contract Services and Executive Vice President 2025 Brad Delco—Chief Financial Officer and Executive Vice President John Kuhlow—Chief Accounting Officer; former Chief Financial Officer and Executive Vice President John N. Roberts, III—Executive Chairman of the Board Nicholas Hobbs—Chief Operating Officer, President of Highway and Final Mile Services, and Executive Vice President
Pay Versus Performance
| 70 | Proxy Statement J.B. Hunt Transport Services, Inc. |
Pay Versus Performance
| (4) For each year listed, this column is calculated as follows: |
Pay Versus Performance
| | | 2021 | 2022 | 2023 | 2024 | 2025 | | | Total Compensation as reported SCT | $3,337,948 | $4,745,765 | $3,293,057 | $4,006,858 | $4,271,974 | | (Subtract) | Pension values reported in SCT for covered fiscal year | - | - | - | - | - | | (Subtract) | Fair value of stock awards granted during covered fiscal year | (1,958,038) | (3,320,605) | (2,628,575) | (3,308,301) | (3,157,901) | | Add | Pension value attributable to covered fiscal year’s service and any change in pension value attributable to plan amendments made in the covered year | - | - | - | - | - | | Add | Fair value of stock awards granted in covered fiscal year and that are unvested at end of such covered fiscal year—valued at year-end | 2,717,115 | 3,056,370 | 2,840,626 | 2,963,319 | 4,619,027 | | Add | Fair value of stock awards granted in covered fiscal year that vested during such covered fiscal year—valued on date of vesting | - | - | - | - | 9,659 | | Add | Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | - | - | - | - | - | | Add/ (Subtract) | Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | 2,185,409 | (904,527) | 985,448 | (2,105,050) | (357,855) | | Add/ (Subtract) | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | 207,103 | (266,834) | 466,429 | 120,146 | 14,205 | | (Subtract) | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | - | - | - | - | - | | Equals | Average Compensation Actually Paid to NEOs | $6,489,537 | $3,310,170 | $4,956,985 | $1,676,972 | $5,399,109 |
Pay Versus Performance
The fair value of performance-based restricted share units used for reporting compensation actually paid assumes estimated results as of December 31 of the applicable year for each pre-established performance goal (i.e., operating income, ROIC, and EBITDA) in accordance with FASB ASC 718. Performance-based restricted share units will ultimately vest based on actual measured performance through the applicable vesting periods. The fair value of performance-based restricted share units forfeited in 2025 due to nonachievement of required operating income or EBITDA performance goals was zero at December 31, 2024.
Pay Versus Performance
| (5) This column lists a cumulative 5-year total return of shareholders of our common stock and assumes the value of the investment (including reinvestment of dividends) was $100 on December 31, 2020, and tracks it through December 31, 2025. The stock price performance included in the column is not necessarily indicative of future stock price performance. |
Pay Versus Performance
| (6) This column lists a cumulative 5-year total return of shareholders calculated using the same method for column (f) for the peer group listed under the section titled “Benchmarking Against a Peer Group” on page 46 of this Proxy Statement. For 2024, the peer group used was the same as 2025, with the omission of United Rentals, Inc. which was added to the peer group in 2025. The peer group as of December 31, 2024 and 2025 excluded Stericycle, Inc., as it was acquired by Waste Management, Inc. in November 2024. The cumulative 5-year total shareholder returns through December 31, 2025 of the former peer group (excluding both United Rentals, Inc. and Stericycle, Inc.), the current peer group, and the Company were $154.19, $162.46 and $148.91, respectively. |
Pay Versus Performance
| (7) This column lists our reported net income for the year indicated. |
Pay Versus Performance
| (8) This column lists our reported operating income for the year indicated, which we consider the most important financial performance measure that was used to link compensation actually paid for the most recent fiscal year to company performance. |
Description of the Relationship Between Compensation Actually Paid to Our Named Executive Officers and Company Performance
Description of the Relationship Between Compensation Actually Paid to Our Named Executive Officers and Company Performance The following graphs present the relationships between the compensation actually paid to our PEO and average compensation actually paid to our remaining reported NEOs to our total shareholder return, net income, operating income, and our peer group’s total shareholder return for the years ended 2021 through 2025.
Description of the Relationship Between Compensation Actually Paid to Our Named Executive Officers and Company Performance
| J.B. Hunt Transport Services, Inc. Proxy Statement | 71 |
Description of the Relationship Between Compensation Actually Paid to Our Named Executive Officers and Company Performance
| Compensation Actually Paid vs. Cumulative TSR | Compensation Actually Paid vs. Net Income | | | | | Compensation Actually Paid vs. Operating Income | | | | |