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Dec 31, 2025
Hub Group Q4 2025 Earnings Report
Key Takeaways
Hub Group delivered strong operating cash flows and revenue performance in 2025 despite industry headwinds, supported by intermodal volume growth and new business awards. The company announced a delay in its full earnings release and conference call due to an error in financial statements for the first, second, and third quarters of 2025, which resulted in an understatement of purchased transportation costs and accounts payable.
Fourth quarter intermodal volume increased 1% from the prior year.
Strong year-end balance sheet with cash and restricted cash of approximately $140 million and lower net debt.
Preliminary 2025 operating cash flow of approximately $194 million.
Preliminary 2025 capital expenditures of approximately $45 million.
Forward Guidance
For full year 2026, Hub Group estimates revenue of approximately $3.65 billion to $3.95 billion and capital expenditures of approximately $35 million to $45 million.
Positive Outlook
- Expected revenue range of $3.65 billion to $3.95 billion for full year 2026.
- Anticipated capital expenditures of $35 million to $45 million for full year 2026.
Challenges Ahead
- The company will restate financial statements for Q1, Q2, and Q3 2025 due to an error.
- The error resulted in an understatement of purchased transportation costs and accounts payable.
- The total reduction to accounts payable and purchased transportation costs related to this issue was $77 million for the first nine months of 2025.
- The company cannot yet estimate the resulting increase to purchased transportation and warehousing costs and accounts payable.
- The company is continuing to assess the potential impact to its consolidated financial statements for the years ended December 31, 2024 and 2023.
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