Hub Group

HUBG · Nasdaq · Industrials · Financials, fiscal 2015 to 2024

HUBG · Last close · November 6, 2026

$24.22

Hub Group's revenue fell 6.1% to $3.9 billion in fiscal 2024. Its operating margin was 3.5%, down from 5.0% a year earlier. Free cash flow was $144 million, down 49.1%. It paid out $99 million in dividends and buybacks, 69% of free cash flow. The diluted share count fell 4.5%.

HUB GROUP, INC. Latest fiscal year ended December 31, 2024 10-K filed February 25, 2025 · 0000950170-25-026866 Updated November 5, 2026

Revenue

$3.9B

6.1%

Operating margin

3.5%

1.5 pts

Net income

$104M

37.9%

Free cash flow

$144M

49.1%

Return on capital

6.0%

3.8 pts

Market cap

$1.5B

Nov 6 close

P/E

14.0x

On $1.73 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Hub Group does

Hub Group moves freight for other companies and manages their shipping. It uses a mix of its own trucks and equipment and carriers it hires. Customers are in retail, consumer products, automotive and durable goods, and the company says it is one of the largest freight transportation providers in North America.

It has two segments. Intermodal and Transportation Solutions covers intermodal shipping, which moves containers by rail and truck, and dedicated trucking. Logistics covers fully outsourced logistics, transportation management, consolidation and fulfillment, final-mile delivery, and a brokerage business that arranges truckload, less-than-truckload, flatbed and temperature-controlled shipments. In 2024, 57% of its revenue came from the first segment.

As of the end of 2024 it had about 6,500 employees, including about 3,200 drivers. Demand is seasonal: it rises in the second half of the year as retail customers build inventory before the December holidays. It competes with intermodal providers, logistics firms, brokers, trucking carriers, warehousing providers and railroads on price, service quality, reliability and transit time.

Its biggest risks, as it describes them

Falling demand for intermodal shipping, its largest source of revenue.
Dependence on the railroads for rates and service.
A shortage of drivers and trucking capacity.
Price pressure in a highly competitive industry.
Strikes or work stoppages by drivers, warehouse, port or railroad workers.

From Hub Group's annual report on Form 10-K, filed February 25, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2015 to 2024, earnings per share grew 6.3% a year and net income 4.3% a year, as buybacks cut the share count by 15%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY20	FY21	FY22	FY23	FY24
Cash and short-term investments	124	160	287	187	98
Debt incl. finance leases	272	276	344	353	265
Net debt (negative means net cash)	148	116	57	166	167
Net debt to EBITDA	0.6x	0.3x	0.1x	0.4x	0.5x
Debt to equity	0.2x	0.2x	0.2x	0.2x	0.2x
Interest coverage	11.3x	32.6x	63.2x	15.8x	9.7x
Current ratio	1.3x	1.3x	1.5x	1.3x	1.3x
Quick ratio	1.3x	1.3x	1.5x	1.3x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Hub Group's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Hub Group's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $199,717 of Hub Group shares on the open market, and 1 insider sold $1.4 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Dec 11, 2025	Phillip D YeagerPresident, CEO & Vice Chairman, Director	Sold plan	32,000	$43.68	$1.4 million	Form 4
Dec 11, 2025	Gary YablonDirector	Bought	4,566	$43.74	$199,717	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY22	FY23	FY24
Piotroski F-score	8 of 9	5 of 8	6 of 8
Rule of 40	30.7%	−14.6%	−2.5%
Altman Z''	5.44	4.40	4.57
Accruals ratio	−3.9%	−8.9%	−3.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY22	FY23	FY24
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	5 of 8	6 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Hub Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hub Group	FY24	−6.1%	3.5%	3.6%	6.0%	0.5x	6
Expeditors International	FY25	4.4%	9.5%	8.6%	—	—	—	Compare
GXO Logistics	FY25	12.6%	1.9%	0.8%	2.3%	3.1x	5	Compare
C.H. Robinson	FY25	−8.4%	4.9%	5.5%	22.6%	1.0x	6	Compare
United Parcel Service	FY25	−2.6%	8.9%	5.4%	18.4%	1.7x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Income statement
Revenue	—	2,750	3,123	3,684	3,668	3,496	4,232	5,340	4,203	3,946
Revenue growth	—	—	13.6%	17.9%	−0.4%	−4.7%	21.1%	26.2%	−21.3%	−6.1%
Gross profit	413	331	338	446	521	425	600	890	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	117	97	73	125	152	106	238	475	212	140
Net income	71	75	135	202	107	74	172	357	168	104
Diluted EPS (US$)	0.98	1.10	2.02	3.00	1.60	1.09	2.53	5.32	2.62	1.70
Diluted shares (millions)	72	68	67	67	67	67	68	67	64	61
Cash flow
Cash from operations	172	102	125	211	254	175	253	458	422	194
Capital expenditure	83	107	74	200	95	115	133	219	140	51
Free cash flow	89	−5	51	11	160	60	120	239	282	144
Dividends paid	0	0	0	0	0	0	0	0	0	30
Share buybacks	29	100	0	0	25	0	0	75	144	68
Acquisitions	0	0	166	249	1	85	122	103	261	15
Stock-based compensation	8	8	10	14	16	17	20	20	21	19
Balance sheet at fiscal year end
Cash and short-term investments	208	127	29	61	169	124	160	287	187	98
Debt incl. finance leases	133	161	292	338	286	272	276	344	353	265
Total assets	1,301	1,360	1,671	1,925	1,992	2,105	2,437	2,810	2,936	2,868
Total liabilities	653	732	901	944	916	948	1,097	1,210	1,301	1,176
Shareholders' equity	648	628	770	981	1,075	1,158	1,340	1,600	1,635	1,645
Margins and ratios
Gross margin	—	12.1%	10.8%	12.1%	14.2%	12.2%	14.2%	16.7%	—	—
Operating margin	—	3.5%	2.3%	3.4%	4.2%	3.0%	5.6%	8.9%	5.0%	3.5%
Net margin	—	2.7%	4.3%	5.5%	2.9%	2.1%	4.0%	6.7%	4.0%	2.6%
Free cash flow margin	—	−0.2%	1.6%	0.3%	4.3%	1.7%	2.8%	4.5%	6.7%	3.6%
Rule of 40 (growth + FCF margin)	—	—	15.2%	18.2%	3.9%	−3.0%	23.9%	30.7%	−14.6%	−2.5%
Return on capital	12.9%	9.6%	8.6%	8.2%	9.3%	6.5%	12.8%	23.3%	9.8%	6.0%
Return on equity	11.4%	11.7%	19.3%	23.1%	10.4%	6.6%	13.7%	24.3%	10.4%	6.3%
Return on assets	5.7%	5.6%	8.9%	11.2%	5.5%	3.6%	7.5%	13.6%	5.8%	3.6%
Net debt to EBITDA	−0.5x	0.2x	1.9x	1.3x	0.4x	0.6x	0.3x	0.1x	0.4x	0.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hub Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hub Group.