J. B. Hunt: 10 Things About 2Q26: GOAL!

Research evidence excerpt

J. B. Hunt: 10 Things About 2Q26: GOAL!

16 July 2026

J. B. Hunt

sees “additional runway ahead” as they continue to scale “technology

investments and improve efficiencies across our suite of services.”

They also discussed the potential for greater fixed-cost absorption, with

meaningful excess intermodal capacity remaining from pre-funded containers,

even after 10% volume growth.

8) …Without compromising JBHT’s growth opportunities

2Q served as evidence that JBHT’s cost discipline is not coming at the expense

of future growth, as the company continued to make progress on structural cost

reduction while, again, delivering double-digit volume growth across Intermodal,

ICS, and Trucking — including all-time-high Intermodal loads.

The 10% growth in intermodal volumes marked the first double-digit volume-

growth quarter in over a decade. Furthermore, the exit rate on intermodal growth

accelerated, with volumes up 9% in April and May and then 12% in June. Eastern

volumes grew 16% in the quarter, or 31% on a two-year stack.

Figure 1: Monthly intermodal volume growth accelerated through 2Q, exiting

June at +12% y/y. On a quarterly basis, IM volume growth was the strongest

since 2016

Source: Company data, Deutsche Bank Research

(recent rail service moderation hasn’t compromised this growth opportunity,

either)

Management acknowledged that service has stepped back “slightly” yet

“conversion activity is at levels we have not seen in more than a decade.”

9) Watch item: driver availability and wage pressure

Despite all the positives noted above, we have our eye on driver availability issues.

JBHT discussed having implemented “various strategies to recruit and retain

drivers” including sign-on bonuses in several regions and targeted driver wage

increases in select markets.