J.B. Hunt Transport Services Inc. (JBHT): 2Q26 EPS Ahead Of Forecast On Better Intermodal Margins

Research evidence excerpt

J.B. Hunt Transport Services Inc. (JBHT): 2Q26 EPS Ahead Of Forecast On Better Intermodal Margins

Equity Research

15 July 2026 | 8:05PM EDT

J.B. Hunt Transport Services Inc. (JBHT): 2Q26 EPS Ahead Of Forecast

On Better Intermodal Margins

The Bottom Line: Operating EPS of $1.91 was $0.16 above our forecast of $1.75 Jordan Alliger

+1(212)357-4913 |

and $0.19 above Visible Alpha consensus of $1.72. Results came in ahead of jordan.alliger@gs.com

Goldman Sachs & Co. LLC

forecast largely on the back of higher-than-forecast Intermodal margin as

Paul Stoddard

volumes outpaced our forecast and Hunt continued to execute on cost out +1(801)744-3761 |

(>135m LTM) and productivity. paul.x.stoddard@gs.comGoldman Sachs & Co. LLC

Andrzej Tomczyk, CFAWhile we like the secular prospects for Intermodal as it relates to global trade, +1(212)357-4445 |

transloading potential, and the prospects for modal conversion, as well as andrzej.tomczyk@gs.comGoldman Sachs & Co. LLC

contract rates likely pushing higher over 2H26 and into 2027, we remain Neutral

on JBHT on valuation (details below). We also remind that we made a relative

pivot to asset based subsectors back in June 2025 (see our pivot note). That

said, with the near term looking better, it is conceivable that Hunt and

transports as a whole could continue with upward share price bias broadly.

n Better to in-line results: This was primarily due to Intermodal loads coming in

ahead of forecast at up 10% (vs our estimate of +6.5% YoY), better revenue per

load (+11% v. GSe +8%), better revenue per truck per week in DCS, as well as

margin at Intermodal and Dedicated, with profitability in ICS. This more than

mitigated the decline JBT and lower margin in Final Mile.

n Current Trends: Intermodal load growth was 10% v. our forecast at ~6.5% and