Transportation & Logistics: Weekly Fast Track: Week 2 Earnings Recap & Week 3 Look Ahead, Overview of Recent STB Decisions

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Transportation & Logistics: Weekly Fast Track: Week 2 Earnings Recap & Week 3 Look Ahead, Overview of Recent STB Decisions

J P M O R G A N North America Equity Research

24 July 2026

Transportation & Logistics

Weekly Fast Track: Week 2 Earnings Recap & Week 3

Look Ahead, Overview of Recent STB Decisions

This weekly publication highlights current transports and logistics trends across a Airfreight & Surface Transportation /

wide range of truckload, intermodal, LTL, ocean, and airfreight market metrics. Shipping

The rail section also includes a report card that simplifies how the network is Brian P. Ossenbeck, CFA AC

performing relative to history and peers while also tracking carload trends versus (1-212) 622-1023

consensus expectations. brian.p.ossenbeck@jpmorgan.com

Grady Carr

Key topics of the week: Look back at Week 2 before action-packed Week 3. (1-212) 622-1251

grady.carr@jpmchase.com

KNX delivered a strong 2Q but guided below buyside expectations in 3Q as

Brandon Wexlercontract renewals continue to accelerate but take time to phase in while driver

(1-212) 622-1956

availability has become a challenge sooner than expected. Railroad stocks jumped brandon.wexler@jpmchase.com

higher this week after CSX and NSC both posted solid operating beats despite J.P. Morgan Securities LLC

service deterioration while UNP also continued to post solid operating metrics

ahead of the next round of merger filings when the supplementals are submitted on

Monday. R continues to show the benefits of the new model but is also waiting for

leverage from the cyclical recovery to materialize. Looking ahead to next week, we

have heard more concerns that fuel tailwinds will not provide much support for

UPS in 2Q26, similar to the recent FDX quarter, while the ramp up to an 8.0%

margin in U.S.