JBHT: 2Q26 Quick Read—Clears High Hurdle as Imodal Margins Beat

研报英文原文证据摘录

JBHT: 2Q26 Quick Read—Clears High Hurdle as Imodal Margins Beat

Equity Research

Flash Comment — July 15, 2026

Logistics

J.B. Hunt Transport Services, Inc.

2Q26 Quick Read—Clears High Hurdle as Imodal Margins Overweight

Beat Price Target: $310.00

Ticker JBHT

Our Call Upside/(Downside) to Target 12.2%

2Q beat our/consensus estimates, as Intermodal posted better loads/margins. Intermodal Price (07/15/2026) $276.28

EBIT was $10m above our target and margin improved 100 bps seq. Dedicated and ICS 52 Week Range $130.12 - 294.98

also beat, which speaks to market improvement. Shares should react positively. Market Cap (MM) $26,303

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

2Q EPS of $1.91, 11c above WF & 17c above Cons - Revenue beat by $129m, driven Christian Wetherbee

by better volume across most business segments, but also better truck yields. EBIT Equity Analyst | Wells Fargo Securities, LLC

Christian.Wetherbee@wellsfargo.com | 212-214-8053

was $10m better than our target, driven by beats at Intermodal, ICS, and Dedicated.

Intermodal volume was better and importantly, Intermodal margins posted 190 bp Robert H. Salmon, CFA

improvement YoY to 8.6%, an acceleration in spite of fuel and before pricing fully kicks in. Equity Analyst | Wells Fargo Securities, LLC Robert.H.Salmon@wellsfargo.com | 212-214-5016

We expect more color on cost initiatives and bid season activity on the call.

Ryan Deveikis

Associate Equity Analyst | Wells Fargo Securities, LLC

EPS Beat in 2Q26 - JB Hunt reported EPS of $1.91, above both our estimate of $1.80 Ryan.Deveikis@wellsfargo.com | 212-214-8040

and consensus' $1.74 estimate. Consolidated revenue was $3.50b, up 19.4% YoY, and Matthew Hortopan