JBHT - Raising Estimates On Strong Industry Fundamentals

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JBHT - Raising Estimates On Strong Industry Fundamentals

Truist Securities

Equity Research Report July 15, 2026

INDUSTRIALS: Freight & Logistics J.B. Hunt Transport Services, Inc. (JBHT)

JBHT - Raising Estimates On Strong Industry Fundamentals Lucas Servera

404-439-7688

Lucas.Servera@truist.com

We are raising our full year 2026/2027 estimates while also raising our PT to $295 (from

$280). Management's commentary suggests to us that the freight market has reached a

Daniel Ighodaro meaningful inflection, with tightening truckload capacity, improving demand, and structural 404-439-7388

Daniel.Ighodaro@truist.com cost reductions driving earnings higher while pricing remains the largest incremental

opportunity in 2027. Having said that, we believe that much of this inflection is already

reflected in the company's current valuation. Maintain Hold.

Stock Rating HOLD The Quarter - JBHT reported 2Q26 results incl. adj. EPS of $1.91 on revenue of $3.50B Unchanged compared to our estimates of $1.72/$3.20B, and the Street's $1.74/$3.26B. Looking at

Price Target $295.00 segment performance, Intermodal (JBI) was above our estimate (see figure 1 below).

↑ Dedicated (DCS) came in above our expectations ($921mm vs. our $867mm) driven by

from lower than expected average trucks during the period (+8.7% YoY vs. our +5.2% estimate).

$280.00 Truckload (JBT) came in higher than our expectations ($240mm vs. our $213mm) driven by

stronger than we anticipated pricing ($2,019 revenue per load vs. our $1,788). Integrated

Capacity Solutions also came in higher than our estimate ($389mm vs. our $311mm

estimate) driven by higher volume (156,856 loads vs. our 145,679) and stronger pricing

TR to Target 7.4% ($2,477 revenue per load vs. our $2,134). On the cost front, overall operating expenses (excl.