Issue #1237, week ending July 8: Transport 2Q earnings kick off next week; JBHT Wed

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Issue #1237, week ending July 8: Transport 2Q earnings kick off next week; JBHT Wed

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Transport Tracker

Issue #1237, week ending July 8: Transport

2Q earnings kick off next week; JBHT Wed

Estimate Change

Hoexter’s Thought of the Week 08 July 2026

JBHT reports Wed; Intermodal share gain, more price in 2H Equity

United StatesJ.B. Hunt Transport Services (JBHT) kicks off Transport 2Q26 earnings next Wed, July 15

Transport/Infrastructure

(after market). Ahead of results, we increase our 2Q26e EPS 2% to $1.71 from $1.68,

led by Intermodal volume upside and ongoing structural cost takeout. We increase our

2Q26 Intermodal load growth target to 6.1% year-year, accelerating from 2.9% in 1Q26.

Our target implies 2Q26 Intermodal loads improve 4% 1Q-2Q, above its historic +3%

average, supported by continued service-driven share gains, stable consumer demand,

and momentum in the East, where highway conversion opportunities are most attractive

as truckload capacity tightens (we target Eastern network loads up 7% year-year). At

our 33rd Annual BofA Industrials, Transportation, and Airlines Key Leaders in May (see

Conf note), EVP Brad Hicks noted Intermodal’s East Coast discount to truckload has

widened to roughly 20%-25% versus a more typical 10%-15%, creating a stronger

conversion opportunity. We expect pricing flow-through will begin to ramp in 2H26 as

truckload capacity tightening increasingly influences intermodal contract negotiations,

and rates reset higher across headhaul lanes following this year's bid cycle. Ken Hoexter

Research Analyst

We target 2Q26 Intermodal Operating ratio of 92.0%, a 40 bps improvement BofAS

+1 646 855 1498

sequentially, and a 130 bps improvement year-year. We expect fuel timing will create a ken.hoexter@bofa.com