Transportation & Logistics: Weekly Fast Track: Week 1 Earnings Recap & Week 2 Look Ahead, Rail Tensions Run High Over M&A

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Transportation & Logistics: Weekly Fast Track: Week 1 Earnings Recap & Week 2 Look Ahead, Rail Tensions Run High Over M&A

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

17 July 2026

Transportation & Logistics

Weekly Fast Track: Week 1 Earnings Recap & Week 2

Look Ahead, Rail Tensions Run High Over M&A

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: Strong start to 2Q26 earnings. JBHT kicked off 2Q26 (1-212) 622-1251

grady.carr@jpmchase.com

earnings on a high note as Intermodal volume set a new record while expectations

Brandon Wexlerfor 2027 rate renewals continue moving higher and will push out the mid-cycle

(1-212) 622-1956

earnings and valuation debate as the long-awaited truckload conversion brandon.wexler@jpmchase.com

opportunity takes shape. Management’s commentary on the increasingly tighter J.P. Morgan Securities LLC

driver market will heighten recent concerns that the supply constraints will dampen

operating leverage for truckload carriers and squeeze brokerage margins, which

was essentially the net result of the JBT and ICS segments in 2Q26. Looking ahead

to next week, what is “good enough” for KNX’s 2Q results and 3Q guide likely

moved higher after JBHT but the lack of available owner-operators at JBT is a risk

to the idea that large carriers will attract more OOs that can no longer find enough