J.B. Hunt Transport Services, Inc.

On a GAAP basis, total revenue increased 19% year over year, operating income improved 32%, and diluted earnings per share improved 45%. Intermodal volumes were up 10% year over year, including a quarterly record of over 578,000 loads; Eastern volume increased 16% and Transcon volume increased 5%. In Final Mile, demand remained stable in core end markets, while in JBT revenue increased 35% with load growth of 14% but gross profit dollars declined 12% due to higher purchase transportation rates. Management did not give companywide next-quarter or full-year revenue/EPS guidance, but it said demand should remain strong, Intermodal pricing opportunity is improving into the 2027 bid season, and Dedicated remains on track to achieve gross truck sales of 1,000 to 1,200 new trucks for the full year.

Shelley Simpson emphasized that J.B. Hunt is benefiting from a freight market that has changed structurally, with tighter capacity driven by regulatory enforcement and broader supply pressures. Her message centered on disciplined growth, lowering cost to serve, repairing margins, and using the company’s people, technology, safety record, and capacity investments to compound through cycles. Tone was confident and constructive, with repeated comments that the company is well positioned for the second half and beyond.

Brad Delco highlighted the quarter’s core financial progress: revenue up 19%, operating income up 32%, and EPS up 45% year over year. He said the company removed over $135 million of structural costs over the past year and remains focused on simplifying processes, improving productivity, increasing asset utilization, and leveraging technology. On capital allocation, he reiterated priorities of investing for attractive returns, maintaining an investment-grade balance sheet, growing the dividend, and repurchasing shares opportunistically, noting that much of the company’s capacity has already been funded.

Analysts pressed management on Intermodal pricing, mini-bids, second-half volume cadence, drayage capacity, container utilization, and whether tighter trucking capacity and the Montgomery decision are changing the competitive backdrop. Management said mini-bid activity is at a record level, pricing gaps versus truckload are wider than normal, and it expects the gap to narrow as new business is repriced and the 2027 bid season approaches. On capacity, management said driver supply is tight and will remain a headwind, but J.B. Hunt’s insourced drayage, company-driver model, and available container capacity are advantages; it also said it is not ready to buy more equipment until it has more confidence in container turns.