Part I. Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements for the period ended June 30, 2025, show a slight year-over-year decrease in total operating revenues and net earnings for both the three and six-month periods, with a minor contraction in total assets and shareholders' equity compared to year-end 2024, while cash flow from operations remained strong but slightly lower than the prior year, and significant financing activities included a new senior note issuance, repayment of term loans, and substantial share repurchases [Condensed Consolidated Statements of Earnings](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) For the second quarter of 2025, total operating revenues were nearly flat at $2.93 billion, while net earnings decreased by 5.3% to $128.6 million compared to the same period in 2024, with diluted earnings per share falling slightly to $1.31 from $1.32, and for the six-month period, revenues saw a minor decline, and net earnings dropped 6.5% to $246.4 million Consolidated Earnings Summary (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $2,928,181 | $2,928,685 | $5,849,573 | $5,872,685 | | Operating income | $197,274 | $205,709 | $375,954 | $400,078 | | Net earnings | $128,624 | $135,873 | $246,364 | $263,366 | | Diluted earnings per share | $1.31 | $1.32 | $2.48 | $2.54 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets stood at $8.24 billion, a slight decrease from $8.31 billion at December 31, 2024, with the decline primarily reflected in shareholders' equity, which fell to $3.66 billion from $4.01 billion, largely due to share repurchases Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $1,686,822 | $1,770,983 | | Net property and equipment | $5,750,531 | $5,729,799 | | **Total assets** | **$8,241,134** | **$8,312,270** | | Total current liabilities | $1,933,194 | $1,678,040 | | Long-term debt | $1,019,925 | $977,702 | | **Total liabilities** | **$4,585,804** | **$4,297,765** | | **Shareholders' equity** | **$3,655,330** | **$4,014,505** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash from operating activities was $806.2 million, a slight decrease from $827.0 million in the prior year, while net cash used in investing activities was stable at $399.1 million, and financing activities used $403.2 million, driven by $552.9 million in treasury stock purchases, partially offset by net proceeds from debt activities Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $806,245 | $827,021 | | Net cash used in investing activities | ($399,079) | ($405,068) | | Net cash used in financing activities | ($403,248) | ($421,792) | | Net change in cash and cash equivalents | $3,918 | $161 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the company's financing arrangements, capital stock activities, and segment performance, including the issuance of $750 million in new senior notes and repayment of $500 million in term loans, along with $552.9 million in common stock repurchases in the first half of 2025, showing varied segment results where Intermodal (JBI) and Dedicated Contract Services (DCS) remain primary profit drivers, and Integrated Capacity Solutions (ICS) narrowed its operating loss - The company issued **$750 million** of 4.90% senior notes due 2030 in March 2025 and paid off the entire outstanding balance of its term loans in the same month[26](index=26&type=chunk)[27](index=27&type=chunk) - During the first six months of 2025, the company purchased approximately **3,824,000 shares** of its common stock for **$552.9 million**, with **$334.7 million** remaining available under the share repurchase authorization as of June 30, 2025[29](index=29&type=chunk) Segment Operating Income for Q2 (in millions) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | JBI | $95.7 | $99.2 | | DCS | $93.7 | $96.4 | | ICS | ($3.6) | ($13.3) | | FMS | $8.0 | $19.8 | | JBT | $3.4 | $3.5 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports that consolidated operating revenues were flat in Q2 2025 compared to Q2 2024, while operating income declined 4.1% due to rising costs, notably in insurance and claims, with mixed segment performance where Intermodal (JBI) saw volume growth offset by lower revenue per load, Dedicated (DCS) revenue was flat, and Integrated Capacity Solutions (ICS) significantly reduced its operating loss, all while the company maintains strong liquidity, having issued new debt to repay existing loans and continued its share repurchase program, with full-year 2025 net capital expenditures projected between $550 million and $650 million [Results of Operations - Q2 2025 vs Q2 2024](index=18&type=section&id=Results%20of%20Operations%20-%20Q2%202025%20vs%20Q2%202024) In Q2 2025, consolidated revenue was flat at $2.93 billion, while operating income fell 4.1% to $197.3 million, with JBI revenue growing 2% on 6% higher volume but its operating income falling 4%, DCS revenue remaining flat with operating income down 3%, ICS narrowing its operating loss from $13.3 million to $3.6 million despite a 4% revenue decline due to improved gross profit margins, and FMS revenue and operating income declining significantly, while JBT revenue increased 5% but operating income was slightly down Segment Results for Three Months Ended June 30 (in millions) | Segment | Operating Revenues 2025 | Operating Revenues 2024 | Operating Income 2025 | Operating Income 2024 | | :--- | :--- | :--- | :--- | :--- | | JBI | $1,438 | $1,408 | $95.7 | $99.2 | | DCS | $847 | $851 | $93.7 | $96.4 | | ICS | $260 | $270 | ($3.6) | ($13.3) | | FMS | $211 | $235 | $8.0 | $19.8 | | JBT | $177 | $168 | $3.4 | $3.5 | - Consolidated operating expenses increased, driven by a **15.9% rise** in Insurance and claims expense and a **6.5% increase** in Operating supplies and expenses, which pressured operating income[57](index=57&type=chunk)[62](index=62&type=chunk) [Results of Operations - H1 2025 vs H1 2024](index=21&type=section&id=Results%20of%20Operations%20-%20H1%202025%20vs%20H1%202024) For the first six months of 2025, consolidated revenue decreased 0.4% to $5.85 billion, and operating income fell 6.0% to $376.0 million, with JBI revenue increasing 4% on 7% volume growth but operating income decreasing 5%, DCS revenue and operating income both declining, ICS significantly reducing its operating loss to $6.2 million from $30.8 million in the prior year, FMS operating income seeing a sharp decline, and JBT operating income slightly increasing Segment Results for Six Months Ended June 30 (in millions) | Segment | Operating Revenues 2025 | Operating Revenues 2024 | Operating Income 2025 | Operating Income 2024 | | :--- | :--- | :--- | :--- | :--- | | JBI | $2,907 | $2,803 | $190.1 | $201.1 | | DCS | $1,669 | $1,711 | $174.0 | $190.1 | | ICS | $528 | $556 | ($6.2) | ($30.8) | | FMS | $411 | $465 | $12.7 | $34.9 | | JBT | $344 | $346 | $5.4 | $4.8 | - Insurance and claims expense for the six-month period increased by **14.1%** year-over-year, primarily due to higher claim severity and increased insurance premiums[71](index=71&type=chunk)[75](index=75&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $806.2 million in operating cash flow for the first half of 2025, with key capital activities including issuing $750 million in senior notes, retiring $500 million in term loans, and spending $399.1 million on net capital expenditures, and the company expects full-year 2025 net capital expenditures to be in the range of $550 million to $650 million and was in compliance with all debt covenants - Net cash from operations was **$806.2 million** for the first six months of 2025, compared to **$827 million** in 2024[77](index=77&type=chunk) - The company has a **$1.0 billion** revolving line of credit expiring in September 2027, with **$278.3 million** outstanding as of June 30, 2025[79](index=79&type=chunk) - The forecast for full-year 2025 net capital expenditures is between **$550 million** and **$650 million**[82](index=82&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are related to interest rates and diesel fuel prices, where a one-percentage-point increase in interest rates on its variable-rate debt would reduce annual pretax earnings by $2.8 million, and fuel price volatility is largely managed through customer fuel surcharges, with foreign currency risk not considered material - A **one-percentage-point increase** in the applicable rate on variable-rate debt would reduce annual pretax earnings by **$2.8 million** at the current borrowing level[87](index=87&type=chunk) - The company manages fuel price fluctuations primarily through fuel surcharges passed on to customers, but cannot guarantee full recovery of price increases[89](index=89&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of June 30, 2025, the company's Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the second quarter of 2025 - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[91](index=91&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine claims and litigation arising from normal business operations but believes their resolution will not have a material adverse effect on its financial condition, results, or liquidity - The company does not expect pending litigation to have a material adverse effect on its financial condition or results of operations[94](index=94&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the risk factors detailed in the company's 2024 Annual Report on Form 10-K and within the MD&A section of this report, with key risks including economic conditions, competition, reliance on third-party rail providers, fuel costs, driver attraction and retention, customer concentration, and information technology system disruptions - Key industry risks include economic conditions, competition, dependence on third parties like rail service providers, fuel cost volatility, and difficulty in attracting and retaining drivers[85](index=85&type=chunk) - Key business risks include operating in a highly competitive industry, reliance on a few major customers, potential for litigation, and dependence on information technology systems[90](index=90&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued 14,033 shares of common stock to non-employee directors in April 2025, and during the second quarter of 2025, it repurchased 2,410,498 shares of its common stock for a total of approximately $318.8 million, with about $335 million remaining available for future repurchases under the authorized plan as of June 30, 2025 Purchases of Equity Securities (Q2 2025) | Period | Common Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 1,820,898 | $131.59 | | May 2025 | 589,600 | $134.29 | | June 2025 | - | - | | **Total** | **2,410,498** | **$132.25** | - The company's Board of Directors authorized a **$1 billion** stock repurchase program on August 16, 2024, which has no expiration date[97](index=97&type=chunk) [Other Items (3, 4, 5, 6)](index=28&type=section&id=Other%20Items%20(3,%204,%205,%206)) This section confirms there were no defaults upon senior securities (Item 3) and that mine safety disclosures are not applicable (Item 4), with no directors or officers adopting or terminating Rule 10b5-1 trading arrangements during the quarter (Item 5), and a list of exhibits filed with the report is also provided (Item 6)

Core Viewpoint - J.B. Hunt Transport Services' stock has reached a bottom earlier this year, indicating potential for significant gains over the next three to five years, although a bullish shift will take time [1] Financial Performance - The FQ2 2025 earnings exceeded expectations, with revenue reported at $2.93 billion, remaining flat year-over-year [6] - Operating income decreased by 4% to $197.3 million, with plans to cut costs by an additional $100 million annually [8] - The dividend remains safe at less than 30% of the earnings outlook, with expectations for annual increases [5] Business Segments - Strengths include a 6% increase in Intermodal loads, a 3% productivity improvement in Dedicated Capacity Solutions, and a 13% increase in JBT loads [6] - Weaknesses include a 10% decline in Final Mile Services, a 9% decrease in ICS volume, and a reduction in revenue per load in JBI and JBT segments [7] Capital Return and Share Buybacks - Risks to capital return are significant, with increased debt compared to the previous year due to insufficient income and free cash flow to cover CAPEX, dividends, and buybacks [4] - Share buybacks set a quarterly record in FQ2 2025, but liabilities are rising while equity fell nearly 10% year-to-date [9] Market Outlook - Analysts have a 12-month stock price forecast of $164.90, indicating a potential upside of 10.76% [6] - The stock is currently rated as a Moderate Buy, but there are concerns about price target reductions that could cap market movement [11][12]

Financial Performance - J B Hunt Transport Services 的每股收益优于华尔街预期 [1] Market Trends - J B Hunt Transport Services 的股票在周三上涨 [1]

Core Viewpoint - J.B. Hunt Transport Services (JBHT) reported a modest share price increase following its latest earnings report, with total operating revenue for the current quarter at $2.93 billion, unchanged from the previous quarter, while operating income decreased by 4% to $197.3 million [1] Financial Performance - Total operating revenue for the current quarter was $2.93 billion, flat compared to the second quarter of 2024 [1] - Operating income decreased by 4% to $197.3 million from $205.7 million in the second quarter of 2024 [1] - Revenue per load excluding fuel dipped by 3.2% year-over-year but still exceeded expectations [4] Analyst Reactions - Benchmark analyst Christopher Kuhn reiterated a Buy rating with a price forecast of $165, while Stifel analyst J. Bruce Chan maintained a Hold rating and lowered the price forecast from $150 to $145 [2] - Chan characterized the second quarter of 2025 as a "slight beat," but noted that the company's fundamentals remain weak [6] - Analysts are reviewing estimates, with Chan lowering 2025 and 2026 EPS estimates to $5.65 and $7.25 from $5.85 and $7.50 respectively [9] Segment Performance - Stronger-than-anticipated performance in the Dedicated segment contributed positively, with intermodal volumes rising by 6% year-over-year [3] - Dedicated segment revenue matched projections, but operating profit was 14% higher due to cost controls and ramp-up benefits from new accounts [4] - Despite ICS remaining unprofitable, improvements are expected, with a forecast for profitability in 2025 as $35 million in BNSF-related costs will not recur [5] Market Outlook - Analysts express growing confidence in the intermodal conversion story, noting that budget-conscious shippers are seeking cost-saving options amid soft truckload spot rates [8] - The environment is described as stable despite trade policy uncertainty, with inflation remaining a challenge [7] - The stock is viewed more favorably around the $130 range, with a preference for stocks with clearer self-help levers and stronger downside protection [9] Price Action - JBHT shares are trading higher by 1.69% to $151.39 [10]

Core Insights - J.B. Hunt Transport Services, Inc. (JBHT) reported second-quarter 2025 earnings of $1.31 per share, missing the Zacks Consensus Estimate of $1.34 and reflecting a 0.8% year-over-year decline [1] - Total operating revenues reached $2.93 billion, slightly below the Zacks Consensus Estimate of $2.94 billion, remaining flat year over year [2] Financial Performance - Operating income decreased by 4% year over year to $197.3 million, attributed to rising casualty and group medical claims expenses, higher professional driver wages, and increased equipment-related costs [3] - Total operating revenues, excluding fuel surcharge revenue, increased by 1% year over year [2] Segment Performance - Intermodal division generated revenues of $1.44 billion, a 2% year-over-year increase, driven by a 6% increase in volume, although gross revenue per load decreased by 3% [4][5] - Dedicated Contract Services segment revenues remained flat at $847 million year over year, with a 3% decline in average trucks offset by a 3% increase in productivity [7] - Integrated Capacity Solutions revenues fell by 4% year over year to $260 million, with segment volume decreasing by 9% [9] - Truckload revenues grew by 5% year over year to $177 million, with an 8% increase in revenues excluding fuel surcharge [11] - Final Mile Services revenues declined by 10% year over year to $211 million, with operating income falling by 60% due to lower revenues and increased expenses [14] Liquidity and Share Buybacks - At the end of Q2 2025, JBHT had cash and cash equivalents of $50.9 million, up from $43 million in the previous quarter, while long-term debt increased to $1.01 billion from $880.2 million [15] - The company repurchased nearly 2.4 million shares for $319 million during the quarter, with approximately $335 million remaining under its share repurchase authorization [15]

Core Insights - JB Hunt reported $2.93 billion in revenue for the quarter ended June 2025, showing no change year over year, with an EPS of $1.31 compared to $1.32 a year ago, indicating a slight decline in earnings [1] - The reported revenue fell short of the Zacks Consensus Estimate of $2.94 billion, resulting in a surprise of -0.54%, while the EPS also missed the consensus estimate of $1.34 by -2.24% [1] Financial Performance Metrics - Average trucks during the period were 12,689, exceeding the three-analyst average estimate of 12,624 [4] - Revenue per load for Integrated Capacity Solutions was $1,967.00, surpassing the average estimate of $1,949.26 [4] - Intermodal revenue per load was $2,738.00, below the average estimate of $2,797.39 [4] - Truckload revenue was $176.97 million, exceeding the average estimate of $163.94 million, representing a year-over-year increase of +5.3% [4] - Dedicated revenue was $846.76 million, slightly below the average estimate of $849.27 million, reflecting a -0.5% change year over year [4] - Final Mile Services revenue was $210.63 million, missing the average estimate of $219.08 million, indicating a -10.5% change year over year [4] - Integrated Capacity Solutions revenue was $260.24 million, below the average estimate of $272.18 million, representing a -3.8% year-over-year change [4] - Intermodal revenue was $1.44 billion, slightly below the average estimate of $1.45 billion, showing a +2.2% change year over year [4] - Fuel surcharge revenues were $351.86 million, missing the average estimate of $357.33 million, reflecting an -8.3% change year over year [4] - Operating revenues, excluding fuel surcharge revenues, were $2.58 billion, below the average estimate of $2.62 billion, indicating a +1.2% year-over-year change [4] - Intersegment eliminations were reported at $-4.3 million, slightly better than the average estimate of $-4.54 million, showing a year-over-year change of +19.9% [4] Stock Performance - JB Hunt shares returned +6.8% over the past month, outperforming the Zacks S&P 500 composite's +5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - For Q2 2025, revenue was flat, operating income decreased by 4%, and diluted earnings per share fell by less than 1% compared to the prior year, primarily due to inflationary cost pressures [11][12] - The company generated over $225 million in free cash flow during the quarter, maintaining a strong cash flow despite challenging market conditions [10][14] - The average diluted share count was 5% lower than the prior year, which partially offset the declines in earnings [11] Business Line Data and Key Metrics Changes - Intermodal volumes increased by 6% year-over-year, with a notable 15% growth in Eastern volumes, while Transcon volumes decreased by 1% [30][31] - The dedicated business showed resilience with fleet losses subsiding, and the company is excited about returning to fleet growth [8][39] - The brokerage business is still working on right-sizing its cost structure while focusing on growth with the right customers [9] Market Data and Key Metrics Changes - Overall customer demand trended modestly below normal seasonality, with intermodal service demand remaining strong [16][17] - Truckload spot rates remained soft, indicating excess capacity in the truckload market [18] - The company is observing diverse customer strategies in response to trade policy changes, impacting their supply chain and capacity plans [20] Company Strategy and Development Direction - The company is focused on operational excellence, scaling investments in people, technology, and capacity, while also repairing margins and improving financial performance [4][6] - A new initiative to lower the cost to serve has identified $100 million in annual cost reductions across efficiency, asset utilization, and technology improvements [12][13] - The company aims to maintain a strong balance sheet with minimal leverage while returning value to shareholders through dividends and stock repurchases [14] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's ability to capitalize on growth opportunities despite market uncertainties [5][9] - The company is preparing for future growth while focusing on controlling expenses in the near term to preserve future earnings potential [6][9] - Management highlighted the importance of customer relationships and service levels, which have led to high customer retention rates [19] Other Important Information - The company repurchased a record $319 million of stock during the second quarter, reflecting its strong cash flow and commitment to returning value to shareholders [14] - The launch of the Quantum service in Mexico is expected to drive growth in that market, which has been the fastest-growing channel for the company [34] Q&A Session Summary Question: Insights on bid season performance and revenue per load - Management indicated that mix plays a significant role in revenue per load, with Transcon volumes down and Eastern volumes up, reflecting customer adjustments to tariffs and imports [42][43] Question: Details on the $100 million cost savings initiative - The $100 million identified for cost savings is part of ongoing efforts to address excess equipment and improve asset utilization, with savings expected to be proportionate to spending levels across segments [50][52] Question: Cost improvement initiatives specific to ICS - Management noted that significant cost reductions have been achieved in ICS, with a focus on efficiency and span of control, leading to a notable decrease in operating expenses year-over-year [58][64] Question: Discussion on intermodal margins and pricing - Management expressed optimism about stabilizing intermodal margins through cost initiatives and modest pricing improvements, emphasizing that growth and cost control are equally important for margin recovery [84][88] Question: Customer uncertainty around forecasting demand for peak season - Management acknowledged the challenges in forecasting demand due to diverse customer strategies and trade policy changes, but emphasized readiness to meet demand when it arises [101][104]

Financial Performance - J.B. Hunt's Q1 2025 revenue was $2.92 billion, a 1% decrease compared to Q1 2024 [10] - Excluding fuel surcharge, Q1 2025 revenue was $2.56 billion, a 0.3% increase [10] - Q1 2025 operating income was $178.7 million, down 8% year-over-year [10] - Diluted EPS for Q1 2025 was $1.17, a 4% decrease from $1.22 in Q1 2024 [10] Segment Performance - Intermodal (JBI) revenue increased by 5% to $1.47 billion, but operating income decreased by 7% to $94.4 million [10] - Dedicated Contract Services (DCS) revenue decreased by 4% to $822 million, and operating income decreased by 14% to $80.3 million [10] - Integrated Capacity Solutions (ICS) revenue decreased by 6% to $268 million, but operating loss improved to $(2.7) million compared to $(17.5) million in Q1 2024 [10] - Final Mile Services (FMS) revenue decreased by 12% to $201 million, and operating income decreased significantly by 69% to $4.7 million [11] - Truckload (JBT) revenue decreased by 7% to $167 million, but operating income increased by 66% to $2.0 million [11] Revenue Mix - Intermodal (JBI) accounted for 50% of the company's revenue [6] - Dedicated Contract Services (DCS) accounted for 28% of the company's revenue [6] - Integrated Capacity Solutions (ICS) accounted for 9% of the company's revenue [6]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) J.B. Hunt's Q2 2025 reported flat total operating revenue at $2.93 billion, with operating income down 4% and net earnings at $128.6 million Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | $2.93 billion | $2.93 billion | Flat | | Operating Income | $197.3 million | $205.7 million | -4% | | Net Earnings | $128.6 million | $135.9 million | -5.4% | | Diluted EPS | $1.31 | $1.32 | -0.8% | - Revenue performance was mixed: growth in Intermodal (**+6% loads**) and Truckload (**+13% loads**) was offset by a **10% revenue decline** in Final Mile Services and a **9% load volume decrease** in Integrated Capacity Solutions[3](index=3&type=chunk) - Operating income was primarily pressured by increased casualty and group medical claims, higher professional driver wages, and increased equipment-related costs[4](index=4&type=chunk) - Total operating revenue excluding fuel surcharge increased by **1% year-over-year**[3](index=3&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Q2 2025 segment performance varied, with volume growth in Intermodal and Truckload, declines in FMS, and improved loss in ICS [Intermodal (JBI)](index=2&type=section&id=Intermodal%20(JBI)) Intermodal revenue grew 2% to $1.44 billion on 6% volume increase, but operating income fell 4% to $95.7 million JBI Q2 2025 Financials (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Segment Revenue | $1.44 billion | $1.41 billion | +2% | | Operating Income | $95.7 million | $99.2 million | -4% | - Overall volume increased **6% YoY**, with a notable **15% growth** in the eastern network, while transcontinental loads saw a slight decrease of **1%**[7](index=7&type=chunk) - The increase in volume was offset by a **3% decrease** in gross revenue per load, attributed to changes in freight mix, fuel surcharges, and customer rates[7](index=7&type=chunk) [Dedicated Contract Services (DCS)](index=2&type=section&id=Dedicated%20Contract%20Services%20(DCS)) DCS revenue remained flat at $847 million, with operating income decreasing 3% to $93.7 million due to cost pressures DCS Q2 2025 Financials (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Segment Revenue | $847 million | $851 million | Flat | | Operating Income | $93.7 million | $96.4 million | -3% | - Productivity, excluding fuel surcharge, increased **5%** due to indexed-based price escalators and less idled equipment[9](index=9&type=chunk) - The fleet had **150 fewer** revenue-producing trucks compared to the prior year, though it grew by **115 trucks** from Q1 2025, with customer retention rates remaining high at approximately **92%**[9](index=9&type=chunk) [Integrated Capacity Solutions (ICS)](index=2&type=section&id=Integrated%20Capacity%20Solutions%20(ICS)) ICS revenue declined 4% to $260 million, but operating loss significantly narrowed to $3.6 million from $13.3 million due to improved margins ICS Q2 2025 Financials (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Segment Revenue | $260 million | $270 million | -4% | | Operating Loss | $(3.6) million | $(13.3) million | +73% | - Gross profit margin improved to **15.5%** from **14.8%** in the prior-year period[12](index=12&type=chunk) - Contractual volume represented **62%** of total load volume, up from **61%** in Q2 2024[11](index=11&type=chunk) [Final Mile Services (FMS)](index=3&type=section&id=Final%20Mile%20Services%20(FMS)) FMS revenue decreased 10% to $211 million due to soft demand, with operating income declining 60% to $8.0 million FMS Q2 2025 Financials (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Segment Revenue | $211 million | $235 million | -10% | | Operating Income | $8.0 million | $19.8 million | -60% | - The revenue decline was attributed to general softness in demand across most end markets served[15](index=15&type=chunk) - The Q2 2024 operating income included a **$1.1 million** net benefit from claim settlements, making the underlying YoY decline slightly less severe than reported[16](index=16&type=chunk) [Truckload (JBT)](index=3&type=section&id=Truckload%20(JBT)) JBT revenue increased 5% to $177 million on 13% higher load volume, but operating income decreased 5% to $3.4 million JBT Q2 2025 Financials (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Segment Revenue | $177 million | $168 million | +5% | | Operating Income | $3.4 million | $3.5 million | -5% | - Trailer turns in the quarter were up **17%** from the prior period, indicating improved equipment utilization and network balance[17](index=17&type=chunk) - Revenue excluding fuel surcharge increased **8% year-over-year**[17](index=17&type=chunk) [Cash Flow and Capitalization](index=3&type=section&id=Cash%20Flow%20and%20Capitalization) As of June 30, 2025, total debt increased to $1.72 billion, with $399 million in net capital expenditures and $319 million in share repurchases - Total debt outstanding was approximately **$1.72 billion**, compared to **$1.48 billion** at the end of Q2 2024[19](index=19&type=chunk) - Net capital expenditures for the first six months of 2025 were **$399 million**, slightly down from **$409 million** in the same period of 2024[19](index=19&type=chunk) - In Q2 2025, the company repurchased approximately **2,400,000 shares** of common stock for about **$319 million**[20](index=20&type=chunk) - Cash and cash equivalents were approximately **$51 million** at the end of the quarter[19](index=19&type=chunk) [Financial Statements and Operating Statistics](index=5&type=section&id=Financial%20Statements%20and%20Operating%20Statistics) This section presents detailed unaudited Q2 2025 financial results, including consolidated statements, balance sheets, and segment operating statistics [Condensed Consolidated Statements of Earnings](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q2 2025 statements show flat total operating revenue at $2.93 billion, with operating income decreasing to $197.3 million due to higher expenses Q2 2025 Statement of Earnings Highlights (in thousands USD) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total operating revenues | $2,928,181 | $2,928,685 | | Total operating expenses | $2,730,907 | $2,722,976 | | Operating income | $197,274 | $205,709 | | Net earnings | $128,624 | $135,873 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $8.24 billion, with total debt at $1.72 billion and stockholders' equity at $3.66 billion Balance Sheet Highlights (in thousands USD) | Line Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $1,686,822 | $1,770,983 | | Net property and equipment | $5,750,531 | $5,729,799 | | Total assets | $8,241,134 | $8,312,270 | | Total current liabilities | $1,933,194 | $1,678,040 | | Long-term debt | $1,019,925 | $977,702 | | Stockholders' equity | $3,655,330 | $4,014,505 | [Operating Statistics by Segment](index=8&type=section&id=Operating%20Statistics%20by%20Segment) Q2 2025 operational metrics highlight varied segment performance, including load growth in Intermodal and Truckload, and declines in ICS and FMS Q2 2025 Key Operating Statistics (vs. Q2 2024) | Segment | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Intermodal | Loads | 525,161 loads | 497,446 loads | | Dedicated | Revenue per truck per week | $5,163 USD/week | $5,004 USD/week | | Integrated Capacity Solutions | Loads | 132,315 loads | 145,362 loads | | Final Mile Services | Stops | 998,916 stops | 1,098,521 stops | | Truckload | Loads | 104,357 loads | 92,628 loads |

Core Viewpoint - JB Hunt (JBHT) is expected to report quarterly earnings of $1.34 per share, a 1.5% increase year-over-year, with revenues forecasted at $2.96 billion, reflecting a 1.1% year-over-year increase [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 0.7% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts project 'Revenue- Truckload' at $163.94 million, indicating a year-over-year decrease of 2.5% [4]. - 'Revenue- Dedicated' is expected to reach $849.27 million, reflecting a slight decrease of 0.2% from the previous year [5]. - 'Revenue- Final Mile Services' is estimated at $219.08 million, showing a year-over-year decline of 6.9% [5]. - 'Revenue- Integrated Capacity Solutions' is forecasted to be $272.18 million, indicating a 0.7% increase from the prior year [5]. Key Metrics - The consensus for 'Dedicated - Average trucks during the period' is 12,624, down from 13,142 year-over-year [6]. - 'Integrated Capacity Solutions - Revenue per load' is projected at $1,949.26, compared to $1,860.00 last year [6]. - 'Intermodal - Revenue per load' is expected to be $2,797.39, down from $2,829.00 year-over-year [6]. - 'Intermodal - Trailing equipment (end of period)' is estimated at 125,792, up from 121,169 last year [7]. - 'Final Mile Services - Average trucks during the period' is projected at 1,347, down from 1,374 year-over-year [7]. Load Estimates - 'Integrated Capacity Solutions - Loads' is expected to be 140,866, down from 145,362 last year [8]. - 'Intermodal - Loads' is forecasted at 523,353, an increase from 497,446 in the same quarter last year [8]. - 'Truckload - Loads' is projected to reach 94,663, up from 92,628 year-over-year [8]. Stock Performance - Over the past month, JB Hunt shares have returned +8.4%, outperforming the Zacks S&P 500 composite's +4.4% change [9]. - JBHT holds a Zacks Rank 4 (Sell), indicating a likely underperformance compared to the overall market in the upcoming period [9].