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Hunt: A Conference Remark Erases a Quarter of Beats in One Pre-Market Print","session":"2026-09-16"}],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-2.735,"p50":0.142,"p90":2.667,"p_up":0.543},"5d":{"p10":-5.327,"p50":0.111,"p90":5.246,"p_up":0.522},"10d":{"p10":-6.88,"p50":0.036,"p90":7.715,"p_up":0.508}},"state":"up/below/off/stuck/effort/weak/alone","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"We focus on the quality of the freight recovery. Intermodal and dedicated provide most operating profit, while revenue changes in brokerage and truckload can conceal different purchased-transport economics. Q2 supports a stronger operating base, but does not justify extrapolating every segment at the same margin. Our model moves activity, revenue per unit and segment margins separately, then tests cash after the remaining capital program.","scenario_ranges":"The operating scenarios above vary named business assumptions. They are not price targets, probabilities, or the short-horizon historical memory bands.","what_changes_it":"Intermodal utilization and dedicated productivity holding up while margin improves would strengthen the case. Carrier costs or claims absorbing revenue gains, weaker dedicated retention, or heavier capital spending would weaken it."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/728535/000143774926023629/ex_987956.htm","title":"J.B. Hunt Q2 2026 earnings and segment statements","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/728535/000143774926024397/jbht20260630_10q.htm","title":"J.B. Hunt June 2026 Form 10-Q","retrieved":"2026-09-19"}],"business":{"drivers":["Intermodal loads, revenue per load and rail/dray productivity determine the largest profit contribution.","Dedicated truck productivity, retention and onboarding costs govern contracted fleet returns.","Purchased transport, claims and net fleet spending determine how revenue becomes earnings and cash."],"description":"J.B. Hunt moves freight through intermodal rail-and-truck service, dedicated customer fleets, brokerage, final-mile delivery and truckload operations. Customers pay for transport capacity and service reliability. Intermodal scale and network utilization can improve profit per load; dedicated fleets provide contracted activity with startup and retention costs. Brokerage and truckload earnings depend on what J.B. Hunt pays outside carriers, so higher customer revenue does not automatically mean better margin. Fleet investment, equipment sales and working capital shape cash generation."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/jbht-conference-guide-down-expectations-20260916): verify the Laguna webcast wording; third-quarter results expected mid-October (the second quarter was reported July 15)","next_report_date":null},"identity":{"cik":728535,"sic":"4213","name":"J.B. Hunt Transport Services, Inc.","symbol":"JBHT","cluster":"Transport, industrials & defense","exchange":"Nasdaq"},"research":{"risks":["Rail disruption, labor constraints and drayage inefficiency impair network economics.","Claims, wages and carrier costs can outrun pricing.","Dedicated customer losses and onboarding costs weaken contracted returns.","Equipment purchases and disposal values change cash independently of EPS."],"title":"Read the margin underneath freight growth","question":"How much stronger freight revenue survives purchased transport, network costs and fleet investment?","economics":"Intermodal combines containers and drayage with rail partners: density, empty moves and service reliability determine cost per load. Dedicated economics depend on commitments, driver utilization and account startup costs. Brokerage and truckload provide flexibility but expose the spread between customer rates and carrier costs. Fuel surcharges can enlarge revenue without equivalent profit; the model therefore separates revenue factors from margins.","change_note":"First segment model and durable company thesis; the earlier event note remains a dated note.","checkpoints":[{"event":"Q3 results","watch":"Compare intermodal loads and rates, segment margins, dedicated retention and purchased transport with explicit model assumptions.","timing":"At the next issuer-confirmed release","date_status":"event_driven"},{"event":"Capital program","watch":"Reconcile net capex to the $600M–$800M range; review debt and repurchases alongside cash.","timing":"Next 10-Q and full-year results","date_status":"event_driven"}],"countercase":"The competing explanation is that improvement reflects favorable rates, fuel and network conditions rather than a permanently lower cost base. Capacity tightening could raise customer rates and carrier expense together. Segment profitability and cash conversion distinguish that explanation from durable efficiency gains.","limitations":["Q2 2026 is the latest reported quarter. SEC submissions were reviewed through September 19. The conference remark in the earlier event note remains unverified against an issuer transcript and is excluded from guidance.","No standardized consolidated gross-profit subtotal is mapped for this transport presentation. Segment operating income is used; missing gross profit is not zero.","Q4 historical EPS and shares are not derived by subtracting annual and nine-month per-share amounts.","Forward cash and EPS are transparent assumptions, not a full balance-sheet or lease model."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":1.917784785281969,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":3482595728.7799997},{"eps":2.001531966886179,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":3624742493.2200007},{"eps":1.896847989880917,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":3447059037.67},{"eps":2.022468762287231,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":3660279184.3299994}],"basis":"Desk base scenario from the operating model; not consensus.","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":1,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. 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