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$JBHT

J.B. Hunt Transport Services, Inc. · Nasdaq · SIC 4213 · CIK 728535 · revision 6 as of 2026-09-19

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Business

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.

Three 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.

Thesis

Our 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.

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.

Scenario ranges

The operating scenarios above vary named business assumptions. They are not price targets, probabilities, or the short-horizon historical memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	3,068.2¹	3,146.3†²	2,921.4³	2,928.2⁴	3,052.9¹	3,096.6†²	3,056.5³	3,495.3⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	224.1⁵	207.0†⁶	178.7⁷	197.3⁸	242.7⁵	246.5†⁶	207.0⁷	259.5⁸
Net income ($M)	152.1⁹	155.5†¹⁰	117.7¹¹	128.6¹²	170.8⁹	181.1†¹⁰	141.6¹¹	181.0¹²
EPS, diluted ($)	1.49¹³	—	1.17¹⁴	1.31¹⁵	1.76¹³	—	1.49¹⁴	1.91¹⁵
Diluted shares (M)	102.1¹⁶	—	100.5¹⁷	98.0¹⁸	96.8¹⁶	—	95.2¹⁷	94.9¹⁸
Cash ($M)	120.0¹⁹	47.0²⁰	43.4²¹	50.9²²	52.3²³	17.3²⁴	4.6²⁵	4.2²⁴
Long-term debt ($M)	1,032.3²⁶	977.7²⁷	880.2²⁸	1,019.9²⁹	902.2³⁰	766.9³¹	1,302.8³²	1,145.3³¹
Cash from operations ($M)	338.5†³³	317.6†³⁴	404.2³⁵	402.1†³⁶	486.4†³³	385.6†³⁴	353.0³⁵	370.2†³⁶
Capex ($M)	175.4†³⁷	224.3†³⁸	245.8³⁹	216.5†⁴⁰	134.1†³⁷	134.3†³⁸	110.3³⁹	116.9†⁴⁰
Free cash flow ($M)	163.1†⁴¹	93.3†⁴²	158.4†⁴³	185.6†⁴⁴	352.4†⁴¹	251.3†⁴²	242.8†⁴³	253.3†⁴⁴

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	3,482.6	1.92	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2026Q4	3,624.7	2.00	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q1	3,447.1	1.90	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q2	3,660.3	2.02	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.

J.B. Hunt: segment economics and cash scenarios

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Each segment starts from Q2 2026 revenue. Named activity and revenue-per-unit factors, followed by quarterly seasonality, produce sales; a separate segment margin produces operating income. Intersegment revenue is eliminated. FY2026 combines reported H1 with modeled Q3/Q4; FY2027 sums four quarters. EPS uses modeled interest, tax and diluted shares. Cash has an independent conversion assumption and net capital spending, including equipment-sale proceeds.

Reported anchors and guidance

Measure	Period	Value	Basis
H1 operating cash	2026 H1	723.27	reported. GAAP operating cash flow. Source · 2026-07-24
H1 net capex	2026 H1	144.95	reported. PP&E purchases $227.175M less equipment-sale proceeds $82.228M. Source · 2026-07-24
FY2026 net-capex guidance low	FY2026	600.00	management guidance. Net of equipment-disposal proceeds. Source · 2026-07-24
FY2026 net-capex guidance high	FY2026	800.00	management guidance. Net of equipment-disposal proceeds. Source · 2026-07-24
Q2 consolidated revenue	2026Q2	3,495.30	reported. After intersegment eliminations. Source · 2026-07-15
Q2 operating income	2026Q2	259.45	reported. Consolidated GAAP operating income. Source · 2026-07-15

Downside scenario

Period	Operating cash ($M)	Diluted EPS ($)	Net capex ($M)	Revenue ($M)	Cash after net capex ($M)	Operating income ($M)
2026Q3	275.69	1.45	327.53	3,243.36	-51.84	201.67
2026Q4	286.94	1.51	327.53	3,375.75	-40.59	209.90
2027Q1	272.87	1.43	212.50	3,210.27	60.37	199.61
2027Q2	289.75	1.53	212.50	3,408.84	77.25	211.96
FY2026	1,285.89	6.35	800.00	13,170.90	485.89	878.07
FY2027	1,147.75	6.05	850.00	13,502.98	297.75	839.60

Base scenario

Period	Operating cash ($M)	Diluted EPS ($)	Net capex ($M)	Revenue ($M)	Cash after net capex ($M)	Operating income ($M)
2026Q3	365.67	1.92	277.53	3,482.60	88.15	260.26
2026Q4	380.60	2.00	277.53	3,624.74	103.07	270.89
2027Q1	361.94	1.90	187.50	3,447.06	174.44	257.61
2027Q2	384.33	2.02	187.50	3,660.28	196.83	273.54
FY2026	1,469.54	7.31	700.00	13,659.13	769.54	997.65
FY2027	1,522.39	8.01	750.00	14,498.97	772.39	1,083.54

Upside scenario

Period	Operating cash ($M)	Diluted EPS ($)	Net capex ($M)	Revenue ($M)	Cash after net capex ($M)	Operating income ($M)
2026Q3	445.62	2.41	227.53	3,713.54	218.10	321.24
2026Q4	463.81	2.52	227.53	3,865.11	236.29	334.35
2027Q1	441.08	2.39	162.50	3,675.64	278.58	317.96
2027Q2	468.36	2.54	162.50	3,903.00	305.86	337.63
FY2026	1,632.70	8.31	600.00	14,130.43	1,032.70	1,122.09
FY2027	1,855.25	10.06	650.00	15,460.43	1,205.25	1,337.40

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_rev	2026 H1 / shared	6,551.79 USD_millions	reported: GAAP consolidated revenue. Primary source · 2026-07-15
H1 operating income h1_op	2026 H1 / shared	466.50 USD_millions	reported: GAAP consolidated operating income. Primary source · 2026-07-15
H1 net income h1_net	2026 H1 / shared	322.59 USD_millions	reported: GAAP net earnings. Primary source · 2026-07-15
H1 operating cash h1_cfo	2026 H1 / shared	723.27 USD_millions	reported: GAAP operating cash flow. Primary source · 2026-07-24
H1 net capex h1_capex	2026 H1 / shared	144.95 USD_millions	reported: PP&E purchases $227.175M less equipment-sale proceeds $82.228M. Primary source · 2026-07-24
H1 weighted diluted shares h1_shares	2026 H1 / shared	95.07 shares_millions	reported: Six-month weighted average, millions. Primary source · 2026-07-15
FY2026 net-capex guidance low guide_capex_low	FY2026 / shared	600.00 USD_millions	management guidance: Net of equipment-disposal proceeds. Primary source · 2026-07-24
FY2026 net-capex guidance high guide_capex_high	FY2026 / shared	800.00 USD_millions	management guidance: Net of equipment-disposal proceeds. Primary source · 2026-07-24
Q2 consolidated revenue q2_rev	2026Q2 / shared	3,495.30 USD_millions	reported: After intersegment eliminations. Primary source · 2026-07-15
Q2 operating income q2_op	2026Q2 / shared	259.45 USD_millions	reported: Consolidated GAAP operating income. Primary source · 2026-07-15
Intermodal Q2 revenue q2_jbi	2026Q2 / shared	1,753.69 USD_millions	reported: Segment revenue before intersegment elimination. Primary source · 2026-07-15
Dedicated Q2 revenue q2_dcs	2026Q2 / shared	920.71 USD_millions	reported: Segment revenue before intersegment elimination. Primary source · 2026-07-15
Brokerage / ICS Q2 revenue q2_ics	2026Q2 / shared	388.50 USD_millions	reported: Segment revenue before intersegment elimination. Primary source · 2026-07-15
Final Mile Q2 revenue q2_fms	2026Q2 / shared	198.04 USD_millions	reported: Segment revenue before intersegment elimination. Primary source · 2026-07-15
Truckload Q2 revenue q2_jbt	2026Q2 / shared	239.65 USD_millions	reported: Segment revenue before intersegment elimination. Primary source · 2026-07-15
Q2 intersegment elimination q2_elim	2026Q2 / shared	5.29 USD_millions	reported: Subtract from gross segment revenue. Primary source · 2026-07-15
Intermodal activity factor downside_jbi_activity	Forward quarters / downside	96.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Intermodal revenue-per-unit factor downside_jbi_price	Forward quarters / downside	98.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Intermodal operating margin downside_jbi_margin	Forward quarters / downside	7.2% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Dedicated activity factor downside_dcs_activity	Forward quarters / downside	98.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Dedicated revenue-per-unit factor downside_dcs_price	Forward quarters / downside	100.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Dedicated operating margin downside_dcs_margin	Forward quarters / downside	10.0% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Brokerage / ICS activity factor downside_ics_activity	Forward quarters / downside	95.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Brokerage / ICS revenue-per-unit factor downside_ics_price	Forward quarters / downside	95.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Brokerage / ICS operating margin downside_ics_margin	Forward quarters / downside	-1.0% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Final Mile activity factor downside_fms_activity	Forward quarters / downside	94.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Final Mile revenue-per-unit factor downside_fms_price	Forward quarters / downside	99.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Final Mile operating margin downside_fms_margin	Forward quarters / downside	2.0% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Truckload activity factor downside_jbt_activity	Forward quarters / downside	96.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Truckload revenue-per-unit factor downside_jbt_price	Forward quarters / downside	99.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Truckload operating margin downside_jbt_margin	Forward quarters / downside	-1.5% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
After-tax earnings factor downside_tax_keep	Forward quarters / downside	74.5% ratio	assumption: One minus a 25.5% assumed effective tax rate.
Operating-cash / revenue assumption downside_cash_margin	Forward quarters / downside	8.5% ratio	assumption: Independent cash-conversion sensitivity. H1 actual: $723.266M cash on $6,551.787M revenue.
FY2026 net-capex case downside_annual_capex26	FY2026 / downside	800.00 USD_millions	assumption: Within June 10-Q guidance; weaker cash case assumes higher spending.
FY2027 net-capex assumption downside_annual_capex27	FY2027 / downside	850.00 USD_millions	assumption: Desk extension, not management guidance.
Half-year allocation downside_half	Allocation / downside	50.0% ratio	assumption: Equal division of H2 capex and share averaging.
Quarter-year allocation downside_quarter	Allocation / downside	25.0% ratio	assumption: Equal FY2027 capex allocation and share averaging.
H2 net capex downside_remaining_capex26	2026 H2 / downside	655.05 USD_millions	derived: Full-year case less reported H1. Formula: subtract(downside_annual_capex26, h1_capex).
Quarter activity / seasonality factor downside_2026q3_season	2026Q3 / downside	98.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue downside_2026q3_jbi_rev	2026Q3 / downside	1,616.87 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, downside_jbi_activity, downside_jbi_price, downside_2026q3_season).
Intermodal operating income downside_2026q3_jbi_op	2026Q3 / downside	116.41 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q3_jbi_rev, downside_jbi_margin).
Dedicated revenue downside_2026q3_dcs_rev	2026Q3 / downside	884.25 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, downside_dcs_activity, downside_dcs_price, downside_2026q3_season).
Dedicated operating income downside_2026q3_dcs_op	2026Q3 / downside	88.42 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q3_dcs_rev, downside_dcs_margin).
Brokerage / ICS revenue downside_2026q3_ics_rev	2026Q3 / downside	343.60 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, downside_ics_activity, downside_ics_price, downside_2026q3_season).
Brokerage / ICS operating income downside_2026q3_ics_op	2026Q3 / downside	-3.44 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q3_ics_rev, downside_ics_margin).
Final Mile revenue downside_2026q3_fms_rev	2026Q3 / downside	180.61 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, downside_fms_activity, downside_fms_price, downside_2026q3_season).
Final Mile operating income downside_2026q3_fms_op	2026Q3 / downside	3.61 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q3_fms_rev, downside_fms_margin).
Truckload revenue downside_2026q3_jbt_rev	2026Q3 / downside	223.21 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, downside_jbt_activity, downside_jbt_price, downside_2026q3_season).
Truckload operating income downside_2026q3_jbt_op	2026Q3 / downside	-3.35 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q3_jbt_rev, downside_jbt_margin).
Segment revenue sum downside_2026q3_gross_rev	2026Q3 / downside	3,248.55 USD_millions	derived: Before intersegment eliminations. Formula: sum(downside_2026q3_jbi_rev, downside_2026q3_dcs_rev, downside_2026q3_ics_rev, downside_2026q3_fms_rev, downside_2026q3_jbt_rev).
Intersegment elimination downside_2026q3_elim	2026Q3 / downside	5.18 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, downside_2026q3_season).
Consolidated revenue downside_2026q3_rev	2026Q3 / downside	3,243.36 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(downside_2026q3_gross_rev, downside_2026q3_elim).
Consolidated operating income downside_2026q3_op	2026Q3 / downside	201.67 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(downside_2026q3_jbi_op, downside_2026q3_dcs_op, downside_2026q3_ics_op, downside_2026q3_fms_op, downside_2026q3_jbt_op).
Net interest expense downside_2026q3_interest	2026Q3 / downside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income downside_2026q3_pretax	2026Q3 / downside	184.67 USD_millions	derived: Operating income less net interest. Formula: subtract(downside_2026q3_op, downside_2026q3_interest).
Net income downside_2026q3_net	2026Q3 / downside	137.58 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(downside_2026q3_pretax, downside_tax_keep).
Weighted diluted shares downside_2026q3_shares	2026Q3 / downside	95.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS downside_2026q3_eps	2026Q3 / downside	1.45 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(downside_2026q3_net, downside_2026q3_shares).
Operating cash downside_2026q3_cfo	2026Q3 / downside	275.69 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(downside_2026q3_rev, downside_cash_margin).
Net capex downside_2026q3_capex	2026Q3 / downside	327.53 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_remaining_capex26, downside_half).
Cash after net capex downside_2026q3_fcf	2026Q3 / downside	-51.84 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Quarter activity / seasonality factor downside_2026q4_season	2026Q4 / downside	102.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue downside_2026q4_jbi_rev	2026Q4 / downside	1,682.87 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, downside_jbi_activity, downside_jbi_price, downside_2026q4_season).
Intermodal operating income downside_2026q4_jbi_op	2026Q4 / downside	121.17 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q4_jbi_rev, downside_jbi_margin).
Dedicated revenue downside_2026q4_dcs_rev	2026Q4 / downside	920.34 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, downside_dcs_activity, downside_dcs_price, downside_2026q4_season).
Dedicated operating income downside_2026q4_dcs_op	2026Q4 / downside	92.03 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q4_dcs_rev, downside_dcs_margin).
Brokerage / ICS revenue downside_2026q4_ics_rev	2026Q4 / downside	357.63 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, downside_ics_activity, downside_ics_price, downside_2026q4_season).
Brokerage / ICS operating income downside_2026q4_ics_op	2026Q4 / downside	-3.58 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q4_ics_rev, downside_ics_margin).
Final Mile revenue downside_2026q4_fms_rev	2026Q4 / downside	187.98 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, downside_fms_activity, downside_fms_price, downside_2026q4_season).
Final Mile operating income downside_2026q4_fms_op	2026Q4 / downside	3.76 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q4_fms_rev, downside_fms_margin).
Truckload revenue downside_2026q4_jbt_rev	2026Q4 / downside	232.32 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, downside_jbt_activity, downside_jbt_price, downside_2026q4_season).
Truckload operating income downside_2026q4_jbt_op	2026Q4 / downside	-3.48 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2026q4_jbt_rev, downside_jbt_margin).
Segment revenue sum downside_2026q4_gross_rev	2026Q4 / downside	3,381.14 USD_millions	derived: Before intersegment eliminations. Formula: sum(downside_2026q4_jbi_rev, downside_2026q4_dcs_rev, downside_2026q4_ics_rev, downside_2026q4_fms_rev, downside_2026q4_jbt_rev).
Intersegment elimination downside_2026q4_elim	2026Q4 / downside	5.39 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, downside_2026q4_season).
Consolidated revenue downside_2026q4_rev	2026Q4 / downside	3,375.75 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(downside_2026q4_gross_rev, downside_2026q4_elim).
Consolidated operating income downside_2026q4_op	2026Q4 / downside	209.90 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(downside_2026q4_jbi_op, downside_2026q4_dcs_op, downside_2026q4_ics_op, downside_2026q4_fms_op, downside_2026q4_jbt_op).
Net interest expense downside_2026q4_interest	2026Q4 / downside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income downside_2026q4_pretax	2026Q4 / downside	192.90 USD_millions	derived: Operating income less net interest. Formula: subtract(downside_2026q4_op, downside_2026q4_interest).
Net income downside_2026q4_net	2026Q4 / downside	143.71 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(downside_2026q4_pretax, downside_tax_keep).
Weighted diluted shares downside_2026q4_shares	2026Q4 / downside	95.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS downside_2026q4_eps	2026Q4 / downside	1.51 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(downside_2026q4_net, downside_2026q4_shares).
Operating cash downside_2026q4_cfo	2026Q4 / downside	286.94 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(downside_2026q4_rev, downside_cash_margin).
Net capex downside_2026q4_capex	2026Q4 / downside	327.53 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_remaining_capex26, downside_half).
Cash after net capex downside_2026q4_fcf	2026Q4 / downside	-40.59 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Quarter activity / seasonality factor downside_2027q1_season	2027Q1 / downside	97.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue downside_2027q1_jbi_rev	2027Q1 / downside	1,600.37 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, downside_jbi_activity, downside_jbi_price, downside_2027q1_season).
Intermodal operating income downside_2027q1_jbi_op	2027Q1 / downside	115.23 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q1_jbi_rev, downside_jbi_margin).
Dedicated revenue downside_2027q1_dcs_rev	2027Q1 / downside	875.23 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, downside_dcs_activity, downside_dcs_price, downside_2027q1_season).
Dedicated operating income downside_2027q1_dcs_op	2027Q1 / downside	87.52 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q1_dcs_rev, downside_dcs_margin).
Brokerage / ICS revenue downside_2027q1_ics_rev	2027Q1 / downside	340.10 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, downside_ics_activity, downside_ics_price, downside_2027q1_season).
Brokerage / ICS operating income downside_2027q1_ics_op	2027Q1 / downside	-3.40 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q1_ics_rev, downside_ics_margin).
Final Mile revenue downside_2027q1_fms_rev	2027Q1 / downside	178.76 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, downside_fms_activity, downside_fms_price, downside_2027q1_season).
Final Mile operating income downside_2027q1_fms_op	2027Q1 / downside	3.58 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q1_fms_rev, downside_fms_margin).
Truckload revenue downside_2027q1_jbt_rev	2027Q1 / downside	220.93 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, downside_jbt_activity, downside_jbt_price, downside_2027q1_season).
Truckload operating income downside_2027q1_jbt_op	2027Q1 / downside	-3.31 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q1_jbt_rev, downside_jbt_margin).
Segment revenue sum downside_2027q1_gross_rev	2027Q1 / downside	3,215.40 USD_millions	derived: Before intersegment eliminations. Formula: sum(downside_2027q1_jbi_rev, downside_2027q1_dcs_rev, downside_2027q1_ics_rev, downside_2027q1_fms_rev, downside_2027q1_jbt_rev).
Intersegment elimination downside_2027q1_elim	2027Q1 / downside	5.13 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, downside_2027q1_season).
Consolidated revenue downside_2027q1_rev	2027Q1 / downside	3,210.27 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(downside_2027q1_gross_rev, downside_2027q1_elim).
Consolidated operating income downside_2027q1_op	2027Q1 / downside	199.61 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(downside_2027q1_jbi_op, downside_2027q1_dcs_op, downside_2027q1_ics_op, downside_2027q1_fms_op, downside_2027q1_jbt_op).
Net interest expense downside_2027q1_interest	2027Q1 / downside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income downside_2027q1_pretax	2027Q1 / downside	182.61 USD_millions	derived: Operating income less net interest. Formula: subtract(downside_2027q1_op, downside_2027q1_interest).
Net income downside_2027q1_net	2027Q1 / downside	136.04 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q1_pretax, downside_tax_keep).
Weighted diluted shares downside_2027q1_shares	2027Q1 / downside	95.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS downside_2027q1_eps	2027Q1 / downside	1.43 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q1_net, downside_2027q1_shares).
Operating cash downside_2027q1_cfo	2027Q1 / downside	272.87 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(downside_2027q1_rev, downside_cash_margin).
Net capex downside_2027q1_capex	2027Q1 / downside	212.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter).
Cash after net capex downside_2027q1_fcf	2027Q1 / downside	60.37 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Quarter activity / seasonality factor downside_2027q2_season	2027Q2 / downside	103.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue downside_2027q2_jbi_rev	2027Q2 / downside	1,699.37 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, downside_jbi_activity, downside_jbi_price, downside_2027q2_season).
Intermodal operating income downside_2027q2_jbi_op	2027Q2 / downside	122.35 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q2_jbi_rev, downside_jbi_margin).
Dedicated revenue downside_2027q2_dcs_rev	2027Q2 / downside	929.36 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, downside_dcs_activity, downside_dcs_price, downside_2027q2_season).
Dedicated operating income downside_2027q2_dcs_op	2027Q2 / downside	92.94 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q2_dcs_rev, downside_dcs_margin).
Brokerage / ICS revenue downside_2027q2_ics_rev	2027Q2 / downside	361.14 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, downside_ics_activity, downside_ics_price, downside_2027q2_season).
Brokerage / ICS operating income downside_2027q2_ics_op	2027Q2 / downside	-3.61 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q2_ics_rev, downside_ics_margin).
Final Mile revenue downside_2027q2_fms_rev	2027Q2 / downside	189.82 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, downside_fms_activity, downside_fms_price, downside_2027q2_season).
Final Mile operating income downside_2027q2_fms_op	2027Q2 / downside	3.80 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q2_fms_rev, downside_fms_margin).
Truckload revenue downside_2027q2_jbt_rev	2027Q2 / downside	234.60 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, downside_jbt_activity, downside_jbt_price, downside_2027q2_season).
Truckload operating income downside_2027q2_jbt_op	2027Q2 / downside	-3.52 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q2_jbt_rev, downside_jbt_margin).
Segment revenue sum downside_2027q2_gross_rev	2027Q2 / downside	3,414.29 USD_millions	derived: Before intersegment eliminations. Formula: sum(downside_2027q2_jbi_rev, downside_2027q2_dcs_rev, downside_2027q2_ics_rev, downside_2027q2_fms_rev, downside_2027q2_jbt_rev).
Intersegment elimination downside_2027q2_elim	2027Q2 / downside	5.45 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, downside_2027q2_season).
Consolidated revenue downside_2027q2_rev	2027Q2 / downside	3,408.84 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(downside_2027q2_gross_rev, downside_2027q2_elim).
Consolidated operating income downside_2027q2_op	2027Q2 / downside	211.96 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(downside_2027q2_jbi_op, downside_2027q2_dcs_op, downside_2027q2_ics_op, downside_2027q2_fms_op, downside_2027q2_jbt_op).
Net interest expense downside_2027q2_interest	2027Q2 / downside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income downside_2027q2_pretax	2027Q2 / downside	194.96 USD_millions	derived: Operating income less net interest. Formula: subtract(downside_2027q2_op, downside_2027q2_interest).
Net income downside_2027q2_net	2027Q2 / downside	145.24 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q2_pretax, downside_tax_keep).
Weighted diluted shares downside_2027q2_shares	2027Q2 / downside	95.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS downside_2027q2_eps	2027Q2 / downside	1.53 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q2_net, downside_2027q2_shares).
Operating cash downside_2027q2_cfo	2027Q2 / downside	289.75 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(downside_2027q2_rev, downside_cash_margin).
Net capex downside_2027q2_capex	2027Q2 / downside	212.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter).
Cash after net capex downside_2027q2_fcf	2027Q2 / downside	77.25 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Quarter activity / seasonality factor downside_2027q3_season	2027Q3 / downside	103.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue downside_2027q3_jbi_rev	2027Q3 / downside	1,699.37 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, downside_jbi_activity, downside_jbi_price, downside_2027q3_season).
Intermodal operating income downside_2027q3_jbi_op	2027Q3 / downside	122.35 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q3_jbi_rev, downside_jbi_margin).
Dedicated revenue downside_2027q3_dcs_rev	2027Q3 / downside	929.36 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, downside_dcs_activity, downside_dcs_price, downside_2027q3_season).
Dedicated operating income downside_2027q3_dcs_op	2027Q3 / downside	92.94 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q3_dcs_rev, downside_dcs_margin).
Brokerage / ICS revenue downside_2027q3_ics_rev	2027Q3 / downside	361.14 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, downside_ics_activity, downside_ics_price, downside_2027q3_season).
Brokerage / ICS operating income downside_2027q3_ics_op	2027Q3 / downside	-3.61 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q3_ics_rev, downside_ics_margin).
Final Mile revenue downside_2027q3_fms_rev	2027Q3 / downside	189.82 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, downside_fms_activity, downside_fms_price, downside_2027q3_season).
Final Mile operating income downside_2027q3_fms_op	2027Q3 / downside	3.80 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q3_fms_rev, downside_fms_margin).
Truckload revenue downside_2027q3_jbt_rev	2027Q3 / downside	234.60 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, downside_jbt_activity, downside_jbt_price, downside_2027q3_season).
Truckload operating income downside_2027q3_jbt_op	2027Q3 / downside	-3.52 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q3_jbt_rev, downside_jbt_margin).
Segment revenue sum downside_2027q3_gross_rev	2027Q3 / downside	3,414.29 USD_millions	derived: Before intersegment eliminations. Formula: sum(downside_2027q3_jbi_rev, downside_2027q3_dcs_rev, downside_2027q3_ics_rev, downside_2027q3_fms_rev, downside_2027q3_jbt_rev).
Intersegment elimination downside_2027q3_elim	2027Q3 / downside	5.45 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, downside_2027q3_season).
Consolidated revenue downside_2027q3_rev	2027Q3 / downside	3,408.84 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(downside_2027q3_gross_rev, downside_2027q3_elim).
Consolidated operating income downside_2027q3_op	2027Q3 / downside	211.96 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(downside_2027q3_jbi_op, downside_2027q3_dcs_op, downside_2027q3_ics_op, downside_2027q3_fms_op, downside_2027q3_jbt_op).
Net interest expense downside_2027q3_interest	2027Q3 / downside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income downside_2027q3_pretax	2027Q3 / downside	194.96 USD_millions	derived: Operating income less net interest. Formula: subtract(downside_2027q3_op, downside_2027q3_interest).
Net income downside_2027q3_net	2027Q3 / downside	145.24 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q3_pretax, downside_tax_keep).
Weighted diluted shares downside_2027q3_shares	2027Q3 / downside	95.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS downside_2027q3_eps	2027Q3 / downside	1.53 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q3_net, downside_2027q3_shares).
Operating cash downside_2027q3_cfo	2027Q3 / downside	289.75 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(downside_2027q3_rev, downside_cash_margin).
Net capex downside_2027q3_capex	2027Q3 / downside	212.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter).
Cash after net capex downside_2027q3_fcf	2027Q3 / downside	77.25 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Quarter activity / seasonality factor downside_2027q4_season	2027Q4 / downside	105.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue downside_2027q4_jbi_rev	2027Q4 / downside	1,732.36 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, downside_jbi_activity, downside_jbi_price, downside_2027q4_season).
Intermodal operating income downside_2027q4_jbi_op	2027Q4 / downside	124.73 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q4_jbi_rev, downside_jbi_margin).
Dedicated revenue downside_2027q4_dcs_rev	2027Q4 / downside	947.41 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, downside_dcs_activity, downside_dcs_price, downside_2027q4_season).
Dedicated operating income downside_2027q4_dcs_op	2027Q4 / downside	94.74 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q4_dcs_rev, downside_dcs_margin).
Brokerage / ICS revenue downside_2027q4_ics_rev	2027Q4 / downside	368.15 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, downside_ics_activity, downside_ics_price, downside_2027q4_season).
Brokerage / ICS operating income downside_2027q4_ics_op	2027Q4 / downside	-3.68 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q4_ics_rev, downside_ics_margin).
Final Mile revenue downside_2027q4_fms_rev	2027Q4 / downside	193.51 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, downside_fms_activity, downside_fms_price, downside_2027q4_season).
Final Mile operating income downside_2027q4_fms_op	2027Q4 / downside	3.87 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q4_fms_rev, downside_fms_margin).
Truckload revenue downside_2027q4_jbt_rev	2027Q4 / downside	239.15 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, downside_jbt_activity, downside_jbt_price, downside_2027q4_season).
Truckload operating income downside_2027q4_jbt_op	2027Q4 / downside	-3.59 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(downside_2027q4_jbt_rev, downside_jbt_margin).
Segment revenue sum downside_2027q4_gross_rev	2027Q4 / downside	3,480.58 USD_millions	derived: Before intersegment eliminations. Formula: sum(downside_2027q4_jbi_rev, downside_2027q4_dcs_rev, downside_2027q4_ics_rev, downside_2027q4_fms_rev, downside_2027q4_jbt_rev).
Intersegment elimination downside_2027q4_elim	2027Q4 / downside	5.55 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, downside_2027q4_season).
Consolidated revenue downside_2027q4_rev	2027Q4 / downside	3,475.03 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(downside_2027q4_gross_rev, downside_2027q4_elim).
Consolidated operating income downside_2027q4_op	2027Q4 / downside	216.07 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(downside_2027q4_jbi_op, downside_2027q4_dcs_op, downside_2027q4_ics_op, downside_2027q4_fms_op, downside_2027q4_jbt_op).
Net interest expense downside_2027q4_interest	2027Q4 / downside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income downside_2027q4_pretax	2027Q4 / downside	199.07 USD_millions	derived: Operating income less net interest. Formula: subtract(downside_2027q4_op, downside_2027q4_interest).
Net income downside_2027q4_net	2027Q4 / downside	148.31 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q4_pretax, downside_tax_keep).
Weighted diluted shares downside_2027q4_shares	2027Q4 / downside	95.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS downside_2027q4_eps	2027Q4 / downside	1.56 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q4_net, downside_2027q4_shares).
Operating cash downside_2027q4_cfo	2027Q4 / downside	295.38 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(downside_2027q4_rev, downside_cash_margin).
Net capex downside_2027q4_capex	2027Q4 / downside	212.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter).
Cash after net capex downside_2027q4_fcf	2027Q4 / downside	82.88 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
FY2026 rev downside_fy2026_rev	FY2026 / downside	13,170.90 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_rev, downside_2026q3_rev, downside_2026q4_rev).
FY2026 op downside_fy2026_op	FY2026 / downside	878.07 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_op, downside_2026q3_op, downside_2026q4_op).
FY2026 net downside_fy2026_net	FY2026 / downside	603.87 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_net, downside_2026q3_net, downside_2026q4_net).
FY2026 cfo downside_fy2026_cfo	FY2026 / downside	1,285.89 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
FY2026 capex downside_fy2026_capex	FY2026 / downside	800.00 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
H2 share sum downside_fy2026_h2_share_sum	FY2026 / downside	190.00 shares_millions	derived: Before averaging. Formula: sum(downside_2026q3_shares, downside_2026q4_shares).
H2 weighted shares downside_fy2026_h2_share_mean	FY2026 / downside	95.00 shares_millions	derived: Two-quarter average. Formula: multiply(downside_fy2026_h2_share_sum, downside_half).
Two half-year share counts downside_fy2026_share_sum	FY2026 / downside	190.07 shares_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_shares, downside_fy2026_h2_share_mean).
Annual diluted shares downside_fy2026_shares	FY2026 / downside	95.04 shares_millions	derived: Equal half-year average; day-count differences immaterial to this sensitivity. Formula: multiply(downside_fy2026_share_sum, downside_half).
Annual diluted EPS downside_fy2026_eps	FY2026 / downside	6.35 USD_per_share	derived: Annual net income / annual shares, not the sum of quarterly EPS. Formula: divide(downside_fy2026_net, downside_fy2026_shares).
Annual cash after net capex downside_fy2026_fcf	FY2026 / downside	485.89 USD_millions	derived: Annual operating cash less net capex. Formula: subtract(downside_fy2026_cfo, downside_fy2026_capex).
FY2027 rev downside_fy2027_rev	FY2027 / downside	13,502.98 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(downside_2027q1_rev, downside_2027q2_rev, downside_2027q3_rev, downside_2027q4_rev).
FY2027 op downside_fy2027_op	FY2027 / downside	839.60 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(downside_2027q1_op, downside_2027q2_op, downside_2027q3_op, downside_2027q4_op).
FY2027 net downside_fy2027_net	FY2027 / downside	574.84 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(downside_2027q1_net, downside_2027q2_net, downside_2027q3_net, downside_2027q4_net).
FY2027 cfo downside_fy2027_cfo	FY2027 / downside	1,147.75 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
FY2027 capex downside_fy2027_capex	FY2027 / downside	850.00 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Quarterly share-count sum downside_fy2027_share_sum	FY2027 / downside	380.00 shares_millions	derived: Before averaging. Formula: sum(downside_2027q1_shares, downside_2027q2_shares, downside_2027q3_shares, downside_2027q4_shares).
Annual diluted shares downside_fy2027_shares	FY2027 / downside	95.00 shares_millions	derived: Mean of four constant within-case share assumptions. Formula: multiply(downside_fy2027_share_sum, downside_quarter).
Annual diluted EPS downside_fy2027_eps	FY2027 / downside	6.05 USD_per_share	derived: Annual net income / annual shares, not the sum of quarterly EPS. Formula: divide(downside_fy2027_net, downside_fy2027_shares).
Annual cash after net capex downside_fy2027_fcf	FY2027 / downside	297.75 USD_millions	derived: Annual operating cash less net capex. Formula: subtract(downside_fy2027_cfo, downside_fy2027_capex).
Intermodal activity factor base_jbi_activity	Forward quarters / base	102.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Intermodal revenue-per-unit factor base_jbi_price	Forward quarters / base	100.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Intermodal operating margin base_jbi_margin	Forward quarters / base	8.6% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Dedicated activity factor base_dcs_activity	Forward quarters / base	101.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Dedicated revenue-per-unit factor base_dcs_price	Forward quarters / base	101.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Dedicated operating margin base_dcs_margin	Forward quarters / base	11.1% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Brokerage / ICS activity factor base_ics_activity	Forward quarters / base	100.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Brokerage / ICS revenue-per-unit factor base_ics_price	Forward quarters / base	100.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Brokerage / ICS operating margin base_ics_margin	Forward quarters / base	0.5% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Final Mile activity factor base_fms_activity	Forward quarters / base	100.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Final Mile revenue-per-unit factor base_fms_price	Forward quarters / base	100.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Final Mile operating margin base_fms_margin	Forward quarters / base	2.8% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Truckload activity factor base_jbt_activity	Forward quarters / base	102.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Truckload revenue-per-unit factor base_jbt_price	Forward quarters / base	100.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Truckload operating margin base_jbt_margin	Forward quarters / base	0.0% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
After-tax earnings factor base_tax_keep	Forward quarters / base	74.5% ratio	assumption: One minus a 25.5% assumed effective tax rate.
Operating-cash / revenue assumption base_cash_margin	Forward quarters / base	10.5% ratio	assumption: Independent cash-conversion sensitivity. H1 actual: $723.266M cash on $6,551.787M revenue.
FY2026 net-capex case base_annual_capex26	FY2026 / base	700.00 USD_millions	assumption: Within June 10-Q guidance; weaker cash case assumes higher spending.
FY2027 net-capex assumption base_annual_capex27	FY2027 / base	750.00 USD_millions	assumption: Desk extension, not management guidance.
Half-year allocation base_half	Allocation / base	50.0% ratio	assumption: Equal division of H2 capex and share averaging.
Quarter-year allocation base_quarter	Allocation / base	25.0% ratio	assumption: Equal FY2027 capex allocation and share averaging.
H2 net capex base_remaining_capex26	2026 H2 / base	555.05 USD_millions	derived: Full-year case less reported H1. Formula: subtract(base_annual_capex26, h1_capex).
Quarter activity / seasonality factor base_2026q3_season	2026Q3 / base	98.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue base_2026q3_jbi_rev	2026Q3 / base	1,752.99 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, base_jbi_activity, base_jbi_price, base_2026q3_season).
Intermodal operating income base_2026q3_jbi_op	2026Q3 / base	150.76 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q3_jbi_rev, base_jbi_margin).
Dedicated revenue base_2026q3_dcs_rev	2026Q3 / base	920.43 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, base_dcs_activity, base_dcs_price, base_2026q3_season).
Dedicated operating income base_2026q3_dcs_op	2026Q3 / base	102.17 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q3_dcs_rev, base_dcs_margin).
Brokerage / ICS revenue base_2026q3_ics_rev	2026Q3 / base	380.73 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, base_ics_activity, base_ics_price, base_2026q3_season).
Brokerage / ICS operating income base_2026q3_ics_op	2026Q3 / base	1.90 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q3_ics_rev, base_ics_margin).
Final Mile revenue base_2026q3_fms_rev	2026Q3 / base	194.08 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, base_fms_activity, base_fms_price, base_2026q3_season).
Final Mile operating income base_2026q3_fms_op	2026Q3 / base	5.43 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q3_fms_rev, base_fms_margin).
Truckload revenue base_2026q3_jbt_rev	2026Q3 / base	239.56 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, base_jbt_activity, base_jbt_price, base_2026q3_season).
Truckload operating income base_2026q3_jbt_op	2026Q3 / base	0.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q3_jbt_rev, base_jbt_margin).
Segment revenue sum base_2026q3_gross_rev	2026Q3 / base	3,487.78 USD_millions	derived: Before intersegment eliminations. Formula: sum(base_2026q3_jbi_rev, base_2026q3_dcs_rev, base_2026q3_ics_rev, base_2026q3_fms_rev, base_2026q3_jbt_rev).
Intersegment elimination base_2026q3_elim	2026Q3 / base	5.18 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, base_2026q3_season).
Consolidated revenue base_2026q3_rev	2026Q3 / base	3,482.60 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(base_2026q3_gross_rev, base_2026q3_elim).
Consolidated operating income base_2026q3_op	2026Q3 / base	260.26 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(base_2026q3_jbi_op, base_2026q3_dcs_op, base_2026q3_ics_op, base_2026q3_fms_op, base_2026q3_jbt_op).
Net interest expense base_2026q3_interest	2026Q3 / base	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income base_2026q3_pretax	2026Q3 / base	243.26 USD_millions	derived: Operating income less net interest. Formula: subtract(base_2026q3_op, base_2026q3_interest).
Net income base_2026q3_net	2026Q3 / base	181.23 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(base_2026q3_pretax, base_tax_keep).
Weighted diluted shares base_2026q3_shares	2026Q3 / base	94.50 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS base_2026q3_eps	2026Q3 / base	1.92 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(base_2026q3_net, base_2026q3_shares).
Operating cash base_2026q3_cfo	2026Q3 / base	365.67 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(base_2026q3_rev, base_cash_margin).
Net capex base_2026q3_capex	2026Q3 / base	277.53 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(base_remaining_capex26, base_half).
Cash after net capex base_2026q3_fcf	2026Q3 / base	88.15 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Quarter activity / seasonality factor base_2026q4_season	2026Q4 / base	102.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue base_2026q4_jbi_rev	2026Q4 / base	1,824.54 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, base_jbi_activity, base_jbi_price, base_2026q4_season).
Intermodal operating income base_2026q4_jbi_op	2026Q4 / base	156.91 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q4_jbi_rev, base_jbi_margin).
Dedicated revenue base_2026q4_dcs_rev	2026Q4 / base	958.00 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, base_dcs_activity, base_dcs_price, base_2026q4_season).
Dedicated operating income base_2026q4_dcs_op	2026Q4 / base	106.34 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q4_dcs_rev, base_dcs_margin).
Brokerage / ICS revenue base_2026q4_ics_rev	2026Q4 / base	396.26 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, base_ics_activity, base_ics_price, base_2026q4_season).
Brokerage / ICS operating income base_2026q4_ics_op	2026Q4 / base	1.98 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q4_ics_rev, base_ics_margin).
Final Mile revenue base_2026q4_fms_rev	2026Q4 / base	202.00 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, base_fms_activity, base_fms_price, base_2026q4_season).
Final Mile operating income base_2026q4_fms_op	2026Q4 / base	5.66 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q4_fms_rev, base_fms_margin).
Truckload revenue base_2026q4_jbt_rev	2026Q4 / base	249.33 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, base_jbt_activity, base_jbt_price, base_2026q4_season).
Truckload operating income base_2026q4_jbt_op	2026Q4 / base	0.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2026q4_jbt_rev, base_jbt_margin).
Segment revenue sum base_2026q4_gross_rev	2026Q4 / base	3,630.14 USD_millions	derived: Before intersegment eliminations. Formula: sum(base_2026q4_jbi_rev, base_2026q4_dcs_rev, base_2026q4_ics_rev, base_2026q4_fms_rev, base_2026q4_jbt_rev).
Intersegment elimination base_2026q4_elim	2026Q4 / base	5.39 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, base_2026q4_season).
Consolidated revenue base_2026q4_rev	2026Q4 / base	3,624.74 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(base_2026q4_gross_rev, base_2026q4_elim).
Consolidated operating income base_2026q4_op	2026Q4 / base	270.89 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(base_2026q4_jbi_op, base_2026q4_dcs_op, base_2026q4_ics_op, base_2026q4_fms_op, base_2026q4_jbt_op).
Net interest expense base_2026q4_interest	2026Q4 / base	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income base_2026q4_pretax	2026Q4 / base	253.89 USD_millions	derived: Operating income less net interest. Formula: subtract(base_2026q4_op, base_2026q4_interest).
Net income base_2026q4_net	2026Q4 / base	189.14 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(base_2026q4_pretax, base_tax_keep).
Weighted diluted shares base_2026q4_shares	2026Q4 / base	94.50 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS base_2026q4_eps	2026Q4 / base	2.00 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(base_2026q4_net, base_2026q4_shares).
Operating cash base_2026q4_cfo	2026Q4 / base	380.60 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(base_2026q4_rev, base_cash_margin).
Net capex base_2026q4_capex	2026Q4 / base	277.53 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(base_remaining_capex26, base_half).
Cash after net capex base_2026q4_fcf	2026Q4 / base	103.07 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Quarter activity / seasonality factor base_2027q1_season	2027Q1 / base	97.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue base_2027q1_jbi_rev	2027Q1 / base	1,735.10 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, base_jbi_activity, base_jbi_price, base_2027q1_season).
Intermodal operating income base_2027q1_jbi_op	2027Q1 / base	149.22 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q1_jbi_rev, base_jbi_margin).
Dedicated revenue base_2027q1_dcs_rev	2027Q1 / base	911.04 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, base_dcs_activity, base_dcs_price, base_2027q1_season).
Dedicated operating income base_2027q1_dcs_op	2027Q1 / base	101.13 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q1_dcs_rev, base_dcs_margin).
Brokerage / ICS revenue base_2027q1_ics_rev	2027Q1 / base	376.84 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, base_ics_activity, base_ics_price, base_2027q1_season).
Brokerage / ICS operating income base_2027q1_ics_op	2027Q1 / base	1.88 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q1_ics_rev, base_ics_margin).
Final Mile revenue base_2027q1_fms_rev	2027Q1 / base	192.10 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, base_fms_activity, base_fms_price, base_2027q1_season).
Final Mile operating income base_2027q1_fms_op	2027Q1 / base	5.38 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q1_fms_rev, base_fms_margin).
Truckload revenue base_2027q1_jbt_rev	2027Q1 / base	237.11 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, base_jbt_activity, base_jbt_price, base_2027q1_season).
Truckload operating income base_2027q1_jbt_op	2027Q1 / base	0.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q1_jbt_rev, base_jbt_margin).
Segment revenue sum base_2027q1_gross_rev	2027Q1 / base	3,452.19 USD_millions	derived: Before intersegment eliminations. Formula: sum(base_2027q1_jbi_rev, base_2027q1_dcs_rev, base_2027q1_ics_rev, base_2027q1_fms_rev, base_2027q1_jbt_rev).
Intersegment elimination base_2027q1_elim	2027Q1 / base	5.13 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, base_2027q1_season).
Consolidated revenue base_2027q1_rev	2027Q1 / base	3,447.06 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(base_2027q1_gross_rev, base_2027q1_elim).
Consolidated operating income base_2027q1_op	2027Q1 / base	257.61 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(base_2027q1_jbi_op, base_2027q1_dcs_op, base_2027q1_ics_op, base_2027q1_fms_op, base_2027q1_jbt_op).
Net interest expense base_2027q1_interest	2027Q1 / base	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income base_2027q1_pretax	2027Q1 / base	240.61 USD_millions	derived: Operating income less net interest. Formula: subtract(base_2027q1_op, base_2027q1_interest).
Net income base_2027q1_net	2027Q1 / base	179.25 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(base_2027q1_pretax, base_tax_keep).
Weighted diluted shares base_2027q1_shares	2027Q1 / base	94.50 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS base_2027q1_eps	2027Q1 / base	1.90 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q1_net, base_2027q1_shares).
Operating cash base_2027q1_cfo	2027Q1 / base	361.94 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(base_2027q1_rev, base_cash_margin).
Net capex base_2027q1_capex	2027Q1 / base	187.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter).
Cash after net capex base_2027q1_fcf	2027Q1 / base	174.44 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Quarter activity / seasonality factor base_2027q2_season	2027Q2 / base	103.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue base_2027q2_jbi_rev	2027Q2 / base	1,842.43 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, base_jbi_activity, base_jbi_price, base_2027q2_season).
Intermodal operating income base_2027q2_jbi_op	2027Q2 / base	158.45 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q2_jbi_rev, base_jbi_margin).
Dedicated revenue base_2027q2_dcs_rev	2027Q2 / base	967.39 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, base_dcs_activity, base_dcs_price, base_2027q2_season).
Dedicated operating income base_2027q2_dcs_op	2027Q2 / base	107.38 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q2_dcs_rev, base_dcs_margin).
Brokerage / ICS revenue base_2027q2_ics_rev	2027Q2 / base	400.15 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, base_ics_activity, base_ics_price, base_2027q2_season).
Brokerage / ICS operating income base_2027q2_ics_op	2027Q2 / base	2.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q2_ics_rev, base_ics_margin).
Final Mile revenue base_2027q2_fms_rev	2027Q2 / base	203.98 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, base_fms_activity, base_fms_price, base_2027q2_season).
Final Mile operating income base_2027q2_fms_op	2027Q2 / base	5.71 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q2_fms_rev, base_fms_margin).
Truckload revenue base_2027q2_jbt_rev	2027Q2 / base	251.78 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, base_jbt_activity, base_jbt_price, base_2027q2_season).
Truckload operating income base_2027q2_jbt_op	2027Q2 / base	0.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q2_jbt_rev, base_jbt_margin).
Segment revenue sum base_2027q2_gross_rev	2027Q2 / base	3,665.73 USD_millions	derived: Before intersegment eliminations. Formula: sum(base_2027q2_jbi_rev, base_2027q2_dcs_rev, base_2027q2_ics_rev, base_2027q2_fms_rev, base_2027q2_jbt_rev).
Intersegment elimination base_2027q2_elim	2027Q2 / base	5.45 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, base_2027q2_season).
Consolidated revenue base_2027q2_rev	2027Q2 / base	3,660.28 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(base_2027q2_gross_rev, base_2027q2_elim).
Consolidated operating income base_2027q2_op	2027Q2 / base	273.54 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(base_2027q2_jbi_op, base_2027q2_dcs_op, base_2027q2_ics_op, base_2027q2_fms_op, base_2027q2_jbt_op).
Net interest expense base_2027q2_interest	2027Q2 / base	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income base_2027q2_pretax	2027Q2 / base	256.54 USD_millions	derived: Operating income less net interest. Formula: subtract(base_2027q2_op, base_2027q2_interest).
Net income base_2027q2_net	2027Q2 / base	191.12 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(base_2027q2_pretax, base_tax_keep).
Weighted diluted shares base_2027q2_shares	2027Q2 / base	94.50 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS base_2027q2_eps	2027Q2 / base	2.02 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q2_net, base_2027q2_shares).
Operating cash base_2027q2_cfo	2027Q2 / base	384.33 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(base_2027q2_rev, base_cash_margin).
Net capex base_2027q2_capex	2027Q2 / base	187.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter).
Cash after net capex base_2027q2_fcf	2027Q2 / base	196.83 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Quarter activity / seasonality factor base_2027q3_season	2027Q3 / base	103.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue base_2027q3_jbi_rev	2027Q3 / base	1,842.43 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, base_jbi_activity, base_jbi_price, base_2027q3_season).
Intermodal operating income base_2027q3_jbi_op	2027Q3 / base	158.45 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q3_jbi_rev, base_jbi_margin).
Dedicated revenue base_2027q3_dcs_rev	2027Q3 / base	967.39 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, base_dcs_activity, base_dcs_price, base_2027q3_season).
Dedicated operating income base_2027q3_dcs_op	2027Q3 / base	107.38 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q3_dcs_rev, base_dcs_margin).
Brokerage / ICS revenue base_2027q3_ics_rev	2027Q3 / base	400.15 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, base_ics_activity, base_ics_price, base_2027q3_season).
Brokerage / ICS operating income base_2027q3_ics_op	2027Q3 / base	2.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q3_ics_rev, base_ics_margin).
Final Mile revenue base_2027q3_fms_rev	2027Q3 / base	203.98 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, base_fms_activity, base_fms_price, base_2027q3_season).
Final Mile operating income base_2027q3_fms_op	2027Q3 / base	5.71 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q3_fms_rev, base_fms_margin).
Truckload revenue base_2027q3_jbt_rev	2027Q3 / base	251.78 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, base_jbt_activity, base_jbt_price, base_2027q3_season).
Truckload operating income base_2027q3_jbt_op	2027Q3 / base	0.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q3_jbt_rev, base_jbt_margin).
Segment revenue sum base_2027q3_gross_rev	2027Q3 / base	3,665.73 USD_millions	derived: Before intersegment eliminations. Formula: sum(base_2027q3_jbi_rev, base_2027q3_dcs_rev, base_2027q3_ics_rev, base_2027q3_fms_rev, base_2027q3_jbt_rev).
Intersegment elimination base_2027q3_elim	2027Q3 / base	5.45 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, base_2027q3_season).
Consolidated revenue base_2027q3_rev	2027Q3 / base	3,660.28 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(base_2027q3_gross_rev, base_2027q3_elim).
Consolidated operating income base_2027q3_op	2027Q3 / base	273.54 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(base_2027q3_jbi_op, base_2027q3_dcs_op, base_2027q3_ics_op, base_2027q3_fms_op, base_2027q3_jbt_op).
Net interest expense base_2027q3_interest	2027Q3 / base	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income base_2027q3_pretax	2027Q3 / base	256.54 USD_millions	derived: Operating income less net interest. Formula: subtract(base_2027q3_op, base_2027q3_interest).
Net income base_2027q3_net	2027Q3 / base	191.12 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(base_2027q3_pretax, base_tax_keep).
Weighted diluted shares base_2027q3_shares	2027Q3 / base	94.50 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS base_2027q3_eps	2027Q3 / base	2.02 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q3_net, base_2027q3_shares).
Operating cash base_2027q3_cfo	2027Q3 / base	384.33 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(base_2027q3_rev, base_cash_margin).
Net capex base_2027q3_capex	2027Q3 / base	187.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter).
Cash after net capex base_2027q3_fcf	2027Q3 / base	196.83 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Quarter activity / seasonality factor base_2027q4_season	2027Q4 / base	105.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue base_2027q4_jbi_rev	2027Q4 / base	1,878.20 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, base_jbi_activity, base_jbi_price, base_2027q4_season).
Intermodal operating income base_2027q4_jbi_op	2027Q4 / base	161.53 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q4_jbi_rev, base_jbi_margin).
Dedicated revenue base_2027q4_dcs_rev	2027Q4 / base	986.18 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, base_dcs_activity, base_dcs_price, base_2027q4_season).
Dedicated operating income base_2027q4_dcs_op	2027Q4 / base	109.47 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q4_dcs_rev, base_dcs_margin).
Brokerage / ICS revenue base_2027q4_ics_rev	2027Q4 / base	407.92 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, base_ics_activity, base_ics_price, base_2027q4_season).
Brokerage / ICS operating income base_2027q4_ics_op	2027Q4 / base	2.04 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q4_ics_rev, base_ics_margin).
Final Mile revenue base_2027q4_fms_rev	2027Q4 / base	207.94 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, base_fms_activity, base_fms_price, base_2027q4_season).
Final Mile operating income base_2027q4_fms_op	2027Q4 / base	5.82 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q4_fms_rev, base_fms_margin).
Truckload revenue base_2027q4_jbt_rev	2027Q4 / base	256.67 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, base_jbt_activity, base_jbt_price, base_2027q4_season).
Truckload operating income base_2027q4_jbt_op	2027Q4 / base	0.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(base_2027q4_jbt_rev, base_jbt_margin).
Segment revenue sum base_2027q4_gross_rev	2027Q4 / base	3,736.90 USD_millions	derived: Before intersegment eliminations. Formula: sum(base_2027q4_jbi_rev, base_2027q4_dcs_rev, base_2027q4_ics_rev, base_2027q4_fms_rev, base_2027q4_jbt_rev).
Intersegment elimination base_2027q4_elim	2027Q4 / base	5.55 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, base_2027q4_season).
Consolidated revenue base_2027q4_rev	2027Q4 / base	3,731.35 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(base_2027q4_gross_rev, base_2027q4_elim).
Consolidated operating income base_2027q4_op	2027Q4 / base	278.85 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(base_2027q4_jbi_op, base_2027q4_dcs_op, base_2027q4_ics_op, base_2027q4_fms_op, base_2027q4_jbt_op).
Net interest expense base_2027q4_interest	2027Q4 / base	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income base_2027q4_pretax	2027Q4 / base	261.85 USD_millions	derived: Operating income less net interest. Formula: subtract(base_2027q4_op, base_2027q4_interest).
Net income base_2027q4_net	2027Q4 / base	195.08 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(base_2027q4_pretax, base_tax_keep).
Weighted diluted shares base_2027q4_shares	2027Q4 / base	94.50 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS base_2027q4_eps	2027Q4 / base	2.06 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q4_net, base_2027q4_shares).
Operating cash base_2027q4_cfo	2027Q4 / base	391.79 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(base_2027q4_rev, base_cash_margin).
Net capex base_2027q4_capex	2027Q4 / base	187.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter).
Cash after net capex base_2027q4_fcf	2027Q4 / base	204.29 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
FY2026 rev base_fy2026_rev	FY2026 / base	13,659.13 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_rev, base_2026q3_rev, base_2026q4_rev).
FY2026 op base_fy2026_op	FY2026 / base	997.65 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_op, base_2026q3_op, base_2026q4_op).
FY2026 net base_fy2026_net	FY2026 / base	692.96 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_net, base_2026q3_net, base_2026q4_net).
FY2026 cfo base_fy2026_cfo	FY2026 / base	1,469.54 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
FY2026 capex base_fy2026_capex	FY2026 / base	700.00 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
H2 share sum base_fy2026_h2_share_sum	FY2026 / base	189.00 shares_millions	derived: Before averaging. Formula: sum(base_2026q3_shares, base_2026q4_shares).
H2 weighted shares base_fy2026_h2_share_mean	FY2026 / base	94.50 shares_millions	derived: Two-quarter average. Formula: multiply(base_fy2026_h2_share_sum, base_half).
Two half-year share counts base_fy2026_share_sum	FY2026 / base	189.57 shares_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_shares, base_fy2026_h2_share_mean).
Annual diluted shares base_fy2026_shares	FY2026 / base	94.79 shares_millions	derived: Equal half-year average; day-count differences immaterial to this sensitivity. Formula: multiply(base_fy2026_share_sum, base_half).
Annual diluted EPS base_fy2026_eps	FY2026 / base	7.31 USD_per_share	derived: Annual net income / annual shares, not the sum of quarterly EPS. Formula: divide(base_fy2026_net, base_fy2026_shares).
Annual cash after net capex base_fy2026_fcf	FY2026 / base	769.54 USD_millions	derived: Annual operating cash less net capex. Formula: subtract(base_fy2026_cfo, base_fy2026_capex).
FY2027 rev base_fy2027_rev	FY2027 / base	14,498.97 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(base_2027q1_rev, base_2027q2_rev, base_2027q3_rev, base_2027q4_rev).
FY2027 op base_fy2027_op	FY2027 / base	1,083.54 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(base_2027q1_op, base_2027q2_op, base_2027q3_op, base_2027q4_op).
FY2027 net base_fy2027_net	FY2027 / base	756.58 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(base_2027q1_net, base_2027q2_net, base_2027q3_net, base_2027q4_net).
FY2027 cfo base_fy2027_cfo	FY2027 / base	1,522.39 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
FY2027 capex base_fy2027_capex	FY2027 / base	750.00 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Quarterly share-count sum base_fy2027_share_sum	FY2027 / base	378.00 shares_millions	derived: Before averaging. Formula: sum(base_2027q1_shares, base_2027q2_shares, base_2027q3_shares, base_2027q4_shares).
Annual diluted shares base_fy2027_shares	FY2027 / base	94.50 shares_millions	derived: Mean of four constant within-case share assumptions. Formula: multiply(base_fy2027_share_sum, base_quarter).
Annual diluted EPS base_fy2027_eps	FY2027 / base	8.01 USD_per_share	derived: Annual net income / annual shares, not the sum of quarterly EPS. Formula: divide(base_fy2027_net, base_fy2027_shares).
Annual cash after net capex base_fy2027_fcf	FY2027 / base	772.39 USD_millions	derived: Annual operating cash less net capex. Formula: subtract(base_fy2027_cfo, base_fy2027_capex).
Intermodal activity factor upside_jbi_activity	Forward quarters / upside	108.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Intermodal revenue-per-unit factor upside_jbi_price	Forward quarters / upside	102.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Intermodal operating margin upside_jbi_margin	Forward quarters / upside	10.0% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Dedicated activity factor upside_dcs_activity	Forward quarters / upside	103.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Dedicated revenue-per-unit factor upside_dcs_price	Forward quarters / upside	102.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Dedicated operating margin upside_dcs_margin	Forward quarters / upside	12.0% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Brokerage / ICS activity factor upside_ics_activity	Forward quarters / upside	107.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Brokerage / ICS revenue-per-unit factor upside_ics_price	Forward quarters / upside	104.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Brokerage / ICS operating margin upside_ics_margin	Forward quarters / upside	1.5% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Final Mile activity factor upside_fms_activity	Forward quarters / upside	102.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Final Mile revenue-per-unit factor upside_fms_price	Forward quarters / upside	101.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Final Mile operating margin upside_fms_margin	Forward quarters / upside	4.0% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
Truckload activity factor upside_jbt_activity	Forward quarters / upside	106.0% ratio	assumption: Relative to Q2: loads for transport/brokerage, trucks for dedicated, deliveries for final mile.
Truckload revenue-per-unit factor upside_jbt_price	Forward quarters / upside	102.0% ratio	assumption: Relative to Q2, including fuel and mix effects. Not a pure contractual pricing forecast.
Truckload operating margin upside_jbt_margin	Forward quarters / upside	1.5% ratio	assumption: Desk sensitivity after purchased transport, wages, insurance and operating costs.
After-tax earnings factor upside_tax_keep	Forward quarters / upside	74.5% ratio	assumption: One minus a 25.5% assumed effective tax rate.
Operating-cash / revenue assumption upside_cash_margin	Forward quarters / upside	12.0% ratio	assumption: Independent cash-conversion sensitivity. H1 actual: $723.266M cash on $6,551.787M revenue.
FY2026 net-capex case upside_annual_capex26	FY2026 / upside	600.00 USD_millions	assumption: Within June 10-Q guidance; weaker cash case assumes higher spending.
FY2027 net-capex assumption upside_annual_capex27	FY2027 / upside	650.00 USD_millions	assumption: Desk extension, not management guidance.
Half-year allocation upside_half	Allocation / upside	50.0% ratio	assumption: Equal division of H2 capex and share averaging.
Quarter-year allocation upside_quarter	Allocation / upside	25.0% ratio	assumption: Equal FY2027 capex allocation and share averaging.
H2 net capex upside_remaining_capex26	2026 H2 / upside	455.05 USD_millions	derived: Full-year case less reported H1. Formula: subtract(upside_annual_capex26, h1_capex).
Quarter activity / seasonality factor upside_2026q3_season	2026Q3 / upside	98.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue upside_2026q3_jbi_rev	2026Q3 / upside	1,893.23 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, upside_jbi_activity, upside_jbi_price, upside_2026q3_season).
Intermodal operating income upside_2026q3_jbi_op	2026Q3 / upside	189.32 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q3_jbi_rev, upside_jbi_margin).
Dedicated revenue upside_2026q3_dcs_rev	2026Q3 / upside	947.95 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, upside_dcs_activity, upside_dcs_price, upside_2026q3_season).
Dedicated operating income upside_2026q3_dcs_op	2026Q3 / upside	113.75 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q3_dcs_rev, upside_dcs_margin).
Brokerage / ICS revenue upside_2026q3_ics_rev	2026Q3 / upside	423.67 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, upside_ics_activity, upside_ics_price, upside_2026q3_season).
Brokerage / ICS operating income upside_2026q3_ics_op	2026Q3 / upside	6.36 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q3_ics_rev, upside_ics_margin).
Final Mile revenue upside_2026q3_fms_rev	2026Q3 / upside	199.94 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, upside_fms_activity, upside_fms_price, upside_2026q3_season).
Final Mile operating income upside_2026q3_fms_op	2026Q3 / upside	8.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q3_fms_rev, upside_fms_margin).
Truckload revenue upside_2026q3_jbt_rev	2026Q3 / upside	253.93 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, upside_jbt_activity, upside_jbt_price, upside_2026q3_season).
Truckload operating income upside_2026q3_jbt_op	2026Q3 / upside	3.81 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q3_jbt_rev, upside_jbt_margin).
Segment revenue sum upside_2026q3_gross_rev	2026Q3 / upside	3,718.72 USD_millions	derived: Before intersegment eliminations. Formula: sum(upside_2026q3_jbi_rev, upside_2026q3_dcs_rev, upside_2026q3_ics_rev, upside_2026q3_fms_rev, upside_2026q3_jbt_rev).
Intersegment elimination upside_2026q3_elim	2026Q3 / upside	5.18 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, upside_2026q3_season).
Consolidated revenue upside_2026q3_rev	2026Q3 / upside	3,713.54 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(upside_2026q3_gross_rev, upside_2026q3_elim).
Consolidated operating income upside_2026q3_op	2026Q3 / upside	321.24 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(upside_2026q3_jbi_op, upside_2026q3_dcs_op, upside_2026q3_ics_op, upside_2026q3_fms_op, upside_2026q3_jbt_op).
Net interest expense upside_2026q3_interest	2026Q3 / upside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income upside_2026q3_pretax	2026Q3 / upside	304.24 USD_millions	derived: Operating income less net interest. Formula: subtract(upside_2026q3_op, upside_2026q3_interest).
Net income upside_2026q3_net	2026Q3 / upside	226.66 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(upside_2026q3_pretax, upside_tax_keep).
Weighted diluted shares upside_2026q3_shares	2026Q3 / upside	94.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS upside_2026q3_eps	2026Q3 / upside	2.41 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(upside_2026q3_net, upside_2026q3_shares).
Operating cash upside_2026q3_cfo	2026Q3 / upside	445.62 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(upside_2026q3_rev, upside_cash_margin).
Net capex upside_2026q3_capex	2026Q3 / upside	227.53 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_remaining_capex26, upside_half).
Cash after net capex upside_2026q3_fcf	2026Q3 / upside	218.10 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Quarter activity / seasonality factor upside_2026q4_season	2026Q4 / upside	102.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue upside_2026q4_jbi_rev	2026Q4 / upside	1,970.50 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, upside_jbi_activity, upside_jbi_price, upside_2026q4_season).
Intermodal operating income upside_2026q4_jbi_op	2026Q4 / upside	197.05 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q4_jbi_rev, upside_jbi_margin).
Dedicated revenue upside_2026q4_dcs_rev	2026Q4 / upside	986.64 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, upside_dcs_activity, upside_dcs_price, upside_2026q4_season).
Dedicated operating income upside_2026q4_dcs_op	2026Q4 / upside	118.40 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q4_dcs_rev, upside_dcs_margin).
Brokerage / ICS revenue upside_2026q4_ics_rev	2026Q4 / upside	440.96 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, upside_ics_activity, upside_ics_price, upside_2026q4_season).
Brokerage / ICS operating income upside_2026q4_ics_op	2026Q4 / upside	6.61 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q4_ics_rev, upside_ics_margin).
Final Mile revenue upside_2026q4_fms_rev	2026Q4 / upside	208.10 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, upside_fms_activity, upside_fms_price, upside_2026q4_season).
Final Mile operating income upside_2026q4_fms_op	2026Q4 / upside	8.32 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q4_fms_rev, upside_fms_margin).
Truckload revenue upside_2026q4_jbt_rev	2026Q4 / upside	264.30 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, upside_jbt_activity, upside_jbt_price, upside_2026q4_season).
Truckload operating income upside_2026q4_jbt_op	2026Q4 / upside	3.96 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2026q4_jbt_rev, upside_jbt_margin).
Segment revenue sum upside_2026q4_gross_rev	2026Q4 / upside	3,870.50 USD_millions	derived: Before intersegment eliminations. Formula: sum(upside_2026q4_jbi_rev, upside_2026q4_dcs_rev, upside_2026q4_ics_rev, upside_2026q4_fms_rev, upside_2026q4_jbt_rev).
Intersegment elimination upside_2026q4_elim	2026Q4 / upside	5.39 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, upside_2026q4_season).
Consolidated revenue upside_2026q4_rev	2026Q4 / upside	3,865.11 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(upside_2026q4_gross_rev, upside_2026q4_elim).
Consolidated operating income upside_2026q4_op	2026Q4 / upside	334.35 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(upside_2026q4_jbi_op, upside_2026q4_dcs_op, upside_2026q4_ics_op, upside_2026q4_fms_op, upside_2026q4_jbt_op).
Net interest expense upside_2026q4_interest	2026Q4 / upside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income upside_2026q4_pretax	2026Q4 / upside	317.35 USD_millions	derived: Operating income less net interest. Formula: subtract(upside_2026q4_op, upside_2026q4_interest).
Net income upside_2026q4_net	2026Q4 / upside	236.43 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(upside_2026q4_pretax, upside_tax_keep).
Weighted diluted shares upside_2026q4_shares	2026Q4 / upside	94.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS upside_2026q4_eps	2026Q4 / upside	2.52 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(upside_2026q4_net, upside_2026q4_shares).
Operating cash upside_2026q4_cfo	2026Q4 / upside	463.81 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(upside_2026q4_rev, upside_cash_margin).
Net capex upside_2026q4_capex	2026Q4 / upside	227.53 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_remaining_capex26, upside_half).
Cash after net capex upside_2026q4_fcf	2026Q4 / upside	236.29 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Quarter activity / seasonality factor upside_2027q1_season	2027Q1 / upside	97.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue upside_2027q1_jbi_rev	2027Q1 / upside	1,873.91 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, upside_jbi_activity, upside_jbi_price, upside_2027q1_season).
Intermodal operating income upside_2027q1_jbi_op	2027Q1 / upside	187.39 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q1_jbi_rev, upside_jbi_margin).
Dedicated revenue upside_2027q1_dcs_rev	2027Q1 / upside	938.28 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, upside_dcs_activity, upside_dcs_price, upside_2027q1_season).
Dedicated operating income upside_2027q1_dcs_op	2027Q1 / upside	112.59 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q1_dcs_rev, upside_dcs_margin).
Brokerage / ICS revenue upside_2027q1_ics_rev	2027Q1 / upside	419.35 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, upside_ics_activity, upside_ics_price, upside_2027q1_season).
Brokerage / ICS operating income upside_2027q1_ics_op	2027Q1 / upside	6.29 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q1_ics_rev, upside_ics_margin).
Final Mile revenue upside_2027q1_fms_rev	2027Q1 / upside	197.90 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, upside_fms_activity, upside_fms_price, upside_2027q1_season).
Final Mile operating income upside_2027q1_fms_op	2027Q1 / upside	7.92 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q1_fms_rev, upside_fms_margin).
Truckload revenue upside_2027q1_jbt_rev	2027Q1 / upside	251.34 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, upside_jbt_activity, upside_jbt_price, upside_2027q1_season).
Truckload operating income upside_2027q1_jbt_op	2027Q1 / upside	3.77 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q1_jbt_rev, upside_jbt_margin).
Segment revenue sum upside_2027q1_gross_rev	2027Q1 / upside	3,680.77 USD_millions	derived: Before intersegment eliminations. Formula: sum(upside_2027q1_jbi_rev, upside_2027q1_dcs_rev, upside_2027q1_ics_rev, upside_2027q1_fms_rev, upside_2027q1_jbt_rev).
Intersegment elimination upside_2027q1_elim	2027Q1 / upside	5.13 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, upside_2027q1_season).
Consolidated revenue upside_2027q1_rev	2027Q1 / upside	3,675.64 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(upside_2027q1_gross_rev, upside_2027q1_elim).
Consolidated operating income upside_2027q1_op	2027Q1 / upside	317.96 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(upside_2027q1_jbi_op, upside_2027q1_dcs_op, upside_2027q1_ics_op, upside_2027q1_fms_op, upside_2027q1_jbt_op).
Net interest expense upside_2027q1_interest	2027Q1 / upside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income upside_2027q1_pretax	2027Q1 / upside	300.96 USD_millions	derived: Operating income less net interest. Formula: subtract(upside_2027q1_op, upside_2027q1_interest).
Net income upside_2027q1_net	2027Q1 / upside	224.22 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q1_pretax, upside_tax_keep).
Weighted diluted shares upside_2027q1_shares	2027Q1 / upside	94.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS upside_2027q1_eps	2027Q1 / upside	2.39 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q1_net, upside_2027q1_shares).
Operating cash upside_2027q1_cfo	2027Q1 / upside	441.08 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(upside_2027q1_rev, upside_cash_margin).
Net capex upside_2027q1_capex	2027Q1 / upside	162.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter).
Cash after net capex upside_2027q1_fcf	2027Q1 / upside	278.58 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Quarter activity / seasonality factor upside_2027q2_season	2027Q2 / upside	103.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue upside_2027q2_jbi_rev	2027Q2 / upside	1,989.82 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, upside_jbi_activity, upside_jbi_price, upside_2027q2_season).
Intermodal operating income upside_2027q2_jbi_op	2027Q2 / upside	198.98 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q2_jbi_rev, upside_jbi_margin).
Dedicated revenue upside_2027q2_dcs_rev	2027Q2 / upside	996.32 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, upside_dcs_activity, upside_dcs_price, upside_2027q2_season).
Dedicated operating income upside_2027q2_dcs_op	2027Q2 / upside	119.56 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q2_dcs_rev, upside_dcs_margin).
Brokerage / ICS revenue upside_2027q2_ics_rev	2027Q2 / upside	445.29 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, upside_ics_activity, upside_ics_price, upside_2027q2_season).
Brokerage / ICS operating income upside_2027q2_ics_op	2027Q2 / upside	6.68 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q2_ics_rev, upside_ics_margin).
Final Mile revenue upside_2027q2_fms_rev	2027Q2 / upside	210.14 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, upside_fms_activity, upside_fms_price, upside_2027q2_season).
Final Mile operating income upside_2027q2_fms_op	2027Q2 / upside	8.41 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q2_fms_rev, upside_fms_margin).
Truckload revenue upside_2027q2_jbt_rev	2027Q2 / upside	266.89 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, upside_jbt_activity, upside_jbt_price, upside_2027q2_season).
Truckload operating income upside_2027q2_jbt_op	2027Q2 / upside	4.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q2_jbt_rev, upside_jbt_margin).
Segment revenue sum upside_2027q2_gross_rev	2027Q2 / upside	3,908.45 USD_millions	derived: Before intersegment eliminations. Formula: sum(upside_2027q2_jbi_rev, upside_2027q2_dcs_rev, upside_2027q2_ics_rev, upside_2027q2_fms_rev, upside_2027q2_jbt_rev).
Intersegment elimination upside_2027q2_elim	2027Q2 / upside	5.45 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, upside_2027q2_season).
Consolidated revenue upside_2027q2_rev	2027Q2 / upside	3,903.00 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(upside_2027q2_gross_rev, upside_2027q2_elim).
Consolidated operating income upside_2027q2_op	2027Q2 / upside	337.63 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(upside_2027q2_jbi_op, upside_2027q2_dcs_op, upside_2027q2_ics_op, upside_2027q2_fms_op, upside_2027q2_jbt_op).
Net interest expense upside_2027q2_interest	2027Q2 / upside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income upside_2027q2_pretax	2027Q2 / upside	320.63 USD_millions	derived: Operating income less net interest. Formula: subtract(upside_2027q2_op, upside_2027q2_interest).
Net income upside_2027q2_net	2027Q2 / upside	238.87 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q2_pretax, upside_tax_keep).
Weighted diluted shares upside_2027q2_shares	2027Q2 / upside	94.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS upside_2027q2_eps	2027Q2 / upside	2.54 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q2_net, upside_2027q2_shares).
Operating cash upside_2027q2_cfo	2027Q2 / upside	468.36 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(upside_2027q2_rev, upside_cash_margin).
Net capex upside_2027q2_capex	2027Q2 / upside	162.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter).
Cash after net capex upside_2027q2_fcf	2027Q2 / upside	305.86 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Quarter activity / seasonality factor upside_2027q3_season	2027Q3 / upside	103.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue upside_2027q3_jbi_rev	2027Q3 / upside	1,989.82 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, upside_jbi_activity, upside_jbi_price, upside_2027q3_season).
Intermodal operating income upside_2027q3_jbi_op	2027Q3 / upside	198.98 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q3_jbi_rev, upside_jbi_margin).
Dedicated revenue upside_2027q3_dcs_rev	2027Q3 / upside	996.32 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, upside_dcs_activity, upside_dcs_price, upside_2027q3_season).
Dedicated operating income upside_2027q3_dcs_op	2027Q3 / upside	119.56 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q3_dcs_rev, upside_dcs_margin).
Brokerage / ICS revenue upside_2027q3_ics_rev	2027Q3 / upside	445.29 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, upside_ics_activity, upside_ics_price, upside_2027q3_season).
Brokerage / ICS operating income upside_2027q3_ics_op	2027Q3 / upside	6.68 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q3_ics_rev, upside_ics_margin).
Final Mile revenue upside_2027q3_fms_rev	2027Q3 / upside	210.14 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, upside_fms_activity, upside_fms_price, upside_2027q3_season).
Final Mile operating income upside_2027q3_fms_op	2027Q3 / upside	8.41 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q3_fms_rev, upside_fms_margin).
Truckload revenue upside_2027q3_jbt_rev	2027Q3 / upside	266.89 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, upside_jbt_activity, upside_jbt_price, upside_2027q3_season).
Truckload operating income upside_2027q3_jbt_op	2027Q3 / upside	4.00 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q3_jbt_rev, upside_jbt_margin).
Segment revenue sum upside_2027q3_gross_rev	2027Q3 / upside	3,908.45 USD_millions	derived: Before intersegment eliminations. Formula: sum(upside_2027q3_jbi_rev, upside_2027q3_dcs_rev, upside_2027q3_ics_rev, upside_2027q3_fms_rev, upside_2027q3_jbt_rev).
Intersegment elimination upside_2027q3_elim	2027Q3 / upside	5.45 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, upside_2027q3_season).
Consolidated revenue upside_2027q3_rev	2027Q3 / upside	3,903.00 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(upside_2027q3_gross_rev, upside_2027q3_elim).
Consolidated operating income upside_2027q3_op	2027Q3 / upside	337.63 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(upside_2027q3_jbi_op, upside_2027q3_dcs_op, upside_2027q3_ics_op, upside_2027q3_fms_op, upside_2027q3_jbt_op).
Net interest expense upside_2027q3_interest	2027Q3 / upside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income upside_2027q3_pretax	2027Q3 / upside	320.63 USD_millions	derived: Operating income less net interest. Formula: subtract(upside_2027q3_op, upside_2027q3_interest).
Net income upside_2027q3_net	2027Q3 / upside	238.87 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q3_pretax, upside_tax_keep).
Weighted diluted shares upside_2027q3_shares	2027Q3 / upside	94.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS upside_2027q3_eps	2027Q3 / upside	2.54 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q3_net, upside_2027q3_shares).
Operating cash upside_2027q3_cfo	2027Q3 / upside	468.36 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(upside_2027q3_rev, upside_cash_margin).
Net capex upside_2027q3_capex	2027Q3 / upside	162.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter).
Cash after net capex upside_2027q3_fcf	2027Q3 / upside	305.86 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Quarter activity / seasonality factor upside_2027q4_season	2027Q4 / upside	105.0% ratio	assumption: Desk timing relative to Q2 run rate; applied to all segments.
Intermodal revenue upside_2027q4_jbi_rev	2027Q4 / upside	2,028.46 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbi, upside_jbi_activity, upside_jbi_price, upside_2027q4_season).
Intermodal operating income upside_2027q4_jbi_op	2027Q4 / upside	202.85 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q4_jbi_rev, upside_jbi_margin).
Dedicated revenue upside_2027q4_dcs_rev	2027Q4 / upside	1,015.66 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_dcs, upside_dcs_activity, upside_dcs_price, upside_2027q4_season).
Dedicated operating income upside_2027q4_dcs_op	2027Q4 / upside	121.88 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q4_dcs_rev, upside_dcs_margin).
Brokerage / ICS revenue upside_2027q4_ics_rev	2027Q4 / upside	453.93 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_ics, upside_ics_activity, upside_ics_price, upside_2027q4_season).
Brokerage / ICS operating income upside_2027q4_ics_op	2027Q4 / upside	6.81 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q4_ics_rev, upside_ics_margin).
Final Mile revenue upside_2027q4_fms_rev	2027Q4 / upside	214.22 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_fms, upside_fms_activity, upside_fms_price, upside_2027q4_season).
Final Mile operating income upside_2027q4_fms_op	2027Q4 / upside	8.57 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q4_fms_rev, upside_fms_margin).
Truckload revenue upside_2027q4_jbt_rev	2027Q4 / upside	272.07 USD_millions	derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, upside_jbt_activity, upside_jbt_price, upside_2027q4_season).
Truckload operating income upside_2027q4_jbt_op	2027Q4 / upside	4.08 USD_millions	derived: Segment revenue times assumed operating margin. Formula: multiply(upside_2027q4_jbt_rev, upside_jbt_margin).
Segment revenue sum upside_2027q4_gross_rev	2027Q4 / upside	3,984.34 USD_millions	derived: Before intersegment eliminations. Formula: sum(upside_2027q4_jbi_rev, upside_2027q4_dcs_rev, upside_2027q4_ics_rev, upside_2027q4_fms_rev, upside_2027q4_jbt_rev).
Intersegment elimination upside_2027q4_elim	2027Q4 / upside	5.55 USD_millions	derived: Q2 elimination scaled by timing; not another cost deduction. Formula: multiply(q2_elim, upside_2027q4_season).
Consolidated revenue upside_2027q4_rev	2027Q4 / upside	3,978.79 USD_millions	derived: Gross revenue less intersegment elimination. Formula: subtract(upside_2027q4_gross_rev, upside_2027q4_elim).
Consolidated operating income upside_2027q4_op	2027Q4 / upside	344.18 USD_millions	derived: Sum of modeled segment operating income. Formula: sum(upside_2027q4_jbi_op, upside_2027q4_dcs_op, upside_2027q4_ics_op, upside_2027q4_fms_op, upside_2027q4_jbt_op).
Net interest expense upside_2027q4_interest	2027Q4 / upside	17.00 USD_millions	assumption: Approximately Q2 run rate. No debt-funded repurchase assumption.
Pretax income upside_2027q4_pretax	2027Q4 / upside	327.18 USD_millions	derived: Operating income less net interest. Formula: subtract(upside_2027q4_op, upside_2027q4_interest).
Net income upside_2027q4_net	2027Q4 / upside	243.75 USD_millions	derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q4_pretax, upside_tax_keep).
Weighted diluted shares upside_2027q4_shares	2027Q4 / upside	94.00 shares_millions	assumption: Fixed within each case to expose ownership sensitivity; future repurchases are unknown.
Diluted EPS upside_2027q4_eps	2027Q4 / upside	2.59 USD_per_share	derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q4_net, upside_2027q4_shares).
Operating cash upside_2027q4_cfo	2027Q4 / upside	477.45 USD_millions	derived: Revenue times assumed cash conversion. Formula: multiply(upside_2027q4_rev, upside_cash_margin).
Net capex upside_2027q4_capex	2027Q4 / upside	162.50 USD_millions	derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter).
Cash after net capex upside_2027q4_fcf	2027Q4 / upside	314.95 USD_millions	derived: Operating cash less net capex, not gross-capex FCF. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
FY2026 rev upside_fy2026_rev	FY2026 / upside	14,130.43 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_rev, upside_2026q3_rev, upside_2026q4_rev).
FY2026 op upside_fy2026_op	FY2026 / upside	1,122.09 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_op, upside_2026q3_op, upside_2026q4_op).
FY2026 net upside_fy2026_net	FY2026 / upside	785.67 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_net, upside_2026q3_net, upside_2026q4_net).
FY2026 cfo upside_fy2026_cfo	FY2026 / upside	1,632.70 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
FY2026 capex upside_fy2026_capex	FY2026 / upside	600.00 USD_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
H2 share sum upside_fy2026_h2_share_sum	FY2026 / upside	188.00 shares_millions	derived: Before averaging. Formula: sum(upside_2026q3_shares, upside_2026q4_shares).
H2 weighted shares upside_fy2026_h2_share_mean	FY2026 / upside	94.00 shares_millions	derived: Two-quarter average. Formula: multiply(upside_fy2026_h2_share_sum, upside_half).
Two half-year share counts upside_fy2026_share_sum	FY2026 / upside	189.07 shares_millions	derived: Reported H1 plus modeled H2. Formula: sum(h1_shares, upside_fy2026_h2_share_mean).
Annual diluted shares upside_fy2026_shares	FY2026 / upside	94.54 shares_millions	derived: Equal half-year average; day-count differences immaterial to this sensitivity. Formula: multiply(upside_fy2026_share_sum, upside_half).
Annual diluted EPS upside_fy2026_eps	FY2026 / upside	8.31 USD_per_share	derived: Annual net income / annual shares, not the sum of quarterly EPS. Formula: divide(upside_fy2026_net, upside_fy2026_shares).
Annual cash after net capex upside_fy2026_fcf	FY2026 / upside	1,032.70 USD_millions	derived: Annual operating cash less net capex. Formula: subtract(upside_fy2026_cfo, upside_fy2026_capex).
FY2027 rev upside_fy2027_rev	FY2027 / upside	15,460.43 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(upside_2027q1_rev, upside_2027q2_rev, upside_2027q3_rev, upside_2027q4_rev).
FY2027 op upside_fy2027_op	FY2027 / upside	1,337.40 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(upside_2027q1_op, upside_2027q2_op, upside_2027q3_op, upside_2027q4_op).
FY2027 net upside_fy2027_net	FY2027 / upside	945.70 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(upside_2027q1_net, upside_2027q2_net, upside_2027q3_net, upside_2027q4_net).
FY2027 cfo upside_fy2027_cfo	FY2027 / upside	1,855.25 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
FY2027 capex upside_fy2027_capex	FY2027 / upside	650.00 USD_millions	derived: Sum of all four modeled quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Quarterly share-count sum upside_fy2027_share_sum	FY2027 / upside	376.00 shares_millions	derived: Before averaging. Formula: sum(upside_2027q1_shares, upside_2027q2_shares, upside_2027q3_shares, upside_2027q4_shares).
Annual diluted shares upside_fy2027_shares	FY2027 / upside	94.00 shares_millions	derived: Mean of four constant within-case share assumptions. Formula: multiply(upside_fy2027_share_sum, upside_quarter).
Annual diluted EPS upside_fy2027_eps	FY2027 / upside	10.06 USD_per_share	derived: Annual net income / annual shares, not the sum of quarterly EPS. Formula: divide(upside_fy2027_net, upside_fy2027_shares).
Annual cash after net capex upside_fy2027_fcf	FY2027 / upside	1,205.25 USD_millions	derived: Annual operating cash less net capex. Formula: subtract(upside_fy2027_cfo, upside_fy2027_capex).

Model boundaries

A Q2 run-rate sensitivity, not a forecast of every lane, customer, fuel surcharge or rail payment. Activity and revenue-per-unit inputs are scenario factors, not company volume or pricing guidance.
Cash from operations is a separate share-of-revenue assumption. It does not reproduce receivables, payables, leases and taxes line by line.
Cash after net capex includes equipment-disposal proceeds through net capex. The historical FCF table uses gross PP&E purchases, so the measures differ.
EPS depends on assumed dilution and repurchases. No equity valuation or price target. September conference commentary is not verified against an issuer transcript and is not guidance in this model.

Read the margin underneath freight growth

Research reviewed 2026-09-19

How much stronger freight revenue survives purchased transport, network costs and fleet investment?

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.

The competing explanation

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.

Risks to track

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.

Next checkpoints

Q3 results · At the next issuer-confirmed release (event driven). Compare intermodal loads and rates, segment margins, dedicated retention and purchased transport with explicit model assumptions.
Capital program · Next 10-Q and full-year results (event driven). Reconcile net capex to the $600M–$800M range; review debt and repurchases alongside cash.

Data coverage and open work

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.

This review: First segment model and durable company thesis; the earlier event note remains a dated note.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, heavy volume, closed weak, and peers quiet

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-2.7	+0.1	+2.7	54%
5 sessions	-5.3	+0.1	+5.2	52%
10 sessions	-6.9	+0.0	+7.7	51%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

J.B. Hunt: A Conference Remark Erases a Quarter of Beats in One Pre-Market Print · 2026-09-16

Scorecard: 1 note scored

Next report date: not dated. 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)

Provenance

[1] reported: RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[2] derived: RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[3] reported: RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[4] reported: RevenueFromContractWithCustomerIncludingAssessedTax, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[5] reported: OperatingIncomeLoss, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[6] derived: OperatingIncomeLoss, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[7] reported: OperatingIncomeLoss, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[8] reported: OperatingIncomeLoss, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[9] reported: NetIncomeLoss, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[10] derived: NetIncomeLoss, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[11] reported: NetIncomeLoss, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[12] reported: NetIncomeLoss, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[13] reported: EarningsPerShareDiluted, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[14] reported: EarningsPerShareDiluted, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[15] reported: EarningsPerShareDiluted, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-24-032122, 10-Q filed 2024-10-25; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-25-013085, 10-Q filed 2025-04-25; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-25-023379, 10-Q filed 2025-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[26] reported: LongTermDebtNoncurrent, accession 0001437749-24-032122, 10-Q filed 2024-10-25; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[27] reported: LongTermDebtNoncurrent, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[28] reported: LongTermDebtNoncurrent, accession 0001437749-25-013085, 10-Q filed 2025-04-25; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[29] reported: LongTermDebtNoncurrent, accession 0001437749-25-023379, 10-Q filed 2025-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[30] reported: LongTermDebtNoncurrent, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[31] reported: LongTermDebtNoncurrent, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[32] reported: LongTermDebtNoncurrent, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[34] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[35] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[36] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[37] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[38] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[39] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[40] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-25-031696, 10-Q filed 2025-10-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[42] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-005294, 10-K filed 2026-02-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[43] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-013300, 10-Q filed 2026-04-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json
[44] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001437749-26-024397, 10-Q filed 2026-07-24; retrieved 2026-09-19T16:41:07+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000728535.json

What the author read

J.B. Hunt Q2 2026 earnings and segment statements · retrieved 2026-09-19
J.B. Hunt June 2026 Form 10-Q · retrieved 2026-09-19

Compiled 2026-09-19T16:41:07.325537+00:00 · authored 20c41c11f3b7 · generated a51883208682 · JSON

Daily notes · Scorecard