$JBHT
Save to watchlist | My watchlist
Research status
Evidence awaiting review · 94 pending evidence leads
- Financial accounts through
- 2026-06-30
- Authored update
- 2026-09-20
- Source scan
- Full model review
- Not recorded
- Latest event review
- Oldest pending lead
Open evidence leads
- Old Dominion stock faces sector pressure as trucking sentiment weakens - AD HOC NEWS
- Vantora Lands $100 Million From Silversmith to Build Proprietary Physical AI Startups - finance.biggo.com
- Wall Street holds steady ahead of the Fed's decision as oil prices and bond yields ease - ABC News - Breaking News, Latest News and Videos
- Investing.com’s stocks of the week By Investing.com - Investing.com
- S&P 500, Nasdaq, Dow Set For Mixed Open? US Stock Futures Seek Direction After Fed's First Rate Hike In Three Years - Stocktwits
Leads require verification; they are not established material changes.
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. The verified September warning makes timing central: stronger demand must cover costs arriving before contract repricing. Scenarios now carry those incremental costs through earnings and cash.
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 ($M) | 163.1†41 | 93.3†42 | 158.4†43 | 185.6†44 | 352.4†41 | 251.3†42 | 242.8†43 | 253.3†44 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 3,766.9 | 1.77 | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 3,624.7 | 1.82 | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 3,447.1 | 1.79 | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 3,660.3 | 1.91 | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
J.B. Hunt: segment economics and cash scenarios
Segment activity, revenue per unit and GAAP margins drive earnings. Operating cash now reconciles earnings, D&A, share compensation, other noncash adjustments and signed operating balance changes. Gross fleet purchases and equipment-sale proceeds are distinct. A dated common-share roll-forward plus explicit weighted award dilution produces EPS; unused buyback authority retires no shares. FY2026 combines reported H1 and modeled H2; FY2027 sums flows and averages share counts. Verified September 15 driver/fuel increases are deducted once in an explicit consolidated cost bridge; claims amounts and subsequent-quarter persistence remain desk assumptions. Demand/price offsets are separate, and no numerical uplift is assigned to the Vantora relationship.
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 |
| H1 earnings-to-cash reconciliation | 2026 H1 | 723.27 | derived. Arithmetic from separately identified inputs. |
| H1 operating balance changes | 2026 H1 | -49.27 | derived. Arithmetic from separately identified inputs. |
| June cash reconciliation | 2026-06-30 | 4.16 | derived. Arithmetic from separately identified inputs. |
| June period-end common shares | 2026-06-30 | 93.91 | reported. Cover: 93,914,939 outstanding on June 30. A dated basic count, not current fully diluted equity. Source · 2026-07-24 |
| Q2 weighted incremental dilution | 2026Q2 | 0.82 | derived. Weighted diluted minus weighted basic shares; not total unvested awards or current fully diluted equity. |
| June total debt principal | 2026-06-30 | 1,154.00 | derived. Arithmetic from separately identified inputs. |
| June debt carrying amount | 2026-06-30 | 1,145.34 | reported. Balance-sheet debt after discounts/issuance costs; not redemption principal. Source · 2026-07-24 |
| Unused June repurchase authority | 2026-06-30 | 791.40 | reported. Authorization is neither a cash receipt nor completed share retirement; no forecast repurchases. Source · 2026-07-24 |
| Q3 incremental driver costs vs Q2 | 2026Q3 | 25.00 | management guidance. September 15 CFO remarks at 7:19-7:46 of the Quartr-distributed event recording: recruitment, onboarding, training and sign-on costs; about $25M sequential increase. Verified against independent local audio transcription. Source · 2026-09-15 |
| Q3 incremental fuel headwind floor vs Q2 | 2026Q3 | 10.00 | management guidance. September 15 CFO remarks at 8:00-8:10: at least $10M sequential fuel headwind. This is a floor, not an exact ceiling. Source · 2026-09-15 |
| Sequential Q3 earnings decline low | 2026Q3 | 5.0% | management guidance. September 15 recording at 5:26-5:51 says earnings decline of 5%-10% versus Q2, with growth offsets. Do not relabel the ambiguous earnings wording as precise EPS or net-income dollar guidance. Source · 2026-09-15 |
| Sequential Q3 earnings decline high | 2026Q3 | 10.0% | management guidance. Upper end of stated sequential earnings decline range; scenario net earnings/EPS are calculated separately, not company dollar targets. Source · 2026-09-15 |
Downside scenario
| Period | Operating cash ($M) | Diluted EPS ($) | Net capex ($M) | Revenue ($M) | Common dividends ($M) | Gross PP&E purchases ($M) | Weighted diluted shares (M) | Cash after net capex ($M) | Operating income ($M) | Equipment-sale proceeds ($M) | Cash after net capex/dividends ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 241.90 | 1.05 | 338.64 | 3,309.55 | 42.30 | 368.64 | 95.19 | -96.74 | 150.78 | 30.00 | -139.03 |
| 2026Q4 | 252.63 | 1.18 | 338.64 | 3,375.75 | 42.36 | 368.64 | 95.34 | -86.01 | 167.40 | 30.00 | -128.38 |
| 2027Q1 | 260.27 | 1.21 | 223.61 | 3,210.27 | 42.43 | 253.61 | 95.49 | 36.66 | 172.11 | 30.00 | -5.77 |
| 2027Q2 | 264.51 | 1.30 | 223.61 | 3,408.84 | 42.50 | 253.61 | 95.64 | 40.89 | 184.46 | 30.00 | -1.60 |
| FY2026 | 1,217.80 | 5.61 | 822.23 | 13,237.09 | 169.67 | 964.46 | 95.17 | 395.57 | 784.68 | 142.23 | 225.90 |
| FY2027 | 1,055.21 | 5.15 | 894.46 | 13,502.98 | 170.13 | 1,014.46 | 95.71 | 160.75 | 729.60 | 120.00 | -9.37 |
Base scenario
| Period | Operating cash ($M) | Diluted EPS ($) | Net capex ($M) | Revenue ($M) | Common dividends ($M) | Gross PP&E purchases ($M) | Weighted diluted shares (M) | Cash after net capex ($M) | Operating income ($M) | Equipment-sale proceeds ($M) | Cash after net capex/dividends ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 354.56 | 1.77 | 277.53 | 3,766.89 | 42.28 | 318.64 | 94.76 | 77.04 | 241.51 | 41.11 | 34.76 |
| 2026Q4 | 361.11 | 1.82 | 277.53 | 3,624.74 | 42.30 | 318.64 | 94.82 | 83.58 | 248.39 | 41.11 | 41.28 |
| 2027Q1 | 360.44 | 1.79 | 187.50 | 3,447.06 | 42.33 | 228.61 | 94.88 | 172.94 | 245.11 | 41.11 | 130.61 |
| 2027Q2 | 370.18 | 1.91 | 187.50 | 3,660.28 | 42.36 | 228.61 | 94.94 | 182.68 | 261.04 | 41.11 | 140.33 |
| FY2026 | 1,438.94 | 6.98 | 700.00 | 13,943.42 | 169.59 | 864.46 | 94.93 | 738.94 | 956.39 | 164.46 | 569.35 |
| FY2027 | 1,474.24 | 7.57 | 750.00 | 14,498.97 | 169.48 | 914.46 | 94.97 | 724.24 | 1,033.54 | 164.46 | 554.76 |
Upside scenario
| Period | Operating cash ($M) | Diluted EPS ($) | Net capex ($M) | Revenue ($M) | Common dividends ($M) | Gross PP&E purchases ($M) | Weighted diluted shares (M) | Cash after net capex ($M) | Operating income ($M) | Equipment-sale proceeds ($M) | Cash after net capex/dividends ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 420.50 | 2.28 | 218.64 | 3,940.89 | 42.27 | 268.64 | 94.53 | 201.86 | 305.91 | 50.00 | 159.60 |
| 2026Q4 | 434.62 | 2.42 | 218.64 | 3,865.11 | 42.28 | 268.64 | 94.56 | 215.98 | 324.35 | 50.00 | 173.70 |
| 2027Q1 | 427.09 | 2.33 | 153.61 | 3,675.64 | 42.30 | 203.61 | 94.59 | 273.47 | 312.96 | 50.00 | 231.18 |
| 2027Q2 | 440.60 | 2.49 | 153.61 | 3,903.00 | 42.31 | 203.61 | 94.62 | 286.99 | 332.63 | 50.00 | 244.68 |
| FY2026 | 1,578.39 | 8.09 | 582.23 | 14,357.79 | 169.56 | 764.46 | 94.81 | 996.17 | 1,096.76 | 182.23 | 826.60 |
| FY2027 | 1,753.40 | 9.84 | 614.46 | 15,460.43 | 169.26 | 814.46 | 94.63 | 1,138.94 | 1,317.40 | 200.00 | 969.68 |
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. |
| 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 | 100.0% ratio | assumption: Desk Q3 activity timing factor against Q2, alongside segment-specific volume/price factors. Base allows demand growth to offset part of the verified cost increase; neither this factor nor segment allocation is company guidance. |
| Intermodal revenue downside_2026q3_jbi_rev | 2026Q3 / downside | 1,649.87 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 before incremental cost step downside_2026q3_jbi_op | 2026Q3 / downside | 118.79 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(downside_2026q3_jbi_rev, downside_jbi_margin). |
| Dedicated revenue downside_2026q3_dcs_rev | 2026Q3 / downside | 902.30 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 before incremental cost step downside_2026q3_dcs_op | 2026Q3 / downside | 90.23 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(downside_2026q3_dcs_rev, downside_dcs_margin). |
| Brokerage / ICS revenue downside_2026q3_ics_rev | 2026Q3 / downside | 350.62 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 before incremental cost step downside_2026q3_ics_op | 2026Q3 / downside | -3.51 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(downside_2026q3_ics_rev, downside_ics_margin). |
| Final Mile revenue downside_2026q3_fms_rev | 2026Q3 / downside | 184.29 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 before incremental cost step downside_2026q3_fms_op | 2026Q3 / downside | 3.69 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(downside_2026q3_fms_rev, downside_fms_margin). |
| Truckload revenue downside_2026q3_jbt_rev | 2026Q3 / downside | 227.77 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 before incremental cost step downside_2026q3_jbt_op | 2026Q3 / downside | -3.42 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(downside_2026q3_jbt_rev, downside_jbt_margin). |
| Segment revenue sum downside_2026q3_gross_rev | 2026Q3 / downside | 3,314.84 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 | 5.29 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 | 3,309.55 USD_millions | derived: Gross revenue less intersegment elimination. Formula: subtract(downside_2026q3_gross_rev, downside_2026q3_elim). |
| Consolidated operating income after cost step downside_2026q3_op | 2026Q3 / downside | 150.78 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(downside_2026q3_op_before_cost_step, downside_2026q3_cost_step). |
| 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 | 133.78 USD_millions | derived: Operating income less net interest. Formula: subtract(downside_2026q3_op, downside_2026q3_interest). |
| Net income downside_2026q3_net | 2026Q3 / downside | 99.67 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(downside_2026q3_pretax, downside_tax_keep). |
| Modeled weighted diluted shares downside_2026q3_shares | 2026Q3 / downside | 95.19 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(downside_2026q3_basic_shares, downside_2026q3_incremental_awards). |
| Diluted EPS downside_2026q3_eps | 2026Q3 / downside | 1.05 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(downside_2026q3_net, downside_2026q3_shares). |
| Operating cash from earnings bridge downside_2026q3_cfo | 2026Q3 / downside | 241.90 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(downside_2026q3_net, downside_2026q3_da, downside_2026q3_sbc, downside_2026q3_other_noncash, downside_2026q3_working_capital). |
| Net capex downside_2026q3_capex | 2026Q3 / downside | 338.64 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(downside_2026q3_gross_capex, downside_2026q3_equipment_proceeds). |
| Cash after net capex downside_2026q3_fcf | 2026Q3 / downside | -96.74 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 before incremental cost step downside_2026q4_jbi_op | 2026Q4 / downside | 121.17 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2026q4_dcs_op | 2026Q4 / downside | 92.03 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2026q4_ics_op | 2026Q4 / downside | -3.58 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2026q4_fms_op | 2026Q4 / downside | 3.76 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2026q4_jbt_op | 2026Q4 / downside | -3.48 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step downside_2026q4_op | 2026Q4 / downside | 167.40 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(downside_2026q4_op_before_cost_step, downside_2026q4_cost_step). |
| 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 | 150.40 USD_millions | derived: Operating income less net interest. Formula: subtract(downside_2026q4_op, downside_2026q4_interest). |
| Net income downside_2026q4_net | 2026Q4 / downside | 112.05 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(downside_2026q4_pretax, downside_tax_keep). |
| Modeled weighted diluted shares downside_2026q4_shares | 2026Q4 / downside | 95.34 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(downside_2026q4_basic_shares, downside_2026q4_incremental_awards). |
| Diluted EPS downside_2026q4_eps | 2026Q4 / downside | 1.18 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(downside_2026q4_net, downside_2026q4_shares). |
| Operating cash from earnings bridge downside_2026q4_cfo | 2026Q4 / downside | 252.63 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(downside_2026q4_net, downside_2026q4_da, downside_2026q4_sbc, downside_2026q4_other_noncash, downside_2026q4_working_capital). |
| Net capex downside_2026q4_capex | 2026Q4 / downside | 338.64 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(downside_2026q4_gross_capex, downside_2026q4_equipment_proceeds). |
| Cash after net capex downside_2026q4_fcf | 2026Q4 / downside | -86.01 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 before incremental cost step downside_2027q1_jbi_op | 2027Q1 / downside | 115.23 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q1_dcs_op | 2027Q1 / downside | 87.52 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q1_ics_op | 2027Q1 / downside | -3.40 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q1_fms_op | 2027Q1 / downside | 3.58 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q1_jbt_op | 2027Q1 / downside | -3.31 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step downside_2027q1_op | 2027Q1 / downside | 172.11 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(downside_2027q1_op_before_cost_step, downside_2027q1_cost_step). |
| 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 | 155.11 USD_millions | derived: Operating income less net interest. Formula: subtract(downside_2027q1_op, downside_2027q1_interest). |
| Net income downside_2027q1_net | 2027Q1 / downside | 115.56 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q1_pretax, downside_tax_keep). |
| Modeled weighted diluted shares downside_2027q1_shares | 2027Q1 / downside | 95.49 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(downside_2027q1_basic_shares, downside_2027q1_incremental_awards). |
| Diluted EPS downside_2027q1_eps | 2027Q1 / downside | 1.21 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q1_net, downside_2027q1_shares). |
| Operating cash from earnings bridge downside_2027q1_cfo | 2027Q1 / downside | 260.27 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(downside_2027q1_net, downside_2027q1_da, downside_2027q1_sbc, downside_2027q1_other_noncash, downside_2027q1_working_capital). |
| Net capex downside_2027q1_capex | 2027Q1 / downside | 223.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(downside_2027q1_gross_capex, downside_2027q1_equipment_proceeds). |
| Cash after net capex downside_2027q1_fcf | 2027Q1 / downside | 36.66 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 before incremental cost step downside_2027q2_jbi_op | 2027Q2 / downside | 122.35 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q2_dcs_op | 2027Q2 / downside | 92.94 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q2_ics_op | 2027Q2 / downside | -3.61 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q2_fms_op | 2027Q2 / downside | 3.80 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q2_jbt_op | 2027Q2 / downside | -3.52 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step downside_2027q2_op | 2027Q2 / downside | 184.46 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(downside_2027q2_op_before_cost_step, downside_2027q2_cost_step). |
| 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 | 167.46 USD_millions | derived: Operating income less net interest. Formula: subtract(downside_2027q2_op, downside_2027q2_interest). |
| Net income downside_2027q2_net | 2027Q2 / downside | 124.76 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q2_pretax, downside_tax_keep). |
| Modeled weighted diluted shares downside_2027q2_shares | 2027Q2 / downside | 95.64 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(downside_2027q2_basic_shares, downside_2027q2_incremental_awards). |
| Diluted EPS downside_2027q2_eps | 2027Q2 / downside | 1.30 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q2_net, downside_2027q2_shares). |
| Operating cash from earnings bridge downside_2027q2_cfo | 2027Q2 / downside | 264.51 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(downside_2027q2_net, downside_2027q2_da, downside_2027q2_sbc, downside_2027q2_other_noncash, downside_2027q2_working_capital). |
| Net capex downside_2027q2_capex | 2027Q2 / downside | 223.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(downside_2027q2_gross_capex, downside_2027q2_equipment_proceeds). |
| Cash after net capex downside_2027q2_fcf | 2027Q2 / downside | 40.89 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 before incremental cost step downside_2027q3_jbi_op | 2027Q3 / downside | 122.35 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q3_dcs_op | 2027Q3 / downside | 92.94 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q3_ics_op | 2027Q3 / downside | -3.61 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q3_fms_op | 2027Q3 / downside | 3.80 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q3_jbt_op | 2027Q3 / downside | -3.52 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step downside_2027q3_op | 2027Q3 / downside | 184.46 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(downside_2027q3_op_before_cost_step, downside_2027q3_cost_step). |
| 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 | 167.46 USD_millions | derived: Operating income less net interest. Formula: subtract(downside_2027q3_op, downside_2027q3_interest). |
| Net income downside_2027q3_net | 2027Q3 / downside | 124.76 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q3_pretax, downside_tax_keep). |
| Modeled weighted diluted shares downside_2027q3_shares | 2027Q3 / downside | 95.79 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(downside_2027q3_basic_shares, downside_2027q3_incremental_awards). |
| Diluted EPS downside_2027q3_eps | 2027Q3 / downside | 1.30 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q3_net, downside_2027q3_shares). |
| Operating cash from earnings bridge downside_2027q3_cfo | 2027Q3 / downside | 264.51 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(downside_2027q3_net, downside_2027q3_da, downside_2027q3_sbc, downside_2027q3_other_noncash, downside_2027q3_working_capital). |
| Net capex downside_2027q3_capex | 2027Q3 / downside | 223.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(downside_2027q3_gross_capex, downside_2027q3_equipment_proceeds). |
| Cash after net capex downside_2027q3_fcf | 2027Q3 / downside | 40.89 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 before incremental cost step downside_2027q4_jbi_op | 2027Q4 / downside | 124.73 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q4_dcs_op | 2027Q4 / downside | 94.74 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q4_ics_op | 2027Q4 / downside | -3.68 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q4_fms_op | 2027Q4 / downside | 3.87 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step downside_2027q4_jbt_op | 2027Q4 / downside | -3.59 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step downside_2027q4_op | 2027Q4 / downside | 188.57 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(downside_2027q4_op_before_cost_step, downside_2027q4_cost_step). |
| 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 | 171.57 USD_millions | derived: Operating income less net interest. Formula: subtract(downside_2027q4_op, downside_2027q4_interest). |
| Net income downside_2027q4_net | 2027Q4 / downside | 127.82 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(downside_2027q4_pretax, downside_tax_keep). |
| Modeled weighted diluted shares downside_2027q4_shares | 2027Q4 / downside | 95.94 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(downside_2027q4_basic_shares, downside_2027q4_incremental_awards). |
| Diluted EPS downside_2027q4_eps | 2027Q4 / downside | 1.33 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(downside_2027q4_net, downside_2027q4_shares). |
| Operating cash from earnings bridge downside_2027q4_cfo | 2027Q4 / downside | 265.92 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(downside_2027q4_net, downside_2027q4_da, downside_2027q4_sbc, downside_2027q4_other_noncash, downside_2027q4_working_capital). |
| Net capex downside_2027q4_capex | 2027Q4 / downside | 223.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(downside_2027q4_gross_capex, downside_2027q4_equipment_proceeds). |
| Cash after net capex downside_2027q4_fcf | 2027Q4 / downside | 42.31 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 | 13,237.09 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 | 784.68 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 | 534.30 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 | 1,217.80 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 | 822.23 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 | 190.53 shares_millions | derived: Before averaging. Formula: sum(downside_2026q3_shares, downside_2026q4_shares). |
| H2 weighted shares downside_fy2026_h2_share_mean | FY2026 / downside | 95.26 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 | 190.34 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 | 95.17 shares_millions | derived: Equal-period average of weighted share counts, not their sum; day-weighting is approximated. Formula: multiply(downside_fy2026_share_sum, downside_half). |
| Annual diluted EPS downside_fy2026_eps | FY2026 / downside | 5.61 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 | 395.57 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 | 729.60 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 | 492.89 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 | 1,055.21 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 | 894.46 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 | 382.86 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 | 95.71 shares_millions | derived: Equal-period average of weighted share counts, not their sum; day-weighting is approximated. Formula: multiply(downside_fy2027_share_sum, downside_quarter). |
| Annual diluted EPS downside_fy2027_eps | FY2027 / downside | 5.15 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 | 160.75 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. |
| 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 | 106.0% ratio | assumption: Desk Q3 activity timing factor against Q2, alongside segment-specific volume/price factors. Base allows demand growth to offset part of the verified cost increase; neither this factor nor segment allocation is company guidance. |
| Intermodal revenue base_2026q3_jbi_rev | 2026Q3 / base | 1,896.09 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 before incremental cost step base_2026q3_jbi_op | 2026Q3 / base | 163.06 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(base_2026q3_jbi_rev, base_jbi_margin). |
| Dedicated revenue base_2026q3_dcs_rev | 2026Q3 / base | 995.57 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 before incremental cost step base_2026q3_dcs_op | 2026Q3 / base | 110.51 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(base_2026q3_dcs_rev, base_dcs_margin). |
| Brokerage / ICS revenue base_2026q3_ics_rev | 2026Q3 / base | 411.80 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 before incremental cost step base_2026q3_ics_op | 2026Q3 / base | 2.06 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(base_2026q3_ics_rev, base_ics_margin). |
| Final Mile revenue base_2026q3_fms_rev | 2026Q3 / base | 209.92 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 before incremental cost step base_2026q3_fms_op | 2026Q3 / base | 5.88 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(base_2026q3_fms_rev, base_fms_margin). |
| Truckload revenue base_2026q3_jbt_rev | 2026Q3 / base | 259.11 USD_millions | derived: Q2 revenue times activity, revenue per unit and timing factors. Formula: multiply(q2_jbt, base_jbt_activity, base_jbt_price, base_2026q3_season). |
| Truckload operating income before incremental cost step base_2026q3_jbt_op | 2026Q3 / base | 0.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(base_2026q3_jbt_rev, base_jbt_margin). |
| Segment revenue sum base_2026q3_gross_rev | 2026Q3 / base | 3,772.49 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 | 5.61 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 | 3,766.89 USD_millions | derived: Gross revenue less intersegment elimination. Formula: subtract(base_2026q3_gross_rev, base_2026q3_elim). |
| Consolidated operating income after cost step base_2026q3_op | 2026Q3 / base | 241.51 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(base_2026q3_op_before_cost_step, base_2026q3_cost_step). |
| 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 | 224.51 USD_millions | derived: Operating income less net interest. Formula: subtract(base_2026q3_op, base_2026q3_interest). |
| Net income base_2026q3_net | 2026Q3 / base | 167.26 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(base_2026q3_pretax, base_tax_keep). |
| Modeled weighted diluted shares base_2026q3_shares | 2026Q3 / base | 94.76 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(base_2026q3_basic_shares, base_2026q3_incremental_awards). |
| Diluted EPS base_2026q3_eps | 2026Q3 / base | 1.77 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(base_2026q3_net, base_2026q3_shares). |
| Operating cash from earnings bridge base_2026q3_cfo | 2026Q3 / base | 354.56 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(base_2026q3_net, base_2026q3_da, base_2026q3_sbc, base_2026q3_other_noncash, base_2026q3_working_capital). |
| Net capex base_2026q3_capex | 2026Q3 / base | 277.53 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(base_2026q3_gross_capex, base_2026q3_equipment_proceeds). |
| Cash after net capex base_2026q3_fcf | 2026Q3 / base | 77.04 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 before incremental cost step base_2026q4_jbi_op | 2026Q4 / base | 156.91 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2026q4_dcs_op | 2026Q4 / base | 106.34 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2026q4_ics_op | 2026Q4 / base | 1.98 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2026q4_fms_op | 2026Q4 / base | 5.66 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2026q4_jbt_op | 2026Q4 / base | 0.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step base_2026q4_op | 2026Q4 / base | 248.39 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(base_2026q4_op_before_cost_step, base_2026q4_cost_step). |
| 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 | 231.39 USD_millions | derived: Operating income less net interest. Formula: subtract(base_2026q4_op, base_2026q4_interest). |
| Net income base_2026q4_net | 2026Q4 / base | 172.38 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(base_2026q4_pretax, base_tax_keep). |
| Modeled weighted diluted shares base_2026q4_shares | 2026Q4 / base | 94.82 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(base_2026q4_basic_shares, base_2026q4_incremental_awards). |
| Diluted EPS base_2026q4_eps | 2026Q4 / base | 1.82 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(base_2026q4_net, base_2026q4_shares). |
| Operating cash from earnings bridge base_2026q4_cfo | 2026Q4 / base | 361.11 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(base_2026q4_net, base_2026q4_da, base_2026q4_sbc, base_2026q4_other_noncash, base_2026q4_working_capital). |
| Net capex base_2026q4_capex | 2026Q4 / base | 277.53 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(base_2026q4_gross_capex, base_2026q4_equipment_proceeds). |
| Cash after net capex base_2026q4_fcf | 2026Q4 / base | 83.58 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 before incremental cost step base_2027q1_jbi_op | 2027Q1 / base | 149.22 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q1_dcs_op | 2027Q1 / base | 101.13 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q1_ics_op | 2027Q1 / base | 1.88 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q1_fms_op | 2027Q1 / base | 5.38 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q1_jbt_op | 2027Q1 / base | 0.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step base_2027q1_op | 2027Q1 / base | 245.11 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(base_2027q1_op_before_cost_step, base_2027q1_cost_step). |
| 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 | 228.11 USD_millions | derived: Operating income less net interest. Formula: subtract(base_2027q1_op, base_2027q1_interest). |
| Net income base_2027q1_net | 2027Q1 / base | 169.94 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(base_2027q1_pretax, base_tax_keep). |
| Modeled weighted diluted shares base_2027q1_shares | 2027Q1 / base | 94.88 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(base_2027q1_basic_shares, base_2027q1_incremental_awards). |
| Diluted EPS base_2027q1_eps | 2027Q1 / base | 1.79 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q1_net, base_2027q1_shares). |
| Operating cash from earnings bridge base_2027q1_cfo | 2027Q1 / base | 360.44 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(base_2027q1_net, base_2027q1_da, base_2027q1_sbc, base_2027q1_other_noncash, base_2027q1_working_capital). |
| Net capex base_2027q1_capex | 2027Q1 / base | 187.50 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(base_2027q1_gross_capex, base_2027q1_equipment_proceeds). |
| Cash after net capex base_2027q1_fcf | 2027Q1 / base | 172.94 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 before incremental cost step base_2027q2_jbi_op | 2027Q2 / base | 158.45 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q2_dcs_op | 2027Q2 / base | 107.38 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q2_ics_op | 2027Q2 / base | 2.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q2_fms_op | 2027Q2 / base | 5.71 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q2_jbt_op | 2027Q2 / base | 0.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step base_2027q2_op | 2027Q2 / base | 261.04 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(base_2027q2_op_before_cost_step, base_2027q2_cost_step). |
| 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 | 244.04 USD_millions | derived: Operating income less net interest. Formula: subtract(base_2027q2_op, base_2027q2_interest). |
| Net income base_2027q2_net | 2027Q2 / base | 181.81 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(base_2027q2_pretax, base_tax_keep). |
| Modeled weighted diluted shares base_2027q2_shares | 2027Q2 / base | 94.94 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(base_2027q2_basic_shares, base_2027q2_incremental_awards). |
| Diluted EPS base_2027q2_eps | 2027Q2 / base | 1.91 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q2_net, base_2027q2_shares). |
| Operating cash from earnings bridge base_2027q2_cfo | 2027Q2 / base | 370.18 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(base_2027q2_net, base_2027q2_da, base_2027q2_sbc, base_2027q2_other_noncash, base_2027q2_working_capital). |
| Net capex base_2027q2_capex | 2027Q2 / base | 187.50 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(base_2027q2_gross_capex, base_2027q2_equipment_proceeds). |
| Cash after net capex base_2027q2_fcf | 2027Q2 / base | 182.68 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 before incremental cost step base_2027q3_jbi_op | 2027Q3 / base | 158.45 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q3_dcs_op | 2027Q3 / base | 107.38 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q3_ics_op | 2027Q3 / base | 2.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q3_fms_op | 2027Q3 / base | 5.71 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q3_jbt_op | 2027Q3 / base | 0.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step base_2027q3_op | 2027Q3 / base | 261.04 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(base_2027q3_op_before_cost_step, base_2027q3_cost_step). |
| 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 | 244.04 USD_millions | derived: Operating income less net interest. Formula: subtract(base_2027q3_op, base_2027q3_interest). |
| Net income base_2027q3_net | 2027Q3 / base | 181.81 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(base_2027q3_pretax, base_tax_keep). |
| Modeled weighted diluted shares base_2027q3_shares | 2027Q3 / base | 95.00 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(base_2027q3_basic_shares, base_2027q3_incremental_awards). |
| Diluted EPS base_2027q3_eps | 2027Q3 / base | 1.91 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q3_net, base_2027q3_shares). |
| Operating cash from earnings bridge base_2027q3_cfo | 2027Q3 / base | 370.18 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(base_2027q3_net, base_2027q3_da, base_2027q3_sbc, base_2027q3_other_noncash, base_2027q3_working_capital). |
| Net capex base_2027q3_capex | 2027Q3 / base | 187.50 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(base_2027q3_gross_capex, base_2027q3_equipment_proceeds). |
| Cash after net capex base_2027q3_fcf | 2027Q3 / base | 182.68 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 before incremental cost step base_2027q4_jbi_op | 2027Q4 / base | 161.53 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q4_dcs_op | 2027Q4 / base | 109.47 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q4_ics_op | 2027Q4 / base | 2.04 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q4_fms_op | 2027Q4 / base | 5.82 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step base_2027q4_jbt_op | 2027Q4 / base | 0.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step base_2027q4_op | 2027Q4 / base | 266.35 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(base_2027q4_op_before_cost_step, base_2027q4_cost_step). |
| 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 | 249.35 USD_millions | derived: Operating income less net interest. Formula: subtract(base_2027q4_op, base_2027q4_interest). |
| Net income base_2027q4_net | 2027Q4 / base | 185.77 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(base_2027q4_pretax, base_tax_keep). |
| Modeled weighted diluted shares base_2027q4_shares | 2027Q4 / base | 95.06 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(base_2027q4_basic_shares, base_2027q4_incremental_awards). |
| Diluted EPS base_2027q4_eps | 2027Q4 / base | 1.95 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(base_2027q4_net, base_2027q4_shares). |
| Operating cash from earnings bridge base_2027q4_cfo | 2027Q4 / base | 373.43 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(base_2027q4_net, base_2027q4_da, base_2027q4_sbc, base_2027q4_other_noncash, base_2027q4_working_capital). |
| Net capex base_2027q4_capex | 2027Q4 / base | 187.50 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(base_2027q4_gross_capex, base_2027q4_equipment_proceeds). |
| Cash after net capex base_2027q4_fcf | 2027Q4 / base | 185.93 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 | 13,943.42 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 | 956.39 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 | 662.23 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 | 1,438.94 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 | 189.59 shares_millions | derived: Before averaging. Formula: sum(base_2026q3_shares, base_2026q4_shares). |
| H2 weighted shares base_fy2026_h2_share_mean | FY2026 / base | 94.79 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 | 189.87 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 | 94.93 shares_millions | derived: Equal-period average of weighted share counts, not their sum; day-weighting is approximated. Formula: multiply(base_fy2026_share_sum, base_half). |
| Annual diluted EPS base_fy2026_eps | FY2026 / base | 6.98 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 | 738.94 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 | 1,033.54 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 | 719.33 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 | 1,474.24 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 | 379.90 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 | 94.97 shares_millions | derived: Equal-period average of weighted share counts, not their sum; day-weighting is approximated. Formula: multiply(base_fy2027_share_sum, base_quarter). |
| Annual diluted EPS base_fy2027_eps | FY2027 / base | 7.57 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 | 724.24 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. |
| 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 | 104.0% ratio | assumption: Desk Q3 activity timing factor against Q2, alongside segment-specific volume/price factors. Base allows demand growth to offset part of the verified cost increase; neither this factor nor segment allocation is company guidance. |
| Intermodal revenue upside_2026q3_jbi_rev | 2026Q3 / upside | 2,009.14 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 before incremental cost step upside_2026q3_jbi_op | 2026Q3 / upside | 200.91 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(upside_2026q3_jbi_rev, upside_jbi_margin). |
| Dedicated revenue upside_2026q3_dcs_rev | 2026Q3 / upside | 1,005.99 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 before incremental cost step upside_2026q3_dcs_op | 2026Q3 / upside | 120.72 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(upside_2026q3_dcs_rev, upside_dcs_margin). |
| Brokerage / ICS revenue upside_2026q3_ics_rev | 2026Q3 / upside | 449.61 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 before incremental cost step upside_2026q3_ics_op | 2026Q3 / upside | 6.74 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(upside_2026q3_ics_rev, upside_ics_margin). |
| Final Mile revenue upside_2026q3_fms_rev | 2026Q3 / upside | 212.18 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 before incremental cost step upside_2026q3_fms_op | 2026Q3 / upside | 8.49 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(upside_2026q3_fms_rev, upside_fms_margin). |
| Truckload revenue upside_2026q3_jbt_rev | 2026Q3 / upside | 269.48 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 before incremental cost step upside_2026q3_jbt_op | 2026Q3 / upside | 4.04 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. Formula: multiply(upside_2026q3_jbt_rev, upside_jbt_margin). |
| Segment revenue sum upside_2026q3_gross_rev | 2026Q3 / upside | 3,946.39 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 | 5.50 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 | 3,940.89 USD_millions | derived: Gross revenue less intersegment elimination. Formula: subtract(upside_2026q3_gross_rev, upside_2026q3_elim). |
| Consolidated operating income after cost step upside_2026q3_op | 2026Q3 / upside | 305.91 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(upside_2026q3_op_before_cost_step, upside_2026q3_cost_step). |
| 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 | 288.91 USD_millions | derived: Operating income less net interest. Formula: subtract(upside_2026q3_op, upside_2026q3_interest). |
| Net income upside_2026q3_net | 2026Q3 / upside | 215.24 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(upside_2026q3_pretax, upside_tax_keep). |
| Modeled weighted diluted shares upside_2026q3_shares | 2026Q3 / upside | 94.53 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(upside_2026q3_basic_shares, upside_2026q3_incremental_awards). |
| Diluted EPS upside_2026q3_eps | 2026Q3 / upside | 2.28 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(upside_2026q3_net, upside_2026q3_shares). |
| Operating cash from earnings bridge upside_2026q3_cfo | 2026Q3 / upside | 420.50 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(upside_2026q3_net, upside_2026q3_da, upside_2026q3_sbc, upside_2026q3_other_noncash, upside_2026q3_working_capital). |
| Net capex upside_2026q3_capex | 2026Q3 / upside | 218.64 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(upside_2026q3_gross_capex, upside_2026q3_equipment_proceeds). |
| Cash after net capex upside_2026q3_fcf | 2026Q3 / upside | 201.86 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 before incremental cost step upside_2026q4_jbi_op | 2026Q4 / upside | 197.05 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2026q4_dcs_op | 2026Q4 / upside | 118.40 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2026q4_ics_op | 2026Q4 / upside | 6.61 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2026q4_fms_op | 2026Q4 / upside | 8.32 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2026q4_jbt_op | 2026Q4 / upside | 3.96 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step upside_2026q4_op | 2026Q4 / upside | 324.35 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(upside_2026q4_op_before_cost_step, upside_2026q4_cost_step). |
| 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 | 307.35 USD_millions | derived: Operating income less net interest. Formula: subtract(upside_2026q4_op, upside_2026q4_interest). |
| Net income upside_2026q4_net | 2026Q4 / upside | 228.98 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(upside_2026q4_pretax, upside_tax_keep). |
| Modeled weighted diluted shares upside_2026q4_shares | 2026Q4 / upside | 94.56 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(upside_2026q4_basic_shares, upside_2026q4_incremental_awards). |
| Diluted EPS upside_2026q4_eps | 2026Q4 / upside | 2.42 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(upside_2026q4_net, upside_2026q4_shares). |
| Operating cash from earnings bridge upside_2026q4_cfo | 2026Q4 / upside | 434.62 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(upside_2026q4_net, upside_2026q4_da, upside_2026q4_sbc, upside_2026q4_other_noncash, upside_2026q4_working_capital). |
| Net capex upside_2026q4_capex | 2026Q4 / upside | 218.64 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(upside_2026q4_gross_capex, upside_2026q4_equipment_proceeds). |
| Cash after net capex upside_2026q4_fcf | 2026Q4 / upside | 215.98 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 before incremental cost step upside_2027q1_jbi_op | 2027Q1 / upside | 187.39 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q1_dcs_op | 2027Q1 / upside | 112.59 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q1_ics_op | 2027Q1 / upside | 6.29 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q1_fms_op | 2027Q1 / upside | 7.92 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q1_jbt_op | 2027Q1 / upside | 3.77 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step upside_2027q1_op | 2027Q1 / upside | 312.96 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(upside_2027q1_op_before_cost_step, upside_2027q1_cost_step). |
| 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 | 295.96 USD_millions | derived: Operating income less net interest. Formula: subtract(upside_2027q1_op, upside_2027q1_interest). |
| Net income upside_2027q1_net | 2027Q1 / upside | 220.49 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q1_pretax, upside_tax_keep). |
| Modeled weighted diluted shares upside_2027q1_shares | 2027Q1 / upside | 94.59 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(upside_2027q1_basic_shares, upside_2027q1_incremental_awards). |
| Diluted EPS upside_2027q1_eps | 2027Q1 / upside | 2.33 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q1_net, upside_2027q1_shares). |
| Operating cash from earnings bridge upside_2027q1_cfo | 2027Q1 / upside | 427.09 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(upside_2027q1_net, upside_2027q1_da, upside_2027q1_sbc, upside_2027q1_other_noncash, upside_2027q1_working_capital). |
| Net capex upside_2027q1_capex | 2027Q1 / upside | 153.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(upside_2027q1_gross_capex, upside_2027q1_equipment_proceeds). |
| Cash after net capex upside_2027q1_fcf | 2027Q1 / upside | 273.47 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 before incremental cost step upside_2027q2_jbi_op | 2027Q2 / upside | 198.98 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q2_dcs_op | 2027Q2 / upside | 119.56 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q2_ics_op | 2027Q2 / upside | 6.68 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q2_fms_op | 2027Q2 / upside | 8.41 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q2_jbt_op | 2027Q2 / upside | 4.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step upside_2027q2_op | 2027Q2 / upside | 332.63 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(upside_2027q2_op_before_cost_step, upside_2027q2_cost_step). |
| 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 | 315.63 USD_millions | derived: Operating income less net interest. Formula: subtract(upside_2027q2_op, upside_2027q2_interest). |
| Net income upside_2027q2_net | 2027Q2 / upside | 235.14 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q2_pretax, upside_tax_keep). |
| Modeled weighted diluted shares upside_2027q2_shares | 2027Q2 / upside | 94.62 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(upside_2027q2_basic_shares, upside_2027q2_incremental_awards). |
| Diluted EPS upside_2027q2_eps | 2027Q2 / upside | 2.49 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q2_net, upside_2027q2_shares). |
| Operating cash from earnings bridge upside_2027q2_cfo | 2027Q2 / upside | 440.60 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(upside_2027q2_net, upside_2027q2_da, upside_2027q2_sbc, upside_2027q2_other_noncash, upside_2027q2_working_capital). |
| Net capex upside_2027q2_capex | 2027Q2 / upside | 153.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(upside_2027q2_gross_capex, upside_2027q2_equipment_proceeds). |
| Cash after net capex upside_2027q2_fcf | 2027Q2 / upside | 286.99 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 before incremental cost step upside_2027q3_jbi_op | 2027Q3 / upside | 198.98 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q3_dcs_op | 2027Q3 / upside | 119.56 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q3_ics_op | 2027Q3 / upside | 6.68 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q3_fms_op | 2027Q3 / upside | 8.41 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q3_jbt_op | 2027Q3 / upside | 4.00 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step upside_2027q3_op | 2027Q3 / upside | 332.63 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(upside_2027q3_op_before_cost_step, upside_2027q3_cost_step). |
| 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 | 315.63 USD_millions | derived: Operating income less net interest. Formula: subtract(upside_2027q3_op, upside_2027q3_interest). |
| Net income upside_2027q3_net | 2027Q3 / upside | 235.14 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q3_pretax, upside_tax_keep). |
| Modeled weighted diluted shares upside_2027q3_shares | 2027Q3 / upside | 94.65 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(upside_2027q3_basic_shares, upside_2027q3_incremental_awards). |
| Diluted EPS upside_2027q3_eps | 2027Q3 / upside | 2.48 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q3_net, upside_2027q3_shares). |
| Operating cash from earnings bridge upside_2027q3_cfo | 2027Q3 / upside | 440.60 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(upside_2027q3_net, upside_2027q3_da, upside_2027q3_sbc, upside_2027q3_other_noncash, upside_2027q3_working_capital). |
| Net capex upside_2027q3_capex | 2027Q3 / upside | 153.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(upside_2027q3_gross_capex, upside_2027q3_equipment_proceeds). |
| Cash after net capex upside_2027q3_fcf | 2027Q3 / upside | 286.99 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 before incremental cost step upside_2027q4_jbi_op | 2027Q4 / upside | 202.85 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q4_dcs_op | 2027Q4 / upside | 121.88 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q4_ics_op | 2027Q4 / upside | 6.81 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q4_fms_op | 2027Q4 / upside | 8.57 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 before incremental cost step upside_2027q4_jbt_op | 2027Q4 / upside | 4.08 USD_millions | derived: Q2-anchored segment margin sensitivity before the separately reconciled conference cost step; segment allocation of incremental costs is undisclosed. 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 after cost step upside_2027q4_op | 2027Q4 / upside | 339.18 USD_millions | derived: Derived from separate operating-cost inputs. Formula: subtract(upside_2027q4_op_before_cost_step, upside_2027q4_cost_step). |
| 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 | 322.18 USD_millions | derived: Operating income less net interest. Formula: subtract(upside_2027q4_op, upside_2027q4_interest). |
| Net income upside_2027q4_net | 2027Q4 / upside | 240.03 USD_millions | derived: Pretax income times after-tax factor. Formula: multiply(upside_2027q4_pretax, upside_tax_keep). |
| Modeled weighted diluted shares upside_2027q4_shares | 2027Q4 / upside | 94.68 shares_millions | derived: Weighted basic plus incremental award dilution; not a current fully diluted ownership claim. Formula: sum(upside_2027q4_basic_shares, upside_2027q4_incremental_awards). |
| Diluted EPS upside_2027q4_eps | 2027Q4 / upside | 2.54 USD_per_share | derived: Net income / diluted shares, both in millions. Formula: divide(upside_2027q4_net, upside_2027q4_shares). |
| Operating cash from earnings bridge upside_2027q4_cfo | 2027Q4 / upside | 445.11 USD_millions | derived: Net earnings already reflect modeled interest and tax. Add noncash expenses once, then signed operating balance movements. No separate duplicate interest/tax deduction. Formula: sum(upside_2027q4_net, upside_2027q4_da, upside_2027q4_sbc, upside_2027q4_other_noncash, upside_2027q4_working_capital). |
| Net capex upside_2027q4_capex | 2027Q4 / upside | 153.61 USD_millions | derived: Gross purchases less modeled cash disposal proceeds. Stress cases may differ from management net-capex range. Formula: subtract(upside_2027q4_gross_capex, upside_2027q4_equipment_proceeds). |
| Cash after net capex upside_2027q4_fcf | 2027Q4 / upside | 291.49 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 | 14,357.79 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 | 1,096.76 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 | 766.80 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 | 1,578.39 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 | 582.23 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 | 189.09 shares_millions | derived: Before averaging. Formula: sum(upside_2026q3_shares, upside_2026q4_shares). |
| H2 weighted shares upside_fy2026_h2_share_mean | FY2026 / upside | 94.54 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 | 189.62 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 | 94.81 shares_millions | derived: Equal-period average of weighted share counts, not their sum; day-weighting is approximated. Formula: multiply(upside_fy2026_share_sum, upside_half). |
| Annual diluted EPS upside_fy2026_eps | FY2026 / upside | 8.09 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 | 996.17 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 | 1,317.40 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 | 930.80 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 | 1,753.40 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 | 614.46 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 | 378.54 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 | 94.63 shares_millions | derived: Equal-period average of weighted share counts, not their sum; day-weighting is approximated. Formula: multiply(upside_fy2027_share_sum, upside_quarter). |
| Annual diluted EPS upside_fy2027_eps | FY2027 / upside | 9.84 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 | 1,138.94 USD_millions | derived: Annual operating cash less net capex. Formula: subtract(upside_fy2027_cfo, upside_fy2027_capex). |
| H1 depreciation and amortization h1_da | 2026 H1 / shared | 360.02 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 share-based compensation h1_sbc | 2026 H1 / shared | 38.08 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 noncash lease expense h1_noncash_lease | 2026 H1 / shared | 44.93 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 equipment sale loss and other h1_equipment_loss | 2026 H1 / shared | 3.71 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 deferred tax adjustment h1_deferred_tax | 2026 H1 / shared | 3.20 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 receivables cash movement h1_receivables | 2026 H1 / shared | -300.90 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 other assets cash movement h1_other_assets | 2026 H1 / shared | 56.01 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 payables cash movement h1_payables | 2026 H1 / shared | 117.95 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 tax balances cash movement h1_tax_balances | 2026 H1 / shared | 56.05 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 claims accrual cash movement h1_claims | 2026 H1 / shared | 17.12 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 payroll and other accrual cash movement h1_payroll_other | 2026 H1 / shared | 4.50 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 gross PP&E cash purchases h1_gross_capex | 2026 H1 / shared | 227.18 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 equipment-sale cash proceeds h1_equipment_proceeds | 2026 H1 / shared | 82.23 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 common dividends paid h1_dividends | 2026 H1 / shared | 85.01 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 gross debt and revolver proceeds h1_debt_inflows | 2026 H1 / shared | 1,405.80 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 debt and revolver repayments h1_debt_outflows | 2026 H1 / shared | 1,728.60 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 treasury stock cash purchases h1_buybacks | 2026 H1 / shared | 177.83 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 payroll-tax share repurchase and other cash h1_award_tax_cash | 2026 H1 / shared | 5.80 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| H1 other noncash adjustments h1_other_noncash | 2026 H1 / shared | 51.84 USD_millions | derived: Arithmetic from separately identified inputs. Formula: sum(h1_noncash_lease, h1_equipment_loss, h1_deferred_tax). |
| H1 operating balance changes h1_working_capital | 2026 H1 / shared | -49.27 USD_millions | derived: Arithmetic from separately identified inputs. Formula: sum(h1_receivables, h1_other_assets, h1_payables, h1_tax_balances, h1_claims, h1_payroll_other). |
| H1 earnings-to-cash reconciliation h1_cfo_rebuilt | 2026 H1 / shared | 723.27 USD_millions | derived: Arithmetic from separately identified inputs. Formula: sum(h1_net, h1_da, h1_sbc, h1_other_noncash, h1_working_capital). |
| H1 cash after net capex h1_fcf | 2026 H1 / shared | 578.32 USD_millions | derived: Arithmetic from separately identified inputs. Formula: subtract(h1_cfo, h1_capex). |
| H1 cash after net capex and dividends h1_cash_after_dividends | 2026 H1 / shared | 493.30 USD_millions | derived: Arithmetic from separately identified inputs. Formula: subtract(h1_fcf, h1_dividends). |
| H1 net debt cash flow h1_net_debt_cash | 2026 H1 / shared | -322.80 USD_millions | derived: Arithmetic from separately identified inputs. Formula: subtract(h1_debt_inflows, h1_debt_outflows). |
| H1 shareholder and award-tax cash h1_equity_cash | 2026 H1 / shared | 268.64 USD_millions | derived: Arithmetic from separately identified inputs. Formula: sum(h1_buybacks, h1_award_tax_cash, h1_dividends). |
| H1 financing cash flow h1_financing_cash | 2026 H1 / shared | -591.44 USD_millions | derived: Arithmetic from separately identified inputs. Formula: subtract(h1_net_debt_cash, h1_equity_cash). |
| December 2025 cash opening_cash | 2025-12-31 / shared | 17.28 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| June cash june_cash | 2026-06-30 / shared | 4.16 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| June cash reconciliation h1_cash_rebuilt | 2026-06-30 / shared | 4.16 USD_millions | derived: Arithmetic from separately identified inputs. Formula: sum(opening_cash, h1_fcf, h1_financing_cash). |
| June period-end common shares june_common_shares | 2026-06-30 / shared | 93.91 shares_millions | reported: Cover: 93,914,939 outstanding on June 30. A dated basic count, not current fully diluted equity. Primary source · 2026-07-24 |
| Q2 weighted basic shares q2_basic_shares | 2026Q2 / shared | 94.12 shares_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| Q2 weighted diluted shares q2_diluted_shares | 2026Q2 / shared | 94.94 shares_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| Q2 weighted incremental dilution q2_incremental_awards | 2026Q2 / shared | 0.82 shares_millions | derived: Weighted diluted minus weighted basic shares; not total unvested awards or current fully diluted equity. Formula: subtract(q2_diluted_shares, q2_basic_shares). |
| June debt carrying amount june_debt_carrying | 2026-06-30 / shared | 1,145.34 USD_millions | reported: Balance-sheet debt after discounts/issuance costs; not redemption principal. Primary source · 2026-07-24 |
| June revolver principal june_revolver_drawn | 2026-06-30 / shared | 54.00 USD_millions | reported: June 2026 Form 10-Q; source amounts converted from thousands to millions. Primary source · 2026-07-24 |
| June term-loan principal june_term_principal | 2026-06-30 / shared | 350.00 USD_millions | reported: Term loans mature November 2028. Primary source · 2026-07-24 |
| June senior-note principal june_notes_principal | 2026-06-30 / shared | 750.00 USD_millions | reported: 4.90% notes mature March 2030; prior $700M notes paid March 2026. Primary source · 2026-07-24 |
| June total debt principal june_debt_principal | 2026-06-30 / shared | 1,154.00 USD_millions | derived: Arithmetic from separately identified inputs. Formula: sum(june_revolver_drawn, june_term_principal, june_notes_principal). |
| Unused June repurchase authority june_repurchase_authority | 2026-06-30 / shared | 791.40 USD_millions | reported: Authorization is neither a cash receipt nor completed share retirement; no forecast repurchases. Primary source · 2026-07-24 |
| Half-year to quarter factor shared_half | Run rate / shared | 50.0% ratio | assumption: Two equal quarters for a transparent H1 run-rate anchor. |
| H1 equipment-sale proceeds per quarter quarter_equipment_proceeds_anchor | Run rate / shared | 41.11 USD_millions | derived: Historical timing anchor used to translate planned net capex into a gross purchase budget, not future sale guidance. Formula: multiply(h1_equipment_proceeds, shared_half). |
| Operating balance cash change / revenue downside_working_capital_ratio | Forecast / downside | -2.5% ratio | assumption: Signed cash movement across receivables, payables, other assets, tax, claims and payroll. H1 combined use was $49.269M; negative consumes cash. Includes residual lease-payment timing; not a full lease schedule. |
| D&A already included in segment margins downside_2026q3_da | 2026Q3 / downside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins downside_2026q3_sbc | 2026Q3 / downside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments downside_2026q3_other_noncash | 2026Q3 / downside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds downside_2026q3_equipment_proceeds | 2026Q3 / downside | 30.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares downside_2026q3_dividend_per_share | 2026Q3 / downside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement downside_2026q3_working_capital | 2026Q3 / downside | -82.74 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2026q3_rev, downside_working_capital_ratio). |
| Planned net capex before disposal sensitivity downside_2026q3_planned_net_capex | 2026Q3 / downside | 327.53 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_remaining_capex26, downside_half). |
| Gross PP&E cash purchases downside_2026q3_gross_capex | 2026Q3 / downside | 368.64 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(downside_2026q3_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption downside_2026q3_net_award_issuance | 2026Q3 / downside | 0.15 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption downside_2026q3_incremental_awards | 2026Q3 / downside | 1.20 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares downside_2026q3_half_issuance | 2026Q3 / downside | 0.07 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2026q3_net_award_issuance, shared_half). |
| Modeled weighted basic shares downside_2026q3_basic_shares | 2026Q3 / downside | 93.99 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(june_common_shares, downside_2026q3_half_issuance). |
| Modeled ending common shares downside_2026q3_ending_common | 2026Q3 / downside | 94.06 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(june_common_shares, downside_2026q3_net_award_issuance). |
| Assumed common dividend cash downside_2026q3_dividends | 2026Q3 / downside | 42.30 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(downside_2026q3_basic_millions_factor, downside_2026q3_dividend_per_share). |
| Cash after net capex and dividends downside_2026q3_cash_after_dividends | 2026Q3 / downside | -139.03 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(downside_2026q3_fcf, downside_2026q3_dividends). |
| D&A already included in segment margins downside_2026q4_da | 2026Q4 / downside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins downside_2026q4_sbc | 2026Q4 / downside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments downside_2026q4_other_noncash | 2026Q4 / downside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds downside_2026q4_equipment_proceeds | 2026Q4 / downside | 30.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares downside_2026q4_dividend_per_share | 2026Q4 / downside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement downside_2026q4_working_capital | 2026Q4 / downside | -84.39 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2026q4_rev, downside_working_capital_ratio). |
| Planned net capex before disposal sensitivity downside_2026q4_planned_net_capex | 2026Q4 / downside | 327.53 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_remaining_capex26, downside_half). |
| Gross PP&E cash purchases downside_2026q4_gross_capex | 2026Q4 / downside | 368.64 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(downside_2026q4_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption downside_2026q4_net_award_issuance | 2026Q4 / downside | 0.15 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption downside_2026q4_incremental_awards | 2026Q4 / downside | 1.20 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares downside_2026q4_half_issuance | 2026Q4 / downside | 0.07 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2026q4_net_award_issuance, shared_half). |
| Modeled weighted basic shares downside_2026q4_basic_shares | 2026Q4 / downside | 94.14 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(downside_2026q3_ending_common, downside_2026q4_half_issuance). |
| Modeled ending common shares downside_2026q4_ending_common | 2026Q4 / downside | 94.21 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(downside_2026q3_ending_common, downside_2026q4_net_award_issuance). |
| Assumed common dividend cash downside_2026q4_dividends | 2026Q4 / downside | 42.36 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(downside_2026q4_basic_millions_factor, downside_2026q4_dividend_per_share). |
| Cash after net capex and dividends downside_2026q4_cash_after_dividends | 2026Q4 / downside | -128.38 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(downside_2026q4_fcf, downside_2026q4_dividends). |
| D&A already included in segment margins downside_2027q1_da | 2027Q1 / downside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins downside_2027q1_sbc | 2027Q1 / downside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments downside_2027q1_other_noncash | 2027Q1 / downside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds downside_2027q1_equipment_proceeds | 2027Q1 / downside | 30.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares downside_2027q1_dividend_per_share | 2027Q1 / downside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement downside_2027q1_working_capital | 2027Q1 / downside | -80.26 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q1_rev, downside_working_capital_ratio). |
| Planned net capex before disposal sensitivity downside_2027q1_planned_net_capex | 2027Q1 / downside | 212.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter). |
| Gross PP&E cash purchases downside_2027q1_gross_capex | 2027Q1 / downside | 253.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(downside_2027q1_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption downside_2027q1_net_award_issuance | 2027Q1 / downside | 0.15 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption downside_2027q1_incremental_awards | 2027Q1 / downside | 1.20 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares downside_2027q1_half_issuance | 2027Q1 / downside | 0.07 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q1_net_award_issuance, shared_half). |
| Modeled weighted basic shares downside_2027q1_basic_shares | 2027Q1 / downside | 94.29 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(downside_2026q4_ending_common, downside_2027q1_half_issuance). |
| Modeled ending common shares downside_2027q1_ending_common | 2027Q1 / downside | 94.36 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(downside_2026q4_ending_common, downside_2027q1_net_award_issuance). |
| Assumed common dividend cash downside_2027q1_dividends | 2027Q1 / downside | 42.43 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(downside_2027q1_basic_millions_factor, downside_2027q1_dividend_per_share). |
| Cash after net capex and dividends downside_2027q1_cash_after_dividends | 2027Q1 / downside | -5.77 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(downside_2027q1_fcf, downside_2027q1_dividends). |
| D&A already included in segment margins downside_2027q2_da | 2027Q2 / downside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins downside_2027q2_sbc | 2027Q2 / downside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments downside_2027q2_other_noncash | 2027Q2 / downside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds downside_2027q2_equipment_proceeds | 2027Q2 / downside | 30.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares downside_2027q2_dividend_per_share | 2027Q2 / downside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement downside_2027q2_working_capital | 2027Q2 / downside | -85.22 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q2_rev, downside_working_capital_ratio). |
| Planned net capex before disposal sensitivity downside_2027q2_planned_net_capex | 2027Q2 / downside | 212.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter). |
| Gross PP&E cash purchases downside_2027q2_gross_capex | 2027Q2 / downside | 253.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(downside_2027q2_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption downside_2027q2_net_award_issuance | 2027Q2 / downside | 0.15 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption downside_2027q2_incremental_awards | 2027Q2 / downside | 1.20 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares downside_2027q2_half_issuance | 2027Q2 / downside | 0.07 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q2_net_award_issuance, shared_half). |
| Modeled weighted basic shares downside_2027q2_basic_shares | 2027Q2 / downside | 94.44 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(downside_2027q1_ending_common, downside_2027q2_half_issuance). |
| Modeled ending common shares downside_2027q2_ending_common | 2027Q2 / downside | 94.51 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(downside_2027q1_ending_common, downside_2027q2_net_award_issuance). |
| Assumed common dividend cash downside_2027q2_dividends | 2027Q2 / downside | 42.50 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(downside_2027q2_basic_millions_factor, downside_2027q2_dividend_per_share). |
| Cash after net capex and dividends downside_2027q2_cash_after_dividends | 2027Q2 / downside | -1.60 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(downside_2027q2_fcf, downside_2027q2_dividends). |
| D&A already included in segment margins downside_2027q3_da | 2027Q3 / downside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins downside_2027q3_sbc | 2027Q3 / downside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments downside_2027q3_other_noncash | 2027Q3 / downside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds downside_2027q3_equipment_proceeds | 2027Q3 / downside | 30.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares downside_2027q3_dividend_per_share | 2027Q3 / downside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement downside_2027q3_working_capital | 2027Q3 / downside | -85.22 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q3_rev, downside_working_capital_ratio). |
| Planned net capex before disposal sensitivity downside_2027q3_planned_net_capex | 2027Q3 / downside | 212.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter). |
| Gross PP&E cash purchases downside_2027q3_gross_capex | 2027Q3 / downside | 253.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(downside_2027q3_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption downside_2027q3_net_award_issuance | 2027Q3 / downside | 0.15 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption downside_2027q3_incremental_awards | 2027Q3 / downside | 1.20 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares downside_2027q3_half_issuance | 2027Q3 / downside | 0.07 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q3_net_award_issuance, shared_half). |
| Modeled weighted basic shares downside_2027q3_basic_shares | 2027Q3 / downside | 94.59 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(downside_2027q2_ending_common, downside_2027q3_half_issuance). |
| Modeled ending common shares downside_2027q3_ending_common | 2027Q3 / downside | 94.66 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(downside_2027q2_ending_common, downside_2027q3_net_award_issuance). |
| Assumed common dividend cash downside_2027q3_dividends | 2027Q3 / downside | 42.57 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(downside_2027q3_basic_millions_factor, downside_2027q3_dividend_per_share). |
| Cash after net capex and dividends downside_2027q3_cash_after_dividends | 2027Q3 / downside | -1.67 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(downside_2027q3_fcf, downside_2027q3_dividends). |
| D&A already included in segment margins downside_2027q4_da | 2027Q4 / downside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins downside_2027q4_sbc | 2027Q4 / downside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments downside_2027q4_other_noncash | 2027Q4 / downside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds downside_2027q4_equipment_proceeds | 2027Q4 / downside | 30.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares downside_2027q4_dividend_per_share | 2027Q4 / downside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement downside_2027q4_working_capital | 2027Q4 / downside | -86.88 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q4_rev, downside_working_capital_ratio). |
| Planned net capex before disposal sensitivity downside_2027q4_planned_net_capex | 2027Q4 / downside | 212.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(downside_annual_capex27, downside_quarter). |
| Gross PP&E cash purchases downside_2027q4_gross_capex | 2027Q4 / downside | 253.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(downside_2027q4_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption downside_2027q4_net_award_issuance | 2027Q4 / downside | 0.15 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption downside_2027q4_incremental_awards | 2027Q4 / downside | 1.20 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares downside_2027q4_half_issuance | 2027Q4 / downside | 0.07 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(downside_2027q4_net_award_issuance, shared_half). |
| Modeled weighted basic shares downside_2027q4_basic_shares | 2027Q4 / downside | 94.74 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(downside_2027q3_ending_common, downside_2027q4_half_issuance). |
| Modeled ending common shares downside_2027q4_ending_common | 2027Q4 / downside | 94.81 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(downside_2027q3_ending_common, downside_2027q4_net_award_issuance). |
| Assumed common dividend cash downside_2027q4_dividends | 2027Q4 / downside | 42.63 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(downside_2027q4_basic_millions_factor, downside_2027q4_dividend_per_share). |
| Cash after net capex and dividends downside_2027q4_cash_after_dividends | 2027Q4 / downside | -0.33 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(downside_2027q4_fcf, downside_2027q4_dividends). |
| FY2026 gross capex downside_fy2026_gross_capex | FY2026 / downside | 964.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_gross_capex, downside_2026q3_gross_capex, downside_2026q4_gross_capex). |
| FY2026 equipment proceeds downside_fy2026_equipment_proceeds | FY2026 / downside | 142.23 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_equipment_proceeds, downside_2026q3_equipment_proceeds, downside_2026q4_equipment_proceeds). |
| FY2026 dividends downside_fy2026_dividends | FY2026 / downside | 169.67 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_dividends, downside_2026q3_dividends, downside_2026q4_dividends). |
| FY2026 cash after dividends downside_fy2026_cash_after_dividends | FY2026 / downside | 225.90 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_cash_after_dividends, downside_2026q3_cash_after_dividends, downside_2026q4_cash_after_dividends). |
| FY2027 gross capex downside_fy2027_gross_capex | FY2027 / downside | 1,014.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(downside_2027q1_gross_capex, downside_2027q2_gross_capex, downside_2027q3_gross_capex, downside_2027q4_gross_capex). |
| FY2027 equipment proceeds downside_fy2027_equipment_proceeds | FY2027 / downside | 120.00 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(downside_2027q1_equipment_proceeds, downside_2027q2_equipment_proceeds, downside_2027q3_equipment_proceeds, downside_2027q4_equipment_proceeds). |
| FY2027 dividends downside_fy2027_dividends | FY2027 / downside | 170.13 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(downside_2027q1_dividends, downside_2027q2_dividends, downside_2027q3_dividends, downside_2027q4_dividends). |
| FY2027 cash after dividends downside_fy2027_cash_after_dividends | FY2027 / downside | -9.37 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(downside_2027q1_cash_after_dividends, downside_2027q2_cash_after_dividends, downside_2027q3_cash_after_dividends, downside_2027q4_cash_after_dividends). |
| Operating balance cash change / revenue base_working_capital_ratio | Forecast / base | -1.0% ratio | assumption: Signed cash movement across receivables, payables, other assets, tax, claims and payroll. H1 combined use was $49.269M; negative consumes cash. Includes residual lease-payment timing; not a full lease schedule. |
| D&A already included in segment margins base_2026q3_da | 2026Q3 / base | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins base_2026q3_sbc | 2026Q3 / base | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments base_2026q3_other_noncash | 2026Q3 / base | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds base_2026q3_equipment_proceeds | 2026Q3 / base | 41.11 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares base_2026q3_dividend_per_share | 2026Q3 / base | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement base_2026q3_working_capital | 2026Q3 / base | -37.67 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2026q3_rev, base_working_capital_ratio). |
| Planned net capex before disposal sensitivity base_2026q3_planned_net_capex | 2026Q3 / base | 277.53 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(base_remaining_capex26, base_half). |
| Gross PP&E cash purchases base_2026q3_gross_capex | 2026Q3 / base | 318.64 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(base_2026q3_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption base_2026q3_net_award_issuance | 2026Q3 / base | 0.06 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption base_2026q3_incremental_awards | 2026Q3 / base | 0.82 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares base_2026q3_half_issuance | 2026Q3 / base | 0.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2026q3_net_award_issuance, shared_half). |
| Modeled weighted basic shares base_2026q3_basic_shares | 2026Q3 / base | 93.94 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(june_common_shares, base_2026q3_half_issuance). |
| Modeled ending common shares base_2026q3_ending_common | 2026Q3 / base | 93.97 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(june_common_shares, base_2026q3_net_award_issuance). |
| Assumed common dividend cash base_2026q3_dividends | 2026Q3 / base | 42.28 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(base_2026q3_basic_millions_factor, base_2026q3_dividend_per_share). |
| Cash after net capex and dividends base_2026q3_cash_after_dividends | 2026Q3 / base | 34.76 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(base_2026q3_fcf, base_2026q3_dividends). |
| D&A already included in segment margins base_2026q4_da | 2026Q4 / base | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins base_2026q4_sbc | 2026Q4 / base | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments base_2026q4_other_noncash | 2026Q4 / base | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds base_2026q4_equipment_proceeds | 2026Q4 / base | 41.11 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares base_2026q4_dividend_per_share | 2026Q4 / base | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement base_2026q4_working_capital | 2026Q4 / base | -36.25 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2026q4_rev, base_working_capital_ratio). |
| Planned net capex before disposal sensitivity base_2026q4_planned_net_capex | 2026Q4 / base | 277.53 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(base_remaining_capex26, base_half). |
| Gross PP&E cash purchases base_2026q4_gross_capex | 2026Q4 / base | 318.64 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(base_2026q4_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption base_2026q4_net_award_issuance | 2026Q4 / base | 0.06 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption base_2026q4_incremental_awards | 2026Q4 / base | 0.82 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares base_2026q4_half_issuance | 2026Q4 / base | 0.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2026q4_net_award_issuance, shared_half). |
| Modeled weighted basic shares base_2026q4_basic_shares | 2026Q4 / base | 94.00 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(base_2026q3_ending_common, base_2026q4_half_issuance). |
| Modeled ending common shares base_2026q4_ending_common | 2026Q4 / base | 94.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(base_2026q3_ending_common, base_2026q4_net_award_issuance). |
| Assumed common dividend cash base_2026q4_dividends | 2026Q4 / base | 42.30 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(base_2026q4_basic_millions_factor, base_2026q4_dividend_per_share). |
| Cash after net capex and dividends base_2026q4_cash_after_dividends | 2026Q4 / base | 41.28 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(base_2026q4_fcf, base_2026q4_dividends). |
| D&A already included in segment margins base_2027q1_da | 2027Q1 / base | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins base_2027q1_sbc | 2027Q1 / base | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments base_2027q1_other_noncash | 2027Q1 / base | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds base_2027q1_equipment_proceeds | 2027Q1 / base | 41.11 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares base_2027q1_dividend_per_share | 2027Q1 / base | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement base_2027q1_working_capital | 2027Q1 / base | -34.47 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q1_rev, base_working_capital_ratio). |
| Planned net capex before disposal sensitivity base_2027q1_planned_net_capex | 2027Q1 / base | 187.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter). |
| Gross PP&E cash purchases base_2027q1_gross_capex | 2027Q1 / base | 228.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(base_2027q1_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption base_2027q1_net_award_issuance | 2027Q1 / base | 0.06 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption base_2027q1_incremental_awards | 2027Q1 / base | 0.82 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares base_2027q1_half_issuance | 2027Q1 / base | 0.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q1_net_award_issuance, shared_half). |
| Modeled weighted basic shares base_2027q1_basic_shares | 2027Q1 / base | 94.06 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(base_2026q4_ending_common, base_2027q1_half_issuance). |
| Modeled ending common shares base_2027q1_ending_common | 2027Q1 / base | 94.09 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(base_2026q4_ending_common, base_2027q1_net_award_issuance). |
| Assumed common dividend cash base_2027q1_dividends | 2027Q1 / base | 42.33 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(base_2027q1_basic_millions_factor, base_2027q1_dividend_per_share). |
| Cash after net capex and dividends base_2027q1_cash_after_dividends | 2027Q1 / base | 130.61 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(base_2027q1_fcf, base_2027q1_dividends). |
| D&A already included in segment margins base_2027q2_da | 2027Q2 / base | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins base_2027q2_sbc | 2027Q2 / base | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments base_2027q2_other_noncash | 2027Q2 / base | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds base_2027q2_equipment_proceeds | 2027Q2 / base | 41.11 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares base_2027q2_dividend_per_share | 2027Q2 / base | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement base_2027q2_working_capital | 2027Q2 / base | -36.60 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q2_rev, base_working_capital_ratio). |
| Planned net capex before disposal sensitivity base_2027q2_planned_net_capex | 2027Q2 / base | 187.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter). |
| Gross PP&E cash purchases base_2027q2_gross_capex | 2027Q2 / base | 228.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(base_2027q2_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption base_2027q2_net_award_issuance | 2027Q2 / base | 0.06 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption base_2027q2_incremental_awards | 2027Q2 / base | 0.82 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares base_2027q2_half_issuance | 2027Q2 / base | 0.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q2_net_award_issuance, shared_half). |
| Modeled weighted basic shares base_2027q2_basic_shares | 2027Q2 / base | 94.12 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(base_2027q1_ending_common, base_2027q2_half_issuance). |
| Modeled ending common shares base_2027q2_ending_common | 2027Q2 / base | 94.15 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(base_2027q1_ending_common, base_2027q2_net_award_issuance). |
| Assumed common dividend cash base_2027q2_dividends | 2027Q2 / base | 42.36 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(base_2027q2_basic_millions_factor, base_2027q2_dividend_per_share). |
| Cash after net capex and dividends base_2027q2_cash_after_dividends | 2027Q2 / base | 140.33 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(base_2027q2_fcf, base_2027q2_dividends). |
| D&A already included in segment margins base_2027q3_da | 2027Q3 / base | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins base_2027q3_sbc | 2027Q3 / base | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments base_2027q3_other_noncash | 2027Q3 / base | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds base_2027q3_equipment_proceeds | 2027Q3 / base | 41.11 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares base_2027q3_dividend_per_share | 2027Q3 / base | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement base_2027q3_working_capital | 2027Q3 / base | -36.60 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q3_rev, base_working_capital_ratio). |
| Planned net capex before disposal sensitivity base_2027q3_planned_net_capex | 2027Q3 / base | 187.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter). |
| Gross PP&E cash purchases base_2027q3_gross_capex | 2027Q3 / base | 228.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(base_2027q3_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption base_2027q3_net_award_issuance | 2027Q3 / base | 0.06 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption base_2027q3_incremental_awards | 2027Q3 / base | 0.82 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares base_2027q3_half_issuance | 2027Q3 / base | 0.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q3_net_award_issuance, shared_half). |
| Modeled weighted basic shares base_2027q3_basic_shares | 2027Q3 / base | 94.18 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(base_2027q2_ending_common, base_2027q3_half_issuance). |
| Modeled ending common shares base_2027q3_ending_common | 2027Q3 / base | 94.21 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(base_2027q2_ending_common, base_2027q3_net_award_issuance). |
| Assumed common dividend cash base_2027q3_dividends | 2027Q3 / base | 42.38 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(base_2027q3_basic_millions_factor, base_2027q3_dividend_per_share). |
| Cash after net capex and dividends base_2027q3_cash_after_dividends | 2027Q3 / base | 140.30 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(base_2027q3_fcf, base_2027q3_dividends). |
| D&A already included in segment margins base_2027q4_da | 2027Q4 / base | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins base_2027q4_sbc | 2027Q4 / base | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments base_2027q4_other_noncash | 2027Q4 / base | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds base_2027q4_equipment_proceeds | 2027Q4 / base | 41.11 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares base_2027q4_dividend_per_share | 2027Q4 / base | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement base_2027q4_working_capital | 2027Q4 / base | -37.31 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q4_rev, base_working_capital_ratio). |
| Planned net capex before disposal sensitivity base_2027q4_planned_net_capex | 2027Q4 / base | 187.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(base_annual_capex27, base_quarter). |
| Gross PP&E cash purchases base_2027q4_gross_capex | 2027Q4 / base | 228.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(base_2027q4_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption base_2027q4_net_award_issuance | 2027Q4 / base | 0.06 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption base_2027q4_incremental_awards | 2027Q4 / base | 0.82 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares base_2027q4_half_issuance | 2027Q4 / base | 0.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(base_2027q4_net_award_issuance, shared_half). |
| Modeled weighted basic shares base_2027q4_basic_shares | 2027Q4 / base | 94.24 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(base_2027q3_ending_common, base_2027q4_half_issuance). |
| Modeled ending common shares base_2027q4_ending_common | 2027Q4 / base | 94.27 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(base_2027q3_ending_common, base_2027q4_net_award_issuance). |
| Assumed common dividend cash base_2027q4_dividends | 2027Q4 / base | 42.41 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(base_2027q4_basic_millions_factor, base_2027q4_dividend_per_share). |
| Cash after net capex and dividends base_2027q4_cash_after_dividends | 2027Q4 / base | 143.52 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(base_2027q4_fcf, base_2027q4_dividends). |
| FY2026 gross capex base_fy2026_gross_capex | FY2026 / base | 864.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_gross_capex, base_2026q3_gross_capex, base_2026q4_gross_capex). |
| FY2026 equipment proceeds base_fy2026_equipment_proceeds | FY2026 / base | 164.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_equipment_proceeds, base_2026q3_equipment_proceeds, base_2026q4_equipment_proceeds). |
| FY2026 dividends base_fy2026_dividends | FY2026 / base | 169.59 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_dividends, base_2026q3_dividends, base_2026q4_dividends). |
| FY2026 cash after dividends base_fy2026_cash_after_dividends | FY2026 / base | 569.35 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_cash_after_dividends, base_2026q3_cash_after_dividends, base_2026q4_cash_after_dividends). |
| FY2027 gross capex base_fy2027_gross_capex | FY2027 / base | 914.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(base_2027q1_gross_capex, base_2027q2_gross_capex, base_2027q3_gross_capex, base_2027q4_gross_capex). |
| FY2027 equipment proceeds base_fy2027_equipment_proceeds | FY2027 / base | 164.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(base_2027q1_equipment_proceeds, base_2027q2_equipment_proceeds, base_2027q3_equipment_proceeds, base_2027q4_equipment_proceeds). |
| FY2027 dividends base_fy2027_dividends | FY2027 / base | 169.48 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(base_2027q1_dividends, base_2027q2_dividends, base_2027q3_dividends, base_2027q4_dividends). |
| FY2027 cash after dividends base_fy2027_cash_after_dividends | FY2027 / base | 554.76 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(base_2027q1_cash_after_dividends, base_2027q2_cash_after_dividends, base_2027q3_cash_after_dividends, base_2027q4_cash_after_dividends). |
| Operating balance cash change / revenue upside_working_capital_ratio | Forecast / upside | -0.5% ratio | assumption: Signed cash movement across receivables, payables, other assets, tax, claims and payroll. H1 combined use was $49.269M; negative consumes cash. Includes residual lease-payment timing; not a full lease schedule. |
| D&A already included in segment margins upside_2026q3_da | 2026Q3 / upside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins upside_2026q3_sbc | 2026Q3 / upside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments upside_2026q3_other_noncash | 2026Q3 / upside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds upside_2026q3_equipment_proceeds | 2026Q3 / upside | 50.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares upside_2026q3_dividend_per_share | 2026Q3 / upside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement upside_2026q3_working_capital | 2026Q3 / upside | -19.70 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2026q3_rev, upside_working_capital_ratio). |
| Planned net capex before disposal sensitivity upside_2026q3_planned_net_capex | 2026Q3 / upside | 227.53 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_remaining_capex26, upside_half). |
| Gross PP&E cash purchases upside_2026q3_gross_capex | 2026Q3 / upside | 268.64 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(upside_2026q3_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption upside_2026q3_net_award_issuance | 2026Q3 / upside | 0.03 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption upside_2026q3_incremental_awards | 2026Q3 / upside | 0.60 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares upside_2026q3_half_issuance | 2026Q3 / upside | 0.01 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2026q3_net_award_issuance, shared_half). |
| Modeled weighted basic shares upside_2026q3_basic_shares | 2026Q3 / upside | 93.93 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(june_common_shares, upside_2026q3_half_issuance). |
| Modeled ending common shares upside_2026q3_ending_common | 2026Q3 / upside | 93.94 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(june_common_shares, upside_2026q3_net_award_issuance). |
| Assumed common dividend cash upside_2026q3_dividends | 2026Q3 / upside | 42.27 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(upside_2026q3_basic_millions_factor, upside_2026q3_dividend_per_share). |
| Cash after net capex and dividends upside_2026q3_cash_after_dividends | 2026Q3 / upside | 159.60 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(upside_2026q3_fcf, upside_2026q3_dividends). |
| D&A already included in segment margins upside_2026q4_da | 2026Q4 / upside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins upside_2026q4_sbc | 2026Q4 / upside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments upside_2026q4_other_noncash | 2026Q4 / upside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds upside_2026q4_equipment_proceeds | 2026Q4 / upside | 50.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares upside_2026q4_dividend_per_share | 2026Q4 / upside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement upside_2026q4_working_capital | 2026Q4 / upside | -19.33 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2026q4_rev, upside_working_capital_ratio). |
| Planned net capex before disposal sensitivity upside_2026q4_planned_net_capex | 2026Q4 / upside | 227.53 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_remaining_capex26, upside_half). |
| Gross PP&E cash purchases upside_2026q4_gross_capex | 2026Q4 / upside | 268.64 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(upside_2026q4_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption upside_2026q4_net_award_issuance | 2026Q4 / upside | 0.03 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption upside_2026q4_incremental_awards | 2026Q4 / upside | 0.60 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares upside_2026q4_half_issuance | 2026Q4 / upside | 0.01 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2026q4_net_award_issuance, shared_half). |
| Modeled weighted basic shares upside_2026q4_basic_shares | 2026Q4 / upside | 93.96 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(upside_2026q3_ending_common, upside_2026q4_half_issuance). |
| Modeled ending common shares upside_2026q4_ending_common | 2026Q4 / upside | 93.97 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(upside_2026q3_ending_common, upside_2026q4_net_award_issuance). |
| Assumed common dividend cash upside_2026q4_dividends | 2026Q4 / upside | 42.28 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(upside_2026q4_basic_millions_factor, upside_2026q4_dividend_per_share). |
| Cash after net capex and dividends upside_2026q4_cash_after_dividends | 2026Q4 / upside | 173.70 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(upside_2026q4_fcf, upside_2026q4_dividends). |
| D&A already included in segment margins upside_2027q1_da | 2027Q1 / upside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins upside_2027q1_sbc | 2027Q1 / upside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments upside_2027q1_other_noncash | 2027Q1 / upside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds upside_2027q1_equipment_proceeds | 2027Q1 / upside | 50.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares upside_2027q1_dividend_per_share | 2027Q1 / upside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement upside_2027q1_working_capital | 2027Q1 / upside | -18.38 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q1_rev, upside_working_capital_ratio). |
| Planned net capex before disposal sensitivity upside_2027q1_planned_net_capex | 2027Q1 / upside | 162.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter). |
| Gross PP&E cash purchases upside_2027q1_gross_capex | 2027Q1 / upside | 203.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(upside_2027q1_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption upside_2027q1_net_award_issuance | 2027Q1 / upside | 0.03 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption upside_2027q1_incremental_awards | 2027Q1 / upside | 0.60 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares upside_2027q1_half_issuance | 2027Q1 / upside | 0.01 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q1_net_award_issuance, shared_half). |
| Modeled weighted basic shares upside_2027q1_basic_shares | 2027Q1 / upside | 93.99 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(upside_2026q4_ending_common, upside_2027q1_half_issuance). |
| Modeled ending common shares upside_2027q1_ending_common | 2027Q1 / upside | 94.00 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(upside_2026q4_ending_common, upside_2027q1_net_award_issuance). |
| Assumed common dividend cash upside_2027q1_dividends | 2027Q1 / upside | 42.30 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(upside_2027q1_basic_millions_factor, upside_2027q1_dividend_per_share). |
| Cash after net capex and dividends upside_2027q1_cash_after_dividends | 2027Q1 / upside | 231.18 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(upside_2027q1_fcf, upside_2027q1_dividends). |
| D&A already included in segment margins upside_2027q2_da | 2027Q2 / upside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins upside_2027q2_sbc | 2027Q2 / upside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments upside_2027q2_other_noncash | 2027Q2 / upside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds upside_2027q2_equipment_proceeds | 2027Q2 / upside | 50.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares upside_2027q2_dividend_per_share | 2027Q2 / upside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement upside_2027q2_working_capital | 2027Q2 / upside | -19.52 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q2_rev, upside_working_capital_ratio). |
| Planned net capex before disposal sensitivity upside_2027q2_planned_net_capex | 2027Q2 / upside | 162.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter). |
| Gross PP&E cash purchases upside_2027q2_gross_capex | 2027Q2 / upside | 203.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(upside_2027q2_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption upside_2027q2_net_award_issuance | 2027Q2 / upside | 0.03 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption upside_2027q2_incremental_awards | 2027Q2 / upside | 0.60 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares upside_2027q2_half_issuance | 2027Q2 / upside | 0.01 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q2_net_award_issuance, shared_half). |
| Modeled weighted basic shares upside_2027q2_basic_shares | 2027Q2 / upside | 94.02 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(upside_2027q1_ending_common, upside_2027q2_half_issuance). |
| Modeled ending common shares upside_2027q2_ending_common | 2027Q2 / upside | 94.03 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(upside_2027q1_ending_common, upside_2027q2_net_award_issuance). |
| Assumed common dividend cash upside_2027q2_dividends | 2027Q2 / upside | 42.31 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(upside_2027q2_basic_millions_factor, upside_2027q2_dividend_per_share). |
| Cash after net capex and dividends upside_2027q2_cash_after_dividends | 2027Q2 / upside | 244.68 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(upside_2027q2_fcf, upside_2027q2_dividends). |
| D&A already included in segment margins upside_2027q3_da | 2027Q3 / upside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins upside_2027q3_sbc | 2027Q3 / upside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments upside_2027q3_other_noncash | 2027Q3 / upside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds upside_2027q3_equipment_proceeds | 2027Q3 / upside | 50.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares upside_2027q3_dividend_per_share | 2027Q3 / upside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement upside_2027q3_working_capital | 2027Q3 / upside | -19.52 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q3_rev, upside_working_capital_ratio). |
| Planned net capex before disposal sensitivity upside_2027q3_planned_net_capex | 2027Q3 / upside | 162.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter). |
| Gross PP&E cash purchases upside_2027q3_gross_capex | 2027Q3 / upside | 203.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(upside_2027q3_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption upside_2027q3_net_award_issuance | 2027Q3 / upside | 0.03 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption upside_2027q3_incremental_awards | 2027Q3 / upside | 0.60 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares upside_2027q3_half_issuance | 2027Q3 / upside | 0.01 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q3_net_award_issuance, shared_half). |
| Modeled weighted basic shares upside_2027q3_basic_shares | 2027Q3 / upside | 94.05 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(upside_2027q2_ending_common, upside_2027q3_half_issuance). |
| Modeled ending common shares upside_2027q3_ending_common | 2027Q3 / upside | 94.06 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(upside_2027q2_ending_common, upside_2027q3_net_award_issuance). |
| Assumed common dividend cash upside_2027q3_dividends | 2027Q3 / upside | 42.32 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(upside_2027q3_basic_millions_factor, upside_2027q3_dividend_per_share). |
| Cash after net capex and dividends upside_2027q3_cash_after_dividends | 2027Q3 / upside | 244.67 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(upside_2027q3_fcf, upside_2027q3_dividends). |
| D&A already included in segment margins upside_2027q4_da | 2027Q4 / upside | 180.01 USD_millions | assumption: H1 divided by two; add back noncash expense already inside assumed GAAP margins. Changing composition with margins fixed is a cash-conversion sensitivity. |
| SBC already included in segment margins upside_2027q4_sbc | 2027Q4 / upside | 19.04 USD_millions | assumption: H1 divided by two; added back once for cash, while award dilution is modeled separately. Not an economic free cost. |
| Other noncash/timing adjustments upside_2027q4_other_noncash | 2027Q4 / upside | 25.92 USD_millions | assumption: H1 noncash lease expense, equipment loss and deferred tax divided by two. Operating balance changes carry payment timing; no separate second lease deduction. |
| Equipment-sale cash proceeds upside_2027q4_equipment_proceeds | 2027Q4 / upside | 50.00 USD_millions | assumption: Desk realization sensitivity against a fixed gross purchase plan. P&L gain/loss depends on book value and is held separately. |
| Dividend cash per one million common shares upside_2027q4_dividend_per_share | 2027Q4 / upside | 0.45 USD_millions | assumption: A $0.45 per-share dividend means $0.45M per one million common shares. Continuation of the July-declared rate is an assumption; future declarations may differ. |
| Operating balance cash movement upside_2027q4_working_capital | 2027Q4 / upside | -19.89 USD_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q4_rev, upside_working_capital_ratio). |
| Planned net capex before disposal sensitivity upside_2027q4_planned_net_capex | 2027Q4 / upside | 162.50 USD_millions | derived: Net spending after equipment-sale proceeds. Formula: multiply(upside_annual_capex27, upside_quarter). |
| Gross PP&E cash purchases upside_2027q4_gross_capex | 2027Q4 / upside | 203.61 USD_millions | derived: Existing net investment budget plus historical quarterly sale-proceeds anchor. Gross purchases stay fixed when actual disposal proceeds change. Formula: sum(upside_2027q4_planned_net_capex, quarter_equipment_proceeds_anchor). |
| Net common award issuance assumption upside_2027q4_net_award_issuance | 2027Q4 / upside | 0.03 shares_millions | assumption: Desk quarterly net vesting/new common shares after tax withholding; no public offering proceeds or repurchases assumed. |
| Incremental weighted award dilution assumption upside_2027q4_incremental_awards | 2027Q4 / upside | 0.60 shares_millions | assumption: Weighted EPS dilution allowance, separately from issued common shares. Base uses Q2 0.819M; replenishment/vesting and price effects require review. Not current fully diluted valuation shares. |
| Half-quarter new common shares upside_2027q4_half_issuance | 2027Q4 / upside | 0.01 shares_millions | derived: Arithmetic from separately identified inputs. Formula: multiply(upside_2027q4_net_award_issuance, shared_half). |
| Modeled weighted basic shares upside_2027q4_basic_shares | 2027Q4 / upside | 94.08 shares_millions | derived: Opening dated basic balance plus half the assumed quarter issuance. No retirement from unspent buyback authority. Formula: sum(upside_2027q3_ending_common, upside_2027q4_half_issuance). |
| Modeled ending common shares upside_2027q4_ending_common | 2027Q4 / upside | 94.09 shares_millions | derived: Arithmetic from separately identified inputs. Formula: sum(upside_2027q3_ending_common, upside_2027q4_net_award_issuance). |
| Assumed common dividend cash upside_2027q4_dividends | 2027Q4 / upside | 42.34 USD_millions | derived: Approximation using weighted basic shares, excluding unissued diluted equivalents; actual record-date shares may differ. Formula: multiply(upside_2027q4_basic_millions_factor, upside_2027q4_dividend_per_share). |
| Cash after net capex and dividends upside_2027q4_cash_after_dividends | 2027Q4 / upside | 249.16 USD_millions | derived: Before debt principal, buybacks, award withholding, financing and acquisitions. Not a cash balance or distributable valuation cash. Formula: subtract(upside_2027q4_fcf, upside_2027q4_dividends). |
| FY2026 gross capex upside_fy2026_gross_capex | FY2026 / upside | 764.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_gross_capex, upside_2026q3_gross_capex, upside_2026q4_gross_capex). |
| FY2026 equipment proceeds upside_fy2026_equipment_proceeds | FY2026 / upside | 182.23 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_equipment_proceeds, upside_2026q3_equipment_proceeds, upside_2026q4_equipment_proceeds). |
| FY2026 dividends upside_fy2026_dividends | FY2026 / upside | 169.56 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_dividends, upside_2026q3_dividends, upside_2026q4_dividends). |
| FY2026 cash after dividends upside_fy2026_cash_after_dividends | FY2026 / upside | 826.60 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(h1_cash_after_dividends, upside_2026q3_cash_after_dividends, upside_2026q4_cash_after_dividends). |
| FY2027 gross capex upside_fy2027_gross_capex | FY2027 / upside | 814.46 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(upside_2027q1_gross_capex, upside_2027q2_gross_capex, upside_2027q3_gross_capex, upside_2027q4_gross_capex). |
| FY2027 equipment proceeds upside_fy2027_equipment_proceeds | FY2027 / upside | 200.00 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(upside_2027q1_equipment_proceeds, upside_2027q2_equipment_proceeds, upside_2027q3_equipment_proceeds, upside_2027q4_equipment_proceeds). |
| FY2027 dividends upside_fy2027_dividends | FY2027 / upside | 169.26 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(upside_2027q1_dividends, upside_2027q2_dividends, upside_2027q3_dividends, upside_2027q4_dividends). |
| FY2027 cash after dividends upside_fy2027_cash_after_dividends | FY2027 / upside | 969.68 USD_millions | derived: Reported H1 plus H2 for 2026; four forecast quarters for 2027. Formula: sum(upside_2027q1_cash_after_dividends, upside_2027q2_cash_after_dividends, upside_2027q3_cash_after_dividends, upside_2027q4_cash_after_dividends). |
| One million common shares normalization one_million_common | Forecast / shared | 1.00 shares_millions | assumption: Unit conversion only, not a share forecast. |
| Basic shares / one million shares downside_2026q3_basic_millions_factor | 2026Q3 / downside | 9,399.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(downside_2026q3_basic_shares, one_million_common). |
| Basic shares / one million shares downside_2026q4_basic_millions_factor | 2026Q4 / downside | 9,414.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(downside_2026q4_basic_shares, one_million_common). |
| Basic shares / one million shares downside_2027q1_basic_millions_factor | 2027Q1 / downside | 9,429.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(downside_2027q1_basic_shares, one_million_common). |
| Basic shares / one million shares downside_2027q2_basic_millions_factor | 2027Q2 / downside | 9,444.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(downside_2027q2_basic_shares, one_million_common). |
| Basic shares / one million shares downside_2027q3_basic_millions_factor | 2027Q3 / downside | 9,459.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(downside_2027q3_basic_shares, one_million_common). |
| Basic shares / one million shares downside_2027q4_basic_millions_factor | 2027Q4 / downside | 9,474.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(downside_2027q4_basic_shares, one_million_common). |
| Basic shares / one million shares base_2026q3_basic_millions_factor | 2026Q3 / base | 9,394.5% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(base_2026q3_basic_shares, one_million_common). |
| Basic shares / one million shares base_2026q4_basic_millions_factor | 2026Q4 / base | 9,400.5% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(base_2026q4_basic_shares, one_million_common). |
| Basic shares / one million shares base_2027q1_basic_millions_factor | 2027Q1 / base | 9,406.5% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(base_2027q1_basic_shares, one_million_common). |
| Basic shares / one million shares base_2027q2_basic_millions_factor | 2027Q2 / base | 9,412.5% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(base_2027q2_basic_shares, one_million_common). |
| Basic shares / one million shares base_2027q3_basic_millions_factor | 2027Q3 / base | 9,418.5% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(base_2027q3_basic_shares, one_million_common). |
| Basic shares / one million shares base_2027q4_basic_millions_factor | 2027Q4 / base | 9,424.5% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(base_2027q4_basic_shares, one_million_common). |
| Basic shares / one million shares upside_2026q3_basic_millions_factor | 2026Q3 / upside | 9,393.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(upside_2026q3_basic_shares, one_million_common). |
| Basic shares / one million shares upside_2026q4_basic_millions_factor | 2026Q4 / upside | 9,396.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(upside_2026q4_basic_shares, one_million_common). |
| Basic shares / one million shares upside_2027q1_basic_millions_factor | 2027Q1 / upside | 9,399.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(upside_2027q1_basic_shares, one_million_common). |
| Basic shares / one million shares upside_2027q2_basic_millions_factor | 2027Q2 / upside | 9,402.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(upside_2027q2_basic_shares, one_million_common). |
| Basic shares / one million shares upside_2027q3_basic_millions_factor | 2027Q3 / upside | 9,405.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(upside_2027q3_basic_shares, one_million_common). |
| Basic shares / one million shares upside_2027q4_basic_millions_factor | 2027Q4 / upside | 9,408.0% ratio | derived: Normalize common shares explicitly before multiplying by dividend cash per million shares. Formula: divide(upside_2027q4_basic_shares, one_million_common). |
| Q3 incremental driver costs vs Q2 guide_driver_cost | 2026Q3 / shared | 25.00 USD_millions | management guidance: September 15 CFO remarks at 7:19-7:46 of the Quartr-distributed event recording: recruitment, onboarding, training and sign-on costs; about $25M sequential increase. Verified against independent local audio transcription. Primary source · 2026-09-15 |
| Q3 incremental fuel headwind floor vs Q2 guide_fuel_floor | 2026Q3 / shared | 10.00 USD_millions | management guidance: September 15 CFO remarks at 8:00-8:10: at least $10M sequential fuel headwind. This is a floor, not an exact ceiling. Primary source · 2026-09-15 |
| Sequential Q3 earnings decline low guide_earnings_drop_low | 2026Q3 / shared | 5.0% ratio | management guidance: September 15 recording at 5:26-5:51 says earnings decline of 5%-10% versus Q2, with growth offsets. Do not relabel the ambiguous earnings wording as precise EPS or net-income dollar guidance. Primary source · 2026-09-15 |
| Sequential Q3 earnings decline high guide_earnings_drop_high | 2026Q3 / shared | 10.0% ratio | management guidance: Upper end of stated sequential earnings decline range; scenario net earnings/EPS are calculated separately, not company dollar targets. Primary source · 2026-09-15 |
| Q2 reported net earnings q2_net | 2026Q2 / shared | 181.03 USD_millions | reported: Reported quarter comparator; not itself September guidance. Primary source · 2026-07-15 |
| Driver retention downside_2026q3_driver_retention | 2026Q3 / downside | 100.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention downside_2026q3_fuel_retention | 2026Q3 / downside | 100.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra downside_2026q3_fuel_extra | 2026Q3 / downside | 10.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra downside_2026q3_claims_extra | 2026Q3 / downside | 10.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense downside_2026q3_driver_step | 2026Q3 / downside | 25.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, downside_2026q3_driver_retention). |
| Retained fuel timing minimum downside_2026q3_fuel_minimum_step | 2026Q3 / downside | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, downside_2026q3_fuel_retention). |
| Incremental conference cost bridge downside_2026q3_cost_step | 2026Q3 / downside | 55.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(downside_2026q3_driver_step, downside_2026q3_fuel_minimum_step, downside_2026q3_fuel_extra, downside_2026q3_claims_extra). |
| Segment operating income before incremental cost step downside_2026q3_op_before_cost_step | 2026Q3 / downside | 205.78 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 earnings relative to reported Q2 downside_2026q3_earnings_ratio_q2 | 2026Q3 / downside | 55.1% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(downside_2026q3_net, q2_net). |
| Driver retention downside_2026q4_driver_retention | 2026Q4 / downside | 100.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention downside_2026q4_fuel_retention | 2026Q4 / downside | 75.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra downside_2026q4_fuel_extra | 2026Q4 / downside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra downside_2026q4_claims_extra | 2026Q4 / downside | 10.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense downside_2026q4_driver_step | 2026Q4 / downside | 25.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, downside_2026q4_driver_retention). |
| Retained fuel timing minimum downside_2026q4_fuel_minimum_step | 2026Q4 / downside | 7.50 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, downside_2026q4_fuel_retention). |
| Incremental conference cost bridge downside_2026q4_cost_step | 2026Q4 / downside | 42.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(downside_2026q4_driver_step, downside_2026q4_fuel_minimum_step, downside_2026q4_fuel_extra, downside_2026q4_claims_extra). |
| Segment operating income before incremental cost step downside_2026q4_op_before_cost_step | 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 earnings relative to reported Q2 downside_2026q4_earnings_ratio_q2 | 2026Q4 / downside | 61.9% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(downside_2026q4_net, q2_net). |
| Driver retention downside_2027q1_driver_retention | 2027Q1 / downside | 80.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention downside_2027q1_fuel_retention | 2027Q1 / downside | 25.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra downside_2027q1_fuel_extra | 2027Q1 / downside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra downside_2027q1_claims_extra | 2027Q1 / downside | 5.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense downside_2027q1_driver_step | 2027Q1 / downside | 20.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, downside_2027q1_driver_retention). |
| Retained fuel timing minimum downside_2027q1_fuel_minimum_step | 2027Q1 / downside | 2.50 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, downside_2027q1_fuel_retention). |
| Incremental conference cost bridge downside_2027q1_cost_step | 2027Q1 / downside | 27.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(downside_2027q1_driver_step, downside_2027q1_fuel_minimum_step, downside_2027q1_fuel_extra, downside_2027q1_claims_extra). |
| Segment operating income before incremental cost step downside_2027q1_op_before_cost_step | 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 earnings relative to reported Q2 downside_2027q1_earnings_ratio_q2 | 2027Q1 / downside | 63.8% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(downside_2027q1_net, q2_net). |
| Driver retention downside_2027q2_driver_retention | 2027Q2 / downside | 80.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention downside_2027q2_fuel_retention | 2027Q2 / downside | 25.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra downside_2027q2_fuel_extra | 2027Q2 / downside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra downside_2027q2_claims_extra | 2027Q2 / downside | 5.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense downside_2027q2_driver_step | 2027Q2 / downside | 20.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, downside_2027q2_driver_retention). |
| Retained fuel timing minimum downside_2027q2_fuel_minimum_step | 2027Q2 / downside | 2.50 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, downside_2027q2_fuel_retention). |
| Incremental conference cost bridge downside_2027q2_cost_step | 2027Q2 / downside | 27.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(downside_2027q2_driver_step, downside_2027q2_fuel_minimum_step, downside_2027q2_fuel_extra, downside_2027q2_claims_extra). |
| Segment operating income before incremental cost step downside_2027q2_op_before_cost_step | 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 earnings relative to reported Q2 downside_2027q2_earnings_ratio_q2 | 2027Q2 / downside | 68.9% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(downside_2027q2_net, q2_net). |
| Driver retention downside_2027q3_driver_retention | 2027Q3 / downside | 80.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention downside_2027q3_fuel_retention | 2027Q3 / downside | 25.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra downside_2027q3_fuel_extra | 2027Q3 / downside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra downside_2027q3_claims_extra | 2027Q3 / downside | 5.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense downside_2027q3_driver_step | 2027Q3 / downside | 20.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, downside_2027q3_driver_retention). |
| Retained fuel timing minimum downside_2027q3_fuel_minimum_step | 2027Q3 / downside | 2.50 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, downside_2027q3_fuel_retention). |
| Incremental conference cost bridge downside_2027q3_cost_step | 2027Q3 / downside | 27.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(downside_2027q3_driver_step, downside_2027q3_fuel_minimum_step, downside_2027q3_fuel_extra, downside_2027q3_claims_extra). |
| Segment operating income before incremental cost step downside_2027q3_op_before_cost_step | 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 earnings relative to reported Q2 downside_2027q3_earnings_ratio_q2 | 2027Q3 / downside | 68.9% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(downside_2027q3_net, q2_net). |
| Driver retention downside_2027q4_driver_retention | 2027Q4 / downside | 80.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention downside_2027q4_fuel_retention | 2027Q4 / downside | 25.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra downside_2027q4_fuel_extra | 2027Q4 / downside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra downside_2027q4_claims_extra | 2027Q4 / downside | 5.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense downside_2027q4_driver_step | 2027Q4 / downside | 20.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, downside_2027q4_driver_retention). |
| Retained fuel timing minimum downside_2027q4_fuel_minimum_step | 2027Q4 / downside | 2.50 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, downside_2027q4_fuel_retention). |
| Incremental conference cost bridge downside_2027q4_cost_step | 2027Q4 / downside | 27.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(downside_2027q4_driver_step, downside_2027q4_fuel_minimum_step, downside_2027q4_fuel_extra, downside_2027q4_claims_extra). |
| Segment operating income before incremental cost step downside_2027q4_op_before_cost_step | 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 earnings relative to reported Q2 downside_2027q4_earnings_ratio_q2 | 2027Q4 / downside | 70.6% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(downside_2027q4_net, q2_net). |
| Driver retention base_2026q3_driver_retention | 2026Q3 / base | 100.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention base_2026q3_fuel_retention | 2026Q3 / base | 100.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra base_2026q3_fuel_extra | 2026Q3 / base | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra base_2026q3_claims_extra | 2026Q3 / base | 5.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense base_2026q3_driver_step | 2026Q3 / base | 25.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, base_2026q3_driver_retention). |
| Retained fuel timing minimum base_2026q3_fuel_minimum_step | 2026Q3 / base | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, base_2026q3_fuel_retention). |
| Incremental conference cost bridge base_2026q3_cost_step | 2026Q3 / base | 40.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(base_2026q3_driver_step, base_2026q3_fuel_minimum_step, base_2026q3_fuel_extra, base_2026q3_claims_extra). |
| Segment operating income before incremental cost step base_2026q3_op_before_cost_step | 2026Q3 / base | 281.51 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 earnings relative to reported Q2 base_2026q3_earnings_ratio_q2 | 2026Q3 / base | 92.4% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(base_2026q3_net, q2_net). |
| Driver retention base_2026q4_driver_retention | 2026Q4 / base | 60.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention base_2026q4_fuel_retention | 2026Q4 / base | 25.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra base_2026q4_fuel_extra | 2026Q4 / base | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra base_2026q4_claims_extra | 2026Q4 / base | 5.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense base_2026q4_driver_step | 2026Q4 / base | 15.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, base_2026q4_driver_retention). |
| Retained fuel timing minimum base_2026q4_fuel_minimum_step | 2026Q4 / base | 2.50 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, base_2026q4_fuel_retention). |
| Incremental conference cost bridge base_2026q4_cost_step | 2026Q4 / base | 22.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(base_2026q4_driver_step, base_2026q4_fuel_minimum_step, base_2026q4_fuel_extra, base_2026q4_claims_extra). |
| Segment operating income before incremental cost step base_2026q4_op_before_cost_step | 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 earnings relative to reported Q2 base_2026q4_earnings_ratio_q2 | 2026Q4 / base | 95.2% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(base_2026q4_net, q2_net). |
| Driver retention base_2027q1_driver_retention | 2027Q1 / base | 40.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention base_2027q1_fuel_retention | 2027Q1 / base | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra base_2027q1_fuel_extra | 2027Q1 / base | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra base_2027q1_claims_extra | 2027Q1 / base | 2.50 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense base_2027q1_driver_step | 2027Q1 / base | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, base_2027q1_driver_retention). |
| Retained fuel timing minimum base_2027q1_fuel_minimum_step | 2027Q1 / base | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, base_2027q1_fuel_retention). |
| Incremental conference cost bridge base_2027q1_cost_step | 2027Q1 / base | 12.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(base_2027q1_driver_step, base_2027q1_fuel_minimum_step, base_2027q1_fuel_extra, base_2027q1_claims_extra). |
| Segment operating income before incremental cost step base_2027q1_op_before_cost_step | 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 earnings relative to reported Q2 base_2027q1_earnings_ratio_q2 | 2027Q1 / base | 93.9% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(base_2027q1_net, q2_net). |
| Driver retention base_2027q2_driver_retention | 2027Q2 / base | 40.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention base_2027q2_fuel_retention | 2027Q2 / base | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra base_2027q2_fuel_extra | 2027Q2 / base | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra base_2027q2_claims_extra | 2027Q2 / base | 2.50 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense base_2027q2_driver_step | 2027Q2 / base | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, base_2027q2_driver_retention). |
| Retained fuel timing minimum base_2027q2_fuel_minimum_step | 2027Q2 / base | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, base_2027q2_fuel_retention). |
| Incremental conference cost bridge base_2027q2_cost_step | 2027Q2 / base | 12.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(base_2027q2_driver_step, base_2027q2_fuel_minimum_step, base_2027q2_fuel_extra, base_2027q2_claims_extra). |
| Segment operating income before incremental cost step base_2027q2_op_before_cost_step | 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 earnings relative to reported Q2 base_2027q2_earnings_ratio_q2 | 2027Q2 / base | 100.4% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(base_2027q2_net, q2_net). |
| Driver retention base_2027q3_driver_retention | 2027Q3 / base | 40.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention base_2027q3_fuel_retention | 2027Q3 / base | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra base_2027q3_fuel_extra | 2027Q3 / base | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra base_2027q3_claims_extra | 2027Q3 / base | 2.50 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense base_2027q3_driver_step | 2027Q3 / base | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, base_2027q3_driver_retention). |
| Retained fuel timing minimum base_2027q3_fuel_minimum_step | 2027Q3 / base | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, base_2027q3_fuel_retention). |
| Incremental conference cost bridge base_2027q3_cost_step | 2027Q3 / base | 12.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(base_2027q3_driver_step, base_2027q3_fuel_minimum_step, base_2027q3_fuel_extra, base_2027q3_claims_extra). |
| Segment operating income before incremental cost step base_2027q3_op_before_cost_step | 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 earnings relative to reported Q2 base_2027q3_earnings_ratio_q2 | 2027Q3 / base | 100.4% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(base_2027q3_net, q2_net). |
| Driver retention base_2027q4_driver_retention | 2027Q4 / base | 40.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention base_2027q4_fuel_retention | 2027Q4 / base | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra base_2027q4_fuel_extra | 2027Q4 / base | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra base_2027q4_claims_extra | 2027Q4 / base | 2.50 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense base_2027q4_driver_step | 2027Q4 / base | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, base_2027q4_driver_retention). |
| Retained fuel timing minimum base_2027q4_fuel_minimum_step | 2027Q4 / base | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, base_2027q4_fuel_retention). |
| Incremental conference cost bridge base_2027q4_cost_step | 2027Q4 / base | 12.50 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(base_2027q4_driver_step, base_2027q4_fuel_minimum_step, base_2027q4_fuel_extra, base_2027q4_claims_extra). |
| Segment operating income before incremental cost step base_2027q4_op_before_cost_step | 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 earnings relative to reported Q2 base_2027q4_earnings_ratio_q2 | 2027Q4 / base | 102.6% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(base_2027q4_net, q2_net). |
| Driver retention upside_2026q3_driver_retention | 2026Q3 / upside | 100.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention upside_2026q3_fuel_retention | 2026Q3 / upside | 100.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra upside_2026q3_fuel_extra | 2026Q3 / upside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra upside_2026q3_claims_extra | 2026Q3 / upside | 0.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense upside_2026q3_driver_step | 2026Q3 / upside | 25.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, upside_2026q3_driver_retention). |
| Retained fuel timing minimum upside_2026q3_fuel_minimum_step | 2026Q3 / upside | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, upside_2026q3_fuel_retention). |
| Incremental conference cost bridge upside_2026q3_cost_step | 2026Q3 / upside | 35.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(upside_2026q3_driver_step, upside_2026q3_fuel_minimum_step, upside_2026q3_fuel_extra, upside_2026q3_claims_extra). |
| Segment operating income before incremental cost step upside_2026q3_op_before_cost_step | 2026Q3 / upside | 340.91 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 earnings relative to reported Q2 upside_2026q3_earnings_ratio_q2 | 2026Q3 / upside | 118.9% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(upside_2026q3_net, q2_net). |
| Driver retention upside_2026q4_driver_retention | 2026Q4 / upside | 40.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention upside_2026q4_fuel_retention | 2026Q4 / upside | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra upside_2026q4_fuel_extra | 2026Q4 / upside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra upside_2026q4_claims_extra | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense upside_2026q4_driver_step | 2026Q4 / upside | 10.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, upside_2026q4_driver_retention). |
| Retained fuel timing minimum upside_2026q4_fuel_minimum_step | 2026Q4 / upside | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, upside_2026q4_fuel_retention). |
| Incremental conference cost bridge upside_2026q4_cost_step | 2026Q4 / upside | 10.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(upside_2026q4_driver_step, upside_2026q4_fuel_minimum_step, upside_2026q4_fuel_extra, upside_2026q4_claims_extra). |
| Segment operating income before incremental cost step upside_2026q4_op_before_cost_step | 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 earnings relative to reported Q2 upside_2026q4_earnings_ratio_q2 | 2026Q4 / upside | 126.5% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(upside_2026q4_net, q2_net). |
| Driver retention upside_2027q1_driver_retention | 2027Q1 / upside | 20.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention upside_2027q1_fuel_retention | 2027Q1 / upside | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra upside_2027q1_fuel_extra | 2027Q1 / upside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra upside_2027q1_claims_extra | 2027Q1 / upside | 0.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense upside_2027q1_driver_step | 2027Q1 / upside | 5.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, upside_2027q1_driver_retention). |
| Retained fuel timing minimum upside_2027q1_fuel_minimum_step | 2027Q1 / upside | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, upside_2027q1_fuel_retention). |
| Incremental conference cost bridge upside_2027q1_cost_step | 2027Q1 / upside | 5.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(upside_2027q1_driver_step, upside_2027q1_fuel_minimum_step, upside_2027q1_fuel_extra, upside_2027q1_claims_extra). |
| Segment operating income before incremental cost step upside_2027q1_op_before_cost_step | 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 earnings relative to reported Q2 upside_2027q1_earnings_ratio_q2 | 2027Q1 / upside | 121.8% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(upside_2027q1_net, q2_net). |
| Driver retention upside_2027q2_driver_retention | 2027Q2 / upside | 20.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention upside_2027q2_fuel_retention | 2027Q2 / upside | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra upside_2027q2_fuel_extra | 2027Q2 / upside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra upside_2027q2_claims_extra | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense upside_2027q2_driver_step | 2027Q2 / upside | 5.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, upside_2027q2_driver_retention). |
| Retained fuel timing minimum upside_2027q2_fuel_minimum_step | 2027Q2 / upside | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, upside_2027q2_fuel_retention). |
| Incremental conference cost bridge upside_2027q2_cost_step | 2027Q2 / upside | 5.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(upside_2027q2_driver_step, upside_2027q2_fuel_minimum_step, upside_2027q2_fuel_extra, upside_2027q2_claims_extra). |
| Segment operating income before incremental cost step upside_2027q2_op_before_cost_step | 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 earnings relative to reported Q2 upside_2027q2_earnings_ratio_q2 | 2027Q2 / upside | 129.9% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(upside_2027q2_net, q2_net). |
| Driver retention upside_2027q3_driver_retention | 2027Q3 / upside | 20.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention upside_2027q3_fuel_retention | 2027Q3 / upside | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra upside_2027q3_fuel_extra | 2027Q3 / upside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra upside_2027q3_claims_extra | 2027Q3 / upside | 0.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense upside_2027q3_driver_step | 2027Q3 / upside | 5.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, upside_2027q3_driver_retention). |
| Retained fuel timing minimum upside_2027q3_fuel_minimum_step | 2027Q3 / upside | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, upside_2027q3_fuel_retention). |
| Incremental conference cost bridge upside_2027q3_cost_step | 2027Q3 / upside | 5.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(upside_2027q3_driver_step, upside_2027q3_fuel_minimum_step, upside_2027q3_fuel_extra, upside_2027q3_claims_extra). |
| Segment operating income before incremental cost step upside_2027q3_op_before_cost_step | 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 earnings relative to reported Q2 upside_2027q3_earnings_ratio_q2 | 2027Q3 / upside | 129.9% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(upside_2027q3_net, q2_net). |
| Driver retention upside_2027q4_driver_retention | 2027Q4 / upside | 20.0% ratio | assumption: Fraction of Q3 driver-cost step remaining versus the Q2 margin baseline. Later-quarter persistence is a desk assumption, not a forecast of complete wage reversal. |
| Fuel retention upside_2027q4_fuel_retention | 2027Q4 / upside | 0.0% ratio | assumption: Fraction of Q3 minimum fuel-surcharge timing headwind remaining. Reversal timing is uncertain; no automatic windfall. |
| Fuel extra upside_2027q4_fuel_extra | 2027Q4 / upside | 0.00 USD_millions | assumption: Extra fuel cost above the disclosed Q3 minimum. Zero base/upside increments do not make the company minimum a guaranteed exact outcome. |
| Claims extra upside_2027q4_claims_extra | 2027Q4 / upside | 0.00 USD_millions | assumption: Desk incremental claims/medical cost stress. Management noted higher claims but supplied no dollar amount. |
| Incremental driver expense upside_2027q4_driver_step | 2027Q4 / upside | 5.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_driver_cost, upside_2027q4_driver_retention). |
| Retained fuel timing minimum upside_2027q4_fuel_minimum_step | 2027Q4 / upside | 0.00 USD_millions | derived: Derived from separate operating-cost inputs. Formula: multiply(guide_fuel_floor, upside_2027q4_fuel_retention). |
| Incremental conference cost bridge upside_2027q4_cost_step | 2027Q4 / upside | 5.00 USD_millions | derived: Incremental to pre-update Q2-anchored segment margins; deducted once at consolidated level because segment allocation was not disclosed. Do not also subtract from net income or CFO. Formula: sum(upside_2027q4_driver_step, upside_2027q4_fuel_minimum_step, upside_2027q4_fuel_extra, upside_2027q4_claims_extra). |
| Segment operating income before incremental cost step upside_2027q4_op_before_cost_step | 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 earnings relative to reported Q2 upside_2027q4_earnings_ratio_q2 | 2027Q4 / upside | 132.6% ratio | derived: Scenario comparator only: recorded guidance said earnings, without a precise net-income/EPS dollar bridge. Formula: divide(upside_2027q4_net, q2_net). |
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.
- The cash bridge uses H1 run-rate noncash adjustments and an explicit operating-balance sensitivity. It does not forecast each receivable, tax payment or lease separately. GAAP segment margins already include D&A and SBC; addbacks change expense composition with those margins held fixed.
- Gross purchases less disposal proceeds equals net capex. Lower proceeds consume cash without a second capex deduction; the P&L disposal gain/loss remains a separate assumption.
- June cash of $4.162M differs from borrowing capacity. $1,154M debt principal differs from $1,145.337M carrying value. Forecast cash after dividends is before debt principal, repurchases, award-tax withholding, acquisitions and new financing, not ending cash or owner cash.
- The 93.914939M basic-share anchor is June 30. Future net award issuance and weighted dilution are desk assumptions; repurchase authority is not executed buybacks. Current fully diluted shares and subsequent treasury movements remain unverified.
- September 15 management remarks were verified from the publicly distributed Quartr recording using timestamped provider text and an independent local transcription. The 5%-10% earnings wording is retained without turning it into precise EPS guidance. Driver/fuel increments are consolidated; segment allocation, higher claims and cost persistence remain explicit assumptions.
Read the margin underneath freight growth
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. H1 operating cash now reconciles $322.587M net earnings, $360.020M D&A, $38.084M SBC, $51.844M other noncash adjustments and $49.269M operating balance use. Gross fleet purchases and disposal receipts are separate. June basic shares, weighted dilution and repurchase authority have distinct roles. The September 15 recording confirms roughly $25M of extra Q3 driver-related cost, at least $10M of fuel headwind and an expected 5%-10% sequential earnings decline despite demand growth. The model carries a separate cost bridge through earnings, cash and annual scenarios.
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.
- Hiring, fuel-surcharge lags and claims costs can arrive before intermodal contracts reprice; cost persistence is uncertain even when demand is strong.
- Law-firm notices following the earnings warning solicit information for investigations. The reviewed notices establish neither a court finding nor a quantified liability; monitor any actual filed complaint or company disclosure.
Next checkpoints
- Conference cost realization and contract repricing · Q3 results and the 2027 bid season starting in October (event driven). Reconcile actual sequential earnings, the approximately $25M driver increase and at least $10M fuel headwind. Separate demand growth, claims and contract repricing; do not deduct the same costs twice.
- Q3 results · October 15, 2026 issuer estimated earnings period (estimated). 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.
- Vantora partnership economics · On a quantified company commitment or realized operating result (event driven). The September 16 partner release names J.B. Hunt but discloses no JBHT investment amount, ownership percentage or contracted savings. Vantora funding and generic opportunity estimates do not create JBHT cash or earnings.
- Securities investigation developments · On an actual court filing or issuer disclosure (event driven). Distinguish the September law-firm investigation notices from a filed case, judgment or cash loss. No legal reserve is inferred from the advertisements.
Data coverage and open work
- September 15 management remarks were verified from the publicly distributed Quartr recording using timestamped provider text and an independent local transcription. The 5%-10% earnings wording is retained without turning it into precise EPS guidance. Driver/fuel increments are consolidated; segment allocation, higher claims and cost persistence remain explicit assumptions.
- 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.
- The cash bridge uses H1 run-rate noncash adjustments and an explicit operating-balance sensitivity. It does not forecast each receivable, tax payment or lease separately. GAAP segment margins already include D&A and SBC; addbacks change expense composition with those margins held fixed.
- Gross purchases less disposal proceeds equals net capex. Lower proceeds consume cash without a second capex deduction; the P&L disposal gain/loss remains a separate assumption.
- June cash of $4.162M differs from borrowing capacity. $1,154M debt principal differs from $1,145.337M carrying value. Forecast cash after dividends is before debt principal, repurchases, award-tax withholding, acquisitions and new financing, not ending cash or owner cash.
- The 93.914939M basic-share anchor is June 30. Future net award issuance and weighted dilution are desk assumptions; repurchase authority is not executed buybacks. Current fully diluted shares and subsequent treasury movements remain unverified.
- Other pending news still requires impact review. Verification of the conference and this cash methodology update do not certify the whole company as current or authorize promotion.
What the memory says
State as of the 2026-09-25 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and peers quiet
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -1.5 | +0.1 | +1.8 | 55% |
| 5 sessions | -3.9 | +0.3 | +5.0 | 56% |
| 10 sessions | -4.7 | +0.4 | +7.0 | 55% |
| 1 month (21 sessions) | -8.0 | +1.1 | +11.7 | 57% |
| 3 months (63 sessions) | -16.3 | +2.9 | +17.8 | 62% |
| 6 months (126 sessions) | -21.6 | +4.7 | +30.5 | 58% |
| 1 year (252 sessions) | -29.1 | +2.4 | +40.9 | 53% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side. In the D7 test (403 anchors, 2023-2025) the 1-month band held 76% of outcomes, 3-month 77%, 6-month 76%, 1-year 75%, against a nominal 80%; the analog pool under-represents names that later delisted.