C O N F I D E N T I A L

Presented by

1

J.B. HUNTQ2 2021 RESULTS

This presentation and discussion may contain forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,”

“anticipates,” “intends,” “estimates,” or similar expressions are intended to identify these

forward-looking statements. These statements are based on J.B. Hunt’s current plans and

expectations and involve risks and uncertainties that could cause future activities and

results of operations to be materially different from those set forth in the forward-looking

statements. For further information, please refer to J.B. Hunt’s reports and filings with the

Securities and Exchange Commission.

DISCLOSURE

DISTINCT & COMPLEMENTARY BUSINESSES

Intermodal (JBI)• Largest, 100% 53’ high-cube container fleet

• Largest drayage fleet in North America

• Priority loading and unloading at major rail terminals

Dedicated Contract Services (DCS)• Fleet creation, conversion, and augmentation

• Design & implementation of value-driven supply chain solutions

• On-site management

Integrated Capacity Solutions (ICS)• Non-asset based offering of dry van, flatbed, refrigerated,

expedited, and LTL services.

• 40- and 20-foot box domestic and international containers and

international intermodal services

• Services to all 50 States, Canada, and Mexico

Final Mile Services (FMS)• Largest final mile asset network in the US

• Provider of both asset and non-asset big and bulky delivery and

installation services

• Nationwide fulfillment and retail-pooling distribution services

Truckload (JBT)• One of the largest capacity networks in North America

• Instant tracking via the Internet

• GPS trailer tracking

44%

22%

21%

7%6%

2Q 2021 Revenue Mix

JBI

DCS

ICS

FMS

JBT

56%

33%

1% 4%6%

0%

20%

40%

60%

80%

JBI DCS ICS FMS JBT

Percentage of 2Q 2021 Operating Income by Business Segment

2Q 2021 RESULTS VS. 2Q 2020

OVERVIEW

2Q 2021 Revenue:$2.91 billion; up 36%

2Q 2021 Revenue, excl FSC:$2.61 billion; up 31%

2Q 2021 Operating Income:$241.5 million; up 38%

2Q 2021 EPS:$1.61 vs. $1.14; up 41%

SEGMENT PERFORMANCE

Intermodal (JBI)Revenue: $1.29 billion; up 21%

Operating Income: $134.6 million; up 26%

Dedicated Contract Services (DCS)Revenue: $621 million; up 17%

Operating Income: $79.0 million; down 5%

Integrated Capacity Solutions (ICS)Revenue: $607 million; up 100%

Operating Income: $3.1 million; vs. $(13.1) million loss in Q2 ’20

Final Mile Services (FMS)Revenue: $212 million; up 52%

Operating Income: $10.7 million; vs. $(5.2) million loss in Q2 ‘20

Truckload (JBT)Revenue: $184 million; up 70%

Operating Income: $14.2 million; up 308%

2Q RESULTS CONSOLIDATED

$5,585

$6,165 $6,188 $6,555

$7,190

$8,615

$9,165

$9,637

$2,146

$2,908

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21

Revenue(in millions)

$577 $632

$716 $721

$624 $681

$734 $713

$175

$242

$-

$100

$200

$300

$400

$500

$600

$700

$800

2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21

Operating Income(in millions)

$2.87 $3.16 $3.66 $3.81

$6.18

$4.43 $4.77 $4.74

$1.14 $1.61

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21

Diluted EPS

KEY POINTS

• Industry leading Intermodal franchise

• Differentiated and specialized Dedicated business

• Independent brokerage/management services

• Lighter Truckload asset model

SEGMENT

DISCUSSION

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INTERMODAL (JBI)

JBI load volumes increased 6% over the same period in 2020.

Eastern network volumes increased 9% and transcontinental

volumes increased 3% from second quarter 2020. Demand for

intermodal service remains robust, however, significant

restrictions across the rail network were implemented

throughout the quarter by rail service providers reflecting

challenges within their network related to car imbalances and

chassis and labor shortages. In addition, customer detention of

trailing equipment was at an all-time high during the quarter

further pressuring the availability of capacity and our volumes

during the quarter. Despite these volume-related challenges,

revenue increased 21% year-over-year, reflecting the 6%

increase in volumes and a 15% increase in gross revenue per

load. Excluding fuel surcharge revenue, revenue per load

increased 9% year-over-year.

Operating income increased 26% from the prior year period

primarily driven by the increase in volume, complemented with

higher rate and cost recovery efforts. These benefits were

partially offset by higher rail and third-party dray purchased

transportation expense, higher costs to attract and retain

drivers, and higher equipment cost. The current period ended

with approximately 99,400 units of trailing capacity and 5,820

power units in the dray fleet.

$3,456 $3,687 $3,665 $3,796

$4,084

$4,717 $4,745 $4,675

$1,065 $1,289

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21

JBI Revenue(in millions)

INTERMODAL (JBI) PERFORMANCE

15%

1%

-1%

21%

-5%

0%

5%

10%

15%

20%

25%

FY18/FY17 FY19/FY18 FY20/FY19 2Q Y/Y

JBI Revenue Change

-2%

12%

-4%

26%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

FY18/FY17 FY19/FY18 FY20/FY19 2Q Y/Y

JBI Operating Income Change

1,679

1,690

1,676 1,678

1,650

1,675

1,700

2019 2020 2Q 20 2Q 21

JBI Average Length of Haul

$2,397

$2,315 $2,249

$2,580

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

$2,500

$2,600

2019 2020 2Q 20 2Q 21

JBI Revenue per Load

DEDICATED (DCS)

DCS revenue increased 17% during the current quarter over the

same period in 2020. Productivity, defined as revenue per truck

per week, increased approximately 11% vs. 2020. Productivity

excluding fuel surcharge revenue increased 7% from a year ago

primarily from higher utilization of assets, contracted indexed-

based price escalators, and less idled equipment in the quarter. A

net additional 832 revenue producing trucks were in the fleet by

the end of the quarter compared to the prior year, and a net

additional 555 versus the end of the first quarter 2021. Customer

retention rates remain above 98%.

Operating income decreased by 5% from the prior year quarter.

Higher revenue and productivity were more than offset by

increases in driver wage and recruiting costs, non-driver

personnel salary, wages and incentive compensation, higher

group medical expense, and elevated costs related to the

implementation of new, long term contracts.

*In March 2020, J.B. Hunt separated its DCS segment into two reportable segments: DCS and FMS. See additional “JBHT FMS Segmentation” investor presentation.

$1,788

$2,128 $2,196

$533 $621

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

2018 2019 2020 2Q 20 2Q 21

DCS Revenue(in millions)

DEDICATED (DCS) PERFORMANCE

19%

3%

17%

0%

5%

10%

15%

20%

FY19/FY18 FY20/FY19 2Q Y/Y

DCS Revenue Change

42%

13%

-5%-10%

0%

10%

20%

30%

40%

50%

FY19/FY18 FY20/FY19 2Q Y/Y

DCS Operating Income Change

4,378 4,373 4,250

4,707

1,000

2,000

3,000

4,000

5,000

6,000

2019 2020 2Q 20 2Q 21

DCS Revenue Per Truck Per Week

3,353,553

3,676,212

907,221 996,650

-

1,000,000

2,000,000

3,000,000

4,000,000

2019 2020 2Q 20 2Q 21

DCS Loads

INTEGRATED (ICS)

ICS revenue increased 100% during the current quarter vs. the

second quarter 2020. Segment volumes increased 20% during

the quarter with truckload volumes increasing 30% from the prior

year period. Revenue per load increased 66%. In addition to

changes in customer freight mix, revenue per load was favorably

impacted by higher contractual and spot rates in our truckload

business as compared to the second quarter 2020. Contractual

volumes represented approximately 48% of the total load

volume and 35% of the total revenue in the current quarter

compared to 67% and 55%, respectively, in second quarter

2020. Of the total reported ICS revenue, approximately $396

million was executed through the Marketplace for J.B. Hunt 360

compared to $229 million in second quarter 2020.

Operating income increased to $3.1 million compared to an

operating loss of $13.1 million in the second quarter 2020.

Benefits from higher gross profit margin dollars and increased

scale in the Marketplace for J.B. Hunt 360 platform were partially

offset by higher personnel and technology costs as compared to

the same period 2020. Gross profit margin percent decreased to

10.5% in the current period versus 11.8% in the same period

last year primarily as a result of tighter industry capacity

dynamics versus the prior year period. ICS carrier base

increased 30% vs. second quarter 2020.

$537

$718 $699

$852

$1,025

$1,335

$1,348

$1,658

$304

$608

$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21

ICS Revenue(in millions)

INTEGRATED (ICS) PERFORMANCE

30%

1%

23%

100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY18/FY17 FY19/FY18 FY20/FY19 2Q Y/Y

ICS Revenue Change

($11.1)

($44.7)

($13.1)

$3.1

($50.0)

($45.0)

($40.0)

($35.0)

($30.0)

($25.0)

($20.0)

($15.0)

($10.0)

($5.0)

$0.0

$5.0

2019 2020 2Q 20 2Q 21

ICS Operating Income/(Loss) (in millions)

13.1%

9.9%

11.8%

10.5%

0%

5%

10%

15%

2019 2020 2Q 20 2Q 21

ICS Gross Profit Margin

1,243,992 1,265,897

274,399

330,127

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

2019 2020 2Q 20 2Q 21

ICS Loads

FINAL MILE SERVICES (FMS)*

FMS revenue increased 52% compared to the same period 2020.

Stop count within FMS increased 59% during the current quarter vs.

a year ago, primarily from the addition of multiple customer

contracts implemented over the last year. Additionally, the prior

year period included temporary suspension of operations at several

of our customers’ sites as a result of COVID-19. Productivity,

defined as revenue per stop, decreased approximately 5%

compared to the prior year period primarily from a shift in the mix of

business between asset and asset-light operations.

Operating income increased to $10.7 million compared to an

operating loss of $5.2 million in the second quarter 2020. The

increase in operating income in the second quarter 2021 was

primarily the result of higher volumes compared to the prior year

period and a $3.2 million benefit from the net settlement of claims,

partially offset by higher personnel expense related to salary,

wages and incentive comp.

*In March 2020, J.B. Hunt separated its DCS segment into two reportable segments: DCS and FMS. See additional “JBHT FMS Segmentation” investor presentation.

$375

$567

$689

$140

$212

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

$600

$650

$700

2018 2019 2020 2Q 20 2Q 21

FMS Revenue(in millions)

FINAL MILE SERVICES (FMS)

51%

22%

52%

0%

10%

20%

30%

40%

50%

60%

FY19/FY18 FY20/FY19 2Q Y/Y

FMS Revenue Change

($8.8)

($0.9)

($5.2)

$10.7

($10.0)

($8.0)

($6.0)

($4.0)

($2.0)

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

2019 2020 2Q 20 2Q 21

FMS Operating Income/(Loss) (in millions)

4,432,591

5,771,533

1,093,182

1,732,962

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2019 2020 2Q 20 2Q 21

FMS Stops

1,254 1,405 1,333

1,488

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2019 2020 2Q 20 2Q 21

FMS Average Truck

TRUCKLOAD (JBT)

JBT revenue increased 70% from the same period in 2020.

Revenue excluding fuel surcharge revenue increased 66%

primarily from a 58% increase in revenue per load excluding fuel

surcharge revenue and a 5% increase in load count compared

to a year ago. The increase in revenue per load excluding fuel

surcharge revenue was driven by a 40% increase in revenue per

loaded mile excluding fuel surcharge revenue and a 13%

increase in average length of haul. Load count growth and the

length of haul increase were primarily related to the continued

expansion of J.B. Hunt 360box™ which leverages the J.B. Hunt

360 platform to access drop-trailer capacity for customers

across our transportation network. Comparable contractual

customer rates were up approximately 25% compared to the

same period 2020. The current period ended with 8,958 trailers

and 1,770 tractors, compared to 7,985 and 1,897 respectively.

Operating income increased to $14.2 million compared to $3.5

million in the second quarter 2020. Benefits from increased load

counts and revenue per load were partially offset by increases in

purchased transportation expense and higher salary and wage

expenses for non-driving personnel related to the continued

expansion of 360box and increased usage of non-asset power.

$391 $386 $386 $388 $378

$417

$389

$463

$108

$184

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21

JBT Revenue(in millions)

TRUCKLOAD (JBT) PERFORMANCE

1,958 1,837 1,979

1,772

500

1,000

1,500

2,000

2,500

2019 2020 2Q 20 2Q 21

JBT Average Tractors

346,459

406,550

103,314 108,538

-

100,000

200,000

300,000

400,000

500,000

2019 2020 2Q 20 2Q 21

JBT Loads

$3,917 $3,978

$3,686

$4,714

$-

$1,000

$2,000

$3,000

$4,000

$5,000

2019 2020 2Q 20 2Q 21

JBT Revenue per Tractor per Week

18.9% 18.8%19.1% 19.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2019 2020 2Q 20 2Q 21

JBT Average Nonpaid Empty Mile

SUMMARY

Competitively differentiated

Unique intermodal network

Distinct advantages in dedicated segments

Network economics and brand strength to penetrate new markets

Complemented by industry dynamics

Shippers need to reduce costs

Shippers demand on-time service

Increasingly complex supply-chains

Positioned for growth

Leading positions in large and consolidating markets

Clear value proposition for our customers

Best-in-class systems and technology

BALANCE SHEET

THANK YOU

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