J.B. Hunt Transport Services, Inc. (JBHT) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

SA Transcripts 162.21K Followers Follow J.B. Hunt Transport Services, Inc. ( JBHT ) Morgan Stanley's 14th Annual Laguna Conference September 15, 2026 6:20 PM EDT Company Participants Brad Delco - EVP of Finance & Chief Financial Officer Darren Field - Executive VP & President of Intermodal Conference Call Participants Ravi Shanker - Morgan Stanley, Research Division Presentation Ravi Shanker Morgan Stanley, Research Division Great. Let's kick off the session here. And very happy to welcome back to Laguna, J.B. Hunt, represented by CFO and EVP, Brad Delco, EVP and President of Intermodal, Darren Field, and Senior Director of Finance and IR, Andrew Hall. Gentlemen, thanks so much for being here. Brad Delco EVP of Finance & Chief Financial Officer Thanks, Ravi. Appreciate you having us. Question-and-Answer Session Ravi Shanker Morgan Stanley, Research Division Absolutely. So let's start talking about the cycle because that's obviously where the focus of everybody's attention is. And I'm sort of excited about this session, and I'm glad we can make the timing work because every Laguna conference, the feedback we get is that people sort of look at you guys to get the real temperature of where we are in the cycle. They may agree or disagree, but everybody is like,"What did J.B. Hunt say?" So just to level set your -- in 1Q, you said that you believed you were in the first part of an up cycle. In 2Q, you I think, described it as a clear step change in truckload capacity following Roadcheck. What's the right phrase for where we are right now. Brad Delco EVP of Finance & Chief Financial Officer Well, I feel like you set the bar real high for this answer... Ravi Shanker Morgan Stanley, Research Division No pressure, but it's going to be the main takeaway of the conference, Day 1. Brad Delco EVP