MD&A sentences
Green marks more positive language; red marks more negative language.
neutral · -0.010
MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should refer to the attached interim Condensed Consolidated Financial Statements and related notes and also to our Annual Report (Form 10-K) for the year ended December 31, 2025, as you read the following discussion.
neutral · +0.121
We may make statements in this report that reflect our current expectation regarding future results of operations, performance, and achievements.
neutral · +0.009
These are “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995 and are based on our belief or interpretation of information currently available.
neutral · +0.068
When we use words like “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “goals,” “strategy,” “future,” “predict,” “seek,” “estimate,” “likely,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing.
neutral · -0.143
Forward-looking statements are inherently uncertain, subject to risks, and should be viewed with caution.
neutral · +0.000
These statements are based on our belief or interpretation of information currently available.
negative · -0.782
Shareholders and prospective investors are cautioned that actual results and future events may differ materially from these forward-looking statements as a result of many factors.
negative · -0.919
Some of the factors and events that are not within our control and that could have a material impact on future operating results include the following: general economic and business conditions; competition and competitive rate fluctuations; excess capacity in the intermodal or trucking industries; a loss of one or more major customers; cost and availability of diesel fuel; interference with or termination of our relationships with certain railroads; rail service delays; disruptions to U.S.
negative · -0.916
port-of-call activity; ability to attract and retain qualified drivers, delivery personnel, independent contractors, and third-party carriers; retention of key employees; insurance costs and availability; litigation and claims expense; determination that independent contractors are employees; new or different environmental or other laws and regulations; volatile financial credit markets or interest rates; the impacts of recent or future changes in border or trade policies, including tariffs; terrorist attacks or actions; acts of war; political instability; adverse weather conditions; disruption or failure of information systems due to cybersecurity threats or other incidents; inability to keep pace with technological advances affecting our business and our information technology platforms; potential business or operational disruptions resulting from the effects of a national or international health pandemic; operational disruption or adverse effects of business acquisitions; increased costs for and availability of new revenue equipment; disruptions in the procurement of domestic or imported revenue equipment; decreases in the value of used equipment; and the ability of revenue equipment manufacturers to perform in accordance with agreements for guaranteed equipment trade-in values.
negative · -0.505
Additionally, our business is somewhat seasonal with slightly higher freight volumes typically experienced during August through early November in our full-load transportation business.
neutral · -0.016
You should also refer to Part I, Item 1A of our Annual Report (Form 10-K) for the year ended December 31, 2025, for additional information on risk factors and other events that are not within our control.
negative · -0.741
Our future financial and operating results may fluctuate as a result of these and other risk factors or events as described from time to time in our filings with the SEC.
neutral · -0.019
We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason.
neutral · +0.176
12 GENERAL We are one of the largest surface transportation, delivery, and logistics companies in North America.
neutral · +0.149
We operate five distinct, but complementary, business segments and provide a wide range of reliable transportation, brokerage, and delivery services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico.
neutral · +0.036
Our service offerings include transportation of full-truckload containerized freight, which we directly transport utilizing our company-controlled revenue equipment and company drivers, independent contractors, or third-party carriers.
neutral · +0.104
We have arrangements with most of the major North American rail carriers to transport freight in containers or trailers, while we perform the majority of the pickup and delivery services.
neutral · +0.058
We also provide customized freight movement, revenue equipment, labor, systems, and delivery services that are tailored to meet individual customers' requirements and typically involve long-term contracts.
neutral · +0.003
These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, freight handling, specialized equipment, and freight network design.
neutral · +0.098
In addition, we provide or arrange for local and home delivery services, generally referred to as last-mile delivery services, to customers through a network of cross-dock and other delivery system locations throughout the continental United States.
neutral · +0.335
Utilizing thousands of reliable third-party carriers, we also provide comprehensive freight transportation brokerage and logistics services.
neutral · +0.081
In addition to dry-van, full-load operations, we also arrange for these unrelated outside carriers to provide flatbed, refrigerated, less-than-truckload (LTL), and other specialized equipment, drivers, and services.
neutral · +0.148
Also, we utilize contracted power units to provide traditional over-the-road full-truckload delivery services.
neutral · +0.126
Our customers, who include many Fortune 500 companies, have extremely diverse businesses.
neutral · +0.180
Hunt 360°®, an online platform that offers shippers and carriers greater access, visibility and transparency of the supply chain.
neutral · -0.018
We account for our business on a calendar year basis, with our full year ending on December 31 and our quarterly reporting periods ending on March 31, June 30, and September 30.
neutral · -0.005
The operation of each of our five business segments is described in Note 9, Business Segments, in our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q and in Note 13, Segment Information, of our Annual Report (Form 10-K) for the year ended December 31, 2025.
neutral · +0.091
Critical Accounting Policies and Estimates The preparation of our financial statements in conformity with U.S.
neutral · -0.028
GAAP requires us to make estimates and assumptions that impact the amounts reported in our Condensed Consolidated Financial Statements and accompanying notes.
neutral · -0.340
Therefore, the reported amounts of assets, liabilities, revenues, expenses, and associated disclosures of contingent liabilities are affected by these estimates.
neutral · +0.116
We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with experts, and other methods considered reasonable in particular circumstances.
negative · -0.424
Nevertheless, actual results may differ significantly from our estimates.
neutral · -0.069
Any effects on our business, financial position, or results of operations resulting from revisions to these estimates are recognized in the accounting period in which the facts that give rise to the revision become known.
neutral · +0.009
Information regarding our Critical Accounting Policies and Estimates can be found in our Annual Report (Form 10-K).
neutral · -0.056
The critical accounting policies that we believe require us to make more significant judgments and estimates when we prepare our financial statements include those relating to self-insurance accruals, revenue equipment, revenue recognition and income taxes.
neutral · +0.092
We have discussed the development and selection of these critical accounting policies and estimates with the Audit Committee of our Board of Directors.
neutral · +0.020
In addition, Note 2, Summary of Significant Accounting Policies, to the financial statements in our Annual Report (Form 10-K) for the year ended December 31, 2025, contains a summary of our critical accounting policies.
neutral · +0.010
There have been no material changes to the methodology we apply for critical accounting estimates as previously disclosed in our Annual Report on Form 10-K.
positive · +0.927
13 RESULTS OF OPERATIONS Comparison of Three Months Ended June 30, 2026 to Three Months Ended June 30, 2025 Total consolidated operating revenues were $3.50 billion for second quarter 2026, a 19% increase from $2.93 billion in the second quarter 2025.
positive · +0.942
Second quarter 2026 operating revenues benefited primarily from higher volumes in JBI, ICS and JBT, increased DCS productivity, and increased revenue per load in JBI, ICS, and JBT when compared to the second quarter 2025.