Financial Analysis

8. Commitments and Contingencies As the result of state use tax audits, we have been assessed amounts owed from which we are vigorously appealing. We have recorded a liability for the estimated probable exposure under these audits and await resolution of the matter. We purchase insurance coverage for a portion of expenses related to vehicular collisions and accidents. These policies include a level of self-insurance (deductible) coverage applicable to each claim as well as certain coverage-layer-specific, aggregated reimbursement limits of covered excess claims. Our claims from time to time exceed some of these existing coverage layer aggregate reimbursement limits and can effectuate additional premium provisions. Accordingly, we have recorded a liability for the estimated probable exposure for these occurrences. We are involved in certain other claims and pending litigation arising from the normal conduct of business. Based on present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.

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4. Financing Arrangements Outstanding borrowings, net of unamortized discount and unamortized debt issuance cost, under our current financing arrangements consist of the following (in millions): June 30, 2026 December 31, 2025 Senior credit facility $ 401.2 $ 23.6 Senior notes 744.1 1,443.2 Less current portion of long-term debt - (699.9 ) Total long-term debt $ 1,145.3 $ 766.9 Senior Credit Facility At June 30, 2026, we were authorized to borrow through a revolving line of credit, which is supported by a credit agreement with a group of banks. The revolving line of credit authorizes us to borrow up to $1.0 billion under a five -year term expiring November 2030 and allows us to request an increase in the revolving line of credit total commitment by up to $400 million and to request two one -year extensions of the maturity date. In addition, the credit agreement authorizes us to borrow up to an additional $700 million through committed term loans during the six-month period beginning November 25, 2025, due November 2028, of which we partially exercised in February 2026. The applicable interest rates under this agreement are based on either the Secured Overnight Financing Rate (SOFR), or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees. At June 30, 2026, we had $54 million outstanding on the revolving line of credit and a $350 million balance of term loans, at an average interest rate of 4.61%, under this agreement. Senior Not …

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3. Share-based Compensation The following table summarizes the components of our share-based compensation program expense (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Restricted share units: Pretax compensation expense $ 13,954 $ 14,502 $ 26,060 $ 26,545 Tax benefit 3,568 3,882 6,664 7,106 Restricted share unit expense, net of tax $ 10,386 $ 10,620 $ 19,396 $ 19,439 Performance share units: Pretax compensation expense $ 6,082 $ 5,162 $ 12,024 $ 11,562 Tax benefit 1,555 1,382 3,075 3,095 Performance share unit expense, net of tax $ 4,527 $ 3,780 $ 8,949 $ 8,467 As of June 30, 2026, we had $84.2 million and $44.0 million of total unrecognized compensation expense related to restricted share units and performance share units, respectively, that is to be recognized over the remaining weighted average period of approximately 3.3 years for restricted share units and 2.2 years for performance share units. During the six months ended June 30, 2026, we issued 43,550 shares for vested restricted share units and 81,508 shares for vested performance share units. Of this total, 129 shares for vested restricted share units were issued during the second quarter 2026.

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6. Fair Value Measurements Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2). Assets Measured at Fair Value on a Recurring Basis The following assets are measured at fair value on a recurring basis (in millions): Asset Balance June 30, 2026 December 31, 2025 Input Level Trading investments $ 37.8 $ 36.3 1 The fair value of trading investments has been measured using the market approach (Level 1) and reflects quoted market prices. Trading investments are classified in other assets in our Condensed Consolidated Balance Sheets. Financial Instruments The carrying amount of our senior credit facility and senior notes was $1.15 billion and $1.47 billion at June 30, 2026 and December 31, 2025, respectively. The estimated fair value of these liabilities using the income approach (Level 2), based on their net present value, discounted at our current borrowing rate, was $1.17 billion and $1.51 billion at June 30, 2026 and December 31, 2025, respectively. The carrying amounts of all other instruments at June 30, 2026, approximate their fair value due to the short maturity of these instruments.

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7. Income Taxes Our effective income tax rate was 25.4% for the three months ended June 30, 2026, compared to 26.9% for the three months ended June 30, 2025. Our effective income tax rate was 25.3% for the first six months of 2026, compared to 26.7% in 2025. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits. At June 30, 2026, we had a total of $71.7 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our Condensed Consolidated Balance Sheets. Of this amount, $57.9 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $16.5 million at June 30, 2026.

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9. Business Segments We reported five distinct business segments during the six months ended June 30, 2026 and 2025. These segments included Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), Final Mile Services (FMS), and Truckload (JBT). The operation of each of these businesses is described in Note 13, Segment Information, of our Annual Report (Form 10-K) for the year ended December 31, 2025. A summary of certain segment information is presented below (in millions): Assets (Excludes intercompany accounts) As of June 30, 2026 December 31, 2025 JBI $ 3,343 $ 3,324 DCS 2,088 2,070 ICS 364 286 FMS 466 485 JBT 378 364 Total segment assets 6,639 6,529 Other (includes corporate) 1,306 1,398 Total $ 7,945 $ 7,927 Net Capital Expenditures (1) For The Six Months Ended June 30, 2026 2025 JBI $ (12.1 ) $ 132.3 DCS 129.1 140.4 ICS 1.1 0.6 FMS 0.1 8.3 JBT 0.8 (0.1 ) Total segment net capital expenditures 119.0 281.5 Other (includes corporate) 25.9 117.6 Total $ 144.9 $ 399.1 Revenues and Operating Income/(Loss) For The Three Months ended June 30, 2026 JBI DCS ICS FMS JBT Intersegment Eliminations Consolidated Total operating revenues $ 1,753.7 $ 920.7 $ 388.5 $ 198.0 $ 239.7 $ (5.3 ) $ 3,495.3 Operating expenses: Rents, purchased transportation, and fuel 1,132.0 157.1 343.5 85.2 199.5 Salaries, wages and employee benefits 232.7 390.4 19.6 59.7 10.9 Depreciation and amortization 61.2 81.1 1.9 11.0 5.7 Operating supplies and expenses 70.2 75.0 3.3 10 …

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5. Capital Stock During the six months ended June 30, 2026, we purchased approximately 775,000 shares, or $177.8 million of our common stock in accordance with plans authorized by our Board, of which 391,758 shares, or $97.8 million, were purchased in the second quarter of 2026. At June 30, 2026, we had $791.4 million available under an authorized plan to purchase our common stock. On January 22, 2026, our Board of Directors declared a regular quarterly cash dividend of $0.45, which was paid February 20, 2026, to shareholders of record on February 6, 2026. On April 23, 2026, our Board of Directors declared a regular quarterly dividend of $0.45 per common share, which was paid May 22, 2026, to shareholders of record on May 8, 2026. On July 22, 2026, our Board of Directors declared a regular quarterly dividend of $0.45 per common share, which will be paid on August 21, 2026, to shareholders of record on August 7, 2026.

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