JB Hunt Transport Services Inc. (JBHT) reported Q2 2024 revenue of $2.929 billion, down 7% year over year, with operating income of $205.7 million and net income of $135.9 million (EPS of $1.32). The quarter reflected ongoing deflationary cost pressures against a backdrop of softer volumes and lower rates, particularly in Intermodal and the Integrated Capacity Solutions (ICS) segment. Management underscored disciplined cost control and continued investment in foundational assets (people, technology, capacity) to position the company for a longer-term, higher‑return growth trajectory. Net debt stood at $1.43 billion with leverage of 0.9x EBITDA, and JBHT reconfirmed its focus on capital allocation through stock repurchases (~$200 million in the quarter) and a reduced net capital expenditure plan of $650–$700 million for 2024 (inclusive of Walmart intermodal assets acquired earlier in the year). The company also highlighted notable progress in its DCS and Final Mile businesses, along with early-bird signals of peak-season planning and bid-compliance improvements across the scroll of services. The commentary points to a bifurcated trajectory: (i) potential margin stabilization and modest upside in Intermodal as utilization improves and pricing cycles mature, and (ii) persistent near-term pressure in ICS and certain trucking/dedicated operations as market pricing remains competitive. Investors should monitor (a) trajectory of Intermodal yields and volume mix, (b) the integration and early benefits from the Walmart intermodal assets and the BNSF Logistics integration, (c) the pace of cost absorption versus growth investments, and (d) the evolution of peak-season demand guidance into late 2024 and early 2025.