#1J.B. HUNT J.B. HUNT Q3 2021 RESULTS#2DISCLOSURE 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. J.B. HUNT#3DISTINCT & 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 3Q 2021 Revenue Mix 6% 7% Design & implementation of value-driven supply chain solutions On-site management 21% Integrated Capacity Solutions (ICS) Non-asset based offering of dry van, flatbed, refrigerated, ■JBI ■DCS 45% ICS ■FMS ■ JBT J.B. HUNT 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 21% Percentage of 3Q 2021 Operating Income by Business Segment Final Mile Services (FMS) 80% Largest final mile asset network in the US 70% • Provider of both asset and non-asset big and bulky delivery and installation services 60% 60% 50% • Nationwide fulfillment and retail-pooling distribution services 40% 29% Truckload (JBT) 30% One of the largest capacity networks in North America Instant tracking via the Internet GPS trailer tracking 20% 5% 10% 5% 1% 0% JBI DCS ICS FMS JBT#43Q 2021 RESULTS VS. 3Q 2020 OVERVIEW 3Q 2021 Revenue: $3.14 billion; up 27% 3Q 2021 Revenue, excl FSC: $2.81 billion; up 23% 3Q 2021 Operating Income: $273.8 million; up 56% 3Q 2021 EPS: $1.88 vs. $1.18; up 60% SEGMENT PERFORMANCE Intermodal (JBI) Revenue: $1.41 billion; up 17% Operating Income: $165.1 million; up 52% Dedicated Contract Services (DCS) Revenue: $665 million; up 20% Operating Income: $78.1 million; down 3% Integrated Capacity Solutions (ICS) Revenue: $666 million; up 55% Operating Income: $14.7 million; vs. $(18.3) million loss in Q3 '20 Final Mile Services (FMS) Revenue: $206 million; up 13% Operating Income: $1.3 million; down 39% Truckload (JBT) Revenue: $204 million; up 87% Operating Income: $14.7 million; up 397% J.B. HUNT#53Q RESULTS CONSOLIDATED $10,000 Revenue (in millions) Operating Income (in millions) J.B. HUNT $9,000 $8,000 $7,190 $7,000 $6,555 $6,188 $6,165 $6,000 $5,585 $5,000 $4,000 $9,637 $800 $716 $721 $734 $9,165 $681 $713 $632 $624 $577 $600 $8,615 $400 $200 $- $274 $176 2013 2014 2015 2016 2017 2018 2019 2020 3Q 20 3Q 21 Diluted EPS $6.18 $6.00 $3,145 $3,000 $5.00 $4.77 $4.74 $4.43 $2,473 $3.66 $3.81 $4.00 $2,000 $2.87 $3.16 $3.00 $2.00 $1,000 $1.88 $1.18 $1.00 $- $- 2013 2014 2015 2016 2017 2018 2019 2020 3Q 20 3Q 21 2013 2014 2015 2016 2017 2018 2019 2020 3Q 20 3Q 21#6KEY POINTS זאאא J.B. HUNT . • Industry leading Intermodal franchise ⚫ Differentiated and specialized Dedicated business • Independent brokerage/management services . ⚫ Lighter Truckload asset model#7JB HUN Intermodal SEGMENT DISCUSSION#8INTERMODAL (JBI) J.B. HUNT $5,000 $4,500 JBI Revenue (in millions) $4,717 $4,745 $4,675 $4,084 $4,000 $3,687 $3,796 $3,665 $3,456 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $- 2013 2014 2015 2016 2017 2018 2019 2020 3Q 20 3Q 21 $1,211 $1,413 Overall intermodal volumes declined 6% versus the same period in 2020. Eastern network loads declined 2%, while transcontinental loads declined 9% compared to the third quarter 2020. Demand for intermodal capacity remains strong, however, volumes in the quarter were negatively impacted by a continuation of rail restrictions across the network and elevated detention of trailing equipment at customer facilities. We believe labor shortages across the industry in both rail and truck networks and at customer warehouses are at the core of the supply-chain fluidity challenges limiting our asset utilization and capacity. Despite these volume-related challenges, revenue increased by 17%, driven by a 24% increase in revenue per load resulting from a combination of mix, customer rates, and fuel surcharge revenue, partially offset by the volume decline. Revenue per load, excluding fuel surcharge revenue, increased 18% year over year. Operating income increased by 52% year over year primarily from higher customer rate and cost recovery efforts compared to the prior year period. Rate and cost recovery efforts were partially offset by higher rail and third-party dray purchased transportation costs, increases in driver wages, benefits and recruiting costs, and activity-based costs to accommodate network inefficiencies. Higher non-driver personnel, group medical and equipment costs also offset higher revenue per load. The current period ended with 102,230 units of trailing capacity and 6,017 power units in the dray fleet.#9INTERMODAL (JBI) PERFORMANCE JBI Revenue Change JBI Operating Income Change J.B. HUNT 20% 60% 17% 52% 15% 15% 50% 40% 10% 30% 20% 5% 12% 1% 10% 0% 0% -1% -2% -5% -10% FY18/FY17 FY19/FY18 FY20/FY19 3Q Y/Y FY18/FY17 FY19/FY18 -4% FY20/FY19 3Q Y/Y JBI Average Length of Haul JBI Revenue per Load 1,700 $3,000 1,695 $2,839 1,690 1,679 $2,800 1,677 $2,600 1,675 $2,397 $2,400 $2,315 $2,287 $2,200 1,650 $2,000 2019 2020 3Q 20 3Q 21 2019 2020 3Q 20 3Q 21#10DEDICATED (DCS) J.B. HUNT DCS Revenue (in millions) $2,196 $2,128 $2,400 $2,200 $2,000 $1,788 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $- 2018 2019 2020 3Q 20 3Q 21 $665 $553 DCS revenue increased 20% during the current quarter over the same period in 2020. Productivity, defined as revenue per truck per week, was up 7% versus the prior period. Productivity, excluding fuel surcharge revenue, increased 3% versus the prior period. A net additional 1,527 revenue producing trucks were in the fleet by the end of the quarter compared to the prior year period, and a net additional 744 versus the end of the second quarter 2021. Customer retention rates remain above 98%. Operating income decreased 3% from the prior year quarter. Benefits from higher revenue and increased productivity of assets were more than offset by increases in driver wage and recruiting costs, non-driver personnel salary, wages and incentive compensation, and other costs related to the implementation of new, long-term contractual business. *In March 2020, J.B. Hunt separated its DCS segment into two reportable segments: DCS and FMS. See additional "JBHT FMS Segmentation" investor presentation.#11DEDICATED (DCS) PERFORMANCE 25% 19% 20% 15% 10% 5% 0% FY19/FY18 5,000 4,750 DCS Revenue Change 3% FY20/FY19 DCS Revenue Per Truck Per Week 4,500 4,378 4,373 4,372 4,250 DCS Operating Income Change 50% 42% 20% 40% 30% 20% 13% 10% 0% -3% -10% 3Q Y/Y FY19/FY18 FY20/FY19 3Q Y/Y DCS Loads 4,000,000 3,676,212 3,353,553 4,692 3,000,000 4,000 2019 2020 3Q 20 3Q 21 2,000,000 1,000,000 J.B. HUNT 940,225 1,027,705 2019 2020 3Q 20 3Q 21#12INTEGRATED (ICS) $1,800 $1,700 ICS Revenue (in millions) J.B. HUNT $1,658 $431 $666 ICS revenue increased 55% in the current quarter versus the third quarter 2020. Segment volumes increased 4% in the quarter while truckload volumes increased 14% from the prior year period. Revenue per load increased 48%. In addition to customer freight mix, revenue per load was favorably impacted by higher contractual and spot rates in our truckload business as compared to the third quarter 2020. Contractual volumes represented approximately 54% of the total load volume and 41% of the total revenue in the current quarter compared to 58% and 38%, respectively, in third quarter 2020. Of the total reported ICS revenue, approximately $397 million was executed through the Marketplace for J.B. Hunt 360 compared to $291 million in third quarter 2020. Operating income increased to $14.7 million compared to an operating loss of $18.3 million in the third quarter 2020. Gross profit margins increased to 12.0% in the current period versus 7.6% in the prior period. Benefits from higher gross margin were partially offset by higher personnel and technology costs compared to the same period 2020. ICS carrier base increased 35% versus the third quarter 2020. $1,600 $1,500 $1,400 $1,335 $1,348 $1,300 $1,200 $1,100 $1,025 $1,000 $900 $852 $800 $718 $699 $700 $537 $600 $500 $400 $300 $200 $100 $- 2013 2014 2015 2016 2017 2018 2019 2020 3Q 20 3Q 21#13INTEGRATED (ICS) PERFORMANCE J.B. HUNT ICS Revenue Change 60% ICS Operating Income/(Loss) (in millions) 55% 50% $20.0 $14.7 $10.0 40% 30% $0.0 30% 23% ($10.0) 20% ($11.1) ($20.0) ($18.3) 10% ($30.0) 1% 0% ($40.0) FY18/FY17 FY19/FY18 FY20/FY19 3Q Y/Y ($50.0) 2019 ($44.7) 2020 3Q 20 3Q 21 ICS Gross Profit Margin ICS Loads 15% 13.1% 12.0% 1,400,000 1,200,000 1,243,992 1,265,897 10% 9.9% 7.6% 1,000,000 800,000 600,000 5% 326,563 339,867 400,000 200,000 90 0% 2019 2020 3Q 20 3Q 21 2019 2020 3Q 20 3Q 21#14FINAL MILE SERVICES (FMS)* $700 $600 $500 $400 $300 $200 $100 $375 $567 FMS Revenue (in millions) $689 $182 J.B. HUNT $206 FMS revenue increased 13% compared to the same period 2020. Stop count within FMS decreased 3% during the current quarter versus a year ago. The addition of multiple new customer contracts implemented over the last year were more than offset by the reduction in stops for several customers related to labor and supply-chain constraints. Productivity, defined as revenue per stop, increased approximately 17% compared to the prior year period primarily from a shift in customer mix of business, in addition to the implementation of higher rates. Operating income decreased 39% over the prior year quarter primarily from implementation costs related to new long-term contractual business, higher third-party contract carrier costs, and lower volumes with certain customers related to product availability as a result of supply-chain disruptions. Higher personnel expense related to salary, wages and incentive compensation and group medical costs also contributed to the decline in operating income. $- 2018 2019 2020 3Q 20 3Q 21 *In March 2020, J.B. Hunt separated its DCS segment into two reportable segments: DCS and FMS. See additional "JBHT FMS Segmentation" investor presentation.#15FINAL MILE SERVICES (FMS) 60% 51% 50% 40% 30% 20% 10% 0% FY19/FY18 FMS Revenue Change $4.0 $2.0 $0.0 ($2.0) 22% ($4.0) 13% ($6.0) ($8.0) ($10.0) ($8.8) FY20/FY19 3Q Y/Y 2019 FMS Operating Income/(Loss) (in millions) ($0.9) 2020 J.B. HUNT $2.1 $1.3 3Q 20 3Q 21 FMS Stops 5,771,533 FMS Average Trucks 2,000 6,000,000 5,000,000 4,432,591 4,000,000 3,000,000 2,000,000 1,000,000 1,800 1,512 1,600 1,448 1,405 1,400 1,254 1,200 1,000 1,604,694 1,554,485 800 600 400 200 2019 2020 3Q 20 3Q 21 2019 2020 3Q 20 3Q 21#16TRUCKLOAD (JBT) J.B. HUNT JBT Revenue $550 (in millions) $500 $450 $417 $391 $386 $386 $388 $378 $389 $400 $350 $300 $250 $200 $150 $100 $50 $- 2013 2014 2015 $463 $109 $204 2016 2017 2018 2019 2020 3Q 20 3Q 21 JBT revenue increased 87% from the same period in 2020. Revenue excluding fuel surcharge revenue increased 85%, primarily from a 65% increase in revenue per load excluding fuel surcharge revenue and a 12% increase in load count compared to a year ago. The increase in revenue per load excluding fuel surcharge revenue was driven by a 36% increase in revenue per loaded mile excluding fuel surcharge revenue and a 20% 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 29% compared to the same period 2020. The current period ended with 9,906 trailers and 1,965 tractors, compared to 8,245 and 1,713 respectively for the prior year period. Operating income increased to $14.7 million compared $2.9 million in the third quarter 2020. Benefits from increased load counts and revenue per load were partially offset by increases in purchased transportation expense, higher driver wages and recruiting costs, higher non-driver personnel expense related to salary, wages and incentive compensation, and increases in group medical costs. Further investments in both personnel and technology related to the continued expansion of 360box also partially offset higher revenue.#17TRUCKLOAD (JBT) PERFORMANCE JBT Average Tractors JBT Average Nonpaid Empty Mile Percentage J.B. HUNT 2,500 25.0% 1,958 1,837 1,921 2,000 18.9% 18.8% 19.2% 19.6% 1,783 20.0% 1,500 15.0% 1,000 10.0% 500 5.0% 2019 2020 3Q 20 3Q 21 0.0% 2019 JBT Loads 2020 3Q 20 3Q 21 JBT Revenue per Tractor per Week 500,000 406,550 400,000 346,459 300,000 200,000 100,000 $5,000 $4,715 $3,978 $3,917 $3,849 $4,000 $3,000 98,505 110,430 $2,000 $1,000 2019 2020 3Q 20 3Q 21 $- 2019 2020 3Q 20 3Q 21#18SUMMARY J.B. HUNT Intermodal J.B. HUNT Dedicated Contract Services J.B. HUNT Integrated Capacity Solutions J.B. HUNT ® Final Mile J.B. HUNT ® 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 Truckload J.B. HUNT#19BALANCE SHEET ASSETS Current assets: Cash and cash equivalents Accounts Receivable, net Prepaid expenses and other Total current assets Property and equipment Less accumulated depreciation Net property and equipment Other assets, net September 30, 2021 December 31, 2020 $ 529,595 1,442,948 292,604 2,265,147 6,350,141 2,495,557 $ 313,302 1,124,403 404,412 1,842,117 5,908,710 2,219,816 3,854,584 3,688,894 393,459 397,337 $ 6,513,190 $ 5,928,348 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Current debt $ 354,755 $ Trade accounts payable 749,071 587,510 Claims accruals 288,137 276,056 Accrued payroll 163,940 130,943 Other accrued expenses 88,724 90,294 Total current liabilities Long-term debt Other long-term liabilities Deferred income taxes Stockholders' equity 1,644,627 1,084,803 944,887 1,305,424 270,860 245,961 730,588 692,022 2,922,228 2,600,138 $ 6,513,190 $ 5,928,348 J.B. HUNT#20THANK YOU J.B. HUNT BERNST & YOUNG Carter Center Ge Deme/Aquarium