C O N F I D E N T I A L

Presented by

J.B. HUNTQ4 2017 RESULTS

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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.

DISCLOSURE

DISTINCT AND COMPLEMENTARY BUSINESSESIntermodal (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

Design & implementation of value-driven supply chain solutions

On-site management

Integrated Capacity Solutions (ICS)Non-asset based offering of dry van, flatbed, refrigerated,

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

Truckload (JBT)One of the largest capacity networks in North America

Instant tracking via the Internet

GPS trailer tracking

55%

24%

16%

5%

4Q 2017 Revenue Mix

JBI

DCS

ICS

JBT

64%

24%

8%4%

0%

20%

40%

60%

80%

JBI DCS ICS JBT

Percentage of 4Q 2017 Operating Income by Business Segment

4Q 2017 RESULTSVS. 4Q 2016

OVERVIEW

4Q 2017 Revenue:$1.99 billion; up 16%

4Q 2017 Revenue, excl FSC:$1.77 billion; up 13%

4Q 2017 Operating Income:$146 million; down 25%

4Q 2017 EPS:$3.48 vs. $1.05; up 232%

SEGMENT PERFORMANCE

Intermodal (JBI)Revenue: $1.1 billion; up 10%

Operating Income: $93.3 million; down 25%

Dedicated Contract Services (DCS)Revenue: $477 million; up 20%

Operating Income: $34.9 million; down 39%

Integrated Capacity Solutions (ICS)Revenue: $323 million; up 40%

Operating Income: $11.3 million; up 86%

Truckload (JBT)Revenue: $97 million; up 1%

Operating Income: $6.4 million; down 5%

4Q 2017 RESULTSCONSOLIDATED

$4,527

$5,055

$5,585

$6,165 $6,188

$6,555

$7,190

$1,721

$1,990

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

2011 2012 2013 2014 2015 2016 2017 4Q 16 4Q 17

Revenue(in millions)

$444 $530

$577 $632

$716 $721

$624

$194 $146

$-

$100

$200

$300

$400

$500

$600

$700

$800

2011 2012 2013 2014 2015 2016 2017 4Q 16 4Q 17

Operating Income(in millions)

$2.11 $2.59 $2.87 $3.16

$3.66 $3.81

$6.18

$1.05

$3.48

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

2011 2012 2013 2014 2015 2016 2017 4Q 16 4Q 17

Diluted EPS

KEY POINTS

• Industry leading Intermodal franchise

• Differentiated and specialized Dedicated business

• Independent brokerage/management services

• Lighter Truckload asset model

SEGMENT

DISCUSSION

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INTERMODAL (JBI)

JBI total volumes grew 5% over the same period in 2016.

Eastern network loads grew at 7% and transcontinental loads

increased 4% compared to the fourth quarter 2016.

Revenue increased 10%, reflecting volume growth of 5% and a 5%

increase in revenue per load which is the combination of freight mix,

customer rate increases and fuel surcharges.

Revenue per load excluding fuel surcharges increased

approximately 2% compared to a year ago.

Benefits from increased volume and revenue per load were offset by

increased costs to attract and retain drivers, higher third-party dray

costs, increased insurance and claims costs and inefficiencies in the

rail networks due to congestion and track and yard maintenance.

JBI recorded $28.7 million of the preannounced charges during the

fourth quarter 2017.

In fourth quarter 2016, JBI recorded approximately $5.7 million from

the change in paid time off policy.

$2,673

$3,071

$3,456

$3,687 $3,665

$3,796

$4,084

$998 $1,098

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

2011 2012 2013 2014 2015 2016 2017 4Q 16 4Q 17

JBI Revenue(in millions)

INTERMODAL (JBI)PERFORMANCE

-1%

4%

8%

10%

-5%

0%

5%

10%

FY15/FY14 FY16/FY15 FY17/FY16 4Q Y/Y

JBI Revenue Change

4%

-6% -9%

-25%-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

FY15/FY14 FY16/FY15 FY17/FY16 4Q Y/Y

JBI Operating Income Change

1,657

1,681 1,685 1,684

1,625

1,650

1,675

1,700

2016 2017 4Q 16 4Q 17

JBI Average Length of Haul

$1,981

$2,042 $2,030

$2,129

$1,800

$1,900

$2,000

$2,100

$2,200

2016 2017 4Q 16 4Q 17

JBI Revenue per Load

DEDICATED (DCS)DCS revenue increased 20% during the current quarter over

the same period 2016.

Productivity (revenue per truck per week) increased

approximately 4% vs. 2016.

A year over year net additional 1,326 revenue producing

trucks, 331 net additions compared to third quarter 2017,

were in the fleet by the end of the quarter.

Operating income decreased by 39% from a year ago. The

increase in revenue and improved asset utilization was offset

with higher driver wages including the timing between wage

increases and recovery through customer contracts, higher

driver recruiting costs including the length of time to fill open

positions, increased insurance and claims costs, higher

equipment ownership costs and $1.9 million in intangible

asset amortization compared to the same period in 2016.

DCS recorded $7.6 million of the preannounced charges

during the fourth quarter 2017 and recognized a $7.3 million

benefit in the fourth quarter 2016 from the change in paid time

off policy.

$1,031 $1,080

$1,231

$1,394

$1,451

$1,533

$1,719

$398 $477

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2011 2012 2013 2014 2015 2016 2017 4Q 16 4Q 17

DCS Revenue(in millions)

DEDICATED (DCS)PERFORMANCE

40%

26%

-17%

-39%-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

FY15/FY14 FY16/FY15 FY17/FY16 4Q Y/Y

DCS Operating Income Change

4%6%

12%

20%

0%

5%

10%

15%

20%

25%

FY15/FY14 FY16/FY15 FY17/FY16 4Q Y/Y

DCS Revenue Change

4,077

4,226 4,247

4,426

3,500

3,700

3,900

4,100

4,300

4,500

2016 2017 4Q 16 4Q 17

DCS Revenue Per Truck Per Week

2,401,332 2,575,245

606,900

686,475

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2016 2017 4Q 16 4Q 17

DCS Loads

INTEGRATED (ICS)NON-ASSET BASED

$356

$456

$537

$718 $699

$852

$1,025

$232

$323

$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

2011 2012 2013 2014 2015 2016 2017 4Q 16 4Q 17

ICS Revenue(in millions)

ICS revenue increased 40% in the current quarter vs. the fourth quarter

2016. Revenue per load increased 19% and volume increased 17%

mostly due to increased spot market activity.

Contractual volumes represent approximately 66% of the total load

volume but only 46% of the total revenue in the current quarter

compared to 75% and 62%, respectively, in fourth quarter 2016.

Operating income increased 86% over the same period in 2016. Gross

profit margin increased to 14.1% in the current period from 12.9% last

year primarily from the increased spot market activity which more than

offset the margin compression realized in the contractual volumes.

The increase in gross margin was partially offset with higher

technology spending as JBHunt360 continues to be rolled out to more

customers.

ICS recorded $1.8 million of the preannounced charges in the fourth

quarter 2017 and recognized a $1.0 million benefit in the fourth quarter

2016 for the change in paid time off policy.

Total branches at the end of the period grew to 44 from 42 at the end of

the same period in 2016.

ICS’s carrier base increased 11% and the employee count increased

16% from a year ago.

INTEGRATED (ICS)PERFORMANCE

14.3% 13.3%12.9%

14.1%

0%

5%

10%

15%

20%

2016 2017 4Q 16 4Q 17

ICS Gross Profit Margin

-3%

22%20%

40%

-10%

0%

10%

20%

30%

40%

FY15/FY14 FY16/FY15 FY17/FY16 4Q Y/Y

ICS Revenue Change

20%

1%

-37%

86%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

FY15/FY14 FY16/FY15 FY17/FY16 4Q Y/Y

ICS Operating Income Change

852,179

992,834

237,845 277,911

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2016 2017 4Q 16 4Q 17

ICS Loads

JBT Revenue (in millions)

TRUCKLOAD (JBT)JBT revenue for the current quarter increased 1% from the

same period in 2016.

Revenue per load increased 13% primarily from a 12% increase

in rates per loaded mile on an equivalent length of haul

compared to fourth quarter 2016 but was offset with an 10%

decreased in load count.

At the end of the period, JBT operated 2,032 tractors compared

to 2,128 a year ago.

Operating income decreased 5% from fourth quarter 2016

levels.

Favorable changes from higher revenue per load were offset by

higher driver wages and independent contractor costs per mile,

lower tractor utilization from an increase in unseated trucks and

higher insurance and claims costs compared to fourth quarter

2016.

JBT recorded approximately $0.7 million of the preannounced

charges in the fourth quarter 2017 and recorded a $1.2 million

benefit in the fourth quarter 2016 from the change in paid time

off policy.

$504 $484

$391 $386 $386 $388

$378

$96 $97

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

2011 2012 2013 2014 2015 2016 2017 4Q 16 4Q 17

TRUCKLOAD (JBT)PERFORMANCE

455435 439 432

300

350

400

450

500

2016 2017 4Q 16 4Q 17

JBT Average Length of Haul

385,298 370,591

96,906 87,538

-

100,000

200,000

300,000

400,000

500,000

2016 2017 4Q 16 4Q 17

JBT Loads

85.6 85.1

82.6 84.0

70

72

74

76

78

80

82

84

86

88

2016 2017 4Q 16 4Q 17

JBT Average Nonpaid Empty Miles Per Load

$3,458 $3,556 $3,540

$3,782

$-

$1,000

$2,000

$3,000

$4,000

2016 2017 4Q 16 4Q 17

JBT Revenue per Tractor per Week

SUMMARY

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

BALANCE SHEET

THANK YOU

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