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Chairman and CEO Drew Wilkerson explained that the volume decline was partly due to automotive weakness and a deliberate, customer-by-customer effort to align on strategic lanes, which improved gross profit per load by 7% sequentially. He stated this process, tied to the recent bid season, is now largely complete and emphasized that the focus on improvement is company-wide, not exclusive to Coyote, while noting high retention among top customers.

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President & CEO Phillip Yeager confirmed that cross-selling is a key part of their strategy, stating that over 80% of customers use two services and over 60% use three, with recent success in Final Mile. He affirmed that the concept of new watershed markets is a significant opportunity, as eliminating interchange touchpoints could make previously unviable intermodal lanes both time-competitive and cost-effective, unlocking a large over-the-road conversion opportunity.

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CFO Darrell Campbell quantified the first-half gain on sale improvement at approximately $3 million year-over-year and advised modeling the 'other' segment loss for Q3 and Q4 to be consistent with Q2. Regarding the strategic question, EVP Jim Filter and CEO Mark Rourke reiterated that 'details matter' and they use a deliberate evaluation process for all rail services, declining to break out specific network exposures.

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CEO Mario Harik described the grocery business as a consolidated LTL segment where excellent service is a prerequisite, a strength XPO now possesses. He mentioned that after launching about a half-dozen premium services last year, the company is now focused on building the sales pipeline for each. Harik noted they are about one-third of the way to their goal for accessorial revenue and are contemplating another three to four new premium services, such as expedited offerings and security dividers, over the next couple of years.

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Michael Castagnetto, President of NAST, stated he doesn't see a 'limit' on gross margin potential as the company improves its freight selection. CFO Damon Lee reiterated confidence in the 40% mid-cycle target from the Investor Day commitments but clarified it is not a cap, emphasizing the company will maintain its strategic optionality between market share and profitability.

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CEO Keith Creel agreed that single-line service is the 'gold standard' but argued that the merger review is not an isolated analysis of that benefit. He stated that the UP-NS proposal does not threaten CPKC's own single-line intermodal services, which are strong in the Canada-U.S.-Mexico corridor. Creel emphasized the review must consider the broader, complex impacts of creating a potential duopoly in the North American rail network, which goes far beyond the benefits of one new service.

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EVP & CFO Adam Satterfield projected that yield excluding fuel would increase by 4.0% to 4.5% in Q3, consistent with July trends. He emphasized that their disciplined, cost-based pricing strategy remains unchanged and that they continue to secure rate increases on renewals, seeing no degradation in the competitive environment.

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EVP & CFO Adam Satterfield stated he expects revenue per hundredweight ex-fuel to increase 4.0% to 4.5% in Q3, consistent with July trends. He emphasized this is not due to a change in pricing strategy but is a function of prior-year comparisons, and that ODFL continues to secure cost-based increases on renewals.

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CFO Adam Satterfield explained that while there isn't a precise one-for-one rule, higher weight per shipment generally leads to increased revenue per shipment and significant operational efficiencies, particularly in linehaul. He noted that current weight per shipment is below levels seen in prior expansionary periods, indicating room for improvement.

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Chief Commercial Officer Eddie Sorg described customer feedback as a 'mixed bag,' with continued softness and uncertainty around tariffs and investment. He noted the perspective on the tax bill is 'still a wait and see.' However, CFO Matt Beasley added that ArcBest itself sees potential for about $25 million in cash tax savings in the first half of the year from the bill and is encouraged by its potential to stimulate freight-generating activity.

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CFO Chris Wikoff stated that a mid-single-digit rate improvement is needed, but emphasized that the path to double-digit TTS margins also depends on Dedicated growth, cost discipline, and technology leverage. Chairman & CEO Derek Leathers confirmed the improvement in Logistics is structural, driven by technology and the successful integration of Reed TMS, and expressed optimism for continued momentum, suggesting the performance is sustainable.

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Alain Bedard, President, CEO & Chairman, explained that while next-day service is now comparable to peers, two-to-four-day service still needs improvement, which limits pricing power. He stated that until service is consistently on par with peers, rates cannot match them. He also noted line haul on rail is down to ~20% of miles, a significant reduction that has improved service on longer routes.

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President & CEO Bob Jordan and COO Andrew Watterson acknowledged the load factor gap and stated that closing it is a key objective for the second half of the year. They explained the focus in H1 was on yield, but now shifts to volume. This will be driven by network changes adding 40% more intentional connection opportunities, the introduction of Basic Economy, and new distribution channels. Watterson noted that August load factor is already showing improvement, down only 0.5 points year-over-year.

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CEO Jim Vena declined to provide specifics on shipper feedback, stating that the company does not negotiate or discuss details of ongoing discussions publicly. He reiterated that the company has been very specific in its official announcement and would not elaborate further while in advanced negotiations.

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Executive Vincenzo Vena expressed confidence in delivering on the company's 2025 guidance, stating there's no reason productivity improvements can't continue. CFO Jennifer Hamann reiterated this, noting that the company has clear action plans for productivity gains across all expense areas and capital, which gives them confidence in the runway ahead.

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President & CEO Joseph Hinrichs reiterated his focus on improving the customer experience to drive growth, without commenting directly on a transcontinental merger. He stated that CSX is open to all possibilities and partnerships that create shareholder value and make the industry more competitive.

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CEO Tracy Robinson asserted that current headwinds are tariff and macro-related, not an issue with the company's strategy. She and Interim CCO Janet Drysdale confirmed the intermodal softness is tariff-related, driven by inventory front-loading ahead of deadlines and the impact of tariffs on goods from multiple Asian countries, not just China.

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EVP & CFO Mike Leskinen attributed the strong cost performance to operational reliability and expects similar results in H2 2025. He noted that while distribution costs are on a long-term downtrend due to direct channel growth, Q2 had some unique benefits. EVP & CCO Andrew Nocella added that while not fully back to January levels, demand saw a significant positive inflection in July, with a six-point swing in sales and a double-digit acceleration in business demand.

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Brad Delco, SVP of Finance, stated the savings should be noticeable to shareholders, pointing to Q2 results where operating expenses (excluding insurance and medical) were down despite volume growth. EVP & CFO John Kuhlow added that while inflation will persist, the company has high conviction in removing the identified $100 million in costs to improve the path to target margins.

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EVP & CFO John Dietrich stated the program is 'on track,' with a primary focus on maintaining service levels. President & CEO Raj Subramaniam provided specifics, reporting that as of the end of fiscal 2025, 100 stations have been closed and 290 have been integrated, with a long-term goal to remove roughly 30% of surface facilities.

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EVP & CFO John Dietrich stated the program is 'on track,' with a primary focus on maintaining service levels. President & CEO Raj Subramaniam provided specifics, stating that as of the end of fiscal 2025, 100 stations have been closed and 290 have been integrated, with a goal to remove roughly 30% of surface facilities by the program's end.

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President Martin St. George attributed the relative underperformance to JetBlue's underexposure to international and premium segments, which are currently driving demand, and noted the demand slowdown is heavier in its core Northeast markets. He emphasized that JetForward is the right long-term plan to address this and that they are moving quickly to adjust capacity to the current environment. He also stated that May is about 70% booked and June is just under 50% booked.

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CEO Malcolm Wilson stated that GXO has not seen a particular impact on its business from the growth of Shein and Temu. CFO Baris Oran confirmed that growing wallet share with existing customers remains a core driver, accounting for at least 50% of wins over a multiyear period. Wilson provided the Zalando partnership as a prime example, where a successful initial operation in 2021 led to the new, large-scale flagship facility in France, illustrating the "land and expand" strategy.

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