Companies · ODFL
Old Dominion Freight
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 5, 2026
ODFL Q2 2026: Revenue +10.4% YoY on 15.2% yield surge despite 4.1% volume decline; OR improves 450bps to 70.1%
Old Dominion's Q2 2026 results demonstrate that yield discipline and operational leverage can more than offset a prolonged volume contraction: LTL revenue per hundredweight rose 15.2% (5.5% ex-fuel) while tonnage per day fell 4.1%, generating a 70.1% operating ratio — the strongest quarterly result disclosed in this filing. Net income rose 30.5% YoY to $350.6 million and diluted EPS grew 32.3% to $1.68, with productive labor costs compressing 270bps as a share of revenue. July 2026 data signals the volume trough may be passing, with tonnage per day declining only 1.0% — a material sequential improvement from the 4.1% Q2 rate — while yield momentum continues at +9.3% LTL revenue per hundredweight.
Tone: bullishRevenue
$5.5B
ODFL 10-K · FY 2025
Employees
20,591
Revenue growth YoY
-5.5%
Founded
1934
Profile
ODFL 10-K Item 1 · Feb 24, 2026Old Dominion Freight Line is one of the largest North American less-than-truckload motor carriers, providing regional, inter-regional and national LTL services through a single integrated, union-free network of 260 service centers across the continental United States. The company derives more than 98% of revenue from LTL shipments and complements its core offering with container drayage, truckload brokerage and supply chain consulting. Growth has been achieved organically through market share gains and disciplined network expansion rather than acquisition.
Read filing description ↓ Collapse description ↑
We are one of the largest North American less-than-truckload ('LTL') motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. More than 98% of our revenue has historically been derived from transporting LTL shipments for our customers, whose demand for our services is generally tied to industrial production and the overall health of the U.S. domestic economy. We have increased our revenue and customer base over the past ten years primarily through organic market share growth. Our infrastructure allows us to provide service through each of our regions covering the continental United States. In addition to numerous service center renovations, expansions, and existing service center relocations, we opened a net 16 and 35 service centers over the past five and ten years, respectively, for a total of 260 service centers at December 31, 2025. We believe these actions produced increased capacity within our service center network and provide us with opportunities for future growth. We believe the demand for our services can be attributed to our ability to consistently provide a superior level of customer service at a fair price, which allows our customers to meet their supply chain needs.
Primary products
- regional LTL services
- inter-regional LTL services
- national LTL services
- expedited transportation
- container drayage
- truckload brokerage
End markets
Geographies
“We believe our transit times are generally faster and more reliable than those of our principal national competitors, in part because of our efficient service center network, use of team drivers and proprietary technology.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue decreased $318.4 million, or 5.5%, in 2025 versus 2024, reflecting continued softness in the domestic economy and a 9.1% decline in LTL tonnage, partially offset by a 3.9% improvement in LTL revenue per hundredweight.
The rest of ODFL is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.