Companies · ODFL
Old Dominion Freight
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Latest analysis
Updated Nov 4, 2026
ODFL Q3 2026: Revenue +13.1%, operating ratio improves 280bps to 71.5% as yield discipline more than offsets volume decline
Old Dominion Freight Line delivered a decisive yield-over-volume quarter: Q3 2026 revenue grew 13.1% to $1.59 billion while LTL tonnage per day was essentially flat (-0.1%), with LTL revenue per hundredweight up 13.3% (5.1% ex-fuel surcharge), driving operating ratio improvement to 71.5% from 74.3%. The October 2026 update signals an acceleration — revenue per day up 22.5% and tonnage per day turning positive at +2.1% — suggesting the volume inflection management has been waiting for may be arriving. Net income rose 26.9% to $343.7 million in Q3, and diluted EPS grew 28.9% to $1.65, confirming that the yield-discipline strategy is producing outsized earnings leverage as volumes stabilize.
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.
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