Old Dominion Freight Line (ODFL) FY2025 results: revenue $5.5 billion, down 5.5% on the year

Old Dominion Freight Line is one of the largest less-than-truckload motor carriers in North America. Less-than-truckload means picking up several customers' shipments on one truck and routing them through a network of service centres, where freight is transferred to other trucks heading the same way, rather than dedicating a whole truck to one customer. The company provides regional, inter-regional and national service through a single integrated, union-free organisation, with strategic alliances extending coverage across North America. Alongside the core service it offers container drayage, truckload brokerage and supply chain consulting. More than 98% of revenue has historically come from carrying less-than-truckload shipments, and demand is tied to industrial production and the health of the domestic economy. The company was founded in 1934, incorporated in Virginia in 1950, and is based in Thomasville, North Carolina.

The network

There were 260 service centres at 31 December 2025, after a net 16 opened over the past five years and a net 35 over the past ten, alongside renovations, expansions and relocations. The company describes the added capacity as room for future growth. A less-than-truckload carrier needs a wide network of local pickup and delivery centres plus larger breakbulk hub facilities, and the filing notes that the high fixed costs and capital spending this requires make it hard for new or small operators to compete with established carriers.

Equipment

At 31 December 2025 the company owned 10,184 tractors at an average age of 3.9 years, 30,824 linehaul trailers at an average age of 7.7 years and 14,313 pickup and delivery trailers at an average age of 6.6 years. New tractors generally run in linehaul work for three to five years and then move to pickup and delivery for the rest of their lives, and at many service centres a tractor does pickup and delivery by day and linehaul at night. The company writes its own specifications and negotiates production and purchase with several manufacturers, planning well ahead of delivery dates. It ran 48 fleet maintenance centres at 31 December 2025, routing tractors to maintenance at set mileage intervals or every 90 days, whichever comes first, with trailers also on a 90-day cycle.

The industry

The filing puts the size of the less-than-truckload industry at approximately $50.8 billion in 2024, citing Transport Topics, and reports that the largest 5 and 10 carriers held approximately 56% and 81% of the domestic market that year. The industry has consolidated considerably since deregulation in 1980, and the company states it believes that will continue as customers look for providers that can offer regional and national service together with other services. It competes with regional, inter-regional and national less-than-truckload carriers and to a lesser extent with truckload carriers, small package carriers, airfreight carriers and railroads, as well as with third-party logistics providers that choose both the mode and the carrier and to whom it also sells. Competition turns on service, price, available capacity and business relationships.

Customers and people

Revenue comes from customers throughout the United States and North America. In 2025 the largest customer accounted for approximately 4% of what the company sold, and the largest 5, 10 and 20 customers for approximately 11%, 16% and 23%. For the last three fiscal years more than 95% of revenue came from services performed in the United States. The company employed 20,591 active full-time people at 31 December 2025, none of them under a collective bargaining agreement, including 5,305 linehaul drivers and 5,015 pickup and delivery drivers. Drivers are hired after a background check covering driving records and experience, must pass a drug test, hold a current Department of Transportation physical and a valid commercial driver's licence, and must obtain and keep hazardous materials endorsements once employed.

From Old Dominion Freight Line's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.