Old Dominion Freight Line, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. Guidance figures: 4 kept. The quarter’s numbers.

Key takeaways

Revenue fell 2.9% year over year: Total revenue was $1,334.7 million, down 2.9% from $1,374.9 million a year earlier. LTL services revenue made up $1,321.9 million of the total. Source
Diluted EPS down 4.2% to $1.14: Diluted earnings per share were $1.14 against $1.19, down 4.2%, on 2.0% fewer diluted weighted average shares outstanding. Source
LTL tons per day down 7.7%: LTL tonnage per day was 30,584 against 33,135, down 7.7%. The company attributed the decline to fewer shipments per day, partly offset by higher revenue per hundredweight. Source
Yield up 4.4% excluding fuel: Revenue per hundredweight excluding fuel surcharges was $29.13 against $27.89, up 4.4%. Including fuel surcharges it was $34.52, up 5.7%. Source
Operating ratio rose 80 basis points: Operating ratio rose to 76.2% from 75.4%. Management attributed the rise to overhead costs as a share of revenue more than offsetting an improvement in direct operating costs. Source
Demand improved as quarter went on: Management linked improving demand and customer service to an acceleration in LTL volumes and higher yield during the quarter. Source
Operating cash flow of $373.6 million: Net cash provided by operating activities was $373.6 million in the first quarter of 2026. Source
Service at a fair price as cornerstone: Management called superior service at a fair price the cornerstone of its long-term strategic plan, which it said it continued to execute. Source

“While our first quarter revenue decreased on a year-over-year basis, demand for our LTL service improved as the quarter progressed.”
Marty Freeman, President and Chief Executive Officer of Old Dominion

Guidance

Area	Period	Figure	Against last quarter
Capital expenditures Source	full year 2026	approximately $265 million	Kept
Real estate and service center expansion projects Source	full year 2026	$125 million	Kept
Tractors and trailers Source	full year 2026	$95 million	Kept
Information technology and other assets Source	full year 2026	$45 million	Kept

What changed from last quarter

Guidance kept: The 2026 capital expenditure figure of approximately $265 million is the same as the prior release, and no new strategy, segment, deal or leader was announced. Source

Results and growth drivers

Revenue fell 2.9% year over year: Total revenue was $1,334.7 million, down 2.9% from $1,374.9 million a year earlier. LTL services revenue made up $1,321.9 million of the total. Source
Diluted EPS down 4.2% to $1.14: Diluted earnings per share were $1.14 against $1.19, down 4.2%, on 2.0% fewer diluted weighted average shares outstanding. Source
Operating income down 6.1%: Operating income was $317.3 million against $338.1 million, a 6.1% decline. Operating ratio was 76.2% against 75.4%. Source
Net income down 6.4%: Net income was $238.3 million against $254.7 million, down 6.4%. Provision for income taxes was $79.4 million against $84.0 million. Source

Volumes and yield

LTL tons per day down 7.7%: LTL tonnage per day was 30,584 against 33,135, down 7.7%. The company attributed the decline to fewer shipments per day, partly offset by higher revenue per hundredweight. Source
Shipments per day down 7.9%: LTL shipments per day were 41,037 against 44,566, down 7.9%. Average length of haul was 913 miles, down 0.3%. Source
Yield up 4.4% excluding fuel: Revenue per hundredweight excluding fuel surcharges was $29.13 against $27.89, up 4.4%. Including fuel surcharges it was $34.52, up 5.7%. Source
Weight per shipment edged up: LTL weight per shipment was 1,491 pounds, up 0.3% from 1,487. Revenue per shipment was $514.56, up 5.9%. Source

“we are confident in our ability to win market share, generate profitable revenue growth and increase shareholder value over the long term.”
Marty Freeman, President and Chief Executive Officer of Old Dominion

Costs, margins and operating ratio

Operating ratio rose 80 basis points: Operating ratio rose to 76.2% from 75.4%. Management attributed the rise to overhead costs as a share of revenue more than offsetting an improvement in direct operating costs. Source
Overhead costs rose on lower revenue: Overhead rose as a percent of revenue from deleveraging on lower revenue and higher general supplies and expenses, which were $47.1 million against $39.9 million. Source
Direct operating costs improved: Direct operating costs fell as a percent of revenue, which management attributed to continued focus on revenue quality and operating efficiencies. Source
Full-time headcount down 7.1%: Average active full-time employees were 20,264, down 7.1% from 21,817. Source

Demand, service and capacity

Demand improved as quarter went on: Management linked improving demand and customer service to an acceleration in LTL volumes and higher yield during the quarter. Source
99% on-time service, claims below 0.1%: Service metrics for the first quarter once again included 99% on-time service and a claims ratio below 0.1%, which management described as industry-leading. Source
Capacity for incremental volume: Management said the company has the necessary elements of capacity to handle incremental volume. Source

Cash, capital and shareholder returns

Operating cash flow of $373.6 million: Net cash provided by operating activities was $373.6 million in the first quarter of 2026. Source
Cash balance $288.1 million: Cash and cash equivalents were $288.1 million at March 31, 2026, up from $120.1 million at December 31, 2025. Source
Capital expenditures of $62.6 million: Capital expenditures were $62.6 million in the quarter. Source
Buybacks and dividends paid: The company used $88.1 million of cash for its share repurchase program and paid $60.5 million in cash dividends in the quarter. Source
Dividend declared at $0.29 per share: Dividend declared per share was $0.29, up from $0.28 a year earlier. Source

Full-year 2026 capital plan

Capex plan about $265 million: The company expects aggregate 2026 capital expenditures of approximately $265 million, the same total as in the prior release. Source
Real estate and service centers $125 million: Planned real estate and service center expansion spending is $125 million, within the $265 million total. Source
Tractors, trailers and IT spend: Planned spending is $95 million for tractors and trailers and $45 million for information technology and other assets. Source

Strategy and investment

Service at a fair price as cornerstone: Management called superior service at a fair price the cornerstone of its long-term strategic plan, which it said it continued to execute. Source
Investment in network, technology, people: Management cited consistent investments in the network, technology and people as positioning the company to capitalize on an improving demand environment. Source
Service standards as value proposition: Management described service standards as the foundation of its value proposition, which it believes will support winning market share over the long term. Source

Figures management reported

Figure	Reported
LTL tonnage per day Source	30,584 vs 33,135 (down 7.7%)
LTL shipments per day Source	41,037 vs 44,566 (down 7.9%)
LTL revenue per hundredweight, excluding fuel surcharges Source	$29.13 vs $27.89 (up 4.4%)
LTL revenue per shipment Source	$514.56 vs $485.79 (up 5.9%)
Operating ratio Source	76.2% vs 75.4%

Earlier plans management reported on

Not stated: Management described the quarter as a continuation of encouraging trends that started developing late last year. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

OLD DOMINION FREIGHT LINE REPORTS FIRST QUARTER 2026

EARNINGS PER DILUTED SHARE OF $1.14

THOMASVILLE, N.C. (April 29, 2026) - Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced financial results for the three-month period ended March 31, 2026.

	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2026	2025	% Chg.
Total revenue	$1,334,696	$1,374,858	(2.9)%
LTL services revenue	$1,321,891	$1,360,839	(2.9)%
Other services revenue	$12,805	$14,019	(8.7)%
Operating income	$317,341	$338,055	(6.1)%
Operating ratio	76.2%	75.4%
Net income	$238,258	$254,660	(6.4)%
Diluted earnings per share	$1.14	$1.19	(4.2)%
Diluted weighted average shares outstanding	209,317	213,484	(2.0)%

Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion’s first quarter financial results reflect a continuation of encouraging trends that started developing late last year. While our first quarter revenue decreased on a year-over-year basis, demand for our LTL service improved as the quarter progressed. The improvement in demand, coupled with our ability to consistently deliver superior service to our customers, contributed to both the acceleration in our LTL volumes and improvement in our yield during the quarter. Our industry-leading service metrics for the first quarter once again included 99% on-time service and a claims ratio below 0.1%. These service standards form the foundation of our unmatched value proposition, which we believe will support our ability to win market share over the long term.

“Our revenue decreased 2.9% as compared to the first quarter of 2025. This decrease was primarily due to a 7.7% decrease in our LTL tons per day that was partially offset by an increase in our LTL revenue per hundredweight. The decrease in our LTL tons per day reflects the net impact of a 7.9% decrease in our LTL shipments per day and a 0.3% increase in our LTL weight per shipment. LTL revenue per hundredweight, excluding fuel surcharges, increased 4.4% compared to the first quarter of 2025, reflecting our long-term, disciplined approach to yield management.

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“Our operating ratio increased by 80 basis points to 76.2% for the first quarter of 2026, as the increase in our overhead costs as a percent of revenue more than offset the improvement in our direct operating costs. Our overhead costs increased as a percent of revenue primarily due to the deleveraging effect associated with the decrease in revenue as well as an overall increase in our general supplies and expenses. Our direct operating costs, however, improved as a percent of revenue due to our continued focus on revenue quality and operating efficiencies. The combination of a decrease in our revenue and an increase in our operating ratio resulted in a 4.2% reduction in our earnings per diluted share to $1.14 for the first quarter.”

Cash Flow and Use of Capital

Old Dominion’s net cash provided by operating activities was $373.6 million for the first quarter of 2026. The Company had $288.1 million in cash and cash equivalents at March 31, 2026.

Capital expenditures were $62.6 million for the first quarter of 2026. The Company expects its aggregate capital expenditures for 2026 to total approximately $265 million. This total includes planned expenditures of $125 million for real estate and service center expansion projects; $95 million for tractors and trailers; and $45 million for information technology and other assets.

Old Dominion continued to return capital to shareholders during the first quarter of 2026 through its share repurchase and dividend programs. For the quarter, the Company utilized $88.1 million of cash for its share repurchase program and paid $60.5 million in cash dividends.

Summary

Mr. Freeman concluded, “Old Dominion produced solid results during the first quarter as we continued to diligently execute our long-term strategic plan, the cornerstone of which remains our commitment to provide our customers with superior service at a fair price. Our industry-leading customer service, combined with our consistent investments in our network, our technology and our people, uniquely positions us to capitalize on an improving demand environment. Our team has all the necessary elements of capacity to effectively manage incremental volume opportunities. As a result, we are confident in our ability to win market share, generate profitable revenue growth and increase shareholder value over the long term.”

Old Dominion will hold a conference call to discuss this release today at 10:00 a.m. Eastern Time. Investors will have the opportunity to listen to the conference call live over the internet by going to ir.odfl.com. Please log on at least 15 minutes early to register for the conference call. For those who cannot listen to the live broadcast, a replay will be available at this website shortly after the call and will be available for 30 days. A telephonic replay will also be available through May 6, 2026, at (855) 669-9658, access code 7699494.

Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution the reader that such forward-looking statements involve risks and uncertainties that could cause actual events and results to be materially different from those expressed or implied herein, including, but not limited to, the following: (1) the challenges associated with executing our growth strategy, and developing, marketing and consistently delivering high-quality services that meet customer expectations; (2) various economic factors such as inflationary pressures or downturns in the domestic economy, and our inability to sufficiently increase our customer rates to offset the increase in our costs; (3) changes in our relationships with significant customers; (4) our exposure to claims related to cargo loss and damage, property damage, personal injury, workers’ compensation and

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healthcare, increased self-insured retention or deductible levels or premiums for excess coverage, and claims in excess of insured coverage levels; (5) reductions in the available supply or increases in the cost of equipment and parts; (6) higher costs for or limited availability of suitable real estate; (7) the availability and cost of third-party transportation used to supplement our workforce and equipment needs; (8) fluctuations in the availability and price of diesel fuel and our ability to collect fuel surcharges, as well as the effectiveness of those fuel surcharges in mitigating the impact of fluctuating prices for diesel fuel and other petroleum-based products; (9) seasonal trends in the less-than-truckload (“LTL”) industry, harsh weather conditions and disasters; (10) the availability and cost of capital for our significant ongoing cash requirements; (11) decreases in demand for, and the value of, used equipment; (12) our ability to successfully consummate and integrate acquisitions; (13) various risks arising from our international business relationships; (14) the costs and potential adverse impact of compliance with anti-terrorism measures on our business; (15) the competitive environment with respect to our industry, including pricing pressures; (16) changes in international trade policies, including with respect to tariffs; (17) our customers’ and suppliers’ businesses may be impacted by various economic factors such as recessions, inflation, downturns in the economy, global uncertainty and instability, changes in U.S. social, political, and regulatory conditions or a disruption of financial markets, which may decrease demand for our services or increase our costs; (18) the negative impact of any unionization, or the passage of legislation or regulations that could facilitate unionization, of our employees; (19) increases in the cost of employee compensation and benefit packages used to address general labor market challenges and to attract or retain qualified employees, including drivers and maintenance technicians; (20) our ability to retain our key employees and continue to effectively execute our succession plan; (21) potential costs and liabilities associated with cyber incidents and other risks with respect to our information technology systems or those of our third-party service providers, including system failure, security breach, disruption by malware or ransomware or other damage; (22) the failure to adapt to new technologies implemented by our competitors in the LTL and transportation industry, which could negatively affect our ability to compete; (23) the failure to keep pace with developments in technology, any disruption to our technology infrastructure, or failures of essential services upon which our technology platforms rely, which could cause us to incur costs or result in a loss of business; (24) disruption in the operational and technical services (including software as a service) provided to us by third parties, which could result in operational delays and/or increased costs; (25) the Compliance, Safety, Accountability initiative of the Federal Motor Carrier Safety Administration (“FMCSA”), which could adversely impact our ability to hire qualified drivers, meet our growth projections and maintain our customer relationships; (26) the costs and potential adverse impact of compliance with, or violations of, current and future rules issued by the Department of Transportation, the FMCSA and other regulatory agencies; (27) the costs and potential liabilities related to compliance with, or violations of, existing or future governmental laws and regulations, including environmental laws; (28) the effects of legal, regulatory or market responses to climate change concerns; (29) emissions-control and fuel efficiency regulations that could substantially increase operating expenses; (30) varied stakeholder expectations relating to evolving sustainability considerations and related reporting obligations; (31) the increase in costs associated with healthcare and other mandated benefits; (32) the costs and potential liabilities related to legal proceedings and claims, governmental inquiries, notices and investigations; (33) the impact of changes in tax laws, rates, guidance and interpretations; (34) the concentration of our stock ownership with the Congdon family; (35) the ability or the failure to declare and pay future cash dividends; (36) fluctuations in the amount and frequency of our stock repurchases; (37) volatility in the market value of our common stock; (38) the impact of certain provisions in our articles of incorporation, bylaws, and Virginia law that could discourage, delay or prevent a change in control of us or a change in our management; and (39) other risks and uncertainties described in our most recent Annual Report on Form 10-K and other filings with the SEC. Our forward-looking statements are based on our beliefs and assumptions using information available at the time the statements are made. We caution the reader not to place undue reliance on our forward-looking statements as (i) these statements are neither a prediction nor a guarantee of future events or circumstances and (ii) the assumptions, beliefs, expectations and projections about future events may differ

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materially from actual results. We undertake no obligation to publicly update any forward-looking statement to reflect developments occurring after the statement is made, except to the extent required by law.

Old Dominion Freight Line, Inc. is one of the largest North American LTL motor carriers and provides 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.

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	First Quarter
OLD DOMINION FREIGHT LINE, INC.
Statements of Operations
(In thousands, except per share amounts)		2026		2025
Revenue	$1,334,696	100.0%	$1,374,858	100.0%
Operating expenses:
Salaries, wages and benefits	638,295	47.8%	658,085	47.9%
Operating supplies and expenses	146,718	11.0%	149,892	10.9%
General supplies and expenses	47,069	3.5%	39,880	2.9%
Operating taxes and licenses	33,029	2.5%	35,603	2.6%
Insurance and claims	17,706	1.3%	17,480	1.3%
Communications and utilities	9,622	0.7%	10,803	0.8%
Depreciation and amortization	92,307	6.9%	89,132	6.5%
Purchased transportation	27,762	2.1%	27,663	2.0%
Miscellaneous expenses, net	4,847	0.4%	8,265	0.5%
Total operating expenses	1,017,355	76.2%	1,036,803	75.4%
Operating income	317,341	23.8%	338,055	24.6%
Non-operating (income) expense:
Interest expense	299	0.0%	2	0.0%
Interest income	(2,280)	(0.1)%	(1,662)	(0.1)%
Other expense, net	1,644	0.1%	1,071	0.1%
Income before income taxes	317,678	23.8%	338,644	24.6%
Provision for income taxes	79,420	5.9%	83,984	6.1%
Net income	$238,258	17.9%	$254,660	18.5%
Earnings per share:
Basic	$1.14		$1.20
Diluted	$1.14		$1.19
Weighted average outstanding shares:
Basic	208,277		212,402
Diluted	209,317		213,484
Dividend declared per share	$0.29		$0.28

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	First Quarter
	2026	2025	% Chg.
OLD DOMINION FREIGHT LINE, INC.
Operating Statistics
Work days	63	63	- %
Operating ratio	76.2%	75.4%
LTL intercity miles	144,718	157,259	(8.0)%
LTL tons	1,927	2,087	(7.7)%
LTL tonnage per day	30,584	33,135	(7.7)%
LTL shipments	2,585	2,808	(7.9)%
LTL shipments per day	41,037	44,566	(7.9)%
LTL revenue per hundredweight	$34.52	$32.67	5.7%
LTL revenue per hundredweight, excluding fuel surcharges	$29.13	$27.89	4.4%
LTL revenue per shipment	$514.56	$485.79	5.9%
LTL revenue per shipment, excluding fuel surcharges	$434.16	$414.68	4.7%
LTL weight per shipment (lbs.)	1,491	1,487	0.3%
Average length of haul (miles)	913	916	(0.3)%
Average active full-time employees	20,264	21,817	(7.1)%

(1) -

In thousands

Note:

Our LTL operating statistics exclude certain transportation and logistics services where pricing is generally not determined by weight. These statistics also exclude adjustments to revenue for undelivered freight required for financial statement purposes in accordance with our revenue recognition policy.

	March 31,	December 31,
OLD DOMINION FREIGHT LINE, INC.
Balance Sheets
(In thousands)	2026	2025
Cash and cash equivalents	$288,082	$120,091
Other current assets	638,166	574,742
Total current assets	926,248	694,833
Net property and equipment	4,467,383	4,504,204
Other assets	263,317	271,123
Total assets	$5,656,948	$5,470,160
Current maturities of long-term debt	$20,000	$20,000
Other current liabilities	571,724	463,906
Total current liabilities	591,724	483,906
Long-term debt	19,996	19,995
Other non-current liabilities	645,506	655,202
Total liabilities	1,257,226	1,159,103
Total shareholders' equity	4,399,722	4,311,057
Total liabilities and shareholders' equity	$5,656,948	$5,470,160

Note: The financial and operating statistics in this press release are unaudited.

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Contacts
Adam N. Satterfield · Executive Vice President andChief Financial Officer · (336) 822-5721