Old Dominion Freight Line, Inc. (ODFL) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 3, 2027 — estimated from last year’s reporting date.

Consensus is $1.50 EPS for Dec 2026 across 8 estimates, ranging $1.47 to $1.52.

ODFL Sep 2026

Reported Oct 28, 2026 · before the open

: 2.48%

: $1.61
: $1.65
: —
: —

Highlights

Earnings beat: Diluted EPS was $1.65, 2.48% above the $1.61 consensus and up 28.9% from $1.28 a year earlier, although it eased from $1.68 in Q2.
Revenue and margins: Revenue rose 13.1% year over year to $1.591 billion, while operating income increased 25.4% to $452.6 million and the operating ratio improved 280 basis points to 71.5%.
Pricing led growth: LTL revenue per hundredweight increased 13.3%, including a 5.1% gain excluding fuel surcharges; LTL tons per day slipped 0.1% as shipments per day fell 2.0% and weight per shipment rose 1.9%.
Demand improved late in the quarter: September LTL tons per day rose 1.6% year over year. October month-to-date revenue per day was up approximately 22% year over year, with tons per day up 1.6%, though the comparison benefited from the general rate increase taking effect a month earlier.
Fourth-quarter outlook: ODFL expects revenue of $1.54 billion to $1.58 billion and, if revenue trends hold, an operating ratio around 73.5%, plus or minus 20 basis points.
Service and capacity: On-time service was 99% and the cargo claims ratio was 0.1%; ODFL was named the top national LTL carrier for the 17th consecutive year and reported more than 35% spare real-estate capacity.
Cash and capital returns: Operating cash flow was $469.5 million in Q3 and $1.1 billion for the first nine months. Year-to-date repurchases were $400.6 million and dividends were $180.7 million.

Analysis

ODFL delivered a strong year-over-year quarter, with diluted EPS of $1.65 beating the $1.61 consensus by 2.48%. Revenue increased 13.1% to $1.591 billion, operating income rose 25.4% to $452.6 million and net income grew 26.9% to $343.7 million. Against Q2, revenue advanced about 2.6% from $1.55 billion, while operating income declined about 2.7% from $465.3 million and EPS slipped from $1.68. The year-over-year earnings growth reflected both higher revenue and a 280-basis-point improvement in the operating ratio to 71.5%.

The defining feature was strong yield compensating for nearly flat tonnage: LTL revenue per hundredweight rose 13.3% including fuel and 5.1% excluding it, while tons per day edged down 0.1%. Management described demand as improving, with September tonnage up 1.6% year over year, and guided to fourth-quarter revenue of $1.54 billion to $1.58 billion, above normal seasonality if current trends persist. Margin guidance was more measured: the company expects a sequentially higher fourth-quarter operating ratio of about 73.5%, plus or minus 20 basis points, citing seasonal costs and inflationary pressures. Strong service, available network capacity and continued shareholder returns rounded out the quarter.

Pricing and tonnage

LTL services generated $1.577 billion, up 13.1% year over year. Higher revenue per hundredweight was the principal growth driver: it increased 13.3% to $38.40, while the measure excluding fuel surcharges rose 5.1% to $30.25, consistent with ODFL’s disciplined yield management. The fuel-inclusive growth also reflects fuel surcharge movements, rather than base pricing alone.

Freight volume: LTL tons per day decreased 0.1% year over year. Shipments per day fell 2.0%, partly offset by a 1.9% increase in weight per shipment to 1,486 pounds.
Late-quarter trend: September tons per day increased 1.6% year over year. For Q3 overall, tons per day rose 1.2% sequentially from Q2, and shipments per day increased 2.4%.
Revenue mix: LTL revenue per shipment rose 15.5% to $570.55, while the measure excluding fuel increased 7.1% to $449.47.

Operating leverage

The operating ratio improved to 71.5% from 74.3% a year ago, and operating income grew faster than revenue. Salaries, wages and benefits declined to 44.3% of revenue from 47.1%, more than offsetting pressure in operating supplies and expenses, which rose to 11.9% from 10.3%, primarily due to diesel and other petroleum-based costs. Overhead improved by 170 basis points, aided by revenue leverage, discretionary-spending controls and lower depreciation expense as the fleet was trimmed. Management said the improvement reflected both better direct-cost performance and overhead leverage.

Fourth-quarter outlook

Revenue outlook: Management forecast Q4 revenue of $1.54 billion to $1.58 billion, above normal seasonality if trends hold. October month-to-date revenue per day was approximately 22% higher year over year, with LTL tons per day up 1.6%; the comparison also benefited from the general rate increase taking effect in October rather than November as it did last year.
Margin outlook: ODFL expects the operating ratio to rise sequentially to around 73.5%, with a range of plus or minus 20 basis points, assuming revenue trends continue. That is near the low end of its typical 200-to-250-basis-point seasonal increase, with fuel-related and other cost pressures still expected.
Demand remains uneven: Management pointed to stable customer demand, improved September tonnage and constructive bid activity, but noted that monthly volumes continued to alternate between outperforming and underperforming normal seasonality.

Service and capacity

Service quality remains central to ODFL’s ability to win business and sustain pricing. The company reported 99% on-time service and a 0.1% claims ratio, and was ranked the top national LTL carrier by Mastio for the 17th consecutive year, placing first in 24 of 28 measured categories. Management said customer feedback and bid activity point to market-share opportunities, including some freight potentially shifting from capacity-constrained truckload operators.

Network headroom: More than 35% of real-estate capacity was available, and management said equipment capacity was also sufficient to handle additional volume.
Staffing and fleet: Average active full-time employees were 20,202, down 4.1% year over year. The company described its workforce as broadly steady and said it had selectively reduced fleet size while retaining capacity for growth.

Cash and capital

Cash generation: Operating cash flow was $469.5 million in Q3 and $1.1 billion in the first nine months. Cash and equivalents stood at $466.2 million at September 30.
Investment: Capital expenditures were $67.1 million in Q3 and $206.7 million year to date. ODFL expects approximately $380 million of 2026 capex: $180 million for real estate and service-center expansion, $155 million for tractors and trailers, and $45 million for IT and other assets.
Shareholder returns: The company repurchased $160.9 million of stock and paid $60 million in dividends during Q3. For the first nine months, repurchases totaled $400.6 million and cash dividends totaled $180.7 million.

Old Dominion Freight Line, Inc.

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