ODFL Filings — Old Dominion Freight Line, Inc. - FilingSpy
ODFL
Old Dominion Freight Line, Inc.
One of North America's largest less-than-truckload carriers, moving small freight from many shippers on shared trucks through a single union-free network of 260 terminals, with add-ons like container drayage and supply-chain consulting. Founded in 1934 in Richmond, Virginia, by Earl and Lillian Congdon, who bought their first truck with money Lillian saved as a telephone operator during the Depression. The name honors Virginia's nickname, "the Old Dominion," the state where the couple met.
Old Dominion returned to revenue growth in Q2 2026, up 10.4%, as a 15.2% yield gain more than offset a 4.1% tonnage decline.
returned to growth after five quarters of decline. Revenue rose 10.4% to $1.55 billion and widened 4.5 points to 29.9% as climbed 15.2%, more than offsetting a 4.1% drop in tonnage. The volume decline is the smallest in a year, but the quarter's profit was helped by a $21 million swing in equipment sale gains that will not repeat.
Key takeaways
rose 15.2% in Q2, including higher fuel surcharges, while the ex-fuel yield rose 5.5% under the company's strategy.
LTL tons per day fell 4.1%, the smallest decline in four quarters, as a 1.7% increase in weight per shipment partially offset fewer shipments.
rose 30.0% to $465.3 million and the improved to 70.1% from 74.6% a year ago, helped by a $21.0 million favorable swing in miscellaneous income from equipment sale gains.
Section summaries
Management's Discussion and Analysis
Revenue rose 10.4% in Q2 FY2026 on yield gains despite lower volumes, driving a 30.5% net income increase.
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surged 15.2% in Q2 (10.6% YTD), including higher fuel surcharges; excluding fuel, it rose 5.5% in Q2 and 5.0% YTD on yield management.
LTL tons per day fell 4.1% in Q2 and 5.9% YTD, driven by fewer shipments, partially offset by a 1.7% increase in weight per shipment.
Salaries, wages and benefits rose only 2.3% despite the increase, as a 7.1% reduction in active full-time employees kept productive labor costs to 21.7% of revenue.
Diesel fuel cost per gallon rose 70.5% , driving higher fuel surcharge but also increasing operating supply costs.
The company raised its 2026 capital expenditure estimate to $380 million, up $115 million from the initial plan, and ended the quarter with no after repaying the remaining $20 million.
What changed
Q1 2026 flagged a 7.7% tonnage decline to watch; Q2's 4.1% drop is the smallest since Q3 2024 and marks a clear deceleration in the rate of volume loss.
The Q1 watch item on ex-fuel yield was answered: excluding fuel rose 5.5% in Q2, accelerating from 5.0% YTD in Q1, showing pricing held as volume improved.
The $265 million 2026 plan flagged in FY 2025 has been revised up to $380 million, a $115 million increase that signals management is reinvesting in the network.
fell to zero from $20 million at Q1 end, continuing the deleveraging trend that saw debt peak at $150 million in Q2 2025 before being paid down.
What to watch
Q3 2026 LTL tons per day to confirm whether the improving trend from -9.3% in Q2 2025 to -4.1% in Q2 2026 continues toward flat or positive volume.
Q3 2026 excluding equipment sale gains, to see whether the underlying 70.1% is sustainable without the $21 million miscellaneous income swing.
Pace of the remaining $1.31 billion authorization against , now that has been raised to $380 million and debt is at zero.
excluding fuel in Q3, after the 5.5% Q2 gain, to see if can sustain pricing as diesel costs and surcharges fluctuate.
improved to 70.1% in Q2 from 74.6%, helped by productive labor costs declining to 21.7% of and a $21.0M favorable swing in miscellaneous income from equipment sale gains.
Salaries, wages and benefits rose 2.3% in Q2 as higher bonus and benefit costs offset a 7.1% reduction in active full-time employees; diesel fuel cost per gallon jumped 70.5%.
reached $646.3M YTD; 2026 is now estimated at $380M, up $115M from the initial plan, with $1.31B remaining on the stock authorization.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to our market risk exposures since our most recent fiscal year end. For a discussion of our exposure to market risk, refer to Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in our Annual Report on Form 10-K fo…
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There have been no material changes to our market risk exposures since our most recent fiscal year end. For a discussion of our exposure to market risk, refer to Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
We are involved in or addressing various legal proceedings and claims, governmental inquiries, notices and investigations that have arisen in the ordinary course of our business and have not been fully adjudicated, some of which may be covered in whole or in part by insurance. C…
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We are involved in or addressing various legal proceedings and claims, governmental inquiries, notices and investigations that have arisen in the ordinary course of our business and have not been fully adjudicated, some of which may be covered in whole or in part by insurance. Certain of these matters include collective and/or class-action allegations. We do not believe that the resolution of any of these matters will have a material adverse effect upon our financial position, results of operations or cash flows.
Consistent with SEC Regulation S-K Item 103, we have elected to disclose those environmental legal proceedings with a governmental authority if management reasonably believes that the proceedings may involve potential monetary sanctions of $1.0 million or more. Applying this threshold, there are no such unresolved proceedings to disclose as of June 30, 2026.
In addition to the other information set forth in this report and in our other reports and statements that we file with the SEC, including our quarterly reports on Form 10-Q, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in our…
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In addition to the other information set forth in this report and in our other reports and statements that we file with the SEC, including our quarterly reports on Form 10-Q, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, operating results or cash flows.
There have been no material changes to the risk factors identified in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.
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