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Old Dominion Freight Line (ODFL) investor relations material
Old Dominion Freight Line Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Q2 2025 revenue declined 6.1% year-over-year to $1.41 billion, with net income down 16.6% to $268.6 million and diluted EPS down 14.2%, reflecting ongoing softness in the domestic economy and lower LTL volumes.
LTL tons per day fell 9.3% and shipments per day dropped 7.3% year-over-year, partially offset by a 3.4% increase in LTL revenue per hundredweight, driven by yield management.
Operating ratio increased to 74.6% from 71.9% in Q2 2024 due to deleveraging from lower revenue and higher costs.
Market share remained stable, with 99% on-time performance and a cargo claims ratio of 0.1%.
Management remains focused on yield discipline and long-term strategic investments despite demand headwinds.
Financial highlights
Q2 2025 revenue: $1.41 billion (down 6.1% year-over-year); net income: $268.6 million (down 16.6%); diluted EPS: $1.27 (down 14.2%).
Six months ended June 30, 2025: revenue $2.78 billion (down 6.0%), net income $523.3 million (down 14.8%), diluted EPS $2.46 (down 12.8%).
Operating income for Q2 2025 was $357.9 million, down from $421.7 million in Q2 2024.
Cash flow from operations was $285.9 million for Q2 and $622.4 million for the first half of 2025; cash and equivalents at period end were $24.1 million.
Dividends declared per share were $0.28 for Q2 2025, up from $0.26 in Q2 2024.
Outlook and guidance
2025 capital expenditures are projected at $450 million, including $210 million for facilities, $190 million for tractors/trailers, and $50 million for technology and other assets.
Management expects current liquidity sources to be sufficient for capital needs over the next twelve months and longer term.
Yield ex-fuel expected to be up 4–4.5% in Q3, with continued sequential increases anticipated.
Cautious optimism for improved trends in the latter half of Q3, with potential for year-over-year revenue declines to narrow to 1.5–4% depending on seasonality.
Longer-term, incremental margins of 35–40% are expected as demand recovers, with a goal to return to sub-70% operating ratio.
What is the expected total capital expenditure for 2025?
How did group health/dental plans affect operating costs?
What factors may impact customer/supplier businesses?
How does OD define 'market share'?
What's driving higher fringe benefit costs?
Update on AI, dynamic routing efforts.
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Next Old Dominion Freight Line earnings date
Q3 202529 Oct, 2025
Next Old Dominion Freight Line earnings date
Q3 202529 Oct, 2025
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Frequently asked questions
Less Than Truckload
Old Dominion Freight Line is an American shipping company, specializing in providing less than truckload shipping (LTL). The company is one of the leaders in the sector and offers regional, inter-regional, and national LTL services. Its services also include logistics consulting, supply chain analysis, and container drayage, making it an important player in North American supply chains. Old Dominion is headquartered in Richmond, Virginia, and its shares are listed on the Nasdaq.
Founded by Husband and Wife
Old Dominion Freight Line, founded in 1934 by Earl and Lillian Congdon in Richmond, Virginia, started as a single-truck operation. Initially, it provided local hauling and transportation of merchandise for retailers. The company steadily grew through the mid-20th century, expanding its service area and fleet. In 1957, Old Dominion extended its operations to most of the state of Virginia and the adjacent portions of North Carolina, laying the groundwork for further expansion.
The company's growth accelerated in the 1970s and 1980s, driven by strategic acquisitions and an expansion of its service offerings. These moves transformed Old Dominion from a regional player into a significant national LTL freight carrier. Through consistent investment in technology, fleet upgrades, and service expansion, it has established a robust network covering the entire United States and international locations, becoming a key player in North American logistics and transportation. Today, Old Dominion competes against companies such as FedEx, XPO, and J.B. Hunt.
LTL Experts
LTL freight is a shipping method used for the transportation of relatively small freight or when freight doesn't require the use of an entire trailer. This method allows multiple shippers to share space on the same truck. Each shipper pays only for the portion of the trailer their goods occupy, while the rest of the space is filled with freight from other shippers. This makes LTL a cost-effective option for small businesses and individual shippers with smaller loads. LTL carriers consolidate freight from various shippers and plan logistics to efficiently route trucks. This process involves stopping at multiple locations to pick up and deliver shipments, making it a practical solution for the distribution of smaller, less time-sensitive shipments across longer distances.
Not Just LTL
Old Dominion Freight Line provides a variety of logistics and transportation services beyond its primary offering of Less-Than-Truckload shipping. The company also offers full truckload shipping services for larger freight requirements.
In addition to these transportation services, Old Dominion offers supply chain consulting, assisting businesses in streamlining and optimizing their logistics operations. The company also provides warehousing and distribution services, supporting its clients throughout the entire supply chain.
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