Old Dominion Freight Line (ODFL) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined 2.9% year-over-year to $1.33 billion, with net income down 6.4% to $238.3 million.

• Diluted EPS decreased 4.2% to $1.14, reflecting lower volumes and higher overhead costs.

• Maintained 99% on-time service and claims ratio below 0.1%, reinforcing best-in-class service reputation.

• Continued disciplined yield management and strategic investments in capacity, technology, and workforce.

• Confident in ability to win market share and drive profitable growth as demand recovers.

Financial highlights

• LTL tons per day decreased 7.7% year-over-year, partially offset by a 5.7% increase in LTL revenue per hundredweight.

• Excluding fuel surcharges, LTL revenue per hundredweight rose 4.4% year-over-year.

• Operating ratio increased 80 basis points to 76.2% due to deleveraging from lower revenue and higher overhead costs.

• Cash flow from operations was $373.6 million; capital expenditures totaled $62.6 million.

• $88.1 million used for share repurchases and $60.5 million paid in dividends during Q1.

Outlook and guidance

• Expecting a 300–350 basis point sequential improvement in operating ratio from Q1 to Q2, in line with 10-year averages, assuming volume growth.

• April revenue per day up ~7% year-over-year, with LTL tons per day down ~6.5% and revenue per hundredweight up 4–4.5%.

• Cautious optimism for continued sequential volume and revenue growth through Q2 and into the rest of the year.

• Pricing discipline expected to deliver 4–4.5% yield growth in Q2, with weight per shipment up about 1%.

• Capital expenditures for 2026 are projected at $265 million, including $125 million for real estate and service center expansion.