Old Dominion Freight Line (ODFL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 13.1% YoY to $1.591B; net income increased 26.9% to $343.7M and diluted EPS rose 28.9% to $1.65.

• Yield discipline and operating execution improved the operating ratio 280 bps to 71.5%, despite slightly lower tonnage per day.

• Service metrics remained strong at 99% on-time and a 0.1% cargo claims ratio.

Financial highlights

• Q3 operating income rose 25.4% to $452.6M; nine-month operating income increased 16.9% to $1.235B.

• Nine-month revenue grew 6.9% to $4.479B; net income rose 17.4% to $932.6M and diluted EPS increased 19.5% to $4.47.

• Q3 LTL revenue per hundredweight increased 13.3%; excluding fuel surcharges, it rose 5.1%.

• LTL services generated $1.577B of Q3 revenue; other services contributed $14.2M.

Outlook and guidance

• Q4 revenue guidance is $1.54B-$1.58B, above normal seasonality; October revenue per day rose 22.5% YoY, with LTL tons per day up 2.1%.

• Q4 operating ratio target is ~73.5% ±20 bps if revenue trends hold; guidance excludes the annual actuarial analysis effect.

• October MTD LTL revenue per hundredweight rose ~20% including fuel and 5.5%-6% excluding fuel; earlier GRI timing versus 2025 contributed to the comparison.

• Q4 effective tax rate is expected at 24.8%; fringe benefits and fuel-related input inflation remain headwinds, with incremental margins indicated at ~45%.

• FY 2026 capital expenditures are estimated at $380M: $180M for service centers, $155M for tractors and trailers, and $45M for technology and other assets.