OLD DOMINION FREIGHT LINE, INC.ODFL
OLD DOMINION FREIGHT LINE, INC. Financial Overview 2021–2025
Updated Jul 10, 2026Despite a prolonged domestic freight recession driving a 9.1% drop in LTL tonnage, Old Dominion Freight Line still engineered a 4.8% increase in revenue per hundredweight (excluding fuel surcharges) in FY2025. This aggressive pricing discipline over pure volume constitutes the core investment thesis: the carrier can defend its profitability and fund substantial capital returns even during severe macroeconomic downturns.
The broader financial trajectory illustrates this resilience amidst shifting demand. Revenue initially surged from $5.3 billion in FY2021 to a peak of $6.3 billion in FY2022, before macroeconomic headwinds brought the top line down to $5.5 billion by FY2025. Despite this loss in network density, Old Dominion maintained a tight 75.2% operating ratio in FY2025, minimizing the deleveraging effects of lower revenue. To support long-term capacity, the company consistently invested in its infrastructure, though capital expenditures were strategically dialed back to $366.5 million in FY2025 from a high of $751.2 million in FY2024.
Management has utilized robust cash flows to aggressively shrink the float. The company executed $2.26 billion in share repurchases in FY2024 alone and finished FY2025 with another $1.54 billion remaining authorized for buybacks. Investors have rewarded this operational stability in a highly cyclical industry. At the close of FY2025, the market valued the company at a $32.7 billion market cap, with shares trading at $156.80 and commanding a premium 32.4x P/E multiple.
Recent Developments (Q4 2025 and Q1 2026)
Volume weakness continued into early 2026. This drove a 2.9% decrease in Q1 2026 revenue to $1.33 billion. Total LTL tons fell 7.7%. Lower volumes pushed the operating ratio up to 76.2% and caused net income to drop 6.4% to $238.3 million. Management lowered full-year 2026 capital expenditure guidance to $265 million. Cash equivalents simultaneously grew to $288.1 million. The board declared a $0.29 quarterly dividend in May 2026. Bulls will emphasize the company's pricing power, supported by a 5.7% increase in LTL revenue per hundredweight. Bears will note the stock appears richly valued relative to recent earnings performance, trading at 41.5x earnings as of May 6, 2026.
What to watch: stabilization in daily shipment volumes; utilization of the $1.45 billion remaining for share repurchases.
Rev
$5.50B
FY2025
NI
$1.02B
FY2025
EPS
$4.86
FY2025
OCF
$1.37B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All ODFL Financial Metrics(49)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Prepaid & Other
- PP&E
- Goodwill
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- APIC
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
OLD DOMINION FREIGHT LINE, INC. 8-K Report, Regulation FD Disclosure (Sep 3, 2026)
Old Dominion Freight Line, Inc. (ODFL) has filed an 8-K report on September 3, 2026, primarily to disclose operating metrics for the third quarter of 2026. This filing serves as a Regulation FD disclosure, ensuring that material information is broadly disseminated to investors. The press release, furnished as Exhibit 99.1, provides an update on key operational performance indicators for the ongoing quarter. Investors should review this press release for the latest insights into ODFL's business performance as it pertains to revenue generation and operational efficiency during the crucial third quarter period.
OLD DOMINION FREIGHT LINE, INC. 8-K Report, Financial Results (Jul 29, 2026)
Old Dominion Freight Line, Inc. (ODFL) has filed an 8-K report on July 29, 2026, to disclose its financial results for the second quarter ended June 30, 2026. The accompanying press release, furnished as Exhibit 99.1, details the company's performance during the quarter. Investors should review this press release for specific figures related to revenue, profitability, and any forward-looking statements or guidance provided by ODFL. While the 8-K itself is a procedural filing, the substance of the investor information lies within the press release. Key metrics such as earnings per share (EPS), operating income, and any changes in operational efficiency or market share are likely to be primary focuses for investors evaluating ODFL's current financial health and future prospects. The report also includes the Cover Page Interactive Data File in the specified format.
OLD DOMINION FREIGHT LINE, INC. 8-K Report, Corporate Update (Jul 23, 2026)
Old Dominion Freight Line, Inc. (ODFL) has announced a quarterly cash dividend of $0.29 per share of common stock. This dividend reflects the company's continued commitment to returning value to its shareholders. The payment date is set for September 16, 2026, with a record date of September 2, 2026. This announcement is a routine event for the company, signaling ongoing operational stability and financial health.
OLD DOMINION FREIGHT LINE, INC. 8-K Report, Regulation FD Disclosure (Jun 3, 2026)
Old Dominion Freight Line, Inc. (ODFL) has filed an 8-K report on June 3, 2026, primarily to disclose operating metrics for the second quarter of 2026 via a press release furnished as Exhibit 99.1. This filing provides investors with a timely update on the company's performance during the current quarter, allowing for assessment of recent operational trends. While specific financial results are not detailed within the 8-K text itself, the accompanying press release is expected to contain key performance indicators relevant to ODFL's business in the Less-Than-Truckload (LTL) freight sector. Investors should review the furnished press release for quantitative data and management commentary on these metrics.
OLD DOMINION FREIGHT LINE, INC. 8-K Report, Shareholder Vote Results (May 21, 2026)
Old Dominion Freight Line, Inc. (ODFL) filed an 8-K on May 21, 2026, detailing the outcomes of its Annual Meeting of Shareholders held on May 20, 2026. The report indicates strong shareholder support for the election of all twelve director nominees, with each receiving a significant majority of 'For' votes. Additionally, shareholders approved, on an advisory basis, the compensation of the company's named executive officers and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. In a significant move for income-focused investors, the company also announced on May 21, 2026, the declaration of a quarterly cash dividend of $0.29 per share. This dividend is payable on June 17, 2026, to shareholders of record as of June 3, 2026, demonstrating a continued commitment to returning value to its shareholders. The filing consolidates key governance and capital return information for ODFL stakeholders.
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