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Old Dominion Freight Line

Old Dominion Freight Line (ODFL) Q2 2026 Earnings

Reported Jul 29, 2026 at 9:14 AM ET · SEC Source

Q2 26 EPS

$1.68

BEAT +9.72%

Est. $1.53

Q2 26 Revenue

$1.55B

BEAT +0.95%

Est. $1.54B

vs S&P Since Q2 26

-11.4%

TRAILING MARKET

ODFL -7.1% vs S&P +4.3%

Market Reaction

Did ODFL Beat Earnings? Q2 2026 Results

Old Dominion Freight Line delivered a standout second quarter for 2026, posting diluted earnings per share of $1.68 against a consensus estimate of $1.53, a beat of 9.72%, as the less-than-truckload carrier demonstrated that disciplined yield managem… Read more Old Dominion Freight Line delivered a standout second quarter for 2026, posting diluted earnings per share of $1.68 against a consensus estimate of $1.53, a beat of 9.72%, as the less-than-truckload carrier demonstrated that disciplined yield management can more than compensate for softer freight volumes. Revenue climbed 10.4% year over year to $1.55 billion, edging past the $1.54 billion estimate, with a 15.2% surge in LTL revenue per hundredweight doing the heavy lifting even as LTL tons per day slipped 4.1%. The pricing strength flowed directly to the bottom line, driving operating income up 30.0% to $465.30 million and pushing the operating ratio 450 basis points lower to 70.1%, a level that underscored the efficiency gains analysts had been watching for as a potential signal of freight cycle inflection. Net income grew 30.5% to $350.60 million. With $380 million in capital expenditures planned for 2026 and a balance sheet carrying zero long-term debt, management signaled confidence in capturing additional market share as demand conditions continue to evolve.

Key Takeaways

  • • 15.2% increase in LTL revenue per hundredweight driving revenue growth
  • • 5.5% increase in LTL revenue per hundredweight excluding fuel surcharges
  • • Operating ratio improved 450 basis points to 70.1%
  • • 230 basis-point improvement in direct operating costs as a percent of revenue
  • • $17.2 million net gains from disposal of property and equipment reduced overhead costs
  • • 99% on-time service and 0.1% claims ratio
  • • 1.7% increase in LTL weight per shipment partially offsetting shipment volume decline
  • • Disciplined yield management approach

ODFL Forward Guidance & Outlook

Old Dominion expects aggregate capital expenditures for 2026 to total approximately $380 million, including $180 million for real estate and service center expansion projects, $155 million for tractors and trailers, and $45 million for information technology and other assets. Management expressed confidence that the company is uniquely positioned to win market share and increase shareholder value over the long term as the demand environment continues to evolve, supported by its investments in network capacity, technology, and people.

24/7 Wall St

ODFL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

ODFL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Old Dominion's second quarter financial results include a 10.4% increase in revenue, a 30.0% increase in operating income, and earnings per diluted share that match our previous Company record that we set in the third quarter of 2022. The strength of our second quarter financial results reflects continued improvement in demand trends and the benefits of our long-term focus on yield discipline and operational execution. In addition, we continued to provide our customers with best-in-class customer service with 99% on-time service and a claims ratio of 0.1%.”

— Marty Freeman, Q2 2026 Earnings Press Release

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