Q2 25 EPS
$1.27
MISS 1.06%
Est. $1.28
Q2 25 Revenue
$1.41B
MISS 0.59%
Est. $1.42B
vs S&P Since Q2 25
+50.2%
BEATING MARKET
ODFL +67.1% vs S&P +17.0%
Market Reaction
Did ODFL Beat Earnings? Q2 2025 Results
Old Dominion Freight Line delivered a disappointing second quarter, missing on both the top and bottom lines as a prolonged domestic freight recession continued to weigh on results. The less-than-truckload carrier posted diluted EPS of $1.27, falling… Read more Old Dominion Freight Line delivered a disappointing second quarter, missing on both the top and bottom lines as a prolonged domestic freight recession continued to weigh on results. The less-than-truckload carrier posted diluted EPS of $1.27, falling short of the $1.28 consensus estimate by 1.06%, while revenue slid 6.1% year-over-year to $1.41 billion against expectations of $1.42 billion. The primary culprit was a sharp 9.3% drop in LTL tons per day, which pressured overhead absorption and pushed the operating ratio 270 basis points higher to 74.6%, contributing to a 16.6% decline in net income to $268.63 million. Notably, a roughly 10% stock decline over the past quarter reflects investor frustration with an environment that has lasted longer than many anticipated. Still, Old Dominion preserved yield discipline, with LTL revenue per hundredweight excluding fuel surcharges rising 5.3%, and management expressed confidence that consistent network investment, backed by roughly $450 million in planned 2025 capital expenditures, positions the company to benefit when freight demand recovers.
Key Takeaways
- • LTL tons per day decreased 9.3% due to 7.3% decline in shipments per day and 2.1% decline in weight per shipment
- • LTL revenue per hundredweight excluding fuel surcharges increased 5.3% year-over-year through yield management discipline
- • Operating ratio deteriorated 270 basis points to 74.6% due to revenue deleveraging and higher depreciation expenses
- • Increased costs associated with group health and dental plans pressured direct operating costs
- • On-time service performance of 99% and cargo claims ratio of 0.1%
- • Average active full-time employees decreased 4.8% year-over-year to 21,621
ODFL YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ODFL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Old Dominion's financial results in the second quarter reflect the ongoing softness in the domestic economy. While the challenging macroeconomic backdrop created demand headwinds for our business during the quarter, our market share remained relatively consistent and our team continued to execute on our long-term strategic plan. The cornerstone of our plan remains our commitment to creating an unmatched value proposition for our customers by providing them with superior service at a fair price. As a result, we were pleased to once again achieve an on-time service performance of 99% and a cargo claims ratio of 0.1%.”
— Marty Freeman, Q2 2025 Earnings Press Release
ODFL Earnings Trends
ODFL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ODFL EPS Trend
Earnings per share: estimate vs actual
ODFL Revenue Trend
Quarterly revenue: estimate vs actual
ODFL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.14 | — | $1.33B | -6.87% |
| Q4 25 MISS FY | $1.10 | $1.09 | -0.91% | $1.31B | +0.40% |
| FY Full Year | $4.81 | $4.84 | +0.66% | $5.50B | +0.09% |
| Q3 25 BEAT | $1.22 | $1.28 | +5.25% | $1.41B | +0.28% |
| Q2 25 MISS | $1.28 | $1.27 | -1.06% | $1.41B | -0.59% |
| Q1 25 BEAT | $1.14 | $1.19 | +4.14% | $1.37B | +0.49% |