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Old Dominion Freight Line

ODFL Q1 2026 Earnings

Reported Apr 29, 2026 at 9:03 AM ET · SEC Source

Q1 26 EPS

$1.14

Q1 26 Revenue

$1.33B

MISS 6.87%

Est. $1.43B

vs S&P Since Q1 26

+7.9%

BEATING MARKET

ODFL +10.8% vs S&P +2.9%

Market Reaction

Did ODFL Beat Earnings? Q1 2026 Results

Old Dominion Freight Line delivered a disappointing first quarter, with diluted EPS of $1.14 missing the $1.31 consensus estimate by 12.89% and revenue of $1.33 billion falling 6.87% short of expectations and 5.2% below year-ago levels. The primary c… Read more Old Dominion Freight Line delivered a disappointing first quarter, with diluted EPS of $1.14 missing the $1.31 consensus estimate by 12.89% and revenue of $1.33 billion falling 6.87% short of expectations and 5.2% below year-ago levels. The primary culprit was a sharp volume contraction, as LTL tons per day tumbled 7.7%, driven by a 7.9% decline in shipments per day, pressuring overhead absorption and pushing the operating ratio 80 basis points wider to 76.2%. The softer demand environment was not entirely without silver linings; LTL revenue per hundredweight excluding fuel surcharges climbed 4.4% to $29.13, reflecting disciplined pricing, and CEO Marty Freeman noted that volumes and yield both strengthened as the quarter progressed. Several analysts have taken note of that improving trajectory, with freight recovery showing resilience prompting ratings upgrades across the Street. Management guided for roughly $265 million in full-year capital expenditures, signaling continued network investment and confidence in capturing market share when demand meaningfully recovers.

Key Takeaways

  • • LTL revenue per hundredweight excluding fuel surcharges increased 4.4% year-over-year, reflecting disciplined yield management
  • • LTL shipments per day decreased 7.9% and LTL tons per day decreased 7.7% year-over-year
  • • Operating ratio increased 80 basis points to 76.2% due to deleveraging of overhead costs on lower revenue
  • • Direct operating costs improved as a percent of revenue due to revenue quality and operating efficiencies
  • • Demand for LTL service improved as the quarter progressed with acceleration in LTL volumes
  • • Industry-leading 99% on-time service and claims ratio below 0.1%
  • • LTL weight per shipment increased 0.3% year-over-year

ODFL Forward Guidance & Outlook

Old Dominion expects aggregate capital expenditures for 2026 to total approximately $265 million, including $125 million for real estate and service center expansion projects, $95 million for tractors and trailers, and $45 million for information technology and other assets. Management noted that demand for LTL services improved as Q1 progressed and expressed confidence in the company's ability to win market share and generate profitable revenue growth as the demand environment improves, emphasizing that the team has all necessary capacity elements to manage incremental volume opportunities.

24/7 Wall St

ODFL YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

ODFL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Old Dominion's first quarter financial results reflect a continuation of encouraging trends that started developing late last year. While our first quarter revenue decreased on a year-over-year basis, demand for our LTL service improved as the quarter progressed. The improvement in demand, coupled with our ability to consistently deliver superior service to our customers, contributed to both the acceleration in our LTL volumes and improvement in our yield during the quarter.”

— Marty Freeman, Q1 2026 Earnings Press Release

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