ODFL

Research · Sep 3, 2026

[ODFL] Old Dominion Freight Thesis 2026: LTL Volume Decline Tests Operating Ratio Discipline

Old Dominion Freight Line FY25 (Dec 31, 2025) at $5.50B revenue (-5.5%). NI $1.02B; EPS $4.83 (-12%). LTL tons/day -10.7% on freight cycle weakness; rev/cwt +5.6%. Q4 OR 76.7% (+80bp). 99% on-time service, 0.1% cargo claims. Q1 FY26 revenue/day $1.25-$1.30B; OR +150bp Q-o-Q. Cautious optimism + share gain expected.