Old Dominion Freight Line Stock Earnings Reports

Key points for investors: Old Dominion reported Q3 2025 revenue of $1.41B, down 4.3% year-over-year driven primarily by a 9.0% decline in LTL tons per day, partially offset by a 4.7% increase in LTL revenue per hundredweight (yield improvement). Operating ratio worsened to 74.3% (up 160 bps) due to deleveraging from lower revenue and ongoing depreciation from recent capital investments. Management emphasized strong operating discipline and cost control: direct variable costs held roughly flat as a percent of revenue versus prior year, supported by workforce planning, dockyard management and route-optimization technology. Service performance remained best-in-class (management cited 99% on-time service and a 0.1% cargo claims ratio) and the company was named #1 national LTL provider in the Mastio survey for the 16th consecutive year. October preliminary trends are weaker: revenue per day down roughly 6.5%–7% and LTL tons per day down ~11.6% vs. prior year; management expects Q4 sequential operating ratio deterioration of roughly 250–350 basis points (central estimate ≈ 300 bps) if current revenue trends persist. Balance sheet & capital deployment: Q3 operating cash flow $437.5M ($1.1B YTD), capex $94M ($369.3M YTD), share repurchases $180.8M in Q3 ($605.4M YTD) and dividends $58.7M in Q3. Network/capacity: management says excess service-center capacity is well north of their 20–25% target (likely >30–35%), so real-estate CapEx is expected to be lower next year and several completed centers remain in reserve. Management remains confident in long-term strategy — disciplined pricing/yields, best-in-class service, investments in people and tech — positioning the company to capture profitable market share when demand inflects.