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Old Dominion Freight Line

ODFL · Nasdaq

Fewer shipments, yet 30.0% more operating income

Daily shipments fell to 42,332 from 44,907, yet operating income rose 30.0% to $465.3M on higher revenue per hundredweight.

Q2 FY2026, the quarter to Jun 30, 2026 · 10-Q filed Aug 5, 2026

Q2 FY2026 · revenue
$1.6B+10.4% on the year
Operating margin
29.9%
Net income
$350.6M
Free cash flow, quarter
$195.7M

Largest source of revenue: LTL Service Revenue, 99.0% of the total.

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Where Old Dominion Freight Line's money goes

Tap the picture to explore the flow: levels, scale, every line and its figures.
Key insights · Q2 FY2026
  1. 01

    Fewer shipments, yet 30.0% more operating income

    Daily shipments fell to 42,332 from 44,907, yet operating income rose 30.0% to $465.3M on higher revenue per hundredweight.

    Why it matters

    Revenue rose 10.4% to $1.55B while the company moved less freight: LTL tonnage per day fell to 31,804 from 33,178 and LTL shipments per day to 42,332 from 44,907. The filing attributes the growth to higher LTL revenue per hundredweight, $37.84 against $32.84 a year earlier, partly offset by the lower volume. Revenue per shipment was $568.55 against $485.31.1

    The freight mix worked against the yield, not for it. The filing says heavier shipments typically lower revenue per hundredweight and shorter hauls lower it too. Weight per shipment rose to 1,503 lbs from 1,478 and average length of haul eased to 909 miles from 912. The higher yield therefore came from pricing and fuel surcharges, not from a lighter or longer-haul mix.1

    Part of the yield is fuel. The surcharge is indexed to weekly Department of Energy diesel prices and sits inside revenue per hundredweight. The filing reports a smaller yield increase once fuel surcharges are excluded and credits that remainder to its yield management strategy, a cost-based approach that aims to offset its own cost inflation.1

    Operating income grew 30.0% against revenue's 10.4%, nearly three times as fast. Operating expenses were 70.1% of revenue, against 74.6% a year earlier, the operating ratio management uses to judge itself.1

    AnalysisOur reading: revenue that comes from price rather than from extra freight arrives with little added cost, since it needs no extra pickups, terminal handling or linehaul miles. That is why a quarter with less freight can still widen the margin. The fuel part of the price is different: it arrives with a matching diesel cost.

  2. 02

    Labor's lower share explains most of the margin gain

    Salaries, wages and benefits fell to 44.2% of revenue from 47.7%, a 3.51-point drop against a 4.52-point rise in operating margin.

    Why it matters

    Salaries, wages and benefits grew 2.3% to $687.3M while revenue grew 10.4%. Their share of revenue fell 3.51 points, which on its own covers most of the 4.52-point rise in operating margin, to 29.9% from 25.4%. The filing credits the leverage of higher yield, better platform and linehaul productivity and fewer full-time employees on average, partly offset by higher bonus pay, the annual wage increase and higher benefit costs.1

    The other lines moved less. Depreciation and amortization fell to 5.9% of revenue from 6.4%, worth 0.54 points. Fuel pulled the other way: operating supplies and expenses rose 24.7% to $177.7M, 11.4% of revenue against 10.1% a year earlier, a 1.31-point drag the filing attributes mainly to diesel.1

    Two caveats. Revenue includes fuel surcharges, so higher diesel prices lift the denominator of every cost-to-revenue ratio, labor's included, and part of the lower labor share is that price effect. And the miscellaneous line helped: it was $9.6M of income, 0.62% of revenue, against an $11.3M expense, 0.80% of revenue, a year earlier, which the filing says came mainly from gains on selling property and equipment.1

    AnalysisOur reading: part of the labor line moves with profit. The filing says retirement plan costs are directly linked to net income and that bonus pay is performance-based, so in a strong quarter some of the saving is handed back as benefits, and in a weak one that part of the cost falls with profit.

  3. 03

    Profit rose, but cash from operations fell

    Net income rose 30.5% to $350.6M while operating cash flow slipped to $272.7M from $285.8M, converting 78% of profit against 106% a year earlier.

    Why it matters

    In the second quarter of FY2026, operating cash flow was $272.7M against net income of $350.6M, a conversion of 0.78. A year earlier, operating cash flow of $285.8M exceeded net income of $268.6M, about 106% of it. Profit grew 30.5% while cash from operations went down.1

    The filing does not explain the quarter on its own. For the first six months it attributes the change in operating cash flow to higher net income, partly offset by changes in certain working capital accounts.1

    Low capital spending kept free cash flow healthy despite the gap. Capital spending was $77.0M, 5.0% of revenue, against $187.2M in the same quarter a year earlier, and free cash flow was $195.7M, 12.6% of revenue, against $98.7M.1

    AnalysisOur reading: when revenue jumps within a quarter, much of it is billed but not yet collected at the quarter's end, so cash tends to trail profit for a period before catching up. One quarter does not show a trend; the next quarters' conversion is the test.

Sources

  1. 1.Old Dominion Freight Line 10-Q for the period to 2026-06-30 (the filing), Aug 5, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $3.0B in FY2016 to $5.5B in FY2025, the operating margin from 16.2% to 24.8%, over 9 years.

  • Revenue$5.5B
  • Operating income$1.4B
  • Operating margin24.8%
Period
Q2 FY2026
Revenue
$1.6B
Operating income
$465.3M
Operating margin
29.9%
Net income
$350.6M
Free cash flow
$195.7M
Business performance

Does the profit turn into cash?

Q2 FY2026: free cash flow of $195.7M against net income of $350.6M in the quarter.

  • Operating cash flow$1.4B
  • Capital expenditure$415.0M
  • Free cash flow$955.1M
  • Net income$1.0B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Revenue streams

Significant Accounting Policies - Disaggregated Revenue (Details). The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
Not reported
the company reports expenses by nature: no cost of revenue or gross profit line exists
Operating margin
29.9%
Source10-Q, Derived from Operating income and Revenue from operations in the 10-Q filed 2026-08-05
Net margin
22.6%
Source10-Q, Derived from Net income and Revenue from operations in the 10-Q filed 2026-08-05
Free cash flow, quarter
$195.7M
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-05
Free cash flow margin, quarter
12.6%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-05
Cash conversion, quarter
0.78x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-05
Capital spending, quarter
5.0%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-05
Revenue growth
+10.4%
From the record's own history, against the prior year.

Not reported, or not derivable

  • gross margin: the company reports expenses by nature: no cost of revenue or gross profit line exists

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

LTL Service Revenue$1.5B99.0%
Other Service Revenue$15.1M1.0%

Source10-Q, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, as reported in the 10-Q filed 2026-08-05

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

The filing's cost lines could not be read beneath operating income.

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Average length of haul
909 miles
As of Jun 30, 2026
View source
Average length of haul (miles) 909 912
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026
Cargo claims ratio
0.1%
As of Jun 30, 2026
View source
We continued to maintain our commitment to superior customer service by providing our customers with 99% on-time service and a cargo claims ratio of 0.1% during the second quarter and first six months of 2026, which supported the continued improvement in our yield.
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026
LTL revenue per hundredweight
$38
As of Jun 30, 2026
View source
LTL revenue per hundredweight $ 37.84 $ 32.84
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026
LTL revenue per shipment
$569
As of Jun 30, 2026
View source
LTL revenue per shipment $ 568.55 $ 485.31
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026
LTL shipments per day
42,332 shipments
As of Jun 30, 2026
View source
LTL shipments per day 42,332 44,907
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026
LTL tonnage per day
31,804 tons
As of Jun 30, 2026
View source
LTL tonnage per day 31,804 33,178
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026
LTL weight per shipment
1,503 lbs
As of Jun 30, 2026
View source
LTL weight per shipment (lbs.) 1,503 1,478
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026
On-time service
99.0%
As of Jun 30, 2026
View source
We continued to maintain our commitment to superior customer service by providing our customers with 99% on-time service and a cargo claims ratio of 0.1% during the second quarter and first six months of 2026, which supported the continued improvement in our yield.
Item 2. Management’s Discussion and Analysis o f Financial Condition and Results of Operations, 10-Q filed Aug 5, 2026

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement24 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeOf revenueSource
Income Statement
Revenue from operations$1.55B$1.41B+10%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, as reported in the 10-Q filed 2026-08-05
Operating expenses:
Salaries, wages and benefits$687.3M$672.1M+2.3%44.2%Source10-Q, us-gaap:LaborAndRelatedExpense, as reported in the 10-Q filed 2026-08-05
Operating supplies and expenses$177.7M$142.5M+25%11.4%Source10-Q, us-gaap:OperatingCostsAndExpenses, as reported in the 10-Q filed 2026-08-05
General supplies and expenses$46.4M$41.7M+11%3.0%Source10-Q, odfl:OtherSellingAndGeneralExpense, as reported in the 10-Q filed 2026-08-05
Operating taxes and licenses$34.3M$35.0M-2.0%2.2%Source10-Q, us-gaap:DirectTaxesAndLicensesCosts, as reported in the 10-Q filed 2026-08-05
Insurance and claims$18.9M$18.8M+0.7%1.2%Source10-Q, us-gaap:OperatingInsuranceAndClaimsCostsProduction, as reported in the 10-Q filed 2026-08-05
Communications and utilities$8.2M$9.3M-12%0.5%Source10-Q, us-gaap:DirectCommunicationsAndUtilitiesCosts, as reported in the 10-Q filed 2026-08-05
Depreciation and amortization$91.7M$90.7M+1.2%5.9%Source10-Q, us-gaap:DepreciationAndAmortization, as reported in the 10-Q filed 2026-08-05
Purchased transportation$33.8M$28.5M+18%2.2%Source10-Q, odfl:PurchasedTransportation, as reported in the 10-Q filed 2026-08-05
Miscellaneous (income) expense, net (shown as a deduction)($9.6M)-$11.3M0.6%Source10-Q, us-gaap:OtherOperatingIncomeExpenseNet, as reported in the 10-Q filed 2026-08-05
Total operating expenses$1.09B$1.05B+3.7%70.1%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-08-05
Income Statement
Operating income$465.3M$357.9M+30%29.9%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-05
Non-operating (income) expense:
Interest expense$76.0K$6.0K+1,167%0.0%Source10-Q, us-gaap:InterestAndDebtExpense, as reported in the 10-Q filed 2026-08-05
Interest income (shown as a deduction)($2.4M)$684.0K+257%0.2%Source10-Q, us-gaap:InvestmentIncomeNet, as reported in the 10-Q filed 2026-08-05
Other expense, net (shown as a deduction)(-$198.0K)-$1.4M-85%0.0%Source10-Q, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-Q filed 2026-08-05
Total non-operating (income) expense (shown as a deduction)($2.2M)-$679.0K0.1%Source10-Q, us-gaap:NonoperatingIncomeExpense, as reported in the 10-Q filed 2026-08-05
Income Statement
Income before income taxes$467.5M$357.2M+31%30.1%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-08-05
Provision for income taxes$116.9M$88.6M+32%7.5%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-08-05
Net income$350.6M$268.6M+31%22.6%Source10-Q, us-gaap:ProfitLoss, as reported in the 10-Q filed 2026-08-05
Earnings per share:
Basic$2$1+33%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-08-05
Diluted$2$1+32%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-08-05
Weighted average shares outstanding:
Basic207,659,000211,083,000-1.6%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-08-05
Diluted208,715,000212,164,000-1.6%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-08-05
Income Statement
Dividends declared per share$0$0+3.6%0.0%Source10-Q, us-gaap:CommonStockDividendsPerShareDeclared, as reported in the 10-Q filed 2026-08-05
Cash flow statement2 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ2 FY2026A year earlierChangeSource
Cash flows from operating activities:
Net income$350.6M$268.6M+31%Source10-Q, us-gaap:ProfitLoss, as reported in the 10-Q filed 2026-08-05
Statement of Cash Flows
Cash and cash equivalents at end of period$283.9M$24.1M+1,080%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-08-05
Balance sheet32 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeSource
Current assets:
Cash and cash equivalents$283.9MSource10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-05
Customer receivables, less allowances of $9,530 and $7,924, respectively$594.5MSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-08-05
Income taxes receivable$8.1MSource10-Q, us-gaap:IncomeTaxesReceivable, as reported in the 10-Q filed 2026-08-05
Other receivables$23.5MSource10-Q, us-gaap:OtherReceivablesNetCurrent, as reported in the 10-Q filed 2026-08-05
Prepaid expenses and other current assets$93.9MSource10-Q, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-Q filed 2026-08-05
Total current assets$1.00BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-08-05
Property and equipment:
Revenue equipment$2.72BSource10-Q, us-gaap:MachineryAndEquipmentGross, as reported in the 10-Q filed 2026-08-05
Land and structures$3.57BSource10-Q, odfl:BuildingsLandAndImprovementsGross, as reported in the 10-Q filed 2026-08-05
Other fixed assets$666.0MSource10-Q, us-gaap:PropertyPlantAndEquipmentOther, as reported in the 10-Q filed 2026-08-05
Leasehold improvements$10.3MSource10-Q, us-gaap:LeaseholdImprovementsGross, as reported in the 10-Q filed 2026-08-05
Total property and equipment$6.96BSource10-Q, us-gaap:PropertyPlantAndEquipmentGross, as reported in the 10-Q filed 2026-08-05
Less: Accumulated depreciation (shown as a deduction)($2.52B)Source10-Q, us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, as reported in the 10-Q filed 2026-08-05
Net property and equipment$4.44BSource10-Q, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 10-Q filed 2026-08-05
Assets
Other assets$291.1MSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-08-05
Total assets$5.74BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-08-05
Current liabilities:
Accounts payable$81.0MSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-08-05
Compensation and benefits$280.2MSource10-Q, us-gaap:EmployeeRelatedLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-05
Claims and insurance accruals$80.6MSource10-Q, odfl:CarryingAmountOfAccruedKnownAndEstimatedLosses, as reported in the 10-Q filed 2026-08-05
Other accrued liabilities$69.5MSource10-Q, us-gaap:AccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-05
Income taxes payable$0Source10-Q, us-gaap:AccruedIncomeTaxesCurrent, as reported in the 10-Q filed 2026-08-05
Current maturities of long-term debt$20.0MSource10-Q, us-gaap:LongTermDebtCurrent, as reported in the 10-Q filed 2026-08-05
Total current liabilities$531.4MSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-08-05
Long-term liabilities:
Long-term debt$0Source10-Q, us-gaap:LongTermDebtNoncurrent, as reported in the 10-Q filed 2026-08-05
Other non-current liabilities$286.1MSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-08-05
Deferred income taxes$370.7MSource10-Q, us-gaap:DeferredIncomeTaxLiabilitiesNet, as reported in the 10-Q filed 2026-08-05
Total long-term liabilities$656.8MSource10-Q, us-gaap:LiabilitiesNoncurrent, as reported in the 10-Q filed 2026-08-05
Liabilities and shareholders’ equity
Total liabilities$1.19BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-08-05
Shareholders' equity:
Common stock - $0.10 par value, 560,000,000 shares authorized, 207,471,296 and 208,556,788 shares outstanding at June 30, 2026 and December 31, 2025, respectively$20.7MSource10-Q, us-gaap:CommonStockValueOutstanding, as reported in the 10-Q filed 2026-08-05
Capital in excess of par value$237.5MSource10-Q, us-gaap:AdditionalPaidInCapitalCommonStock, as reported in the 10-Q filed 2026-08-05
Retained earnings$4.29BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-08-05
Total shareholders’ equity$4.55B$4.23B+7.5%Source10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-08-05
Liabilities and shareholders’ equity
Total liabilities and shareholders’ equity$5.74BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-08-05

About this data

Source
Old Dominion Freight Line 10-Q, accession 0000878927-26-000023, filed Aug 5, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Old Dominion Freight Line's model up, and what could bend it

Competitive edge

  • Service quality is what holds the price

    The company reports 99% on-time service and a 0.1% cargo claims ratio, and credits them with supporting its higher yield.

    The detail

    The filing reports 99% on-time service and a cargo claims ratio of 0.1% for the quarter, in the same sentence that says these levels supported the continued improvement in its yield. Insurance and claims cost $18.9M, 1.2% of revenue.1

    AnalysisOur reading: LTL freight passes through several terminals and many hands, so on-time and damage-free delivery are what a shipper is paying for. A carrier that keeps those numbers can ask for a higher rate and keep the customer; one that cannot has only price to compete on.

  • Capacity built early now turns profit into cash

    Capital spending fell to $415.0M in FY2025 from $771.3M, and free cash flow rose to $955.1M even as revenue fell.

    The detail

    Capital spending was $771.3M in FY2024, 13.3% of revenue, and $415.0M in FY2025, 7.6% of revenue. Free cash flow rose to $955.1M from $888.0M although revenue fell to $5.50B from $5.81B. In FY2025 free cash flow came close to net income, $955.1M against $1.02B, after trailing it further in FY2024, $888.0M against $1.19B.1

    The filing says capital spending varies with its plan for long-term growth, that spending was below its historical range in FY2025 and is expected to stay below it this year, as the company uses available capacity within its existing network for growth.1

    AnalysisOur reading: terminals and trucks bought during the busy years are now serving freight without new spending, so a recovery in volume could be handled with room already in place. The low-spend cash flow lasts only while that spare capacity does.

  • One union-free network, run with its own trucks

    LTL services are 99.0% of revenue, and freight paid to outside carriers is only $33.8M, 2.2% of revenue.

    The detail

    LTL services brought in $1.54B of the quarter's $1.55B revenue, 99.0%. The company describes itself as a single integrated, union-free organization with one reportable segment. Purchased transportation, which the filing describes as third-party transportation used to supplement its workforce and equipment, was $33.8M, 2.2% of revenue.1

    AnalysisOur reading: running its own terminals, trucks and people lets the company control handling at every step, which is what the service figures measure. The trade-off is a largely fixed cost base that earns most when the network is full.

What to watch

  • Unhedged diesel runs through revenue and cost

    Operating supplies, led by diesel, rose 24.7% to $177.7M; the company does not hedge and relies on surcharges to recover it.

    The detail

    Operating supplies and expenses rose to 11.4% of revenue from 10.1%, mainly on diesel. The filing says the company does not use fuel hedging instruments, so its costs follow market prices, and it lists the effectiveness of its fuel surcharges as a risk factor.1

    AnalysisOur reading: the surcharge lifts revenue per hundredweight when diesel rises, so part of this quarter's yield would fall away if diesel prices fell. Margins measured against a surcharge-inflated revenue line would then look different even with no change in base pricing.

  • A fixed network feels lost volume sharply

    Revenue fell from $6.26B in FY2022 to $5.50B in FY2025, while operating income fell from $1.84B to $1.36B.

    The detail

    Over the freight cycle, revenue fell from $6.26B in FY2022 to $5.50B in FY2025 and operating income from $1.84B to $1.36B, taking the operating margin to 24.8% from 29.4%. This quarter LTL tonnage per day was still below a year earlier, 31,804 against 33,178.1

    The filing says demand for its services is tied to industrial production and the health of the U.S. domestic economy, and lists downturns, tariffs, competitive pricing pressure and seasonal trends as risks. It notes first and fourth quarters typically bring lower revenue and margins; in Q1 FY2026 the operating margin was 23.8% on revenue of $1.33B.1

  • Pricing has to keep pace with labor costs

    Salaries, wages and benefits are $687.3M, 44.2% of revenue, so rates that lag pay and benefit inflation would reach margin directly.

    The detail

    The filing names its inability to raise customer rates enough to offset cost increases as a risk, along with rising pay and benefit costs to attract and retain drivers and technicians, healthcare costs, and the unionization of a workforce that is union-free today. It reports higher benefit costs this quarter from retirement plan costs and higher costs per health claim.1

    AnalysisOur reading: this is the risk the quarter's numbers do not yet show and the one the model depends on most. The margin gain rests on price rising faster than labor costs; if that order reversed while volume stayed low, the largest cost line would move against the margin.

Sources

  1. 1.Old Dominion Freight Line 10-Q for the period to 2026-06-30 (the filing), Aug 5, 2026, read Nov 2, 2026
Go deeper

Old Dominion Freight Line, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Old Dominion Freight Line's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • How much of the margin gain is fuel, and how much is price?

    What the quarter's margin depends on once the diesel effect is separated out, and which reported measures show whether base pricing keeps pace with wages and benefits.

  • What a freight recovery would do to the cost base

    How labor, depreciation and capital spending would respond if shipments per day turned up, and what would end the low-spend years for capital.

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Questions to start with
  • How much of Old Dominion's higher revenue per hundredweight in Q2 FY2026 came from fuel surcharges rather than base rates?
  • Why did Old Dominion's labor costs fall to 44.2% of revenue in a quarter when it moved fewer shipments?
  • Why did Old Dominion's operating cash flow fall in Q2 FY2026 while its net income rose 30.5%?

Business Lens describes Old Dominion Freight Line from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.