California State Teachers Retirement System boosted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 21,008.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,865,160 shares of the transportation company’s stock after purchasing an additional 63,562,602 shares during the quarter. California State Teachers Retirement System owned approximately 30.80% of Old Dominion Freight Line worth $13,833,194,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Bell Investment Advisors Inc acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $25,000. Solstein Capital LLC purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares during the period. Reflection Asset Management acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at $28,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.
Insider Activity at Old Dominion Freight Line In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president directly owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.20% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades ODFL has been the subject of a number of research analyst reports. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Jefferies Financial Group reiterated a “hold” rating and issued a $227.00 target price (down from $250.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Rothschild & Co Redburn cut their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research note on Tuesday, May 12th. Morgan Stanley reissued an “equal weight” rating and set a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $235.00 to $250.00 in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $228.91. Read Our Latest Analysis on ODFL
Old Dominion Freight Line Stock Performance Shares of ODFL opened at $187.01 on Wednesday. The stock has a 50 day moving average price of $213.33 and a 200 day moving average price of $210.41. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The stock has a market capitalization of $38.78 billion, a price-to-earnings ratio of 36.03, a PEG ratio of 3.12 and a beta of 1.16.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.27 EPS. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.
Old Dominion Freight Line Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is 22.35%.
(Free Report)
Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
Featured Articles Five stocks we like better than Old Dominion Freight Line Tesla’s Robotaxi Launch Wasn’t the Moment Investors Expected Despite Post-Earnings Drop, Wall Street Analysts Eye New Highs for Broadcom Stock Morgan Stanley Eyes Good Things Ahead for Meta After $18 Billion Legal Settlement Q3 Earnings Could Be the Catalyst the Market Has Been Waiting For Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report).
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Proficient Auto Logistics (NASDAQ:PAL – Get Free Report) and Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) are both industrials companies, but which is the better investment? We will compare the two businesses based on the strength of their dividends, risk, analyst recommendations, institutional ownership, profitability, valuation and earnings.
Valuation and Earnings This table compares Proficient Auto Logistics and Old Dominion Freight Line”s revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Proficient Auto Logistics $430.42 million 0.34 -$36.02 million ($1.41) -3.73 Old Dominion Freight Line $5.50 billion 7.06 $1.02 billion $5.19 36.03 Old Dominion Freight Line has higher revenue and earnings than Proficient Auto Logistics. Proficient Auto Logistics is trading at a lower price-to-earnings ratio than Old Dominion Freight Line, indicating that it is currently the more affordable of the two stocks. Profitability This table compares Proficient Auto Logistics and Old Dominion Freight Line’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Proficient Auto Logistics -9.24% -0.49% -0.33% Old Dominion Freight Line 19.44% 24.87% 19.47% Volatility & Risk Proficient Auto Logistics has a beta of 1.15, suggesting that its share price is 15% more volatile than the S&P 500. Comparatively, Old Dominion Freight Line has a beta of 1.16, suggesting that its share price is 16% more volatile than the S&P 500.
Analyst Recommendations This is a breakdown of current recommendations for Proficient Auto Logistics and Old Dominion Freight Line, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Proficient Auto Logistics 2 1 2 0 2.00 Old Dominion Freight Line 2 12 10 1 2.40 Proficient Auto Logistics currently has a consensus target price of $12.00, indicating a potential upside of 128.14%. Old Dominion Freight Line has a consensus target price of $228.91, indicating a potential upside of 22.40%. Given Proficient Auto Logistics’ higher possible upside, analysts plainly believe Proficient Auto Logistics is more favorable than Old Dominion Freight Line.
Insider & Institutional Ownership 77.8% of Old Dominion Freight Line shares are held by institutional investors. 14.2% of Proficient Auto Logistics shares are held by company insiders. Comparatively, 8.2% of Old Dominion Freight Line shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock is poised for long-term growth.
Summary Old Dominion Freight Line beats Proficient Auto Logistics on 13 of the 15 factors compared between the two stocks.
(Get Free Report)
Proficient Auto Logistics, Inc. focuses on providing auto transportation and logistics services in North America. It primarily focuses on transporting and delivering finished vehicles from automotive production facilities, ports of entry, and rail yards to a network of automotive dealerships. The company operates approximately 1,130 auto transport vehicles and trailers, including 615 company-owned transport vehicles and trailers. It serves auto companies, electric vehicle producers, auto dealers, auto auctions, rental car companies, and auto leasing companies. The company was formerly known as AH Acquisition Corp. and changed its name to Proficient Auto Logistics, Inc. in October 2023. The company was incorporated in 2023 and is based in Jacksonville, Florida.
About Old Dominion Freight Line (Get Free Report)
Old Dominion Freight Line, Inc. operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting. As of December 31, 2023, it owned and operated 10,791 tractors, 31,233 linehaul trailers, and 15,181 pickup and delivery trailers; 46 fleet maintenance centers; and 257 service centers. Old Dominion Freight Line, Inc. was founded in 1934 and is headquartered in Thomasville, North Carolina.
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SummaryMy portfolio is highly concentrated, with 40% in Old Dominion Freight Line, Texas Pacific Land, and LandBridge, reflecting high-conviction investing.ODFL offers unique LTL logistics, a pristine balance sheet, and real estate advantages, while TPL and LB provide exposure to Permian water, surface rights, and emerging AI data center trends.Both TPL and LB are shifting from traditional energy royalties to secular growth in water management and potential multi-decade data center cash flows, though execution risk remains.This concentrated strategy carries cyclical and execution risks, but I remain comfortable given the megatrends, inflation protection, and optionality embedded in these holdings.I do much more than just articles at Main Street Alpha: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »DogoraSun/iStock via Getty Images
Introduction I have always been fascinated by diversification, or at least by the many approaches and different techniques. Roughly 3.5 years ago, I wrote an article on the pyramid portfolio, which included data from Meir Statman (2004). It included
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of ODFL, TPL, LB, GE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announced today the release of its 2025 Sustainability Data Supplement. The 2025 Sustainability Data Supplement content has been informed by the Sustainability Accounting Standards Board (SASB) Road Transportation Sustainability Accounting Standard and is reported with reference to the Global Reporting Initiative (GRI) standards. Old Dominion received a limited assurance verification opinion for its 2025 Scope 1.
Key Takeaways Old Dominion's August LTL revenue per day increased 12.4% year over year.LTL tons per day fell 0.9% as shipments dropped 2.4%, partly offset by 1.7% higher weight per shipment.Quarter-to-date LTL revenue per hundredweight rose 11.3%, or 4.8% excluding fuel surcharges. Old Dominion Freight Line, Inc. (ODFL - Free Report) has provided an update on the performance of its less-than-truckload (LTL) segment, which is its primary revenue generator, for August.
Old Dominion's revenue per day increased 12.4% year over year in August 2026, owing to an increase in LTL revenue per hundredweight, which was partially offset by a 0.9% decrease in LTL tons per day. The reduction in LTL tons per day was owing to a 2.4% decrease in LTL shipments per day, which was partially offset by a 1.7% increase in LTL weight per shipment.
Quarter to date, Old Dominion’s LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 11.3% and 4.8%, respectively, year over year.
Marty Freeman, president and chief executive officer of Old Dominion, stated, “Old Dominion produced solid revenue growth for July and August, with underlying demand trends remaining relatively consistent as the quarter has progressed. In addition, the strength and consistency of our industry-leading service continue to support the ongoing improvement in our LTL revenue per hundredweight. Our value proposition remains best-in-class, and we have all the necessary elements of capacity in place to support volume growth as the business environment evolves. As a result, we remain confident that through the continued execution of our long-term strategic plan, we are well positioned to win profitable market share and increase shareholder value over the long term.”
ODFL’s Zacks Rank & Price PerformanceODFL currently carries a Zacks Rank #2 (Buy).
Shares of ODFL have gained 19.6% so far this year compared with 25.7% growth of the transportation-truck industry.
ODFL Stock’s YTD Price Comparison
Image Source: Zacks Investment Research
Other Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider Expeditors International of Washington, Inc. (EXPD - Free Report) and Seanergy Maritime Holdings (SHIP - Free Report) .
Expeditors currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
EXPD has an expected earnings growth rate of 28.6% for 2026. The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.
Seanergy Maritime Holdings currently sports a Zacks Rank #1.
SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.
THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (“LTL”) operating metrics for August 2026. Revenue per day increased 12.4% as compared to August 2025 due to an increase in our LTL revenue per hundredweight that was partially offset by a 0.9% decrease in LTL tons per day. The change in LTL tons per day was attributable to a 2.4% decrease in LTL shipments per day that was partially offset by a 1.7% increase in LTL weigh.
Key Takeaways ODFL supports shareholders through dividends and buybacks while maintaining a low debt profile. Pricing discipline adds strength, but weak freight demand weighs on the company. ODFL shares have gained so far this year, but underperform its industry and peers like JBHT and KNX. Old Dominion Freight Line, Inc. (ODFL - Free Report) is currently mired in multiple tailwinds, which, we believe, have made it an impressive investment option. The positive sentiment surrounding Old Dominion stock is evident from the fact that the Zacks Consensus Estimate for the third quarter of 2026 and the fourth quarter of 2026 earnings has been revised upward in the past 60 days. The consensus mark for 2026 and 2027 earnings has also been projected upward in the past 60 days.
The favorable estimate revisions indicate brokers’ lack of confidence in the stock.
Image Source: Zacks Investment Research
Given this backdrop, the question now arises whether it is worth buying, holding, or selling the Old Dominion stock at current prices. Let us delve deeper to find out.
Factors Working in Favor of ODFL StockODFL’s disciplined approach to pricing is highly commendable. The company’s cost-based approach to pricing enables it to retain customers and supports tonnage even in times of weak demand. This is borne out by the LTL revenue per hundredweight indicator (a commonly used indicator for general pricing trends in the industry), which for ODFL improved 2.4% in 2024 despite demand weakness. The same metric improved 3.9% year over year in 2025.
Old Dominion’s solid balance sheet increases financial flexibility. The company ended second-quarter 2026 with cash and equivalents of $283.9 million, higher than the current debt level of $20 million. This implies that the company has sufficient cash to meet its current debt obligations.
A solid balance sheet enables the company to reward shareholders with dividends and share repurchases. As a reflection of its shareholder-friendly stance, ODFL paid dividends of $175.1 million and repurchased shares worth $453.6 million in 2023, despite the weakness pertaining to freight demand. During 2024, ODFL paid out dividends worth $223.6 million and repurchased shares worth $967.3 million.
During 2025, ODFL paid out dividends worth $235.6 million and repurchased shares worth $730.3 million. For the first six months of this year, ODFL repurchased shares worth $239.7 million and paid $120.7 million in cash dividends.
ODFL Stock’s Price PerformanceShares of ODFL have gained 28.5% so far this year, underperforming the transportation-truck industry’s 35.1% surge, as well as that of other industry players, J.B. Hunt Transport Services (JBHT - Free Report) and Knight-Swift Transportation Holdings Inc. (KNX - Free Report) within the same time frame.
ODFL Stock’s YTD Price Comparison Image Source: Zacks Investment Research
Unattractive Valuation Picture for ODFL StockOld Dominion looks expensive from a valuation standpoint. Considering the forward 12-month price-to-sales ratio (P/E-F12M), ODFL is trading at a premium compared to the industry.
The stock has a forward 12-month P/E-F12M of 31.93X compared with 28.5X for the industry over the past five years. The company’s forward 12-month P/E-F12M ratio is also above the median level of 29.91X over the past five years. These factors indicate that the stock’s valuation is unattractive. ODFL has a Value Score of F.
ODFL P/E Ratio (Forward 12 Months) Vs. Industry Image Source: Zacks Investment Research
Time to Buy ODFL StockOld Dominion’s cost-based approach to pricing enables the company to retain customers and supports tonnage even in times of weak demand. ODFL’s solid balance sheet allows it to reward shareholders through dividends and share buybacks are impressive. Such shareholder-friendly moves boost investor confidence and positively impact the company's bottom line. We believe that the positives surrounding the stock (as highlighted throughout the write-up) outweigh the concerns regarding revenue weakness as geopolitical uncertainty and high inflation continue to hurt consumer sentiment and growth expectations. The increase in inflation in the past few months shows that we are not yet out of the woods as far as inflation is concerned. Driver shortages continue to bother the trucking industry and its players.
We, therefore, suggest investors add Old Dominion stock to their portfolios for healthy returns. The company’s Zacks Rank #2 (Buy) further supports our thesis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A month has gone by since the last earnings report for Old Dominion Freight Line (ODFL - Free Report) . Shares have lost about 5.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Old Dominion due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Old Dominion Q2 Earnings Beat EstimatesOld Dominion reported second-quarter 2026 earnings of $1.68 per share, up 32.3% year over year. The figure beat the Zacks Consensus Estimate of $1.52 by 10.5%. Revenues rose 10.4% to $1.55 billion and inched past the consensus mark of $1.54 billion by 0.8%. The upside reflected stronger yield, with LTL revenue per hundredweight increasing 15.2%, despite lower freight volumes.
LTL services revenues increased 10.3% year over year to $1.54 billion. Other services revenues advanced 19.5% to $15.1 million, supporting broad-based top-line growth during the quarter. The revenue increase was primarily driven by pricing and mix. LTL revenue per hundredweight, excluding fuel surcharges, improved 5.5% from the year-ago period. Management linked the increase to its disciplined approach to yield management, which is intended to offset cost inflation and fund continued investment in capacity, technology and employees.
LTL tons per day declined 4.1% year over year to 31,804. The decrease reflected a 5.7% drop in LTL shipments per day to 42,332, partly offset by a 1.7% increase in LTL weight per shipment to 1,503 pounds.
LTL revenue per shipment climbed 17.2% to $568.55. Excluding fuel surcharges, revenue per shipment rose 7.2% to $446.44, helping offset weaker shipment activity. LTL intercity miles fell 4.8%, while the average length of haul edged down 0.3% to 909 miles.
Total operating expenses increased 3.7% year over year to $1.09 billion, a much slower pace than revenue growth. Salaries, wages and benefits rose 2.3% to $687.3 million, while operating supplies and expenses increased 24.7% to $177.7 million.
The operating ratio (operating expenses as a percentage of revenues) improved 450 basis points to 70.1%. Direct operating costs as a percentage of revenues improved 230 basis points. Overhead efficiency also benefited from $17.2 million in net gains on property and equipment disposals, supporting the year-over-year margin expansion.
Operating income surged 30% year over year to $465.3 million. Net income advanced 30.5% to $350.6 million, while the net margin expanded to 22.6% from 19.1% in the prior-year quarter. The company maintained high service quality, reporting 99% on-time service and a claims ratio of 0.1%. Management said improving demand trends, disciplined pricing and operational execution helped produce profitable revenue growth while preserving the company’s customer-service standards.
Net cash provided by operating activities was $272.7 million in the second quarter and $646.3 million for the first half of 2026. Capital expenditures were $77 million in the quarter and $139.6 million through the first six months.
Old Dominion ended June with $283.9 million in cash and cash equivalents, up from $120.1 million at the end of 2025. Total assets were $5.74 billion, while total shareholders’ equity reached $4.55 billion. Current maturities of long-term debt were $20 million and no long-term debt remained on the balance sheet.
Old Dominion Raises Capital Spending PlanThe company now expects 2026 capital expenditures of about $380 million (earlier guidance was for $265 million). The plan includes $180 million for real estate and service-center expansion, $155 million for tractors and trailers, and $45 million for information technology and other assets.
The updated spending plan is significantly higher than the $265 million anticipated after the first quarter. This increase primarily reflects additional planned investment in real estate, service centers, tractors and trailers.
During the first half of 2026, ODFL used $239.7 million for share repurchases and paid $120.7 million in cash dividends. Management said continued investment in its network and workforce should provide the capacity needed to support customers as freight demand evolves and position the company to pursue additional market share.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates revision.
VGM ScoresCurrently, Old Dominion has a average Growth Score of C, a grade with the same score on the momentum front. However, the stock has a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Old Dominion has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry PlayerOld Dominion is part of the Zacks Transportation - Truck industry. Over the past month, Werner Enterprises (WERN - Free Report) , a stock from the same industry, has gained 4.5%. The company reported its results for the quarter ended June 2026 more than a month ago.
Werner reported revenues of $933.93 million in the last reported quarter, representing a year-over-year change of +24%. EPS of $0.22 for the same period compares with $0.11 a year ago.
For the current quarter, Werner is expected to post earnings of $0.39 per share, indicating a change of +1400% from the year-ago quarter. The Zacks Consensus Estimate has changed +12.1% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Werner. Also, the stock has a VGM Score of A.
Emerald Investment Advisers LLC purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 15,182 shares of the transportation company’s stock, valued at approximately $3,288,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ODFL. BlackRock Inc. acquired a new position in shares of Old Dominion Freight Line in the second quarter valued at $3,416,007,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp lifted its stake in shares of Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after buying an additional 70,736 shares during the last quarter. Boston Partners boosted its holdings in shares of Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after buying an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock worth $577,137,000 after buying an additional 365,424 shares during the period. 77.82% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades ODFL has been the topic of a number of research reports. TD Cowen reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Stifel Nicolaus set a $263.00 price target on Old Dominion Freight Line and gave the stock a “buy” rating in a report on Thursday, July 30th. Wells Fargo & Company upgraded Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $226.55.
Read Our Latest Research Report on Old Dominion Freight Line Old Dominion Freight Line Stock Up 1.0% Shares of Old Dominion Freight Line stock opened at $206.47 on Friday. The stock has a market capitalization of $42.81 billion, a price-to-earnings ratio of 39.78, a price-to-earnings-growth ratio of 3.59 and a beta of 1.18. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The company has a 50-day simple moving average of $220.21 and a two-hundred day simple moving average of $210.45.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business posted $1.27 EPS. The business’s revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.
Old Dominion Freight Line Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is 22.35%.
(Free Report)
Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
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Bank of New York Mellon Corp purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,508,261 shares of the transportation company’s stock, valued at approximately $543,289,000. Bank of New York Mellon Corp owned about 1.21% of Old Dominion Freight Line as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC increased its holdings in Old Dominion Freight Line by 9.9% during the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after purchasing an additional 46 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Old Dominion Freight Line by 1.3% during the first quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock worth $814,000 after purchasing an additional 55 shares during the last quarter. Keybank National Association OH grew its holdings in shares of Old Dominion Freight Line by 2.3% during the first quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock worth $479,000 after purchasing an additional 56 shares during the last quarter. Deseret Mutual Benefit Administrators increased its stake in shares of Old Dominion Freight Line by 9.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock valued at $101,000 after buying an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its holdings in shares of Old Dominion Freight Line by 1.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after buying an additional 60 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.
Old Dominion Freight Line Trading Up 1.0% NASDAQ:ODFL opened at $206.47 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a 50-day moving average price of $220.21 and a two-hundred day moving average price of $210.45. The stock has a market cap of $42.81 billion, a price-to-earnings ratio of 39.78, a PEG ratio of 3.55 and a beta of 1.18.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. The firm’s revenue was up 10.4% compared to the same quarter last year. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year. Old Dominion Freight Line Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.
Analyst Upgrades and Downgrades Several brokerages recently issued reports on ODFL. Morgan Stanley reiterated an “equal weight” rating and set a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the company a “buy” rating in a report on Thursday, July 30th. Evercore restated an “outperform” rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $235.00 to $250.00 in a report on Wednesday, July 8th. Finally, Barclays increased their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an “equal weight” rating in a research report on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $226.55.
Get Our Latest Report on Old Dominion Freight Line
Old Dominion Freight Line Company Profile (Free Report)
Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
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Investors interested in Transportation stocks should always be looking to find the best-performing companies in the group. Old Dominion Freight Line (ODFL - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
Old Dominion Freight Line is one of 110 companies in the Transportation group. The Transportation group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Old Dominion Freight Line is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for ODFL's full-year earnings has moved 8.6% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, ODFL has gained about 33.6% so far this year. At the same time, Transportation stocks have gained an average of 14.1%. As we can see, Old Dominion Freight Line is performing better than its sector in the calendar year.
Another Transportation stock, which has outperformed the sector so far this year, is Pacific Basin Shipping Ltd. (PCFBY - Free Report) . The stock has returned 59.3% year-to-date.
Over the past three months, Pacific Basin Shipping Ltd.'s consensus EPS estimate for the current year has increased 51.7%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Old Dominion Freight Line belongs to the Transportation - Truck industry, a group that includes 12 individual stocks and currently sits at #10 in the Zacks Industry Rank. Stocks in this group have gained about 33.7% so far this year, so ODFL is slightly underperforming its industry this group in terms of year-to-date returns.
On the other hand, Pacific Basin Shipping Ltd. belongs to the Transportation - Shipping industry. This 28-stock industry is currently ranked #30. The industry has moved +42.2% year to date.
Old Dominion Freight Line and Pacific Basin Shipping Ltd. could continue their solid performance, so investors interested in Transportation stocks should continue to pay close attention to these stocks.
Key Takeaways ODFL's Q2 earnings rose 32.3% to $1.68 per share as revenues increased 10.4% to $1.55 billion. Pricing and freight mix offset lower volumes, while its operating ratio improved 450 bps to 70.1%. ODFL raised 2026 capital spending to $380 million for service centers, equipment etc. Old Dominion Freight Line, Inc. (ODFL - Free Report) delivered a better-than-expected second quarter as pricing discipline and operating efficiency outweighed continued weakness in freight volumes. The result showed that the carrier can expand profits without a full demand recovery.
The larger question is whether a sharply higher capital-spending plan can extend that progress. Management is investing in service centers, equipment and technology while preserving excess capacity for future growth.
ODFL Delivers a Strong Q2 Earnings BeatSecond-quarter earnings rose 32.3% year over year to $1.68 per share, topping the Zacks Consensus Estimate of $1.52 by 10.5%. Revenues increased 10.4% to $1.55 billion and exceeded the consensus mark by 0.8%.
The earnings beat was the fourth successive one by ODFL. The average beat is 6.7%.
The top-line gain was driven mainly by pricing and freight mix. Less-than-truckload revenue per hundredweight increased 15.2%, while the measure excluding fuel surcharges improved 5.5%. Revenue per shipment advanced 17.2%, helping offset lower shipment activity.
Old Dominion Expands Margins Despite Lower TonnageODFL’s operating ratio (operating expenses as a % of revenues) improved 450 basis points to 70.1%, while operating income climbed 30% to $465.3 million. Total operating expenses increased only 3.7%, well below the pace of revenue growth.
Those gains came even as LTL tons per day declined 4.1% and shipments per day fell 5.7%. Salaries, wages and benefits declined as a share of revenues, while a $17.2 million gain on property and equipment disposals also supported overhead efficiency.
ODFL Raises Capital Spending for Future CapacityOld Dominion raised its 2026 capital-expenditure plan to about $380 million from $265 million. The updated plan includes $180 million for real estate and service-center projects, $155 million for tractors and trailers and $45 million for information technology and other assets.
Management said the increase reflects strategic purchase opportunities rather than a lack of current capacity. ArcBest Corporation (ARCB - Free Report) , another integrated logistics provider with an asset-based LTL network, illustrates how network assets remain central to service execution in the sector.
Old Dominion's Service Quality Supports the ThesisODFL maintained 99% on-time service and a claims ratio of 0.1% in the quarter. It also made about 1,000 lane adjustments during the year to improve standard transit times, strengthening the customer proposition while demand remained uneven.
Knight-Swift Transportation Holdings Inc. (KNX - Free Report) offers truckload, LTL, intermodal and logistics services through a broad North American network. Its diversified model underscores the competitive importance of scale and capacity as freight flows shift across modes.
ODFL's Signals Back the Post-Earnings SetupThe quarter supports a constructive near-term view, but the spending increase will matter most if freight demand improves enough to absorb additional capacity. ODFL’s balance sheet provides room to invest, with $283.9 million in cash and only about $20 million of current debt at quarter-end.
The stock currently carries a Zacks Rank #1 (Strong Buy) and a Momentum Score of A, which point to favorable estimate-revision and price trends over the next one to three months. A Growth Score of C, Value Score of F and VGM Score of D are less supportive, suggesting that execution strength does not remove valuation and cyclical risks. You can see the complete list of today’s Zacks #1 Rank stocks here.
Key Takeaways Old Dominion's Q2 earnings rose 32.3% as revenues climbed 10.4% despite weaker freight volumes. ODFL's pricing gains offset declines in LTL tons per day and daily shipments in the second quarter. ODFL held $283.9 million in cash against $20 million in current debt maturities, supporting flexibility. Old Dominion Freight Line (ODFL - Free Report) combines improving earnings, disciplined pricing and exceptional margins with a valuation that leaves limited room for disappointment. Investors must decide whether strengthening fundamentals justify paying a premium for the stock.
ODFL's Earnings Momentum StrengthensSecond-quarter earnings rose 32.3% to $1.68 per share and beat the consensus estimate by 10.5%. Revenues increased 10.4% to $1.55 billion as stronger yields offset weaker freight volumes.
Old Dominion Still Trades at a PremiumODFL trades at 33.77 times forward 12-month earnings, above the transportation sector and S&P 500 multiples. The valuation is also close to its five-year median of 33.81 times, suggesting investors already expect meaningful execution. ODFL's valuation is higher than fellow truck operators, ArcBest Corporation (ARCB - Free Report) and Covenant Logistics Group (CVLG - Free Report) .
ODFL's Pricing Power Offsets Volume WeaknessLTL revenue per hundredweight increased 15.2%, while the measure excluding fuel surcharges rose 5.5%. That pricing strength helped counter a 4.1% decline in LTL tons per day and a 5.7% drop in daily shipments.
Old Dominion's Balance Sheet Adds FlexibilityODFL ended the second quarter with $283.9 million in cash and only $20 million in current debt maturities. Its financial position supports capital investment, dividends and share repurchases despite continued freight-market uncertainty.
ODFL's Signals Favor Momentum Over ValueODFL currently sports a Zacks Rank #1 (Strong Buy), which supports a favorable near-term earnings-revision outlook, while the Momentum Style Score of A reinforces the positive setup. However, the Value Score of F, Growth Score of C and VGM Score of D highlight the trade-off between operating quality and a demanding valuation. You can see the complete list of today’s Zacks #1 Rank stocks here.
The U.S. goods trade deficit narrowed to $101.5 billion in June 2026, down from May’s $105.9 billion. A $4.4 billion improvement sounds like a rounding error in a $30 trillion economy. The pullback follows May’s 28.8% spike and lands inside an earnings cycle that spelled out, company by company, who is paying for the tariff regime and who is cashing the check. American steel mills are winning, American railroads are running the goods that still get through, and American consumers are footing the bill at the register.
The Factory: Nucor Is the Poster Child Nucor (NYSE:NUE | NUE Price Prediction) reported Q2 2026 adjusted EPS of $4.84 on revenue of $10.4 billion, up 22.95% year over year, with net income surging 91.71%. The key number is buried in segment data: finished carbon and alloy steel import market share has fallen from 23% in 2024 to roughly 16% in 2026 under Section 232 enforcement. Nucor shipped 7.1 million tons at 91% utilization, a second straight quarterly record.
CEO Leon Topalian credited “supportive federal trade policies” directly. Shares are up nearly 52% year to date and nearly 80% over one year.
The Rails: Imports Are Down, but Boxes Still Move If tariffs were choking cross-border goods, Union Pacific (NYSE:UNP) would show it first. Instead, intermodal revenue jumped 26% to $1.386 billion in Q2 2026, powering an 11.54% top-line gain to $6.864 billion. Imports have shifted, not stopped. Union Pacific flagged tariff and trade policy uncertainty as a live risk, even as CEO Jim Vena pushed the pending Norfolk Southern merger toward regulators.
The Trucks: The Missing Domestic Boom If tariffs were rerouting demand to American factories, the last-mile freight bellwether should be busy. It is not. Old Dominion Freight Line (NASDAQ:ODFL) posted a 33.26% year to date stock gain on hope, not haul: Q1 2026 LTL tons per day fell 7.7% and revenue slid 5.2% year over year. Lower imports have not yet translated into more American-made pallets on domestic trailers.
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The Register: Walmart and Lowe’s Absorb the Cost Walmart (NYSE:WMT) spelled out the risk explicitly. Its FY27 guidance “does not assume any impact from IEEPA tariff refunds,” a reference to the International Emergency Economic Powers Act challenge working through the courts. Global inventory sat 8.9% higher, a front-loading tell. The stock is roughly flat on the year, down just 1.66% YTD.
Lowe’s (NYSE:LOW) is the clearer loser. Q1 FY27 gross margin compressed 70 basis points, comparable sales crawled at 0.6%, and CEO Marvin Ellison pointed to a “challenging housing macro.” Shares are down nearly 16% year to date. Trade policy sits atop the company’s risk factors.
What Americans Should Watch Next The through-line for a household: the deficit is narrowing because imports are falling faster than exports, not because American factories have taken up the slack. Steelmakers benefit. Retailers eat the margin. Consumers are already flinching. The University of Michigan Consumer Sentiment Index sat at 44.8 in May 2026, down from 61.7 a year earlier, well inside pessimistic territory.
The signals that matter over the next two quarters: whether Nucor holds 91% mill utilization in Q3, whether Old Dominion’s tons per day inflect back to positive, whether Walmart’s guidance builds in an IEEPA refund, and whether the Surface Transportation Board green-lights Union Pacific’s Norfolk Southern deal. That is where a $101.5 billion abstraction becomes a paycheck, a receipt, and a job.
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Old Dominion Freight Line, Inc. (ODFL) Q2 2026 Earnings Call July 29, 2026 10:00 AM EDT
Company Participants
Jack Atkins - Director of Investor Relations
Kevin Freeman - President, CEO & Director
Adam Satterfield - Executive VP, Assistant Secretary & CFO
Conference Call Participants
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Thomas Wadewitz - UBS Investment Bank, Research Division
Eric Morgan - Barclays Bank PLC, Research Division
Ravi Shanker - Morgan Stanley, Research Division
Ken Hoexter - BofA Securities, Research Division
Jason Seidl - TD Cowen, Research Division
Bascome Majors - Stephens Inc., Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Matthew Milask - Stifel, Nicolaus & Company, Incorporated, Research Division
Ariel Rosa - Citigroup Inc., Research Division
Scott Group - Wolfe Research, LLC
Presentation
Operator
Good morning, and welcome to the Old Dominion Freight Line Second Quarter 2026 Earnings Conference Call.
[Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Jack Atkins, Director, Investor Relations. Please go ahead.
Jack Atkins
Director of Investor Relations
Thank you, operator, and good morning, everyone. Welcome to the second quarter 2026 conference call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today through August 5, 2026, by dialing 1 (855) 669-9658, access code 8521187. The replay of the webcast may also be accessed for 30 days on our website.
This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Old Dominion's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be
3 Trucking Stocks Getting Big Analyst Upgrades NowOld Dominion Freight Line NASDAQ: ODFL reported higher second-quarter revenue and earnings as improving demand trends, pricing discipline and operating leverage supported results, while management said the company remains positioned to gain share as freight markets recover.
Revenue rose 10.4% from a year earlier to $1.55 billion, while earnings per diluted share increased 32.3% to $1.68. The company’s operating ratio improved by 450 basis points to 70.1%.
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Why Goldman Sachs Suddenly Boosted These 3 Trucking StocksPresident and Chief Executive Officer Marty Freeman said the results reflected “continued improvement in demand trends” alongside the company’s focus on yield management and operational execution. He also cited service metrics that included 99% on-time service and a 0.1% claims ratio during the quarter.
Old Dominion made about 1,000 lane adjustments during the year to improve transit-time standards, Freeman said. The company continues to invest in its network, technology and employees despite a prolonged period of softness in the domestic economy, he added.
Revenue Growth Driven by Yield, Improving Volume Trends 3 Quality Stocks Trading Near 52-Week LowsChief Financial Officer Adam Satterfield said second-quarter LTL revenue per hundredweight increased 15.2%, partially offsetting a 4.1% decline in LTL tons per day from the prior-year period. Excluding fuel surcharges, LTL revenue per hundredweight rose 5.5% as the company focused on revenue quality.
Sequentially, second-quarter revenue per day increased 14.6% from the first quarter. LTL tons per day rose 4.0% sequentially, while LTL shipments per day increased 3.2%.
Satterfield said monthly volume trends were uneven but improving. LTL tons per day declined 2.8% in April compared with March, then increased 3.0% in May and 0.9% in June. He said that, based on normal seasonal patterns, the company was handling roughly 3 million more pounds per day in July than it would have if normal seasonality had played out since the beginning of the year.
For July, with several workdays remaining, Old Dominion expected revenue per day to rise approximately 7.5% to 8% from July 2025. That projection included a roughly 1% decline in tons per day, partly offset by higher revenue per hundredweight.
Satterfield said third-quarter revenue per hundredweight excluding fuel surcharges was expected to increase 4% to 4.5%, below the second-quarter growth rate primarily because of freight-mix changes. He characterized the trend as positive because it reflects continued growth in weight per shipment.
Management said it believes the market remains in the early stages of a recovery. Satterfield pointed to an ISM reading in the low 50s, low inventory-to-sales ratios and customer feedback indicating potential restocking needs as factors that could support further freight demand.
Third-Quarter Outlook and Operating Leverage Assuming the company sustains recent momentum, Satterfield said Old Dominion could generate roughly 10% revenue growth in the third quarter, implying quarterly revenue of about $1.54 billion to $1.55 billion. Maintaining the July revenue-growth pace would result in approximately $1.52 billion of third-quarter revenue, he said.
The company’s baseline assumption for diesel fuel was an average price of $4.95 per gallon during the third quarter.
For the operating ratio, Satterfield said Old Dominion’s normal seasonal pattern is for the third-quarter ratio to be flat to 50 basis points higher than the second quarter. However, he said the second-quarter result included $17.2 million in net gains from the disposal of property and equipment. On a normalized basis, he expects the operating ratio to increase roughly 150 to 200 basis points sequentially from the reported 70.1% second-quarter level.
He said the company expects incremental margins of 45% to 50% on the anticipated revenue growth, while cautioning that this should not necessarily be viewed as a long-term run rate. Management reiterated its goal of achieving a sub-70 annual operating ratio but did not provide a timetable.
Capacity, Capital Spending and Market Conditions Old Dominion increased its 2026 capital expenditure plan to approximately $380 million, up $115 million from its prior plan. The increase includes an additional $60 million for tractors and trailers and $55 million for real estate and service-center expansion projects.
Satterfield said the additional spending reflected strategic purchase opportunities and timing decisions, rather than an immediate need for additional network capacity. He said Old Dominion has more than 35% excess service-center capacity and sufficient power and trailing equipment to support expected growth.
Second-quarter cash flow from operations totaled $272.7 million. First-half cash flow from operations totaled $646.3 million. Second-quarter capital expenditures were $77 million. The company repurchased $151.6 million of shares during the quarter and paid $60.2 million in cash dividends. Freeman said Old Dominion is not experiencing capacity constraints involving equipment, drivers or real estate, though management has heard that certain competitors have had difficulty making pickups near month-end. The company has received some freight that shifted temporarily from those carriers, he said.
Satterfield added that Old Dominion accommodated its 4% sequential increase in tonnage during the second quarter with essentially the same workforce. Management expects no material overall change in headcount through the remainder of the third and fourth quarters, although it will evaluate labor needs and truck-driver school activity as it plans for 2027.
The company also said about one-third of revenue currently comes through third-party logistics providers. Revenue from those customers grew at a rate similar to the company overall during the quarter, according to Satterfield.
About Old Dominion Freight Line (NASDAQ:ODFL)Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways Old Dominion's Q2 earnings rose 32.3%, while revenues increased 10.4% to $1.55 billion. Stronger pricing lifted LTL revenue per hundredweight 15.2% despite lower freight volumes. The operating ratio improved 450 basis points as expenses grew far slower than revenues. Old Dominion Freight Line, Inc. (ODFL - Free Report) reported second-quarter 2026 earnings of $1.68 per share, up 32.3% year over year. The figure beat the Zacks Consensus Estimate of $1.52 by 10.5%.
Revenues rose 10.4% to $1.55 billion and inched past the consensus mark of $1.54 billion by 0.8%. The upside reflected stronger yield, with LTL revenue per hundredweight increasing 15.2%, despite lower freight volumes.
ODFL Gains From Stronger YieldLTL services revenues increased 10.3% year over year to $1.54 billion. Other services revenues advanced 19.5% to $15.1 million, supporting broad-based top-line growth during the quarter.
The revenue increase was primarily driven by pricing and mix. LTL revenue per hundredweight, excluding fuel surcharges, improved 5.5% from the year-ago period. Management linked the increase to its disciplined approach to yield management, which is intended to offset cost inflation and fund continued investment in capacity, technology and employees.
Old Dominion Faces Continued Volume PressureLTL tons per day declined 4.1% year over year to 31,804. The decrease reflected a 5.7% drop in LTL shipments per day to 42,332, partly offset by a 1.7% increase in LTL weight per shipment to 1,503 pounds.
LTL revenue per shipment climbed 17.2% to $568.55. Excluding fuel surcharges, revenue per shipment rose 7.2% to $446.44, helping offset weaker shipment activity. LTL intercity miles fell 4.8%, while the average length of haul edged down 0.3% to 909 miles.
ODFL Delivers Sharp Margin Expansion
Total operating expenses increased 3.7% year over year to $1.09 billion, a much slower pace than revenue growth. Salaries, wages and benefits rose 2.3% to $687.3 million, while operating supplies and expenses increased 24.7% to $177.7 million.
The operating ratio (operating expenses as a percentage of revenues) improved 450 basis points to 70.1%. Direct operating costs as a percentage of revenues improved 230 basis points. Overhead efficiency also benefited from $17.2 million in net gains on property and equipment disposals, supporting the year-over-year margin expansion.
Old Dominion Posts Strong Profit GrowthOperating income surged 30% year over year to $465.3 million. Net income advanced 30.5% to $350.6 million, while the net margin expanded to 22.6% from 19.1% in the prior-year quarter.
The company maintained high service quality, reporting 99% on-time service and a claims ratio of 0.1%. Management said improving demand trends, disciplined pricing and operational execution helped produce profitable revenue growth while preserving the company’s customer-service standards.
ODFL Generates Healthy Cash FlowNet cash provided by operating activities was $272.7 million in the second quarter and $646.3 million for the first half of 2026. Capital expenditures were $77 million in the quarter and $139.6 million through the first six months.
Old Dominion, currently carrying a Zacks Rank #2 (Buy), ended June with $283.9 million in cash and cash equivalents, up from $120.1 million at the end of 2025. Total assets were $5.74 billion, while total shareholders’ equity reached $4.55 billion. Current maturities of long-term debt were $20 million and no long-term debt remained on the balance sheet. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Old Dominion Raises Capital Spending PlanThe company now expects 2026 capital expenditures of about $380 million (earlier guidance was for $265 million). The plan includes $180 million for real estate and service-center expansion, $155 million for tractors and trailers, and $45 million for information technology and other assets.
The updated spending plan is significantly higher than the $265 million anticipated after the first quarter. This increase primarily reflects additional planned investment in real estate, service centers, tractors and trailers.
During the first half of 2026, ODFL used $239.7 million for share repurchases and paid $120.7 million in cash dividends. Management said continued investment in its network and workforce should provide the capacity needed to support customers as freight demand evolves and position the company to pursue additional market share.
Q2 Performance of Some Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported second-quarter 2026 earnings (excluding 88 cents from non-recurring items) of $1.56 per share, beating the Zacks Consensus Estimate of $1.51. Earnings declined in double digits (% wise) from a year ago as sharply higher fuel costs pressured profitability.
Revenues rose on a year-over-year basis to $17.67 billion but missed the consensus estimate of $17.76 billion. Broad demand strength lifted adjusted total revenue per available seat mile, or TRASM, 12.4%, while premium and diversified revenue streams continued to expand.
United Airlines (UAL - Free Report) reported second-quarter 2026 adjusted earnings of $1.99 per share, down 48.6% year over year but above the Zacks Consensus Estimate of $1.92 by 3.7%.
Operating revenues rose 16% to $17.67 billion and were essentially in line with the $17.68-billion consensus mark. A 12.1% increase in total revenue per available seat mile, and broad-based gains across premium, loyalty and cargo revenues supported the top line despite sharply higher fuel costs.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported second-quarter 2026 earnings of $1.91 per share, up 45.8% from $1.31 a year ago. The figure beat the Zacks Consensus Estimate of $1.71 by 11.7%.
Operating revenues climbed 19.4% year over year to $3.50 billion and surpassed the consensus mark of $3.19 billion by 9.5%. Higher volumes and pricing across several businesses supported growth, led by a 10% increase in Intermodal loads.
Old Dominion Freight Line (ODFL - Free Report) came out with quarterly earnings of $1.68 per share, beating the Zacks Consensus Estimate of $1.52 per share. This compares to earnings of $1.27 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +10.53%. A quarter ago, it was expected that this trucking company would post earnings of $1.05 per share when it actually produced earnings of $1.14, delivering a surprise of +8.57%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Old Dominion, which belongs to the Zacks Transportation - Truck industry, posted revenues of $1.55 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.80%. This compares to year-ago revenues of $1.41 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Old Dominion shares have added about 44.3% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Old Dominion?While Old Dominion has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Old Dominion was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.55 on $1.54 billion in revenues for the coming quarter and $5.56 on $5.87 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Truck is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Forward Air (FWRD - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This contractor for the air cargo industry is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +58.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Forward Air's revenues are expected to be $632 million, up 2.1% from the year-ago quarter.
Old Dominion Freight Line (ODFL - Free Report) reported $1.55 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 10.4%. EPS of $1.68 for the same period compares to $1.27 a year ago.
The reported revenue represents a surprise of +0.8% over the Zacks Consensus Estimate of $1.54 billion. With the consensus EPS estimate being $1.52, the EPS surprise was +10.53%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Old Dominion performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Operating Ratio: 70.1% compared to the 72.6% average estimate based on four analysts.LTL tonnage per day: 31.80 Kton/D versus the two-analyst average estimate of 31.96 Kton/D.LTL shipments per day: 42.33 thousand versus 42.53 thousand estimated by two analysts on average.LTL revenue per hundredweight: $37.84 compared to the $37.36 average estimate based on two analysts.LTL revenue per hundredweight, excluding fuel surcharges: $29.71 versus $29.69 estimated by two analysts on average.Work days: 64.00 Days versus the two-analyst average estimate of 64.00 Days.LTL weight per shipment (lbs.): 1,503.00 lbs versus the two-analyst average estimate of 1,503.04 lbs.LTL shipments: 2,709 compared to the 2,722 average estimate based on two analysts.LTL tons: 2,035.00 KTon versus the two-analyst average estimate of 2,045.38 KTon.View all Key Company Metrics for Old Dominion here>>>
Shares of Old Dominion have returned +4.5% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Wall Street analysts forecast that Old Dominion Freight Line (ODFL - Free Report) will report quarterly earnings of $1.52 per share in its upcoming release, pointing to a year-over-year increase of 19.7%. It is anticipated that revenues will amount to $1.54 billion, exhibiting an increase of 9.5% compared to the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 2.8% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
In light of this perspective, let's dive into the average estimates of certain Old Dominion metrics that are commonly tracked and forecasted by Wall Street analysts.
Analysts forecast 'Operating Ratio' to reach 72.6%. The estimate is in contrast to the year-ago figure of 74.6%.
Analysts expect 'LTL tonnage per day' to come in at 32 thousands of ton per day. The estimate compares to the year-ago value of 33 thousands of ton per day.
The average prediction of analysts places 'LTL shipments per day' at 42.53 thousand. Compared to the present estimate, the company reported 44.91 thousand in the same quarter last year.
According to the collective judgment of analysts, 'LTL revenue per hundredweight' should come in at $37.36 . The estimate is in contrast to the year-ago figure of $32.84 .
Based on the collective assessment of analysts, 'LTL revenue per hundredweight, excluding fuel surcharges' should arrive at $29.69 . The estimate compares to the year-ago value of $28.17 .
The combined assessment of analysts suggests that 'Work days' will likely reach 64 days. Compared to the present estimate, the company reported 64 days in the same quarter last year.
The consensus among analysts is that 'LTL weight per shipment (lbs.)' will reach $1503.0 pounds. The estimate is in contrast to the year-ago figure of $1478.0 pounds.
It is projected by analysts that the 'LTL shipments' will reach 2,722 . The estimate compares to the year-ago value of 2,874 .
The collective assessment of analysts points to an estimated 'LTL tons' of 2045 thousands of tons. The estimate is in contrast to the year-ago figure of 2123 thousands of tons.
View all Key Company Metrics for Old Dominion here>>>
Shares of Old Dominion have demonstrated returns of +4.8% over the past month compared to the Zacks S&P 500 composite's +0.6% change. With a Zacks Rank #2 (Buy), ODFL is expected to beat the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Old Dominion Freight Line (ODFL - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Old Dominion Freight Line currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if ODFL is a promising momentum pick, let's examine some Momentum Style elements to see if this trucking company holds up.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For ODFL, shares are up 2.73% over the past week while the Zacks Transportation - Truck industry is up 2.92% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 6.28% compares favorably with the industry's 5.37% performance as well.
While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Old Dominion Freight Line have risen 11.2%, and are up 40.25% in the last year. In comparison, the S&P 500 has only moved 5.37% and 20.16%, respectively.
Investors should also pay attention to ODFL's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. ODFL is currently averaging 1,479,281 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with ODFL.
Over the past two months, 10 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost ODFL's consensus estimate, increasing from $5.32 to $5.56 in the past 60 days. Looking at the next fiscal year, 8 estimates have moved upwards while there have been 1 downward revision in the same time period.
Bottom LineTaking into account all of these elements, it should come as no surprise that ODFL is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Old Dominion Freight Line on your short list.
THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors has declared a quarterly cash dividend of $0.29 per share of common stock, payable on September 16, 2026, to shareholders of record at the close of business on September 2, 2026. This dividend payment represents a 3.6% increase to the quarterly cash dividend paid in September 2025. Forward-looking statements in this news release are made pursuant to the safe harbor prov.
Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Old Dominion Freight Line (ODFL - Free Report) , which belongs to the Zacks Transportation - Truck industry, could be a great candidate to consider.
When looking at the last two reports, this trucking company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 5.70%, on average, in the last two quarters.
For the most recent quarter, Old Dominion was expected to post earnings of $1.05 per share, but it reported $1.14 per share instead, representing a surprise of 8.57%. For the previous quarter, the consensus estimate was $1.06 per share, while it actually produced $1.09 per share, a surprise of 2.83%.
Price and EPS Surprise
Thanks in part to this history, there has been a favorable change in earnings estimates for Old Dominion lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Old Dominion has an Earnings ESP of +1.02% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #2 (Buy), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on July 29, 2026.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Key Takeaways Old Dominion is set to report Q2 results on July 29, with earnings and revenue estimates up y/y. ODFL's cost-based pricing and disciplined yield management are expected to support LTL revenue growth. Middle East tensions and supply-chain disruptions may weigh, as other-services revenue is seen down 40% Old Dominion Freight Line (ODFL - Free Report) is scheduled to report second-quarter 2026 results on July 29, before the market opens.
The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upward by 6.29% over the past 60 days to $1.52 per share. The consensus mark indicates a 19.69% increase from second-quarter 2025 actuals. The Zacks Consensus Estimate for second-quarter 2026 revenues is pegged at $1.53 billion, indicating a 8.93% increase from the second quarter of 2025 actuals.
Old Dominion has an encouraging earnings surprise history. The company’s earnings have outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average beat of 3.69%.
Let’s see how things have shaped up for ODFL this earnings season.
Factors Likely to Have Influenced ODFL's Q2 PerformanceWe expect ODFL's performance in the to-be-reported quarter to have benefited from its cost-based pricing approach, which helps offset inflationary cost pressures while supporting customer retention and freight volumes.
The company’s consistent execution of its disciplined yield management strategy is expected to have boosted its LTL revenue-per-hundredweight metric. LTL revenue per hundredweight increased 2.4% in 2024 and 3.9% year over year in 2025. The metric is expected to have continued improving in 2026 as the company optimized its pricing and freight mix.
The Zacks Consensus Estimate for Old Dominion’s second-quarter 2026 LTL services revenues is pegged at $1.51 billion, indicating an 8% increase from the year-ago reported figure.
On the contrary, the ongoing geopolitical tensions in the Middle East and supply-chain disruptions are likely to have materially affected ODFL’s performance in the March-end quarter. The Zacks Consensus Estimate for total revenues from other services is pinned at $7.57 million, indicating a 40% decline from the year-ago reported figure.
What Our Model Says About ODFLOur proven model conclusively predicts an earnings beat for ODFL this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Old Dominion has an Earnings ESP of +1.93% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Highlights of ODFL’s Q1 ResultsODFL reported solid first-quarter 2026 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate. Quarterly earnings per share of $1.14 beat the Zacks Consensus Estimate of $1.05 but dipped 4.2% year over year. Revenues of $1.33 billion beat the Zacks Consensus Estimate of $1.31 billion but decreased 2.9% year over year.
Other Stocks to ConsiderHere are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.
Herc Holdings Inc. (HRI - Free Report) has an Earnings ESP of +14.47% and a Zacks Rank #3 at present. HRI is scheduled to report second-quarter 2026 results on July 28, before the market opens.
The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upward by 7.04% over the past 60 days to 76 cents per share. The Zacks Consensus Estimate for revenues is pegged at $1.15 billion, indicating a 16.75% increase from second-quarter 2025 actuals.
Schneider National (SNDR - Free Report) has an Earnings ESP of +1.50% and a Zacks Rank #1 at present. SNDR is scheduled to report second-quarter 2026 earnings on July 30.
The Zacks Consensus Estimate for second-quarter 2026 earnings has remained flat at 22 cents over the past 60 days. SNDR’s earnings beat the Zacks Consensus Estimate in one of the preceding four quarters (missing the mark twice and met the mark once in the remaining three quarters). The average miss is 17.97%.
Old Dominion Freight Line (ODFL - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis trucking company is expected to post quarterly earnings of $1.52 per share in its upcoming report, which represents a year-over-year change of +19.7%.
Revenues are expected to be $1.54 billion, up 9.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.83% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Old Dominion?For Old Dominion, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.02%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination indicates that Old Dominion will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Old Dominion would post earnings of $1.05 per share when it actually produced earnings of $1.14, delivering a surprise of +8.57%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Old Dominion appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAnother stock from the Zacks Transportation - Truck industry, Old Dominion Freight Line (ODFL - Free Report) , is soon expected to post earnings of $1.52 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +19.7%. Revenues for the quarter are expected to be $1.54 billion, up 9.5% from the year-ago quarter.
The consensus EPS estimate for Old Dominion has been revised 2.8% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.02%.
This Earnings ESP, combined with its Zacks Rank #2 (Buy), suggests that Old Dominion will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
On July 16, 2026, Old Dominion Freight Line Inc (ODFL) shares rose 5.3% to a current price of $237.15. Over the past year, the stock has experienced significant
THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announced today that it plans to release its second quarter 2026 financial results before opening of trading on Wednesday, July 29, 2026. The Company will also hold a conference call to discuss its financial results and outlook at 10:00 a.m. (Eastern Time) on Wednesday, July 29, 2026.
An online, real-time webcast of Old Dominion’s quarterly conference call will be available at ir.odfl.com on Wednesday, July 29, 2026, at 10:00 a.m. (Eastern Time). The online replay will be available at approximately 1:00 p.m. (Eastern Time) and continue for 30 days. A telephonic replay of the call can be accessed starting at 1:00 p.m. (Eastern Time) and will be available through August 5, 2026, at 1-855-669-9658, access code 8521187.
Old Dominion Freight Line, Inc. is one of the largest North American LTL motor carriers and provides regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of ODFL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
On June 17, 2026, Old Dominion Freight Line Inc ODFL shares fell 5.7% to a current price of $218.36. The stock has exhibited a range of performance over the past year, with a 52-week high of $252.03 and a low of $126.01. The recent decline follows a 39.6% year-to-date increase, showcasing both the volatility and potential growth of the stock.
GF Value™ verdict: The current price of $218.36 is 18.9% above the GF Value™ estimate of $183.61, indicating the stock is overvalued.GF Score™: ODFL has a strong GF Score™ of 93/100, suggesting it has solid fundamentals and potential for long-term returns.Most notable signal: The financial strength of ODFL is rated at a perfect 10/10, highlighting its robust financial position. Is ODFL Overvalued or Undervalued? Old Dominion Freight Line Inc's current price of $218.36 is significantly above its GF Value™ of $183.61, marking the stock as 18.9% overvalued. This valuation suggests that the market may be pricing in overly optimistic growth expectations or that the stock has experienced excessive upward momentum. The GF Valuation label categorizes ODFL as Modestly Overvalued, indicating that while the company possesses strong fundamentals, the current price may not accurately reflect its intrinsic value.
The margin of safety, defined as the difference between the intrinsic value and the market price, is negative in this case, posing a risk for potential investors. If the market corrects itself, ODFL's stock price could decline, leading to potential losses for shareholders. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
How Does ODFL's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 45.7x 32.9x Forward P/E 40.2x N/A Old Dominion Freight Line's current P/E (TTM) of 45.7x is substantially higher than its 5-year median P/E of 32.9x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict, reinforcing the conclusion that ODFL is overvalued based on its historical performance metrics.
What Does ODFL's GF Score™ Tell Us? Metric Rating GF Score™ 93 Financial Strength 10/10 Profitability 9/10 Growth 9/10 Valuation 5/10 Momentum 10/10 The GF Score™ for Old Dominion Freight Line Inc is an impressive 93/100, highlighting its strong fundamentals across several critical dimensions. The company excels in Financial Strength (10/10), Profitability (9/10), Growth (9/10), and Momentum (10/10). However, the Valuation rank of 5/10 indicates that, while the company's financial and operational metrics are strong, its current market valuation may not align with these strengths, contributing to the assessment of being overvalued.
What Are Insiders Doing with ODFL Stock? In the past three months, insiders have sold a total of $4.2 million worth of ODFL stock without any buying activity reported. This pattern of selling could indicate a lack of confidence among insiders regarding the stock's current valuation or future performance. Insider selling may signal that those with the most intimate knowledge of the company's operations believe that the stock is currently priced too high.
What This Means for Investors Based on the analysis of GF Value™, ODFL is currently overvalued at a price of $218.36 compared to its intrinsic value estimate of $183.61. Investors should approach ODFL with caution, given the significant premium over its GF Value™ and the recent insider selling activity.
For the complete analysis, visit the Old Dominion Freight Line Inc ODFL stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ODFL's GF Score™?
ODFL has a GF Score™ of 93/100, indicating strong fundamentals and the potential for long-term returns based on key financial metrics.
Is ODFL overvalued or undervalued?
ODFL is currently overvalued, with a GF Value™ estimate of $183.61 compared to its market price of $218.36, suggesting a premium that may not be justified by its fundamentals.
What is ODFL's P/E ratio?
ODFL's P/E ratio is 45.7x (TTM), which is significantly above its 5-year median P/E of 32.9x, indicating that the stock is trading at a premium compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Shares in Old Dominion Freight Line (ODFL +1.23%) declined by 11.9% last week after a downgrade from a Citi analyst. Even though the price rose to $228 from $225, the analyst downgraded the stock to sell from neutral.
The freight company is known for being a high-quality operator in the niche less-than-truckload (LTL) market in the U.S. The LTL market involves moving shipments that are too large for package delivery companies, such as UPS and FedEx, but too small to fill a trailer. It's a relatively complex operation as its trailers are often filled with shipments for multiple customers, implying sophisticated logistics and multiple network terminals.
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That said, it's still a market whose end demand fluctuates with freight growth. The good news is there are signs that the market is set to turn up in 2026. As previously discussed, leading industry freight data has already turned positive month over month and is likely to deliver year-over-year growth in due course.
The issue, at least from the stock's perspective, is that much of the good news appears to be already priced into the sector, with Old Dominion's stock still up 41% so far this year. As such, the analyst's call appears to reflect a valuation matter rather than any view on market direction, not least because shipment data and manufacturing sentiment indices continue to show improvement.
ODFL EV to EBITDA data by YCharts
Where next for Old Dominion stock? The outlook is improving, but valuations look toppy, all of which suggests Old Dominion is an excellent stock to monitor with a view to buying on any extended weakness. As such, the Citi analyst downgrade may actually encourage more investors to take a look at the stock.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Old Dominion Freight Line and United Parcel Service. The Motley Fool recommends FedEx. The Motley Fool has a disclosure policy.
On June 15, 2026, Old Dominion Freight Line Inc ODFL shares fell 3.4% to a current price of $237.42. This decline comes amid a 52-week range that has seen a high of $252.03 and a low of $126.01, reflecting notable volatility in the stock's performance.
GF Value™ verdict: ODFL shares are currently priced at $237.42 compared to a GF Value™ of $183.53, indicating the stock is 29.4% overvalued.GF Score™: ODFL has a strong GF Score™ of 92/100, suggesting it has favorable fundamentals compared to its peers.Most notable signal: The financial strength rating of 10/10 indicates a robust financial position for the company. Is ODFL Overvalued or Undervalued? The current market price of Old Dominion Freight Line Inc ODFL is $237.42, which is significantly higher than its GF Value™ of $183.53. This discrepancy suggests that the stock is overvalued by approximately 29.4%. The GF Valuation label classifies ODFL as "Modestly Overvalued," indicating that while the company may be fundamentally strong, its stock price may not be justified by its intrinsic value at this time.
Investors looking at ODFL should consider the margin of safety that GF Value™ offers. Typically, a higher margin of safety provides a buffer against investment risks. With ODFL being overvalued, there is a risk that the stock price may not sustain its current levels, especially if market conditions shift or if the company’s performance does not meet expectations. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
How Does ODFL's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 49.7x 32.9x Forward P/E 43.8x N/A ODFL's current P/E ratio of 49.7x is substantially above its 5-year median P/E of 32.9x, indicating that the stock is trading at a premium compared to its historical valuations. Additionally, the forward P/E of 43.8x suggests that the stock is expected to maintain a high valuation relative to its earnings. This P/E analysis aligns with the GF Value™ verdict, reinforcing the conclusion that ODFL is currently overvalued.
What Does ODFL's GF Score™ Tell Us? Metric Rating GF Score™ 92 Financial Strength 10/10 Profitability 9/10 Growth 9/10 Valuation 5/10 Momentum 8/10 The GF Score™ of 92 indicates that Old Dominion Freight Line Inc has strong fundamentals, particularly in Financial Strength, which is rated 10/10, reflecting a solid balance sheet and low financial risk. Profitability and Growth also rank highly at 9/10, suggesting that the company has been able to generate significant earnings and is positioned for future growth. However, the Valuation rank of 5/10 highlights concerns regarding its current stock price relative to its intrinsic value, underscoring the need for caution in the valuation assessment.
What Are Insiders Doing with ODFL Stock? In the past three months, insiders have sold $4.2 million worth of ODFL shares, with no reported purchasing activity. This trend of selling could suggest a lack of confidence in the stock's current valuation or future performance from those closest to the company. While insider selling can be a normal part of financial planning and liquidity needs, the absence of buying activity may raise questions about the outlook from company executives.
What This Means for Investors Based on the GF Value™ assessment, Old Dominion Freight Line Inc ODFL is currently overvalued. Investors should exercise caution given the significant gap between the market price and the estimated intrinsic value, as well as the recent insider selling activity.
For the complete analysis, visit the Old Dominion Freight Line Inc ODFL stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ODFL's GF Score™?
ODFL has a GF Score™ of 92/100, indicating strong fundamentals that suggest it may generate higher long-term returns compared to its peers.
Is ODFL overvalued or undervalued?
ODFL is currently overvalued, with a GF Value™ of $183.53 compared to its market price of $237.42, which is a significant premium.
What is ODFL's P/E ratio?
ODFL's P/E ratio is 49.7x, which is 51% higher than its 5-year median P/E of 32.9x, indicating that the stock is trading above its historical valuation levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Diluted EPS was $1.14. The estimated EPS was $1.06.Total revenue was $1,334.7 million. The estimated revenue was $1,311.68 million.Revenue decreased 2.9% year
For the quarter ended March 2026, Old Dominion Freight Line (ODFL - Free Report) reported revenue of $1.33 billion, down 2.9% over the same period last year. EPS came in at $1.14, compared to $1.19 in the year-ago quarter.
The reported revenue represents a surprise of +1.51% over the Zacks Consensus Estimate of $1.31 billion. With the consensus EPS estimate being $1.05, the EPS surprise was +8.77%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Old Dominion performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Operating Ratio: 76.2% versus the four-analyst average estimate of 78%.LTL tonnage per day: 30.58 Kton/D compared to the 30.40 Kton/D average estimate based on two analysts.LTL shipments per day: 41.04 thousand versus 40.83 thousand estimated by two analysts on average.LTL revenue per hundredweight: $34.52 versus the two-analyst average estimate of $34.38.LTL revenue per hundredweight, excluding fuel surcharges: $29.13 compared to the $29.01 average estimate based on two analysts.Work days: 63.00 Days versus 63.00 Days estimated by two analysts on average.LTL weight per shipment (lbs.): 1,491.00 lbs compared to the 1,488.97 lbs average estimate based on two analysts.LTL shipments: 2,585 compared to the 2,572 average estimate based on two analysts.LTL tons: 1,927.00 KTon versus the two-analyst average estimate of 1,914.89 KTon.View all Key Company Metrics for Old Dominion here>>>
Shares of Old Dominion have returned +13.5% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Key Takeaways Q1 EPS of $1.14 beat estimates but were down 4.2% due to a decrease in revenues and a higher operating ratio.Q1 revenues of $1.33B down 2.9% as LTL tons/day fell 7.7%, partly offset by higher revenue per hundredweight.For 2026, ODFL continues to anticipate its aggregate capital expenditures to be around $265 million. Old Dominion Freight Line, Inc. (ODFL - Free Report) ) reported solid first-quarter 2026 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate.
Quarterly earnings per share of $1.14 beat the Zacks Consensus Estimate of $1.05 but dipped 4.2% year over year. The decrease in ODFL’s revenue and an increase in operating ratio resulted in a year-over-year decline in the bottom line in the first quarter.
Revenues of $1.33 billion beat the Zacks Consensus Estimate of $1.31 billion but decreased 2.9% year over year. The downside in ODFL’s first-quarter revenues was owing to a 7.7% decrease in LTL tons per day, which was partially offset by an increase in ODFL’s LTL revenue per hundredweight. The decrease in LTL tons per day reflects the net impact of a 7.9% decrease in LTL shipments per day and a 0.3% increase in LTL weight per shipment.
LTL revenue per hundredweight, excluding fuel surcharges, grew 4.4% year over year owing to the company’s long-term, disciplined approach to yield management.
Revenues from LTL services came in at $1.32 billion (down 2.9% year over year). Other services revenues fell 8.7% year over year to $12.8 million.
Marty Freeman, president and chief executive officer of Old Dominion, commented, “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. Our industry-leading service metrics for the first quarter once again included 99% on-time service and a claims ratio below 0.1%. These service standards form the foundation of our unmatched value proposition, which we believe will support our ability to win market share over the long term.”
Other Aspects of Q1 Earnings ReportIn the quarter under review, LTL weight per shipment rose 0.3%, and LTL revenue per shipment inched up 5.9% year over year. LTL shipments and LTL shipments per day were both down 7.9% on a year-over-year basis. LTL revenue per hundredweight, excluding fuel surcharges, grew 4.4% year over year.
Total operating expenses declined 1.9% year over year to $1.02 billion. The operating income decreased 6.1% year over year to $317.34 million. Operating ratio (operating expenses as a percentage of revenues) increased to 76.2% from 75.4% in the year-ago quarter.
Old Dominion exited the March-end quarter with cash and cash equivalents of $288.08 million compared with $120.09 million at the end of the prior quarter. Long-term debt at the end of the first quarter of 2026 was $19.9 million, flat sequentially.
During the first quarter of 2026, Old Dominion rewarded its shareholders with $88.1 million through its share repurchases and paid $60.5 million in the form of dividend payments.
ODFL generated $373.6 million of net cash from operating activities during the first quarter of 2026. Capital expenditures were $62.6 million for the first quarter of 2026.
OutlookFor 2026, ODFL continues to anticipate its aggregate capital expenditures to be around $265 million, which includes planned expenditures of $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.
Currently, Old Dominion carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis due to high labor costs. Adjusted revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
United Airlines Holdings, Inc. (UAL - Free Report) reported solid first-quarter 2026 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate as well as improved on a year-over-year basis.
UAL's first-quarter 2026 adjusted earnings per share (EPS) (excluding 95 cents from non-recurring items) of $1.19 surpassed the Zacks Consensus Estimate of $1.08 and increased 30.8% on a year-over-year basis. The reported figure lies within the guided range of $1.00-$1.50.
Operating revenues of $14.6 billion outpaced the Zacks Consensus Estimate of $14.3 billion and increased 10.5% year over year. Passenger revenues (which accounted for 90.1% of the top line) increased 11% year over year to $13.1 billion. UAL flights transported 42,486 passengers in the first quarter, up 4.1% year over year.
Cargo revenues fell 1.6% year over year to $422 million. Revenues from other sources rose 10.5% year over year to $1.02 billion.
J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, a 2.8% surprise.
Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenue per load in select highway-related businesses.
Q1: 2026-04-29 Earnings SummaryEPS of $1.14 beats by $0.09
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Revenue of
$1.33B
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beats by $20.73M
Old Dominion Freight Line, Inc. (ODFL) Q1 2026 Earnings Call April 29, 2026 10:00 AM EDT
Company Participants
Jack Atkins - Director of Investor Relations
Kevin Freeman - President, CEO & Director
Adam Satterfield - Executive VP, Assistant Secretary & CFO
Conference Call Participants
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Jason Seidl - TD Cowen, Research Division
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Scott Group - Wolfe Research, LLC
Eric Morgan - Barclays Bank PLC, Research Division
Ravi Shanker - Morgan Stanley, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
Ken Hoexter - BofA Securities, Research Division
Thomas Wadewitz - UBS Investment Bank, Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Ariel Rosa - Citigroup Inc., Research Division
Jeffrey Kauffman - Vertical Research Partners, LLC
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Matthew Milask - Stifel, Nicolaus & Company, Incorporated, Research Division
Joe Enderlin - Stephens Inc., Research Division
Presentation
Operator
Good day, and welcome to the Old Dominion Freight Line First Quarter 2026 Earnings Conference Call.
[Operator Instructions]
Please note, this event is being recorded. I would now like to turn the conference over to Jack Atkins. Please go ahead.
Jack Atkins
Director of Investor Relations
Thank you, Dorwin. Good morning, everyone, and welcome to the first quarter 2026 conference call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today and through April 29, 2026, by dialing 1-855-669-9658, access code 7699494. The replay of the webcast may also be accessed for 30 days at the company's website. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Old Dominion's expected financial and operating performance.
Old Dominion Freight Line Inc. (NASDAQ:ODFL) on Wednesday reported upbeat first-quarter 2026 results.
Revenue declined 2.9% year over year to $1.335 billion, topping analyst expectations of $1.312 billion. The decrease was driven by a 7.7% drop in less-than-truckload (LTL) tons per day, reflecting a 7.9% decline in shipments per day during the quarter.
Net income decreased 6.4% to $238.3 million. Earnings came in at $1.14 per share, down 4.2% year over year but above the consensus estimate of $1.06.
For fiscal 2026, Old Dominion continues to expect aggregate capital expenditures of approximately $265 million.
Old Dominion shares gained 1.1% to trade at $211.61 on Thursday.
These analysts made changes to their price targets on Old Dominion following earnings announcement.
Considering buying ODFL stock? Here’s what analysts think:
Photo via Shutterstock
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Norfolk, VA, May 07, 2026 (GLOBE NEWSWIRE) -- Old Dominion University proudly announces it is becoming a Health Promoting University, an evolution that integrates well-being into all aspects of campus life, including teaching, research, policies, environments and daily experiences. This holistic approach reflects Old Dominion University's dedication to educating tomorrow’s healthcare leaders, while conducting cutting-edge research and providing critical care through community outreach, alongside our medical partners.
"Our journey to reach this milestone was made possible due to partnership and perseverance," said Old Dominion University President Brian O. Hemphill, Ph.D. "This is a defining shift as health is no longer simply what we do – it is who we are. We are integrating well-being into our operations, systems and spaces, thereby establishing a culture that is enduring and evolving through a collective impact model."
Home to the largest academic health sciences center in the Commonwealth of Virginia, Old Dominion University’s journey has involved significant milestones, such as the 2024 integration of Eastern Virginia Medical School and the 2025 establishment of the Joan P. Brock Institute for Nutrition Science and Health. Now, in 2026, the University takes a step further in its expertise through a shared commitment to health promotion.
In partnership with the American College of Lifestyle Medicine (ACLM), the leading authority on lifestyle medicine education, Old Dominion University will further health promotion. ACLM will support education, clinical practice, research, community outreach and engagement at Old Dominion University.
"Our Health Promoting University agenda will be grounded in evidence, guided by national benchmarks for campus health and measured through shared indicators that hold us accountable to our community," President Hemphill added. "As a preeminent public research institution, we are uniquely positioned to pursue this worthwhile responsibility through the collective efforts of our students, faculty and staff strengthening a culture that prioritizes care, connection and meaningful impact."
A Health Promoting University Advisory Council has been appointed to advance this initiative. This council includes executive-level sponsorship from Executive Vice President for Health Sciences Alfred Abuhamad, MD; Vice President for Student and Campus Life Brandi Hephner LaBanc, Ed.D.; and Vice President for Talent Management and Culture September Sanderlin. They are joined by Drs. Anca Dobrian, Veleka Gatling and Bridget Weikel, as well as a Well-Being Collective Working Group that guides the creation of a shared agenda shaped by community-wide engagement and collective impact.
The commitment to becoming a Health Promoting University builds upon Old Dominion University’s strong foundation. By fostering a culture where mental and physical health are supported, belonging and purpose are cultivated and connection and resilience are strengthened, Old Dominion University ensures that when students, faculty, staff and partners thrive, the entire community flourishes.
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ABOUT OLD DOMINION UNIVERSITY
Old Dominion University (ODU), located in Norfolk, is Virginia's forward-focused public doctoral research university with more than 24,000 students. A top R1 research institution offering rigorous academics, Old Dominion University is recognized nationally for academic excellence, social mobility and access. Military friendly and home to an energetic residential community and robust initiatives that currently contribute $3.8 billion annually to Virginia's economy, Old Dominion University is a leader in the commonwealth. Macon & Joan Brock Virginia Health Sciences at Old Dominion University, founded July 1, 2024, represents the most comprehensive health sciences center in the Commonwealth of Virginia. At the forefront of digital innovation, Old Dominion University partnered with Google in October 2025 to launch MonarchSphere powered by Google Cloud, a first-of-its-kind AI incubator for higher education.
It's arguably one of the least glamorous industries out there. Still, transportation is the heartbeat of any economy, particularly one as expansive as the U.S. This is also a diverse industry, comprising companies that move people (airlines, rideshare companies), commodities (railroads), packages (freight haulers), and more from place to place.
Combine those factors, and it's not surprising that some pros see transportation stocks as reliable indicators of the broader economy's health. That's a starting point for becoming educated about the transportation sector, but investors taking the long view of this industry should remember a couple of key points.
These transportation stocks could be solid bets for long-term investors. Image source: Getty Images
First, not all transportation companies are beholden to the same dynamics. For example, airlines rely on business and leisure travel demand, which are factors that don't directly affect, say, railroads. Second, those divergences make quality paramount when evaluating transportation stocks. Here are a few that may serve investors over the long haul.
Ride this railroad Among large-cap industrial stocks not in the aerospace and defense sector, Union Pacific (UNP +1.83%) has been an admirable performer in recent years, and there are reasons to believe that trend will continue, if not improve.
Where Union Pacific outshines its peers and thus shines for investors is in operational excellence. That much was on display in the first quarter when it set records across six key efficiency metrics, including freight car velocity and locomotive productivity. Admittedly, that's some railroad industry jargon, and some investors are apt to wonder what the payoff is for Union Pacific's mastery of efficiency.
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It's easily explained. Those efficiencies enhance the bottom line, as highlighted by first-quarter earnings-per-share growth of 6%. The first three months of 2026 probably won't be a one-off in terms of Union Pacific earnings excellence. The railroad operator expects to deliver a three-year earnings per share compound annual growth rate in the "high-single to low-double digit(s) through 2027." That earnings growth trajectory supports Union Pacific's dividend growth plans, potentially making the stock even more appealing to long-term investors.
Hopefully, this movie repeats Even new investors have likely heard the old saying, "History doesn't always repeat, but it often rhymes." Old Dominion Freight Line (ODFL 0.71%) shareholders would likely be satisfied with either a sequel or a poem, because over the past 25 years, this trucking company has been one of the best-performing stocks of any stripe.
To be precise, just six stocks outpaced Old Dominion over that span. Interestingly, this transportation stock trades on the Nasdaq stock exchange, which is typically viewed as a haven for high-growth tech equities. On a related note, Old Dominion delivered better returns over the past quarter-century than Amazon.
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Those are nice superlatives, but they're in the rearview mirror. Old Dominion operates in a cost-intensive industry. That much was on display in the first quarter as the hauler's operating ratio weakened. Investors can take some heart in knowing that it won't be a permanent phenomenon because Old Dominion is considered one of the highest-quality trucking names and an industry margin leader.
The long-term outlook is supported by the company's commitment to returning capital to shareholders through buybacks and dividends, the latter of which increased by 7.7% last December.
Make the Kirby call Compared to some transportation stocks, Kirby (KEX +2.06%) toils in relative anonymity, but that doesn't diminish the fact that the stock has more than doubled over the past three years. Plus, there are reasons to believe this could be one of the best transportation stocks to own this year and beyond.
That thesis is cemented by Kirby's status as the king of shipping barges that operate on the Mississippi River. So there's a fair chance any product which arrived at its final destination via the Mighty Mississippi spent time on a Kirby barge. That implies a competitive moat which long-term investors may prize. Kirby's distribution and services business is also a compelling part of the equation because it gives the company a foothold in industries such as oilfield services and power generation.
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Power generation is a segment to keep an eye on, as Kirby reported 45% first-quarter revenue growth in that business, along with a rising order backlog. Strength in that unit may well be one reason Kirby boosted its 2026 earnings-per-share guidance to 5% to 15% growth from 0% to 12%. If those earnings trends prove consistent, Kirby has the makings of a long-term winner.
THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors has declared a quarterly cash dividend of $0.29 per share of common stock, payable on June 17, 2026, to shareholders of record at the close of business on June 3, 2026. This dividend payment represents a 3.6% increase to the quarterly cash dividend paid in June 2025. Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the P.
Key Takeaways ODFL supports shareholders through dividends and buybacks while maintaining a low debt profile.Pricing discipline adds strength, but weak freight demand weighs on the company. Driver shortages and economic uncertainty further pressure ODFL's performance. Old Dominion Freight Line, Inc. (ODFL - Free Report) ) looks expensive from a valuation standpoint. Considering the forward 12-month price-to-sales ratio (P/E-F12M), ODFL is trading at a premium compared to the industry.
The stock has a forward 12-month P/E-F12M of 37.03X compared with 33.79X for the industry over the past five years. The company’s forward 12-month P/E-F12M ratio is also above the median level of 29.81X over the past five years. These factors indicate that the stock’s valuation is unattractive. ODFL has a Value Score of F.
ODFL P/E Ratio (Forward 12 Months) Vs. Industry Image Source: Zacks Investment Research
Now, the question is whether it is worth buying, holding, or selling the ODFL stock at current prices. Let us delve deeper to find out.
Headwinds Weighing on ODFL StockMacroeconomic concerns are leading to a tough freight environment. ODFL is being hurt by reduced demand for freight services. Due to the weakness in freight demand, shipment volumes and rates are low. Risks associated with the economic slowdown, geopolitical tensions and tariff-induced economic uncertainty continue to bother the stock’s performance.
As things stand now, consumer spending and business investments remain low, and production levels have decreased in response to reduced demand, affecting demand for goods transportation and resulting in a freight recession (The Cass Freight Shipments Index, which declined 4.4% year over year in April 2026, 4.5% year over year in March 2026, 7.2% year over year in February 2026 and 7.1% in January 2026). This measure has also deteriorated year over year in each of the past 12 months in 2025, which confirms the overall declining trend. We currently believe that these factors indicate persistent weakness in freight demand through the remainder of this year.
The truck industry, of which Old Dominion is an integral part, has been persistently battling a driver shortage for several years. As old drivers are retiring, trucking companies are finding it difficult to find new drivers to take their place since the low-paying job does not appeal to the younger generation.
ODFL Stock’s Price PerformanceShares of ODFL have gained 28.2% in the past year, underperforming the transportation-truck industry’s 50.9% surge, as well as that of other industry players, J.B. Hunt Transport Services (JBHT - Free Report) and Knight-Swift Transportation Holdings Inc. (KNX - Free Report) , within the same time frame.
ODFL Stock's One-Year Price Comparison Image Source: Zacks Investment Research
Factors Working in Favor of ODFL Stock
ODFL’s disciplined approach to pricing is highly commendable. The company’s cost-based approach to pricing enables it to retain customers and supports tonnage even in times of weak demand. This is borne out by the LTL revenue per hundredweight indicator (a commonly used indicator for general pricing trends in the industry), which for ODFL improved 5.7% in the first quarter of 2026, despite demand weakness. The same metric improved 3.9% year over year in 2025 and 2.4% in 2024.
Old Dominion has a solid balance sheet. The company ended first-quarter 2026 with cash and cash equivalents of $288.08 million, higher than the current debt level of $20 million. This implies that the company has sufficient cash to meet its current debt obligations.
A solid balance sheet allows the company to reward shareholders with dividends and share repurchases. Notably, ODFL has been consistently making efforts to reward its shareholders through dividends and share buybacks, which are encouraging. As a reflection of its shareholder-friendly stance, ODFL paid dividends of $175.1 million and repurchased shares worth $453.6 million in 2023, despite the weakness pertaining to freight demand.
During 2024, ODFL paid out dividends worth $223.6 million and repurchased shares worth $967.3 million. During 2025, ODFL paid out dividends worth $235.6 million and repurchased shares worth $730.3 million. During the first quarter of 2026, ODFL paid $60.5 million through dividend payments and repurchased shares worth $88.1 million. Such shareholder-friendly initiatives should boost investor confidence and positively impact the bottom line.
What Do Earnings Estimates Say for ODFL?The positive sentiment surrounding ODFL stock is evident from the fact that the Zacks Consensus Estimate for the second quarter of 2026 and the third quarter of 2026 earnings has been revised upward in the past 60 days. The consensus mark for full-year 2026 and 2027 earnings has also been projected northward in the past 60 days.
Image Source: Zacks Investment Research
The favorable estimate revisions indicate brokers’ confidence in the stock.
Time to Retain ODFL StockIt is understood that ODFL stock is currently unattractively valued. Moreover, ODFL is suffering from revenue weakness as geopolitical uncertainty and high inflation continue to hurt consumer sentiment and growth expectations. The increase in inflation in the past few months shows that we are not yet out of the woods as far as inflation is concerned. Driver shortages continue to bother the trucking industry players.
Despite the headwinds, we advise investors not to sell ODFL stock now due to its cost-based approach to pricing, which enables it to retain customers and supports tonnage even in times of weak demand. ODFL’s solid balance sheet allows it to reward shareholders through dividends and share buybacks. Such shareholder-friendly moves boost investor confidence and positively impact the company's bottom line.
We advise investors to wait for a better entry point. For those who already own the stock, it will be prudent to stay invested. The company’s current Zacks Rank #3 (Hold) justifies our analysis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A month has gone by since the last earnings report for Old Dominion Freight Line (ODFL - Free Report) . Shares have added about 4% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Old Dominion due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Old Dominion Q1 Earnings Beat EstimatesOld Dominion reported solid first-quarter 2026 results, wherein its earnings and revenues surpassed the Zacks Consensus Estimate.
Quarterly earnings per share of $1.14 beat the Zacks Consensus Estimate of $1.05 but dipped 4.2% year over year. The decrease in ODFL’s revenue and an increase in operating ratio resulted in a year-over-year decline in the bottom line in the first quarter.
Revenues of $1.33 billion beat the Zacks Consensus Estimate of $1.31 billion but decreased 2.9% year over year. The downside in ODFL’s first-quarter revenues was owing to a 7.7% decrease in LTL tons per day which was partially offset by an increase in ODFL’s LTL revenue per hundredweight. The decrease in LTL tons per day reflects the net impact of a 7.9% decrease in LTL shipments per day and a 0.3% increase in LTL weight per shipment.
LTL revenue per hundredweight, excluding fuel surcharges, grew 4.4% year over year owing to the company’s long-term, disciplined approach to yield management. Revenues from LTL services came in at $1.32 billion (down 2.9% year over year). Other services revenues fell 8.7% year over year to $12.8 million.
Other Aspects of Q1 Earnings ReportIn the quarter under review, LTL weight per shipment rose 0.3% and LTL revenue per shipment inched up 5.9% year over year. LTL shipments and LTL shipments per day were both down 7.9% on a year-over-year basis. LTL revenue per hundredweight, excluding fuel surcharges, grew 4.4% year over year.
Total operating expenses declined 1.9% year over year to $1.02 billion. The operating income decreased 6.1% year over year to $317.34 million. Operating ratio (operating expenses as a % of revenues) worsened to 76.2% from 75.4% in the year-ago quarter.
Old Dominion exited the March-end quarter with cash and cash equivalents of $288.08 million compared with $120.09 million at the end of the prior quarter. Long-term debt at the end of the final quarter of 2026 was $19.9 million, flat sequentially.
During the first quarter of 2026, Old Dominion rewarded its shareholders with $88.1 million through its share repurchases and paid $60.5 million in the form of dividend payments.
ODFL generated $373.6 million of net cash from operating activities during the first quarter of 2026. Capital expenditures were $62.6 million for the first quarter of 2026.
OutlookFor 2026, ODFL continues to anticipate its aggregate capital expenditures to be around $265 million, which includes planned expenditures of $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.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.
The consensus estimate has shifted 6.43% due to these changes.
VGM ScoresAt this time, Old Dominion has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a score of F on the value side, putting it in the fifth quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Old Dominion has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerOld Dominion is part of the Zacks Transportation - Truck industry. Over the past month, Landstar System (LSTR - Free Report) , a stock from the same industry, has gained 10.5%. The company reported its results for the quarter ended March 2026 more than a month ago.
Landstar reported revenues of $1.17 billion in the last reported quarter, representing a year-over-year change of +1.6%. EPS of $1.16 for the same period compares with $0.85 a year ago.
For the current quarter, Landstar is expected to post earnings of $1.41 per share, indicating a change of +17.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +2.9% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Landstar. Also, the stock has a VGM Score of B.
THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (“LTL”) operating metrics for May 2026. Revenue per day increased 12.3% as compared to May 2025 due to an increase in our LTL revenue per hundredweight that was partially offset by a 3.8% decrease in LTL tons per day. The change in LTL tons per day was attributable to a 5.3% decrease in LTL shipments per day that was partially offset by a 1.6% increase in LTL weight per.
Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (âLTLâ) operating metrics for May 2026. Revenue per day increased
On June 04, 2026, we present a detailed DCF analysis for Old Dominion Freight Line Inc (ODFL). The company has shown impressive price performance recently, with
Key Takeaways Old Dominion's LTL revenue per day increased 12.3% year over year in May 2026.ODFL's higher LTL revenue per hundredweight was partly offset by a 3.8% drop in LTL tons per day.Old Dominion QTD LTL revenue per hundredweight rose 15.6%, while ex-fuel revenue per hundredweight rose 5.4%. Old Dominion Freight Line, Inc. (ODFL - Free Report) has provided an update on the performance of its less-than-truckload (LTL) segment, which is its primary revenue generator, for May.
Old Dominion's revenue per day increased 12.3% year over year in May 2026, owing to an increase in LTL revenue per hundredweight, which was partially offset by a 3.8% decrease in LTL tons per day. The reduction in LTL tons per day was owing to a 5.3% decrease in LTL shipments per day, which was partially offset by a 1.6% increase in LTL weight per shipment.
Quarter to date, Old Dominion’s LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 15.6% and 5.4%, respectively, year over year.
Marty Freeman, president and chief executive officer of Old Dominion, stated, “Old Dominion produced solid revenue growth for the first two months of the second quarter. While our LTL tons per day declined on a year-over-year basis in both April and May, demand has continued to improve as the quarter has progressed. In addition, our best-in-class service metrics support our yield management initiatives and the ongoing improvement in our LTL revenue per hundredweight. Our consistent investments in our network, our technology and our OD Family of employees throughout the economic cycle uniquely position us to support our customers as the business environment changes. As a result, we remain confident in our ability to win market share and drive profitable revenue growth over the long-term as we continue to execute on the fundamental elements of our strategic plan.”
ODFL’s Zacks Rank & Price PerformanceODFL currently carries a Zacks Rank #3 (Hold).
Shares of ODFL have gained 20.4% over the past month, outperforming 14.2% growth of the transportation-truck industry.
ODFL Stock’s One-Month Price Comparison Image Source: Zacks Investment Research
Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider International Seaways (INSW - Free Report) and Expeditors International of Washington, Inc. (EXPD - Free Report) .
INSW currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
INSW has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 33.93%.
EXPD currently carries a Zacks Rank #2 (Buy).
Expeditors has an expected earnings growth rate of 11.9% for the current year. The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 13.96%.
Wells Fargo analyst Christian Wetherbee, on June 5, maintained Old Dominion Freight Line with an Equal-Weight rating and raised the price target from $205 to $235.
Jim Lebenthal, partner at Cerity Partners, picked Exxon Mobil Corporation (NYSE:XOM).
On May 27, Mizuho analyst Nitin Kumar maintained Exxon Mobil with a Neutral rating and raised the price target from $159 to $175.
Don't forget to check out our premarket coverage here
Bryn Talkington, managing partner of Requisite Capital Management, recommended NVIDIA Corporation (NASDAQ:NVDA).
According to recent news, Nvidia is deepening its push into Asia’s AI ecosystem through a series of partnerships in South Korea. The chip giant announced a multi-year technology partnership with memory maker SK Hynix, reinforcing access to high-bandwidth memory, or HBM, a key component powering advanced AI systems.
Price Action:
Old Dominion shares gained 1.8% to close at $247.01 on Monday. Exxon Mobil shares rose 1.2% to settle at $151.75 during the session. Nvidia shares rose 1.7% to settle at $208.64 on Monday. Photo: Hryshchyshen Serhii / Shutterstock
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