Old Dominion Freight Line (ODFL) Q2 2026 earnings summary

Executive summary

• Achieved a 10.4% year-over-year revenue increase in Q2 2026, reaching $1.55 billion, driven by improved demand, disciplined yield management, and higher LTL revenue per hundredweight despite lower shipment volumes.

• Operating income rose 30.0% to $465.3 million, and net income increased 30.5% to $350.6 million in Q2 2026.

• Diluted EPS rose 32.3% year-over-year to $1.68, matching the company record set in Q3 2022.

• Maintained 99% on-time service and a 0.1% claims ratio, with about 1,000 lane adjustments improving transit times.

• Continued investment in network, technology, and workforce to support long-term growth and service excellence.

Financial highlights

• Q2 2026 revenue reached $1.55 billion; net income was $350.6 million; diluted EPS was $1.68.

• Operating ratio improved by 450 basis points to 70.1% in Q2 2026, up from 74.6% in Q2 2025.

• LTL revenue per hundredweight rose 15.2%, partially offset by a 4.1% decrease in LTL tons per day.

• Cash flow from operations was $272.7 million for Q2 and $646.3 million for the first half of 2026; cash and cash equivalents at June 30, 2026, were $283.9 million.

• Six months ended June 30, 2026: revenue $2.89 billion, net income $588.9 million, diluted EPS $2.82.

Outlook and guidance

• July 2026 revenue per day increased 8.2% year-over-year; LTL revenue per hundredweight up 9.3%.

• Expects Q3 2026 revenue growth of 10%, targeting $1.54-$1.55 billion, with LTL revenue per hundredweight growth of 4%-4.5%.

• Operating ratio for Q3 expected to increase 150-200 basis points from Q2's 70.1% after normalizing for property gains.

• Effective tax rate projected at 25.0% for Q3 and first six months of 2026.

• Capital expenditures for 2026 expected to total $380 million, including $180 million for real estate/service center expansion, $155 million for tractors/trailers, and $45 million for IT and other assets.