Old Dominion Freight Line Q3 profit rises 29% on higher LTL pricing

Old Dominion Freight Line, Inc. (ODFL) said on Oct. 28 that third-quarter 2026 diluted earnings per share rose 28.9% to $1.65 from $1.28 a year earlier, as revenue grew 13.1% to $1.59 billion.

The company, one of the largest North American LTL motor carriers, said its operating ratio improved by 280 basis points to 71.5%. Its results were reported in a press release furnished to the SEC as Exhibit 99.1.

The growth came mainly from price. LTL revenue per hundredweight rose 13.3% from a year earlier, partly offset by a 0.1% decrease in LTL tons per day.

Here's how the company did

• Diluted EPS: $1.65 vs. $1.28 a year earlier
• Revenue: $1.59 billion vs. $1.41 billion a year earlier
• Operating income: $452.6 million vs. $360.8 million a year earlier
• Net income: $343.7 million vs. $270.9 million a year earlier

Marty Freeman, President and Chief Executive Officer of Old Dominion, said, "Old Dominion produced strong financial results in the third quarter that included a 13.1% increase in revenue and a 28.9% increase in our earnings per diluted share."

Freeman said service metrics were best-in-class, with 99% on-time service and a claims ratio of 0.1%.

Operations and costs

The company said LTL shipments per day fell 2.0%, while LTL weight per shipment rose 1.9%. Demand improved during the quarter, and LTL tons per day increased year over year in September, the company said.

Salaries, wages and benefits fell to 44.3% of revenue from 47.1% a year earlier, according to the press release. Overhead costs improved by 170 basis points.

Cash and capital returns

Net cash provided by operating activities was $469.5 million in the third quarter. The company had $466.2 million in cash and cash equivalents at Sept. 30.

The company expects 2026 capital expenditures of about $380 million. For the first nine months, it used $400.6 million for share repurchases and paid $180.7 million in cash dividends.

In the quarter, the company declared a dividend of $0.29 per share, a regular quarterly payment.

Shares were not traded in premarket trading as of 8:56 a.m. ET, when the last trade was $185.50, compared with a previous regular-session close of $187.03.