Highlights

  • Third quarter 2026 diluted earnings per share were $1.65, compared with $1.28 in the third quarter of 2025.
  • Total revenue was $1,590,726 thousand and the operating ratio was 71.5%, compared with 74.3% in the prior-year quarter.
  • Operating cash flow was $469.5 million, and cash and cash equivalents were $466.2 million at September 30, 2026.
  • The company expects 2026 capital expenditures of approximately $380 million, including $180 million for real estate and service center expansion.

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) shares were trading at USD 173.26 on October 28, 2026, down 7.36%, with a relative volume at time of 4.90. The less-than-truckload carrier reported third quarter 2026 results on October 28 and set out its 2026 capital expenditure plan.

Old Dominion Freight Line, Inc. is incorporated in Virginia and has its headquarters in Thomasville, North Carolina. The company describes itself as a North American less-than-truckload motor carrier that provides regional, inter-regional and national services through a single integrated, union-free organization. Its services include expedited transportation, delivered through a network of service centers located throughout the continental United States. Through strategic alliances it also provides services throughout North America. It also offers container drayage and supply chain consulting.

Third Quarter Results

For the three months ended September 30, 2026, total revenue was $1,590,726 thousand, compared with $1,406,511 thousand in the same period of 2025, a 13.1% change. LTL services revenue was $1,576,567 thousand, and other services revenue was $14,159 thousand.

Operating income was $452,645 thousand, compared with $360,844 thousand. The operating ratio was 71.5%, compared with 74.3%. Net income was $343,749 thousand, compared with $270,947 thousand. Diluted earnings per share were $1.65, compared with $1.28, a 28.9% change.

CEO Marty Freeman said revenue growth was primarily due to a 13.3% increase in LTL revenue per hundredweight, partially offset by a 0.1% decrease in LTL tons per day. He said LTL shipments per day decreased 2.0% and LTL weight per shipment increased 1.9%. LTL revenue per hundredweight, excluding fuel surcharges, increased 5.1%. The company reported 99% on-time service and a claims ratio of 0.1%.

For the nine months ended September 30, 2026, total revenue was $4,479,426 thousand, net income was $932,608 thousand and diluted earnings per share were $4.47, compared with $3.74 in the prior-year period.

Cash Flow and Capital

Net cash provided by operating activities was $469.5 million for the third quarter of 2026 and $1.1 billion for the first nine months. The company had $466.2 million in cash and cash equivalents at September 30, 2026.

Capital expenditures were $67.1 million for the third quarter and $206.7 million for the first nine months. The company expects aggregate 2026 capital expenditures of approximately $380 million. That includes planned expenditures of $180 million for real estate and service center expansion projects, $155 million for tractors and trailers, and $45 million for information technology and other assets.

For the first nine months of 2026, the company used $400.6 million of cash for its share repurchase program and paid $180.7 million in cash dividends.

Management Commentary and Fourth Quarter Outlook

The press release stated that demand for the company's service improved during the quarter and that LTL tons per day increased on a year-over-year basis in September. On the call, management said LTL tons per day increased 3.9% in September compared with August.

On the call, Chief Financial Officer Adam Satterfield said month-to-date October revenue per day had increased approximately 22% compared with October 2025, including a 1.6% increase in LTL tons per day. He said he currently anticipates fourth quarter revenue of $1.54 billion to $1.58 billion. He also said the company expects an effective tax rate of 24.8% for the fourth quarter of 2026, compared with 24.5% in the third quarter.

Mr. Satterfield said the operating ratio normally increases sequentially by about 200 basis points to 250 basis points in the fourth quarter, excluding the annual actuarial analysis. He said he anticipates some cost headwinds, including fuel and health and dental costs, but that the low end of the normal range remains an appropriate target if revenue trends hold. He said spare door capacity is north of 35%.