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Dec 31, 2025
Old Dominion Q4 2025 Earnings Report
Old Dominion Freight Line reported its financial results for the fourth quarter of 2025, with decreases in revenue and earnings per diluted share amidst a challenging operating environment.
Key Takeaways
Old Dominion Freight Line experienced a decline in revenue and earnings per diluted share in Q4 2025, primarily due to a 10.7% decrease in LTL tons per day. Despite these challenges, the company maintained strong service performance with 99% on-time service and a 0.1% cargo claims ratio, and continued its disciplined approach to pricing and cost management.
Total revenue for Q4 2025 decreased by 5.7% to $1.307 billion compared to the same period in the previous year.
Diluted earnings per share for Q4 2025 were $1.09, an 11.4% decrease from $1.23 in Q4 2024.
The operating ratio increased by 80 basis points to 76.7% in Q4 2025, reflecting the deleveraging effect of declining revenue on operating expenses.
LTL tons per day decreased by 10.7%, driven by a 9.7% decrease in LTL shipments per day and a 1.0% decrease in LTL weight per shipment.
Revenue by Segment
Forward Guidance
Old Dominion Freight Line expects aggregate capital expenditures for 2026 to be approximately $265 million, with significant investments planned for real estate, service center expansion, tractors, trailers, and information technology.
Positive Outlook
- Planned capital expenditures of $265 million for 2026 indicate continued investment in network and technology.
- Anticipated $125 million for real estate and service center expansion projects suggests future growth capacity.
- Allocation of $95 million for tractors and trailers will modernize and expand the fleet.
- Investment of $45 million in information technology and other assets will enhance operational efficiency.
- The company remains confident in its ability to win market share and generate profitable revenue growth over the long term.
Challenges Ahead
- The company operates in a challenging operating environment with macroeconomic softness.
- Decline in revenue had a deleveraging effect on many operating expenses in the past quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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