The company is experiencing a sustained period of top-line contraction, with revenue declining 2.9% in 2026Q1 alongside a significant gross margin compression to 27.7% from its 35.9% peak in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.46B | 5.5B | 5.81B | 5.87B | 6.26B | 5.26B | 4.02B | 4.11B | 4.04B | 3.36B | 2.99B | 2.97B | 2.79B | 2.34B | 2.13B | 1.9B | 1.48B | 1.25B | 1.54B | 1.4B | 1.28B | 1.06B | 824.05M | 667.53M | 566.46M | 502.24M | 475.8M | 426.38M | 383.08M | 328.84M | 293.01M |
| Revenue Growth % | -4.77% | -5.48% | -0.88% | -6.29% | 19.1% | 30.91% | -2.29% | 1.62% | 20.42% | 12.25% | 0.64% | 6.62% | 19.26% | 9.51% | 12.12% | 28.55% | 18.96% | -19.04% | 9.72% | 9.54% | 20.54% | 28.8% | 23.45% | 17.84% | 12.79% | 5.56% | 11.59% | 11.3% | 16.49% | 12.23% | 18.1% |
| Cost of Goods Sold | 3.77B | 3.73B | 3.79B | 3.79B | 4B | 3.48B | 2.79B | 2.94B | 2.9B | 2.48B | 2.25B | 2.21B | 2.1B | 1.8B | 1.66B | 1.5B | 1.2B | 265.29M | 400.84M | 204.16M | 309.29M | 244.57M | 198.84M | 130.38M | 138.54M | 123.96M | 121.24M | 98.11M | 51.1M | 89.15M | 94.16M |
| COGS % of Revenue | - | 67.85% | 65.21% | 64.68% | 63.96% | 66.23% | 69.4% | 71.52% | 71.7% | 73.93% | 75.11% | 74.52% | 75.34% | 77.06% | 77.95% | 78.81% | 80.97% | 21.31% | 26.07% | 14.57% | 24.17% | 23.04% | 24.13% | 19.53% | 24.46% | 24.68% | 25.48% | 23.01% | 13.34% | 27.11% | 32.13% |
| Gross Profit | 1.69B | 1.77B | 2.02B | 2.07B | 2.26B | 1.78B | 1.23B | 1.17B | 1.14B | 875.38M | 744.63M | 757.5M | 687.49M | 536.25M | 470.71M | 403.51M | 281.79M | 979.72M | 1.14B | 1.2B | 970.14M | 816.84M | 625.21M | 537.15M | 427.92M | 378.28M | 354.57M | 328.27M | 331.98M | 239.7M | 198.85M |
| Gross Margin % | 30.91% | 32.15% | 34.79% | 35.32% | 36.04% | 33.77% | 30.6% | 28.48% | 28.3% | 26.07% | 24.89% | 25.48% | 24.66% | 22.94% | 22.05% | 21.2% | 19.03% | 78.69% | 73.93% | 85.43% | 75.83% | 76.96% | 75.87% | 80.47% | 75.54% | 75.32% | 74.52% | 76.99% | 86.66% | 72.89% | 67.87% |
| Gross Profit Growth % | - | -12.63% | -2.38% | -8.15% | 27.1% | 44.48% | 4.99% | 2.27% | 30.71% | 17.56% | -1.7% | 10.18% | 28.2% | 13.92% | 16.66% | 43.19% | -71.24% | -13.82% | -5.05% | 23.42% | 18.77% | 30.65% | 16.39% | 25.53% | 13.12% | 6.69% | 8.01% | -1.12% | 38.5% | 20.54% | -2.81% |
| Operating Expenses | 346.14M | 406.26M | 478.8M | 431.53M | 415.49M | 383.46M | 321.72M | 351.51M | 327.19M | 299.49M | 260.79M | 259.26M | 246.18M | 197.81M | 185.46M | 169.44M | 144.05M | 901.15M | 1B | 976.93M | 839.66M | 719.25M | 554.6M | 485.94M | 537.61M | 477.51M | 456.25M | 405.66M | 360.5M | 315.75M | 286.93M |
| OpEx % of Revenue | - | 7.39% | 8.23% | 7.36% | 6.64% | 7.3% | 8.01% | 8.55% | 8.09% | 8.92% | 8.72% | 8.72% | 8.83% | 8.46% | 8.69% | 8.9% | 9.73% | 72.38% | 65.11% | 69.7% | 65.63% | 67.76% | 67.3% | 72.8% | 94.91% | 95.08% | 95.89% | 95.14% | 94.11% | 96.02% | 97.93% |
| Selling, General & Admin | 213.71M | 234.81M | 309.73M | 281.05M | 258.88M | 223.76M | 184.19M | 206.13M | 194.37M | 177.21M | 152.39M | 153.59M | 144.82M | 123.82M | 108.57M | 95.7M | 82.13M | 806.37M | 914.07M | 846.19M | 772.02M | 663.35M | 509.77M | 447.73M | 28.24M | 17.51M | 25.72M | 23.18M | 270.8M | 18.9M | 17.32M |
| SG&A % of Revenue | - | 4.27% | 5.33% | 4.79% | 4.14% | 4.26% | 4.59% | 5.02% | 4.81% | 5.28% | 5.09% | 5.17% | 5.19% | 5.3% | 5.09% | 5.03% | 5.55% | 64.77% | 59.44% | 60.38% | 60.34% | 62.5% | 61.86% | 67.07% | 4.98% | 3.49% | 5.41% | 5.44% | 70.69% | 5.75% | 5.91% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 171.45M | 169.06M | 150.47M | 156.61M | 159.7M | 137.53M | 145.38M | 132.82M | 122.29M | 108.4M | 133.5M | 101.36M | 73.99M | 76.89M | 73.74M | 61.93M | -683.49M | 87.08M | -721.93M | 67.63M | 55.9M | 44.82M | 38.21M | 363.4M | 336.05M | 302.09M | 277.03M | 38.6M | 200.79M | 168.58M |
| Operating Income | 1.34B | 1.36B | 1.54B | 1.64B | 1.84B | 1.39B | 906.88M | 818.71M | 817.05M | 575.89M | 483.83M | 498.24M | 441.31M | 338.44M | 285.25M | 234.07M | 137.74M | 70.39M | 129.07M | 129.94M | 130.49M | 97.58M | 70.61M | 51.22M | 36.29M | 24.73M | 26.75M | 28.06M | 22.58M | 20.01M | 12.95M |
| Operating Margin % | 24.57% | 24.76% | 26.55% | 27.97% | 29.4% | 26.47% | 22.59% | 19.92% | 20.21% | 17.15% | 16.17% | 16.76% | 15.83% | 14.48% | 13.36% | 12.29% | 9.3% | 5.65% | 8.39% | 9.27% | 10.2% | 9.19% | 8.57% | 7.67% | 6.41% | 4.92% | 5.62% | 6.58% | 5.89% | 6.09% | 4.42% |
| Operating Income Growth % | - | -11.85% | -5.89% | -10.86% | 32.27% | 53.45% | 10.77% | 0.2% | 41.88% | 19.03% | -2.89% | 12.9% | 30.4% | 18.64% | 21.87% | 69.94% | 95.68% | -45.46% | -0.67% | -0.42% | 33.71% | 38.21% | 37.86% | 41.15% | 46.76% | -7.58% | -4.64% | 24.27% | 12.82% | 54.53% | - |
| EBITDA | 1.71B | 1.73B | 1.89B | 1.97B | 2.12B | 1.65B | 1.17B | 1.07B | 1.05B | 781.65M | 673.7M | 663.58M | 587.77M | 465.51M | 396M | 324.89M | 218.1M | 165.18M | 216.18M | 209.8M | 198.12M | 153.48M | 115.43M | 89.43M | 67.37M | 54.61M | 53.79M | 53.35M | 44.46M | 37.18M | 29.04M |
| EBITDA Margin % | 31.31% | 31.4% | 32.48% | 33.5% | 33.81% | 31.42% | 29.09% | 26.1% | 25.9% | 23.28% | 22.52% | 22.32% | 21.08% | 19.91% | 18.55% | 17.07% | 14.73% | 13.27% | 14.06% | 14.97% | 15.48% | 14.46% | 14.01% | 13.4% | 11.89% | 10.87% | 11.31% | 12.51% | 11.61% | 11.31% | 9.91% |
| EBITDA Growth % | -7.41% | -8.62% | -3.9% | -7.16% | 28.17% | 41.38% | 8.93% | 2.38% | 34% | 16.02% | 1.52% | 12.9% | 26.26% | 17.55% | 21.89% | 48.96% | 32.04% | -23.59% | 3.04% | 5.9% | 29.08% | 32.96% | 29.08% | 32.74% | 23.35% | 1.53% | 0.82% | 19.99% | 19.58% | 28.04% | -34.15% |
| D&A (Non-Cash Add-back) | 367.86M | 364.69M | 344.58M | 324.45M | 276.07M | 259.9M | 261.27M | 253.68M | 230.36M | 205.76M | 189.87M | 165.34M | 146.47M | 127.07M | 110.74M | 90.82M | 80.36M | 94.78M | 87.11M | 79.86M | 67.63M | 55.9M | 44.82M | 38.21M | 31.08M | 29.89M | 27.04M | 25.3M | 21.89M | 17.17M | 16.09M |
| EBIT | 1.34B | 1.36B | 1.56B | 1.65B | 1.84B | 1.39B | 904.15M | 824.33M | 817.05M | 575.89M | 483.83M | 498.24M | 441.31M | 338.31M | 284.64M | 234.15M | 137.04M | 70.21M | 126.67M | 130.26M | 131.79M | 96.95M | 69.92M | 51.41M | -109.69M | 24.73M | -101.68M | -77.39M | -28.52M | -76.06M | -88.08M |
| Net Interest Income | 4.17M | 3.85M | 16.8M | 12.34M | 3.32M | -941K | -952K | 6.39M | 2.92M | -1.41M | -4.27M | -5M | -6.5M | -9.47M | -11.43M | -13.89M | -12.46M | -13M | -13.01M | -12.96M | -10.21M | -6.53M | -5.27M | -6.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.76M | 4.14M | 17.01M | 12.8M | 4.88M | 786K | 1.83M | 6.76M | 3.11M | 740K | 58K | 209K | 108K | 147K | 113K | 180K | 148K | 43K | 996K | 1.51M | 2.24M | 156K | 64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 593K | 296K | 212K | 464K | 1.56M | 1.73M | 2.78M | 377K | 189K | 2.15M | 4.33M | 5.21M | 6.61M | 9.62M | 11.54M | 14.07M | 12.61M | 13.04M | 14.01M | 14.47M | 12.44M | 6.68M | 5.34M | 6.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 11K | 263K | 13.6M | 7.1M | 717K | -3.18M | -5.52M | 5.24M | -1.54M | -54K | -6.25M | -8.22M | -8.79M | -9.75M | -12.16M | -13.99M | -13.31M | -13.23M | -16.4M | -14.14M | -11.14M | -7.31M | -6.02M | -5.92M | -6.02M | -5.21M | -4.3M | -4.6M | -4.64M | -3.82M | -3.04M |
| Pretax Income | 1.34B | 1.36B | 1.56B | 1.65B | 1.84B | 1.39B | 901.36M | 823.95M | 815.51M | 575.83M | 477.59M | 490.02M | 432.51M | 328.69M | 273.1M | 220.08M | 124.43M | 57.16M | 112.67M | 115.8M | 119.34M | 90.27M | 64.59M | 45.3M | 30.27M | 19.52M | 22.45M | 23.46M | 17.93M | 16.19M | 9.91M |
| Pretax Margin % | 24.57% | 24.77% | 26.79% | 28.09% | 29.41% | 26.41% | 22.45% | 20.05% | 20.17% | 17.15% | 15.96% | 16.49% | 15.51% | 14.06% | 12.79% | 11.56% | 8.4% | 4.59% | 7.33% | 8.26% | 9.33% | 8.5% | 7.84% | 6.79% | 5.34% | 3.89% | 4.72% | 5.5% | 4.68% | 4.92% | 3.38% |
| Income Tax | 333.04M | 337.61M | 371.52M | 408.27M | 464.19M | 354.05M | 228.68M | 208.43M | 209.84M | 112.06M | 181.82M | 185.33M | 165M | 122.57M | 103.65M | 80.61M | 48.77M | 22.29M | 43.99M | 43.96M | 46.77M | 36.39M | 25.59M | 17.7M | 11.8M | 7.61M | 8.76M | 9.06M | 6.82M | 6.15M | 3.77M |
| Effective Tax Rate % | 24.85% | 24.8% | 23.85% | 24.78% | 25.21% | 25.5% | 25.37% | 25.3% | 25.73% | 19.46% | 38.07% | 37.82% | 38.15% | 37.29% | 37.95% | 36.63% | 39.2% | 39% | 39.04% | 37.97% | 39.19% | 40.31% | 39.63% | 39.07% | 39% | 39% | 39% | 38.61% | 38% | 38% | 38% |
| Net Income | 1.01B | 1.02B | 1.19B | 1.24B | 1.38B | 1.03B | 672.68M | 615.52M | 605.67M | 463.77M | 295.76M | 304.69M | 267.51M | 206.11M | 169.45M | 139.47M | 75.65M | 34.87M | 68.68M | 71.83M | 72.57M | 53.48M | 38.99M | 27.6M | 18.46M | 11.9M | 13.7M | 14.4M | 11.12M | 10.04M | 6.14M |
| Net Margin % | 18.46% | 18.63% | 20.4% | 21.13% | 22% | 19.68% | 16.75% | 14.98% | 14.98% | 13.81% | 9.89% | 10.25% | 9.6% | 8.82% | 7.94% | 7.33% | 5.11% | 2.8% | 4.47% | 5.13% | 5.67% | 5.04% | 4.73% | 4.13% | 3.26% | 2.37% | 2.88% | 3.38% | 2.9% | 3.05% | 2.1% |
| Net Income Growth % | -12.29% | -13.69% | -4.31% | -10% | 33.14% | 53.77% | 9.29% | 1.63% | 30.6% | 56.8% | -2.93% | 13.9% | 29.79% | 21.63% | 21.5% | 84.36% | 116.95% | -49.22% | -4.39% | -1.02% | 35.71% | 37.14% | 41.28% | 49.5% | 55.08% | -13.08% | -4.9% | 29.51% | 10.78% | 63.38% | 28% |
| Net Income (Continuing) | 1.01B | 1.02B | 1.19B | 1.24B | 1.38B | 1.03B | 672.68M | 615.52M | 605.67M | 463.77M | 295.76M | 304.69M | 267.51M | 206.11M | 169.45M | 139.47M | 75.65M | 34.87M | 68.68M | 71.83M | 72.57M | 53.88M | 38.99M | 27.6M | 18.46M | 11.9M | 13.7M | 14.4M | 11.1M | 10.04M | 6.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.81 | 4.83 | 5.48 | 5.63 | 6.09 | 4.45 | 2.84 | 2.55 | 2.46 | 1.88 | 1.19 | 1.19 | 1.03 | 0.80 | 0.66 | 0.54 | 0.30 | 0.14 | 0.28 | 0.28 | 0.29 | 0.21 | 0.16 | 0.12 | 0.10 | 0.07 | 0.07 | 0.08 | 0.06 | 0.06 | 0.03 |
| EPS Growth % | -10.32% | -11.86% | -2.66% | -7.55% | 36.85% | 56.69% | 11.37% | 3.66% | 30.85% | 57.98% | 0% | 15.53% | 28.75% | 21.21% | 22.22% | 80% | 114.29% | -50% | 0% | -3.45% | 38.1% | 31.25% | 33.33% | 26.32% | 46.15% | -7.14% | -6.67% | 25% | 9.09% | 69.23% | 27.45% |
| EPS (Basic) | - | 4.85 | 5.51 | 5.66 | 6.13 | 4.47 | 2.86 | 2.56 | 2.46 | 1.88 | 1.19 | 1.19 | 1.03 | 0.80 | 0.66 | 0.54 | 0.30 | 0.14 | 0.28 | 0.28 | 0.29 | 0.21 | 0.16 | 0.12 | 0.10 | 0.07 | 0.07 | 0.08 | 0.06 | 0.06 | 0.03 |
| Diluted Shares Outstanding | 209.32M | 209.89M | 216.49M | 220.18M | 226.16M | 232.82M | 236.99M | 241.22M | 246.06M | 247.22M | 249.46M | 256.14M | 258.49M | 258.49M | 258.5M | 257.16M | 251.67M | 251.67M | 251.67M | 251.67M | 251.67M | 251.62M | 247.29M | 243.96M | 196.9M | 189.41M | 189.4M | 189.46M | 189.61M | 189.59M | 189.56M |
| Basic Shares Outstanding | 208.28M | 209.89M | 215.33M | 218.84M | 226.13M | 231.3M | 236.86M | 241.22M | 246.06M | 247.12M | 249.34M | 256.14M | 258.49M | 258.49M | 258.49M | 257.16M | 251.67M | 251.67M | 251.67M | 251.67M | 251.67M | 251.59M | 247.12M | 243.68M | 196.51M | 189.38M | 189.38M | 189.37M | 189.35M | 189.36M | 189.15M |
| Dividend Payout Ratio | - | 23.02% | 18.85% | 14.13% | 9.77% | 8.93% | 10.56% | 8.86% | 7.03% | 7.1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical freight demand softening
As reported in recent financial statements, ODFL has experienced a sustained period of negative top-line growth, with revenue declining by 2.9% in 2026Q1, marking a multi-quarter trend of contraction that suggests broader industrial demand headwinds are currently outweighing the company's historical ability to drive organic volume expansion.
The consistent negative revenue growth across the last several quarters indicates that the company is struggling to overcome a challenging macroeconomic environment for freight. While ODFL has historically relied on yield management to offset volume weakness, the current trajectory suggests that pricing power may be reaching a ceiling in the face of persistent tonnage declines.
Based on ODFL's reported figures, gross margins have retreated from a peak of 35.9% in 2024Q2 to 27.7% in 2026Q1, reflecting a significant erosion of the company's historical pricing premium as the LTL sector navigates a period of cyclical softening and increased competitive intensity.
The compression in gross margins suggests that the company's high fixed-cost base is becoming a liability during periods of lower throughput. Investors should monitor whether this margin degradation is a temporary cyclical phenomenon or a sign that the company's service-based moat is being tested by aggressive pricing from competitors.
According to the income statement data, operating income has fallen from $421.7 million in 2024Q2 to $317.3 million in 2026Q1, demonstrating that the company's operating leverage is currently working in reverse as revenue declines outpace the ability to rationalize the underlying cost structure of the terminal network.
The decline in operating margin to 23.8% highlights the difficulty of maintaining efficiency when volume growth turns negative. This trend suggests that the company's reliance on owned real estate, while a long-term advantage, creates significant earnings volatility when the network is not operating at optimal density levels.
As indicated by the provided income statement, ODFL's net income has faced consistent downward pressure, with EPS falling to $1.14 in 2026Q1, while the sporadic appearance of stock-based compensation expenses suggests that management's compensation structure may introduce minor, non-operational volatility into the quarterly bottom-line results.
The absence of significant R&D spending and the minimal impact of stock-based compensation suggest that reported earnings are largely reflective of core operational performance. However, the sensitivity of net income to these minor adjustments warrants further investigation into how management manages self-insurance reserves and other non-operating accruals during downturns.
While the market often views ODFL as a high-quality industrial compounder, the recent trend of negative revenue growth and margin contraction suggests that the company is not immune to cyclicality, potentially exposing the stock to a valuation re-rating if the current earnings trajectory fails to stabilize.
Short-term observers might argue that the company's premium valuation is predicated on growth that has failed to materialize over the last two years. If the company cannot demonstrate a return to volume growth, the market may begin to treat ODFL more like a traditional, cyclical trucking operator rather than a specialized logistics network.
Quick answers to the most common questions about buying ODFL stock.
For fiscal year 2025, Old Dominion Freight Line, Inc. (ODFL) reported total revenue of $5.50B. This represents a 1775.9% increase compared to $293.0M in 1996.
Old Dominion Freight Line, Inc. (ODFL) is profitable, generating $1.02B in net income for the fiscal year ending 2025 with a net profit margin of 18.6%.
Old Dominion Freight Line, Inc. (ODFL) reported an operating income of $1.36B, resulting in an operating profit margin of 24.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Old Dominion Freight Line, Inc. (ODFL) generated $1.77B in gross profit for the year, representing a gross profit margin of 32.2%. This demonstrates the company's core pricing power and production efficiency.