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# Old Dominion Earnings Per Share Jump 28.9% To $1.65 On Pricing, Even As Daily Shipments Fall 2.0%
- URL: https://www.bullished.co/old-dominion-earnings-per-share-jump-28-9-to-1-65-on-pricing-even-as-daily-shipments-fall-12d93f53/
- Published: 2026-10-28T13:05:58.000Z
- Updated: 2026-10-28T14:29:13.000Z
- Description: The trucker's operating ratio improved 280 basis points to 71.5% as revenue per hundredweight rose 13.3%.
- Author: Matteo Parrino
- Tags: Earnings, ODFL, Industry: Industrials

[Old Dominion Freight](https://www.bullished.co/tag/odfl/) Line, a less-than-truckload carrier that moves freight sharing trailers with other customers' loads, [earned $1.65 per diluted share](https://www.sec.gov/Archives/edgar/data/0000878927/000087892726000031/odfl-20261028.htm?ref=bullished.co) in the third quarter, up 28.9% from $1.28 a year earlier, the company said Wednesday. Higher prices did the work: daily shipments fell 2.0%.

## Price over volume

Revenue rose 13.1% to [$1.59 billion](https://www.sec.gov/Archives/edgar/data/0000878927/000087892726000031/odfl-ex99%5F1.htm?ref=bullished.co), and net income climbed 26.9% to $343.7 million. Operating income rose 25.4% to $452.6 million.

Revenue per hundredweight rose 13.3%, or 5.1% excluding fuel surcharges. Daily tons slipped 0.1%, reflecting a 2.0% drop in daily shipments offset by a 1.9% rise in weight per shipment.

CEO Marty Freeman said the company continued to maintain a disciplined approach to yield management. He said demand improved during the quarter and daily tons rose year over year in September.

The operating ratio, which measures costs as a share of revenue, improved 280 basis points to 71.5% from 74.3%. Salaries, wages and benefits fell to 44.3% of revenue from 47.1%, more than offsetting higher operating supplies and expenses. Overhead costs improved by 170 basis points.

## A smaller workforce, flat tonnage

Average active full-time employees numbered 20,202, down 4.1% from a year earlier. Old Dominion, whose 10-K says it operated 260 service centers at the end of 2025, draws more than 98% of its revenue historically from LTL shipments.

## Cash, buybacks and a $380 million capital plan

Operating cash flow was $469.5 million in the quarter and $1.1 billion for the first nine months. Cash stood at $466.2 million at September 30, against $120.1 million at the end of 2025, and long-term debt was zero.

For the first nine months, the company spent $400.6 million on buybacks and paid $180.7 million in dividends. It expects 2026 capital spending of about $380 million, including $180 million for real estate and service center expansion, $155 million for tractors and trailers and $45 million for technology and other assets.

Management holds a call on the results at 10:00 a.m. Eastern Wednesday.

Freeman said the company remains confident in its ability to win profitable market share over the long term.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — OLD DOMINION FREIGHT LINE, INC. (ODFL)](https://www.sec.gov/Archives/edgar/data/0000878927/000087892726000031/odfl-20261028.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit odfl-ex99\_1.htm — OLD DOMINION FREIGHT LINE, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000878927/000087892726000031/odfl-ex99%5F1.htm?ref=bullished.co) — SEC EDGAR

### More on Old Dominion Freight

- [Old Dominion Freight Line Declares $0.29 Quarterly Dividend, 3.6% Above Last December's Payout](https://www.bullished.co/old-dominion-freight-line-declares-0-29-quarterly-dividend-3-6-above-last-decembers-payout-c9f28dfa/)

[All Old Dominion Freight (ODFL) coverage →](https://www.bullished.co/tag/odfl/)